Document:

Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of July 16, 2020, between Genetic Technologies
Limited, an Australian corporation (the “Company”), and each purchaser identified on the signature pages hereto
(each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser,
and each Purchaser, severally and not jointly, desires to purchase from the Company, the Shares as more fully described in this
Agreement.

 

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 each Purchaser agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, 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 4.5.

 

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

 

“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement (as defined below), each representing six hundred (600)
Ordinary Shares.

 

“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.

 

“Australian
Company Counsel” means K&L Gates, with offices located at Level 25 South Tower 525 Collins Street, Melbourne, Victoria
3000 Australia.

 

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

 

“Business
Day” means any day except any Saturday, any 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”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

    	 

     

    

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later
than the second (2nd) Trading Day following the date hereof.

 

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

 

“Deposit
Agreement” means the Deposit Agreement dated as of January 14, 2002, among the Company, The Bank of New York Mellon
as Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

 

“Depositary”
means The Bank of New York Mellon, as Depositary under the Deposit Agreement.

 

“Company
Counsel” means Sichenzia Ross Ference LLP, with offices located at 1185 Avenue of the Americas, 37th Floor, New York,
New York 10036.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed
between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York
City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

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

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

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

 

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

 

“IFRS”
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(aa).

 

    	 

     

    

 

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

 

“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(n).

 

“Ordinary
Share(s)” means the ordinary shares of the Company, no par value per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Ordinary Shares or ADSs, 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, Ordinary Shares or ADSs.

 

“Per
ADS Purchase Price” equals $5.00, subject to adjustment for reverse and forward stock splits, stock dividends, stock
combinations and other similar transactions of the ADSs that occur after the date of this Agreement and prior to the Closing Date.

 

“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.

 

“Pharmaceutical
Product” shall have the meaning ascribed to such term in Section 3.1(hh).

 

“Placement
Agent” means H.C. Wainwright & Co., LLC.

 

“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.

 

“Prospectus”
means the final base prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

    	 

     

    

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-237152 which registers the sale of
the Ordinary Shares represented by the ADSs.

 

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

 

“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.

 

“Rule
424” means Rule 424 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 Shares and the ADSs.

 

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

 

“Shares”
means the Ordinary Shares, as represented by ADSs issued pursuant to the Deposit Agreement, each ADS representing six hundred
(600) Ordinary Shares, issued and issuable to each Purchaser pursuant to this Agreement.

 

“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 locating and/or borrowing Ordinary Shares and/or ADSs).

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the ADSs purchased hereunder as specified below
such 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 as set forth on Schedule 3.1(a), 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 any of the following markets or exchanges on which the ADSs or Ordinary Shares are listed or quoted for
trading on the date in question: the Australian Stock Exchange, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global
Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing).

 

    	 

     

    

 

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

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12.

 

ARTICLE
II.

PURCHASE AND SALE

 

2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell,
and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of approximately $5,125,000 of ADSs. Each
Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made available
for “Delivery Versus Payment” settlement with the Company and the Company shall deposit the Shares and instruct the
Depositary to deliver to each Purchaser its respective ADSs, and the Company and each Purchaser shall deliver the other items
set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2
and 2.3, the Closing shall occur at the offices of the Placement Agent or such other location as the parties shall mutually agree.
Unless otherwise directed by the Placement Agent, settlement of the Ordinary Shares shall occur via “Delivery Versus Payment”
(“DVP”) (i.e., on the Closing Date, the Company shall issue the ADSs registered in the Purchasers’ names
and addresses and released by the Depositary directly to the account(s) at the Placement Agent identified by each Purchaser; upon
receipt of such ADSs, the Placement Agent shall promptly electronically deliver such ADSs to the applicable Purchaser, and payment
therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company).

 

2.2
Deliveries.

 

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

 

(i)
this Agreement duly executed by the Company;

 

(ii)
a legal opinion of Company Counsel and Australian Company Counsel to the Company, in forms reasonably acceptable to the Placement
Agent and the Purchasers;

 

(iii)
the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed
by the Chief Executive Officer or Chief Financial Officer;

 

    	 

     

    

 

(iv)
a copy of the irrevocable instructions to the Depositary instructing the Depositary to deliver on an expedited basis via The Depository
Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) ADSs equal to such Purchaser’s Subscription
Amount divided by the Per ADS Purchase Price, registered in the name of such Purchaser; and

 

(v)
the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

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

 

(i)
this Agreement duly executed by such Purchaser; and

 

(ii)
such Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement
with the Company or its designees.

 

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 (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

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

 

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

 

(b)
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

    	 

     

    

 

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

 

(iii)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)
from the date hereof to the Closing Date, trading in the ADSs and Ordinary Shares shall not have been suspended by the Commission
or the Company’s principal Trading Market for such securities, and, at any time prior to the Closing Date, trading in securities
generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established
on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared
either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of
hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in,
any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable
to purchase the Securities at the Closing.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

3.1
Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules
shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained
in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties
to each Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company
owns, directly or indirectly, all of 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 has 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”) 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.

 

    	 

     

    

 

(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other 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 herewith or therewith other than in connection with the Required Approvals. This Agreement and each other 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 this Agreement and the other Transaction Documents
to which it is a party, the issuance and sale of the Securities and the consummation by it of the 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, or (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, anti-dilution
or similar adjustments, 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 could not have or 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 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus
Supplement, (iii) application(s) to each applicable Trading Market for the listing of the applicable Securities for trading thereon
in the time and manner required thereby, and (iv) such filings as are required to be made under applicable Australian and U.S.
state securities laws and the Australian Stock Exchange (collectively, the “Required Approvals”).

 

(f)
Issuance of the Securities; Registration. The Shares are 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. The Company has reserved from its duly authorized capital stock the maximum number of Ordinary Shares
issuable pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements
of the Securities Act, which became effective on March 23, 2020, including the Prospectus, and such amendments and supplements
thereto as may have been required to the date of this Agreement. The Company and the Depositary have prepared and filed with the
Commission a registration statement relating to ADSs on Form F-6 (File No. 333-183861) for registration under the Securities Act
(the “ADS Registration Statement”). The Registration Statement and ADS Registration Statement are effective
under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending
or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted
or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of
the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration
Statement, ADS Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing
Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements
of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments
or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date,
conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain
an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The Company was at the time of the filing of the Registration
Statement eligible to use Form F-3. The Company is eligible to use Form F-3 under the Securities Act and it meets the transaction
requirements with respect to the aggregate market value of securities being sold pursuant to this offering and during the twelve
calendar (12) months prior to this offering, as set forth in General Instruction I.B.5 of Form F-3.

 

    	 

     

    

 

(g)
Capitalization. The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which
Schedule 3.1(g) shall also include the number of Ordinary Shares and ADSs owned beneficially, and of record, by Affiliates
of the Company as of the date hereof. Except as set forth on Schedule 3.1(g), the Company has not issued any capital stock since
its most recently filed periodic report or Form 6-K under the Exchange Act, other than pursuant to the exercise of employee stock
options under the Company’s stock option plans, the issuance of Ordinary Shares to employees pursuant to the Company’s
employee stock purchase plans and pursuant to the conversion and/or exercise of Ordinary Share Equivalents outstanding as of the
date of the most recently filed periodic report or Form 6-K under the Exchange Act. No Person has 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 as a result of the purchase and sale of the Securities or as set forth on Schedule 3.1(g), 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 Ordinary Shares or ADSs, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary
is or may become bound to issue additional Ordinary Shares, ADS or Ordinary Share Equivalents. The issuance and sale of the Securities
will not obligate the Company to issue Ordinary Shares, ADSs or other securities to any Person (other than the Purchasers). There
are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion,
exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There
are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions,
and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all non-U.S., U.S. federal
and U.S. 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. No further approval or authorization of any stockholder, the Board of Directors
or others is required for the issuance and sale of the Securities. 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. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, 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,
together with the Prospectus and the Prospectus Supplement, 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 Company has never been an issuer subject
to Rule 144(i) under the Securities Act. 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 International Financial Reporting Standards
applied on a consistent basis during the periods involved (“IFRS”), 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 IFRS, 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.

 

(i)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development
that has had or that could 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 IFRS 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
to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending
before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated
by this Agreement or as set forth on Schedule 3.1(i), 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, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at
least 1 Trading Day prior to the date that this representation is made.

 

    	 

     

    

 

(j)
Litigation. 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 properties before or by
any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Securities 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 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. 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 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.

 

(k)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could 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. 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
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l)
Compliance. 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 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), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority 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 relating
to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters,
except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

    	 

     

    

 

(m)
Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws
relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land
surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder
(“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such
permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect.

