Document:

Exhibit 10.1

    

     

    

    
      SECURITIES PURCHASE AGREEMENT

       

      This Securities Purchase Agreement (this “Agreement”) is dated as of August [●], 2021 between Sanuwave Health, Inc., a corporation organized under the laws of Nevada (the “Company”),
        and the purchaser identified on the signature pages hereto (including its successors and assigns, a “Purchaser”).

       

      WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Rule 506
        promulgated thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company, as more fully described in this Agreement (the “Offering”).

       

      NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
        Company and the Purchaser agree as follows:

       

      ARTICLE I

      DEFINITIONS

       

      1.1 Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Note
        (as defined herein), and (b) the following terms have the meanings set forth in this Section 1.1:

       

      “Acquiring Person” shall have the meaning ascribed to such term in Section 4.8.

       

      “Action” shall have the meaning ascribed to such term in Section 3.1(j).

       

      “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as
        such terms are used in and construed under Rule 405 under the Securities Act.

       

      “Board of Directors” means the board of directors of the Company.

       

      “Business Day” means any day except Saturday, Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State
        of New York are authorized or required by law or other governmental action to close.

       

      “Closing” shall have the meaning ascribed to such term in Section 2.1.

       

      “Closing Date” shall have the meaning ascribed to such term in Section 2.1.

       

      “Closing Statement” means the Closing Statement in the form of Annex A attached hereto.

       

      “Commission” means the United States Securities and Exchange Commission.

       

      
        
          

      

      
      “Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be
        reclassified or changed.

       

      “Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including,
        without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive Common Stock.

       

      “Company” means Sanuwave Health, Inc.

       

      “Conversion Price” shall have the meaning ascribed to such term in the Note.

       

      “Conversion Shares” means the shares of Common Stock issued and issuable upon conversion or redemption of the Note and issued and issuable in lieu of the cash payment of
        interest on the Note in accordance with the terms of the Note.

       

       “Disqualifying Event” shall have the meaning ascribed to such term in Section 3.1(ff).

       

      “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

       

      “Exempt Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, directors or consultants of the Company pursuant to any stock or
        option plan or agreement duly adopted for such purpose by the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose consistent with past practices, (b) securities upon the exercise,
        exchange or conversion of the Note or Warrants issued hereunder and/or other securities, options, warrants, convertible securities or other rights to acquire, exercisable or exchangeable for or convertible into, shares of Common Stock, in each case
        that are issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise,
        exchange or conversion price of such securities and which securities are described in the SEC Reports, (c) securities issued pursuant to acquisitions of companies, assets or intellectual property (or licensing of assets or intellectual property) or
        strategic transactions approved by a majority of the disinterested directors of the Company, if any, provided that any such issuance shall only be to a Person which is, itself or through its subsidiaries, an operating company, a university or other
        non-financial institution and in which the Company receives benefits in addition to the investment of funds but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity
        whose primary business is investing in securities, (d) securities issued or issuable in exchange for consideration other than cash in connection with any other transaction that is not for the primary purpose of financing the Company’s business, but
        shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities, (e) securities issued or issuable to the Purchasers or their
        assigns pursuant to this Agreement, the Note, the Warrants or other Transaction Documents, or upon conversion or exchange of any such securities, and (f) shares of Common Stock issued as compensation to advisors of the Company in an amount not to
        exceed an aggregate amount of 1.5% of the outstanding Common Stock of the Company over any two year period.

       

      
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       “GAAP” shall have the meaning ascribed to such term in Section 3.1(h).

       

      “Indebtedness” shall have the meaning ascribed to such term in Section 3.1(gg).

       

      “Intellectual Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

       

      “LB” means Lucosky Brookman LLP, with offices located at 101 Wood Avenue South, Woodbridge, New Jersey 08830.

       

      “Legend Removal Date” shall have the meaning ascribed to such term in Section 4.2(c).

       

      “Liens” means a lien, charge, pledge. security interest, encumbrance, right of first refusal, preemptive right or other restriction.

       

      “Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

       

      “Material Permits” shall have the meaning ascribed to such term in Section 3.1(m).

       

      “Maximum Rate” shall have the meaning ascribed to such term in Section 5.17.

       

      “Note” means the Future Advance Convertible Promissory Note due in accordance with its terms, issued by the Company to the Purchaser hereunder, in the form of Exhibit
          A attached hereto.

       

      “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company,
        government (or an agency or subdivision thereof) or other entity of any kind.

       

      “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
        proceeding, such as a deposition), whether commenced or threatened.

       

      “Purchaser Party” shall have the meaning ascribed to such term in Section 4.11.

       

      “Registration Rights Agreement” means the registration rights agreement, in the form of Exhibit B attached hereto.

       

      “Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

       

      
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      “Required Minimum” means, as of any date, 200% of the maximum aggregate number of shares of Common Stock then potentially issuable in the future pursuant to the
        Transaction Documents, including Warrant Shares issuable upon exercise of the Warrants and Conversion Shares issuable upon conversion in full of the Note (including Conversion Shares issuable as payment of interest on the Note), ignoring any
        conversion or exercise limits set forth therein.

       

      “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule
        or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

       

      “SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h).

       

      “Securities” means the Note, the Warrants, the Warrant Shares and the Conversion Shares.

       

      “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

       

      “Security Agreement” means the security agreement in substantially the form attached hereto as Exhibit D.

       

       “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation
        of borrowable shares of Common Stock).

       

      “Subscription Amount” means the aggregate amount to be paid for the Note and Warrants purchased hereunder as specified below the Purchaser’s name on the signature page of
        this Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately available funds.

       

      “Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or
        acquired after the date hereof.

       

      “Trading Day” means a day on which the principal Trading Market is open for trading.

       

      “Trading Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq
        Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

       

      “Transaction Documents” means this Agreement, the Note, the Security Agreement, the Warrants, the Registration Rights Agreement, all exhibits and schedules thereto and
        hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

       

      
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      “Transfer Agent” means Action Stock Transfer Corporation, the current transfer agent of the Company with a mailing address of 2469 E. Fort Union Blvd, Suite 214, Salt Lake
        City, UT 84121, and any successor transfer agent of the Company.

       

      “Transfer Agent Instructions” shall mean the instructions attached hereto as Exhibit E.

       

      “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market,
        the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
        New York City time to 4:02 p.m. New York City time); (b) if the Common Stock is not then listed or quoted for trading on a Trading Market and if prices for the Common Stock are then reported on the OTC Pink (or a similar organization or agency
        succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in
        good faith by the Purchaser and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

       

      “Warrants” means, collectively, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants
        shall be exercisable immediately and have a term of exercise equal to five years, in the form of Exhibit C attached hereto.

       

      “Warrant Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

       

      ARTICLE II

      PURCHASE AND SALE

       

      2.1 Closing. The purchase and sale of the Note and the Warrants by the Company to the Purchaser shall occur at one closing of the Offering (a “Closing” and the
        date of such Closing, the “Closing Date”) to occur on or about August [●], 2021. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement
        by the parties hereto, the Company agrees to sell, and the Purchaser agrees to purchase, the Note in a principal amount equal to its Subscription Amount plus an original issue discount of 8% and Warrants as determined pursuant to Section 2.2(a).
        The Purchaser shall deliver to the Company, via wire transfer on the Closing Date, immediately available funds equal to its initial disbursement of its Subscription Amount as set forth on Schedule A to the Note, and the Company shall deliver to the
        Purchaser the Note and Warrants, as determined pursuant to Section 2.2(a), and the Company and the Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the conditions set forth in
        Sections 2.2 and 2.3, the initial Closing shall occur at the offices of LB or such other location as the parties shall mutually agree.

       

      
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      2.2 Deliveries.

       

      	 	(a)	
              On the Closing Date, the Company shall deliver or cause to be delivered to Purchaser the following:

            

       

      	

            	(i)	
              this Agreement duly executed by the Company;

            

       

      	

            	(ii)	
              the Registration Rights Agreement duly executed by the Company;

            

       

      	

            	(iii)	
              the Note with a principal amount of up to $[●], registered in the name of the Purchaser;

            

       

      	

            	(iv)	
              the Transfer Agent Instructions duly executed by the Company and the Transfer Agent; and

            

       

      	

            	(v)	
              one or more Warrants registered in the name of each Purchaser to purchase up to an amount of shares of Common Stock as identified on the signature page hereto, with an exercise price equal to $0.18 and (ii) the lowest exercise price of
                any future issued warrants, subject to adjustment therein.

            

       

      
        	 	
                (b)

              	
                On the Closing Date, Purchaser shall deliver or cause to be delivered to the Company the following:

              

      

       

      	

            	(i)	
              a counterpart of this Agreement duly executed by the Purchaser;

            

       

      	

            	(ii)	
              the Registration Rights Agreement duly executed by the Purchaser;

            

       

      	

            	(iii)	
              the disbursement of such Purchaser’s Subscription Amount by wire transfer to the account as specified in writing by the Company (see Annex A);

            

       

      	

            	(iv)	
              a legal opinion of counsel to the Company in a form acceptable to the Purchaser; and

            

       

      	

            	(v)	
              the Security Agreement duly executed by the Company.

