Document:

EX-10.42

 Exhibit 10.42 

Execution Copy 17 October 2019 

DATED
                                 2019 

NEURO RX, INC 
 - AND -

 GEM YIELD BAHAMAS LIMITED 

- AND - 
 GEM GLOBAL
YIELD LLC SCS 
  
  

SHARE SUBSCRIPTION FACILITY AGREEMENT 

 
  

 
 

 
 31/F, Edinburgh Tower 

The Landmark 
 15 Queen’s Road
Central 
 Hong Kong 
 Ref:
109045-[        ] 

 CONTENTS 

 

							
	CLAUSE	 	 	  	PAGE	 
	 1.
	 	DEFINITIONS	  	 	1	 
	 2.
	 	DRAW DOWN NOTICE	  	 	7	 
	 3.
	 	SUBSCRIPTION OF SHARES AND DEALING OF SHARES PRIOR TO SUBSCRIPTION	  	 	11	 
	 4.
	 	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF THE COMPANY	  	 	15	 
	 5.
	 	REPRESENTATIONS AND WARRANTIES OF THE INVESTOR	  	 	19	 
	 6.
	 	Acknowledgement by the Company	  	 	20	 
	 7.
	 	OTHER AGREEMENTS OF THE PARTIES	  	 	20	 
	 8.
	 	INDEMNIFICATION	  	 	22	 
	 9.
	 	TERMINATION	  	 	25	 
	 10.
	 	MISCELLANEOUS	  	 	26	 
	 SCHEDULE 1
	 	THE INVESTOR	  	 	31	 
	 SCHEDULE 2
	 	FORM OF DRAW DOWN NOTICE	  	 	32	 
	 SCHEDULE 3
	 	FORM OF CLOSING NOTICE	  	 	33	 
	 SCHEDULE 4
	 	FORM OF AGREEMENT FOR SHARE LENDING TRANSACTIONS	  	 	34	 
	 SCHEDULE 5
	 	FORM OF DEED OF ADHERENCE ON THE ASSIGNMENT OF THE SHARE
SUBSCRIPTION FACILITY AGREEMENT BY THE INVESTOR	  	 	43	 
	 SCHEDULE 6
	 	FORM OF AUTHORISATION LETTER OF DESIGNATED OFFICER	  	 	45	 
	 SCHEDULE 7
	 	FORM OF PROMISSORY NOTE	  	 	46	 
	 EXECUTION PAGE
	 		  	 	47	 

  

 SHARE SUBSCRIPTION FACILITY
AGREEMENT 
 THIS AGREEMENT is made on October 18, 2019 

BETWEEN: 
  

	(1)	 NEURORX, INC, (REG. NO.
47-4055155), a company organised and existing under the laws [Delaware, United States,] whose registered office is at 913 N. Market Street, Suite 200, Wilmington, DE 19801, United States (the
“Company”); 

  

	(2)	 GEM GLOBAL YIELD LLC SCS (together with its permitted successors and assigns), a company organized under
the laws of the Luxembourg whose registered office is at 412F, route d-Esch, L-2086 Luxembourg (the “Investor”); and 

 

	(3)	 GEM YIELD BAHAMAS LIMITED a company organized under the laws of the Bahamas whose registered office is
at Office of Lennox Paton Corporate Services Limited, Bayside Executive Park, Building 3, West Bay Street, P.O. Box N-4875, Nassau, Island of New Providence, Commonwealth of the Bahamas
(“GYBL”) 

 (hereinafter, each referred to as a “Party” and collectively as the
“Parties”). 
 WHEREAS: 

The Company has, at the date of this Agreement, an issued share capital of 14,049,836 shares (as defined below) with an aggregate value of 1,321,808,545 HKD

  

	(A)	 The Company’s Shares, as at the date of this Agreement, are not admitted to Trading on any securities
exchange platform; however, the Company intends to List its Shares on the Exchange (as defined below) promptly after the execution of this Agreement. 

  

	(B)	 Subject to and promptly upon the successful Listing of the Shares and subject at all times to applicable
regulations, the Investor wishes to grant the Company an option to require the Investor to subscribe for Shares from the Company, on the terms and subject to the conditions set out in this Agreement, for up to an aggregate of Severn Hundred and
Fifty Million Hong Kong Dollars (HKD 750,000,000) in value. 

  

	(C)	 The offer or invitation which is the subject of this Agreement is to be made only to the Investor or its
designated Affiliates and not to any other Person or the retail public in any jurisdiction. Moreover, this Agreement is not a prospectus as defined in any Listing Rules. Accordingly, statutory liability under any Listing Rules in relation to the
content of prospectuses shall not apply. As this Agreement has not been registered as a prospectus with the Exchange, this Agreement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase,
of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, in any jurisdiction except in circumstances in which such offer
or sale is made pursuant to, and in accordance with the conditions of, an exemption invoked under applicable Listing Rules and to persons to whom the Shares may be offered or sold under such exemption. 

IT IS AGREED: 
  

	1.	 DEFINITIONS 

 

	1.1	 The following terms used in this Agreement shall, unless the context otherwise requires bear the following
meanings: 

 “Accounts Date” means December 31; [Note: Company to confirm]

  
 1 

 “Affiliate” means, with respect to any Person, another Person that,
directly or indirectly, (i) has a ten per cent (10%) or more equity interest in that Person, (ii) controls that Person, (iii) is controlled by that Person, (iv) is under common control with that Person or (v) is an investment
fund vehicle managed by a common investment adviser to such Person. (“Control” or “controls” for purposes of this definition means that a Person has the power, directly or indirectly, to conduct or govern the
policies of another Person); 
 “Agreement for Share Lending Transactions” means such agreement to be entered into between
the Share Lender and the Investor under Clause 3.4(a) for the lending of Shares from the Share Lender to the Investor from time to time, the form of which is attached to this Agreement as set out in Schedule 4; 

“Articles of Association” means the Articles of Association or other charter documents of the Company (as amended from time to
time); 
 “Black Scholes Value” means the value of any Warrants (whether issued or to be issued) based on the Black and
Scholes Option Pricing Model obtained from the “OV” function on Bloomberg reflecting (i) a risk-free interest rate corresponding to the treasury rate for a period equal to the term of such Warrants, (ii) an expected volatility
equal to the greater of sixty per cent (60%) and the one hundred (100) day volatility obtained from the HVT function on Bloomberg as of the date of calculation, and (iii) the underlying price per Share used in such calculation shall be the
Closing Trade Price on the date of calculation [Note: GEM to confirm] 
 “Bloomberg” means Bloomberg Financial
Markets or such other international financial news service in substitution therefor which the Parties hereto may from time to time reasonably agree; 

“Business Day” means any day (except any Saturday, Sunday, or public holiday in Hong Kong or New York) on which banks in the
city of New York and Hong Kong are open for business; 
 “Calculation Agent” means the auditors of the Company for the time
being or other public accounting firm or independent, reputable bank selected by the Company and approved by the Investor which is appointed by the Company to act as Calculation Agent in accordance this Agreement from time to time; [Note: GEM
to confirm whether default to auditors of the Company acceptable] 
 “Closing Bid Price” means for the Shares on any
day, the last closing bid price for the sale and purchase of such Shares on the Exchange as reported by Bloomberg. All such prices are to be appropriately adjusted for any Variation (to the extent that any such Variation shall not already be
reflected in such closing bid price); 
 “Closing Date” shall have the meaning ascribed to it in Clause 3.2(a); 

“Closing Notice” means a notice issued by the Investor pursuant to Clause 3.1 given substantially in the form set out
in Schedule 3; 
 “Closing Notice Date” has the meaning given to it in Clause 3.1; 

“Commitment Fee” shall have the meaning given in Clause 7.2; 

“Commitment Period” means the period commencing on (and including) the date of this Agreement and expiring upon the third (3rd) anniversary of the date of this Agreement; 
 “Daily Purchase Amount”
means, with respect to each Trading Day during the relevant Draw Down Pricing Period, the number of Shares which is calculated by multiplying the applicable Draw Down Amount by one-fifteenth (1/15th), provided that the Daily Purchase Amount shall be equal to zero (0) for any Knockout Day; 

  
 2 

 “Daily Trading Volume” means, with respect to any Trading Day, the trading
volume of the Shares on the Exchange as reported by Bloomberg, and for such purposes all odd lot trades -“D”, manual trades - “M”, official close - “OC”, direct non-automatching
transactions - “X”, and any block trades of [fifty thousand (50,000) Shares] or more shall be excluded; [Note: GEM to confirm] 

“Designated Officer” means Dr. Jonathan Javitt, or such other person as is designated in writing by the Company as the
Designated Officer notified to the Investor in the form set out in Schedule 6; 
 “Draw Down Amount” means, in
respect of each Draw Down Notice, the aggregate number of Shares stated in the relevant Draw Down Notice (which number may be different in each Draw Down Notice) that the Company wishes the Investor to subscribe for provided that: 

 

	 	(i)	 the Draw Down Amount stated in any Draw Down Notice shall not exceed seven hundred per cent (700%) of the
average Daily Trading Volume during the fifteen (15) Trading Days immediately preceding the relevant Draw Down Notice Date; 

  

	 	(ii)	 two hundred per cent (200%) of the Draw Down Amount in any Draw Down Notice shall not exceed the number of
unissued Shares which the directors of the Company are authorised to allot and issue to the Investor as at the relevant Draw Down Notice Date; and 

  

	 	(iii)	 the Draw Down Amount stated in any Draw Down Notice shall not exceed such number that, when multiplied by
ninety per cent (90%) of the Closing Bid Price on the Trading Day immediately prior to the issue of the relevant Draw Down Notice, and then added to the Purchase Prices for all the Shares subscribed pursuant to all prior Closing Notices (for the
avoidance of doubt, excluding Shares issued by the Company upon exercise of any Warrant), would exceed the Total Commitment; 

“Draw Down Notice” means a notice from the Company to the Investor pursuant to Clause 2.1(a) executed by a Designated
Officer in the form set out at Schedule 2 delivered on any Trading Day during the Commitment Period; 
 “Draw Down
Notice Date” means the date upon which a Draw Down Notice is treated as delivered by the Company to the Investor pursuant to Clause 10.2 of this Agreement; 

“Draw Down Pricing Period” means a period of fifteen (15) consecutive Trading Days immediately following a Draw Down
Notice Date, provided that the number of days comprising a Draw Down Pricing Period shall be reduced by the number of the Knockout Day(s), if any, and further provided that a Draw Down Pricing Period shall start only on receipt by the Investor of
Loan Shares in respect of such Draw Down Notice in accordance with the Agreement for Share Lending Transactions; 
 “Draw Down
Pricing Period Obligation” means, with respect to any Draw Down Pricing Period, a number of Shares equal to the sum of the Daily Purchase Amount for each Trading Day during such Draw Down Pricing Period; 

“Encumbrance” means with respect to any asset, any mortgage, lien, pledge, encumbrance, charge or security interest of
any kind in or on such asset or the revenues or income thereon or therefrom; 
 “Exchange” means any nationally recognised
stock exchange or exchange platform in the world on which the Company will List its Shares, including, but not limited to, [the TSX Venture Exchange, the Stock Exchange of Hong Kong, the NASDAQ, the NYSE, and the London Stock Exchange]; 

[“Group” means the Company and its Subsidiaries, and each of them a “Group member”;] 

  
 3 

 “Exchange Materials” shall have the meaning given in Clause 6.1(d).

 “Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China. 

“Hong Kong Dollars”, “Hong Kong Cents” and “HKD” means the lawful currency of Hong Kong; 

“Indemnified Persons” shall have the meaning given in Clause 8.2(a); 

“Indemnified Liabilities” shall have the meaning given in Clause 8.2(a); 

“Indemnity Amount” shall have the meaning given in Clause 8.1(b); 

“IPO” means an initial public offering; 

“Knockout Day” means any Trading Day during a Draw Down Pricing Period: 

 

	 	(i)	 on which ninety per cent (90%) of the Closing Bid Price is less than the Threshold Price stated in the Draw
Down Notice last delivered by the Company under this Agreement to the Investor; or 

  

	 	(ii)	 during which Trading of Shares has been suspended by the Exchange for more than one (1) hour; or

  

	 	(iii)	 in respect of which the Investor has made an election in accordance with Clause 2.3 that such Trading
Day is a Knockout Day; 

 “Liquidated Damages” shall have the meaning given in Clause 8.1(c); 

“Listing” means the admission to listing and permission to Trade on the main board of the Exchange and the terms
“List” and “Listed” shall be construed accordingly; 
 “Listing Rules” means the rules of
the Exchange from time to time in force; 
 “Loan Shares” shall have the meaning given in Clause 3.4(a); 

“Material Adverse Change” means either (i) the audited or unaudited accounts or the accounting records of the Company
[and its Subsidiaries] contain a material inaccuracy or misstatement or otherwise fail to accurately reflect the financial or business condition of the Company [and/or its Subsidiaries] as of the date on which such accounts or accounting records
were prepared or in respect of the period to which such accounts and records relate; or (ii) the Shares of the Company cease to be Listed on the Exchange; or (iii) the Trading of the Shares is suspended continuously for more than five
(5) Trading Days (without the written consent of the Investor); or (iv) the Company has failed to make, file or furnish any material announcements, circulars, offering memoranda, prospectus, instruments, documents or other material
information to or with the Exchange or required by any other governmental or regulatory body or otherwise as required by the Listing Rules or any applicable law or governmental or other regulation to which the Company is subject; or (v) any
information in relation to the financial or business condition of the Company [and/or its Subsidiaries] contained in any announcements, circulars, offering memoranda or prospectus or any other public documents issued by the Company [and/or its
Subsidiaries] is or has become incorrect, untrue or misleading in any material respects; or (vi) there has been any material change in the nature of the business activities of the Company [or any of its Subsidiaries] since the date of this Agreement
(including where the business of the Company [or its Subsidiaries] has not been carried on in the ordinary and usual way); or (vii) any Material Adverse Effect on the business, operations, assets, liabilities, properties, financial condition or
performance, profits, losses or prospects of the Company [and its Subsidiaries], if any, taken as a whole, or (viii) any Material Adverse Effect on the Shares, or on the authority or ability of the Company to perform its obligations in respect
of this Agreement, the Warrants, or the Shares (as the case may be); 

  
 4 

 “Material Adverse Effect” means any effect on the business, operations,
properties, financial condition, or prospects of any Person that is material and adverse to such Person [and its Subsidiaries] and Affiliates, taken as a whole, and/or any condition, circumstance or situation that would prohibit or otherwise
interfere with the ability of any Person being a Party to this Agreement or the Agreement for Share Lending Transactions to enter into and perform any of its obligations under such agreement in any material respect; 

“Material Change in Ownership” means any change in the control or beneficial ownership of the Shares by the officers and
directors of the Company as at the date of this Agreement resulting in such officers and directors controlling or owning less than [TBD] per cent ([TBD]%) of the Company’s issued and outstanding Shares; [Note: Parties to agree
on threshold] 
 “Minimum Threshold Price” means HKD [TBD] per Share or as adjusted pursuant to Clause
10.15 and subject to applicable regulations; [Note: Parties to agree on threshold] 
 “Paid Amount” shall have
the meaning given in Clause 7.2(h); 
 “Person” means any individual, corporation, general or limited partnership,
trust, incorporated or unincorporated association, joint venture, limited liability company, limited liability partnership, joint stock company, government (or an agency or political subdivision thereof) or any other entity of any kind; 

“Private Transaction” shall have the meaning given in Clause 3.5; 

“Promissory Note” means a promissory note in the form set out at Schedule 7. 

