Document:

Exhibit 10.1

 

 

November 17, 2022

 

[Name and address of warrant holder]

 

Re:     Reprice
and Reload Offer of Class A Common Stock Purchase Warrants

 

To Whom It May Concern:

 

Kiora Pharmaceuticals, Inc.
(the “Company”) is pleased to offer to you the opportunity to receive new Common Stock purchase warrants of the Company
in consideration for the exercise of the Class A Common Stock purchase warrants set forth on your signature page attached hereto
(the “Existing Warrants”) currently held by you (the “Holder”). The shares of common stock, par
value $0.01 (“Common Stock”), underlying the Existing Warrants (“Existing Warrant Shares”) have
been registered pursuant to a registration statement on Form S-1 (File No. 333-264641) (the “Registration Statement”).
The Registration Statement is currently effective and, upon exercise of the Existing Warrants, will, to the Company’s knowledge,
be effective for the issuance of the Existing Warrant Shares. Capitalized terms not otherwise defined herein shall have the meanings
set forth in the Existing Warrants.

 

In consideration for cash
exercising all of the Existing Warrants held by you on or before 9:00 a.m. (New York City time) on November 18, 2022 (the “Warrant
Exercise”), the Company hereby offers you a reduction of the exercise price of the Existing Warrants to $4.77 per share and
the issuance of New Warrants (as defined and described below). As such, upon accepting this offer, Section 2(b) of all Class A
Warrants issued pursuant to the Registration Statement is hereby amended and restated as follows:

 

“The exercise price per share of
Common Stock under this Warrant shall be $4.77, subject to adjustment hereunder (the “Exercise Price”).”

 

In addition, the Company
hereby offers (i) to issue to you or your designees a new Common Stock Purchase Warrant (the “New Warrants”)
to purchase up to a number of shares of Common Stock equal to 100% of the number of Existing Warrant Shares issued pursuant to each
Warrant Exercise that occurs from and after the date hereof and prior to 9:00 a.m. on November, 2022, which New Warrant shall
be substantially in the form of Annex B hereto. The New Warrants will be exercisable six months following their issuance,
will expire on the eighteen (18) month anniversary of the initial exercise date. The original New Warrant certificates will be delivered
within two (2) Business Days following each Warrant Exercise pursuant to this letter agreement.

 

The Holder may accept this
offer by signing this letter below, with such acceptance constituting the Holder’s exercise of the number of Existing Warrants as
set forth on the Holder's signature page attached hereto for an aggregate exercise price as set forth on the Holder’s signature
page hereto (the “Aggregate Exercise Price”) on or before 9:00 a.m. (New York City time) on November 18,
2022. Notwithstanding anything herein to the contrary, in the event the Warrant Exercise would otherwise cause the Holder to exceed the
beneficial ownership limitations (“Beneficial Ownership Limitation”) set forth in Section 2(e) of the Existing Warrants,
the Company shall only issue such number of Warrant Shares to the Holder that would not cause the Holder to exceed the maximum number
of Warrant Shares permitted thereunder with the balance to be held in abeyance until notice from the Holder that the balance (or portion
thereof) may be issued in compliance with such limitations, which abeyance shall be evidenced through the Existing Warrant which shall
be deemed prepaid thereafter, and exercised pursuant to a Notice of Exercise in the Existing Warrant (provided no additional exercise
price shall be payable).

 

     

     

    

 

Additionally, the Company
agrees to the representations, warranties and covenants set forth on Annex A attached hereto. The Holder represents and warrants
that, as of the date hereof it is, and on each date on which it exercises any New Warrants it will be, an “accredited investor”
as defined in Rule 501 of the Securities Act, and agrees that the New Warrants will contain restrictive legends when issued, and
neither the New Warrants nor the shares of Common Stock issuable upon exercise of the New Warrants (the “New Warrant Shares”)
will be registered under the Securities Act, except as provided in Annex A attached hereto.

 

If this offer is accepted
and this letter agreement is executed and delivered to the Company on or before 9:00 a.m. (New York City time) on November 18,
2022, the Company shall (i) issue a press release disclosing the material terms of the transactions contemplated hereby (the “Press
Release”) (ii) file a prospectus supplement to the Registration Statement with the Securities and Exchange Commission disclosing
the reduced exercise price of the Existing Warrants and (iii) file a Current Report on Form 8-K with the Securities and Exchange
Commission disclosing all material terms of the transactions contemplated hereunder, including this letter agreement as an exhibit thereto
with the Commission within the time required by the Exchange Act. From and after the issuance of the Press Release, the Company represents
to the Holder that it shall have publicly disclosed all material, non-public information delivered to the Holder by the Company or any
of its officers, directors, employees or agents in connection with the transactions contemplated hereby. In addition, effective upon the
issuance of the Press Release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company or any of its officers, directors, agents, employees or Affiliates on the one hand, and the
Holder or any of its Affiliates on the other hand, shall terminate. From and after the issuance of the Press Release, the Company represents
to the Holder that none of the Company’s directors, officers, employees or agents will provide the Holder with any material, nonpublic
information that is not disclosed in the Press Release.

 

No later than November 22,
2022, the closing of the shall occur at such location as the parties shall mutually agree. Unless otherwise directed by Ladenburg Thalmann &
Co. Inc. (the “Placement Agent”), settlement of the Warrant exercise hereunder shall occur via “Delivery Versus Payment”
(“DVP”) (i.e., on the Closing Date, the Company shall issue the shares of Common Stock issued in the Warrant exercise in the
Holder’s name and address and be released by the Transfer Agent directly to the account(s) of the Placement Agent as identified
by the Holder; upon receipt of such Warrant Shares, the Placement Agent shall promptly electronically deliver such Warrant Shares to the
Holder; and payment of the aggregate exercise price therefor shall be made by the Placement Agent (or its clearing firm) on behalf of
the Holder by wire transfer to the Company). On or prior to the Closing Date, the Holder shall deliver or cause to be delivered to the
Company such Holder’s aggregate exercise price for the Exercised Warrant Shares, which shall be made available for DVP settlement
with the Company or its designee. The date of the closing of the Warrant exercise shall be referred to as the “Closing Date”.
Except as set forth herein, the terms of the Existing Warrants, including but not limited to the obligations to deliver the Existing Warrant
Shares, shall remain in effect as if the acceptance of this offer was a formal exercise notice under the Existing Warrants. In addition,
upon the receipt of the shares of Common Stock pursuant to the Warrant exercise, the Holder agrees to instruct its prime broker to surrender
the Existing Warrants exercised hereunder to the Warrant Agent (as defined in the Existing Warrants) for cancellation.

 

    2

     

    

 

The Company acknowledges and
agrees that the obligations of the Holder under this letter agreement are several and not joint with the obligations of any other holder
of Common Stock purchase warrants of the Company (each, an “Other Holder”) under any other agreement related to the
exercise of such warrants (“Other Warrant Exercise Agreement”), and the Holder shall not be responsible in any way
for the performance of the obligations of any Other Holder or under any such Other Warrant Exercise Agreement. Nothing contained in this
letter agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and the Other Holders as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holder and the Other Holders
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this letter agreement
and the Company acknowledges that the Holder and the Other Holders are not acting in concert or as a group with respect to such obligations
or the transactions contemplated by this letter agreement or any Other Warrant Exercise Agreement. The Company and the Holder confirm
that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel
and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights
arising out of this letter agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding
for such purpose.

 

The Company hereby represents
and warrants as of the date hereof and covenants and agrees from and after the date hereof until sixty (60) Trading Days after the date
hereof, that none of the terms offered to any Other Holder with respect to any Other Warrant Exercise Agreement (or any amendment, modification
or waiver thereof), is or will be more favorable to such Other Holder than those of the Holder and this letter agreement. If, and whenever
on or after the date hereof until sixty (60) Trading Days after the date hereof, the Company enters into an Other Warrant Exercise Agreement,
then the Company shall provide notice thereof to the Holder promptly following the occurrence thereof. The provisions of this paragraph
shall apply similarly and equally to each Other Warrant Exercise Agreement.

 

Each party shall pay the fees
and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to
the negotiation, preparation, execution, delivery and performance of this letter agreement. The Company shall pay all transfer agent fees,
stamp taxes and other taxes and duties levied in connection with the delivery of any Existing Warrant Shares. This letter agreement shall
be governed by the laws of the State of New York without regard to the principles of conflicts of law thereof.

 

***************

 

    3

     

    

 

To accept this offer, Holder
must counter execute this letter agreement and return the fully executed letter agreement to the Company at e-mail: ___________, attention:
_________, on or before 9:00 am (New York City time) on ___________, 2022.

 

Please do not hesitate to
call me if you have any questions.

 

	 	Sincerely
    yours,
	 	 
	 	KIORA
    PHARMACEUTICALS, INC.
	 	 
	 	By: 	                                        
	 	Name:
	 	Title:

 

    4

     

    

 

Accepted and Agreed to:

 

 

	Name of Holder:	 

 

	Signature of Authorized Signatory of Holder:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

	Existing Warrant Shares:	 

 

Number of Existing Warrants being exercised contemporaneously
with signing this letter: _____________

 

Aggregate Exercise Price of the Existing Warrants
being exercised contemporaneously with signing this letter: $___________________

 

New Warrant Shares: _________________

 

Beneficial Ownership Limitation New Warrant: 4.99%/9.99%

 

Address for Delivery of New Warrant: _________________________

 

DTC Instructions:

 

The Existing Warrant Shares
shall be delivered to the following DWAC Account Number:

 

	 	Broker Name:	 	 
	 	Broker DTC DWAC #:	 	 
	 	Broker Contact:	 	 
	 	Account #:	 	 

 

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Annex A – Representations
and Warranties

 

Representations, Warranties and Covenants of
the Company. The Company hereby makes the following representations and warranties to the Holder:

 

(a)            Registration
Statement. The Existing Warrant Shares are registered for issuance on a Registration Statement on Form S-1 (File No. 333-264641)
(the “Registration Statement”) and the Company knows of no reason why such registration statement shall not remain
effective for the foreseeable future. The Company shall use commercially reasonable efforts to keep the Registration Statement effective
and available for use by the Holder until all Existing Warrant Shares underlying the Existing Warrants are sold by the Holder.

 

(b)            Authorization;
Enforcement. The Company will have the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this letter agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this letter
agreement by the Company and the consummation by the Company of the transactions contemplated hereby will be duly authorized by all necessary
action on the part of the Company and no further action is required by the Company, its board of directors or its stockholders in connection
therewith. This letter agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

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

 

(d)            Nasdaq
Corporate Governance. The transactions contemplated under this letter agreement, comply with all rules of Nasdaq.

 

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(e)            Issuance
of the New Warrant. The issuance of the New Warrants is duly authorized and, upon the execution of this letter agreement by the undersigned,
will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company, and the New Warrant
Shares, when issued in accordance with the terms of the New Warrant, will be validly issued, fully paid and nonassessable, free and clear
of all liens imposed by the Company. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock
for issuance of the New Warrant Shares in full.

 

(f)            Legends
and Transfer Restrictions.

 

(i)            The
New Warrant and New Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection with any
transfer of New Warrant or New Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company
or to an Affiliate of the undersigned or in connection with a pledge, the Company may require the transferor thereof to provide to the
Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred New
Warrant and New Warrant Shares under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be
bound by the terms of this letter agreement.

 

(ii)            The
undersigned agrees to the imprinting, so long as is required by this Section (i), of a legend on any of the New Warrant and New Warrant
Shares in the following form:

 

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.

 

The Company acknowledges
and agrees that the undersigned may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer
or grant a security interest in some or all of the New Warrant to a financial institution that is an “accredited investor”
as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this letter agreement and,
if required under the terms of such arrangement, the undersigned may transfer pledged or secured New Warrant to the pledgees or secured
parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee,
secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate
undersigned’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of New Warrant
may reasonably request in connection with a pledge or transfer of the New Warrant or New Warrant Shares.