            

       

      2.3 Closing Conditions.

       

      (a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

       

      	

            	(i)	
              the accuracy in all material respects on such Closing Date of the representations and warranties of the Purchaser contained herein;

            

       

      
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            	(ii)	
              all obligations, covenants and agreements of the Purchaser required to be performed at or prior to such Closing Date shall have been performed; and

            

       

      	

            	(iii)	
              the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.

            

       

      (b) The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met, unless waived in the sole and absolute discretion
        of the Purchaser:

       

      	

            	(i)	
              the accuracy in all respects on such Closing Date of the representations and warranties of the Company contained herein;

            

       

      	

            	(ii)	
              all obligations, covenants and agreements of the Company required to be performed at or prior to such Closing Date shall have been performed; and

            

       

      	

            	(iii)	
              the delivery by the Company of the items set forth in Sections 2.2(a) and (c) of this Agreement.

            

       

      (c) The obligations of the Purchaser hereunder to make any disbursement under the Note subsequent to the initial disbursement made on the Closing Date are subject to the
        following conditions being met, unless waived in the sole and absolute discretion of the Purchaser:

       

      	

            	(i)	
              the accuracy in all respects on such the date of such disbursement of the representations and warranties of the Company contained herein;

            

       

      	

            	(ii)	
              all obligations, covenants and agreements of the Company required to be performed at or prior to the date of such disbursement shall have been performed;

            

       

      	

            	(iii)	
              there shall have been no Material Adverse Effect with respect to the Company; and

            

       

      	

            	(iv)	
              the delivery by the Company of the items set forth in Section 2.2(c) of this Agreement.

            

       

      Notwithstanding the foregoing, the obligation of the Purchaser to fund any disbursement under the Note subsequent to the initial disbursement shall be in the Purchaser’s sole
        discretion.

       

      
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      ARTICLE III

      REPRESENTATIONS AND WARRANTIES

       

      3.1 Representations and Warranties of the Company. Except as set forth in the SEC Reports or any information contained or incorporated therein, which  collectively shall be deemed a part
        hereof and shall qualify any representation or otherwise made herein only to the extent of the disclosure contained in the corresponding section of the SEC Reports, the Company hereby makes the following representations and warranties to the
        Purchaser as of the Closing, except where otherwise indicated:

       

      (a) Subsidiaries. The Company owns, directly or indirectly, the capital stock or other equity interests of each Subsidiary,  free and clear of any Liens, and all of the
        issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company shall
        at any time in which the Note remains outstanding have no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

       

      (b) Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is
        in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is
        in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good
        standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations,
        assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its
        obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) provided that none of the following alone shall be deemed, in and of itself, to constitute a Material Adverse Effect: (i) a change in the
        market price or trading volume of the Common Stock or (ii) a change in general economic conditions or affecting the industry in which the Company operates generally (as opposed to Company-specific changes), so long as such changes do not have a
        materially disproportionate effect on the Company  and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

       

      
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      (c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by each of the
        Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby
        have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection therewith other than in connection with the Required
        Approvals. Each Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding
        obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
        affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may
        be limited by applicable law.

       

      (d) No Conflicts. The execution, delivery and performance by the Company of the Transaction Documents and the consummation by it of the other transactions contemplated
        hereby and thereby do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii)
        conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others
        any rights of termination, amendment,  acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other
        understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law,
        rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any
        property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as would not reasonably be expected to result in a Material Adverse Effect.

       

      (e) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or
        registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required
        pursuant to Section 4.7, (ii) such consents, waivers, or authorizations as have been obtained before the initial Closing, (iii) if required, the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the
        Securities and the listing or quotation of the Conversion Shares or the Warrant Shares for trading thereon in the time and manner required thereby, and (iv) the filing of Form D with the Commission and such filings as are required to be made under
        applicable state securities laws (collectively, the “Required Approvals”).

       

      (f) Issuance of the Securities. The issuance of the Securities has been duly authorized, and, when issued and paid for in accordance with the applicable Transaction
        Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Warrant Shares and the Conversion
        Shares, when issued in accordance with the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the
        Transaction Documents. The Company has reserved the Required Minimum from its duly authorized capital stock a number of shares of Common Stock for issuance of the Warrant Shares and the Conversion Shares.

       

      
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      (g) Capitalization. The capitalization of the Company immediately prior to the Closing is, in all material respects, as set forth in the SEC Reports and as disclosed to
        the Purchaser. Except as provided in the SEC Reports, no Person has (i) any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents except
        for such, if any, as will have been validly waived before the Closing and (ii) except pursuant to the operation of agreements filed as exhibits to the SEC Reports before the date of this Agreement and as set forth in the SEC
        Reports and as otherwise disclosed to the Purchaser, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or
        exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock , or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to
        issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Purchaser) and will not
        result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company are validly issued, fully paid and
        nonassessable, have been issued in compliance with federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. Other than the
        Required Approvals, no further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. Except as disclosed in the SEC Reports, there are no stockholders agreements,
        voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

       

      (h) SEC Reports; Financial Statements. Except as described in the SEC Reports with respect to all of the representations in this Section 3.1(h) except for the Company’s
        2020 Form 10_K, and the Company’s Q1 and Q2 2021 Form 10-Q, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under Section 13(a) or 15(d) of the Exchange Act for the two years
        preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively
        referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC
        Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
        fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply in all
        material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States
        generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial
        statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash
        flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The Company is not, and has no reason to believe that it will not in the foreseeable future,
        be in compliance with all its reporting requirements under the Securities Act and Exchange Act.

       

      
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      (i) Material Changes. Since the date of the latest audited financial statements included in the SEC Reports, except as specifically disclosed in a subsequent SEC Report
        filed prior to the date hereof: (i) there has been no event, occurrence or development that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or
        otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or
        disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared  or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed
        or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities or common stock equivalents to any officer, director or Affiliate, except pursuant to existing Company equity
        incentive plans. The Company does not have pending before the Commission any request for confidential treatment of information, except for requests relating to economic terms of a commercially sensitive nature. Except for the issuance of the
        Securities contemplated by this Agreement and as may otherwise be disclosed herein or in any SEC Reports hereto, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist
        with respect to the Company or its Subsidiaries or their respective businesses,  properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws on a registration
        statement on Form S-1 filed with the SEC relating to an issuance and sale by the Company of its Common Stock and which has not been publicly announced.

       

      (j) Litigation. Except as described in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge
        of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective assets or properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county,
        local or foreign) (collectively, an “Action”) that (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or the availability of the Company to perform its
        obligations under the Transaction Documents or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor to the knowledge of the Company,
        any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty that would be required to be disclosed in the SEC
        Reports. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or, to the knowledge of the Company, any current or former director or officer of the
        Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

       

      
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      (k) Labor Relations. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company that would reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and
        neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
        officer of the Company or any Subsidiary  is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other
        contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing
        matters. To the Company’s knowledge, the Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and
        wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

       

      (l) Compliance. Except as described by the Company to Purchaser, neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has
        occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it
        is in violation of, any indenture, loan or credit agreement or any other material agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived) and such
        default or violation has not been cured, (ii) is in violation of any judgment, decree or order of any court, arbitrator or governmental body or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental
        authority, including without limitation all foreign, federal, state and local laws applicable to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except, in each case, as
        would not reasonably be expected to result in a Material Adverse Effect.

       

      
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      (m) Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign
        regulatory authorities necessary to conduct their respective businesses as currently conducted as described in the SEC Reports, except where the failure to possess such permits would not reasonably be expected to result in a Material Adverse Effect
        (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or adverse modification of any Material Permit.

       

      (n) Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all
        personal property owned by them that, in each case, is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for Liens as do not materially affect the value of such property and do not
        materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor
        subject to penalties in any material respect. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in
        compliance, except where the failure to be in compliance would not reasonably expected to result in a Material Adverse Effect

       

      (o) Patents and Trademarks. (i) Except as set forth in the SEC Reports, the Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
        trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights as described in the SEC Reports as necessary  for the conduct of their
        respective businesses as currently described in the SEC Reports and which the failure to so have would reasonably be expected to result in a Material Adverse Effect (collectively, the “Intellectual Property Rights”); (ii) neither the Company
        nor any Subsidiary has received a notice (written or otherwise) that the conduct of the business as currently conducted as described in the SEC Reports  violates or infringes upon the intellectual property rights of any Person; (iii) to the
        knowledge of the Company, all such Intellectual Property Rights are enforceable , except where the failure to be so enforceable or for such infringements as would not, individually or in the aggregate, reasonably be expected to have a Material
        Adverse Effect; and (iv) the Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality  of all of their Intellectual Property Rights, except where failure to do so would not, individually or in the
        aggregate, reasonably be expected to result in a Material Adverse Effect.

       

      (p) Transactions with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company and, to the knowledge of the
        Company, none of the employees of the Company is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
        providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in
        which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner, in each case in excess of $150,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii)
        reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company

      

      

      
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      (q)  [Reserved.]