“Purchase Price” means, in respect of a Closing Notice, a sum of money which equals the product of (i) the number of
Shares set out in the relevant Closing Notice and (ii) the Subscription Price; 
 “Representatives” shall have the
meaning given in Clause 10.14(a); 
 “Required Approvals” shall have the meaning given in Clause 4.7(b); 

“Securities Act” means the United States Securities Act of 1933, as amended from time to time; 

“Share Lender” means with respect to each Share Lending, the Shareholder who has entered into the Agreement for Share Lending
Transactions from time to time to lend Shares to the Investor. 
 “Share Lending” shall have the meaning given in Clause
3.4(a); 
 “Share Subscription Facility” means an issue of Shares to financial investors structured over time with each
tranche or drawdown made at the discretion of the Company; 
 “Shareholders’ Meeting” means a general meeting, whether
ordinary, special, or extraordinary, of the Shareholders of the Company; 
 “Shares” means the ordinary shares in the share
capital of the Company or shares of any class or classes resulting from any subdivision consolidation or reclassification of such shares which as between themselves have no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation or distribution of the Company and “Shareholders” shall be construed accordingly; 

  
 5 

 “Subscription
Price” means, with respect to any Draw Down Pricing Period, a per Share consideration equal to ninety per cent (90%) of the average Closing Bid Price during the Draw Down Pricing
Period, ignoring for the purposes of such calculation any Knockout Day and the Closing Bid Price on any Knockout Day; 

“Subscription Shares” means the Shares which the Investor wishes to buy from the Company pursuant to a Closing Notice; 

“Subsidiary” or “Subsidiaries” of a Person means any other Persons that are controlled by such Person; 

“Tax” means any tax, levy, impost, duty, or other charge or withholding of a similar nature (including any penalty or interest
payable in connection with any failure to pay or any delay in paying any of the same); 
 “Tax Deduction” means a deduction
or withholding for or on account of Tax from a payment under this Agreement; 
 “Threshold Price” means a price set by the
Company in each Draw Down Notice (which price may be different in each Draw Down Notice) below which the Company does not wish to issue the Subscription Shares pursuant to such Draw Down Notice, which price shall comply with the Listing Rules and
shall not be less than the Minimum Threshold Price unless otherwise agreed by the Company and the Investor; 
 “Total
Commitment” means seven hundred and fifty million Hong Kong Dollars (HKD 750,000,000); 
 “Trading” means trading
of the Shares on the Exchange (without restrictions) and the terms “Traded” and “Tradable” shall be construed accordingly; 

“Trading Day” means a day on which the Exchange is open for the general trading of securities (and whether or not the Shares
are suspended from Trading for all or part of such day); 
 “United States” and “U.S. Person” shall have
the respective meanings set out in Regulation S Rule 902(k) under the Securities Act; 
 “US Dollar” and “USD”
means the lawful currency of the United States; 
 “Variation” means any variation to the share capital of the Company
(including without limitation any subdivision, consolidation, capitalisation, issue of scrip dividend or issue of new Shares other than for arm’s length consideration) after the date of this Agreement; 

“VWA Price” means the volume weighted average price of a Share on the Exchange for a Trading Day (excluding “D” -
Odd lot trades, “M” - manual trades, “OC” - Official Close, “X” - direct non-automatching transactions and any block trades of [fifty thousand 50,000] or more Shares), as reported
by Bloomberg for the Issuer’s page “VAP”; if the VWA Price is for any reason not reported on Bloomberg on any date on which such price is required to be used for determining any calculation herein, the VWA Price on such date shall be
the volume weighted average price of a Share on the Exchange for a Trading Day as mutually determined by the Issuer and the Holder. If the Issuer and such Holder are unable to agree upon the VWA Price of such security within one (1) Business
Day, then such VWA price shall be determined by the Calculation Agent by reference to, as far as possible, the definition of VWA Price provided herein; 

“Warrant” means a warrant to subscribe for Shares by the Investor to be issued pursuant to Clause 3.5 of this
Agreement; 
 “Warrant Delivery Date” has the meaning given to it in Clause 3.5(h); 

  
 6 

 “Warrant Fee” has the meaning given to it in Clause 3.5(h); and 

“Warrant Shares” means the Shares the Investor shall be entitled to subscribe for pursuant to any Warrant. 

 

	1.2	 In this Agreement: 

 

	 	(a)	 references to Clauses, Sub-Clauses, and Schedules are, save where the
context otherwise requires, to clauses and sub-clauses of and schedules to this Agreement; 

  

	 	(b)	 the recitals and Schedules form part of this Agreement; 

 

	 	(c)	 references to any act, regulation or other statutory provision in the Agreement includes reference to such act
or regulation or provision as modified, consolidated or re-enacted from time to time (except to the extent where any such modification, consolidation or re-enactment
increases the liability of any Party to this Agreement); 

  

	 	(d)	 words denoting the singular include the plural and vice versa, and words denoting one gender include both
genders and the neuter and vice versa; and 

  

	 	(e)	 headings are for ease of reference only and do not affect the interpretation of this Agreement.

  

	2.	 DRAW DOWN NOTICE 

 

	2.1	 Delivery of Draw Down Notice 

 

	 	(a)	 Subject to the satisfaction (or waiver in writing by the Investor) of the conditions set forth in Clause
2.2, the Company shall be entitled to issue and deliver a Draw Down Notice to the Investor on any Trading Day during the Commitment Period. Any Draw Down Notice issued pursuant to this Clause 2.1(a) shall be delivered to the Investor in
accordance with the notice provisions of Clause 10.2 and must: 

  

	 	(i)	 specify the Draw Down Amount; 

 

	 	(ii)	 specify the Threshold Price; and 

 

	 	(iii)	 be signed by the Designated Officer, certifying that all conditions precedent to the delivery of a Draw Down
Notice as set out in Clause 2.2 below have been satisfied (or waived in writing by the Investor). 

  

	 	(b)	 Each Draw Down Notice shall be irrevocable once issued (except as otherwise expressly provided herein). The
Company may issue as many Draw Down Notices as it may elect during the Commitment Period provided that it may not, without the prior written consent of the Investor, deliver a Draw Down Notice until (i) the expiry of the Draw Down Pricing
Period relating to any Draw Down Notice previously issued by the Company; and (ii) the Shares specified in the relevant Closing Notice have been Listed, save that this latter requirement shall not apply if the Investor exercises its right to
assign to the Share Lender its right under the Closing Notice to receive Shares subscribed pursuant to the relevant Closing Notice. 

  

	 	(c)	 The Company shall not submit a Draw Down Notice resulting in the Investor being required to file a shareholder
report, unless the Investor otherwise consents. 

  

	2.2	 Conditions Precedent to the Delivery of a Draw Down Notice 

The Company may deliver a Draw Down Notice only if the following conditions have been satisfied (or waived by the Investor in writing): 

 

	 	(a)	 the Company has been Listed successfully; 

  
 7 

	 	(b)	 the Loan Shares relating to the relevant Draw Down Notice have been delivered to the reasonable satisfaction of
the Investor, and are freely tradable and unrestricted and remain in the Investor’s account. 

  

	 	(c)	 the Company has obtained all the Required Approvals (in a form reasonably acceptable to the Investor) and such
Required Approvals shall be in full force and effect such that at least Shares equal to (i) two hundred per cent (200%) of the Draw Down Amount under the relevant Draw Down Notice and (ii) the number of Shares issuable pursuant to Warrants
under Clause 3.5 may be duly allotted and issued to the Investor pursuant to this Agreement; 

  

	 	(d)	 the Company shall have delivered, and the Investor shall have received originals, of this Agreement and the
Promissory Note duly executed by the Company, and those agreements remain in full force and effect, enforceable against the Company in accordance with their terms and the Share Lender shall have delivered and the Investor shall have received an
original of the Agreement for Share Lending Transactions duly executed by the Share Lender, and the Agreement for Share Lending Transactions shall remain in full force and effect, enforceable against the Share Lender in accordance with its terms;

  

	 	(e)	 the Company shall at each applicable Draw Down Notice Date, and shall thereafter during each applicable Draw
Down Pricing Period, to the extent required, have obtained Listing approval from the Exchange in respect of such number of unissued Shares adequate for (i) allotting and issuing the Shares specified in a Closing Notice in respect of the
applicable Draw Down Notice, and (ii) allotting and issuing the Shares issuable by the Company upon exercise of any Warrant, or to the order of the Investor pursuant to this Agreement; 

 

	 	(f)	 the representations and warranties of the Company contained herein shall be true and correct in all respects as
at the date made and as at the relevant Draw Down Notice Date as repeated at that time (except that representations and warranties that are expressed by their terms to be made, or by their nature are made, as at a specific date need be true and
correct in all respects only as at such specific date); 

  

	 	(g)	 the Company shall have performed, satisfied, and complied in all material respects with all covenants,
agreements, and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the applicable Draw Down Notice Date; 

 

	 	(h)	 Listing or Trading of Shares shall not have been suspended or subject to a real or imminent threat of
suspension by the Exchange at any time during the thirty (30) Trading Days prior to the relevant Draw Down Notice Date, other than any suspension for the purpose of consummation or further reporting requirements/disclosure of any transaction
for a period of not more than three (3) Trading Days in aggregate; 

  

	 	(i)	 the delivery of the Draw Down Notice and the subscription and payment for the Shares under this Agreement:
(i) shall not be prohibited or enjoined (temporarily or permanently) by any applicable law or governmental or other regulation; and (ii) shall not subject the Investor to any penalty, or in the Investor’s reasonable judgment, other
onerous condition and/or obligations under or pursuant to any applicable law or governmental or other regulation to which the Investor is subject; 

  

	 	(j)	 no event or circumstance has arisen or is threatening to arise which would entitle the Investor to terminate
this Agreement in accordance with Clause 9.2 of this Agreement; 

  
 8 

	 	(k)	 the Investor shall have given notice to the Company (and shall not have withdrawn the same) on or before the
applicable Draw Down Notice Date that it has entered into an Agreement for Share Lending Transactions with respect to the lending and borrowing of Shares equal to one hundred per cent (100%) of the Draw Down Amount set forth in the relevant Draw
Down Notice which may be borrowed from time to time by and on demand of the Investor. For the avoidance of any doubt, the Investor undertakes to give notice to the Company immediately after the Agreement for Share Lending Transactions is duly
executed by the Investor and Share Lender; 

  

	 	(l)	 the Investor has not given notice to the Company on or before the applicable Draw Down Notice Date that the
Share Lender has failed to duly perform its obligations pursuant to the terms of the Agreement for Share Lending Transactions (which includes an obligation on the Share Lender to lend and deliver to the Investor such number of Shares which in
aggregate equal one hundred per cent (100%) of the Draw Down Amount set forth in the relevant Draw Down Notice to be issued by the Company (or lesser number of Shares as the Investor shall elect from time to time)). In the event that the Investor
has not received delivery of the Loan Shares or where the Loan Shares delivered by the Share Lender pursuant to an Offer (as defined in the Agreement for Share Lending Transactions) and received by the Investor are in aggregate less than one hundred
per cent (100%) of the Draw Down Amount set forth in the relevant Draw Down Notice, the Investor shall be entitled, at its sole discretion, to elect to treat the relevant Draw Down Notice issued by the Company as null and void notwithstanding any
other provision in this Agreement; and 

  

	 	(m)	 the Company has delivered to each of the Investor and GYBL legal opinions addressed jointly to the Investor and
GYBL from competent and experienced legal counsel of the Company qualified in the relevant Listing jurisdiction, in the agreed form, confirming, inter alia, that: 

 

	 	(i)	 the Company is duly incorporated and validly existing under the laws of Delaware, and the Company has the
necessary corporate power to enter into this Agreement and other transactions contemplated hereunder, and this Agreement is binding on it; 

  

	 	(ii)	 each Share Lender who has entered into an Agreement for Share Lending Transactions with the Investor has full
power and capacity to enter into such agreement and such agreement is in compliance with applicable regulations and is binding on such Share Lender; 

  

	 	(iii)	 the entering into and performance of this Agreement, the delivery of the Draw Down Notice, and the grant and
exercise of any Warrant do not violate applicable laws, the Listing Rules, or the Exchange Materials; 

  

	 	(iv)	 the Shares of the Company are approved for Listing on the Exchange and such approval is in full force and
effect and there are no restrictions imposed against the Company which would prevent it performing its obligations under this Agreement; 

  

	 	(v)	 all corporate and other actions required by the Articles of Association and under applicable laws, the Listing
Rules, and the Exchange Materials to authorise the execution, delivery, and performance by the Company of this Agreement and the transactions contemplated hereby or to ensure the validity and legality of this Agreement or its enforceability against
the Company and the transactions contemplated hereunder has been duly undertaken; 

  

	 	(vi)	 neither the Investor nor GYBL is required to obtain any consent, waiver, authorization, or order of, or make
any filing or registration with any court or other local or other governmental or regulatory authority in connection with the execution, delivery, and performance by the Investor of this Agreement, the issue or transfer of Shares pursuant to a
Closing Notice, or upon exercise of any Warrant or upon issue of Shares pursuant to any Warrant; 

  
 9 

	 	(vii)	 neither the Investor nor GYBL will, by virtue of execution and performance of this Agreement, be liable to pay
any taxes in the Listing jurisdiction and except as to any tax payable on the sale of Shares purchased hereunder or under any Warrant by either of them; 

  

	 	(viii)	 with respect to this Agreement, the Draw Down Notice, and the Warrants, neither the Investor nor GYBL will be
required to fulfil any registration or filing requirements or obtain any consent or approval under law or the Listing Rules or the Exchange Materials (but excluding requirements for the notification by the Investor of its interest in the
Company’s share capital under applicable law); and 

  

	 	(ix)	 the transfer of Shares pursuant to this Agreement under any Closing Notice or on the exercise of any Warrant is
permissible under applicable laws, the Listing Rules, and the Exchange Materials, and the Shares so transferred will be (or are) Listed and Traded; 

provided that no legal opinion shall be required to be delivered in respect of a Draw Down Notice if the legal opinion delivered to the
Investor and GYBL in respect of a previous Draw Down Notice shall remain current, applicable and effective (as reasonably determined by the Investor and GYBL), and be applicable to such Draw Down Notice to be issued. 

 

	2.3	 Draw Down Pricing Period Obligation Limitation 

 

	 	(a)	 Subject to Clause (b), with respect to any Draw Down Notice and Draw Down Pricing Period, the Investor
shall be obligated to subscribe for or procure the subscription for and the Company shall be bound to issue and allot, such number of Shares as the Investor may specify in the relevant Closing Notice, provided that the total number of Shares to be
subscribed under any Closing Notice shall be not less than fifty per cent (50%) of the Draw Down Pricing Period Obligation and not more than two hundred per cent (200%) of the Draw Down Pricing Period Obligation, provided further, that the number of
Shares to be subscribed under any Closing Notice shall be reduced to such smaller number of Shares so that the number of Shares subscribed under a Closing Notice will, when added to other Shares held by the Investor as legal and/or beneficial owner,
would not cause the Investor to be required under applicable laws and regulations, including the Listing Rules, to make a mandatory offer for all the Shares of the Company. 

 

	 	(b)	 For the purpose of calculating the Draw Down Pricing Period Obligation, if there has been a Material Adverse
Change on any Trading Day during a Draw Down Pricing Period, the Investor shall be entitled, at its sole discretion, to elect to treat such Trading Day and any further Trading Days following such Trading Day during the relevant Draw Down Pricing
Period as a Knockout Day. The Investor shall notify the Company of the exact number of Shares it wishes to subscribe for in a Closing Notice delivered pursuant to Clause 3.1. 

 

	 	(c)	 Notwithstanding any other provision in this Agreement, the Investor shall not be obliged to subscribe for or
procure the subscription for any Share with respect to a Draw Down Notice, if the Investor does not receive the Loan Shares in respect of such Draw Down Notice in accordance with the terms of the Agreement for Share Lending Transactions.

  

	 	(d)	 The Investor undertakes that it shall not: 

 

	 	(i)	 on each Trading Day during the Draw Down Pricing Period, dispose or procure to be disposed of any number of
Shares over and above one-fifteenth (1/15th) of
the applicable Draw Down Amount, provided that where the Investor has disposed or procured to be disposed of Shares on a Trading Day which number is less than one-fifteenth (1/15th) of the applicable Draw Down Amount, 

  
 10 

	 	the Investor may dispose or procure to be disposed of the remaining balance for that Trading Day on any subsequent Trading Day during and/or after the Draw Down Pricing Period; or 

 

	 	(ii)	 at any point in time hold directly or indirectly in excess of [nine and nine tenths per cent (9.9%)] in
aggregate of the outstanding share capital of the Company. [Note: Subject to minimum reporting requirements in applicable exchange] 

  

	 	(iii)	 [Note: This undertaking already covered by Clause 3.3(a)] 

 

	3.	 SUBSCRIPTION OF SHARES AND
DEALING OF SHARES PRIOR TO SUBSCRIPTION 

  

	3.1	 Delivery of Closing Notice 

On the Trading Day following the last Trading Day of each Draw Down Pricing Period (the “Closing Notice Date”), the Investor
shall deliver a Closing Notice to the Company stating: 
  

	 	(a)	 the exact number of Shares it wishes to subscribe from the Company in accordance with Clause 2.3(a);

  

	 	(b)	 the applicable Subscription Price and Purchase Price; and 

 

	 	(c)	 the manner of delivery of Shares by the Company to the Investor or to the Investor’s order.

  

	3.2	 Closing Obligations 

 

	 	(a)	 Subject to the satisfaction (or waiver by the Investor in writing) of the conditions set out in Clause 3.2(c)
below, on the third (3rd) Trading Day following the Closing Notice Date (the “Closing Date”), the Company shall issue to the Investor or its nominee(s) (to the extent set forth in the relevant Closing Notice) the number of
Subscription Shares set forth in the relevant Closing Notice (which shall be freely Tradeable and Listed) and deliver such Subscription Shares to an account or accounts designated by the Investor. 

 

	 	(b)	 Subject to the satisfaction (or waiver by the Investor in writing) of the conditions set out in Clause 3.2(c)
below and against compliance by the Company with its obligations pursuant to Clause 3.2(a), on the relevant Closing Date, the Investor shall subscribe or procure to be subscribed for the number of Subscription Shares set forth in the relevant
Closing Notice (conditionally upon such Shares being Listed at opening of Trading on the Closing Date) and shall remit or cause to be remitted by wire transfer the Purchase Price to the Company’s account notified by the Company to the Investor.