 

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(iii)            Certificates
evidencing the New Warrant Shares shall not contain any legend (including the legend set forth in Section (f)(ii) hereof), (i) while
a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any sale of such
New Warrant Shares pursuant to Rule 144, (iii) if such New Warrant Shares are eligible for sale under Rule 144, or (iv) if
such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to its transfer agent (if required
by the transfer agent) and the undersigned (if requested by the undersigned) in connection with the removal of the legend hereunder. If
all or any portion of a New Warrant is exercised at a time when there is an effective registration statement to cover the resale of the
New Warrant Shares, or if such New Warrant Shares may be sold under Rule 144 or if such legend is not otherwise required under applicable
requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then
such New Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required
under this Section (f), it will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer
Agent of a certificate representing Warrant Shares, as applicable, issued with a restrictive legend (such date, the “Legend Removal
Date”), deliver or cause to be delivered to the undersigned a certificate representing such shares that is free from all restrictive
and other legends. The Company may not make any notation on its records or give instructions to the transfer agent that enlarge the restrictions
on transfer set forth in this Section (f). Certificates for New Warrant Shares subject to legend removal hereunder shall be transmitted
by the transfer agent to the undersigned by crediting the account of the undersigned’s prime broker with the Depository Trust Company
System as directed by the undersigned. “Standard Settlement Period” means the standard settlement period, expressed in a number
of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of
a certificate representing Warrant Shares issued with a restrictive legend.

 

(g)            Public
Information Failure. At any time during the period commencing from the six (6) month anniversary of the date hereof and ending
at such time that all of the New Warrant Shares may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and
otherwise without restriction or limitation pursuant to Rule 144, if there is no effective registration statement covering the resale
of all of the New Warrant Shares and the Company (i) shall fail for any reason to satisfy the current public information requirement
under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the
future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information Failure”)
then, in addition to the undersigned’s other available remedies, the Company shall pay to the undersigned, in cash, as partial liquidated
damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the New Warrant Shares, an amount in
cash equal to two percent (2.0%) of the aggregate Exercise Price of the undersigned’s New Warrant on the day of a Public Information
Failure and on every thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a) the
date such Public Information Failure is cured and (b) such time that such public information is no longer required for the undersigned
to transfer the New Warrant Shares pursuant to Rule 144. The payments to which the undersigned shall be entitled pursuant to this
Section (g) are referred to herein as “Public Information Failure Payments.” Public Information Failure Payments
shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are
incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments
is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure
Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit
the undersigned’s right to pursue actual damages for the Public Information Failure, and the undersigned shall have the right to
pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief.

 

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(h)            Listing
of Common Stock. The Company shall apply to list or quote all of the New Warrant Shares on Nasdaq and promptly secure the listing
of all of the New Warrant Shares on Nasdaq.

 

(i)            Registration
Statement. As soon as practicable (and in any event within thirty (30) calendar days of the date of this letter agreement), the Company
shall file a registration statement on Form S-1 providing for the resale by the Holders of the New Warrant Shares issued and issuable
upon exercise of the New Warrants.  The Company shall use commercially reasonable efforts to cause such registration to become effective
on or prior to the 30th calendar day after the initial filing date and to keep such registration statement effective at all
times until no Holder owns any New Warrants or New Warrant Shares issuable upon exercise thereof.

 

(j)            Subsequent
Equity Sales. From the date hereof until thirty (30) days after the Closing Date, neither the Company nor any Subsidiary shall (i) issue,
enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents
or (ii) file any registration statement or any amendment or supplement thereto, in each case other than the registration statement
registering the New Warrant Shares. Notwithstanding the foregoing, this Section (j) shall not apply in respect of an Exempt
Issuance. As used herein, “Exempt Issuance” means the issuance of (a) shares of Common Stock or options to employees,
officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose by a majority of the non-employee
members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose,
(b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this letter agreement, provided that
such securities have not been amended since the date of this letter agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities (except for such decreases in exercise, exchange or conversion
price in accordance with the terms of such securities) or to extend the term of such securities, and (c) securities issued pursuant
to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities
are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit
the filing of any registration statement in connection therewith until thirty (30) days after the Closing Date, and provided that any
such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating
company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional
benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily
for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

    9

     

    

 

Annex B – Form of New Warrant

 

    10Exhibit 10.1

 

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT
(the "Agreement"), dated as of November 17, 2022, is made by and between PAXMEDICA, INC., a Delaware corporation
(the "Company"), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited liability company (the "Investor").

 

WHEREAS:

 

Subject to the terms and conditions
set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from the Company, up to Twenty
Million Dollars ($20,000,000) of the Company’s common stock, $0.0001 par value per share (the "Common Stock").
The shares of Common Stock to be purchased hereunder are referred to herein as the "Purchase Shares."

 

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

 

		1.	CERTAIN DEFINITIONS.

 

For purposes of this Agreement,
the following terms shall have the following meanings:

 

(a)           "Accelerated Purchase Date" means, with respect to any Accelerated Purchase made pursuant to Section
2(b) hereof, the Business Day immediately following the applicable Purchase Date with respect to the corresponding Regular Purchase
referred to in Section 2(b) hereof.

 

(b)           "Accelerated
Purchase Minimum Price Threshold" means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof,
any minimum per share price threshold set forth by the Company in the applicable Accelerated Purchase Notice.

 

(c)           "Accelerated Purchase Notice" means, with respect to any Accelerated Purchase made pursuant to Section
2(b) hereof, an irrevocable written notice from the Company to the Investor directing the Investor to purchase the applicable Accelerated
Purchase Share Amount at the Accelerated Purchase Price on the Accelerated Purchase Date for such Accelerated Purchase in accordance with
this Agreement, and specifying any Accelerated Purchase Minimum Price Threshold determined by the Company.

 

(d)           "Accelerated Purchase Price" means, with respect to any Accelerated Purchase made pursuant to Section
2(b) hereof, the lower of ninety-five percent (95%) of (i) the VWAP for the period beginning at 9:30:01 a.m., Eastern time, on the
applicable Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official open (or commencement)
of trading on the Principal Market on such applicable Accelerated Purchase Date (the "Accelerated Purchase Commencement Time"),
and ending at the earliest of (A) 4:00:00 p.m., Eastern time, on such applicable Accelerated Purchase Date, or such other time publicly
announced by the Principal Market as the official close of trading on the Principal Market on such applicable Accelerated Purchase Date,
(B) such time, from and after the Accelerated Purchase Commencement Time for such Accelerated Purchase, that the total number (or volume)
of shares of Common Stock traded on the Principal Market has exceeded the applicable Accelerated Purchase Share Volume Maximum, and (C)
such time, from and after the Accelerated Purchase Commencement Time for such Accelerated Purchase, that the Sale Price has fallen below
the applicable Accelerated Purchase Minimum Price Threshold (such earliest of (i)(A), (i)(B) and (i)(C) above, the "Accelerated
Purchase Termination Time"), and (ii) the Closing Sale Price of the Common Stock on such applicable Accelerated Purchase Date
(to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar
transaction).

 

     

     

    

 

(e)           "Accelerated Purchase Share Amount" means, with respect to any Accelerated Purchase made pursuant to Section
2(b) hereof, the number of Purchase Shares directed by the Company to be purchased by the Investor in an Accelerated Purchase Notice,
which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares directed by the Company to be
purchased by the Investor pursuant to the corresponding Regular Purchase Notice for the corresponding Regular Purchase referred to in
Section 2(b) hereof (subject to the Purchase Share limitations contained in Section 2(a) hereof) and (ii) an amount equal
to (A) the Accelerated Purchase Share Percentage multiplied by (B) the total number (or volume) of shares of Common Stock traded on the
Principal Market during the period on the applicable Accelerated Purchase Date beginning at the Accelerated Purchase Commencement Time
for such Accelerated Purchase and ending at the Accelerated Purchase Termination Time for such Accelerated Purchase.

 

(f)            "Accelerated Purchase Share Percentage" means, with respect to any Accelerated Purchase made pursuant to
Section 2(b) hereof, thirty percent (30%).

 

(g)           "Accelerated Purchase Share Volume Maximum" means, with respect to any Accelerated Purchase made pursuant
to Section 2(b) hereof, a number of shares of Common Stock equal to (i) the applicable Accelerated Purchase Share Amount properly
directed by the Company to be purchased by the Investor in the applicable Accelerated Purchase Notice for such Accelerated Purchase, divided
by (ii) the Accelerated Purchase Share Percentage (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split, reverse stock split or other similar transaction).

 

(h)           "Additional Accelerated Purchase Date" means, with respect to any Additional Accelerated Purchase made
pursuant to Section 2(c) hereof, the Business Day (i) that is the Accelerated Purchase Date with respect to the corresponding Accelerated
Purchase referred to in Section 2(b) hereof and (ii) on which the Investor receives, prior to 1:00 p.m., Eastern time, on such
Business Day, a valid Additional Accelerated Purchase Notice for such Additional Accelerated Purchase in accordance with this Agreement.

 

(i)            "Additional
Accelerated Purchase Minimum Price Threshold" means, with respect to any Additional Accelerated Purchase made pursuant to Section
2(c) hereof, any minimum per share price threshold set forth by the Company in the applicable Additional Accelerated Purchase Notice.

 

(j)            "Additional Accelerated Purchase Notice" means, with respect to any Additional Accelerated Purchase made
pursuant to Section 2(c) hereof, an irrevocable written notice from the Company to the Investor directing the Investor to purchase
the applicable Additional Accelerated Purchase Share Amount at the Additional Accelerated Purchase Price for such Additional Accelerated
Purchase in accordance with this Agreement, and specifying any Additional Accelerated Purchase Minimum Price Threshold determined by the
Company.

 

(k)           "Additional Accelerated Purchase Price" means, with respect to any Additional Accelerated Purchase made
pursuant to Section 2(c) hereof, the lower of ninety-five percent (95%) of (i) the VWAP for the period on the applicable Additional
Accelerated Purchase Date, beginning at the latest of (A) the applicable Accelerated Purchase Termination Time with respect to the corresponding
Accelerated Purchase referred to in Section 2(c) hereof on such Additional Accelerated Purchase Date, (B) the applicable Additional
Accelerated Purchase Termination Time with respect to the most recently completed prior Additional Accelerated Purchase on such Additional
Accelerated Purchase Date, as applicable, and (C) the time at which all Purchase Shares subject to all prior Accelerated Purchases and
Additional Accelerated Purchases (as applicable), including, without limitation, those that have been effected on the same Business Day
as the applicable Additional Accelerated Purchase Date with respect to which the applicable Additional Accelerated Purchase relates, have
theretofore been received by the Investor as DWAC Shares in accordance with this Agreement (such latest of (i)(A), (i)(B) and (i)(C) above,
the "Additional Accelerated Purchase Commencement Time"), and ending at the earliest of (X) 4:00 p.m., Eastern time,
on such Additional Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official close of trading
on the Principal Market on such Additional Accelerated Purchase Date, (Y) such time, from and after the Additional Accelerated Purchase
Commencement Time for such Additional Accelerated Purchase, that the total number (or volume) of shares of Common Stock traded on the
Principal Market has exceeded the applicable Additional Accelerated Purchase Share Volume Maximum, and (Z) such time, from and after the
Additional Accelerated Purchase Commencement Time for such Additional Accelerated Purchase, that the Sale Price has fallen below the applicable
Additional Accelerated Purchase Minimum Price Threshold (such earliest of (i)(X), (i)(Y) and (i)(Z) above, the "Additional Accelerated
Purchase Termination Time"), and (ii) the Closing Sale Price of the Common Stock on such Additional Accelerated Purchase Date
(to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar
transaction).

 

    -2- 

     

    

 

(l)            "Additional Accelerated Purchase Share Amount" means, with respect to any Additional Accelerated Purchase
made pursuant to Section 2(c) hereof, the number of Purchase Shares directed by the Company to be purchased by the Investor on
an Additional Accelerated Purchase Notice, which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase
Shares directed by the Company to be purchased by the Investor pursuant to the corresponding Regular Purchase Notice for the corresponding
Regular Purchase referred to in Section 2(c) hereof (subject to the Purchase Share limitations contained in Section 2(a)
hereof) and (ii) an amount equal to (A) the Additional Accelerated Purchase Share Percentage multiplied by (B) the total number (or volume)
of shares of Common Stock traded on the Principal Market during the period on the applicable Additional Accelerated Purchase Date beginning
at the Additional Accelerated Purchase Commencement Time for such Additional Accelerated Purchase and ending at the Additional Accelerated
Purchase Termination Time for such Additional Accelerated Purchase.