       

      (r) Sarbanes-Oxley; Internal Accounting Controls. Except as described in the SEC Reports with respect to all of the representations set forth in this Section 3.1(r), the
        Company is in material compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 which are applicable to it as of the Closing Date, except where the failure to be in compliance would not result in a
        Material Adverse Effect. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific
        authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general
        or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company has established disclosure controls
        and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits
        under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls
        and procedures as of the end of the period covered by the Company’s most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the
        Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the Company’s
        internal control over financial reporting (as such term is defined in the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

       

      (s) Certain Fees. Except for Kingswood Capital Markets, no brokerage, due diligence, finder’s fees or commissions are or will be payable by the Company to any broker,
        financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchaser shall have no obligation with respect to any fees or with
        respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

       

      

      
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       (u) Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of,
        an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become subject to registration under the Investment Company Act of 1940, as
        amended.

       

      (v) Registration Rights. Except as disclosed in the SEC Reports, no Person has any right to cause the Company to effect the registration under the Securities Act of any
        securities of the Company.

       

      (w) Listing and Maintenance Requirements. (i) The Company has not, in the 12 months preceding the date hereof, received notice from any Trading
        Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market except for notification and delisting by the OTCQB. The Company
        is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

       

      (x) Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share
        acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the laws of its state
        of incorporation that is or could become applicable to the Purchaser as a result of the Purchaser and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of
        the Company’s issuance of the Securities and the Purchaser’s ownership of the Securities.

       

      (y) Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither
        it nor any other Person acting on its behalf has provided the Purchaser or its agents or counsel with any information that it believes constitutes or might constitute material, nonpublic information. The Company understands and confirms that the
        Purchaser will rely on the foregoing representation in effecting transactions in securities of the Company. All disclosure furnished in writing by or on behalf of the Company to the Purchaser regarding the Company, its business and the transactions
        contemplated hereby, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were
        made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
        or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that the Purchaser has not made any representations or warranties with
        respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

       

      
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      (z) No Integrated Offering. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 3.2, neither the Company, nor any of its
        Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
        of the Securities to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

       

      (aa) Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company
        and each Subsidiary has filed all  federal, state and foreign income and franchise tax returns required by any jurisdiction to which it is subject and has paid or accrued all taxes that are material in amount shown as due thereon, and the Company
        has no knowledge of a tax deficiency which has been asserted or threatened against the Company or any Subsidiary. There are no audits pending by any tax or other governmental authority relating to the payment of taxes by the Company or any
        subsidiary.

       

      (bb) No General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities by any form of general
        solicitation or general advertising. The Company has offered the Securities for sale only to the Purchaser and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

       

      (cc) Foreign Corrupt Practices. Neither the Company, nor to the knowledge of the Company, any agent or other person acting on behalf of the Company, has: (i) directly or
        indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to
        any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which the Company is aware) which is in violation of law
        or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

       

      (dd) No Disagreements with Accountants and Lawyers; Outstanding SEC Comments. There are no disagreements of any kind presently existing, or reasonably anticipated by the
        Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is or immediately after the Closing Date will be current with respect to any fees owed to its accountants which
        could affect the Company’s ability to perform any of its obligations under any of the Transaction Documents. There are no unresolved comments or inquiries received by the Company or its Affiliates from the Commission which remain unresolved as of
        the date hereof.

       

      
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       (ee) Acknowledgment Regarding Purchaser’s Purchase of Securities. The Company acknowledges and agrees that the Purchaser is acting solely in the capacity of an arm’s
        length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with
        respect to the Transaction Documents and the transactions contemplated thereby and any advice given by the Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the
        transactions contemplated thereby is merely incidental to the Purchaser’s purchase of the Securities. The Company further represents to the Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has
        been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

       

      (ff) Disqualification. No executive officer, member of the Board of Directors of the Company or shareholder of the Company beneficially owning more than 10% of the
        Company’s securities is currently subject to a Disqualifying Event. For purposes of this Agreement, “Disqualifying Event” means any conviction, order, judgment, decree, suspension, expulsion, event or other matter set out in Rule
        506(d)(1)(i) through (viii) of Regulation D that is currently in effect or which occurred within the periods set out in Rule 506(d)(1)(i) through (viii).

       

      (gg) Solvency. Based on the consolidated financial condition of the Company and Subsidiaries as of the Closing Date, and the Company’s good faith estimate of the fair
        market value of its assets, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder  the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted and
        as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof. The Company
        does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which
        lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The SEC Reports set forth, as of the date hereof all outstanding secured
        and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in
        excess of $100,000 in the aggregate (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are
        or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the
        present value of any lease payments in excess of $100,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness, except where such default would
        not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect.

       

      
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      (hh) Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and
        acknowledged by the Company that: (i) the Purchaser has not been asked by the Company to agree, nor has the Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on
        securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other transactions by the Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before
        or after the closing of this or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities, (iii) the Purchaser, and counter-parties in “derivative” transactions to which any such
        Purchaser is a party, directly or indirectly, may presently have a “short” position in the Common Stock and (iv) the Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative”
        transaction. The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including, without limitation, during the periods
        that the value of the Conversion Shares and Warrant Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders’ equity interests in the Company at
        and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents. The Company acknowledges that anything to the
        contrary in the Transaction Documents notwithstanding, Purchaser may sell long any Conversion Shares and Warrant Shares it anticipates receiving after conversion of any part of the Note or exercise of the Warrants.

       

      (ii) Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause
        or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the
        Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company.

       

      (jj) Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping
        and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no
        action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any
        Subsidiary, threatened.

       

      (kk) Stock Option Plans. Each stock option and similar security granted by the Company was granted (i) in accordance with the terms of such any applicable stock option
        plans and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under any
        stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with,
        the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

       

      
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       (ll) Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the
        Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

       

      (mm) Indebtedness and Seniority. As of the date hereof, all Indebtedness and Liens of the Company and the principal terms thereof are set forth in the SEC Reports. Except
        for the Permitted Notes and as set forth in the SEC Reports, no Indebtedness or other equity of the Company is or will be pari passu or senior to the Note in right of payment, whether with respect to
        interest or upon liquidation or dissolution, or otherwise, other than indebtedness secured by purchase money security interests (which is senior only as to underlying assets covered thereby) and capital lease obligations (which is senior only as to
        the property covered thereby).

       

      (nn) FDA. There is no pending, completed or, to the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory
        proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the U.S. Food and Drug
        Administration (the “FDA”) or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or
        the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any
        Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a
        consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either
        individually or in the aggregate, would have a Material Adverse Effect.  The properties, business and operations of the Company have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations
        of the FDA.  The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any
        concern as to approving or clearing for marketing any product being developed or proposed to be developed by the Company.

       

       (oo) Survival. The foregoing representations and warranties shall survive the Closing.

       

      
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      3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows:

       

      (a) Organization; Authority. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with
        full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and
        thereunder. The execution and delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability
        company or similar action on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and
        legally binding obligation of the Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
        application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
        provisions may be limited by applicable law.

       

      (b) Own Account. The Purchaser understands that the Securities are “restricted securities” and have not been registered under the Securities Act or any applicable state
        securities law and is acquiring the Securities as principal for its own account and not with a present view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state
        securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to
        distribute or regarding the distribution of such Securities (this representation and warranty not limiting the Purchaser’s right to sell the Securities pursuant to a registration statement or otherwise in compliance with applicable federal and
        state securities laws) in violation of the Securities Act or any applicable state securities law. The Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

       

      (c) No Conflicts. The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions contemplated hereby
        and thereby will not (i) result in a violation of the organizational documents of such Purchaser or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
        any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Purchaser is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, or decree (including
        federal and state securities laws) applicable to the Purchaser, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to
        result in a Material Adverse Effect on the ability of the Purchaser to perform its obligations hereunder or consummate the transactions contemplated hereby and thereby on a timely basis.

       

      
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      (d) Purchaser Status. At the time the Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it converts any Note or
        exercises any Warrants it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities
        Act. The Purchaser is not required to be registered as a broker-dealer under Section 15 of the Exchange Act.

       

      (e) Reliance on Exemptions. The Purchaser understands that the Securities are being offered and sold to it in reliance on specific exemptions from the registration requirements
        of the United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgements and understandings of
        such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of such Purchaser to acquire the Securities.

       

      (f) Experience of the Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and
        financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an investment
        in the Securities and, at the present time, is able to afford a complete loss of such investment.

       

      (g) General Solicitation. The Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities
        published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

       

      (h) Certain Transactions and Confidentiality. The Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly
        or indirectly, executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that the Purchaser first received a term sheet (written or oral) from the Company or any other
        Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Other than to other Persons party to this Agreement or to the Purchaser’s
        representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, the Purchaser has maintained the confidentiality of all disclosures made to it in connection with this
        transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to the
        identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future.

       

      (i) Ownership of Securities. The Purchaser, together with the Purchaser’s Affiliates and associates and any Person with which the Purchaser is acting jointly or in
        concert, will upon Closing beneficially own less than 10% of the issued and outstanding shares of Common Stock, and, solely for purposes of calculating such beneficial ownership for purposes of this Agreement, any such Person will be deemed to
        beneficially own any shares of Common Stock that such Person otherwise has the right to acquire within 60 days (including upon the occurrence of a contingency or the making of a payment) pursuant to any convertible security, agreement, arrangement,
        pledge or understanding, whether or not in writing.