 

(n)
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 described
in the SEC Reports, except where the failure to possess such permits could 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 modification of any Material Permit.

 

(o)
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 is material to the business of the Company and
the Subsidiaries, in each case free and clear of all Liens, except for (i) 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 (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with IFRS and, the payment of which is neither delinquent nor subject to penalties. 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.

 

    	 

     

    

 

(p)
Intellectual Property. 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 necessary or required for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise)
that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate
or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any Subsidiary has received, since
the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise
has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not
have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property
Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The
Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all
of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(q)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription
Amount. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business without a significant increase in cost.

 

(r)
Transactions With Affiliates and Employees. Except as set forth on Schedule 3.1(r), none of the officers or directors
of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary
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, providing for the borrowing of money from or lending of money to 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, stockholder, member
or partner, in each case in excess of $120,000 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.

 

    	 

     

    

 

(s)
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable
requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and
regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. 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 IFRS 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 and the Subsidiaries have established disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries 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 disclosure controls and procedures of the Company
and the Subsidiaries as of the end of the period covered by the 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 internal control over financial
reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or
is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

(t)
Certain Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are
or will be payable by the Company or any Subsidiary 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 Purchasers 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.

 

(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 an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

    	 

     

    

 

(v)
Registration Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the
Securities Act of any securities of the Company or any Subsidiary.

 

(w)
Listing and Maintenance Requirements. The ADSs are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the ADSs under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof,
received notice from any Trading Market on which the ADSs are or have 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 as set forth on Schedule 3.1(w),
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. The ADSs are currently eligible for electronic transfer through the Depository Trust
Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust
Company (or such other established clearing corporation) in connection with such electronic transfer.

 

(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 Purchasers as a result
of the Purchasers 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 Purchasers’ 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 any of the Purchasers or
their agents or counsel with any information that it believes constitutes or might constitute material, non-public information
which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely
on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or
on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions
contemplated hereby, including the Disclosure Schedules to this Agreement, 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 the
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 taken as a whole 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 the light
of the circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser
makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically
set forth in Section 3.2 hereof.

 

    	 

     

    

 

(z)
No Integrated Offering. Assuming the accuracy of the Purchasers’ 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)
Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the
receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) 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, and (iii) the current cash flow of the Company, together with the proceeds the Company would
receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient
to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. 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. Schedule 3.1(aa) sets 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 $50,000 (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 $50,000 due under leases required to
be capitalized in accordance with IFRS. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

    	 

     

    

 

(bb)
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 its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which
it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the
payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of
the Company or of any Subsidiary know of no basis for any such claim.

 

(cc)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, 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 any Subsidiary (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 FCPA.

 

(dd)
Accountants. The Company’s independent registered public accounting firm is as named in the Prospectus. To the knowledge
and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and
(ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report for
the fiscal year ending June 30, 2020.

 

(ee)
Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the
Purchasers 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 any 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 Purchasers’ purchase of the Securities.
The Company further represents to each 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)
Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding (except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none
of the Purchasers has been asked by the Company to agree, nor has any 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 any 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)
any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or
indirectly, presently may have a “short” position in the ADSs or Ordinary Shares, and (iv) each 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, 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.

 

    	 

     

    

 

(gg)
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, other than, in the case of clauses (ii) and (iii), compensation paid
to the Company’s placement agent in connection with the placement of the Securities.

 

(hh)
FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (together with any non-U.S.
regulatory body equivalents, “FDA”) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations
thereunder (together with any similar non-U.S. laws, rules and regulations, the “FDCA”) that is manufactured,
packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a
“Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed,
sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations
relating to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing practices,
good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing
of reports, except where the failure to be in compliance would not have a Material Adverse Effect. 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 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.

 

    	 

     

    

 

(ii)
Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i)
in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair
market value of the Ordinary Shares on the date such stock option would be considered granted under IFRS and applicable law. No
stock option granted under the Company’s 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.

 

(jj)
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 or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(kk)
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(ll)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls,
directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
(25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.
Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies
of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

    	 

     

    

 

(mm)
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 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.

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein,
in which case they shall be accurate as of such date):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation 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 such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized
by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.
Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser
in accordance with the terms hereof, will constitute the valid and legally binding obligation of such 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)
Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account 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 such Purchaser’s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.

 

    	 

     

    

 

(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is 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.

 

(d)
Experience of Such Purchaser. Such 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. Such 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.

 

(e)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents
(including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the
Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided
such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired.
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities
and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

(f)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such 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
such 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. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates,
such 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 the avoidance of doubt, nothing contained herein
shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order
to effect Short Sales or similar transactions in the future.

 

    	 

     

    

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such
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. Notwithstanding the foregoing, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating
or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE
IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1
Trading of the Shares in Australia. The Purchaser acknowledges and agrees that notwithstanding anything in this Agreement,
trading the Shares in Australia is prohibited for a period of 12 months from the Closing Date and a holding lock will be imposed
in respect of the Shares to be issued under this Agreement unless (i) the Company lodges a cleansing notice in accordance with
section 708A(5) of the Australian Corporations Act (Cth) within 5 days of the Closing Date; or (ii) the Company after the Closing
Date lodges a disclosure document with the Australian Securities & Investment Commission.

 

4.2
Furnishing of Information. Until the time that no Purchaser owns Securities, the Company covenants 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 even if the Company is not then subject to the reporting requirements of the Exchange
Act.

 

4.3
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 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 unless shareholder approval is obtained before the closing of such subsequent transaction.

 

    	 

     

    

 

4.4
Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the
material terms of the transactions contemplated hereby, and (b) file a Report on Form 6-K, including the Transaction Documents
as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press
release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered
to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees
or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance
of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents,
employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate.
The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions
contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such
public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the
prior consent of each 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, the Company shall not publicly
disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency
or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection
with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or
Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted
under this clause (b).

 

4.5
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other
Person, that any 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 hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor
any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes,
or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have
consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.
To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent,
the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of
its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any
of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis
of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that
any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding
the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on
Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions
in securities of the Company.

 

    	 

     

    

 

4.7
Use of Proceeds. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from
the sale of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of
any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business
and prior practices), (b) for the redemption of any ADSs, Ordinary Shares or Ordinary Share Equivalents, (c) for the settlement
of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

4.8
Indemnification of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each
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
such 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 persons (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 material 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 the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of
the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is solely based upon a material breach of such Purchaser Party’s representations, warranties
or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder
or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is
finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against
any 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 the 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 (x) the employment thereof has been specifically authorized by the Company in writing, (y) the
Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there
is, in the reasonable opinion of 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 (1) for any settlement
by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed;
or (2) 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. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others
and any liabilities the Company may be subject to pursuant to law.

 

    	 

     

    

 

4.9
Reservation of Ordinary Shares and ADSs. As of the date hereof, the Company has reserved and the Company shall continue
to reserve and keep available at all times, free of preemptive rights, a sufficient number of ADSs and Ordinary Shares for the
purpose of enabling the Company to issue Shares pursuant to this Agreement.

 

4.10
Listing. The Company hereby agrees to use best efforts to maintain the listing or quotation of the ADSs and Ordinary Shares
on the Trading Market on which they are currently listed, and concurrently with the Closing, the Company shall apply to list or
quote all of the Shares on such Trading Market and promptly secure the listing of all of the Shares on such Trading Market. The
Company further agrees, if the Company applies to have the ADSs traded on any other Trading Market, it will then include in such
application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed or quoted
on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the
listing and trading of the ADSs and Ordinary Shares on a Trading Market and will comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility
of the ADSs for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in
connection with such electronic transfer.

 

4.11
Reserved.

 

4.12 Variable
Rate Transactions. From the date hereof until the one (1) year anniversary of the Closing Date, the Company shall be
prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of
ADSs, Ordinary Shares or Ordinary Share Equivalents (or a combination of units thereof) involving a Variable Rate
Transaction. “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any
debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive
additional ADSs or Ordinary Shares either (A) at a conversion price, exercise price or exchange rate or other price that is
based upon and/or varies with the trading prices of or quotations for the ADSs and Ordinary Shares at any time after the
initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to
being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of
specified or contingent events directly or indirectly related to the business of the Company or the market for ADSs or
Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity
line of credit, whereby the Company may issue securities at a future determined price. For the avoidance of doubt, sales
effected under an “at-the-market” facility to purchasers in Australia and New Zealand or under an
“at-the-market” facility through the Placement Agent shall not be considered a Variable Rate Transaction. Any
Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall
be in addition to any right to collect damages.

 

    	 

     

    

 

4.13
Equal Treatment of Purchasers. No consideration (including any modification of the Agreement) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Agreement unless the same consideration
is also offered to all of the parties to the Agreement. For clarification purposes, this provision constitutes a separate right
granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat
the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.