 

(m)          "Additional Accelerated Purchase Share Percentage" means, with respect to any Additional Accelerated Purchase
made pursuant to Section 2(c) hereof, thirty percent (30%).

 

(n)           "Additional Accelerated Purchase Share Volume Maximum" means, with respect to any Additional Accelerated
Purchase made pursuant to Section 2(c) hereof, a number of shares of Common Stock equal to (i) the applicable Additional Accelerated
Purchase Share Amount properly directed by the Company to be purchased by the Investor in the applicable Additional Accelerated Purchase
Notice for such Additional Accelerated Purchase, divided by (ii) the Additional Accelerated Purchase Share Percentage (to be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

 

(o)           "Alternate Adjusted Regular Purchase Share Limit" means, with respect
to a Regular Purchase made pursuant to Section 2(a) hereof, the maximum number of Purchase Shares which, taking into account the
applicable per share Purchase Price therefor calculated in accordance with this Agreement, would enable the Company to deliver to the
Investor, on the applicable Purchase Date for such Regular Purchase, a Regular Purchase Notice for a Purchase Amount equal to, or as closely
approximating without exceeding, One Hundred Fifty Thousand Dollars $150,000.

 

(p)           "Applicable Laws" means, with respect to any Person, the common law and any federal, provincial, state,
territorial, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines,
ordinances, orders, judgments, writs, injunctions, decrees or settlement agreements (including administrative or judicial precedents or
authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any
governmental authority, in each case whether or not having the force of law and, in each case, that are applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject.

 

    -3- 

     

    

 

(q)           "Available Amount" means, initially, Twenty Million Dollars ($20,000,000) in the aggregate, which amount
shall be reduced by the Purchase Amount each time the Investor purchases shares of Common Stock pursuant to Section 2 hereof.

 

(r)            "Bankruptcy Law" means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(s)           "Business Day" means any day on which the Principal Market is open for trading, including any day on which
the Principal Market is open for trading for a period of time less than the customary time.

 

(t)            "Bylaws" means the Company’s Amended and Restated Bylaws.

 

(u)           "Charter" means the Company’s Certificate of Incorporation, as amended.

 

(v)           "Closing Sale Price" means, for any security as of any date, the last closing sale price for such security
on the Principal Market as reported by the Principal Market.

 

(w)          “Commitment Shares” has the meaning set forth in Section 5(e).

 

(x)           "Confidential Information" means any information disclosed by either party to the other party, either directly
or indirectly, in writing, orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples,
plant and equipment), which is designated, either orally or in writing, as "Confidential," "Proprietary" or some similar
designation. Information communicated orally shall be considered Confidential Information if such information is confirmed in writing
as being Confidential Information within ten (10) Business Days after the initial disclosure. Confidential Information may also include
information disclosed to a disclosing party by third parties. Confidential Information shall not, however, include any information which
(i) was publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing party; (ii)
becomes publicly known and made generally available after disclosure by the disclosing party to the receiving party through no action
or inaction of the receiving party; (iii) is already in the possession of the receiving party without confidential restriction at the
time of disclosure by the disclosing party as shown by the receiving party’s files and records; (iv) is obtained by the receiving
party from a third party and is not known by the receiving party to be a breach of such third party’s obligations of confidentiality;
or (v) is independently developed by the receiving party without use of or reference to the disclosing party’s Confidential Information,
as shown by documents and other competent evidence in the receiving party’s possession.

 

(y)           "Custodian" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

 

(z)            "DTC" means The Depository Trust Company, or any successor performing substantially the same function for
the Company.

 

(aa)          "DWAC Shares" means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable
and transferable and without restriction on resale and (iii) timely credited by the Company, once a DWAC notice is received, to the Investor’s
or its designee’s specified Deposit/Withdrawal at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer
(FAST) Program, or any similar program hereafter adopted by DTC performing substantially the same function.

 

    -4- 

     

    

 

(bb)         "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

(cc)          "Fully
Adjusted Regular Purchase Share Limit" means, with respect to any reorganization, recapitalization, non-cash dividend, stock
split or other similar transaction from and after the date of this Agreement, the Regular Purchase Share Limit (as defined in Section
2(a) hereof) in effect on the applicable date of determination, after giving effect to the full proportionate adjustment thereto
made pursuant to Section 2(a) hereof for or in respect of such reorganization, recapitalization, non-cash dividend, stock split
or other similar transaction.

 

(dd)         "Material Adverse Effect" means any material adverse effect on (i) the enforceability of any Transaction
Document, (ii) the results of operations, operations, assets, business or financial condition of the Company and its Subsidiaries, taken
as a whole, other than any material adverse effect that resulted exclusively from (A) any change in the United States or foreign economies
or securities or financial markets in general that does not have a disproportionate effect on the Company and its Subsidiaries, taken
as a whole, (B) any change that generally affects the industry in which the Company and its Subsidiaries operate that does not have a
disproportionate effect on the Company and its Subsidiaries, taken as a whole, (C) any change arising in connection with earthquakes,
hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts
of war, sabotage or terrorism or military actions existing as of the date hereof that does not have a disproportionate effect on the Company
and its Subsidiaries, taken as a whole, (D) any action taken by the Investor, its affiliates or its or their successors and assigns with
respect to the transactions contemplated by this Agreement, (E) the effect of any change in applicable laws or accounting rules that does
not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, or (F) any change resulting from compliance
with terms of this Agreement or the consummation of the transactions contemplated by this Agreement, or (iii) the Company’s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document to be performed as of the date of
determination.

 

(ee)          "Maturity Date" means the first day of the month immediately following the thirty (30) month anniversary
of the Commencement Date.

 

(ff)           "PEA Period" means the period commencing at 9:30 a.m., Eastern time, on the tenth (10th) Business
Day immediately prior to the filing of any post-effective amendment to the Registration Statement (as defined herein) or New Registration
Statement (as such term is defined in the Registration Rights Agreement), and ending at 9:30 a.m., Eastern time, on the Business Day immediately
following, the effective date of any post-effective amendment to the Registration Statement (as defined herein) or New Registration Statement
(as such term is defined in the Registration Rights Agreement).

 

(gg)         "Person" means an individual or entity including but not limited to any limited liability company, a partnership,
a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

 

(hh)         "Principal
Market" means The Nasdaq Capital Market (or any nationally recognized successor thereto); provided, however, that in the event
the Company’s Common Stock is at any time not listed on The Nasdaq Capital Market (or any nationally recognized successor thereto)
but is listed or traded on The Nasdaq Global Select Market, The Nasdaq Global Market, the New York Stock Exchange, the NYSE American,
the NYSE Arca, the OTC Bulletin Board, or the OTCQX or OTCQB operated by the OTC Markets Group, Inc. (or any nationally recognized successor
to any of the foregoing), then the "Principal Market" shall mean such other market or exchange which then constitutes the principal
trading market for the Company’s Common Stock.

 

    -5- 

     

    

 

(ii)            "Purchase Amount" means, with respect to any Regular Purchase, any Accelerated Purchase, or any Additional
Accelerated Purchase made hereunder, as applicable, the portion of the Available Amount to be purchased by the Investor pursuant to Section
2 hereof.

 

(jj)            "Purchase Date" means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof,
the Business Day on which the Investor receives, after 4:00 p.m., Eastern time, but prior to 10:00 p.m., Eastern time, on such Business
Day, a valid Regular Purchase Notice for such Regular Purchase in accordance with this Agreement.

 

(kk)          "Purchase Price" means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof,
the lower of: (i) the lowest Sale Price on the Purchase Date for such Regular Purchase or (ii) the arithmetic average of the three (3)
lowest Closing Sale Prices for the Common Stock during the ten (10) consecutive Business Days ending on the Business Day immediately preceding
such Purchase Date for such Regular Purchase (in each case, to be appropriately adjusted for any reorganization, recapitalization, non-cash
dividend, stock split or other similar transaction that occurs on or after the date of this Agreement).

 

(ll)            "Registration Rights Agreement" means that certain Registration Rights Agreement, of even date herewith
between the Company and the Investor.

 

(mm)        "Registration Statement" has the meaning set forth in the Registration Rights Agreement.

 

(nn)         "Regular Purchase Notice" means, with respect to a Regular Purchase pursuant to Section 2(a) hereof,
an irrevocable written notice from the Company to the Investor directing the Investor to buy a specified number of Purchase Shares (subject
to the Purchase Share limitations contained in Section 2(a) hereof) at the applicable Purchase Price for such Regular Purchase
in accordance with this Agreement.

 

(oo)         "Sale Price" means any trade price for the shares of Common Stock on the Principal Market as reported by
the Principal Market.

 

(pp)         "SEC" means the U.S. Securities and Exchange Commission.

 

(qq)         "Securities" means, collectively, the Purchase Shares and the Commitment Shares (as defined below).

 

(rr)           "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

 

(ss)          "Subsidiary" means any Person the Company wholly-owns or controls, or in which the Company, directly or
indirectly, owns a majority of the voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21)
of Regulation S-K promulgated under the Securities Act.

 

(tt)           "Transaction
Documents" means, collectively, this Agreement and the schedules and exhibits hereto, the Registration Rights Agreement and
the schedules and exhibits thereto.

 

(uu)         "Transfer Agent" means Computershare Trust N.A., or such other Person who is then serving as the transfer
agent for the Company in respect of the Common Stock.

 

(vv)         "VWAP" means in respect of an Accelerated Purchase Date and an Additional Accelerated Purchase Date, as
applicable, the volume weighted average price of the Common Stock on the Principal Market, as reported on the Principal Market.

 

    -6- 

     

    

 

		2.	PURCHASE OF COMMON STOCK.

 

Subject to the terms and conditions
set forth in this Agreement, the Company has the right, but not the obligation to sell to the Investor, in the Company’s sole and
absolute discretion, and the Investor has the obligation to purchase from the Company, Purchase Shares as follows:

 

(a)           Commencement of Regular Sales of Common Stock. Beginning one Business Day following the satisfaction of the conditions
set forth in Sections 7 and 8 hereof (the "Commencement" and the date of satisfaction of such conditions the "Commencement
Date") and thereafter, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the
Investor of a Regular Purchase Notice from time to time, to purchase up to Seventy Five Thousand (75,000) Purchase Shares, provided that
the Closing Sale Price of the Common Stock on the applicable Purchase Date is not below $0.25 and subject to adjustment as set forth below
in this Section 2(a) (such maximum number of Purchase Shares, as may be adjusted from time to time, the "Regular Purchase Share Limit"),
at the Purchase Price on the Purchase Date (each such purchase a "Regular Purchase"); provided, however,
that the Regular Purchase Share Limit shall be increased to: (i) One Hundred Thousand (100,000) Purchase Shares, if the Closing Sale Price
of the Common Stock on the applicable Purchase Date is not below $4.00, and (ii) One Hundred Twenty Five Thousand (125,000) Purchase Shares,
if the Closing Sale Price of the Common Stock on the applicable Purchase Date is not below $6.00 (all of which share and dollar amounts
shall be appropriately proportionately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar
transaction); provided that if, after giving effect to the full proportionate adjustment to the Regular Purchase Share Limit therefor,
the Fully Adjusted Regular Purchase Share Limit then in effect would preclude the Company from delivering to the Investor a Regular Purchase
Notice hereunder for a Purchase Amount (calculated by multiplying (X) the number of Purchase Shares equal to the Fully Adjusted Regular
Purchase Share Limit, by (Y) the Purchase Price per Purchase Share covered by such Regular Purchase Notice on the applicable Purchase
Date therefor) equal to or greater than the Alternate Adjusted Regular Purchase Share Limit, the Regular Purchase Share Limit for such
Regular Purchase Notice shall not be fully adjusted to equal the applicable Fully Adjusted Regular Purchase Share Limit, but rather the
Regular Purchase Share Limit for such Regular Purchase Notice shall be adjusted to equal the applicable Alternate Adjusted Regular Purchase
Share Limit as of the applicable Purchase Date for such Regular Purchase Notice; and provided, further, however,
that the Investor’s committed obligation under any single Regular Purchase, other than any Regular Purchase with respect to which
an Alternate Adjusted Regular Purchase Share Limit shall apply, shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000).
If the Company delivers any Regular Purchase Notice for a Purchase Amount in excess of the limitations contained in the immediately preceding
sentence, such Regular Purchase Notice shall be void ab initio only with respect to the extent of the amount by which the number of Purchase
Shares set forth in such Regular Purchase Notice exceeds the number of Purchase Shares which the Company is permitted to include in such
Purchase Notice in accordance herewith, and the Investor shall have no obligation to purchase such excess Purchase Shares in respect of
such Regular Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the number of Purchase Shares which
the Company is permitted to include in such Regular Purchase Notice. The Company may deliver a Regular Purchase Notice to the Investor
multiple times on the same Business Day, provided the Company has not failed to deliver Purchase Shares for the most recent prior Regular
Purchase. Notwithstanding the foregoing, the Company shall not deliver any Regular Purchase Notices during the PEA Period.