       

      
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      (j) No Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made
        any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

       

       (k) Brokers or Finders. Neither the Purchaser nor any of its affiliates (as defined in Rule 144) or any of their respective officers or directors has employed any broker
        or finder or incurred any liability for any financial advisory fee, brokerage fees, commissions or finder’s fee, and no broker or finder has acted directly or indirectly for such Purchaser or any of its affiliates or any of their respective
        officers or directors in connection with this Agreement or the transactions contemplated hereby

       

      The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect the Purchaser’s right to rely on the Company’s representations and warranties contained in
        this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated
        hereby.

       

      ARTICLE IV

      OTHER AGREEMENTS OF THE PARTIES

       

      4.1 Underlying Shares.  If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the issuance or resale of the Warrant Shares,
        the Warrant Shares issued pursuant to any such exercise shall be issued free of all legends.  If at any time following the date hereof any required registration statement registering the sale or resale of the Warrant Shares is not effective or is
        not otherwise available for the sale or resale of the Warrant Shares, the Company shall immediately notify the holders of the Warrants in writing that such registration statement is not then effective and thereafter shall promptly notify such
        holders when the registration statement is effective again and available for the sale or resale of the Warrant Shares (it being understood and agreed that the foregoing shall not limit the ability of the Company to issue, or the Purchaser to sell,
        any of the Warrant Shares in compliance with applicable federal and state securities laws).  The Company shall use best efforts to keep a registration statement registering the issuance or resale of the Warrant Shares effective during the term of
        the Warrants.

       

      4.2 Transfer Restrictions.

       

      (a) The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective
        registration statement or Rule 144, to the Company or in connection with a pledge as contemplated in Section 4.2(b) or a transfer to an Affiliate of the Purchaser, the Company may require the transferor thereof to provide to the Company at the
        Company’s expense, an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require
        registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement, including the
        representations and warranties made by the Purchaser herein, and shall have the rights of a Purchaser under this Agreement.

       

      
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      (b) The Purchaser agrees to the imprinting by the Company, so long as is required by this Section 4.2, of a legend on any of the Securities in
        substantially the following form:

       

      [NEITHER] THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE] HAS [NOT] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
        IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
        PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
        SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY
        SUCH SECURITIES.

       

      The Company acknowledges and agrees that the Purchaser may from time to time grant a security interest in some or all of the Securities to a financial institution that is an
        “accredited investor” as defined in Rule 501(a) under the Securities Act and who agrees in writing with the Company to be bound by the provisions of this Agreement and, if required under the terms of such arrangement and subject to compliance with
        applicable federal and state securities laws, the Purchaser may transfer secured Securities to the secured parties. Absent special circumstances, such a transfer would not be subject to approval of the Company and no legal opinion of legal counsel
        of the secured party shall be required in connection therewith. At the Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a secured party of Securities may reasonably request in
        connection with a pledge or transfer of the Securities.

       

      
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      (c) The Company agrees that certificates evidencing the Conversion Shares and the Warrant Shares (or, if Conversion Shares or Warrant Shares are issued in uncertificated form,
        comparable share notices) shall not contain any legend (including the legend set forth in Section 4.2(b) hereof) (“Unlegended Shares”): (i) while a registration statement covering the resale of such security is effective under the Securities
        Act, or (ii) following any sale of such Conversion Shares or Warrant Shares pursuant to Rule 144, or (iii) if such Conversion Shares or Warrant Shares are eligible for sale under Rule 144, without the requirement for the Company to be in compliance
        with the current public information required under Rule 144 as to such Conversion Shares or Warrant Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not otherwise required under applicable requirements of the
        Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission), as reasonably determined by the Company. Upon the Purchaser’s request in connection with a proposed sale of Conversion Shares or Warrant
        Shares pursuant to Rule 144 and if the Company reasonably determines it is so required, upon receipt of customary documentation from Purchaser’s broker (if the Conversion Shares or Warrant Shares are sold in brokers transactions), the Company
        shall, at its own cost and effort, retain legal counsel to provide an opinion letter to the Company’s transfer agent opining that the Conversion Shares or Warrant Shares may be resold without registration under the Securities Act, pursuant to Rule
        144, promulgated thereunder, so long as the requirements of Rule 144 are met for any Conversion Shares or Warrant Shares to be resold thereunder. The Company shall arrange for any such opinion letter to be provided not later than two (2) business
        days after the date of delivery to and receipt by the Company of a written request by the Purchaser together with (if required in order to render the opinion) any broker’s representation letter of other customary documentation reasonably requested
        by the Company evidencing compliance with Rule 144 (the “Legend Removal Date”).

       

      (d) The Purchaser agrees that the Purchaser will sell any Securities only pursuant to either an exemption from registration or a registration statement under the Securities Act,
        including any applicable prospectus delivery requirements, and that if Securities are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of
        the restrictive legend from certificates representing Securities as set forth in this Section 4.2 is predicated upon the Company’s reliance upon this understanding.

       

       (e) Legend Removal Default. In addition to the Purchaser’s other available remedies, provided the conditions for legend removal set forth in Section 4.2(c) exist, the
        Company shall pay to a Purchaser, in cash, as partial liquidated damages and not as a penalty, for each $1,000 of Conversion Shares and/or Warrant Shares (based on the higher of the actual purchase price or VWAP of the Common Stock on the date such
        Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.2(d), $10 per Trading Day for each Trading Day after the Legend Removal Date (increasing to $20 per Trading Day after the third
        Trading Day) until such certificate is delivered without a legend. Nothing herein shall limit the Purchaser’s right to pursue actual damages for the Company’s failure to deliver certificates representing any Securities as required by the
        Transaction Documents, and the Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. Notwithstanding the foregoing, the
        Purchaser shall not be entitled to the remedy prescribed pursuant to this Section 4.2(e) in the event that the Company has used its reasonable best efforts to cause the removal of a restrictive legend and has provided written affirmation of such
        efforts to the Purchaser, in a form reasonably satisfactory to the Purchaser.

       

      
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      (f) DWAC. In lieu of delivering physical certificates representing the Unlegended Shares, upon request of a Purchaser, so long as the certificates therefor do not bear a
        legend and the Purchaser is not obligated to return such certificate for the placement of a legend thereon, the Company shall cause its transfer agent to electronically transmit the Unlegended Shares by crediting the account of Purchaser’s prime
        broker with the Depository Trust Company through its Deposit Withdrawal At Custodian system, provided that the Company’s Common Stock is DTC eligible and the Company’s transfer agent participates in the Deposit Withdrawal at Custodian system. Such
        delivery must be made on or before the Legend Removal Date.

       

       (g) Injunction. In the event a Purchaser shall request delivery of Unlegended Shares as described in this Section 4.2 and the Company is required to deliver such
        Unlegended Shares, the Company may not refuse to deliver Unlegended Shares based on any claim that the Purchaser or anyone associated or affiliated with the Purchaser has not complied with Purchaser’s obligations under the Transaction Documents, or
        for any other reason, unless, an injunction or temporary restraining order from a court, on notice, restraining and or enjoining delivery of such Unlegended Shares shall have been sought and obtained by the Company and the Company has posted a
        surety bond for the benefit of the Purchaser in the amount of the greater of (i) 120% of the amount of the aggregate purchase price of the Conversion Shares or Warrant Shares to be subject to the injunction or temporary restraining order, or (ii)
        the VWAP of the Common Stock on the trading day before the issue date of the injunction multiplied by the number of Unlegended Shares to be subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation
        of the dispute and the proceeds of which shall be payable to the Purchaser to the extent Purchaser obtains judgment in Purchaser’s favor. Notwithstanding the foregoing, this Section 4.2(g) shall not apply in the event that the Company has used its
        reasonable best efforts to cause the removal of a restrictive legend and has provided written affirmation of such efforts to the Purchaser, in a form reasonably satisfactory to the Purchaser.

       

       (h) Buy-In. In addition to any other rights available to Purchaser, if the Company fails to deliver to a Purchaser Unlegended Shares as required pursuant to this
        Agreement and after the Legend Removal Date the Purchaser, or a broker on the Purchaser’s behalf, purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Purchaser of the shares of
        Common Stock which the Purchaser was entitled to receive in unlegended form from the Company (a “Buy-In”), then the Company shall promptly pay in cash to the Purchaser (in addition to any remedies available to or elected by the Purchaser)
        the amount, if any, by which (A) the Purchaser’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (B) the aggregate purchase price of the shares of Common Stock delivered to the
        Company for reissuance as Unlegended Shares together with interest thereon at a rate of 15% per annum accruing until such amount and any accrued interest thereon is paid in full (which amount shall be paid as liquidated damages and not as a
        penalty). For example, if a Purchaser purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to $10,000 of purchase price of Conversion Shares or Warrant Shares delivered to
        the Company for reissuance as Unlegended Shares, the Company shall be required to pay the Purchaser $1,000, plus interest, if any. The Purchaser shall provide the Company written notice indicating the amounts payable to the Purchaser in respect of
        the Buy-In. Notwithstanding the foregoing, this Section 4.2(h) shall not apply in the event that the Company has used its reasonable best efforts to cause the removal of a restrictive legend and has provided written affirmation of such efforts to
        the Purchaser, in a form reasonably satisfactory to the Purchaser.