 

4.14
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or
sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this
Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to
the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the
initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms
of this transaction and the information included in the Disclosure Schedules. Notwithstanding the foregoing and notwithstanding
anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes
any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press
release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any
securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no
Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries
after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

 

    	 

     

    

 

4.15
Capital Changes. During the sixty (60) day period following the Closing Date, the Company shall not undertake a reverse
or forward stock split or reclassification of the Ordinary Shares (or any equivalent adjustment to the ADSs) without the prior
written consent of the Purchasers holding a majority in interest of the Shares.

 

ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only
and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other
parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided,
however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

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 (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the
Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus
Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof 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. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages
attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as
set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.

 

    	 

     

    

 

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 Purchasers which purchased at least 50.1% in interest of the
Shares based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely
impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers)
shall also be required. 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. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations
of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent
of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser
and holder of Securities and the Company.

 

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.

 

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 each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any
Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound,
with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8
No Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties
of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. 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 4.8 and this Section 5.8.

 

    	 

     

    

 

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 or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such 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 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 any 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 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing 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 contained herein shall survive the Closing and the delivery of the Securities.

 

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 each other
party, it being understood that the 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
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under
a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

    	 

     

    

 

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 Purchasers 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 any Purchaser pursuant to any Transaction
Document or a 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.

 

5.17
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed
to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience
only, each Purchaser and its respective counsel have chosen to communicate with the Company through the legal counsel of the Placement
Agent. The legal counsel of the Placement Agent does not represent any of the Purchasers and only represents the Placement Agent.
The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company
and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each
provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and
not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

    	 

     

    

 

5.18
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.

 

5.19
Construction. The parties agree that each of them and/or their respective counsel have 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
thereto. In addition, each and every reference to ADS or share prices and ADSs or Ordinary Shares in any Transaction Document
shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
of the ADSs or Ordinary Shares that occur after the date of this Agreement.

 

5.20
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.

 

5.21Each
applicable Purchaser, by its signature below, hereby waives on a one time basis all and any rights whatsoever under Section 4.11(a)
of that certain Securities Purchase Agreement, dated as of May 26, 2020, by and among the Company and the investors party thereto
solely in connection with the transactions contemplated by this Agreement

 

(Signature
Pages Follow)

 

    	 

     

    

 

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.

 

	GENETIC TECHNOLOGIES LIMITED	 	Address for Notice:
	 	 	 
	By:	                        	 	 
	 	Name:	 	E-Mail:
	 	Title:	 	Fax:
	 	 	 
	With a copy to (which shall not
    constitute notice):	 	 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	 

     

    

 

[PURCHASER
SIGNATURE PAGES TO GENE 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 Shares to Purchaser (if not same as address for notice):

 

Subscription
Amount: $_________________

 

Shares:
_________________

 

EIN
Number: ____________________

 

o
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded,
(ii) the Closing shall occur on the second (2nd) Trading Day following the date of this Agreement and (iii) any condition
to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company
or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be
a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such
agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE
PAGES CONTINUE]Exhibit 10.1

 

FOURTH AMENDED
AND RESTATED AGREEMENT

 

THIS FOURTH AMENDED
AND RESTATED AGREEMENT (this “Agreement”) is made as of the 24th day of June, 2020 by and between Hudson Technologies,
Inc., P.O. Box 1541, One Blue Hill Plaza, Pearl River, New York 10965, Hudson Technologies Company, P.O. Box 1541, One Blue Hill
Plaza, Pearl River, New York 10965 and Aspen Refrigerants, Inc., P.O. Box 1541, One Blue Hill Plaza, Pearl River, New York 10965
(hereinafter Hudson Technologies, Inc., Hudson Technologies Company and Aspen Refrigerants, Inc. are collectively referred to herein
as “Hudson”) and Brian F. Coleman, residing at 41 Mountainview Avenue, Pearl River, New York 10965 (“Executive”).

 

WHEREAS, Hudson and
the Executive previously entered into a Third Amended and Restated Agreement made as of December 19, 2019 (the “Prior Agreement”)
pursuant to which Executive served as the President and Chief Operating Officer of Hudson Technologies, Inc., and as an employee
of Hudson Technologies Company and Aspen Refrigerants, Inc. and as the President and Chief Operating Officer of each such entity;

 

WHEREAS, Executive
serves as a member of the Board of Directors of Hudson Technologies, Inc. (the “Board”);

 

WHEREAS, Executive
is employed at Hudson’s Pearl River, New York headquarters facility;

 

WHEREAS, Hudson desires
to retain Executive as President of Hudson Technologies, Inc. and promote Executive from the position of Chief Operating Officer
to the position of Chief Executive Officer of Hudson Technologies, Inc. and each of its subsidiaries and to amend and restate the
Prior Agreement in connection with such promotion;

 

WHEREAS, Hudson Technologies
Company and Aspen Refrigerants, Inc. are each a separate, indirect wholly-owned subsidiary of Hudson Technologies, Inc. and each
is made a party to this Agreement for the purpose of implementing the terms of this Agreement;

 

WHEREAS, Hudson and
the Executive acknowledge that, because the Executive’s duties and responsibilities will bring the Executive into contact
with Hudson’s confidential information, Hudson must ensure that its valuable confidential information, as well as its customer
relationships, are protected and can be entrusted to the Executive;

 

WHEREAS, Hudson and
the Executive acknowledge that the Executive’s talents, knowledge and services to Hudson are of a special, unique, and extraordinary
character and are of particular and peculiar benefit and importance to Hudson;

 

WHEREAS, Hudson desires
to ensure that it will receive the continued dedication, loyalty and service of, and the availability of objective advice and counsel
from, the Executive, as well as assurances that the Executive will continue to devote his best efforts to his employment with Hudson
and that he will not solicit other executives or employees of Hudson; and

 

WHEREAS, Hudson and
the Executive desire to amend and restate the Prior Agreement on the terms contained herein.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the continuation of the employment by Hudson of the Executive, the payments, rights and benefits granted, and
the mutual covenants and conditions contained herein, and for other good and valuable consideration, receipt of which is hereby
acknowledged, it is agreed that the Prior Agreement is hereby amended and restated as follows:

 

1.                 
EMPLOYMENT: Hudson agrees to employ Executive in an executive capacity, and Executive accepts employment upon the
terms and conditions set forth herein. Executive expressly acknowledges that he was advised that a condition to Executive’s
entering into this Agreement was the Executive’s agreement to restrictions regarding Confidential Information, Intellectual
Property, Non-Solicitation of Executives, and Covenants Not To Compete (all set out in more detail below), and that the additional
rights and benefits contained herein constitute new and adequate consideration for this Agreement. Executive, at the sole discretion
of Hudson, may be given different job titles and responsibilities consistent with the types of titles and responsibilities that
Executive performs as President and Chief Executive Officer. Unless and until such time as a new agreement or amendment to this
Agreement is executed in writing by Hudson and Executive, this Agreement shall remain binding upon Executive regardless of the
job title or position held by Executive.

 

2.                 
TERM: Subject to the provisions for termination as provided herein and paragraph “15” below (providing
that Executive’s employment shall be at will), the term of this Agreement shall expire as of June 24, 2022. This Agreement
shall be automatically renewed for successive two (2) year terms unless either party gives notice of its intention not to renew
no less than ninety (90) days prior to the expiration of the existing term.

 

3.                 
COMPENSATION: As compensation for the services to be rendered by Executive, Hudson agrees to provide Executive with
a base salary at the current annual rate of Four Hundred Seventy-Five Thousand dollars ($475,000), retroactive to April 1, 2020.
The Compensation Committee of the Board shall meet at least annually for the purpose of determining Executive’s annual base
salary based upon the apparent value of his services provided, however, that Executive’s annual base salary may increase,
but not decrease, during the Term. Upon any such increase, the increased amount shall thereafter be deemed to be Executive’s
annual base salary.

 

In addition, during
and after the term of this Agreement, Hudson agrees to pay, upon receipt of an invoice (grossed up for any taxes owed on such payments
as determined in good faith by Hudson, based upon information provided by Executive, to be owed on such payment) for life insurance
premiums equal to $71,210 per year for nine years beginning in 2020 (the “Life Insurance Policy Payments”) provided
that Executive maintains the $1,000,000 “Whole Life Legacy 10-Pay” life insurance policy (the “Life Insurance
Policy”) purchased by Executive and upon request of Hudson provides proof that the Life Insurance Policy remains in effect.
Each payment will be made between January 1 and December 31 of each year beginning in 2020 and ending in 2029, or earlier if Executive’s
employment is terminated earlier for any reason other than Executive’s death.