 

(b)           Accelerated Purchases. Subject to the terms and conditions of this Agreement, from and after one (1) Business Day
following the Commencement Date, in addition to purchases of Purchase Shares as described in Section 2(a) above, the Company shall
also have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of an Accelerated Purchase Notice
from time to time in accordance with this Agreement, to purchase the applicable Accelerated Purchase Share Amount at the Accelerated Purchase
Price on the Accelerated Purchase Date therefor in accordance with this Agreement (each such purchase, an "Accelerated Purchase").
The Company may deliver an Accelerated Purchase Notice to the Investor only on a Purchase Date on which the Company also properly submitted
a Regular Purchase Notice providing for a Regular Purchase of a number of Purchase Shares not less than the Regular Purchase Share Limit
then in effect on such Purchase Date in accordance with this Agreement (including, without limitation, giving effect to any automatic
increase to the Regular Purchase Share Limit as a result of the Closing Sale Price of the Common Stock exceeding certain thresholds set
forth in Section 2(a) above on such Purchase Date and any other adjustments to the Regular Purchase Share Limit, in each case pursuant
to Section 2(a) above). If the Company delivers any Accelerated Purchase Notice directing the Investor to purchase an amount of
Purchase Shares that exceeds the Accelerated Purchase Share Amount that the Company is then permitted to include in such Accelerated Purchase
Notice, such Accelerated Purchase Notice shall be void ab initio only with respect to the extent of the amount by which the number
of Purchase Shares set forth in such Accelerated Purchase Notice exceeds the Accelerated Purchase Share Amount that the Company is then
permitted to include in such Accelerated Purchase Notice (which shall be confirmed in an Accelerated Purchase Confirmation), and the Investor
shall have no obligation to purchase such excess Purchase Shares in respect of such Accelerated Purchase Notice; provided, however,
that the Investor shall remain obligated to purchase the Accelerated Purchase Share Amount which the Company is permitted to include in
such Accelerated Purchase Notice. Within one (1) Business Day after completion of each Accelerated Purchase Date for an Accelerated Purchase,
the Investor will provide to the Company a written confirmation of such Accelerated Purchase setting forth the applicable Accelerated
Purchase Share Amount and Accelerated Purchase Price for such Accelerated Purchase (each, an "Accelerated Purchase Confirmation").
Notwithstanding the foregoing, the Company shall not deliver any Accelerated Purchase Notices during the PEA Period.

 

    -7- 

     

    

 

(c)           Additional Accelerated Purchases. Subject to the terms and conditions of this Agreement, from and after one (1) Business
Day following the Commencement Date, in addition to purchases of Purchase Shares as described in Section 2(a) and Section 2(b)
above, the Company shall also have the right, but not the obligation, to direct the Investor, by its timely delivery to the Investor of
an Additional Accelerated Purchase Notice on an Additional Accelerated Purchase Date in accordance with this Agreement, to purchase the
applicable Additional Accelerated Purchase Share Amount at the applicable Additional Accelerated Purchase Price therefor in accordance
with this Agreement (each such purchase, an "Additional Accelerated Purchase"). The Company may deliver multiple Additional
Accelerated Purchase Notices to the Investor on an Additional Accelerated Purchase Date; provided, however, that the Company
may deliver an Additional Accelerated Purchase Notice to the Investor only (i) on a Business Day that is also the Accelerated Purchase
Date for an Accelerated Purchase with respect to which the Company properly submitted to the Investor an Accelerated Purchase Notice in
accordance with this Agreement on the applicable Purchase Date for a Regular Purchase of a number of Purchase Shares not less than the
Regular Purchase Share Limit then in effect in accordance with this Agreement (including, without limitation, giving effect to any automatic
increase to the Regular Purchase Share Limit as a result of the Closing Sale Price of the Common Stock exceeding certain thresholds set
forth in Section 2(a) above on such Purchase Date and any other adjustments to the Regular Purchase Share Limit, in each case pursuant
to Section 2(a) above), and (ii) if all Purchase Shares subject to all prior Regular Purchases, Accelerated Purchases and Additional
Accelerated Purchases, including, without limitation, those that have been effected on the same Business Day as the applicable Additional
Accelerated Purchase Date with respect to which the applicable Additional Accelerated Purchase relates, in each case have theretofore
been received by the Investor as DWAC Shares in accordance with this Agreement. If the Company delivers any Additional Accelerated Purchase
Notice directing the Investor to purchase an amount of Purchase Shares that exceeds the Additional Accelerated Purchase Share Amount that
the Company is then permitted to include in such Additional Accelerated Purchase Notice, such Additional Accelerated Purchase Notice shall
be void ab initio only with respect to the extent of the amount by which the number of Purchase Shares set forth in such Additional
Accelerated Purchase Notice exceeds the Additional Accelerated Purchase Share Amount that the Company is then permitted to include in
such Additional Accelerated Purchase Notice (which shall be confirmed in an Additional Accelerated Purchase Confirmation), and the Investor
shall have no obligation to purchase such excess Purchase Shares in respect of such Additional Accelerated Purchase Notice; provided,
however, that the Investor shall remain obligated to purchase the Additional Accelerated Purchase Share Amount which the Company
is permitted to include in such Additional Accelerated Purchase Notice. Within one (1) Business Day after completion of each Additional
Accelerated Purchase Date, the Investor will provide to the Company a written confirmation of each Additional Accelerated Purchase on
such Additional Accelerated Purchase Date setting forth the applicable Additional Accelerated Purchase Share Amount and Additional Accelerated
Purchase Price for each such Additional Accelerated Purchase on such Additional Accelerated Purchase Date (each, an "Additional
Accelerated Purchase Confirmation"). Notwithstanding the foregoing, the Company shall not deliver any Additional Accelerated
Purchase Notices during the PEA Period.

 

    -8- 

     

    

 

(d)           Compliance with Principal Market Rules. Notwithstanding anything in this Agreement to the contrary, and in addition
to the limitations set forth in Section 2(e), the Company shall not issue more than 2,354,717 shares (including the Commitment
Shares) of Common Stock (the "Exchange Cap") under this Agreement, which equals 19.99% of the Company’s outstanding
shares of Common Stock as of the date hereof, unless stockholder approval is obtained to issue in excess of the Exchange Cap; provided,
however, that the foregoing limitation shall not apply if at any time the Exchange Cap is reached and at all times thereafter the
average price paid for all shares of Common Stock issued under this Agreement is equal to or greater than $1.55 (the "Minimum
Price"), a price equal to the lower of (i) the Nasdaq Official Closing Price immediately preceding the execution of this Agreement
and (ii) the arithmetic average of the five (5) Nasdaq Official Closing Prices for the Common Stock immediately preceding the execution
of this Agreement, as calculated in accordance with the rules of the Principal Market (in such circumstance, for purposes of the Principal
Market, the transaction contemplated hereby would not be "below market" and the Exchange Cap would not apply). Notwithstanding
the foregoing, the Company shall not be required or permitted to issue, and the Investor shall not be required to purchase, any shares
of Common Stock under this Agreement if such issuance would violate the rules or regulations of the Principal Market. The Company may,
in its sole discretion, determine whether to obtain stockholder approval to issue more than 19.99% of its outstanding shares of Common
Stock hereunder if such issuance would require stockholder approval under the rules or regulations of the Principal Market. The Exchange
Cap shall be reduced, on a share-for-share basis, by the number of shares of Common Stock issued or issuable that may be aggregated with
the transactions contemplated by this Agreement under applicable rules of the Principal Market.

 

(e)           Payment for Purchase Shares. For each Regular Purchase, the Investor shall pay to the Company an amount equal to
the Purchase Amount with respect to such Regular Purchase, as applicable, as full payment for such Purchase Shares via wire transfer of
immediately available funds on the same Business Day that the Investor receives such Purchase Shares, if such Purchase Shares are received
by the Investor before 1:00 p.m., Eastern time, or, if such Purchase Shares are received by the Investor after 1:00 p.m., Eastern time,
the next Business Day. For each Accelerated Purchase and each Additional Accelerated Purchase, the Investor shall pay to the Company an
amount equal to the Purchase Amount with respect to such Accelerated Purchase and Additional Accelerated Purchase, respectively, as full
payment for such Purchase Shares via wire transfer of immediately available funds on the second Business Day following the date that the
Investor receives such Purchase Shares. If the Company or the Transfer Agent shall fail for any reason or for no reason to electronically
transfer any Purchase Shares as DWAC Shares with respect to any Regular Purchase, Accelerated Purchase or Additional Accelerated Purchase
(as applicable) within two (2) Business Days following the receipt by the Company of the Purchase Price, Accelerated Purchase Price or
Additional Accelerated Purchase Price, respectively, therefor in compliance with this Section 2(e), and if on or after such Business
Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
the Investor of such Purchase Shares that the Investor anticipated receiving from the Company in respect of such Regular Purchase, Accelerated
Purchase or Additional Accelerated Purchase (as applicable), then the Company shall, within two (2) Business Days after the Investor’s
request, either (i) pay cash to the Investor in an amount equal to the Investor’s total purchase price (including customary brokerage
commissions, if any) for the shares of Common Stock so purchased (the "Cover Price"), at which point the Company’s
obligation to deliver such Purchase Shares as DWAC Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Investor
such Purchase Shares as DWAC Shares and pay cash to the Investor in an amount equal to the excess (if any) of the Cover Price over the
total Purchase Amount paid by the Investor pursuant to this Agreement for all of the Purchase Shares to be purchased by the Investor in
connection with such purchases. The Company shall not issue any fraction of a share of Common Stock upon any Regular Purchase, Accelerated
Purchase or Additional Accelerated Purchase. If the issuance would result in the issuance of a fraction of a share of Common Stock, the
Company shall round such fraction of a share of Common Stock up or down to the nearest whole share (with 0.5 rounded up). All payments
made under this Agreement shall be made in lawful money of the United States of America or wire transfer of immediately available funds
to such account as the Company may from time to time designate by written notice in accordance with the provisions of this Agreement.
Whenever any amount expressed to be due by the terms of this Agreement is due on any day that is not a Business Day, the same shall instead
be due on the next succeeding day that is a Business Day.

 

    -9- 

     

    

 

(f)            Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company
shall not issue or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated
with all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d)
of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its affiliates
of more than 9.99% of the then issued and outstanding shares of Common Stock (the "Beneficial Ownership Limitation").
The Investor and the Company shall each cooperate in good faith in the determinations required hereby and the application hereof. The
Investor’s written certification to the Company of the applicability of the Beneficial Ownership Limitation, and the resulting effect
thereof hereunder at any time, shall be conclusive with respect to the applicability thereof and such result absent manifest error.