       

      
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      (i) Plan of Distribution. The Purchaser agrees with the Company that the Purchaser will sell any Securities pursuant to either the registration requirements of the
        Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth
        therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities as set forth in this Section 4.2 is predicated upon the Company’s reliance upon this understanding.

       

      4.3 Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares of Common Stock, which
        dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Conversion Shares and Warrant Shares
        pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against the Purchaser
        and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.

       

      4.4 Furnishing of Information.

       

      (a) Until the earlier to occur of the time that (i) the Purchaser owns no Securities, or (ii) the Warrants have expired, the Company covenants that it will maintain the
        registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to use all commercially reasonable efforts to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports
        required to be filed by the Company after the date hereof pursuant to the Exchange Act. As long as the Purchaser owns Securities, if the Company is not required to file reports pursuant to the Exchange Act, it will prepare and furnish to the
        Purchaser and make publicly available in accordance with Rule 144(c) such information as is required for the Purchaser to sell the Securities under Rule 144. The Company further covenants that it will use all commercially reasonable efforts to take
        such further action as any holder of Securities may reasonably request, to the extent required from time to time to enable such Person to sell such Securities without registration under the Securities Act within the requirements of the exemption
        provided by Rule 144.

       

      
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      (b) At any time commencing on the Closing Date and ending at such time that all of the Securities may be sold without the requirement for the Company to be in compliance with
        Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company shall fail for any reason to satisfy the current public information requirement under Rule 144(c) (a “Public Information Failure”) then, in addition to the Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or impairment of its ability to sell the
        Securities, an amount in cash equal to 2.0% of the aggregate principal amount of the Note and accrued interest thereon, held by the Purchaser on the day of a Public Information Failure and on every thirtieth (30th) day (pro-rated for periods
        totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for the Purchasers to transfer the Conversion Shares or
        Warrant Shares pursuant to Rule 144. The payments to which a Purchaser shall be entitled pursuant to this Section 4.4(b) are referred to herein as “Public Information Failure Payments.” Public Information Failure Payments shall be paid on
        the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments is
        cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full.
        Nothing herein shall limit the Purchaser’s right to pursue actual damages for the Public Information Failure, and the Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree
        of specific performance and/or injunctive relief. Notwithstanding the foregoing, in the event that a Public Information Failure is the result of the Company having been delisted from the OTCBQ or any other nationally recognized stock exchange, the
        Company shall have ninety (90) days from the date of such delisting to take reasonable best efforts to be relisted on a nationally recognized stock exchange, during which ninety (90) day period, the Public Information Failure Payments payable
        pursuant to this Section 4.4(b) shall not apply.

       

      4.5 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that
        would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes of
        the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction or to effectuate such other transaction unless shareholder approval is obtained before the earlier of the
        closing of such subsequent transaction or effectuation of such other transaction.

       

      4.6 Conversion and Exercise Procedures. Each of the form of Notice of Conversion included in the Note and the form of Notice of Exercise included in the Warrants sets forth the totality of the procedures required of the Purchaser in order to convert the Note or exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchaser to convert
        their Note or exercise their Warrants. The Company shall honor conversions of the Note and exercises of the Warrants and shall deliver Conversion Shares and Warrant Shares, respectively, in accordance with the terms, conditions and time periods set
        forth in the Transaction Documents.

       

      
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      4.7 Securities Laws Disclosure; Publicity. The Company shall, by 9:00 a.m. (New York City time) on the Trading Day within three (3) days following the date hereof, issue a Current Report on
        Form 8-K disclosing the material terms of the transactions contemplated hereby and including the Transaction Documents as exhibits thereto. The Company and the Purchaser shall consult with each other in issuing any other press releases with respect
        to the transactions contemplated hereby, and neither the Company nor the Purchaser shall issue any such press release nor otherwise make any such public statement (other than in the Company’s SEC Reports after the initial Closing Date or exhibits
        filed therewith) without the prior consent of the Company, with respect to any press release of the Purchaser, or without the prior consent of the Purchaser, with respect to any press release of the Company, which consent
        shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the
        foregoing, other than in connection with the Company’s SEC Reports or disclosures to any regulatory agency or Trading Market that the Company determines are necessary or appropriate, the Company shall not publicly disclose the name of the
        Purchaser, or include the name of the Purchaser, in any press release or similar public statement, without the prior written consent of the Purchaser.

       

      4.8 No Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that the Purchaser is an “Acquiring Person” under any
        control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect, or that the Purchaser could be deemed to trigger the provisions of any such
        plan or arrangement, by virtue of receiving Securities under the Transaction Documents or any other agreement between the Company and the Purchaser.

       

      4.9 Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company covenants and agrees that
        after the Closing Date neither it, nor any other Person acting on its behalf, will provide the Purchaser or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto the
        Purchaser shall have executed a written agreement regarding the confidentiality and use of such information. The Company understands and confirms that the Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
        of the Company. Purchaser acknowledges that it is aware that the United States securities laws prohibit any person who has material non-public information about a company from purchasing or selling securities of such company, or from communicating
        such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and Purchaser agrees not to engage in any unlawful trading in securities of the Company
        or unlawful misuse or misappropriation of any such information. Purchaser agrees to maintain the confidentiality of and not disclose or use (except for purposes relating to the transactions contemplated by this Agreement) any confidential,
        proprietary or non-public information disclosed by the Company to Purchaser, unless such information becomes publicly known through no breach of this Agreement by Purchaser.

       

      4.10 Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes, repayment of Indebtedness, business development, and
        general and administrative expenses.

       

      
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      4.11 Indemnification of Purchaser. Subject to the provisions of this Section 4.11, the Company will indemnify and hold the Purchaser and its directors, officers, shareholders, members,
        partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Purchaser
        (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person
        holding such titles notwithstanding a lack of such title or any other title) of such controlling person and their respective successors and assigns (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations,
        claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or
        relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against a Purchaser in any capacity, or any of
        them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of the Purchaser, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of the
        Purchaser’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings the Purchaser may have with any such stockholder or any violations by the Purchaser of state or federal securities laws or any
        conduct by the Purchaser which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against a Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser
        Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to such Purchaser Party. Any Purchaser Party shall have the right to
        employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically
        authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material
        conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company
        will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to
        the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
        Documents, as determined by a final judgment of a court of competent jurisdiction from which no appeal may be taken.

       

      4.12 Reservation and Listing of Securities.

       

      (a) The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Transaction Documents in such amount as may then be required
        to fulfill its obligations in full under the Transaction Documents. Upon request by a Purchaser, the Company shall deliver, or cause the Transfer Agent to deliver, to the Purchaser a statement of number of shares of Common Stock that are currently reserved for issuance pursuant to the Transaction Documents.  On the Closing Date, the Company shall authorize the Transfer Agent that, at any time while the Note or any Warrants remain outstanding, upon delivery by
        a Purchaser to the Transfer Agent of a notice to increase the number of shares of Common Stock that are reserved for issuance pursuant to the Transaction Documents, the Transfer Agent shall promptly increase the reserved amount of shares of Common
        Stock and provide confirmation in writing thereof to the Purchaser.

       

      
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      (b) If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required Minimum on such date, then the Board of
        Directors shall use commercially reasonable efforts to amend the Company’s certificate or articles of incorporation to increase the number of authorized but unissued shares of Common Stock to at least the Required Minimum at such time, as soon as
        possible and in any event not later than the 75th calendar day after such date.

       

      (c) The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such Trading Market an additional shares listing
        application covering a number of shares of Common Stock at least equal to the Required Minimum on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing or quotation on such
        Trading Market as soon as possible thereafter, (iii) provide to the Purchaser evidence of such listing and (iv) maintain the listing of such Common Stock on any date at least equal to the Required Minimum on such date on such Trading Market or
        another Trading Market.

       

      4.13 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof, promptly upon request
        of the Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchaser at the Closing under applicable securities or
        “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of the Purchaser.

       

      4.14 Corporate Existence. So long as any Note remains outstanding, the Company shall not directly or indirectly consummate any merger, reorganization, restructuring, consolidation, sale of
        all or substantially all of the Company’s assets or any similar transaction or related transactions (each such transaction, an “Organizational Change”) unless, prior to the consummation an Organizational Change, the Company obtains the
        written consent of the Purchaser, which consent shall not be unreasonably withheld. In any such case, the Company will make appropriate provision with respect to such holders’ rights and interests to insure that the provisions of this Section 4.14
        will thereafter be applicable to the Note. For the avoidance of doubt, the proposed redomicile of the Company to Delaware shall not be deemed to constitute an Organizational Change.

       

      4.15 Transfer Agent. The Company covenants and agrees that it will at all times while the Note remains outstanding maintain a duly qualified independent transfer agent.