 

The payment of the
amounts in this paragraph shall constitute full satisfaction and discharge of Hudson’s obligations under this Agreement but
are without prejudice to Executive’s rights under any Executive bonus or benefit plan heretofore or hereafter provided by
Hudson. Hudson may, but shall not be obligated to, pay the Executive, in addition to his base salary, a bonus. Payment of any such
bonus, and the amount of any such bonus shall be at the sole discretion of the Board.

 

    	 	2	 

     

    

 

4.                 
DUTIES: Executive shall serve as President and Chief Executive Officer of Hudson and shall assume such other duties
as the Board may assign as are consistent with and appropriate for Executive’s positions as President and Chief Executive
Officer. In addition, Executive agrees to assume such other title or titles, if any, as from time to time may be assigned to Executive
by Hudson which are consistent with the types of duties Executive performs as President and Chief Executive Officer. Executive
shall report directly to the Board. Executive agrees that he will at all times faithfully, industriously and to the best of his
ability, experience and talents, perform all of the duties that may be required of and from him pursuant to the express and implicit
terms of this Agreement, to the reasonable satisfaction of Hudson. Such duties shall be rendered at Hudson’s headquarters
currently located at Pearl River, New York and, except as otherwise provided herein, at such other place or places within or without
the State of New York as Hudson shall in good faith require or as the interest, needs, business, or opportunities of Hudson shall
require.

 

Executive shall devote
full, normal and regular business time, attention, knowledge and skill to the business and interest of Hudson, and Hudson shall
be entitled to all of the benefits, profits or other issue arising from or incident to all work, services and advice of Executive
performed for Hudson. Executive agrees that while Executive is employed by Hudson, Executive shall not directly or indirectly in
any capacity engage in any business other than Hudson’s business without Hudson’s prior written consent, which consent
will not be unreasonably withheld provided that such other business (a) is unrelated to the business of Hudson, (b) will in no
way interfere with the performance of Executive’s duties to Hudson, (c) will not utilize Confidential Information or Intellectual
Property of Hudson or of any client of Hudson, (d) will generally be conducted at times other than when Executive is required to
work for Hudson, and at places other than Hudson’s business locations or those of Hudson’s customers, and (e) will
not involve Hudson, other executives of Hudson, any client of Hudson, or any supplier of Hudson, in the conduct or the financing
of Executive’s business, or as customers, suppliers, investors, partners, joint venturers, or otherwise. Under no circumstances
shall Executive render any services that are competitive with any of Hudson’s business, or that are for any other person,
corporation or other entity that is engaged in any business competitive with or in the same business as any of Hudson’s business.
Notwithstanding the foregoing, Executive shall have the right to make investments in businesses which engage in activities other
than those engaged in by Hudson or its subsidiaries and shall be permitted to continue his service as a volunteer board member
for the Rockland Gaelic Athletic Association.

 

5.                 
EXPENSES: Executive is authorized to incur reasonable expenses on behalf of Hudson in performing his duties, including
expenses for general administration of Hudson’s office, travel, transportation, entertainment, gifts and similar items, which
expenses shall be timely paid or reimbursed to Executive, by Hudson, provided that the Executive furnishes to Hudson appropriate
supporting documentation of such expenses. In addition, Hudson will reimburse the Executive for all professional fees and expenses
for professional organizations and continued education reasonably incurred by the Executive and reasonably related to the continued
performance of his duties.

 

    	 	3	 

     

    

 

6.                 
VACATIONS: Executive shall be entitled to the number of paid vacation, sick days, personal days and holidays as are
specified, established and set forth in Hudson’s standard policies, provided, however, that Executive shall be entitled each
calendar year to a vacation of no less than twenty-five (25) weekdays, no two (2) of which need be consecutive. Hudson
shall not be required to compensate Executive for vacation days, sick days or personal days not taken by the Executive in any given
year, and the Executive cannot accrue and accumulate unused vacation days, sick days or personal days in subsequent years.

 

7.                 
TERMINATION: The following payments and benefits (hereinafter “Severance Benefits”) will be provided
to the Executive by Hudson in the event of a Termination of Employment (as hereinafter defined):

 

A.               
Executive will continue to receive his annual base salary, based upon his annual base salary as of the date of his Termination
of Employment, for a period of twenty-four (24) months (the “Severance Period”), with payroll to be made every two
(2) weeks, or at such other frequency based upon Hudson’s normal payroll practice. Hudson shall deduct from Executive’s
continuing payroll all tax withholdings and deductions which Hudson is required by law to make. Subject to paragraph “7.H.”
and paragraph “22” below, the initial payment shall be made within the forty-five (45) day period following the Executive’s
Termination of Employment and the Executive shall have no right to designate the taxable year of payment.

 

B.                
Executive will also receive an amount equal to a total of 100 percent of the highest bonus earned (which shall, for the
avoidance of doubt, include any short-term or long-term cash incentive) by the Executive in any calendar year within the three
(3) calendar years immediately preceding the date of Termination of Employment (the “Bonus”), which amount shall be
paid to Executive in equal installments throughout the Severance Period made every two (2) weeks, or at such other frequency based
upon Hudson’s normal payroll practice. Hudson shall deduct from this bonus payment all tax withholdings and deductions which
Hudson is required by law to make. Subject to paragraph “7.H.” and paragraph “22” below, the initial payment
shall be made within the forty-five (45) day period following the Executive’s Termination of Employment and the Executive
shall have no right to designate the taxable year of payment.

 

C.                
Subject to paragraph “7.H.” and paragraph “22” below, within the forty-five (45) day period following
the Executive’s Termination of Employment, Hudson will pay to the Executive a lump sum payment for the Executive’s
unused vacation for the year in which the Termination of Employment occurs, equal to the number of pro rata unused vacation
days on the date of Termination of Employment, as determined in accordance with Hudson’s Executive Vacation Policy, multiplied
by the Executive’s daily base salary on the date of the Termination of Employment. Hudson shall deduct from this payment
all normal tax withholdings and deductions which Hudson is required by law to make. The Executive shall have no right to designate
the taxable year of payment.

 

D.               
The Executive’s participation in life, health and dental insurance, disability insurance, and any other benefits (the
 “Benefits”) provided by Hudson to the Executive as of the date of the Termination of Employment shall be continued,
or essentially equivalent benefits provided by Hudson, for the entire Severance Period or until otherwise terminated by the Executive,
on the same terms, conditions and costs as if the Executive continued in the employ of Hudson. To the extent Benefits include health
and dental insurance, such Benefits shall be provided as COBRA continuation coverage, and not in addition to COBRA. Notwithstanding
the foregoing, to the extent Benefit coverages provided to the Executive under this paragraph are taxable to the Executive, Hudson’s
obligation hereunder shall not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Internal Revenue Code of 1986,
as amended (the “Code”), determined as of the year in which the Executive’s “Separation of Service”
occurs, which is exempt under Treas. Reg. Section 1.409A-1(b)(9)(v)(D)(Limited Payment).

 

    	 	4	 

     

    

E.                
Subject to paragraph “7.H.” and paragraph “22” below, within the forty-five (45) day period following
the Executive’s termination of employment for any reason other than Executive’s death, whether due to expiration of
the Term, for Good Reason, for Cause, without Cause, for Disability, or for any other reason , Hudson will pay to Executive a lump
sum payment equal to the amount of the unpaid premiums for the Life Insurance Policy for the remainder of the original ten (10)
year level premium schedule (grossed up for any taxes determined in good faith by Hudson, based upon information provided by Executive,
to be owed on such payment). For example, if Executive’s Termination of Employment occurs at a time when five (5) of the
ten (10) annual premium payments have been made in respect of the Life Insurance Policy, then Hudson will make a lump sum payment
equal to $356,050 (i.e., an additional five (5) annual premiums multiplied by $71,210 annual premium payments) with such
amount grossed up for any taxes determined in good faith by Hudson, based upon information provided by Executive, to be owed on
such payment. The Executive shall have no right to designate the taxable year of payment.

 

F.                 
All stock options, stock appreciation rights, and any similar rights which the Executive holds on the date of Termination
of Employment shall become fully vested and be exercisable on the date of Termination of Employment, and shall remain exercisable
following the Termination of Employment until (i) expiration of the Severance Period, (ii) termination of Severance Benefits pursuant
to paragraph “12” below, or (iii) expiration of the original term of the stock option, stock appreciation right or
similar right, whichever first occurs. No extension of an exercise period under this Agreement shall extend to a date that would
cause a stock option, stock appreciation right or similar right to be subject to Code Section 409A.