 

		3.	INVESTOR’S REPRESENTATIONS AND WARRANTIES.

 

The Investor represents and
warrants to the Company that as of the date hereof and as of the Commencement Date:

 

(a)           Organization, Authority. Investor is an entity duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization, with the requisite power and authority to enter into and to consummate the transactions contemplated
by this Agreement and the other Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and
thereunder.

 

(b)           Investment Purpose. The Investor is acquiring the Securities as principal for its own account for investment only
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any
applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or
any applicable state securities law and has no direct or indirect arrangement or understandings with any other Persons to distribute or
regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation
and warranty not limiting the Investor’s right to sell the Securities at any time pursuant to the Registration Statement described
herein or otherwise in compliance with applicable federal and state securities laws). The Investor is acquiring the Securities hereunder
in the ordinary course of its business.

 

    -10- 

     

    

 

(c)           Accredited Investor Status. The Investor is an "accredited investor" as that term is defined in Rule 501(a)(3)
of Regulation D promulgated under the Securities Act.

 

(d)           Information. The Investor understands that its investment in the Securities involves a high degree of risk. The Investor
(i) is able to bear the economic risk of an investment in the Securities including a total loss thereof, (ii) has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of the proposed investment in the Securities and
(iii) has had an opportunity to ask questions of and receive answers from the officers of the Company concerning the financial condition
and business of the Company and other matters related to an investment in the Securities. Neither such inquiries nor any other due diligence
investigations conducted by the Investor or its representatives shall modify, amend or affect the Investor’s right to rely on the
Company’s representations and warranties contained in Section 4 below. The Investor has sought such accounting, legal and
tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities and
is not relying on any accounting, legal tax or other advice from the Company or its officers, employees or representatives. The Investor
acknowledges and agrees that the Company neither makes nor has made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in Section 4 hereof.

 

(e)           No Governmental Review. The Investor understands that no U.S. federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an investment
in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(f)            Validity; Enforcement. This Agreement and the other Transaction Documents have been duly and validly authorized,
executed and delivered on behalf of the Investor and each is a valid and binding agreement of the Investor enforceable against the Investor
in accordance with its terms, subject as to enforceability to general principles of equity and to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights
and remedies.

 

(g)           Residency. The Investor’s principal place of business is located in of the State of Illinois.

 

(h)           No Short Selling. The Investor represents and warrants to the Company that at no time prior to the date of this Agreement
has any of the Investor, its agents (in their capacities as such), representatives (in their capacities as such) or affiliates engaged
in or effected, in any manner whatsoever, directly or indirectly, any (i) "short sale" (as such term is defined in Rule 200
of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction that establishes a net short position with respect
to the Common Stock.

 

		4.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company represents and
warrants to the Investor that, as of the date hereof and as of the Commencement Date:

 

(a)           Organization and Qualification. The Company and each of its Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any of its Subsidiaries is in violation or default of any of the provisions of its respective certificate or articles of formation
or incorporation, bylaws or other organizational or charter documents except as would not be expected to result in a Material Adverse
Effect. Each of the Company and its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail
such power and authority or qualification, except where the failure to be so qualified or in good standing or such proceeding, as the
case may be, would not reasonably be expected to result in a Material Adverse Effect. The Company has no Subsidiaries.

 

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(b)           Authorization; Enforcement; Validity. (i) The Company has the requisite corporate power and authority to enter into
and perform its obligations under this Agreement and each of the other Transaction Documents, and to issue the Securities in accordance
with the terms hereof and thereof, (ii) the execution and delivery of the Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby, including without limitation, the issuance of the Commitment Shares (as defined
below in Section 5(e)), the reservation for issuance and the issuance of the Purchase Shares issuable under this Agreement, have
been duly authorized by the Company’s board of directors, or a validly authorized committee thereof (collectively, the "Board
of Directors"), and no further consent or authorization is required by the Company, its Board of Directors or any committee thereof,
or its stockholders (save to the extent provided in this Agreement), (iii) this Agreement has been, and each other Transaction Document
shall be on the Commencement Date, duly executed and delivered by the Company and (iv) this Agreement constitutes, and each other Transaction
Document upon its execution on behalf of the Company, shall constitute, the valid and binding obligations of the Company enforceable against
the Company in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of
creditors’ rights and remedies. The Board of Directors of the Company has approved the resolutions (the "Signing Resolutions")
substantially in the form as set forth as Exhibit B attached hereto to authorize this Agreement and the transactions contemplated
hereby. The Signing Resolutions are valid, in full force and effect and have not been modified or supplemented in any respect. The Company
has delivered to the Investor a true and correct copy of a unanimous written consent adopting the Signing Resolutions executed by all
of the members of the Board of Directors of the Company. Except as set forth in this Agreement, no other approvals or consents of the
Board of Directors, any other authorized committee thereof, and/or stockholders is necessary under applicable laws and the Company’s
Charter and/or Bylaws to authorize the execution and delivery of this Agreement or any of the transactions contemplated hereby, including,
but not limited to, the issuance of the Commitment Shares and the issuance of the Purchase Shares.

 

(c)           Capitalization. As of the date hereof, the authorized capital stock of the Company consists of 200,000,000 shares
of $0.0001 par value Common Stock and 10,000,000 shares of $0.0001 par value preferred stock. Except as disclosed in the SEC Documents
(as defined below), (i) no shares of the Company’s capital stock are subject to preemptive rights or any other similar rights or
any liens or encumbrances suffered or permitted by the Company, (ii) there are no outstanding debt securities, (iii) there are no outstanding
options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights
convertible into, any shares of capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings or
arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares of capital stock of the
Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries, (iv) there
are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their
securities under the Securities Act (except the Registration Rights Agreement and those registration rights for which a registration statement
has been filed), (v) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to redeem a security of the Company or any of its Subsidiaries, (vi) there are no securities or instruments containing
anti-dilution or similar provisions that will be triggered by the issuance of the Securities as described in this Agreement and (vii)
the Company does not have any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement.
The Company has furnished to the Investor true and correct copies of the Charter and the Bylaws, each as in effect on the date hereof,
and copies of any documents containing the material rights of holders of securities convertible or exercisable for Common Stock, to the
extent not filed as an exhibit to the Company’s S-1 filed with the SEC on August 10, 2022 or Form 8-K filed with the SEC on August
30, 2022.

 

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(d)           Issuance of Securities. Upon issuance and payment therefor in accordance with the terms and conditions of this Agreement,
the Purchase Shares shall be validly issued, fully paid and nonassessable and free from all taxes, liens, charges, restrictions, rights
of first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded to a
holder of Common Stock. 20,000,000 shares of Common Stock have been duly authorized and reserved for issuance upon purchase under this
Agreement as Purchase Shares. 198,974 shares of Common Stock have been duly authorized and reserved for issuance as Commitment Shares
in accordance with this Agreement (subject, in each case, to equitable adjustment for any reorganization, recapitalization, non-cash dividend,
stock split or other similar transaction). Upon issuance in accordance with the terms and conditions of this Agreement, each of the Purchase
Shares and the Commitment Shares shall be validly issued, fully paid and nonassessable and free from all taxes, Liens, charges, restrictions,
rights of first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded
to a holder of Common Stock. Upon receipt of the Purchase Shares and the Commitment Shares, the Investor will have good and marketable
title to such Securities and such Securities will be immediately freely tradeable on the Principal Market by any holder who is not an
 “affiliate” of the Company under the Securities Act.

 

(e)           No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance and issuance
of the Purchase Shares and the Commitment Shares) will not (i) result in a violation of the Charter, any certificate of designations,
preferences and rights of any outstanding series of preferred stock of the Company or the Bylaws or (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is
a party, or result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws
and regulations and the rules and regulations of the Principal Market applicable to the Company or any of its Subsidiaries) or by which
any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of conflicts, defaults, terminations,
amendments, accelerations, cancellations and violations under clause (ii), which would not reasonably be expected to result in a Material
Adverse Effect. Neither the Company nor its Subsidiaries is in violation of any term of or in default under its Charter, any certificate
of designation, preferences and rights of any outstanding series of preferred stock of the Company or Bylaws or their organizational charter
or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in violation of any term of or is in default under any material
contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or any statute, rule or regulation applicable
to the Company or its Subsidiaries, except for possible conflicts, defaults, terminations or amendments that would not reasonably be expected
to have a Material Adverse Effect. The business of the Company and its Subsidiaries is not being conducted, and shall not be conducted,
in violation of any law, ordinance or regulation of any governmental entity, except for possible violations, the sanctions for which either
individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. Except as specifically contemplated
by this Agreement and as required under the Securities Act or applicable state securities laws and the rules and regulations of the Principal
Market, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court
or governmental agency or any regulatory or self-regulatory agency in order for it to execute, deliver or perform any of its obligations
under or contemplated by the Transaction Documents in accordance with the terms hereof or thereof. Except as set forth elsewhere in this
Agreement, (i) all consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the
preceding sentence on or prior to the date hereof or on or prior to the Commencement Date shall have been obtained or effected on or prior
to the date hereof and on or prior to the Commencement Date, respectively, and (ii) all consents, authorizations, orders, filings and
registrations which the Company is required to obtain pursuant to the preceding sentence with respect to the Commencement shall be obtained
or effected on or prior to the Commencement Date.

 

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(f)            SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the twelve months preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the
Registration Statement, being collectively referred to herein as the "SEC Documents") on a timely basis or has received
a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension. As of their
respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act,
as applicable. None of the SEC Documents, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The financial statements of the Company included in the SEC Documents comply in all material respects
with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing.
Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent
basis during the periods involved ("GAAP"), except as may be otherwise specified in such financial statements or the
notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all
material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results
of operations and cash flows for the periods presented, subject, in the case of unaudited financial statements, to normal, immaterial,
year-end audit adjustments. Except as publicly available through the SEC’s Electronic Data Gathering, Analysis, and Retrieval system
(EDGAR), the Company has received no notices or correspondence from the SEC for the one year preceding the date hereof other than SEC
comment letters relating to the Company’s filings under the Exchange Act and the Securities Act. There are no SEC comments that
have not been resolved to the satisfaction of the SEC staff. To the Company’s knowledge, the SEC has not commenced any enforcement
proceedings against the Company or any of its Subsidiaries.

 

(g)           Absence of Certain Changes. Except as disclosed in the SEC Documents, since June 30, 2022, there has been no material
adverse change in the business, properties, operations, financial condition or results of operations of the Company or its Subsidiaries.
The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law
nor does the Company or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate involuntary
bankruptcy or insolvency proceedings. The Company is financially solvent and is generally able to pay its debts as they become due. Notwithstanding
the foregoing, the Company and the Investor acknowledge that the matters set forth in the explanatory paragraph regarding substantial
doubt about the Company’s ability to continue as a going concern in the report of the Company’s independent registered public
accounting firm for the year ended December 31, 2021, which shall not be deemed to be a breach of this Section 3(g).

 

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(h)           Absence of Litigation. Except as disclosed in the SEC Documents, there is no action, suit, proceeding, inquiry or
investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge
of the Company or any of its Subsidiaries, threatened against the Company, the Common Stock or any of the Company’s or its Subsidiaries’
officers or directors in their capacities as such, which could reasonably be expected to have a Material Adverse Effect.

 

(i)            Acknowledgment Regarding Investor’s Status. The Company acknowledges and agrees that the Investor is acting
solely in the capacity of arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby
and thereby. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby and any advice given
by the Investor or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated
hereby and thereby is merely incidental to the Investor’s purchase of the Securities. The Company further represents to the Investor
that the Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation by the Company
and its representatives and advisors.

 

(j)            No Aggregated Offering. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf
has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
that would cause this offering of the Securities to be integrated or aggregated with prior offerings by the Company in a manner that would
require stockholder approval pursuant to the rules of the Principal Market on which any of the securities of the Company are listed or
designated. The issuance and sale of the Commitment Shares hereunder does not, and subject to the terms of this Agreement, the issuance
and sale of the additional Purchase Shares will not, contravene the rules and regulations of the Principal Market.