  

	 	(c)	 The obligation for the investor to subscribe for or to procure the subscription for Shares set forth in a
Closing Notice on the relevant Closing Date shall be subject to and conditional upon the following: 

  

	 	(i)	 the Company has obtained all the Required Approvals (in a form reasonably acceptable to the Investor) and such
Required Approvals shall be in full force and effect as at the Closing Date; 

  

	 	(ii)	 the subscription and payment for the Shares pursuant to the relevant Closing Notice shall not be prohibited or
enjoined (temporarily or permanently) by any applicable law or governmental or judicial authority or other regulation, including the Listing Rules, to which the Investor and/or the Company are subject; 

  
 11 

	 	(iii)	 there being no change, during the period between the date of this Agreement and on the applicable Closing Date,
in any law, governmental or other regulation applicable in the Listing jurisdiction which would adversely affect in any material aspect the holding or disposal of Shares by or by order of the Investor or any other rights of the Investor or any
Person acting by order of the Investor in respect of these Shares; 

  

	 	(iv)	 there being no law and/or regulation or other governmental requirement on the applicable Closing Date,
including the Listing Rules and the Exchange Materials, which would require the Investor and/or any Person acting by the Investor’s order to make a mandatory offer for all the issued Shares of the Company; 

 

	 	(v)	 there being no law or governmental or other regulation applicable in the Listing jurisdiction, including the
Listing Rules and the Exchange Materials, on the applicable Closing Date which would require the Investor and/or any Person acting by order of the Investor to fulfil any registration or filing requirements or obtain any consent or approval under law
or the Listing Rules (but excluding requirements for the notification by the Investor of its interest in the Company’s share capital under applicable law); 

 

	 	(vi)	 the Company shall at each applicable Closing Date have obtained Listing approval from the Exchange in respect
of such number of unissued Shares adequate for (i) allotting and issuing the Shares as may be specified in the relevant Closing Notice and (ii) allotting and issuing the Shares issuable by the Company upon exercise of the Warrants, or to
the order of the Investor pursuant to this Agreement; 

  

	 	(vii)	 the representations and warranties of the Company contained herein shall remain true and correct in all
material respects as at the date made and as at the relevant Closing Date as repeated at that time (except that representations and warranties that are expressed by their terms to be made, or by their nature are made, as at a specific date need be
true and correct in all respects only as at such specific date); 

  

	 	(viii)	 the Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the applicable Closing Date; 

  

	 	(ix)	 no event or circumstance has arisen or is threatening to arise which would entitle the Investor to terminate
this Agreement in accordance with Clause 9.2 of this Agreement; 

  

	 	(x)	 the Listing and Trading of the issued Shares have not been suspended indefinitely, have not been suspended
continuously for more than twenty (20) trading days, and are not subject to a real or imminent threat of suspension by the Exchange on the Closing Date; 

  

	 	(xi)	 the share borrowing facility entered into by the Investor as referred to in Clause 2.2(k) and Clause
2.2(l), remains in effect and there is no existing or threatened event of default by a Share Lender under the Agreement for Share Lending Transactions; 

  

	 	(xii)	 the Company is not in breach of any of its material obligations under this Agreement or its ancillary
agreements; 

  
 12 

	 	(xiii)	 there is no reasonable allegation of fraud committed by the Company, its officers, or its shareholder
Affiliates; and 

  

	 	(xiv)	 there has been no Material Change in Ownership. 

 

	3.3	 Dealing with Shares Prior to Subscription 

 

	 	(a)	 The Investor undertakes and agrees that it shall not sell any Shares which it (i) does not own,
(ii) has no right to subscribe for from time to time, or (iii) has no presently exercisable and unconditional right to vest the Shares in the buyer of them. 

 

	 	(b)	 The Company undertakes that it shall not and shall procure that its directors shall not: 

 

	 	(i)	 pay any cash dividends or make any other rights or distributions with respect to any Shares;

  

	 	(ii)	 propose or declare the payment of any cash dividends or the granting of any other rights or the making of any
other distributions in respect of the Shares to a Shareholders’ Meeting; 

  

	 	(iii)	 set any record date for the payment of any cash dividends or the granting of any other rights or the making of
any other distributions in respect of the Shares, 

 at any time during the period starting from the issuance of the Draw
Down Notice up to the day the relevant Shares required to be issued by the Company to the Investor under the corresponding Closing Notice are Listed and issued to the Investor or to the Investor’s order, as the case may be, pursuant to the
terms of this Agreement. 
  

	3.4	 Share Lending 

 

	 	(a)	 The Company undertakes and agrees that it shall: 

 

	 	(i)	 prior to each relevant Draw Down Notice Date, procure that the Share Lender enter into and shall remain bound
by an Agreement for Share Lending Transactions with the Investor; and 

  

	 	(ii)	 on each relevant Draw Down Notice Date (unless a later date is agreed in writing with the Investor), procure
that the Share Lender lend and transfer to the Investor, pursuant to and in accordance with the terms of the Agreement for Share Lending Transactions, such number of Shares (the “Loan Shares”) in aggregate equal to one hundred per
cent (100%) of such Draw Down Amount stipulated in the relevant Draw Down Notice prior to such Draw Down Notice Date, and all Loan Shares delivered to the Investor shall be Listed and free of all Encumbrances and trading restrictions (the
“Share Lending”). 

  

	 	(b)	 The Investor shall have the right to redeliver the Loan Shares to the Share Lender by assigning, or procuring
the assignment to the Share Lender of, the rights, title, and claims the investor or any Person acting by order of the investor may have against the Company pursuant to a Closing Notice or the exercise of a Warrant, whether or not such Shares have
been issued by the Company and/or are Listed, and such assignment shall satisfy the Investor’s redelivery obligation under the Agreement for Share Lending Transactions to the extent of the rights over Shares assigned. 

 

	 	(c)	 The Company undertakes that it shall comply, and it shall use its best endeavours to procure that the Share
Lender complies, with all applicable obligations resulting from any Share Lending under any applicable laws, rules and regulations, including the Exchange Materials. 

  
 13 

	3.5	 Issue of Warrants 

 

	 	(a)	 Promptly after the Shares become Listed on the Exchange (and in any even no later than [ninety
(90) calendar days after Listing]), the Company shall issue and deliver to the Investor Warrants in accordance with this Clause 3.5, in agreed form, that are exercisable within three (3) years of the date of Listing to purchase up to (at
the option of the Investor) seven and a half per cent (7.5%) of the Shares on a fully diluted basis. The Warrants shall have an exercise price per Share equal to the lesser of (i) the Closing Bid Price on the first day of Trading of the Shares
on the Exchange or (ii) the pro rata portion of a one billion seven hundred and twenty-five million Hong Kong Dollars (HKD 1,725,000,000) valuation for all of the Shares. 

 

	 	(b)	 Notwithstanding Clause (a) above, in the event that the Company does not complete an IPO, or any
other public transaction, for any reason, but instead completes a private transaction, including but not limited to a merger, acquisition, sale, share exchange, or any other private business combination which results, or would result, in a change of
Control of the Company (a “Private Transaction”), then the Company shall instead issue Warrants, in a form acceptable to the Investor, immediately before, and as a condition precedent to, the closing of any Private Transaction.

  

	 	(c)	 In the event the Company issues Warrants pursuant to a Private Transaction, the Investor will receive the
Warrants calculated as follows: 

  

	 	(i)	 the exercise price for the Warrants shall be equal to the lesser of (X) ninety percent (90%) of the
valuation of the Private Transaction or (Y) the pro rata portion of a one billion, seven hundred and twenty-five million Hong Kong Dollars (HKD 1,725,000,000) valuation for all of the Shares; 

 

	 	(ii)	 the number of Warrants shall be equal to seven and a half percent (7.5%) of the Shares on a fully diluted basis
immediately prior to the Private Transaction; and 

  

	 	(iii)	 the Warrants shall be exercised on a cashless basis such that the Investor shall receive consideration in
substantially the same form as the Company’s shareholders in the Private Transaction. 

 All other provisions of
Clause 3.5 which do not conflict with this paragraph shall remain in full force and effect. 
  

	 	(e)	 [For greater certainty, in respect of Warrants not issued on the date of this Agreement, delivery of a Draw
Down Notice and an acceptance notice under Clause 2.1 and the closing of a subscription under Clause 3.2 shall be deemed to be a subscription for Shares and Warrants for such period as Warrants are issuable pursuant to this Clause
3.5. The foregoing is without prejudice to the rights of the Investor under Clause 3.5 in relation to the Warrant Fee in circumstances where the Warrant Fee becomes payable.] 

 

	 	(f)	 On the first (1st) anniversary of the date of issuance of each warrant, if the market price of the Shares is
less than ninety per cent (90%) of the then-current exercise price of such Warrant, then the exercise price of any Warrants issued shall adjust to one hundred and five per cent (105%) of the market price of the Shares at that time, subject to
the approval of the Exchange. 

  

	 	(g)	 The Warrants are assignable with the Company’s prior written consent, which shall not be unreasonably
withheld. 

  
 14 

	 	(h)	 If the Company does not issue the Warrants according to Clause (a), for any reason (save for those
contemplated by Clause 3.5(b)), on or before ninety (90) calendar days from the Listing date specified in Clause (a) (the “Warrant Delivery Date”), then the Company undertakes that it shall pay to the Investor the
equivalent value of: 

  

	 	(i)	 the Black Scholes Value as calculated on any Trading Day chosen solely by GYBL during the three-year term of
the Warrant and GYBL will notify the Company in writing of such date on or before the end of the three-year term of the Warrant”; or 

  

	 	(ii)	 One Hong Kong Dollar (HKD 1); 

whichever amount is higher (the “Warrant Fee”). 

 

	 	(i)	 Payment by the Company to the Investor, pursuant to Clause (i), may, at the Investor’s election, be
satisfied by the allotment and issuance of Shares to the Investor, with such allotment and issuance to occur within fifteen (15) Trading Days after the Warrant Delivery Date. The number of Shares to be so issued as payment of the Warrant Fee
shall be determined with reference to the Closing Trade Price on the Warrant Delivery Date. When so issued the Shares shall be duly authorised, validly issued, fully paid, capable of being Listed and Tradeable, and free from any Encumbrances (other
than those provided for in the Articles of Association, if any) and all taxes (including any documentary stamp tax) are fully paid. 

  

	4.	 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
OF THE COMPANY 

 The Company hereby represents, warrants
and undertakes to the Investor that the statements provided in Clauses 4.1 to 4.15 are true and accurate in all material respects and will be true and accurate in all material respects as at each Draw Down Notice Date and will be so at
all times before and on each Closing Notice Date and each Closing Date, save that warranties that are given as at a specified date need only be true and accurate in all material respects as at such specified date. 

 

	4.1	 Organisation and Qualification 

The Company is a company duly incorporated and existing under the laws of Delaware with the requisite corporate power and authority to own and
use its properties and assets and to carry on its business as currently conducted. [Each Group member] is validly constituted, existing and incorporated, and in good standing under the laws of its place of incorporation and has the requisite
corporate and legal power to own all its properties and assets and to carry on its business within the scope of its constituent documents and in compliance in all material respects with all applicable laws and regulations. [Each Group member] has
obtained and maintained in full force and effect all necessary consents, authorisations, approvals, licences, waivers and exemptions in relation to the carrying on of its business within the scope of its constituent documents. 

 

	4.2	 Authorisation and Enforcement 

The Company has the requisite corporate power and authority to enter into and to consummate the transactions required by this Agreement and by
the terms of any Warrants which it is required to issue and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement and any Warrants required to be issued by the Company and the completion by it of the
transactions contemplated hereby and thereby have been duly authorised by all necessary action on the part of the Company, its directors, and its Shareholders (as represented by the Shareholders’ Meeting, if necessary). This Agreement has been
duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms. Any Warrants to be issued under this Agreement will have been duly executed and delivered by the
Company and will constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms. 

  
 15 

	4.3	 Share Capital 

 

	 	(a)	 On the date hereof, the Company has issued 14,049,836 Shares with an aggregate balance sheet value of One
Hundred Sixty Eight Million Five Hundred Ninety Eight Thousand and twenty nine U.S. Dollars (USD [168,598,029), all of which are duly authorised, validly issued and free of Encumbrances, and were not issued in violation of any pre-emptive, subscription or other similar rights of any Persons. 

  

	 	(b)	 The Shares which may be issued as a result of the relevant Draw Down Notice will not be subject to any pre-emptive or similar rights. 

  

	4.4	 Issue of Shares 

The Company shall at each Draw Down Notice Date and thereafter during each Draw Down Pricing Period and up to the corresponding Closing Date
have the Required Approvals to enable it to allot and issue the number of Shares equal to two hundred per cent (200%) of the Draw Down Amount set forth in the relevant Draw Down Notice, and such number of Shares which may from time to time be issued
on the exercise of any Warrant. Without prejudice and in addition to the foregoing, the Company shall at all times while any Warrant remains outstanding maintain an adequate reserve of authorised but unissued Shares to enable it to allot and issue
the number of Shares which may from time to time be issuable on exercise of such Warrant. When issued pursuant to this Agreement or any Warrant, the Shares shall be duly authorised, validly issued, fully paid, and free from any Encumbrances, and all
taxes (including any documentary stamp tax) are fully paid. 
  

	4.5	 No Breach 

The execution, delivery, and performance of this Agreement by the Company, the issue of Shares by the Company pursuant to this Agreement or any
Warrant issued, and the completion by the Company of the transactions contemplated hereby and thereby: 
  

	 	(a)	 will not cause the Company to infringe any applicable law, or any rules and regulations issued by the Exchange,
including without limitation the Exchange Materials; and 

  

	 	(b)	 is not and will not result in any breach of the terms of, or constitute a default under, any instrument,
judgment, or agreement to which the Company is a party or by which the Company or any property of the Company is bound, 

to the extent that such infringement, contravention, breach or default would have a Material Adverse Effect on the ability of the Company to
perform the respective obligations under this Agreement and/or any Warrant (as the case may be). 
  

	4.6	 No Conflicts 

The execution, delivery and performance of this Agreement by the Company and the issue of Shares by the Company pursuant to this Agreement or
any Warrant, and the completion by the Company of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Articles of Association; (ii) conflict with or result in breach of any
of the terms or provisions of, or constitute a default under any indenture, trust deed, mortgage or other agreement to which the Company [or any of its Subsidiaries] is a party or by which any of them or any of their respective properties are bound;
or (iii) infringe or violate any existing applicable law, rule, regulation, judgment, order, decision or decree of any government, governmental body or court, domestic or foreign having jurisdiction over the Company [or any of its Subsidiaries].

  
 16 

	4.7	 Consents and Approvals 

 

	 	(a)	 Save for Required Approvals to be obtained before delivery of a Draw Down Notice referred to in Clause
4.7(b) and 4.7(c), neither the Company [nor any Subsidiary] is required to obtain any consent, waiver, authorisation or order of, or with, any court or other governmental or regulatory authority or other Person (including, without
limitation, the Shareholders of the Company) in connection with the execution, delivery and performance by the Company of this Agreement, the issue of any Warrants, the issue of Shares pursuant to a Closing Notice or upon exercise of any Warrants
and Listing of Shares provided that there shall be no breach of the warranty where the failure to obtain such consent, waiver, authorisation, or order would not materially impair or delay the ability of the Company to deliver to the Investor or to
its order the Subscription Shares on a Closing Date and Warrant Shares on exercise of any Warrant, free and clear of any Encumbrance, or impair or restrict the Listing or Trading of any such Shares. 

 

	 	(b)	 As at each Draw Down Notice Date and Closing Date, all requisite consents, approvals (whether a general mandate
or specific mandate granted by the shareholders or otherwise applicable for that Draw Down Notice or issuance of Warrants), waivers, authorisations, and orders, and all requisite filings and registrations, required by any court or other governmental
or regulatory authority or other Person (including, without limitation, the Shareholders from time to time) to be obtained or made by the Company and/or any of its Subsidiaries, as the case may be (collectively, the “Required
Approvals”), in connection with the delivery and performance by the Company of this Agreement, the issue of Warrants, the allotment and issue of Shares pursuant to each relevant Closing Notice and upon the exercise of any Warrants, and
Listing and Trading of all Shares, shall have been obtained or made and shall be in full force and effect. 

  

	 	(c)	 As at each Draw Down Notice Date and as at each Closing Date, any Required Approvals, in respect of Shares
required to be issued as a result of any Draw Down Notice served by the Company and as may be specified in a Closing Notice shall all have been obtained and shall be in full force and effect. 

 

	 	(d)	 All Shares required to be issued pursuant to a Closing Notice shall be delivered to the Investor as soon as
reasonably practical and in any event within twelve (12) months after any Closing Date and shall be Listed with the approval of the Exchange at the time such Shares are delivered to the Investor or to the Investor’s order. All such Shares
issued to the Investor will not be subject to any restriction on sale or Trading. 

  

	 	(e)	 Except pursuant to Clause 3.5(b), all Shares issued on the exercise of Warrants will be Listed with
effect from and not later than the opening of business on the Exchange on the Trading Day immediately following the exercise date (as defined in the relevant Warrant). All such Shares issued to the Investor will not be subject to any restriction on
sale or Trading. 

  

	4.8	 Licences 

The Company [and each of its Subsidiaries] hold all material licences, permits, authorisations, and consents required for the conduct of its
business and all such licences, permits, authorisations, and consents are in full force and effect and, to the best of the knowledge, information, and belief of the Company (having made such enquiries as are reasonable), not liable to be revoked or
not renewed. 

  
 17 

	4.9	 Litigation and Proceedings 

 

	 	(a)	 There is no action, suit, notice of violation, proceeding or investigation pending or, to the best knowledge of
the directors of the Company, threatened against the Company [or any of its Subsidiaries] or any of their respective properties or assets before or by any court, governmental or administrative agency or regulatory authority (local or foreign) which
(i) relates to or challenges the legality, validity or enforceability of this Agreement or any Warrants, or (ii) could, individually or in the aggregate, materially impair the ability of the Company to perform fully on a timely basis its
obligations under and pursuant to this Agreement or any Warrants (as the case may be). 

  

	 	(b)	 No Group member is engaged in and no such action, suit, notice of violation, proceeding, or investigation is
pending or threatened against, relating to or involving any Group member or the officers or directors of any Group member in their capacities as such or any material property of any Group member, nor are there any facts likely to give rise to such
proceedings known or which would on reasonable enquiry be known to any Group member or their respective directors which will or may result in a Material Adverse Change. 