 

G.               
For the purposes of this Agreement, the following definitions will apply:

 

(i)                
“Termination of Employment” shall take place in the event that the Executive’s employment is terminated
(a) by Hudson without Cause (as hereinafter defined), including for this purpose Hudson’s election not to renew this Agreement
or following a Fundamental Change (including, for the avoidance of doubt, following Executive’s Disability), (b) on Executive’s
death, (c) for any reason by the Executive within sixty (60) days following a Fundamental Change (as hereinafter defined), or (d)
by the Executive following an event constituting Good Reason (as hereinafter defined).

 

(ii)             
“Cause” shall mean any of: (a) the Executive’s willful and continued refusal to perform, or the Executive’s
willful and continued neglect of, the substantive duties of his position, (b) any willful act or omission by the Executive constituting
dishonesty, fraud, or other malfeasance, (c) material nonconformance with Hudson’s standard business practices and policies,
including but not limited to violation of Hudson’s Code of Business Conduct and Ethics or Hudson’s Substance Abuse
Policy, (d) any act or omission by the Executive which has a material adverse effect upon the financial condition or business reputation
of Hudson, (e) the Executive’s conviction of a felony, or any crime involving moral turpitude, dishonesty or theft, under
the laws of the United States, or any state thereof, or any other jurisdiction in which Hudson conducts business, (f) breach of
the provisions of paragraphs “10” or “11” of this Agreement, or (g) the resignation of Executive other
than pursuant to the occurrence of an event constituting Good Reason or a Fundamental Change (as hereinafter defined). Notwithstanding
the foregoing, a termination for Cause shall not be deemed to have occurred with respect to any such breach or material violation
that is reasonably susceptible of cure unless (a) Executive has been given written notice of Executive’s breach or material
violation and at least thirty (30) days to cure and (b) the breach or material violation remains uncured at the end of such thirty
(30) day period.

 

    	 	5	 

     

    

 

(iii)           
“Good Reason” shall mean the occurrence of any of the following: (a) at any time within a twenty-four (24) month
period two (2) individuals are elected to the Board whose nominations were not approved by the then sitting members of the Board;
(b) the Executive is assigned any duties or responsibilities, without his consent, that are materially inconsistent with his position,
duties, responsibilities, or status; (c) Hudson requires the Executive, without his consent, to be based at a location which is
more than fifty (50) miles from Hudson’s corporate headquarters, currently located at One Blue Hill Plaza, Pearl River, New
York 10965; (d) except as provided in paragraph “7.J.” below, the Executive’s annual base salary is reduced,
except to the extent that the annual base salaries of all Executive Officers (as defined below) are reduced due to the adverse
financial condition of Hudson and further providing that the Executive’s annual base salary may not be reduced to a level
that is less than ninety percent (90%) of the Executive’s annual base salary as set forth in paragraph “3” above
or his annual base salary in effect for the calendar year immediately prior to the Termination of Employment, if greater; (e) the
Executive’s benefits are reduced and such reduction results in a material reduction in the Executive’s total compensation
except to the extent that such reductions are made by Hudson on a company-wide basis and affect all Executive Officers that participate
in such benefits; (f) a change to Executive’s reporting structure such that Executive no longer reports directly to the Board,
or the Chief Restructuring Officer, if any, no longer reports directly to Executive; or (g) an order for relief under title 11
of the United States Code is entered with respect to Hudson or Hudson’s subsidiaries constituting a material portion of Hudson’s
business on a consolidated basis. Good Reason shall not be deemed to exist unless the Executive’s Termination of Employment
for Good Reason occurs within ninety (90) days following the initial existence of one of the foregoing conditions, the Executive
provides Hudson with written notice of the existence of such condition(s) within thirty (30) days after the initial existence of
the condition(s) and Hudson fails to remedy the condition within thirty (30) days after its receipt of such notice. An isolated,
insubstantial and inadvertent action not taken in bad faith and which is remedied by Hudson within ten (10) days after Hudson’s
receipt of notice thereof given by the Executive shall not constitute Good Reason.

 

(iv)            
“Executive Officer(s) shall mean the following: Hudson’s Chief Operating Officer; Hudson’s Chief Financial
Officer; and any other current or future officer of Hudson Technologies, Inc. that is subject to Section 16(a) of the Securities
Exchange Act of 1934.

 

    	 	6	 

     

    

 

(v)              
A “Fundamental Change” shall occur (a) if Hudson (or one or more of the companies making up Hudson) shall make
a general assignment for the benefit of creditors, or a trustee, receiver or liquidator shall be appointed for Hudson or Hudson
Technologies, Inc. or for a substantial part of its property; (b) upon commencement of any proceedings by Hudson (or one or more
of the companies making up Hudson) under any bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt,
receivership, liquidation or dissolution law or statute, or the commencement of any such proceedings without the consent of Hudson
(or one or more of the companies making up Hudson), and such involuntary proceedings shall continue undischarged for a period of
forty-five (45) days; (c) upon the commencement of the dissolution or liquidation of Hudson (or one or more companies making up
Hudson); or a (d) upon a Change in Control (as hereinafter defined).

 

(vi)            
“Change in Control” shall mean the consummation of (a) a sale or other disposition of all or substantially all
of the assets of Hudson; (b) a merger or consolidation in which Hudson Technologies, Inc. is not the surviving entity and in which
the stockholders of Hudson Technologies, Inc. immediately prior to such consolidation or merger own less than fifty percent (50%)
of the surviving entity’s voting power immediately after the transaction; (c) a reverse merger in which Hudson Technologies,
Inc. is the surviving entity but the shares of common stock outstanding immediately preceding the merger are converted by virtue
of the merger into other property, whether in the form of securities, cash or otherwise, and in which the stockholders of the Hudson
Technologies, Inc. immediately prior to such reverse merger own less than fifty percent (50%) of the Hudson Technologies, Inc.’s
voting power immediately after the transaction; (d) a transaction, or series of related transactions, in which any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of a majority
of Hudson Technologies, Inc.’s (or one or more companies making up Hudson) then outstanding voting securities; or (e) Current
Directors (as hereinafter defined) shall cease for any reason to constitute at least a majority of the members of the board of
directors of Hudson (or one or more companies making up Hudson), as applicable. Notwithstanding the foregoing, a transaction shall
not constitute a Change in Control if its purpose is to (A) change the jurisdiction of incorporation, or (B) create a holding company
that will be owned in substantially the same proportions by the persons who hold the Hudson Technologies, Inc.’s securities
immediately before such transaction.

 

(vii)         
“Current Director” shall mean any member of the board of directors of Hudson (or one or more companies making
up Hudson) as of the date hereof and any successor of a Current Director whose election, or nomination for election by the Company’s
stockholders, was approved by at least a majority of the applicable Current Directors then on such board of directors.

 

    	 	7	 

     

    

 

H.               
Hudson’s obligation to pay the compensation and to make the arrangements provided in this paragraph “7”
shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any offset,
counterclaim, recoupment or other right which Hudson may have against the Executive or anyone else; provided, however that as a
condition to payment of amounts under paragraphs 7.A., 7.B., 7.D. and 7.F., within sixty (60) days of the Executive’s Termination
of Employment, the Executive (or in the case of Executive’s death, Executive’s estate) shall have (i) executed and
not revoked a general release and waiver, in form and substance reasonably satisfactory to Hudson and the Executive, of all claims
relating to the Executive’s employment by Hudson and the termination of such employment, including, without limitation, discrimination
claims (including without limitation age discrimination), employment-related tort claims, contract claims and claims under this
Agreement (other than claims with respect to benefits under any tax-qualified retirement plans or continuation of coverage or benefits
solely as required under ERISA) with such general release and waiver having become irrevocable, and (ii) executed an agreement
expressly acknowledging and reaffirming the covenants and restrictions contained in paragraphs “10” and “11”
below, and the remedies available to Hudson under paragraph “12” below. In accordance with paragraph “22”
below and notwithstanding the payment periods stated in paragraph “7” above, if the consideration period (or revocation
period, if applicable) for any general release and waiver extends across two (2) calendar years, the payments to the Executive
of the Severance Benefits shall begin in the second of the calendar years (with any payments previously due paid in a lump sum
on the first payroll date, or other payment date, in the second calendar year).

 

I.                   
All amounts payable by Hudson pursuant to this paragraph “7” shall be paid without notice or demand. The Executive
shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made pursuant to this paragraph
 “7” and, except as provided in paragraph “12” below, the obtaining of any other employment shall not result
in a reduction of Hudson’s obligation to make the payments, benefits and arrangements required to be made under this paragraph
 “7”.

 

J.                  
Executive expressly acknowledges that a reduction in the Executive’s annual base salary pursuant to the provisions
of paragraph “9” below shall not constitute “Good Reason” for purposes of this paragraph “7”.