 

(k)           Intellectual Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use
all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions,
licenses, approvals, governmental authorizations, trade secrets and rights necessary to conduct their respective businesses as now conducted,
except as such failure to own, possess or acquire such rights would not reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect. None of the Company’s material trademarks, trade names, service marks, service mark registrations,
service names, patents, patent rights, copyrights, inventions, licenses, approvals, government authorizations, trade secrets or other
intellectual property rights have expired or terminated, or, by the terms and conditions thereof, could expire or terminate within two
years from the date of this Agreement, except as would not reasonably be expected to have a Material Adverse Effect. Except as set forth
in the SEC Documents, the Company and its Subsidiaries do not have any knowledge of any infringement by the Company or its Subsidiaries
of any material trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks,
service mark registrations, trade secret or other similar rights of others, or of any such development of similar or identical trade secrets
or technical information by others, and there is no claim, action or proceeding that has been brought against, or to the Company’s
knowledge, being threatened against, the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights, invention,
copyright, license, service names, service marks, service mark registrations, trade secret or other infringement, which could reasonably
be expected to have a Material Adverse Effect.

 

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(l)            Environmental Laws. To the Company’s knowledge, the Company and its Subsidiaries (i) are in compliance with
any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or contaminants ("Environmental Laws"), (ii) have
received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses
and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where, in each of the three
foregoing clauses, the failure to so comply could not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

(m)          Title. Except as set forth in the SEC Documents, the Company and its Subsidiaries have good and marketable title
in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material
to the business of the Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances and defects
("Liens") and, except for Liens as do not materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and its Subsidiaries and Liens for the payment of federal, state
or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease
by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and its Subsidiaries
are in compliance with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property
and buildings by the Company and its Subsidiaries, taken as a whole, except for such interference which would not reasonably be expected
to have a Material Adverse Effect.

 

(n)           Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses
in which the Company and its Subsidiaries are engaged (including in respect of directors and officers liability insurance). Neither the
Company nor any such Subsidiary has been refused any insurance coverage sought or applied for and neither the Company nor any such Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business at a cost that would not materially and adversely
affect the condition, financial or otherwise, or the earnings, business or operations of the Company and its Subsidiaries, taken as a
whole.

 

(o)           Regulatory Permits. Except as disclosed in the SEC Documents, the Company and its Subsidiaries possess all material
certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct
their respective businesses as currently conducted, and neither the Company nor any such Subsidiary has received any written notice of
proceedings relating to the revocation or modification of any such material certificate, authorization or permit, except in the case of
each of the two foregoing clauses, as would not reasonably be expected to have a Material Adverse Effect.

 

(p)           Compliance with Laws. The Company is not in violation of any Applicable Law, except as would not reasonably be expected
to have a Material Adverse Effect.

 

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(q)           Tax Status. The Company and each of its Subsidiaries has made or filed all federal, state, local or foreign income
and all other material tax returns, reports and declarations required by any jurisdiction to which it is subject or otherwise filed timely
extensions (unless and only to the extent that the Company and each of its Subsidiaries has set aside on its books provisions reasonably
adequate for the payment of all unpaid and unreported taxes) and has paid all taxes and other governmental assessments and charges that
are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good
faith and has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods
to which such returns, reports or declarations apply, and except as would not reasonably be expected to have a Material Adverse Effect.
To the Company’s knowledge, there are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction.

 

(r)            Transactions With Affiliates. Except as disclosed in the SEC Documents, none
of the Company’s stockholders, officers or directors or any family member or affiliate of any of the foregoing, has either directly
or indirectly an interest in, or is a party to, any transaction that would be required to be disclosed as a related party transaction
pursuant to Item 404 of Regulation S-K promulgated under the Securities Act.

 

(s)           Application of Takeover Protections. The Company and its board of directors have taken or will take prior to the
Commencement Date all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison
pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Charter or the laws of the
state of its incorporation which is or could become applicable to the Investor as a result of the transactions contemplated by this Agreement,
including, without limitation, the Company’s issuance of the Securities and the Investor’s ownership of the Securities.

 

(t)            Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents or any other agreements to be entered into by the Company and the Investor that, in each case, which shall be timely publicly
disclosed by the Company, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or
its agents or counsel with any information that the Company believes constitutes or would reasonably constitute material, non-public information
which is not otherwise disclosed in the Registration Statement or the SEC Documents. The Company understands and confirms that the Investor
will rely on the foregoing representation in effecting purchases and sales of securities of the Company. All of the disclosure furnished
by or on behalf of the Company to the Investor regarding the Company, its business and the transactions contemplated hereby, including
the disclosure schedules to this Agreement, taken as a whole, is true and correct in all material respects and does not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve (12) months
preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made and when made, not misleading. The Company acknowledges and agrees that the Investor neither makes nor has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3 hereof.

 

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(u)           Foreign Corrupt Practices. Neither the Company nor any of its Subsidiaries nor any director or officer, nor, to the
knowledge of the Company, any agent, employee or affiliate of the Company or any Subsidiary is aware of or has taken any action, directly
or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules
and regulations thereunder (the "FCPA"), including, without limitation, making use of the mails or any means or instrumentality
of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such
term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention
of the FCPA; and the Company, each of its Subsidiaries and, to the knowledge of the Company, its affiliates have conducted their businesses
in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith. The operations of the Company and each of its Subsidiaries are and have been conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the
rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
applicable governmental agency, including, without limitation, Title 18 U.S. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy
Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial
Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative
to the group or organization continues to concur, all as amended, and any Executive order, directive or regulation pursuant to the authority
of any of the foregoing, or any orders or licenses issued thereunder (collectively, the "Money Laundering Laws"), and
no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. Neither
the Company nor any of its Subsidiaries, nor to the knowledge of the Company any of the directors, officers or employees, agents, affiliates
or representatives of the Company or each of its Subsidiaries, is an individual or entity that is, or is owned or controlled by an individual
or entity that is: (i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign
Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority
(collectively, "Sanctions"), nor (ii) located, organized or resident in a country or territory that is the subject of
Sanctions (including, without limitation, the Balkans, Belarus, Burma/Myanmar, Cote D’Ivoire, Cuba, Democratic Republic of Congo,
Iran, Iraq, Liberia, Libya, North Korea, Russia, Sudan, Syria, Venezuela and Zimbabwe). Neither the Company nor any of its Subsidiaries
will, directly or indirectly, use the proceeds of the transactions contemplated hereby, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other individual or entity: (i) to fund or facilitate any activities or business
of or with any individual or entity or in any country or territory that, at the time of such funding or facilitation, is the subject of
Sanctions or (ii) in any other manner that will result in a violation of Sanctions by any individual or entity (including any individual
or entity participating in the transactions contemplated hereby, whether as underwriter, advisor, investor or otherwise). For the past
five years, neither the Company nor any of its Subsidiaries has knowingly engaged in, and is not now knowingly engaged in, any dealings
or transactions with any individual or entity, or in any country or territory, that at the time of the dealing or transaction is or was
the subject of Sanctions.

 

(v)           DTC Eligibility. The Company, through the Transfer Agent, currently participates in the DTC Fast Automated Securities
Transfer (FAST) Program and the Common Stock can be transferred electronically to third parties via the DTC Fast Automated Securities
Transfer (FAST) Program. The Common Stock is not subject to any DTC “chill,” freeze or similar restriction with respect to
any DTC services, including the clearing of shares of Common Stock through DTC.

 

(w)           Sarbanes-Oxley. The Company is in material compliance with all provisions of the Sarbanes-Oxley Act of 2002, as amended,
which are applicable to it as of the date hereof.

 

(x)            Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Transaction Documents. The Investor shall have no obligation with respect to any fees or with respect to any claims made by or
on behalf of other Persons for fees of a type contemplated in this Section 4(x) that may be due in connection with the transactions
contemplated by the Transaction Documents.

 

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(y)           Investment Company. The Company is not required to be registered as, and immediately after receipt of any payment
for the Purchase Shares will not be required to be registered as, an "investment company" within the meaning of the Investment
Company Act of 1940, as amended.

 

(z)            Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act,
and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock pursuant to the Exchange Act nor has the Company received any notification that the SEC is currently contemplating
terminating such registration. The Company has filed with The Nasdaq Stock Market a Notification Form: Listing of Additional Shares for
the listing of the Securities. The Company has taken no action designed to, or likely to have the effect of, delisting the Common Stock
from the Principal Market, nor has the Company received any notice from any Person to the effect that the Company is not in compliance
with the listing or maintenance requirements of the Principal Market. The Company is, and has no reason to believe that it will not in
the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.

 

(aa)          Accountants. The Company’s accountants are set forth in the SEC Documents and, to the knowledge of the Company,
such accountants are an independent registered public accounting firm as required by the Securities Act.

 

(bb)         No Market Manipulation. The Company has not, and to its knowledge no Person acting on its behalf has, (i) taken,
directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting
purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase
any other securities of the Company in connection with the transactions contemplated in this Agreement.

 

(cc)          Shell Company Status. The Company is not, and has never been, an issuer identified in Rule 144(i)(1) under the Securities
Act and has filed with the SEC on August 25, 2022 current "Form 10 information" (as defined in Rule 144(i)(3) under the Securities
Act) reflecting its status as an entity that is not an issuer identified in Rule 144(i)(1)(i) under the Securities Act.

 

(dd)         No Disqualification Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive
officer, other officer of the Company participating in the offering contemplated hereby, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale (each, an "Issuer Covered Person")
is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a
 "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities
Act. The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.

 

(ee)          Absence of Schedules. In the event that on the date hereof, or the Commencement Date, the Company does not deliver
any disclosure schedule contemplated by this Agreement, the Company hereby acknowledges and agrees that each such undelivered disclosure
schedule shall be deemed to read as follows: "Nothing to Disclose."

 

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		5.	COVENANTS.

 

(a)            Filing of Current Report and Registration Statement. The Company agrees that it shall, within the time required under
the Exchange Act, file with the SEC a report on Form 8-K relating to the transactions contemplated by, and describing the material terms
and conditions of, the Transaction Documents (the “Current Report”). The Company shall also file with the SEC, as soon
as practicable, and in any event within twenty (20) Business Days of the date of this Agreement, a Registration Statement on Form S-1
covering the resale of the Purchase Shares and all of the Commitment Shares in accordance with the terms of the Registration Rights Agreement.
The Company shall permit the Investor to review and comment upon the final pre-filing draft version of each of the Current Report and
the Registration Statement at least two (2) Business Days prior to their respective filing with the SEC and, with respect to information
regarding the Investor or the transaction contemplated hereby, the Company shall not file the Current Report or the Registration Statement
with the SEC in a form to which the Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the
final pre-filing draft version of the Current Report and the Registration Statement within one (1) Business Day from the date the Investor
receives it from the Company.

 

(b)            Blue Sky. The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption
for or to register or qualify (i) the issuance and the sale of the Securities to the Investor under this Agreement and (ii) any subsequent
resale of all Commitment Shares and all Purchase Shares by the Investor, in each case, under applicable securities or "Blue Sky"
laws of the states of the United States in such states as is reasonably requested by the Investor from time to time, and shall provide
evidence of any such action so taken to the Investor.

 

(c)            Listing/DTC. The Company shall use commercially reasonable efforts to maintain, so long as any shares of Common Stock
shall be so listed, such listing of all Purchase Shares and Commitment Shares from time to time issuable hereunder. The Company shall
use commercially reasonable efforts to maintain the listing of the Common Stock on the Principal Market and shall use commercially reasonable
efforts to comply in all respects with the Company’s reporting, filing and other obligations under the Exchange Act, or rules and
regulations of the Principal Market. The Company shall not take any action that would reasonably be expected to result in the delisting
or suspension of the Common Stock on the Principal Market. The Company shall promptly, and in no event later than the following Business
Day, provide to the Investor copies of any notices it receives from any Person regarding the continued eligibility of the Common Stock
for listing on the Principal Market; provided, however, that the Company shall not be required to provide the Investor copies of any such
notice that the Company reasonably believes constitutes material non-public information that the Company would not be required to contemporaneously
publicly disclose in any report or statement filed with the SEC under the Exchange Act or the Securities Act. The Company shall pay all
fees and expenses in connection with satisfying its obligations under this Section 5(c). The Company shall take all commercially
reasonable action necessary to ensure that its Common Stock can be transferred electronically as DWAC Shares.