       

      4.16 No Short Selling. The Purchaser has and shall not, directly or indirectly, his, her or itself, through related parties, affiliates or otherwise, (i) sell “short” or “short against the
        box” (as those terms are generally understood) any equity security of the Company or (ii) otherwise engage in any transaction that involves hedging of the Purchaser’s position in any equity security of the Company, until the
        later of (i) the date the Note owned by the Purchaser is no longer owned by the Purchaser, or (ii) the Maturity Date (as such term is defined in the Note) and the date of a conversion under the Note.

       

      
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      4.17 Shareholder Approval. If it is required in order to permit the conversion of the Note (or any other securities that may be issued under or in connection with this Agreement or the
        transactions contemplated hereby) issued pursuant to this Agreement into shares of Common Stock in accordance with applicable listing rules of The Nasdaq Capital Market or any shareholder approval requirement of Nasdaq (the “Shareholder Approval”),

        the Company shall (i) hold a special meeting of shareholders (which may also be at the annual meeting of shareholders) as soon as reasonably practicable for the purpose of obtaining Shareholder Approval, with the recommendation of the Company’s
        Board of Directors that such proposal be approved, and the Company shall solicit proxies from its shareholders in connection therewith in the same manner as all other management proposals in such proxy statement and all management-appointed
        proxyholders shall vote their proxies in favor of such proposal and (ii) file a definitive proxy statement (the “Proxy Statement”) in connection with the foregoing as soon as reasonably practicable; provided however, that the obligations of
        the Company under clauses (i) and (ii) are subject to the Commission’s review of the Proxy Statement and the Company shall not be deemed to be in violation of this Section 4.17 if it responds to the Commission’s comments on the Proxy Statement, if
        any, in a timely manner. If the Company does not obtain Shareholder Approval at the first special meeting, the Company shall call a meeting every three months thereafter to seek Shareholder Approval until the earlier of the date Shareholder
        Approval is obtained or the Note is no longer outstanding.

       

      4.18 Registration Rights Agreement. The Company shall file a registration statement with the Commission covering the Registrable Securities (as defined in the Registration Rights Agreement)
        in accordance with the Registration Rights Agreement and maintain the effectiveness of such registration statement from the effective date of the registration statement until all Registrable Securities in accordance with the Registration Rights
        Agreement.

       

      4.19 DTC Program. At all times that the Note is outstanding, the Company shall employ as the transfer agent for its Common Stock, Conversion Shares and Warrant Shares a participant in the
        Depository Trust Company Automated Securities Transfer Program and cause the Common Stock, Conversion Shares and Warrant Shares to be transferable pursuant to such program.

       

      4.20 Indebtedness. For so long as the Note is outstanding, the Company will not incur any Indebtedness other than Permitted Indebtedness (as such term is defined in the Note), without the
        consent of the Purchaser.

       

      4.21 Most Favored Nation Provision. From the date hereof and for so long as a Purchaser holds any Securities, in the event that the Company issues or sells any Common Stock or common stock
        equivalents, if a Purchaser then holding outstanding Securities reasonably believes that any of the terms and conditions appurtenant to such issuance or sale are more favorable to such investors than are the terms and conditions granted to the
        Purchasers hereunder, upon notice to the Company by such Purchaser within five (5) Trading Days after disclosure of such issuance or sale, the Company shall amend the terms of this transaction as to such Purchaser only so as to give such Purchaser
        the benefit of such more favorable terms or conditions. This Section 4.21 shall not apply with respect to an Exempt Issuance. The Company shall provide the Purchaser with notice of any such issuance or sale not later than ten (10) Trading Days
        before such issuance or sale.

       

      
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      4.22 Subsequent Equity Sales. From the date hereof until such time as the Note is no longer outstanding and the Purchaser no longer holds any Warrants, the Company will not, without the
        consent of Purchaser, issue or agree to issue floating or Variable Priced Equity Linked Instruments (subject to adjustment for stock splits, distributions, dividends, recapitalizations and the like) (collectively, a “Variable Rate Transaction”).

        For purposes hereof, “Variable Priced Equity Linked Instruments” shall include: (A) any debt or equity securities which are convertible into, exercisable or exchangeable for, or carry the right to receive additional shares of Common Stock or
        common stock equivalents or any of the foregoing at a price that can be reduced either (1) at any conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for Common Stock at any
        time after the initial issuance of such debt or equity security, or (2) with a fixed conversion, exercise or exchange price that is subject to being reset at some future date at any time after the initial issuance of such debt or equity security
        due to a change in the market price of the Company’s Common Stock since date of initial issuance, or upon the issuance of any debt, equity or common stock equivalent, and (B) any amortizing convertible security which amortizes prior to its maturity
        date, where the Company is required or has the option to (or any investor in such transaction has the option to require the Company to) make such amortization payments in shares of Common Stock which are valued at a price that is based upon and/or
        varies with the trading prices of or quotations for Common Stock at any time after the initial issuance of such debt or equity security (whether or not such payments in stock are subject to certain equity conditions). For purposes of determining
        the total consideration for a convertible instrument (including a right to purchase equity of the Company) issued, subject to an original issue or similar discount or which principal amount is directly or indirectly increased after issuance, the
        consideration will be deemed to be the actual net cash amount received by the Company in consideration of the original issuance of such convertible instrument. For so long as the Note is outstanding or the Purchaser holds any Warrants, the Company
        will not, without the consent of Purchaser, issue any Common Stock or common stock equivalents to officers, directors, and employees of the Company unless such issuance is an Exempt Issuance pursuant to items (a) (d), or (e) of the definition of
        Exempt Issuance . For purposes hereof a Variable Priced Equity Linked Instrument shall not include an At The Market (“ATM”) offering. For so long as the Note is outstanding, the Company will not amend the terms of any securities or common stock
        equivalents or of any agreement outstanding or in effect as of the date of this Agreement pursuant to which same were or may be acquired, nor issue any Common Stock or common stock equivalents, without the consent of
        Purchaser, if such issuance or the result of such amendment would be at an effective price per share of Common Stock less than Conversion Price.

       

      4.23 Reverse Split.  At any time when the closing bid price of the Common Stock over an average of 5 days is equal to or less than $0.05, upon the request of the Purchaser the Company will
        use its best efforts to effect a reverse stock split.  If the reverse stock split is not consummated within 45 days of the request, such event will be an Event of Default under the Note.  

       

      4.24 Anti-Dilution.  At any time the Note is outstanding, in the event of any New Issuance that is not an an Exempt Issuance where the per share price is
          equal to or less than $0.18, the Company will issue additional shares of Common Stock to make Purchaser whole against any dilution, although the Purchaser can elect to receive the case value of such shares in its discretion.

       

      
        32

        
          

      

      ARTICLE V

      MISCELLANEOUS

       

      5.1 [Reserved.]

       

      5.2 Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other
        experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties
        levied in connection with the delivery of any Securities to the Purchaser.

       

      5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof
        and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

       

      5.4 Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall
        be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or
        facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon
        hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be
        received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express
        courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: (i) if to the Company, to: Sanuwave Health, Inc., 3360 Martin Farm Road,
        Suite 100, Suwanee, GA 30024, Attn: Kevin Richardson, email: kevin.richardson@sanuwave.com, and (ii) if to the Purchaser, to: the address and fax number indicated on the signature page hereto.

       

      5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company
        and the Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a
        continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the
        exercise of any such right.

       

      5.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

       

      
        33

        
          

      

      5.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this
        Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser (other than by merger). The Purchaser may assign any or all of its rights under this Agreement to any Person to whom the Purchaser assigns or
        transfers any Securities, provided that such transfer complies with all applicable federal and state securities laws and that such transferee is not a competitor of the Company and that such transferee agrees in writing with the Company to be
        bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the Purchaser.

       

      5.8 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor
        may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.11.

       

      5.9 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in
        accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
        contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in
        the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
        dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in
        any action, suit or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
        waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
        in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
        to serve process in any other manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.11, the
        prevailing party in such action, suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

       

      5.10 Survival. The representations and warranties shall survive the Closing and the delivery of the Securities until, with respect to the Purchaser, the Note held by the Purchaser has been
        paid in full or converted into Conversion Shares, and no Warrants are held by the Purchaser, at which time they shall expire such respect to Purchaser and shall no longer be of any force or effect.

       

      
        34

        
          

      

      5.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when
        counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of
        a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an
        original thereof.

       

      5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
        remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts
        to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they
        would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

       

      5.13 Reserved.

       

      5.14 Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
        and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the
        Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
        Securities.

       

      5.15 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchaser and the Company will be entitled
        to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree
        to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

       

      5.16 Payment Set Aside. To the extent that the Company makes a payment or payments to the Purchaser pursuant to any Transaction Document or the Purchaser enforces or exercises its rights
        thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be
        refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of
        any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

       

      
        35

        
          

      

      5.17 Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled
        to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Purchaser in order to enforce any right or remedy under any
        Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly agreed and provided that the total liability of the Company under the Transaction Documents for payments in the nature of
        interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with
        any other sums in the nature of interest that the Company may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction
        Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the
        effective date forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to the Purchaser with respect to indebtedness evidenced by the
        Transaction Documents, such excess shall be applied by the Purchaser to the unpaid principal balance of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at the Purchaser’s election.