 

8.                 
TERMINATION FOR CAUSE: Hudson may at any time terminate the employment of the Executive for Cause (as defined in
paragraph “7” above) upon five (5) days prior written notice to Executive. If Executive is terminated for Cause, he
shall be entitled to no Severance Benefits and shall be entitled to no bonus payment that might otherwise be owed to him if he
worked for the entire year. In the event of termination under this paragraph, Hudson shall within thirty (30) days after the date
of notice, pay Executive all amounts which are then accrued but unpaid, including unpaid vacation as determined in accordance with
Hudson’s’ standard vacation policy as well as a lump sum payment equal to the unpaid premiums for the Life Insurance
Policy for the remainder of the 10-year-period from the date the Life Insurance Policy was purchased (grossed up for any taxes
determined in good faith by Hudson and agreed upon by Executive to be owed on such payment) (the “Accrued Obligations”).
Hudson shall have no further or additional liability to Executive. For the avoidance of doubt, on the resignation of Executive
(including for this purpose Executive’s election not to renew this Agreement) other than pursuant to the occurrence of an
event constituting Good Reason or a Fundamental Change, Executive will be entitled to only the Accrued Obligations and shall not
be entitled to Severance benefits or bonus payment that might otherwise be owed to him if he worked for the entire year.

 

    	 	8	 

     

    

 

9.                 
SICK LEAVE:

 

A.               
If with or without reasonable accommodation Executive is physically or mentally unable to perform his duties, or is otherwise
absent for medical reasons, Hudson shall continue to pay base salary, Life Insurance Policy Payments and provide benefits to the
Executive (“Sick Leave”). However, if a continuous period of Sick Leave exceeds eight (8) consecutive weeks, Hudson’s
obligation with regard to base salary upon the expiration of the eight (8) consecutive weeks shall be limited to paying seventy-five
percent (75%) of base salary. If the Executive returns to full service, his full base salary shall be reinstated to the pre-adjustment
amount. As a condition to the receipt of the foregoing base salary and benefits, the Executive agrees that he shall provide Hudson
such information as Hudson may reasonably request from time to time to permit Hudson to make a determination that the Executive
is entitled to sick pay under this provision. Hudson shall reduce the amount paid to the Executive during such Sick Leave by an
amount equal to any disability payments or benefits actually received by Executive under or pursuant to any disability program
or supplemental disability insurance plan(s) provided by Hudson at Hudson’s expense unless such reduction results in a violation
of Code Section 409A.

 

B.                
Notwithstanding the foregoing, Hudson may terminate the employment of Executive at any time after Executive’s continuous
period of Sick Leave exceeds 120 calendar days. Termination of the Executive after the said 120 calendar period shall not be deemed
a Termination for Cause (as defined in paragraph “7” above) and shall entitle the Executive to receive the payments
and benefits provided by paragraph “7” upon Termination of Employment based upon Executive’s full base salary,
and for purposes of such payments and benefits, the Severance Period shall be deemed to commence as of the date of the Termination
of Employment resulting under this paragraph “9.B.”.

 

C.                
Notwithstanding anything to the contrary contained herein, in the event that during the period the Executive is on Sick
Leave, and prior to any Termination of Employment pursuant to paragraph “9.B.”, there is deemed a “Separation
from Service” (as that term is defined in Code Section 409A for purposes of a permissible payment event), Hudson and the
Executive agree that such Separation of Service shall be treated as a Termination of Employment. Such termination shall not be
deemed a Termination for Cause (as defined in paragraph “7” above) and shall entitle the Executive to receive the payments
and benefits provided by paragraph “7” upon Termination of Employment based upon Executive’s full base salary,
provided that, for purposes of such payments and benefits, the Severance Period shall commence as of the date of the Separation
from Service as described in this paragraph “9.C.”, and shall be based upon Executive’s full base salary.

 

D.               
Notwithstanding anything to the contrary contained herein, in the event that during the period the Executive is on Sick
Leave, and prior to any Termination of Employment pursuant to paragraph “9.B.” or any Separation from Service pursuant
to paragraph “9.C.”, the Executive becomes “Disabled”, (as defined in Code Section 409A for purposes of
a permissible payment event) Hudson and the Executive agree that the Executive’s Disability shall entitle the Executive to
receive the payments and benefits provided by paragraph “7” upon Termination of Employment based upon Executive’s
full base salary. For purposes of such payments and benefits, the Severance Period shall commence as of the date of the Disability
as described in this paragraph “9.D.”.

 

    	 	9	 

     

    

 

10.             
CONFIDENTIALITY:

 

A.               
Executive expressly acknowledges and agrees as follows:

 

(i)                
Hudson expends a significant amount of funds annually on researching and developing solutions and proprietary techniques
related to the products and services it offers or is seeking to offer, and has developed substantial confidential, proprietary,
and trade secret information, and this confidential, proprietary and trade secret information, if misused, disclosed, misappropriated
or used by others, would result in irreparable harm to Hudson.

 

(ii)             
Hudson’s Confidential Information (as hereinafter defined) constitutes valuable commercial assets of Hudson and is
not readily available to the general public or any persons not employed by or otherwise not associated in a position of trust with
Hudson. Hudson keeps its Confidential Information confidential (other than to the extent filings are required for patents) by,
among other things, restricting access to only those who need the information to perform their Hudson job function and prohibiting
the use or disclosure of Confidential Information to anyone not authorized to receive or use the Confidential Information.

 

(iii)           
Executive’s position with Hudson will continue to provide Executive with access to or knowledge of Hudson’s
Confidential Information.

 

(iv)            
Hudson’s Confidential Information will become known to Executive only as a result of his employment with Hudson. To
the extent that Executive was previously engaged, on his own or with others, in a business that provided the same or similar services
as those provided by Hudson, Executive further acknowledges that such prior business knowledge and experience, and any familiarity
with entities that are actual or potential customers for the business, shall not permit or allow Executive to contend that Hudson’s
Confidential Information is not confidential or should not be protected from use or misappropriation.

 

B.                
In light of the foregoing, Executive acknowledges and agrees as follows:

 

(i)                
All Confidential Information is the property of Hudson, and Executive shall not, without the express written consent of
Hudson, directly or indirectly use, disseminate, disclose, or in any way reveal, either during Executive’s employment or
at any time thereafter, all or any part of the Confidential Information, other than for the purposes authorized by Hudson, or only
for the benefit of Hudson.

 

(ii)             
Hudson shall be the sole owner of, and Executive hereby assigns to Hudson, any and all property rights to all Intellectual
Property (as hereinafter defined) made, conceived, originated, devised, discovered, invented, or developed before, during or after
the term of Executive’s employment with Hudson, whether or not Executive was involved either alone or with others, if it
was in whole or in part developed during the course of Executive’s employment or by Executive’s use of any property
of Hudson. This ownership provision does not apply to creations of the Executive which are made in the Executive’s own time,
without the use of any Hudson resources, and which do not relate in any way to Hudson’s business. Executive agrees to cooperate
fully and assist Hudson or its designee in the performance of any lawful acts that Hudson at its discretion deems necessary, and
to execute and deliver without charge any documents reasonably required by Hudson, to secure any patent, copyright, trademark,
and other protection for Intellectual Property and improvements thereon, and to assign to and vest in Hudson the entire interest
therein in the United States and all foreign countries.

 

    	 	10	 

     

    

 

(iii)           
Upon request by Hudson at any time, or upon termination of employment with Hudson, whichever is sooner, Executive shall
immediately deliver to Hudson any and all information and property of Hudson in whatever form it exists, including but not limited
to all Confidential Information and all copies thereof or materials containing or derived from Confidential Information.

 

C.                
As used in this Agreement, “Confidential Information” means all information not publicly available (but including
information that is publicly available as a result of a breach by Executive of paragraphs “10” and “11”)
and not generally known or used by Hudson’s competitors, or in the industry, and which could be harmful to Hudson if disclosed
to persons outside of Hudson and which includes, but is not limited to:

 

(i)                
Intellectual Property (as hereinafter defined);

 

(ii)             
Technical information, such as, but not limited to: Hudson’s plant organization and designs; product formulation,
manufacturing, performance and processing data; and research and development results and plans;

 

(iii)           
Product information, such as, but not limited to: non-public details of Hudson’s products and services, including
but not limited to, its existing refrigerant, decontamination, reclamation and recovery products and services, as well as those
being developed; specialized equipment and training; product plans, drawings and specifications; and performance capabilities,
strengths and weaknesses;

 

(iv)            
Strategic information, such as, but not limited to: Hudson’s material costs; supplier and vendor information; overhead
costs; pricing; profit margins; banking and financing information; and market penetration initiatives and strategies;

 

(v)              
Organizational information such as, but not limited to: Hudson’s personnel and salary data; information concerning
the utilization of facilities; merger, acquisition and expansion information; equipment utilization information; and Hudson manuals,
policies and procedures;

 

(vi)            
Marketing and sales information, such as, but not limited to: Hudson’s licensing, marketing and sales techniques and
data; customer lists; customer data, such as, but not limited to, their personnel, project, financial and account status, individual
needs, historical purchases, and contact information; product development and delivery schedules; market research and forecasts;
and marketing and advertising plans, techniques and budgets; and

 

    	 	11	 

     

    

 

(vii)         
Advertising information, such as, but not limited to: Hudson’s overall marketing policies; the specific advertising
programs and strategies utilized by Hudson; and the success or lack of success of those programs and strategies.