 

(d)            Prohibition of Short Sales and Hedging Transactions. The Investor agrees that beginning on the date of this Agreement
and ending on the date of termination of this Agreement as provided in Section 11, the Investor and its agents (in their capacities as
such), representatives (in their capacities as such) and affiliates shall not in any manner whatsoever enter into or effect, directly
or indirectly, any (i) "short sale" (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common
Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock.

 

(e)            Issuance of Commitment Shares. In consideration for the Investor’s execution and delivery of this Agreement,
the Company shall cause the Transfer Agent to issue on the date of this Agreement 198,974 shares of Common Stock (to be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction) (the
 "Commitment Shares") directly to the Investor in accordance with Section 6 hereto and the Irrevocable Transfer
Agent Instructions. For the avoidance of doubt, all of the Commitment Shares shall be fully earned as of the date of this Agreement, whether
or not the Commencement shall occur or any Purchase Shares are purchased by the Investor under this Agreement and irrespective of any
termination of this Agreement.

 

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(f)            Due Diligence; Non-Public Information. During the term of this Agreement, the Investor shall have the right, from
time to time as the Investor may reasonably deem appropriate, and upon reasonable advance notice to the Company, to perform reasonable
due diligence on the Company during normal business hours. The Company and its officers and employees shall provide material information
and reasonably cooperate with the Investor in connection with any reasonable request by the Investor related to the Investor’s due
diligence of the Company. Each party hereto agrees not to disclose any Confidential Information of the other party to any third party
and shall not use the Confidential Information for any purpose other than in connection with, or in furtherance of, the transactions contemplated
hereby. Each party hereto acknowledges that the Confidential Information shall remain the property of the disclosing party and agrees
that it shall take all reasonable measures to protect the secrecy of any Confidential Information disclosed by the other party. The receiving
party may disclose Confidential Information to the extent such information is required to be disclosed by law, regulation or order of
a court of competent jurisdiction or regulatory authority, provided that the receiving party shall promptly notify the disclosing party
when such requirement to disclose arises, and shall cooperate with the disclosing party so as to enable the disclosing party to: (i) seek
an appropriate protective order; and (ii) make any applicable claim of confidentiality in respect of such Confidential Information; and
provided, further, that the receiving party shall disclose Confidential Information only to the extent required by the protective order
or other similar order, if such an order is obtained, and, if no such order is obtained, the receiving party shall disclose only the minimum
amount of such Confidential Information required to be disclosed in order to comply with the applicable law, regulation or order. In addition,
any such Confidential Information disclosed pursuant to this section shall continue to be deemed Confidential Information. Notwithstanding
anything in this Agreement to the contrary, (x) the Company shall not be obligated to provide the Investor with any information that constitutes
or may reasonably be considered to constitute material, non-public information pursuant to a request for information hereunder, and (y)
the Company and the Investor agree that (A) neither the Company nor any other Person acting on its behalf shall provide the Investor or
its agents or counsel with any information that constitutes or may reasonably be considered to constitute material, non-public information,
unless a simultaneous public announcement thereof is made by the Company in the manner contemplated by Regulation FD, and (B) in the event
the Company believes that a notice or communication to the Investor or any of its affiliates, attorneys, agents or representatives pursuant
to this Agreement or any other Transaction Document contains any material, nonpublic information, the Company shall so indicate to the
Investor prior to delivery of such notice or communication, and such indication shall provide the Investor the means to refuse to receive
such notice or communication; and in the absence of any such indication, the Investor and its affiliates, agents and representatives shall
be allowed to presume that all matters relating to such notice or communication do not constitute material, non-public information. In
the event of any breach of the foregoing covenants by the Company or any Person acting on its behalf (as determined in the reasonable
good faith judgment of the Investor), in addition to any other remedy provided herein or in the other Transaction Documents, if the Investor
is holding any Securities at the time of the disclosure of such material non-public information, the Investor shall have the right to
make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public information
without the prior approval by the Company; provided the Investor shall have first provided notice to the Company that it believes it has
received information that constitutes material, non-public information; and the Company shall have at least two Business Days from such
notice to either publicly disclose such material, non-public information or to demonstrate to the Investor that such information does
not constitute material, non-public information, and (assuming the Investor and Investor’s counsel disagree in their reasonable
good faith judgment with the Company’s determination) prior to any such disclosure by the Investor; and the Company shall have failed
to publicly disclose such material, non-public information. The Investor shall not have any liability to the Company, any of its Subsidiaries,
or any of their respective directors, officers, employees, stockholders or agents, for any such disclosure in accordance with this Section
5(f). The Company understands and confirms that the Investor shall be relying on the foregoing covenants in effecting transactions
in securities of the Company. The Company hereby acknowledges and agrees that, notwithstanding the provisions of this Section 5(f),
if there is a breach or violation of any representation, covenant, provision or agreement of the Company set forth in this Section
5(f) or Section 5(a) resulting in the Investor obtaining or otherwise possessing material nonpublic information, neither the
Investor nor any of the Investor’s affiliates, attorneys, agents or representatives shall have any duty of trust or confidence (including
any obligation under any confidentiality or non-disclosure agreement entered into by the Investor with the Company) with respect to, or
obligation not to trade in any securities while aware of, such material nonpublic information.

 

    -21- 

     

    

 

(g)           Purchase Records. The Investor and the Company shall each maintain records showing the remaining Available Amount
at any given time and the dates and Purchase Amounts for each Regular Purchase, Accelerated Purchase and Additional Accelerated Purchase
or shall use such other method, reasonably satisfactory to the Investor and the Company.

 

(h)           Taxes. The Company shall pay any and all transfer, stamp or similar taxes that may be payable with respect to the
issuance and delivery of any shares of Common Stock to the Investor made under this Agreement.

 

(i)            Use of Proceeds. The Company will use the net proceeds from the offering for any corporate purpose at the sole discretion
of the Company.

 

(j)            Other Transactions. The Company shall not enter into, announce or recommend to its stockholders any agreement, plan,
arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right
of the Company to perform its obligations under the Transaction Documents, including, without limitation, the obligation of the Company
to deliver the Commitment Shares to the Investor in accordance with the terms of the Transaction Documents.

 

(k)           Aggregation. From and after the date of this Agreement, neither the Company, nor or any of its affiliates will,
and the Company shall use its reasonable best efforts to ensure that no Person acting on their behalf will, directly or indirectly, make
any offers or sales of any security or solicit any offers to buy any security, under circumstances that would cause this offering of the
Securities by the Company to the Investor to be aggregated with other offerings by the Company in a manner that would require stockholder
approval pursuant to the rules of the Principal Market on which any of the securities of the Company are listed or designated, unless
stockholder approval is obtained before the closing of such subsequent transaction in accordance with the rules of such Principal Market.

 

(l)            Limitation on Variable Rate Transactions. From and after the date of this Agreement until the thirty (30) month anniversary
of the date of the date of this Agreement, the Company shall be prohibited from effecting or entering into an agreement to effect any
issuance by the Company or any of its Subsidiaries of Common Stock involving a Variable Rate Transaction other than with the Investor.
 "Variable Rate Transaction" includes, without limitation, an "equity line of credit" or any similar transaction
whereby an investor is irrevocably bound to purchase securities over a period of time from the Company at a price based on the market
price of the Company’s Common Stock at the time of each such purchase; provided, however, that this Section 5(l) shall not be deemed
to prohibit the issuance and sale of Common Stock pursuant to an "at-the-market offering" by the Company exclusively through
a registered broker-dealer acting as agent of the Company pursuant to a written agreement between the Company and such registered broker-dealer.

 

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		6.	TRANSFER AGENT INSTRUCTIONS.

 

(a) Commitment Shares.
On the date of this Agreement, the Company shall issue to the Transfer Agent (and any subsequent transfer agent) irrevocable instructions,
in the form agreed to prior to the date hereof (the "Irrevocable Transfer Agent Instructions"), to issue the Commitment
Shares in accordance with the terms of this Agreement. All Commitment Shares to be issued to or for the benefit of the Investor pursuant
to this Agreement shall be issued as DWAC Shares. The book-entry statement(s) representing the Commitment Shares shall bear the following
restrictive legend (the “Restrictive Legend”) and no other legend whatsoever:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, UNLESS SOLD PURSUANT TO:
(1) RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (2) AN OPINION OF HOLDER’S COUNSEL, IN A CUSTOMARY FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.

 

The Company warrants to the
Investor that, while the Agreement is effective, no instruction other than the Irrevocable Transfer Agent Instructions referred to in
this Section 6 will be given by the Company to the Transfer Agent with respect to the Commitment Shares, and the Commitment Shares
shall otherwise be freely transferable on the books and records of the Company.

 

The Company agrees that, following
the effective date of the initial Registration Statement, it will, no later than two (2) Business Days following the delivery by the Investor
to the Company or the Transfer Agent of a certificate representing any Commitment Shares issued with the Restrictive Legend (or, in the
case of Commitment Shares represented by book entries, delivery by the Investor to the Company or the Company’s transfer agent of
a legend removal request) cause the Commitment Shares to be delivered to the Investor’s or its designee’s specified Deposit/Withdrawal
at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program as DWAC Shares.

 

(b) Purchase Shares.
Within two (2) Business Days from the date on which the Registration Statement is declared effective by the SEC, the Company shall issue
to the Transfer Agent, and any subsequent transfer agent, (i) irrevocable instructions in the form agreed to prior to the date hereof
(the "Commencement Irrevocable Transfer Agent Instructions") and (ii) the notice of effectiveness of the Registration
Statement in a form acceptable to the Transfer Agent (the “Notice of Effectiveness of Registration Statement”), in
each case to issue the Purchase Shares in accordance with the terms of this Agreement and the Registration Rights Agreement. All Purchase
Shares to be issued from and after Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued only
as DWAC Shares. The Company represents and warrants to the Investor that, while this Agreement is effective, no instruction other than
as contemplated by the Commencement Irrevocable Transfer Agent Instructions and the Notice of Effectiveness of Registration Statement
will be given by the Company to the Transfer Agent with respect to the Purchase Shares from and after Commencement, and no instruction
or other communication to the Transfer Agent with respect to the issuance of the Purchase Shares shall be made without the approval of
the Investor. The Company shall provide confirmation of receipt by the Transfer Agent of all instructions pursuant to the Commencement
Irrevocable Transfer Agent Instructions with respect to Purchase Shares within one (1) Business Day of delivery of any Purchase Notice.
The Purchase Shares covered by the Registration Statement shall otherwise be freely transferable on the books and records of the Company.

 

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		7.	CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF SHARES OF COMMON STOCK.

 

The right of the Company hereunder
to commence sales of Purchase Shares is subject to the satisfaction, or where legally permissible, the waiver of each of the following
conditions:

 

(a)           The Investor shall have executed each of the Transaction Documents and delivered the same to the Company;

 

(b)           The representations and warranties of the Investor shall be true and correct in all material respects (except to the extent
that any of such representations and warranties is already qualified as to materiality in Section 3 above, in which case, such representations
and warranties shall be true and correct without further qualification) as of the date hereof and as of the Commencement Date as though
made at that time; and

 

(c)           The Registration Statement covering the resale of all of the Commitment Shares and the Purchase
Shares shall have been declared effective under the Securities Act by the SEC and no stop order with respect to the Registration Statement
shall be pending or threatened by the SEC.