 

	4.10	 Exchange/Market 

The Shares in issue are and have been for the three (3) months before the relevant Draw Down Notice Date or Closing Date, as the case may
be, at all times Listed on the Exchange. The Shares are quoted and Traded on the Exchange without being suspended from Trading for more than a total of five (5) Trading Days during the period that is the shorter of the period during which the
Shares were quoted, and the period of twelve (12) months before the relevant Draw Down Notice Date and the Closing Date, as the case may be. The Company knows of no reason why the Exchange will not admit to Listing and Trading the Shares which
are required to be issued pursuant to this Agreement or on the exercise of any Warrant. The Company undertakes to the Investor that it shall make or cause to be made an application for all the Shares to be issued pursuant to this Agreement to be
Listed as soon as possible following issue. 
  

	4.11	 Non-Public Information 

The Company acknowledges that neither it nor any of its representatives or agents has provided the Investor or any of its representatives or
agents with any price-sensitive information regarding or related to the Company or its respective operations, personnel, technologies, or prospects that has not otherwise been made publicly available. 

 

	4.12	 Solvency 

The Company, [its Subsidiaries] and the Share Lender are solvent. No transfer of property has been or is being made by the Company or its
Subsidiaries or the Share Lender and no obligation has been or is being incurred by the Company [or its Subsidiaries] or the Share Lender in connection with the transactions contemplated by this Agreement, or related documents with the intent to
hinder, delay, or defraud either present or future creditors of the Company. No other circumstances have arisen or may reasonably be expected to arise in consequence of which the Company [or any of its Subsidiaries] or the Share Lender may cease to
be solvent or able to pay its debts as and when they fall due. 
  

	4.13	 No Material Adverse Change 

As at and since the date of this Agreement, no Material Adverse Change has occurred or can reasonably be expected to occur. 

  
 18 

	4.14	 Accounts 

The consolidated audited accounts of [the Group] for the financial year ended on the Accounts Date have been prepared in accordance with the
disclosure requirements of the Listing Rules and in accordance with the auditing standards applicable in Hong Kong and present a true and fair view of the state of affairs of [the Group] and of the profits and cashflows of [the Group] ended on the
date to which they relate. Since the Accounts Date and save as disclosed in public announcements of the Company made prior to the date hereof, there has been no Material Adverse Change. 

 

	4.15	 Illegal and Corrupt Activities 

The Company has not, nor does it have any knowledge of any director, officer, agent, employee, or other person acting on behalf of the Company
having, in the course of its actions for, or on behalf of, the Company, used any corporate funds for any unlawful contribution, gift, entertainment, or other unlawful expenses relating to political activity; making any direct or indirect unlawful
payment to any foreign or domestic government official or employee from corporate funds; violating or being in violation of any legislation or regulatory guidelines or codes of practice dealing with or related to corrupt practices, fraudulent
dealings or illegal activities; or making any unlawful bribe, rebate, payoff, influence payment, kickback, or other unlawful payment to any foreign or domestic government official or employee. 

 

	5.	 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
OF THE INVESTOR 

 The Investor hereby represents and warrants and
undertakes to the Company that the statements provided in Clauses 5.1 to 5.3 are true and accurate in all respects and will be true and accurate on each Draw Down Notice Date, each Closing Date and each day on which Shares are to be issued pursuant
to the Agreement. 
  

	5.1	 Organisation and Authority 

The Investor is an entity duly formed and validly existing under the laws of the Luxembourg. The Investor has the requisite power and authority
to enter into and to consummate the transactions contemplated hereby and otherwise to carry out its obligations hereunder. The execution, delivery, and performance of this Agreement and the exercise of any Warrants and the completion by it of the
transactions contemplated hereby and thereby have been duly authorised by all necessary action on the part of the Investor, its directors and its shareholders. The subscription for the Shares pursuant to this Agreement by the Investor has been duly
authorised by all necessary action on part of the Investor. This Agreement has been duly executed and delivered by the Investor or on its behalf and constitutes the valid and legally binding obligation of the Investor, enforceable against the
Investor in accordance with its terms. The execution, delivery, and performance of this Agreement and the subscription for Shares pursuant to this Agreement by the Investor and any transactions contemplated hereunder do not and will not conflict
with or violate any provision of the Investor’s constitutional or governing documents or any laws or regulation to which the Investor is subject. 
  

	5.2	 Non-U.S. Person Status 

The Investor is not a U.S. Person. 
  

	5.3	 Restricted Securities 

The Investor hereby acknowledges that (i) the Shares are being offered and subscribed by the Investor without registration under the
Securities Act; (ii) it is acquiring the Shares for its own account; and (iii) it agrees that it will not offer, sell or otherwise transfer (or offer to do so) any of the Shares or any part thereof or interest therein within the United
States or 

  
 19 

 
to, or for the account of, a U.S. Person except (A) pursuant to the registration requirements of the Securities Act or (B) in a transaction which is exempt from or otherwise not subject
to the registration requirements of the Securities Act, and otherwise than in accordance with applicable securities laws and regulations of any other relevant jurisdiction. 
  

	6.	 ACKNOWLEDGEMENTS 

 

	6.1	 The Company hereby acknowledges that: 

 

	 	(a)	 it has read and understood fully the content of this Agreement, including, but not limited to, the pricing
mechanisms, the Knockout Days, the number of Shares to be subscribed for at the end of each Draw Down Pricing Period, the payment of the Commitment Fee, and the issuance of Warrants; 

 

	 	(b)	 it is entering into this Agreement on the basis of its own independent assessment of the risks and
liabilities undertaken hereunder, without any representation having been made by the Investor, GYBL, any of their Affiliates or any members, officers, directors, employees, agents, or other representatives of any of the foregoing as to the effect,
operation, or results of this Agreement; 

  

	 	(c)	 it has been advised by its own legal and financial advisers in relation to its assessment of the risks and
liabilities undertaken hereunder and that none of the Investor, GYBL, any of their Affiliates or any members, officers, directors, employees, agents or other representatives of any of the foregoing has provided investment advice to the Company in
connection with the matters agreed in this Agreement or has solicited or induced the Company to enter into this Agreement; and 

  

	 	(d)	 this Agreement intends to provide for a facility to the Company after the Listing, subject to the terms and
conditions hereof, and the Company shall ensure that the transactions contemplated under this Agreement comply with all laws, rules and regulations, listing decisions and guidance and other materials as may be published by the Exchange from time to
time (collectively, the “Exchange Materials”). 

  

	7.	 OTHER AGREEMENTS OF THE PARTIES

  

	7.1	 Fees and Expenses 

 

	 	(a)	 The Company shall on or before the date of this Agreement, irrespective of whether the transaction contemplated
under this Agreement is successfully completed, pay the Investor, or as it directs, all reasonable legal fees and expenses incurred by the Investor and GYBL in connection with the transaction, and towards that obligation shall make an aggregate non-refundable sum of up to one hundred and sixteen thousand five hundred Hong Kong Dollars (HKD 116,500) against the actual reasonable legal fees and expenses incurred by the Investor and GYBL as a result of the
transaction contemplated hereunder. The Investor hereby acknowledges that (i) the Company has, before the date of this Agreement, paid one hundred and sixteen thousand five hundred Hong Kong Dollars (HKD 116,500) against payment of the
Investor’s reasonable expenses and legal fees to Jones Day of 31st Floor Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong and (ii) to the extent the actual
reasonable legal fees and expenses incurred by the Investor and GYBL as a result of the transaction contemplated hereunder are less than one hundred and fifty five thousand four hundred Hong Kong Dollars (HKD 155,400), the difference will be
refunded to the Company. 

  

	 	(b)	 In addition to the Company’s liability for reasonable legal fees and expenses as capped under Clause
7.1(a) above, where the Investor and GYBL consider it necessary to take further legal action to recover such fees and expenses, all of such 

  
 20 

	 	reasonable fees and expenses together with any additional reasonable fees and expenses incurred in such recovery action shall be payable by the Company as directed by GYBL upon GYBL’s request, provided however that
said reasonable fees and/or expenses and the legal action/s taken to recover such reasonable fees and expenses are determined in a final judgment, by a court of competent jurisdiction, to have legal basis under the governing law of this Agreement.

  

	 	(c)	 Other than as expressly set out in this Agreement, the Company and the Investor shall each pay its own costs,
fees and expenses in connection with the negotiation and execution of this Agreement and the completion of the transactions contemplated by this Agreement. 

  

	7.2	 Commitment Fee 

 

	 	(a)	 The Company shall pay GYBL a commitment fee equal to two per cent (2%) of the Total Commitment, being fifteen
million Hong Kong Dollars (HKD 15,000,000) (the “Commitment Fee”) without any Tax Deduction, unless a Tax Deduction is required by law, in which case the amount of the payment due from the Company shall be increased to an amount which
(after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	 	(b)	 The Commitment Fee shall be paid, at the option of the Company, in cash or by the issuance of unrestricted,
freely Trading Shares loaned pursuant to the share lending mechanism set out in this Agreement, at the five (5) day VWA Price of the Shares thereof on the Exchange. 

 

	 	(c)	 The Commitment Fee shall not be payable in the event that the Company does not successfully become Listed on an
Exchange. If the Company does become Listed on an Exchange, the Commitment Fee shall be payable regardless of whether any Draw Down Notice is issued or subscription of Shares by the Investor occurs under this Agreement. 

 

	 	(d)	 If not already paid pursuant to Clause (b) above, the Commitment Fee shall be payable, at
GYBL’s discretion, by deduction from the proceeds received by the Company pursuant to the first few Draw Down Notices issued hereunder and shall be automatically deducted therefrom by the Investor in settlement of such obligation. If the
Commitment Fee is not paid in full by the Company to GYBL on or before the first (1st) anniversary of the Listing of the Shares, the Commitment Fee or any portion thereof then remaining
outstanding shall be immediately due and payable. 

  

	 	(e)	 The Company shall, on the date of this Agreement, provide a Promissory Note, substantially in the form set out
at Schedule 7, as evidence of its obligation to pay the Commitment Fee. 

  

	 	(f)	 The Company shall pay the Commitment Fee to GYBL’s bank account as notified by GYBL to the Company in
accordance with Clause 10.2 of this Agreement. 

  

	 	(g)	 GYBL shall be entitled, at any time and prior to payment of Purchase Price under a Closing Notice, to assign to
the Investor the right to receive the Commitment Fee or any part thereof from the Company. In the event of such assignment, GYBL shall promptly notify the Company of such assignment in writing. Upon such assignment, the Investor shall be entitled to
set-off such Commitment Fee or any part thereof against any Purchase Price which the Investor shall be obliged to pay to the Company. Any such assignment shall be without prejudice to any other rights or
remedies which GYBL or the Investor may have against the Company. 

  
 21 

	 	(h)	 It is hereby acknowledged that if, on any date prior to the Payment Date (as that term is defined in the
Promissory Note), the Company pays any portion of the Commitment Fee (the “Paid Amount”) to GYBL or the Investor, the amount due to GYBL under the Promissory Note shall be reduced by an amount equal to the Paid Amount. In such
circumstances, the Company shall issue a new Promissory Note to GYBL for an amount equal to the Commitment Fee minus the Paid Amount (or if a number of payments have been made, the aggregate of all such Paid Amounts) against surrender by GYBL of its
existing Promissory Note to the Company. 

  

	7.3	 Tax 

Notwithstanding any provision of this Agreement, the Company shall bear any stamp duty or equivalent Taxes for the issue of any Shares or
Warrants under this Agreement. If any such duty or Tax has been paid by the Investor, whether or not as required by applicable law, the Company shall reimburse the Investor with such payment in full without delay upon presentation of proof of
payment of such duty or Tax by the Investor. 
  

	7.4	 Further Covenants 

The Company undertakes to the Investor that: 
  

	 	(a)	 it will despatch to the Investor: 

 

	 	(i)	 a copy of its annual reports, its interim reports, and any report, circular or listing document or other
material within two (2) Trading Days after filing thereof with the Exchange; 

  

	 	(ii)	 on the same day as the release thereof, facsimile copies of all press releases issued by the Company or any of
its Subsidiaries made pursuant to the Listing Rules; and 

  

	 	(iii)	 copies of any notices and other information made available or given to the Shareholders generally,
contemporaneously with the making available or giving thereof to the Shareholders; and 

  

	 	(b)	 neither the Company [nor any of its Subsidiaries] shall take any action which would be reasonably expected to
result in the de-Listing or suspension (save only temporarily for the purposes of release of an announcement or full disclosure of the transaction pursuant to this Agreement and for periods of not more than
three (3) Trading Days) of the Shares on the Exchange. 

  

	7.5	 Solicitation Materials 

Other than as may be required by law or any regulation, including the Exchange Materials, the Company and any Person acting on their behalf
have not and shall not: (i) distribute any offering materials in connection with the offering and issue of Shares pursuant to this Agreement; or (ii) solicit any offer to buy or sell such securities by means of any form of general
solicitation or advertising; or (iii) engage in any “directed selling efforts” as such term is defined in Rule 902 under the Securities Act; or (iv) take any action which would subject the issue of such Shares to the registration
requirements of Section 5 of the Securities Act or to any blue-sky or securities laws of any applicable jurisdiction. 
  

	8.	 INDEMNIFICATION 

 

	8.1	 Specific Indemnity to the Investor 

 

	 	(a)	 Without prejudice to any other rights or remedies which the Investor may have against the Company, in the event
that the Company fails to deliver freely Tradeable and Listed Subscription Shares specified in a Closing Notice within three (3) Trading Days of a Closing Date, the Company shall indemnify the Investor (or any Person acting by order of
the Investor) on a full indemnity basis for: 

  
 22 

	 	(i)	 all costs and losses incurred by the Investor or any Person acting by order of the Investor as a result of such
failure, including, without prejudice to the generality of the foregoing, all costs and losses incurred by the Investor as a result of its decision to “unwind”, rescind or otherwise terminate any or all sales of the Shares by the Investor
which have been made by the Investor with the expectation of receiving the Subscription Shares set forth in the relevant Closing Notice and/or in contemplation of such Shares being Listed (to the extent such sales do not constitute a breach by the
Investor of Clause 2.3(d) with respect to the short selling of Shares); and 

  

	 	(ii)	 all liabilities which the Investor or any Person acting by order of the Investor may incur, including but not
limited to the liabilities incurred to any third party in consequence of its not being able to complete any such sale of Shares as aforesaid, including, without limitation, any liability to reimburse any purchaser of such Shares for the acquisition
costs and any other costs incurred by such purchaser. 

  

	 	(b)	 The Company shall satisfy its indemnity obligations under Clause 8.1(a) by making the following payments (the
“Indemnity Amount”) to the Investor: 

  

	 	(i)	 for each Trading Day or part of a Trading Day, and up to a maximum of five (5) Trading Days, following the
third (3rd) Trading Day after the relevant Closing Date, where (A) the Company has failed to deliver the relevant Subscription Shares which should have been delivered pursuant to Clause 3.2(b), or (B) the Company has failed to cause the
relevant Subscription Shares to be Listed and freely Tradable pursuant to Clause 3.2(b), an amount equal to two percent (2%) of the Purchase Price in respect of those Shares that the Company failed to deliver and/or failed to procure to be Listed
and be freely Tradable (as the case may be); and 

  

	 	(ii)	 if the Company shall fail to either (A) deliver the required Sales Shares pursuant to Clause 3.2(b), or
(B) cause the Sales Shares to be Listed and Tradable pursuant to Clause 3.2(b), by the opening of Trading on the ninth (9th) Trading Day immediately following the relevant Closing Date, a sum
equal to the actual losses and liabilities (as referred to in Clause 8.1 (a)(i) and (ii) above) incurred or suffered by the Investor, provided that: 

  

	 	(1)	 the aggregate liability of the Company under this Clause 8.1(b)(ii) shall not exceed the Purchase Price of the
Shares which the Company has failed to deliver or List on or before the relevant Trading Day as required hereunder; 

  

	 	(2)	 the Investor shall use its reasonable endeavours to mitigate all losses and liabilities as referred to in this
Clause 8.1 (b)(ii); and 

  

	 	(3)	 the Investor shall provide the Company with reasonable evidence as to such losses and/or liabilities the
Investor may incur or suffer in respect of which a claim is made under this Clause 8.1(b)(ii). 

  

	 	(c)	 Without prejudice to any other rights or remedies which it may have against the Company, in the event that any
condition specified in Clause 3.2(c) has not been satisfied on the applicable Closing Date, the Investor shall be entitled to (i) elect, by notice to the Company, not to proceed with satisfying its obligations under Clauses 3.1 and 3.2(a) and
treat the relevant Draw Down Notice issued by the Company as null and void without prejudice to other provisions of this Agreement; 

  
 23 

	 	
and (ii) liquidated damages in respect of the Investors’ wasted costs and expenses (“Liquidated Damages”) payable in cash by the Company to the Investor, on the first
(1st) Trading Day following the date of the Investor’s notice to the Company for the purpose of nullifying the relevant Draw Down Notice, which equal to one per cent (1%) of the product of
(A) the Draw Down Amount specified in the relevant Draw Down Notice and (B) the Purchase Price which would be applicable if the Investor proceeded with the subscription of Shares. 

 

	 	(d)	 Without prejudice and in addition to any other rights or remedies which it may have against the Company, the
Investor may, by notice to the Company, terminate this Agreement if two (2) or more consecutive Draw Down Notices issued pursuant to Clause 2.1 have been treated as null and void by the Investor pursuant to Clause 8.1(c). Upon such termination
notice being given pursuant to this Clause 8.1(d), the obligation of the Investor under this Agreement shall terminate and be of no further effect, without prejudice to any claims available to any Party hereto in respect of any prior breaches in the
performance of the Parties’ respective obligations hereunder. 