       

      5.18 Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and
        shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall
        have been canceled.

       

      5.19 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day,
        then such action may be taken or such right may be exercised on the next succeeding Business Day.

       

      5.20 Construction. The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal
        rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments hereto.

       

      5.21 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY
          OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

       

      (Signature Pages Follow)

       

      
        36

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
        indicated above.

       

      	
              SANUWAVE HEALTH, INC.

            	 
	 	 
	
              By:

            	
              /s/ Kevin A. Richardson II

            	 
	 	
              Name: Kevin A. Richardson II

            	 
	 	 	 
	 	
              Title: CEO

            	 
	 	 	 
	 	
              Address for Notice:

            	 
	 	 	 
	 	
              3360 Martin Farm Road

            	 
	 	
              Suite 100

            	 
	 	
              Suwanee, GA 30024

            	 

       

      

      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

       

      SIGNATURE PAGE FOR PURCHASER FOLLOWS]

       

      
        
          

      

      PURCHASER SIGNATURE PAGES TO SANUWAVE HEALTH, INC. SECURITIES PURCHASE AGREEMENT

       

      IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

       

      	
              Name of Purchaser: [________________]

            

      

      

      	
              Signature of Authorized Signatory of Purchaser:

            

      

      

      	
              Name of Authorized Signatory:

            	

            	

            

      

      

      	
              Title of Authorized Signatory:

            	

            	 

      

      

      	
              Email Address of Authorized Signatory: 

              

            	

            

       

      
        	
                Facsimile Number of Authorized Signatory: 

                

              	

              

      

       

      

      Address for Notice to Purchaser:

       

      Address for Delivery of Securities to Purchaser (if not same as address for notice):

       

      Subscription Amount: Up to $[●]

       

      Principal Amount of Note: Up to $[●]

       

      Warrant Shares: [●]

       

      EIN Number: [PROVIDE THIS UNDER SEPARATE COVER]

       

      [SIGNATURE PAGES CONTINUE]

       

      
        
          

      

      Annex A

      

      

      CLOSING STATEMENT

      

      

      Pursuant to the attached Securities Purchase Agreement, dated as of the date hereto, the purchasers shall purchase up to $[●] of Securities from Sanuwave Health, Inc., a corporation organized under the laws of Nevada
        (the “Company”).  All funds will be wired into an account maintained by the Company.  All funds will be disbursed in accordance with this Closing Statement.

      

      

      Disbursement Date:  August [●], 2021

      
        	

              	
                 

              

      

      

      

      
        	
                I.

              	
                PURCHASE PRICE

              

      

      

      

      	 	
              Gross Proceeds to be Received of First Disbursement

            	
              $[●]

            

      

      

      
        	
                II.

              	
                DISBURSEMENTS

              

      

      

      

      	 	
              Legal and Due Diligence Fee

            	 

      

      

      	
              Total Amount Disbursed:

            

      

      

      	
              WIRE INSTRUCTIONS:

            	 
	
              Please see attached.

            	 

       

      

      Acknowledged and agreed to

      this [●]th day of August 2021

      

      

      	
              SANUEWAVE HEALTH, INC.

            

      

      

      	
              By: 

              

            	

            	

            

      	
              Name:

            
	
              Title:Exhibit 10.2

  

   

  

  
    SUBORDINATION AGREEMENT

     

    This SUBORDINATION AGREEMENT, dated as of August ____, 2021, is between________, a___________________(“Creditor”), and NH EXPANSION CREDIT FUND HOLDINGS LP (“North Haven Expansion”), as agent for
      the Holders (as hereafter defined; in such capacity, together with its successors or permitted assigns, “Agent”).

     

    R E C I T A L S

     

    A.         SANUWAVE
          HEALTH, INC., a Nevada corporation (“Issuer”) has requested and/or obtained certain credit accommodations from the Holders under, and as defined in, that certain Note and Warrant
        Purchase and Security Agreement dated as of August 6, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time) by and among Agent, Issuer and the Holders from time to time signatory thereto, including
        North Haven Expansion in its capacity as a Holder (each, a “Holder” and collectively, the “Holders”), which credit
        accommodations are or may be from time to time secured by assets and property of Issuer.

     

    B.          Creditor is the holder of the Future
        Advance Convertible Promissory Note dated August _______, 2021 in the original principal amount of up to $_____ (the “Convertible Note”).

     

    C.        In order to induce each Holder to extend
        credit to Issuer and, at any time or from time to time, at each Holder’s option, to make such further loans, extensions of credit, or other accommodations to or for the account of Issuer, or to extend credit upon any instrument or writing in
        respect of which Issuer may be liable in any capacity, or to grant such renewals or extension of any such loan, extension of credit, or other accommodation as any Holder may deem advisable, Creditor is willing to subordinate: (i) all of Issuer’s
        indebtedness and obligations to Creditor pursuant to the Convertible Note, whether presently existing or arising in the future (the “Subordinated Debt”) to all of Issuer’s indebtedness and
        obligations to Agent, for the ratable benefit of each Holder; and (ii) all of Creditor’s security interests, if any, to all of Agent’s (for the ratable benefit of each Holder’s) security interests in the property of Issuer.  Notwithstanding the
        foregoing, Subordinated Debt shall not include any equity interests of the Issuer into which the Subordinated Debt may be converted.

     

    NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

     

    1.            Creditor acknowledges and agrees that the Subordinated Debt
        is unsecured and that Creditor does not now have, and shall not assert at any time in the future, any lien, security interest or other encumbrance with respect to any assets of Issuer. Notwithstanding the foregoing, Creditor subordinates to Agent,
        for the ratable benefit of each Holder, any security interest or lien that Creditor may have in any property of Issuer. Notwithstanding the respective dates of attachment or perfection of the security interest of Creditor and the security interest
        of Agent, the security interest of Agent in the accounts, including health care receivables, chattel paper, general intangibles, inventory, equipment, instruments, including promissory notes, deposit accounts, investment property, documents, letter
        of credit rights, any commercial tort claim of Issuer which is now or hereafter identified by Issuer or Agent (or any Holder), and all other property of the Issuer (collectively, the “Collateral”)

        shall at all times be prior to the security interest of Creditor.

     

    2.           All Subordinated Debt is subordinated in right of payment
        to all obligations of Issuer to Agent and each Holder now existing or hereafter arising, together with all costs of collecting such obligations (including attorneys’ fees), including, without limitation, all interest accruing after the commencement
        by or against Issuer of any bankruptcy, reorganization or similar proceeding (the “Senior Debt”).

     

    3. 

    

    

    
      1

      
        

    

    (a)        Creditor will not demand or receive from
        Issuer (and Issuer will not pay to Creditor) all or any part of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor will Creditor exercise any remedy with respect to the Collateral or any other collateral
        securing the Subordinated Debt, nor will Creditor accelerate the Subordinated Debt, or commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against Issuer, until such time as all the Senior Debt
        is fully paid in cash, and all of Agent’s and each Holder’s obligations owing to Issuer have been terminated. The foregoing notwithstanding, Creditor shall be entitled to receive payment of all amounts that constitute Subordinated Debt, in whole
        but not in part, solely from the proceeds of an substantially contemporaneous equity financing by Issuer, provided that a Potential Default or an Event of Default under the Senior Debt has not occurred and
        is not continuing and would not exist immediately after such payment. Nothing in the foregoing paragraph shall prohibit Creditor from enforcing it rights in respect of the conversion all or any part of the Subordinated Debt into equity securities
        of Issuer in accordance with the terms of any related note or note purchase agreement.

     

    (b)        Notwithstanding anything to the contrary
        contained in Section 3(a) or elsewhere in this Agreement, if Agent delivers to Creditor written notice (a “Blockage Notice”) which states that there has been a default under the documents
        evidencing the Senior Debt (the “Senior Debt Documents”) that has not been cured then, during any Blockage Period (as defined below), Creditor shall not accept or receive any payment of
        any kind of or on account of the Subordinated Debt, or take any action to enforce its rights or remedies with respect to the Subordinated Debt (other than conversion of the Subordinated Debt to equity securities of the Issuer in accordance with the
        terms of any related note or note purchase agreement; which is expressly permitted hereunder) unless and until the earlier of (A) the time Agent notifies Creditor in writing that the default by the Issuer has been cured by the Issuer or waived by
        Agent, or (B) the expiration of the Blockage Period for such Blockage Notice.

     

    As used herein, “Blockage Period” means a period of time beginning on the date a Blockage
      Notice is delivered to Creditor and terminating on the earlier to occur of:

     

    (1)        120 days following such date; provided that if, prior to the
        expiration of such 120-day period, Agent has commenced and is diligently pursuing a judicial proceeding or non-judicial actions to collect or enforce the Senior Debt or foreclose on any collateral for the Senior Debt, or a case or proceeding by or
        against Issuer is commenced under the United States Bankruptcy Code or any other insolvency law, then such period shall be extended during the continuation of such proceedings and actions until the payment in cash in full of the Senior Debt; or

     

    (2)         the written consent of Agent to such termination.