 

“Confidential
Information” does not include general skills, experience or information that is generally available to the public, other
than information which has become generally available as a result of Executive’s direct or indirect act or omission. “Confidential
Information” also does not include information regarding Executive’s own pay and benefits, information as to the terms
and conditions of employment, or information that is deemed not confidential under Section 7 of the National Labor Relations Act.
Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or complaint with
the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupation Safety and Health Administration,
the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government
Agencies”). Executive further understands that this Agreement does not limit Executive’s ability to communicate with
any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency,
including providing documents or other information, without notice to Hudson. This Agreement does not limit Executive’s right
to receive an award for information provided to any Government Agencies.

 

D.               
As used in this Agreement, “Intellectual Property” means all information concerning the evaluation, design,
engineering, construction, marketing, and sales of the products and services provided by Hudson and which includes, but is not
limited to: any and all patents, patents pending; trademarks, copyrights, and any and all applications for same issued to and/or
applied for by Hudson; any and all technological (including software), educational, operational, and financial innovations, discoveries,
inventions, designs, and formulae; tests; performance data; process or production methods; improvements to all such property; and
all recorded material defining, describing, illustrating, or documenting in any fashion, all such property, whether written or
not and regardless of the medium in which the information is stored or recorded; without regard to whether such property is patentable,
copyrightable, or subject to trade/service mark protection, and without regard to whether a patent, copyright, or trademark or
service mark has been sought or obtained.

 

E.                
Notwithstanding anything in this Agreement, Executive is hereby advised that pursuant to the federal Defend Trade Secrets
Act: (i) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret that (a) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly,
or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in
a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to
the attorney of the individual and use the trade secret information in the court proceeding, if the individual (a) files any document
containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.

 

    	 	12	 

     

    

 

11.             
NON-COMPETITION / NON-SOLICITATION:

 

A.               
Executive expressly acknowledges and agrees as follows:

 

(i)                
Hudson compensates its employees, among other things, to develop and to pursue, on Hudson’s behalf, good relationships
and goodwill with all customers and potential customers, whether developed by Executive or others within the Hudson organization;

 

(ii)             
Executive will be exposed to, acquire and develop knowledge of Confidential Information including, without limitation, Confidential
Information related to Hudson’s customers, operations, and its suppliers;

 

(iii)           
Executive is able to be gainfully employed by other employers in a variety of other industries and businesses that are engaged
in businesses that do not involve and are not competitive with any part of Hudson’s business.

 

B.                
In light of the foregoing, Executive agrees, that while Executive is employed by Hudson, and continuing until the expiration
of the Covenant Period (as hereinafter defined):

 

(i)                
Executive shall not, within the Restricted Territory (as hereinafter defined), compete with Hudson, directly or indirectly,
whether for Executive’s own behalf or on behalf of or in conjunction with any other person, persons, company, partnership,
corporation or business entity, whether for profit or not-for-profit, by being employed by, participating in, or otherwise being
materially connected in the conduct of any business activity that involves providing products or services that are like or similar
to, or competitive with, or would replace or be a substitute for, any one or more of the products and services provided by Hudson
(hereinafter “Competitive Products”) if such employment, participation, or connection involves: (a) responsibilities
similar to responsibilities Executive had or performed for Hudson at any time during the last eighteen (18) months of Executive’s
employment with Hudson; (b) supervision of employees or other personnel in the provision of Competitive Products; (c) development
or implementation of strategies or methodologies related to the provision of Competitive Products; (d) marketing or sale of Competitive
Products; or (e) responsibilities in which Executive would utilize or disclose Confidential Information.

 

(ii)             
Executive shall not compete with Hudson, directly or indirectly, whether for Executive’s own behalf or on behalf of
or in conjunction with any other person, persons, company, partnership, corporation or business entity, whether for profit or not-for-profit,
by calling upon, contacting, diverting, soliciting, or doing business for or with any “Client” of Hudson (as hereinafter
defined) for the purpose of offering or providing any Competitive Products.

 

(iii)           
Executive shall not directly or indirectly, without the prior written consent of Hudson, (a) induce, solicit, entice, or
encourage any officer, director, employee or other individual to leave his or her employment with Hudson, (b) induce, solicit,
entice, or encourage any officer, director, employee or other individual to compete in any way with the products and services of
Hudson, or to violate the terms of any employment, non-competition, confidentiality or similar agreement with Hudson; or (c) employ,
offer to employ, contract with, offer to contract with, or do business with any officer, director, employee or other individual
who is employed by Hudson.

 

    	 	13	 

     

    

 

C.                
For purposes of this paragraph “11”, the Covenant Period shall be twenty-four (24) months after the Executive’s
last day of active employment with Hudson, regardless of the reason underlying the termination of Executive’s employment.

 

D.               
Executive acknowledges that many of Hudson’s services are remedial in nature and, as such, its customers may utilize
Hudson’s services on an infrequent basis over an extended period of time, or following a protracted sales effort over an
extended period of time. Executive also acknowledges that because of his position, he will likely have knowledge of Hudson’s
customers through access to Confidential Information, whether or not located within the Restricted Territory (hereinafter defined).
Accordingly, for purposes of this paragraph “11”, the term “Client” shall mean (a) any customer or potential
customer of Hudson upon whom Executive, during the last eighteen (18) months of Executive’s employment with Hudson, called
upon or with whom Executive had any contact, or as to whom Executive was involved in regard to planning, marketing, conducting,
or overseeing an offer to sell products or perform services; (b) any customer as to whom Executive assisted in selling products
or providing services, or as to whom Executive was involved in regard to planning, marketing, conducting, or overseeing the offer
to sell products or perform services if the customer received any products or services from Hudson during the last eighteen (18)
months of Executive’s employment with Hudson; (c) any potential customer of Hudson whose identity Executive learned during
the eighteen (18) months of Executive’s employment with Hudson or learned from Confidential Information at any time; or (d)
any customer for whom Hudson has provided products or services to at any time during the thirty-six (36) months preceding the last
day of the Executive’s employment with Hudson and whose identity as a Hudson customer Executive learned from Confidential
Information at any time.

 

E.                
Executive acknowledges that the nature of Hudson’s business is such that provides its products and services to customers
throughout the United States of America and Puerto Rico. Accordingly, the “Restricted Territory” includes each and
every state of the United States of America (including the District of Columbia) and Puerto Rico.

 

F.                 
In order to assure Hudson of the full twenty-four (24) months of the Covenant Period within which to protect its goodwill
and to prevent Executive from unfairly benefiting by violations of this paragraph “11”, the provisions and requirements
of this paragraph “11” shall be extended for a period of time beyond the Covenant Period equal in length to the total
length of time during which Executive is in violation of any one or more provisions of this paragraph.

 

G.               
In the event it is determined by a court of competent jurisdiction that any provision or portion of a provision of this
paragraph “11” is not enforceable under the law governing this Agreement, the unenforceable provision or portion thereof
may be stricken, and the remainder of the provision and of this paragraph “11” shall be valid and fully enforceable,
in all respects, as if the provision or portion of a provision deemed unenforceable had never been part of the Agreement. Further,
if any provision of this Agreement is found to be overbroad or unenforceable, the court or any other authority with competent jurisdiction
is expressly authorized to conform the provision to the extent necessary to remedy any deficiency and render it valid and enforceable.

 

    	 	14	 

     

    

 

12.             
REMEDIES:

 

A.               
In the event that the Executive breaches any term or provision of paragraphs “10” or “11” of this
Agreement, Hudson shall be immediately, permanently and irreparably damaged and shall be entitled, in addition to and without limiting
Hudson’s rights to, any and all other legal and equitable remedies and damages, (i) to a temporary restraining order ex parte,
to a preliminary injunction, and to a permanent injunction, to restrain Executive’s actions or the actions of others acting
in conjunction with Executive or on Executive’s behalf, (ii) to terminate all future Severance Benefits through the remainder
of the Severance Period, and (iii) to recover from Executive all Severance Benefits actually paid to the Executive, including any
costs or expenses actually incurred by Hudson in providing such Severance Benefits. Executive agrees that Executive will not be
damaged by enforcement of this covenant as Executive can obtain many other types of gainful employment without violating the provisions
of paragraphs “10” or “11”, so that no bond shall be required, and if the court requires a bond to be posted,
it shall not exceed $500.00.