  

	 	(e)	 Without prejudice to any other rights or remedies which it may have against the Company, the Investor shall be
entitled to set-off any amount due to it under this Clause 8.1 against the Purchase Price which it, in the event of the issue and Listing of the Shares pursuant to this Agreement, would have been or shall be
obliged to pay to the Company. The Investor and the Company hereby confirm that the Indemnity Amount and the Liquidated Damages are reasonable estimates of the damage likely to be suffered by the Investor in the event of such failure by the Company
to deliver the Shares or to procure the Shares to be Listed as required hereunder. 

  

	8.2	 General Indemnity to the Investor 

 

	 	(a)	 Without prejudice to Clause 8.1 and in consideration of the Investor’s execution and delivery of this
Agreement and agreement to acquire the Shares hereunder and in addition to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify, and hold harmless the Investor and its members, officers,
directors, employees, and any of the foregoing Person’s agent or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) if applicable (collectively, the
“Indemnified Persons”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection with the Investor’s execution and delivery of
this Agreement and acquiring the Shares hereunder (the “Indemnified Liabilities”), incurred by any Indemnified Person as a result of, or arising out of, or relating to: 

 

	 	(i)	 any misrepresentation or breach of any representation or warranty made by the Company in this Agreement or any
Warrant, or any other certificate, instrument or document contemplated hereby or thereby; 

  

	 	(ii)	 any breach of any covenant, agreement or obligation of the Company contained in this Agreement or any Warrant,
or any other certificate, instrument, or document contemplated hereby or thereby; and 

  

	 	(iii)	 any proceeding, investigation, cause of action, suit or claim brought, made, or threatened against such
Indemnified Person by a third party and arising out of or resulting from (A) the execution, delivery, performance, or enforcement of this Agreement or any Warrant, or any other certificate, instrument, or document contemplated hereby or
thereby, or (B) the status of the Investor or holder of the Shares as an investor in the Company, 

  
 24 

	 	
provided that, the Company will not be obliged to indemnify the Indemnified Persons as set out above to the extent that the Indemnified Liabilities are determined in a final judgement by a court
of competent jurisdiction to have resulted primarily from the gross negligence or wilful misconduct of the indemnified Person seeking such Indemnity. 

  

	 	(b)	 Subject to being indemnified and secured to its satisfaction by the Company against any additional or increased
losses it may suffer or incur as a result of so doing, and subject to the requirements (if any) of an Indemnified Person’s insurers, an indemnified Person shall take or procure to be taken such action or inaction as the Company may reasonably
request to avoid, dispute, resist, appeal, compromise or defend such Indemnified Liabilities, and such Indemnified Person (subject as provided above) should provide the Company and its legal advisers with such information and documentation relating
to such Indemnified Liabilities as the Company may reasonably require. Notwithstanding other provisions in this Agreement, if the Company fails so to indemnify and secure an Indemnified Person to such Indemnified Person’s satisfaction and/or to
request such Indemnified Person to take action in response to Indemnified Liabilities within fourteen (14) days of the notification of such Indemnified Liabilities to the Company, such Indemnified Person may pay or settle or resist or otherwise
deal with the Indemnified Liabilities as it in its absolute discretion thinks fit. 

  

	 	(c)	 To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company
shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable laws. 

  

	9.	 TERMINATION 

 

	9.1	 Termination by Mutual Consent 

This Agreement may be terminated at any time during the Commitment Period by the mutual consent of the Company and the Investor. 

 

	9.2	 Termination by the Investor 

This Agreement may be terminated during the Commitment Period by the Investor by giving written notice of such termination to the Company, if:

  

	 	(a)	 there has been any Material Adverse Change; 

 

	 	(b)	 there has been any Material Change in Ownership; 

 

	 	(c)	 the Company has materially breached any of its representations, warranties, covenants, undertakings, or
obligations contained in this Agreement and such breach is not cured within five (5) Business Days following receipt by the Company of written notice of such breach; 

 

	 	(d)	 any material information supplied by or on behalf of the Company to the Investor in relation to the Company,
its Subsidiaries, and the Share Lender is materially misleading or deceptive; 

  

	 	(e)	 hostilities not presently existing commence (whether war has been declared or not) or in the opinion of the
Investor there is a major act of terrorism or significant escalation in existing hostilities (whether war has been declared or not) involving any one or more of Hong Kong, the People’s Republic of China, and the United States of America;

  
 25 

	 	(f)	 either one of the following occurs: 

 

	 	(i)	 a general moratorium on commercial banking activities in Hong Kong or any other relevant Listing jurisdiction
is declared by the relevant authority, or if there is a material disruption in commercial banking or security settlement or clearance services in Hong Kong or any other relevant Listing jurisdiction; or 

 

	 	(ii)	 trading in all securities quoted or listed on the Exchange is suspended or limited in any material respect for
three (3) consecutive Trading Days, 

 in either case the effect of which is such as to make it, in the reasonable
judgment of the investor, impractical to enforce this Agreement, any Closing Notice, or the exercise of any Warrant; 
  

	 	(g)	 approval is refused or approval is not granted which is unconditional to the Listing of the Subscription
Shares, or if granted, the approval is subsequently withdrawn, qualified or withheld; 

  

	 	(h)	 there is a reasonable, bona fide allegation of fraud committed by the Company, its officers, its Shareholders,
or the Share Lender; 

  

	 	(i)	 the Shares, after Listing, cease to be Listed and Tradeable on the Exchange; or 

 

	 	(j)	 Trading of the Shares is suspended continuously for more than twenty (20) Trading Days.

  

	9.3	 Termination by the Company 

This Agreement may be terminated during the Commitment Period by the Company by giving written notice of such termination to the Investor, if:

  

	 	(a)	 there has been a Material Adverse Effect relating to the Investor; or 

 

	 	(b)	 the Investor has materially breached any of its representations, warranties, covenants, undertakings, or
obligations contained in this Agreement and such breach is not cured within thirty (30) Business Days following receipt by the Investor of written notice of such breach. 

 

	9.4	 Effect of Termination 

 

	 	(a)	 In the event of the termination of this Agreement pursuant to this Clause 9 by the Company or by the
Investor, the Parties shall retain all rights and remain bound by all obligations under this Agreement with respect to the Shares and Warrants previously issued pursuant hereto to the Investor. 

 

	 	(b)	 Nothing herein shall relieve any terminating Party from liability for any prior breach of any of its
agreements, covenants, representations, warranties, or other obligations under this Agreement or shall relieve any terminating Party from liability for fraud or wilful misconduct. 

 

	10.	 MISCELLANEOUS 

 

	10.1	 Entire Agreement 

This Agreement (including the Schedules to it) contains the entire agreement and understanding of the Parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral or written, relating to the subject matter of this Agreement. For the avoidance of doubt, all letters and any other arrangements between the Company, and either of the
Investor or GYBL written or entered into prior to the date of this Agreement shall cease to be of any effect and no Party shall have any claim or right of action pursuant thereto. No Party has relied on any representation or warranty made by any
other Party which is not contained in this Agreement. 

  
 26 

	10.2	 Notices 

Any notice or other communication required or permitted to be given under the terms of this Agreement shall be in writing and shall be deemed
to have been received upon hand delivery or facsimile transmission (with transmission confirmation report) at the addresses or facsimile numbers designated below (if delivered on a Business Day on or prior to 5:00 p.m., Hong Kong time or New York
time (as applicable at the recipient’s address)), or the first (1st) Business Day following such delivery (if delivered other than on a Business Day or after 5:00 p.m., Hong Kong time or New
York time (as applicable at the recipient’s address)), whichever shall be applicable. 
 The addresses and facsimile numbers for such
communications shall be for: 
  

	 	(i)	 the Investor, as specified in Schedule 1; 

 

	 	(ii)	 the Company, at its office address set out at the beginning of the Agreement, facsimile number N/A, email
address jjavitt@neurorxpharma.com marked “for the attention of “Jonathan Javitt”; and dcurtis@proskauer.com marked “for the attention of David Curtis, and dwyer.johnjr@gmail.com marked for the attention of
John Dwyer. 

  

	 	(iii)	 GYBL, at c/o The GEM Group, 390 Park Avenue, 7th Floor,
New York, NY 10022, USA, facsimile number + 1 212 265 4035, email address cbrown@gemny.com marked “for the attention of Chris Brown” 

(or, in all cases, such other address and facsimile number as shall be notified in writing by the recipient Party to the sending Party from
time to time). 
  

	10.3	 Amendments and Waivers 

No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by each of the
Company and the Investor, or, in the case of a waiver, by the Party against whom enforcement of any such waiver is sought. 
  

	10.4	 Headings 

The headings in this Agreement are for convenience only, and shall be ignored in construing its terms. 

 

	10.5	 Assignment 

  

	 	(a)	 The Company may not assign any of its rights and obligations hereunder, including by merger or consolidation
(as the case may be). 

  

	 	(b)	 Subject to Clause 10.5(c), the Investor shall not be entitled to assign its rights under this Agreement
to any Person other than to an Affiliate of the Investor, provided such Affiliate has entered into a deed of adherence in the form set out in Schedule 5. 

 

	 	(c)	 The Investor shall be entitled to assign or procure the assignment to any Person of the rights, title and
claims the Investor or any Person acting by order of the Investor may have against the Company for the delivery of Shares which the Company is obliged to issue to the Investor or to the Investor’s order, pursuant to any Closing Notice or upon
exercise of any Warrant (as the case may be). 

  
 27 

	10.6	 No Third-Party Beneficiaries 

Except as otherwise expressly provided by this Agreement, a person who is not a Party to this Agreement (other than a permitted transferee or
assignee to whom rights have been transferred In accordance with Clause 10.5 above) has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) of Hong Kong or otherwise and has no rights under any law to enforce any term
of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from such law. Despite any other term of this Agreement, the consent of any person who is not a party to this Agreement is not
required for any amendment to, or variation, release, rescission, or termination of this Agreement. 
  

	10.7	 Remedies and Waiver 

The remedies provided in this Agreement shall be cumulative and in addition to all other remedies available under this Agreement or otherwise
provided by law. Any delay by a Party in exercising, or failure to exercise, any right or remedy under this Agreement shall not constitute a waiver of the right or remedy or a waiver of any other rights or remedies and no single or partial exercise
of any rights or remedy under this Agreement or otherwise shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver of a breach of any of the terms of this Agreement or of any default
hereunder shall not be deemed to be a waiver of any subsequent breach or default and shall in no way affect the other terms of this Agreement. 
  

	10.8	 Survival 

The representations, warranties, covenants, and agreements of the Company and the Investor shall survive the signing of this Agreement, each
Closing Date, the termination of this Agreement, and the expiry of the Commitment Period. 
  

	10.9	 Counterpart Signatures 

This Agreement may be executed in two (2) or more counterparts, all of which when taken together shall be considered one (1) and the
same agreement and shall become effective when counterparts have been signed by each Party hereto and delivered to the other Parties, it being understood that the Parties hereto need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or electronic mail, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile or
electronic mail signature page were an original thereof. 
  

	10.10	 Severability 

In case any one (1) or more of the provisions of this Agreement shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby. 
  

	10.11	 Publicity 

The Company covenants to the Investor that, in the event that a Draw Down Notice or a Closing Notice is issued and the fact of such issue can
reasonably be expected to constitute information which is not generally available but, if it were, would be likely to materially affect the price of the securities of the Company, it shall forthwith upon such issue announce details thereof to the
Exchange in accordance with the Listing Rules. Save to the extent required by law or by the Exchange or any other regulatory authority (in which case the Company and the Investor shall be obligated to use their respective best endeavours to consult
with one another), the Investor shall have the right to approve any press releases or any other public statements of the Company before issue with respect to any aspect of the transactions contemplated hereby, which approval shall not be
unreasonably withheld or delayed (other than any announcement required pursuant to the first sentence of this Clause 10.11). 

  
 28 

	10.12	 Further Assurances 

Each Party to this Agreement shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments, and documents, as the other Party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the completion of the transactions contemplated
hereby. 
  

	10.13	 Exclusivity 

The Company shall not enter into, create or permit to subsist in its name or on its behalf any Share Subscription Facility other than the Share
Subscription Facility granted by the Investor to the Company pursuant to the terms of this Agreement for the period from the date hereof until the expiry of the Commitment Period or earlier termination of this Agreement together with full and
irrevocable payment of all amounts payable by the Company hereunder, provided that this provision shall not prevent the Company from raising funds by other means including, without limitation, by way of a share placing, convertible bonds or a rights
issue, except to the extent (applying such term strictly) such other means are a Share Subscription Facility. 
  

	10.14	 Confidentiality 

 

	 	(a)	 Each of the Parties agrees that it must not, and each Party shall direct and use its best efforts to cause each
of its Affiliates and its Affiliates’ directors, consultants, officers, employees, agents, and shareholders (the “Representatives”) not, directly or indirectly, to disclose to any other Person or entity any information about
the existence of this Agreement or any of the transactions contemplated herein, any of the terms and conditions of this Agreement or the existence or the contents of any discussions, correspondence or other communications between the Company and the
Investor or their Representatives relating to this Agreement or any of the said transactions, without the other Party’s written consent, subject to Clause 10.11 above; 

 

	 	(b)	 Each of the Parties agrees to keep all matters relating to this Agreement, the transaction and the transaction
documents confidential and not to make any public announcements regarding the same without the other Party’s written consent, subject to Clause 10.11 above; and 

 

	 	(c)	 The confidentiality requirement herein shall not cover disclosure of information by a Party to this Agreement
to its stockholders and other parties to whom information relating to this Agreement are required to be disclosed for the purpose of implementing the rights and obligations of the Parties herein, provided that the Party making such disclosure shall
ensure that the Persons to whom information is disclosed shall in all event maintain the confidentiality of such disclosed information. 

  

	10.15	 Adjustments to the Minimum Threshold Price 

If the Company at any time subdivides its outstanding Shares into a greater number of Shares, then the Minimum Threshold Price in effect
immediately before such subdivision shall be proportionately reduced (if such subdivision is not reflected therein). If the Company at any time combines its outstanding Shares into a smaller number of Shares, the Minimum Threshold Price in effect
immediately before such combination shall be proportionately increased (if such combination is not reflected therein). 
  

	10.16	 Conflict with Other Agreements 

In the event of any conflict between this Agreement (or any portion thereof) and any ancillary agreements to this Agreement, the terms of this
Agreement shall prevail. 

  
 29 

	10.17	 Governing Law 

 

	 	(a)	 This Agreement (together with all documents to be entered into pursuant to it which are not expressed to be
governed by another law) shall be governed by and construed and take effect in accordance with the laws of Hong Kong. 

  

	 	(b)	 All disputes, controversies, or claims between the Parties arising out of or in connection with this Agreement
(including its existence, validity, or termination) which cannot be amicably resolved shall be finally resolved and settled under the Rules of Arbitration of the American Arbitration Association and its affiliate the International Center for Dispute
Resolution in New York City, the United States. The arbitration tribunal shall be composed of one (1) arbitrator. The arbitration will take place in New York City, New York, and shall be conducted in the English language. The arbitration award
shall be final and binding on the Parties. 

 - Schedules 1 - 7 to follow - 

  
 30 

 SCHEDULE 1 

THE INVESTOR 
  

					
	 Investor’s Name
	  	 Investor’s Address and Facsimile

Number
	  	 Percentage Allocation of

Shares

	GEM GLOBAL YIELD LLC SCS	  	 GEM GLOBAL YIELD LLC SCS
 412F route d-Esch, L-2086, Luxembourg
	  	100%
			
		  	 Tel: +1 (212) 582 3400
 Fax: +1 (212) 265
4035
 Email: cbrown@gemny.com
 Attn: Chris
Brown
	  	
			
		  	 Copy to:
 GEM YIELD BAHAMAS LIMITED

Office of Lennox Paton Corporate
 Services Limited, Bayside
Executive
 Park, Building 3, West Bay Street,
 P.O. Box N-4875,
Nassau, Island of New
 Providence, Commonwealth of the

Bahamas
	  	
			
		  	 Tel: +1 (212) 582 3400
 Fax: +1 (212) 265
4035
 Email: cbrown@gemny.cm
 Attn: Chris Brown
	  	

  
 31 

 SCHEDULE 2 

FORM OF DRAW DOWN NOTICE 

 

	To:	 GEM GLOBAL YIELD LLC SCS 

Attention:             Chris Brown 

We refer to the Share Subscription Facility Agreement (the “Agreement”) dated [
                    ] between NeuroRx, Inc (the “Company”), GEM Yield Bahamas Limited, and yourselves. Terms defined in the
Agreement have the same meaning herein. This Draw Down Notice is being delivered to you pursuant to Clause 2.1 of the Agreement. 
 The Draw Down Amount
applicable to this Draw Down Notice shall be                      Shares, being
                                        
per cent of the average Daily Trading Volume during the fifteen (15) Trading Days immediately preceding the date of this Draw Down Notice. 
 The
Threshold Price applicable to this Draw Down Notice shall be
                                         
   . 
 The Shares are Listed, and Trading of the Shares [has not been suspended/ has been suspended on [•] for [•] hours]
during the fifteen (15) Trading Days with respect to which the average Daily Trading Volume was determined. 
 We hereby certify that all conditions
precedent to the delivery of this Draw Down Notice pursuant to the Agreement have been satisfied (or waived in writing by you). 
 The Purchase Price shall
be paid by crediting the following account of the Company: 
 Account No.: 

Bank Name: 
 Account holder: 

Swift Code: 
  

					
	 	  	 	  	Allocated
			
	 Investor’s Name
	  	 	  	 Proportion

	GEM GLOBAL YIELD LLC SCS	  		  	100%
			
		  		  	 For and on behalf of
  

NeuroRx, Inc
  

Dated:
                                         
               

  
 32 

 SCHEDULE 3 

FORM OF CLOSING NOTICE 

 

	To:	 NEURORX, INC 

913 N. MARKET STREET, 

SUITE 200, 

WILMINGTON, DE 19801 

UNITED STATES 

Attention:         [Mr. Jonathan Javitt] 

[CC: •] [NOTE: If GEM GLOBAL YIELD LLC SCS intends to assign its right to be delivered the Subscription Shares pursuant to Clause 6.2 of the Agreement
for Share Lending Transactions, it may copy this Closing Notice to the Share Lender as notice of assignment This will also serve as notice to the Company as required under Clause 6.2 of said agreement.] 