     

    provided that, in no event shall any payment in cash be made to or received by Creditor before 91 days after the Maturity Date under (and as defined in) the Senior Debt
      Documents.

     

    4.         Creditor shall promptly deliver to Agent in the form
        received (except for endorsement or assignment by Creditor where required by Agent) for application to the Senior Debt any payment, distribution, security or proceeds received by Creditor with respect to the Subordinated Debt other than in
        accordance with this Agreement.

     

    5.            In the event of Issuer’s insolvency, reorganization or
        any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, these provisions shall remain in full force and effect, and Agent’s and each Holder’s claims against Issuer and the estate of Issuer shall be
        paid in full before any payment is made to Creditor. For the avoidance of any doubt, Senior Debt includes, without limitation, Agent’s and each Holder’s claims against Issuer and the estate of Issuer arising from the granting of credit under
        Section 364 or the use of cash collateral under Section 363 of the United States Bankruptcy Code, and Creditor agrees that it will raise no objection thereto.

     

    
      2

      
        

    

    6.            Until the Senior Debt is fully paid in cash, and all of
        Agent’s and each Holder’s obligations owing to Issuer have been terminated, Creditor agrees that it will not object to or oppose (i) the sale of the Issuer, or (ii) the sale or other disposition of any property of the Issuer or the estate of
        Issuer, if Agent has consented to such sale of the Issuer or sale or disposition of any property of the Issuer or the estate of Issuer. If requested by Agent, Creditor shall affirmatively consent to such sale or disposition and shall take all
        necessary actions and execute such documents and instruments as Agent may reasonably request in connection with and to facilitate such sale or disposition.

     

    7.           Until the Senior Debt is fully paid in cash, and all of
        each Holder’s obligations owing to Issuer have been terminated, Creditor irrevocably appoints Agent as Creditor’s attorney-in-fact, and grants to Agent a power of attorney with full power of substitution, in the name of Creditor or in the name of
        Agent or any Holder, for the use and benefit of Agent and each Holder, without notice to Creditor, to perform at Agent’s or such Holder’s option the following acts in any bankruptcy, insolvency or similar proceeding involving Issuer: (i) to file
        the appropriate claim or claims in respect of the Subordinated Debt on behalf of Creditor if Creditor does not do so prior to 30 days before the expiration of the time to file claims in such proceeding and if Agent elects, in its sole discretion,
        to file such claim or claims; and (ii) to accept or reject any plan of reorganization or arrangement on behalf of Creditor and to otherwise vote Creditor’s claims in respect of any Subordinated Debt in any manner that Agent deems appropriate for
        the enforcement of its rights hereunder.

     

    8.            Creditor shall immediately affix a legend to the
        instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Agreement. No amendment of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions
        of this Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the subordination of the security interest or lien that Creditor may have in any property of Issuer. By way of example, such instruments
        shall not be amended to (i) increase the rate of interest with respect to the Subordinated Debt, or (ii) accelerate the payment of the principal or interest or any other portion of the Subordinated Debt.

     

    9.           This Agreement shall remain effective for so long as
        Issuer owes any amounts to Agent or any Holder. If, at any time after payment in full of the Senior Debt, any payments of the Senior Debt must be disgorged by Agent or any Holder for any reason (including, without limitation, the bankruptcy of
        Issuer), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and Creditor shall immediately pay over to Agent, for itself and for the
        benefit of each Holder, all payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder. At any time and from time to time, without notice to Creditor, Agent and each Holder may take
        such actions with respect to the Senior Debt and the Collateral as Agent and/or such Holder, in its sole discretion, may deem appropriate, including, without limitation, terminating advances to Issuer, increasing the principal amount, extending the
        time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any Collateral , judicial foreclosure, nonjudicial foreclosure, exercise of a power of
        sale, and taking a deed, assignment or transfer in lieu of foreclosure as to any of the Collateral, and enforcing or failing to enforce any rights against Issuer or any other person. No such action or inaction shall impair or otherwise affect
        Agent’s or any Holder’s rights hereunder.  Creditor agrees not to assert against Agent or any Holder (a) any rights which a guarantor or surety could exercise; but nothing in this Agreement shall constitute Creditor a guarantor or surety; (b) the
        right, if any, to require Agent or any Holder to marshal or otherwise require Agent or any Holder to proceed to dispose of or foreclose upon any of the Collateral in any manner or order; and (c) any right of subrogation, contribution,
        reimbursement, or indemnity which it may have against Issuer arising directly or indirectly out of this Agreement.

     

    
      3

      
        

    

    10.        This Agreement shall bind any successors or assignees of
        Creditor and shall benefit any successors or assigns of Agent and each Holder. This Agreement is solely for the benefit of Creditor, Agent and each Holder and not for the benefit of Issuer or any other party. Creditor further agrees that if Issuer
        is in the process of refinancing a portion of the Senior Debt with a new lender, and if Agent or any Holder makes a request of Creditor, Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms
        and conditions of this Agreement.

     

    11.          This Agreement may be executed in two or more
        counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

     

    12.          CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER

     

    13.         New York law governs this Agreement without regard to
        principles of conflicts of law.  Creditor, Agent and each Holder each submit to the exclusive jurisdiction of the State and Federal courts in New York County, City of New York, New York; provided, however, that nothing in this Agreement shall be
        deemed to operate to preclude Agent or any Holder from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in
        favor of Agent and/or any Holder.  Issuer and Creditor each expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Issuer and Creditor each hereby waives any objection that it may have
        based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court.

     

    TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, CREDITOR, ISSUER, AGENT AND EACH HOLDER EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE
      OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS.  THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT.  NOTWITHSTANDING
      ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANYWHERE ELSE, CREDITOR AND ISSUER EACH AGREES THAT IT SHALL NOT SEEK FROM AGENT OR ANY HOLDER UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL
      OR PUNITIVE DAMAGES.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

     

    14.         This Agreement represents the entire agreement with respect
        to the subject matter hereof, and supersedes all prior negotiations, agreements and commitments. Creditor is not relying on any representations by Agent or any Holder or Issuer in entering into this Agreement, and Creditor has kept and will
        continue to keep itself fully apprised of the financial and other condition of Issuer. This Agreement may be amended only by written instrument signed by Creditor and Agent.

     

    15.          In the event of any legal action to enforce the rights of
        a party under this Agreement, the party prevailing in such action shall be entitled, in addition to such other relief as may be granted, all reasonable costs and expenses, including reasonable attorneys’ fees, incurred in such action.

     

    [Balance of Page Intentionally Left Blank]

     

    
      4

      
        

    

    IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

     

    	
            CREDITOR:

          	 
	

          	 

    

    

    	
            By:

          	 	

          

    	
            Name:

          	 	 
	
            Title:

          	 	 
	 	 	 
	
            Address for Notices:

          	 

    	

          	 
	

          	 

    

    

    	
            Attn:

          	 	 

    

    
      
        

    

    
    
      [Signature Page to Subordination Agreement]

      [Signatures Continued, Next Page]

       

      

      
        6

        
          

      

    

    IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

     

    	
            AGENT:

          	 
	 	 

    NH EXPANSION CREDIT FUND HOLDINGS LP

    

    

    	
            By:

          	
            MS Expansion Credit GP, L.P.

          
	
            Its:

          	
            General Partner

          

    

    

    	
            By:

          	
            MS Expansion Credit GP Inc.

          
	
            Its:

          	
            General Partner

          

    

    

    	
            By

          	
            /s/ William Reiland

          

    	
            Name: William Reiland

          	

          	 

    	
            Title: Managing Director

          	

          	 

    

    

    Address for Notice:

    1585 Broadway, 39th Floor

    New York, NY 10036

    Attn: Debra Abramovitz

    Expansion_creidt_reporting@morganstanley.com

    

    

    with a copy to:

    

    

    1585 Broadway, 37th Floor

    New York, NY 10036

    Attn: William Reiland

    

    

    and

    

    

    555 California Street, 14th Floor

    San Francisco, CA  94104

    Attn: Melissa Daniels

    

    

    with a copy, not constituting notice, to:

    

    

    Barnes & Thornburg LLP

    655 W. Broadway, Suite 1300

    San Diego, CA 92101

    Attn: Troy Zander

    

    

    [Signature Page to Subordination Agreement]

    [Signatures Continued, Next Page]

     

    
      
        

    

    IN WITNESS WHEREOF, the undersigned approves of the terms of this Agreement.

     

    ISSUER:

     

    SANUWAVE HEALTH, INC.

     

    	
            By:

          	

          	 

    

    

    	
            Name:

          	
            Kevin A. Richardson II

          

    

    

    	
            Title:

          	
            Chief Executive Officer

          

    

    

    Address for Notices:

     

    SANUWAVE HEALTH, INC.

    3360 Martin Farm Road, Suite 100

    Suwanee, Georgia 30024

    Attn: Kevin A. Richardson, Chief Executive Officer

    Email: kevin.richardson@sanuwave.com

    

    

    with a copy, not constituting notice, to:

    

    

    Morrison & Foerster LLP

    425 Market Street

    San Francisco, CA 94105

    Attention: Murray Indick

    Email: MIndick@mofo.com

     

    [Signature Page to Subordination Agreement]

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