 

B.                
All of Executive’s covenants and obligations under paragraphs “10” and “11” of this Agreement
shall survive, and shall remain enforceable, for so long as Executive is employed and after termination of employment for any reason,
and shall survive despite future promotions, raises, changes in position or compensation, demotions and the execution of new agreements
with Hudson, and shall inure to the benefit of Hudson’s successors and assigns, unless Hudson executes in writing an agreement
expressly terminating the covenants of paragraphs “10” and “11” of this Agreement.

 

C.                
Hudson and Executive shall each bear and be responsible for their own attorneys’ fees, expenses and disbursements
incurred in any litigation brought by either party to enforce or interpret any provision contained in paragraphs “10”
or “11” of this Agreement.

 

13.             
NOTICES: All notices required or permitted to be given under this Agreement shall be sufficient if in writing and
if sent by certified mail, return receipt requested, to the Executive at his residence, and to Hudson at its principal office located
at P.O. Box 1541, One Blue Hill Plaza, Pearl River, New York 10965, attention Chief Financial Officer, or at such other address
as any party specifies by giving proper notice.

 

14.             
SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon and shall inure to the benefit of the Executive and
his estate. Neither this Agreement nor any rights hereunder shall be assignable by the Executive.

 

This Agreement shall
be freely assignable by Hudson to, and shall inure to the benefit of, and be binding upon, any successor corporation or affiliate
of a successor corporation, and all references in this Agreement to Hudson shall include its subsidiaries and affiliates and any
successors, affiliates of successors or assigns of Hudson. As used herein, the term “successor” shall mean any person,
firm, corporation or business entity or affiliate thereof which at any time, whether by merger, purchase, or otherwise, directly
or indirectly acquires all or substantially all of the assets or the business of Hudson, including any entity that shall be the
surviving corporation in a merger with Hudson.

 

    	 	15	 

     

    

 

15.             
EMPLOYMENT AT WILL; CONSEQUENCES OF TERMINATION: Notwithstanding paragraph “2” above, Hudson expressly
agrees that at all times Executive’s employment shall be at will and at any time the Executive may resign or otherwise terminate
his or her employment with Hudson, for any reason or for no reason, subject to the provisions contained herein. Likewise, the Executive
expressly agrees that at any time Hudson may terminate the employment of the Executive for any reason or for no reason, subject
to the provisions contained herein.

 

16.             
INDEMNIFICATION: In the event that any litigation shall be brought to enforce or interpret any provision contained
in paragraphs “7”, “8”, or “9” of this Agreement, then, provided that the Executive prevails
to any extent, Hudson or any successor corporation shall reimburse or indemnify the Executive for the Executive’s reasonable
attorneys’ fees, expenses and disbursements incurred in such litigation, including the costs of enforcement.

 

17.             
CONTROLLING LAW: This Agreement and all other issues regarding the employment of the Executive shall be governed
by the laws of the State of New York, without reference to its conflicts of law principles.

 

18.             
ENTIRE AGREEMENT: This Agreement represents the entire agreement and understanding of the parties regarding the employment
of the Executive, and all prior or contemporaneous agreements, representations, or understandings, including for the avoidance
of doubt the Prior Agreement, are expressly superseded by, and do not survive this Agreement. Executive has not relied upon any
inducement, promise, representation, or assurance, other than those expressly set out herein. Except as expressly permitted herein,
this Agreement may not be modified or amended except in writing signed by all parties hereto.

 

19.             
WAIVER: The waiver of any breach of any provision of this Agreement by either party shall not operate or be construed
as a subsequent waiver by either party of any term or condition of this Agreement.

 

20.             
HEADINGS: The headings in this Agreement are inserted for convenience of reference only and shall not affect the
meaning or interpretation of this Agreement.

 

21.             
SEVERABILITY: The parties intend and agree that each covenant and condition contained in this Agreement shall be
a separate and distinct covenant. If any provision of this Agreement is found to be invalid, illegal, or unenforceable, the remaining
provisions shall not be affected.

 

22.             
COMPLIANCE WITH CODE SECTION 409A:

 

A.               
It is the intention of Hudson and the Executive that the payments, benefits and rights to which the Executive could be entitled
pursuant to this Agreement comply with Code Section 409A, the Treasury regulations and other guidance promulgated or issued thereunder
(collectively for purposes of this paragraph 22, “Section 409A”), to the extent that the requirements of Section 409A
are applicable thereto, and after application of all available exemptions, including but not limited to, the “short-term
deferral rule” and “involuntary separation pay plan exception” and the provisions of this Agreement shall be
construed in a manner consistent with that intention. If any provision of this Agreement (or of any award of compensation, including
equity compensation or benefits) would cause the Executive to incur any additional tax or interest under Section 409A, Hudson shall,
upon the specific request of the Executive, use its reasonable business efforts to in good faith reform such provision to comply
with Section 409A; provided, that to the maximum extent practicable, the original intent and economic benefit to the Executive
and Hudson of the applicable provision shall be maintained, but Hudson shall have no obligation to make any changes that could
create any additional economic cost or loss of benefit to Hudson. Hudson shall not have any liability to the Executive with respect
to tax obligations that result from the application of Section 409A and makes no representation with respect to the tax treatment
of the payments and/or benefits provided under this Agreement. Any provision required for compliance with Section 409A that is
omitted from this Agreement shall be incorporated herein by reference and shall apply retroactively, if necessary, and be deemed
a part of this Agreement to the same extent as though expressly set forth herein.

 

    	 	16	 

     

    

 

B.                
With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as
permitted by Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not
affect the expense eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the
foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b)
solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments
shall be made on or before the last day of the Executive's taxable year following the taxable year in which the expense was incurred.

 

C.                
For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the
Executive is entitled under this Agreement shall be treated as a separate payment within the meaning of Section 409A. In addition,
to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right
to a series of separate payments.

 

D.               
Neither Hudson nor the Executive, individually or in combination, may accelerate any payment or benefit that is subject
to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to
Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A. Notwithstanding anything
in paragraph “7” above, if the consideration period (or revocation period, if applicable) for any general release and
waiver extends across two (2) calendar years, the payments to the Executive shall begin in the second of the calendar years.

 

E.                
If and to the extent required to comply with Section 409A, a Termination of Employment, as defined above, shall not be deemed
to have occurred for purposes of this Agreement providing for the payment of any amounts or benefits upon or following a Termination
of Employment unless such termination is also a “Separation from Service” within the meaning of Section 409A and, for
purposes of any provision of this Agreement, references to Termination of Employment, “termination”, “termination
of employment” or like terms shall mean “Separation from Service”.

 

F.                 
If the Executive is deemed on the date of termination of his employment to be a “specified employee”, within
the meaning of that term under Section 409A(a)(2)(B) and using the identification methodology selected by Hudson from time to time,
or if none, the default methodology under Section 409A, then with regard to any payment or the providing of any benefit subject
to this Agreement and to the extent required to be delayed in compliance with Section 409A(a)(2)(B), and any other payment or the
provision of any other benefit that is required to be delayed in compliance with Section 409A(a)(2)(B), such payment or benefit
shall not be made or provided prior to the earlier of (i) the expiration of the six (6) month period measured from the date of
the Executive’s Separation from Service or (ii) the date of the Executive’s death or (iii) in the case of Life Insurance
Policy Payments, the year payment would have occurred if Executive had not terminated. Absent such exception, on the first day
of the seventh month following the date of Executive’s Separation from Service or, if earlier, on the date of his death,
all payments delayed pursuant to this paragraph “22.F.” (whether they would have otherwise been payable in a single
sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining
payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified
for them herein. The determination of whether the Executive is a “specified employee” shall be made by Hudson in good
faith applying Section 409A.

 

    	 	17	 

     

    

 

 

IN WITNESS THEREOF,
the parties have executed this Agreement as of the date written above.

 

 

	 	Hudson Technologies, Inc.	 
	 	 	 
	 	By: /s/ Nat Krishnamurti	 
	 	 	 
	 	 	 
	 	Hudson Technologies Company	 
	 	 	 
	 	By: /s/ Nat Krishnamurti	 
	 	 	 
	 	 	 
	 	Aspen Refrigerants, Inc.	 
	 	 	 
	 	By: /s/ Nat Krishnamurti	 
	 	 	 
	 	 	 
	 	/s/ Brian F. Coleman	 
	 	 Brian F. Coleman	 
	 	 	 

 

 

 

    	 	18

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