We refer to the Share Subscription Facility Agreement (the “Agreement”) dated
                         between us, GEM YIELD BAHAMAS LIMITED and NEURORX, INC (the “Company”) and to
the Draw Down Notice delivered to us on [insert Draw Down Notice Delivery Date]. Terms defined in the Agreement have the same meaning herein. 
 We hereby
give you notice pursuant to Clause 3.1 of the Agreement that we accept the Draw Down Notice and shall subscribe for [•] Shares, being [•]% of the Draw Down Pricing Period Obligation. 

The Subscription Price, being ninety per cent (90%) of the average Closing Bid Price during the Draw Down Pricing Period, (excluding any Closing Bid Price on
Trading Days where ninety per cent (90%) of the average Closing Bid Price was less than the Threshold Price being [insert dates of the Knockout Days]), is HKD [•] per Share. The aggregate Purchase Price pursuant to this Closing Notice is
therefore HKD [•]. 
 [We further give notice that, pursuant to Clause 10.5 of the Agreement and Clause 6.2 of the Agreement for Share Lending
Transactions dated [•], our rights, title and claims against you for the delivery of [insert number of Shares to be delivered to the Share Lender] of [insert total number of Shares] Shares to be
issued under this Closing Notice are assigned to [name of the Share Lender] to such securities account as may be designated by [name of the Share Lender].] [NOTE: Copy and repeat this clause where the right to
take delivery of Subscription Shares will be assigned to more than one Share Lender.] 
 Please deliver such Shares in accordance with the following
instructions: 
 Electronic book entry transfer requested (check one) (1) YES          NO
         
 Securities Sub-Account No.:
                                         
            
 [Electronic book entry transfer requested (check one) (1) YES
         NO          
 Securities Sub-Account No.:
                                    ] 

Signed by:
                                         
                                

Name:
                                         
                                        

For and on behalf of GEM GLOBAL YIELD LLC SCS 

  
 33 

 SCHEDULE 4 

FORM OF AGREEMENT FOR SHARE LENDING
TRANSACTIONS 
 THIS AGREEMENT is made on
                                         
        2019 
 BETWEEN : 
  

	(1)	 [NAME], [PASSPORT/IDENTITY CARD], [a company incorporated in the [PLACE] having its registered office at
[ADDRESS]]/ [of [RESIDENTIAL ADDRESS]] (hereinafter referred to as the “Lender”); and 

  

	(2)	 GEM GLOBAL YIELD LLC SCS (together with its permitted successors and assigns), a company incorporated
under the laws of Luxembourg whose registered office is at 412F route d-Esch, L-2086, Luxembourg (hereinafter referred to as the “Borrower”).

 WHEREAS: 
  

	1.	 On                 ,
NeuroRx, Inc, a company incorporated in Delaware whose principal office at 913 N. Market Street, Suite 200, Wilmington, DC 19801, United States, (the “Company”) entered into a Share Subscription Facility Agreement with the Borrower
(the “Share Subscription Facility Agreement”). Expressions defined in the Share Subscription Facility Agreement and not re-defined herein shall have the same meanings in this Agreement, unless
the context otherwise requires. 

  

	2.	 Under the Share Subscription Facility Agreement, the Borrower will subscribe for Shares from the Company from
time to time. 

  

	3.	 The Lender is the beneficial owner and/or controls [•] Shares in the Company and [•] Shares of which
are Listed and Tradable on the Exchange. 

  

	4.	 Pursuant to Clause 2.2(k) and Clause 2.2(l) of the Share Subscription Facility Agreement, it is a condition to
the delivery of a Draw Down Notice by the Company that the Company has procured that the Lender lends to the Borrower Shares in an amount equal to one hundred per cent (100%) of the Draw Down Amount in such Draw Down Notice from time to time.

  

	5.	 The Lender has agreed to lend to the Borrower from time to time and the Borrower has agreed to borrow from the
Lender from time to time, freely Tradable and Listed Shares in the Company to assist the Company in meeting the condition referred to in Recital 4 above. 

IT IS AGREED: 
 1. LOAN
OF SHARES 
  

	1.1	 The Lender agrees to lend the Loan Shares (as defined below) to the Borrower from time to time subject to the
terms and conditions of this Agreement which shall be applicable to each Individual Share Lending between the parties hereto (each a “Loan” and all loans being referred to as the “Loans”). 

 

	1.2	 The Borrower shall redeliver to the Lender or procure that there be redelivered or issued to the Lender Shares
(“Equivalent Shares”) of the same quantity and description (or reasonably equivalents) as the Lender has lent to the Borrower under the relevant Loan provided that such Shares may be either Listed or not Listed in accordance with
the terms and conditions of this Agreement. 

  
 34 

	1.3	 Each individual Loan and this Agreement shall constitute one single agreement and all Loans shall be concluded
on the basis of this Agreement. 

  

	1.4	 Subject to Clauses 2.3, 2.4, 7.1 and 7.2, in respect of the Loan Shares, until such Loan Shares, or any part
thereof, are redelivered to the Lender pursuant to this Agreement, the Borrower shall have all of the incidents of ownership of the Loan Shares free from any interest of the Lender, including but not limited to the right to freely trade the Loan
Shares and to freely transfer the legal and beneficial interest in the Loan Shares to other persons. The Lender hereby waives the right to vote, or to provide any consent or to take any similar action with respect to such Loan Shares in the event
that the record date or deadline for such vote, consent or other action falls within the term of the relevant Loan. 

 2.
LOANS AND TERM OF A LOAN 
  

	2.1	 On or before a Draw Down Notice Date, the Lender shall offer to lend the Borrower Shares in the Company by
delivering a written offer signed by the Lender (the “Offer”) which in aggregate shall be equal to one hundred per cent (100%) of the Draw Down Amount stipulated in the relevant Draw Down Notice which shall contain the following
information: 

  

	 	(a)	 the number and details of Shares (the “Loan Shares”) which will be lent by the Lender (the
“Loan Amount”) which shall be equal to one hundred per cent (100%) of the Draw Down Amount stipulated in the relevant Draw Down Notice; and 

 

	 	(b)	 the date of delivery of the Loan Shares by the Lender to the Borrower (the “Delivery Date”),
which, unless otherwise agreed in writing with the Borrower, shall be the Draw Down Notice Date; and 

  

	 	(c)	 the delivery procedure for delivery of Loan Shares to the Borrower applied by the involved clearing-institution
(the “Delivery Procedure”); and 

  

	 	(d)	 the securities sub-account to which the Loan Shares will be delivered
(the “Securities Account”), which shall be a securities sub-account which the Borrower has established with its appointed depository agent (the “Depository Agent’’) and
which the Borrower has notified the Lender in writing, such notification being binding on the parties until another securities sub-account is designated by the Borrower and notified to the Lender in writing.

  

	2.2	 The Borrower shall, subject to Clause 2.3, provide instructions to its Depository Agent to receive the Shares
delivered pursuant to the Offer. For avoidance of doubt, the provision of such instructions is without prejudice to the Borrower’s right to object to the Offer and/or refuse the delivery of the Loan Shares pursuant to Clause 2.3.

  

	2.3	 The Borrower may object to the Offer or to the inclusion or delivery of particular Loan Shares by 5:00pm in
Hong Kong on the second (2nd) Trading Day immediately following the applicable Draw Down Notice Date (or as soon as reasonably practicable thereafter). The Lender shall deliver the Loan Shares for
which no objection by the Borrower has been made to the Securities Account on the Delivery Date and the Borrower shall be bound to accept delivery of such Loan Shares, provided that the Borrower shall be entitled to object to the Offer and/or not to
accept the delivery of all or part of the Loan Shares if to do so would;- 

  

	 	(a)	 require the Borrower or the Borrower and its concert parties to make a general mandatory offer for all the
issued Shares in the Company; 

  

	 	(b)	 result in a breach of the Share Subscription Facility Agreement or of any applicable law by the Borrower; or

  
 35 

	 	(c)	 require the Borrower to comply with prospectus registration requirements in Hong Kong or any other applicable
Listing jurisdiction. 

  

	2.4	 If the Borrower objects to an Offer or does not accept delivery of Loan Shares in accordance with the
provisions of Clause 2.3, then the delivery by the Lender of the Loan Shares to the Securities Account shall not transfer the Lender’s beneficiary ownership of such Loan Shares to or confer the incidents of ownership of such Loan Shares on the
Borrower and the Lender shall be entitled absolutely to a return of such Loan Shares. 

  

	2.5	 In the event that the Company does not proceed to issue a Draw Down Notice following an Offer made by the
Lender in relation thereto, the Offer and any contract with the Borrower in respect of the Loan Shares relating thereto shall be deemed to be terminated with immediate effect and the Borrower shall procure that any Loan Shares which have been
delivered to it pursuant to such Offer shall be promptly returned to the Lender at the account designated by the Lender with the Depository Agent as notified to the Borrower from time to time (“Lender Designated Account”). For the
avoidance of doubt, delivery of the Loan Shares by the Borrower to the Lender Designated Account shall be in full and final satisfaction of the Borrower’s obligations to the Lender to return Loan Shares under this Clause. 

 

	2.6	 The Borrower and Lender shall execute and deliver all necessary documents and give all necessary instructions
to procure that all legal and beneficial right, title and interest in: 

  

	 	(a)	 any Loan Share borrowed by or by order of the Borrower from the Lender be transferred by the Lender to the
Borrower; and 

  

	 	(b)	 any Equivalent Share to be redelivered by or by order of the Borrower to the Lender be transferred from the
Borrower to the Lender 

 on delivery of the relevant Shares in accordance with the terms of this Agreement, free from all
liens, charges, encumbrances and other third party’s rights. The Borrower receiving Loan Shares subject to any liens, charges, encumbrances or other third party rights, shall have a right to return or redeliver Equivalent Shares subject to any
such liens, charges or other third party rights, title or interests. Equivalent Shares to be returned by the Borrower may be either Listed or not Listed Shares. 
  

	2.7	 In case of any Loan Shares and/or any Equivalent Share title to which is registered on a computer based system,
the transfer of title thereof shall take place in accordance with the rules and procedures of such system as are in force from time to time. 

3. DELIVERY OF THE LOAN SHARES; TRANSFER OF
OWNERSHIP 
  

	3.1	 The Lender shall deliver the Loan Shares to the Securities Account on the Delivery Date by procuring that there
be delivered to the Borrower irrevocable confirmation by the Depository Agent that the Lender has transferred the Loan Shares to the Securities Account and that such Loan Shares are held by the Depository Agent for the account of the Borrower or any
Person acting by the order of the Borrower. 

  

	3.2	 In the event that the Loan Shares are not delivered by the Lender or such Loan Shares delivered shall in
aggregate be less than one hundred per cent (100%) of the relevant Draw Down Amount specified in the relevant Draw Down Notice in accordance with Clause 2.1 and Clause 3.1 above, the Borrower shall be entitled to damages for non-performance and/or
to terminate this Agreement without further notice. Any claim for specific performance by the Borrower shall be excluded. 

  

	3.3	 The Lender shall not be entitled to obtain collateral from the Borrower for the Loan Shares.

  
 36 

	4.	 FEES 

The parties hereto acknowledge and agree that no fees shall be payable by the Borrower to the Lender for any Loan granted by the Lender to the
Borrower from time to time. 
 5. DIVIDENDS, STOCK DIVIDENDS AND SUBSCRIPTION
RIGHTS 
  

	5.1	 The Lender shall be entitled to all cash distributions (such as cash dividends or cash payment in the event of
a capital reduction) and/or any other rights or distributions paid on or allotted to the Loan Shares lent by such Lender to the Borrower during the period of a Loan. 

 

	5.2	 Where the Borrower holds the Loan Shares at a time when cash dividends and/or subscription or other
rights or distributions are paid on or allotted to the Loan Shares during the period of a Loan, the Borrower shall:- 

  

	 	(a)	 deliver the cash dividends or other distributions to the Lender as soon as reasonably practicable upon receipt
by the Borrower thereof; and/or 

  

	 	(b)	 procure the renunciation of such subscription or other rights in favour of the Lender as soon as reasonably
practicable. 

  

	5.3	 Where cash dividends and/or any other rights or distributions are paid or allotted in relation to any Loan
Shares on or by reference to a record date on which the Loan Shares are the subject of a Loan hereunder and the Borrower no longer holds the Loan Shares at such record date, the Borrower shall as soon as reasonably practicable on or after the date
of payment or allotment by the Company of such cash dividends and/or other rights or distributions, pay and deliver a sum of money equivalent to the cash dividends and/or rights or distributions which the Lender would have received with respect to
the Loan Shares, irrespective of whether the Borrower received the same. The monetary equivalent of any rights or distributions (other than cash dividends and distributions) shall be determined by reference to the Market Value of such rights or
distributions at the date of allotment by the Company thereof. 

 6. REDELIVERY 

 

	6.1	 Each Loan is concluded for a term beginning with the delivery of the Loan Shares to the Borrower and ending on
the day of re-delivery of the applicable Loan Shares and/or the Loan Amount of Equivalent Shares (which may be either Listed or not Listed) by the Borrower to the Lender in accordance with Clause 6.2 and/or
6.4 (as the case may be). (In the event that there shall only be redelivery by the Borrower with respect to part of the Loan Shares and/or Equivalent Shares, the Loan shall be deemed concluded in respect of that part of the relevant Loan Shares
only.) 

  

	6.2	 The Borrower shall have the right but not an obligation to effect redelivery of the Loan Shares to the Lender
by assigning, or procuring the assignment, to the Lender, of rights, title and claims the Borrower or any Person acting by order of the Borrower may have against the Company for the issue and/or delivery of Equivalent Shares (or any part thereof)
which the Company is obliged to issue pursuant to a Closing Notice or the exercise of a Warrant (whether or not such Shares are then issued by the Company or Listed) to the Borrower or to the Borrower’s order. Any such assignment by the
Borrower shall be deemed to take effect from the date on which the Borrower notifies the Lender and the Company in writing of the number of Shares or Equivalent Shares to be assigned to the Lender under this Clause 6.2. 

  
 37 

	6.3	 The Parties hereto acknowledge and agree that in respect of each Loan, each assignment by or by order of the
Borrower to the Lender pursuant to Clause 6.2 shall be in full and final settlement of the Borrower’s obligations to the Lender under this Agreement in respect of such Loan (or the part of such Loan where the Shares subscribed for under the
relevant Closing Notice or exercise of a Warrant and assigned to the Lender is less than the Loan Amount) and rights of the Borrower or any Person acting by order of the Borrower against the Company to have Shares or Equivalent Shares issued have
been assigned to the Lender pursuant to Clause 6.2. 

  

	6.4	 Unless Clause 7.8 applies, upon the Borrower’s receipt of the Shares subscribed under the Share
Subscription Facility Agreement pursuant to the relevant Closing Notice in respect of a Draw Down Notice for which Loan Shares are delivered to the Borrower hereunder and upon such Shares being Listed and freely Tradeable, the Borrower shall
conclude a Loan (or any part thereof) on the next Trading Day or as soon as practicable thereafter by returning the applicable Loan Shares and/or Loan Amount of Equivalent Shares to the Lender in the Lender Designated Account. For the avoidance of
doubt, redelivery of the applicable Loan Shares and/or Equivalent Shares by the Borrower to the Lender Designated Account shall be in full and final satisfaction of the Borrower’s obligations to the Lender under this Agreement in respect of
such Loan Amount. 

  

	6.5	 For avoidance of doubt, subject to Clause 7.8, the Borrower is not obliged to redeliver the Loan Shares or any
part thereof in respect of a Loan at any time prior to its receipt of the Shares subscribed under the Share Subscription Facility Agreement pursuant to the relevant Closing Notice of the Draw Down Notice to which the Loan Shares relate and prior to
such Shares being Listed and freely Tradeable. 

  

	7.	 TERMINATION 

 

	7.1	 This Agreement commences on the date hereof and continues until whichever is the later of:-

  

	 	(a)	 the date of termination of the Share Subscription Facility Agreement; 

 

	 	(b)	 the date on which all claims of the Borrower for delivery of Shares under the Share Subscription Facility
Agreement are fulfilled and satisfied in a proper and lawful manner, upon which this Agreement shall expire; and 

  

	 	(c)	 the date on which all claims of the Lender for the redelivery of the Loan Shares under this Agreement are
fulfilled and satisfied in a proper and lawful manner, upon which this Agreement shall expire. 

  

	7.2	 Termination of this Agreement prior to its expiry shall not be permitted unless terminated in accordance with
this Clause 7. 

  

	7.3	 This Agreement as well as any and all Loans granted under this Agreement may be terminated with immediate
effect only if and when the Borrower does not fulfil its obligation under Clause 6 above by the Lender provided that the Lender shall have first issued a written reminder to the Borrower stating the obligation which the Borrower has failed to fulfil
and giving the Borrower five (5) Business Days to fulfil such obligations. 

  

	7.4	 All Loans shall terminate with immediate effect upon the occurrence of any of the following events:-

  

	 	(a)	 Winding Up 

  

	 	(i)	 a meeting is convened; or 

  
 38 

	 	(ii)	 a petition is presented (other than a vexatious or frivolous petition which is set aside before the petition is
advertised and in any event within 14 days of presentation); or 

  

	 	(iii)	 an order is made; or 

 

	 	(iv)	 a resolution is passed, 

for the winding-up or bankruptcy, as the case may be, of the Borrower or the Lender; or 

 

	 	(b)	 Enforcement Proceedings 

 

	 	(i)	 an encumbrancer takes possession on or following enforcement of its rights; or 

 

	 	(ii)	 a receiver, a receiver and manager, trustee or similar official is appointed under any applicable law,

 of the whole or any material part of the assets or undertaking of the Borrower or the Lender. 

 

	7.5	 In the event of the early termination of a Loan pursuant to this Clause 7, the Lender shall no longer be
required to fulfil its obligations on the delivery of the applicable Loan Shares. These obligations shall be replaced by the Compensation Claim in accordance with Clause 7.6 below. 

 

	7.6	 In the event of the termination of a Loan, the Borrower shall, if it is the
non-defaulting party, calculate the value of all Loan Shares to be delivered in Hong Kong Dollars on the basis of the Market Value of the Loan Shares on the date of termination of the Loan. Such a claim shall
be credited together with any other claims arising from the termination of this Agreement, if any, and shall constitute a single compensation claim by the Borrower against the Lender (“Compensation Claim”). 

 

	7.7	 Except as otherwise provided in Clause 7.8, upon termination of this Agreement for any reason, the Borrower
shall immediately return all of the Loan Shares (or such number of Equivalent Shares, which may be Listed or not Listed) to the Lender. 

  

	7.8	 In the event that the Company fails to issue, deliver or List any Share contemplated by the Share Subscription
Facility Agreement otherwise than due to the default of the Borrower, the Parties agree that no Loan Shares shall be returned to the Lender until such time as the Company has paid to the Borrower the Indemnity Amount pursuant to Clause 8.1 of Share
Subscription Facility Agreement. 

  

	8.	 TAXES AND OTHER CHARGES

 The Parties shall each pay its own costs, fees and charges, including all necessary transfer tax and stamp duties,
occurring upon delivery and redelivery of the Loan Shares (including by way of the issuance by the Company to the Lender of the Subscription Shares). 
  

	9.	 PAYMENTS 

All payments to be paid within the scope of this Agreement shall be made in Hong Kong Dollars and shall be paid without any deduction or
withholding to an account in Hong Kong. 

  
 39 

	10.	 MEANS OF COMMUNICATION 

 

	10.1	 Any notice or other communication required or permitted to be given under the terms of this Agreement shall be
in writing and shall be deemed to have been received upon hand delivery, facsimile transmission (with transmission confirmation report), or email at the address, number, or email address designated below (if delivered on a Business Day on or prior
to 5:00 p.m., Hong Kong time or New York time (as applicable at the recipient’s address), or the first Business Day following such delivery (if delivered other than on a Business Day or after 5:00 p.m., Hong Kong time or New York time (as
applicable at the recipient’s address), whichever shall first occur. 

  

	10.2	 The addresses for such notices and communications shall be for: 

 

	 	(a)	 the Borrower 

GEM GLOBAL YIELD LLC SCS 

412F route d-Esch, L-2086, Luxembourg 

Tel: +1 (212) 582 3400 
 Fax: +1
(212) 265 4035 
 Email: cbrown@gemny.com 

Attn: Chris Brown 
 Copy to: 

GEM YIELD BAHAMAS LIMITED 

Office of Lennox Paton Corporate Services Limited, Bayside Executive Park, 

Building 3, West Bay Street, P.O. Box N-4875, Nassau, Island of New Providence, 

Commonwealth of the Bahamas 
 Tel:
+1 (212) 582 3400 
 Fax: +1 (212) 265 4035 

Email: cbrown@gemny.com 

Attn: Chris Brown 
  

	 	(b)	 Lender: 

[NAME] 
 [ADDRESS] 

Tel: [●] 
 Fax: [●]

 Attn: [●] 
 (or, in all
cases, such other address and fax number as shall be notified in writing by the recipient party to the sending party from time to time). 

  
 40 

	10.3	 In case of facsimile-transmission the sender bears all damages incurred for reasons of distorted notifications
or information, unless the recipient has not carried out examination of the transmitted document with the necessary diligence. The recipient, however, is only obliged to examine whether a gross distortion is given which is still recognisable after
the transmission. In case of violation of this examination obligation, the fault of the sender shall be taken into consideration proportionately. 

  

	11.	 MISCELLANEOUS 

 

	11.1	 “Market Value” within the meaning of this Agreement is the Closing Bid Price for
the relevant Loan Shares on the Exchange as reported by Bloomberg on the relevant day set forth in this Agreement. 

  

	11.2	 The Lender may not assign any of its rights or novate any of its rights or obligations hereunder to any Person.
The Borrower shall not be entitled to assign its rights under this Agreement to any Person other than an Affiliate of the Borrower (provided that such Affiliate has entered into a deed of adherence in the form set out at Schedule 5 of the Share
Subscription Facility Agreement). 

  

	11.3	 Should any provisions set forth in this Agreement be or become invalid as a whole or in part, the remaining
provisions shall remain valid. The invalid provisions shall be replaced by a valid regulation which corresponds to the economic purposes of the invalid provision to the greatest possible extent. 

 

	12.	 POWER OF ATTORNEY 

 

	12.1	 In consideration of the Borrower agreeing to enter into this Agreement, the Lender hereby irrevocably appoints
the Borrower as the Lender’s true and lawful attorney (“Lender’s Attorney”) for or in the name of the Lender or otherwise in the name of the Lender’s Attorney to exercise all voting and other rights
attaching to the Loan Shares and to appoint proxies for this purpose, pending registration of transfers of the Loan Shares to the Borrower. The Lender hereby undertakes at all times to ratify and confirm whatsoever the Lender’s Attorney shall
lawfully do by virtue of this Power of Attorney. 

  

	12.2	 Upon an assignment by the Borrower to the Lender of rights, title and claims the Borrower or any Person acting
by order of the Borrower may have against the Company for the delivery of Shares pursuant to Clause 7.2, the Borrower for the purpose of perfecting the assignment but not further or otherwise irrevocably appoints the Lender, with respect to the
rights, titles and claims of the Borrower in such Shares assigned to the Lender, as the Borrower’s true and lawful attorney (“Borrower’s Attorney”) for or in the name of the Borrower or otherwise in the name
of the Attorney to exercise all rights against the Company in respect of the relevant Shares and all rights attaching to the relevant Shares and to appoint proxies for this purpose, pending registration of such Shares in the name of the Lender. The
Borrower hereby undertakes at all times to ratify and confirm whatsoever each Borrower’s Attorney shall lawfully do by virtue of this Power of Attorney. 

 

	13.	 DEALING WITH SHARES PRIOR TO
SUBSCRIPTION 

  

	13.1	 The Lender undertakes that it shall use its best endeavours to procure that the company and its directors
nominated by the Lender shall not:- 

  

	 	(a)	 pay any cash dividends or make any other rights or distributions with respect to any Shares;

  

	 	(b)	 propose the payment of any cash dividends or the granting of any other rights or the making of any other
distributions in respect of the Shares to a Shareholders’ Meeting; 

  
 41 

	 	(c)	 set any record date for the payment of any cash dividends or the granting of any other rights or the making of
any other distributions in respect of the Shares, 

 at any time during the period starting from the issuance by the
Company of the Draw Down Notice up to the date the relevant Shares are Listed and issued to the Borrower or the Lender, as the case may be, pursuant to the terms of the Share Subscription Facility Agreement. 

 

	13.2	 In the event that a Shareholders’ Meeting is scheduled to pass a resolution approving the payment of any
cash dividends or the granting of any other rights or the making of any other distributions in respect of the Shares, the Lender shall procure the Company to use its best efforts to ensure that all Shares set out in a relevant Closing Notice not
already Listed and issued to the Borrower or the Lender, as the case may be, shall be Listed and issued to the Borrower or the Lender prior to such Shareholders’ Meeting taking place and the obligations of the Company to List and issue such
number of Shares shall be accelerated accordingly. 

  

	14.	 FURTHER ASSURANCES 

Each Party hereto shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments, and documents, as the other Party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the completion of the transactions contemplated hereby.

  

	15.	 GOVERNING LAW AND DISPUTE
RESOLUTION 

 This Agreement (together with all documents to be entered into pursuant to it which are
not expressed to be governed by another law) shall be governed by and construed and take effect in accordance with the laws of Hong Kong. 

All disputes, controversies or claims between the Parties arising out of or in connection with this Agreement (including its existence,
validity or termination) which cannot be amicably resolved shall be finally resolved and settled under the Rules of Arbitration of the American Arbitration Association and its affiliate the International Center for Dispute Resolution in New York
City, United States. The arbitration tribunal shall be composed of one (1) arbitrator. The arbitration will take place in New York City, New York, and shall be conducted in the English language. The arbitration award shall be final and binding
on the Parties. 
 IN WITNESS WHEREOF the parties hereto have executed this deed the day and year first before written 

Execution clauses 
 Authentication of power of attorney
clause 

  
 42 

 SCHEDULE 5 

FORM OF DEED OF ADHERENCE 

ON THE ASSIGNMENT OF THE SHARE
SUBSCRIPTION FACILITY AGREEMENT BY THE INVESTOR 
 This DEED
is made on [                ]20●● 
 BETWEEN 

 

	(1)	 GEM GLOBAL YIELD LLC SCS a company incorporated under the laws of the Luxembourg whose registered office
is at whose registered office is at 412F, route d-Esch, L-2086 Luxembourg (together with its permitted successors and assigns, the “Assignor”);

  

	(2)	 NEURORX, INC a company incorporated in Delaware, United States whose registered office is at 913 N.
Market Street, Suite 200, Wilmington, DE 19801, United States (the “Company”); 

  

	(3)	 GEM YIELD BAHAMAS LIMITED, a company organized under the laws of the Bahamas whose registered office is
at Office of Lennox Paton Corporate Services Limited, Bayside Executive Park, Building 3, West Bay Street, P.O. Box N-4875, Nassau, Island of New Providence, Commonwealth of the Bahamas (“GYBL”);
and 

  

	(5)	 [                ]
[details] (the ‘Assignee’) 

 WHEREAS 
  

	(1)	 By a Share Subscription Facility Agreement dated
                     (the “Agreement’) the Assignor granted to the Company the option to require it to subscribe from the
Company, on the terms and subject to the conditions set out in the Agreement, for up to an aggregate of seven hundred and fifty million Hong Kong Dollars (HKD 750,000,000) in value of Shares in the Company. 

 

	(2)	 The Assignor wishes to transfer its rights and obligations under the Agreement to the Assignee in accordance
with Clause 10.5 of the Agreement. 

  

	1.	 DEFINITIONS 

Words and expressions defined in the Agreement shall have the same meanings in this deed. 

 

	2.	 ASSIGNMENT 

For value received the Assignor sells assigns and transfers to the Assignee all its rights and obligations deriving under the
Agreement. 

  
 43 

	3.	 WARRANTIES AND UNDERTAKINGS 

 

	3.1	 The Assignee hereby represents warrants and undertakes to the Company that it shall perform and comply with all
terms of the Agreement, and all ancillary agreements to the Agreement, in all respects as if it were the Investor originally named therein. 

  

	3.2	 Without prejudice to the generality of the foregoing the Assignee hereby represents warrants and undertakes to
the Company that the statements set out in Clause 5 of the Agreement (which statements shall be deemed to refer to the Assignee as the Investor) are now and will at each Draw Down Notice Date and at each Closing Date and on each date on which Shares
are due to be subscribed by and issued to, and/or transfer to, the Assignee pursuant to the Agreement, true and accurate in all respects. 

  

	3.3	 The Assignee represents and warrants to the Company that it is an Affiliate of the Assignor.

  

	4.	 GOVERNING LAW AND DISPUTE
RESOLUTION 

  

	4.1	 This deed shall be governed by the laws of Hong Kong. 

 

	4.2	 All disputes, controversies or claims between the Parties arising out of or in connection with this Agreement
(including its existence, validity or termination) which cannot be amicably resolved shall be finally resolved and settled under the Rules of Arbitration of the American Arbitration Association and its affiliate the International Center for Dispute
Resolution in New York City, United States. The arbitration tribunal shall be composed of one (1) arbitrator. The arbitration will take place in New York City, New York, and shall be conducted in the English language. The arbitration award
shall be final and binding on the Parties. 

 IN WITNESS WHEREOF the Assignor, GYBL, and the Assignee have executed this deed the day and
year first before written 
 Execution clauses 

  
 44 

 SCHEDULE 6 

FORM OF AUTHORISATION LETTER OF DESIGNATED
OFFICER 
  

	To:	 GEM GLOBAL YIELD LLC SCS 

Attention: Chris Brown 
 We refer to the
Share Subscription Facility Agreement (the “Agreement”) dated                      2019 made by NEURORX, INC, GEM YIELD
BAHAMAS LIMITED, and yourselves. Terms defined in the Agreement have the same meaning herein. 
 We hereby appoint
[                ] of [                ], Tel:
[                ] and mobile number: [                ] to act as the
Designated Officer of the Company and generally be authorised to act on behalf of the Company and to do all acts and things and execute all instruments as fully and effectually as the Company itself could do in relation to and as contemplated under
the Agreement as he may see fit to be done or caused to be done. 
  

	
	  
 For and on behalf of

	 NeuroRx, Inc
 Signed by:

Authorised Signatory

  
 45 

 SCHEDULE 7 

FORM OF PROMISSORY NOTE 

To: GEM YIELD BAHAMAS LIMITED (the “Beneficiary”) 

Date: Oct 18 2019 
 In consideration for entry by the
Beneficiary into the Share Subscription Facility Agreement entered into between NeuroRx, Inc (the “Issuer”), GEM GLOBAL YIELD LLC SCS, and the Beneficiary on or about the date of this Promissory Note (the
“Agreement”), the Issuer hereby PROMISES TO PAY to the order of the Beneficiary the principal sum of 
 HKD 15,000,000 (FIFTEEN MILLION
HONG KONG DOLLARS) 
 ON DEMAND at any time on or after twelve (12) months from successfully becoming Listed on an Exchange (the “Payment
Date”). 
 Terms defined in the Agreement have the same meaning herein. This note and any dispute or claim arising out of or in connection with it
or its subject matter (including non-contractual disputes or claims) is governed by and shall be construed and take effect in accordance with the laws of Hong Kong. The Company: (a) hereby irrevocably
submits to the exclusive jurisdiction of the Hong Kong Courts for the purposes of any suit, action, or proceeding arising out of or in connection with this note; and (b) hereby waives, and agrees not to assert in any such suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of such courts, that the suit, action, or proceeding is brought in an inconvenient forum or that the venue of the suit, action, or proceeding is improper. 

IN WITNESS WHEREOF this promissory note is executed as a deed on the date first above written. 

 

			
	EXECUTED as a deed	  	)
	By NeuroRx, Inc	  	)
	acting by JONATHAN C. JAVITT	  	)
	in the presence of	  	)

  

			
	 /s/ Jonathan C. Javitt
	 	Signature of Witness
		
	                 
	 	Name of Witness

  
 46 

 AS WITNESS this Agreement has been signed by or on behalf of each of the Parties the day and year set
forth at the beginning of this Agreement. 
  

			
	Signed by JONATHAN C. JAVITT M. D.	 	)
	for and on behalf of NEURORX	 	)
	NEURORX, INC	 	)
	in the presence of:	 	)
		
	 /s/ Jonathan C. Javitt
	 	
		
	Signed by	 	)
	for and on behalf of	 	)
	GEM GLOBAL YIELD LLC SCS	 	)
	in the presence of:	 	)
		
	 /s/ Christopher Brown
	 	
		
	Signed by	 	)
	for and on behalf of	 	)
	GEM YIELD BAHAMAS LIMITED	 	)
	in the presence of:	 	)
		
	 /s/ Christopher Brown
	 	

 [Signature Page to Share Subscription Facility Agreement]EX-10.43

 Exhibit 10.43 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

COMMON STOCK PURCHASE WARRANT 

NEURORX, INC. 
  

			
	Warrant Shares: 1,053,738	  	Issue Date: March 28, 2021

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, GEM
Yield Bahamas Limited (“GEM”) or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on the date hereof (the
“Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on the date that is the third anniversary of the Public Listing Date (the “Termination Date”) but not thereafter, to subscribe for and
purchase from NeuroRx, Inc., a Delaware corporation (the “Company”), up to 1,053,738 shares (as subject to adjustment hereunder, the “Warrant Shares”) of the Company’s common stock (the “Common
Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). Notwithstanding anything to the contrary stated herein, the parties hereto agree that
(i) references to the “Company” shall mean any Successor Company, if applicable, and (ii) the Company shall cause any such Successor Company to be bound by the provisions of this Warrant as if it were initially the Company
hereunder. 
 Section 1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings
indicated in this Section 1: 
 “Affiliate” means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

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

“BRPA” means Big Rock Partners Acquisition Corp., a Delaware corporation. 

 “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. 

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

“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into
which such securities may hereafter be reclassified or changed. 
 “Common Stock Equivalents” means any securities of the
Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or
exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Liens” means a
lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction. 
 “Merger
Agreement” means that certain Agreement and Plan of Merger, dated as of December 13, 2020, by and among the Company, BRPA, and Big Rock Merger Corp., a Delaware corporation, as amended and/or restated from time to time. 

“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. 

“Public Listing” means the public listing of shares of Common Stock for trading on the Principal Market or the consummation
of a Reverse Merger Transaction, whichever is earlier. 
 “Public Listing Date” means the date on which the Public Listing
occurs. 
 “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. 
 “Principal Market”
means any U.S. national securities exchange on which shares of Common Stock are traded or any other exchange platform in the world on which the shares of Common Stock are traded, including, but not limited to, the London Stock Exchange, the Berlin
Stock Exchange, the Frankfurt Stock Exchange, the SIX Swiss Exchange or the Stock Exchange of Hong Kong. 
 “Reverse Merger
Transaction” means a reverse merger or other similar transaction between the Company and a special purpose acquisition company, “shell” company, or other similar Person, in each case, whose securities are publicly listed on the
Principal Market, including without limitation, that certain merger of the Company contemplated pursuant to the Merger Agreement. 

 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 “Successor Company” means (i) upon completion of the transactions
contemplated by the Merger Agreement, NRX Pharmaceuticals, Inc., a Delaware corporation, (ii) any company the common equity shares of which are traded on the Principal Market with which the Company, indirectly or directly, merges and
(iii) any successor or similar entity of the Company (whether by merger, consolidation or otherwise) or any subsidiary or Affiliate of, or other similar entity related to, the Company or any subsidiary or Affiliate thereof, in each case, formed
for the purpose of facilitating, or in connection with, a Public Listing. 
 “Transfer Agent” means Alessandra F. V.
Daigneault, Esq. with offices located at 677 Old Hunt Way, Herndon, Virginia 20170, and any successor transfer agent of the Company. 

Section 2. Exercise. 
 a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of
Exercise”). Within two (2) Business Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or
cashier’s check drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant
has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Business Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree
that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.  

 b) Exercise Price. The exercise price per share of Common Stock under this Warrant
shall be $15.84, subject to adjustment hereunder (the “Exercise Price”). 
 c) Mechanics of Exercise. 

(i) Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be
transmitted to the Holder by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to
the address specified by the Holder in the Notice of Exercise by the date that is two (2) Business Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant
Shares, provided that payment of the aggregate Exercise Price is received by the Warrant Share Delivery Date. 
 (ii)
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to
the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

(iii) Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

(iv) No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 
 (v) Charges. Taxes and
Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder: provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse
it for any transfer tax incidental thereto. 

 (vi) Closing of Books. The Company will not close its stockholder
books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 
 d) Partial Exercise;
Registration of Exercised Shares. Concurrently with the execution and delivery of this Warrant, the Holder is delivering an executed Notice of Exercise, under which Holder exercises its right to purchase 473,486 Warrant Shares (the
“Initial Exercised Shares”). Notwithstanding Section 2(a), concurrently with such exercise, the Holder shall transmit funds to the Company in the amount of $7,500,018.24, representing the aggregate Exercise Price for the
Initial Exercised Shares. The Company shall register, or cause to be registered, the Initial Exercised Shares on (a) the same registration statement on Form S-4 (or such other registration statement, if
changed) in connection with transactions contemplated by the Merger Agreement, or (b) such other registration statement in connection with any other transaction which results in a Public Listing of the Company, in the case (a) or (b),
whichever is consummated first, in each case, in order for the Purchaser to receive freely tradeable and unrestricted Initial Exercised Shares. 

Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued
by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number
of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares
of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon
exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date
for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or
re-classification. 
 b) Subsequent Rights Offerings. In addition to any adjustments pursuant
to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock
(the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares
of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. 

 c) Pro Rata Distributions. During such time as this Warrant is outstanding, if the
Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash,
stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this
Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution. 

d) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all
or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person ) is completed pursuant to which holders of
Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or
more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash
or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction. For

 
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental Transaction. For the avoidance of doubt, the transactions contemplated by the Merger Agreement shall constitute a Fundamental Transaction for all purposes hereunder. 

e) Non-Dilution. For so long as this Warrant remains unexpired and any portion hereof has not
been exercised by the Holder or its assigns, the Company shall not issue any awards of below-market shares of Common Stock of the Company to any related party shareholders except for awards of stock options to employees and consultants in the
ordinary course of business; provided, however that, in no event, shall Jonathan C. Javitt, MD be the recipient of any such stock option award. 

f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and
outstanding. 
 g) Notice to Holder. 

(i) Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement
of the facts requiring such adjustment. 
 (ii) Notice to Allow Exercise by Holder. If (A) the Company shall
declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to
all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any
reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by
facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the 

 
purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such
dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of
which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

a) Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in
whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or
attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be
cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

 d) Representation by the Holder. The Holder, by the acceptance hereof, represents and
warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part
thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act. 

Section 5. Ownership Limitation. Notwithstanding anything to the contrary set forth in this Warrant, at no time may a Holder of this
Warrant exercise this Warrant if the number of shares of Common Stock to be issued pursuant to such exercise would exceed, when aggregated with all other shares of Common Stock owned by such Holder and its Affiliates at such time, the number of
shares of Common Stock which would result in such Holder and its Affiliates beneficially owning (as determined in accordance with Section 12(d) of the Exchange Act and the rules thereunder) in excess of 9.99% of the then issued and outstanding
shares of Common Stock (the “Beneficial Ownership Limitation”); provided, however, that upon a Holder of this Warrant providing the Company with sixty-one (61) days’ notice (pursuant
to Section 6 hereof) (the “Waiver Notice”) that such Holder would like to waive this Section 5 with regard to any or all shares of Common Stock issuable upon exercise of this Warrant, this Section 5 will be of no
force or effect with regard to all or a portion of the Warrant referenced in the Waiver Notice until the date that the Holder notifies the Company (pursuant to Section 8 hereof) that the Holder revokes the Waiver Notice; provided, further, that
during the sixty-one (61) day period prior to the Termination Date, the Holder may waive this Section 5 by providing a Waiver Notice at any time during such
sixty-one (61) day period. 
 Section 6. Registration Rights. 

a) No later than 90 days following the Public Listing Date (the “Filing Deadline”), the Company shall file with the Commission
a Registration Statement on Form S-3 (or such other resale registration statement filed in place thereof in the event the Company ceases, or is otherwise not eligible, to use Form S-3, as amended and supplemented from time to time, the “Resale Registration Statement”) to register under the Securities Act the resale by the Holder all Warrant Shares issuable hereunder other
than the Initial Exercised Shares (the “Registrable Securities”) in accordance with methods and distribution set forth in the “Plan of Distribution” therein, and Rule 415 under the Securities Act. The Resale
Registration Statement shall contain a prospectus naming the Holder as the selling stockholder. The Company shall use its reasonable best efforts to respond to comments received from the Commission to such Resale Registration Statement, and amend or
supplement such filing, if required, as promptly as practicable, and thereafter to use its reasonable best efforts to cause such initially filed Resale Registration Statement to be declared effective as promptly as practicable by the Commission. The
Company shall use its reasonable best efforts to keep the Resale Registration Statement effective until the earlier of (i) the date that the Registrable Securities issued to the Holder are sold or otherwise transferred by the Holder, or
(ii) the second year anniversary of the Public Listing Date (such earlier date, the “Effectiveness Deadline”). All expenses related to preparation and the filing with the Commission of the Resale Registration Statement and
maintaining the effectiveness of the Resale Registration Statement under the Securities Act shall be borne by the Company. 

 b) The Holder shall furnish to the Company such information regarding itself and its
partners and members and its controlling persons, and the manner of distribution proposed by the Holder as the Company may reasonably request in connection with the Resale Registration Statement and the information required to be included therein by
the Securities Act and the rules promulgated thereunder. The Company shall provide the Holder with a reasonable opportunity to review any disclosures relating to the Holder and the “Plan of Distribution” included in the Resale Registration
Statement and will consider in good faith any comments offered by the Holder to such disclosures. The Company shall give prompt notice to the Holder of the issuance of any stop-order by the Commission or the occurrence of any event or the existence
of any facts or circumstance that requires the Company to amend or supplement the Resale Registration Statement and the prospectus contained therein in order to keep the Resale Registration Statement effective and such prospectus from containing any
untrue statement of material fact or from omitting to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of all circumstances then existing (an “Intervening
Event”), and the Holder agrees that upon receipt of any such notice from the Company, it shall forthwith discontinue using such prospectus until it receives copies of a supplemented or amended prospectus or until it is advised in writing by
the Company that the use of such prospectus may be resumed. The Company may delay the filing of any such amendment or supplement or the effective date of the Resale Registration Statement for up to twenty (20) days upon notice to the Holder in
the event that the Company determines in good faith that such amendment or supplement or effectiveness would require the Company to make a disclosure that would be materially detrimental to the Company or jeopardize the ability of the Company to
undertake the Intervening Event; provided, that such right to delay a filing shall be exercised by the Company for a period no longer than sixty (60) days in any 12-month period; provided
further that in the event of such a delay, the Company shall not provide any material, non-public information concerning such event to the Holder. 

c) The Company agrees to indemnify and hold the Holder, each person, if any, who controls the Holder within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, harmless against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with
defending or investigating any such action or claim) incurred by the Holder directly that are caused by any untrue statement or alleged untrue statement of a material fact contained in the Resale Registration Statement (including the prospectus
contained therein) or any amendment thereof (including the prospectus contained therein) or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein (in the case of a prospectus,
in the light of the circumstances under which they were made), not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by the Holder expressly for use therein. In no event shall
the liability of the Company be greater in amount than the dollar amount received by the Company from such Holder upon the partial exercise of the Warrant giving rise to the Warrant Shares subject to such indemnification obligation. The indemnity
agreement contained in this Section 6.6(c) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be
unreasonably withheld). 

 d) The Holder agrees to, severally and not jointly, indemnify and hold harmless the Company,
its directors, officers, agents and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, harmless against any and all losses, claims, damages and
liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) incurred by the Company directly that are caused by any untrue statement or alleged
untrue statement of a material fact contained in the Resale Registration Statement (including the prospectus contained therein) or any amendment thereof (including the prospectus contained therein) or caused by any omission or alleged omission to
state therein of a material fact necessary in order to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made), not misleading, insofar as the same are caused by or contained in any
information furnished in writing to the Company by the Holder expressly for use therein. In no event shall the liability of any Holder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the
Registrable Shares giving rise to such indemnification obligation. The indemnity agreement contained in this Section 6.6(d) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld). 
 e) Notwithstanding anything
to the contrary stated herein, in addition to any other remedies available at law or equity or as set forth herein or otherwise, if (i) the Company shall have failed to file the Resale Registration Statement by the Filing Deadline (subject to
extension due to an Intervening Event as provided hereunder) or (ii) the Registration Statement is not declared effective by the Effectiveness Deadline (subject to extension due to an Intervening Event as provided hereunder), in each case, then
the Company shall pay to the Holder or its designee an amount equal to $100,000 for each day following the Filing Deadline or Effectiveness Deadline (subject, in each case, to extension due to an Intervening Event as provided hereunder), as
applicable, until the Registration Statement has been filed with the Commission or the Registration Statement has been declared effective, as applicable. 

f) The Company shall provide the Holder a reasonable opportunity to review and comment on the Resale Registration Statement and any amendments
or supplements thereto prior to their applicable filing and shall give due consideration and incorporate any such reasonable comments provided by the Holder or its counsel. Upon receipt of the Resale Registration Statement or amendment or supplement
thereto from the Company or its counsel, the Holder shall promptly review such document and provide comments to the Company or its counsel regarding such document, if any, within a reasonable period of time. 

g) Without limiting any of the Company’s obligations hereunder, if there is not an effective Registration Statement covering all of the
Registrable Shares and the Company shall determine to prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities (other than on
Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in

 
connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s option or other employee benefit plans), then the Company shall
deliver to the Holder a written notice of such determination and, if within five days after the date of the delivery of such notice, the Holder shall so request in writing, the Company shall include in such registration statement all or any part of
such Registrable Shares the offer and sale of which the Holder requests to be registered; provided, however, the Company shall not be required to register the offer and sale of any Registrable Shares pursuant to this Section (g) that are
eligible for resale pursuant to Rule 144 without restriction (including, without limitation, volume restrictions) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or that are the
subject of a then-effective Registration Statement. 
 Section 7. Certain Additional Covenants. 

a) Compliance with Applicable Laws. So long as the Warrant remains outstanding, the Company shall comply in all material respects
with all applicable laws, rules, regulations and orders applicable to the business and operations of the Company and with all applicable provisions of the Securities Act and the Exchange Act and the rules and regulations of the Principal Market,
including in respect of the issuance of any Warrant Shares hereunder. 
 b) Entry into Other Agreements. The Company shall not
enter into any agreement in which the terms of such agreement would restrict or impair the right to perform of the Company under this Warrant. 

c) Non-Public Information. Until the later of (i) the Termination Date, and
(ii) such time as the Holder no longer hold any Warrant Shares, neither the Company, nor any of its directors, officers or agents shall disclose any material non-public information about the Company to
the Holder without the Holder’s prior written consent. 
 d) DWAC Eligibility. The Company shall use its reasonable best
efforts to cause the Warrant Shares and its Transfer Agent to be eligible to participate in the DWAC system. 
 Section 8. Miscellaneous.

 a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. 

b) Loss. Theft. Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated
as of such cancellation, in lieu of such Warrant or stock certificate. 

 c) 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. 

d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Principal Market upon which the Common Stock may be listed. The Company covenants that
all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly
authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth
in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

 e) Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this Warrant 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 conflict of laws thereof. Each party agrees that all legal
proceedings concerning the interpretation, enforcement and defense of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the New York Courts 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 suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York
Courts are improper or inconvenient venue for such proceeding. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to
this Warrant. If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs
and expenses incurred in the investigation, preparation and prosecution of such action or proceeding. 
 f) Restrictions. The Holder
acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that the right to exercise this Warrant terminates on the Termination Date. Without limiting any other provision of this
Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder. 
 h) Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including,
without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service, addressed to the Company, at the address set forth above Attention: Alessandra
Daigneault, facsimile number (703) 636-7798, email address adaigneault@neurorxpharma.com or such other facsimile number, email address or address as the Company may specify for such purposes by notice
to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by 

 
facsimile, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number or address of such Holder appearing on the books of the Company, or if no
such facsimile number or address appears on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Business Day after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number set forth in this Section on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, (iii) the second Business Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. 

i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to
purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company. 
 j) Remedies. The Holder, in addition to being entitled to exercise all
rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach
by it of the provisions of this Warrant. It is accordingly agreed that the Holder shall be entitled to an injunction or injunctions from any court of competent jurisdiction or arbitral authority to prevent or cure breaches of the provisions of this
Warrant by the Company and to enforce specifically the terms and provisions hereof; such right is in addition to any other remedy to which the Holder may be entitled by law or equity, without the necessity of posting a bond or other security or the
burden of proving actual damages. 
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and
obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit
of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 
 l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder. 
 m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

 n) Headings. The headings used in this Warrant are for the convenience of reference
only and shall not, for any purpose, be deemed a part of this Warrant. 
 o) Entire Agreement. This Warrant, together with that
certain Share Subscription Facility Agreement, dated October 18, 2019, by and between the parties hereto (the “SSF”), represent the entire agreement amongst the parties hereto with respect to the subject matter hereof, and there are
no promises, undertakings, representations or warranties by either party relative to the subject matter hereof not expressly set forth herein. In furtherance thereof, the parties hereby reaffirm the validity and enforceability of the SSF including,
but not limited to, the issuance of this Warrant. 
 p) Further Assurance. From and after the date of this Warrant, upon the request
of the Holder and the Company, each of the Holder and the Company shall execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and
purposes of this Warrant. Each party hereby expressly agrees that, in the event that any action or determination of the Commission or other regulatory or governmental authority, or the refusal or failure of any other governmental approval, would or
does prohibit or otherwise materially interfere with the ability of the parties to effect the transactions contemplated by either this Warrant or the SSF in the manner contemplated by and described therein, each such party shall use its good faith
best efforts to resolve and cure such condition, including, without limitation, by amending this Warrant and/or the SSF to the extent necessary therefor. 

IN WITNESS WHEREOF, the undersigned has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated. 
  

			
	NEURORX, INC.
		
	By:	 	 /s/ Alessandra F. V. Daigneault

		 	Alessandra Daigneault
		 	Corporate Secretary

  

			
	AGREED AND ACKNOWLEDGED:
	
	GEM YIELD BAHAMAS LIMITED
		
	By:	 	 /s/ Christopher Brown

		 	Christopher Brown
		 	Director

 NOTICE OF EXERCISE 

 

	TO:	 NEURORX, INC.  

(1) The undersigned hereby elects to purchase
                     Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2) The undersigned hereby agrees to
wire immediately available funds as provided in the attached wire instructions to the account of the Company on                      the
amount of
                                        
($                    ) in full payment of the exercise price for the above Warrant Shares being purchased. 

(3) Please issue said Warrant Shares in the name and address of the undersigned or in such other name as is specified below: 

 

			
	GEM Yield Bahamas Limited
		
	By:	 	  

		 	Christopher Brown
		 	Director

 Date: 

 EXHIBIT B 

ASSIGNMENT FORM 
 (To assign
the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to: 
  

					
	Name:	 		 	  

		 		 	(Please Print)
			
	Address:	 		 	  

		 		 	(Please Print)
			
	Phone Number:	 		 	  

			
	Email Address:	 		 	  

			
	Dated:                         	 		 	
			
	Holder’s Signature:
                                    	 		 	
			
	Holder’s Address:

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