 

		8.	CONDITIONS TO THE INVESTOR’S OBLIGATION TO PURCHASE SHARES OF COMMON STOCK.

 

The obligation of the Investor
to buy Purchase Shares under this Agreement is subject to the satisfaction or, where legally permissible, the waiver of each of the following
conditions on or prior to the Commencement Date and, once such conditions have been initially satisfied, there shall not be any ongoing
obligation to satisfy such conditions after the Commencement has occurred:

 

(a)           The Company shall have executed each of the Transaction Documents and delivered the same to the Investor;

 

(b)           The Company shall have issued or caused to be issued to the Investor a number of shares of Common Stock equal to the number
of Commitment Shares, in accordance with Section 6;

 

(c)           The Common Stock shall be listed on the Principal Market, trading in the Common Stock shall not have been suspended by the
SEC or the Principal Market within the last 30 days, and the Company shall have filed with The Nasdaq Stock Market a Notification Form:
Listing of Additional Shares for the listing of the Securities, and Nasdaq shall have raised no objection to the consummation of the transactions
contemplated by this Agreement;

 

(d)           The Investor shall have received the opinion and negative assurances letter of the Company’s legal counsel dated as
of the Commencement Date substantially in the forms agreed prior to the date of this Agreement by the Company’s legal counsel and
the Investor’s legal counsel;

 

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(e)           The representations and warranties of the Company shall be true and correct in all material respects (except to the extent
that any of such representations and warranties is already qualified as to materiality in Section 4 above, in which case, such
representations and warranties shall be true and correct without further qualification) as of the date hereof and as of the Commencement
Date as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true and
correct in all material respects as of such date) and the Company shall have performed, satisfied and complied in all material respects
with the covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the
Company at or prior to the Commencement Date. The Investor shall have received a certificate, executed by the CEO, President or CFO of
the Company, dated as of the Commencement Date, to the foregoing effect in the form attached hereto as Exhibit A;

 

(f)            The Board of Directors of the Company shall have adopted Signing Resolutions, which shall be in full force and effect without
any amendment or supplement thereto as of the Commencement Date;

 

(g)           As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Common Stock, solely for
the purpose of effecting purchases of Purchase Shares hereunder, 20,000,000 shares of Common Stock;

 

(h)           The Commencement Irrevocable Transfer Agent Instructions and the Notice of Effectiveness of Registration Statement, each
shall have been delivered to and acknowledged in writing by the Company and the Transfer Agent (or any successor transfer agent);

 

(i)            The Company shall have delivered to the Investor a certificate of good standing of the Company in the State of Delaware
issued by the Secretary of State of the State of Delaware and a certificate or its equivalent evidencing the good standing of the Company
as a foreign corporation in any other jurisdiction where the Company is duly qualified to conduct business, in each case, as of a date
within ten (10) Business Days of the Commencement Date;

 

(j)            The Company shall have delivered to the Investor a certified copy of the Charter as certified by the Secretary of State
of the State of Delaware within ten (10) Business Days of the Commencement Date;

 

(k)           The Company shall have delivered to the Investor a secretary’s certificate executed by the Secretary of the Company,
dated as of the Commencement Date, in the form attached hereto as Exhibit C;

 

(l)            The Registration Statement covering the resale of the Commitment Shares and
Purchase Shares shall have been declared effective under the Securities Act by the SEC and no stop order with respect to the Registration
Statement shall be pending or threatened by the SEC. The Company shall have prepared and filed with the SEC, not later than one (1) Business
Day after the effective date of the Registration Statement, a final and complete prospectus (the preliminary form of which shall be included
in the Registration Statement) and shall have delivered to the Investor a true and complete copy thereof. Such prospectus shall
be current and available for the resale by the Investor of all of the Securities covered thereby. The Current Report shall have been filed
with the SEC, as required pursuant to Section 5(a). All reports, schedules, registrations, forms, statements, information and other documents
required to have been filed by the Company with the SEC at or prior to the Commencement Date pursuant to the reporting requirements of
the Exchange Act shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Exchange
Act;

 

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(m)          No Event of Default (as defined below) shall have occurred, and no event which, after notice and/or lapse of time, would
reasonably be expected to become an Event of Default shall have occurred;

 

(n)           The Exchange Cap shall not have been reached (to the extent the Exchange Cap is applicable pursuant to Section 2(d) hereof);

 

(o)           All federal, state and local governmental laws, rules and regulations applicable to the transactions contemplated by the
Transaction Documents and necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the
transactions contemplated thereby in accordance with the terms thereof shall have been complied with, and all consents, authorizations
and orders of, and all filings and registrations with, all federal, state and local courts or governmental agencies and all federal, state
and local regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents and
the consummation of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or made, including,
without limitation, in each case those required under the Securities Act, the Exchange Act, applicable state securities or "Blue
Sky" laws or applicable rules and regulations of the Principal Market, or otherwise required by the SEC, the Principal Market or
any state securities regulators;

 

(p)           No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened
or endorsed by any federal, state or local or foreign court or governmental authority of competent jurisdiction which prohibits the consummation
of or which would materially modify or delay any of the transactions contemplated by the Transaction Documents;

 

(q)           No action, suit or proceeding before any federal, state, local or foreign arbitrator or any court or governmental authority
of competent jurisdiction shall have been commenced or threatened, and no inquiry or investigation by any federal, state, local or foreign
governmental authority of competent jurisdiction shall have been commenced or threatened, against the Company, or any of the officers,
directors or affiliates of the Company, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents,
or seeking material damages in connection with such transactions; and

 

(r)            The Company shall have provided the Investor with the information requested by the Investor in connection with its due diligence
requests in accordance with the terms of Section 5(f) hereof.

 

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		9.	INDEMNIFICATION.

 

In consideration of the Investor’s
execution and delivery of the Transaction Documents and acquiring the Purchase Shares hereunder and in addition to all of the Company’s
other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Investor and all
of its affiliates, equityholders, members, managers, officers, directors and employees and any of the foregoing Person’s agents
or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement)
(collectively, the "Indemnitees") from and against any and all actions, causes of action, suits, claims, losses, costs,
penalties, fees, liabilities and damages, and reasonable expenses in connection therewith (irrespective of whether any such Indemnitee
is a party to the action for which indemnification hereunder is sought), and including reasonable and documented attorneys’ fees
and disbursements (the "Indemnified Liabilities"), incurred by any Indemnitee as a result of, or arising out of, or
relating to (a) any misrepresentation or breach of any representation or warranty made by the Company in the Transaction Documents or
any other certificate, instrument or document executed by the Company contemplated hereby or thereby, (b) any breach of any covenant,
agreement or obligation of the Company contained in the Transaction Documents or any other certificate, instrument or document executed
by the Company contemplated hereby or thereby, (c) any cause of action, suit or claim brought or made against such Indemnitee and arising
out of or resulting from the execution, delivery, performance or enforcement of the Transaction Documents or any other certificate, instrument
or document contemplated hereby or thereby, other than, in the case of clause (c) with respect to Indemnified Liabilities which directly
and primarily result from the fraud, gross negligence or willful misconduct of an Indemnitee. The indemnity in this Section 9
shall not apply to amounts paid in settlement of any claim if such settlement is effected without the prior written consent of the Company,
which consent shall not be unreasonably withheld, conditioned or delayed. 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 law. Payment under this indemnification shall be made within thirty (30) days from
the date the Investor makes written request for it. A certificate containing reasonable detail as to the amount of such indemnification
submitted to the Company by the Investor shall be conclusive evidence, absent manifest error, of the amount due from the Company to the
Investor, provided that the Indemnitee shall undertake to repay any amounts paid to it hereunder if it is ultimately determined, by a
final and non-appealable order of a court of competent jurisdiction, that the Indemnitee is not entitled to be indemnified against such
Indemnified Liabilities by the Company pursuant to this Agreement. If any action shall be brought against any Indemnitee in respect of
which indemnity may be sought pursuant to this Agreement, such Indemnitee shall promptly notify the Company in writing, and the Company
shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Indemnitee. Any Indemnitee
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnitee, except to the extent that (i) the employment thereof has been specifically
authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ
counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue
between the position of the Company and the position of such Indemnitee, in which case the Company shall be responsible for the reasonable
fees and expenses of no more than one such separate counsel (plus one local counsel). The Company shall not, without the consent of the
Indemnitee, consent to the entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnitee of a release from all liability in respect to such claim or litigation
or which includes any admission as to fault, culpability or failure to act on the part of such Indemnitee.

 

		10.	EVENTS OF DEFAULT.

 

An "Event of Default"
shall be deemed to have occurred at any time as any of the following events occurs:

 

(a)           the effectiveness of a Registration Statement registering the sale or resale of the Securities lapses for any reason (including,
without limitation, the issuance of a stop order or similar order) or such registration statement (or the prospectus forming a part thereof)
is unavailable to the Investor for sale or resale of any or all of the Securities to be issued to the Investor under the Transaction Documents
that are required to be included therein, and such lapse or unavailability continues for a period of ten (10) consecutive Business Days
or for more than an aggregate of thirty (30) Business Days in any 365-day period, but excluding a lapse or unavailability where (i) the
Company terminates a Registration Statement after the Investor has confirmed in writing that all of the Securities covered thereby have
been resold or (ii) the Company supersedes one Registration Statement with another Registration Statement, including (without limitation)
by terminating a prior Registration Statement when it is effectively replaced with a new Registration Statement covering Securities (provided
in the case of this clause (ii) that all of the Securities covered by the superseded (or terminated) Registration Statement that have
not theretofore been resold are included in the superseding (or new) Registration Statement);

 

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(b)           the suspension of the Common Stock from trading on the Principal Market for a period of at least one (1) Business Day, provided
that the Company may not direct the Investor to purchase any shares of Common Stock during any such suspension;

 

(c)           the delisting of the Common Stock from The NASDAQ Capital Market provided, however, that the Common Stock is not immediately
thereafter trading on The NASDAQ Global Select Market, The NASDAQ Global Market, the New York Stock Exchange, the NYSE American, the NYSE
Arca, the OTC Bulletin Board, or the OTCQB or the OTCQX operated by the OTC Markets Group, Inc. (or any nationally recognized successor
to any of the foregoing);

 

(d)           the failure for any reason by the Transfer Agent to issue the Purchase Shares to the Investor within two (2) Business Days
after the applicable Purchase Date, Accelerated Purchase Date or Additional Accelerated Purchase Date (as applicable) on which the Investor
is entitled to receive such Purchase Shares;

 

(e)           the Company breaches any representation, warranty, covenant or other term or condition under this Agreement, any other Transaction
Document or any other certificate, instrument or document executed by the Company contemplated hereby or thereby, if such breach would
reasonably be expected to have a Material Adverse Effect and except, in the case of a breach of a covenant which is reasonably curable,
only if such breach continues for a period of at least five (5) Business Days;

 

(f)            if any Person commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law;

 

(g)           if the Company is at any time insolvent, or, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary
case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian
of it or for all or substantially all of its property, or (iv) makes a general assignment for the benefit of its creditors or is generally
unable to pay its debts as the same become due;

 

(h)           a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the
Company in an involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders
the liquidation of the Company; or

 

(i)            if at any time the Company is not eligible to transfer its Common Stock electronically as DWAC Shares or if the Company
fails to maintain the service of its Transfer Agent (or a successor Transfer Agent) with respect to the issuance of Purchase Shares under
this Agreement, including but not limited to, maintaining the effectiveness of the Commencement Irrevocable Transfer Instructions, payment
of all fees owed to the Transfer Agent and satisfaction of all conditions required by the Transfer Agent to issue Purchase Shares pursuant
to the Commencement Irrevocable Transfer Agent Instructions.

 

In addition to any other rights
and remedies under applicable law and this Agreement, so long as (i) an Event of Default has occurred and is continuing, or if any event
that, after notice and/or lapse of time, would reasonably be expected to become an Event of Default, has occurred and is continuing or
(ii) if at any time after the Commencement Date, the Exchange Cap is reached (to the extent the Exchange Cap is applicable pursuant to
Section 2(d) hereof), the Company shall not deliver to the Investor any Regular Purchase Notice, Accelerated Purchase Notice or Additional
Accelerated Purchase Notice.

 

		11.	TERMINATION

 

This Agreement may be terminated
only as follows:

 

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(a)           If pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences
a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company
makes a general assignment for the benefit of its creditors (any of which would be an Event of Default as described in Sections 10(f),
10(g) and 10(h) hereof), this Agreement shall automatically terminate without any liability or payment to the Company (except
as set forth below) without further action or notice by any Person.

 

(b)           In the event that the Commencement shall not have occurred on or before April 30, 2023, due to the failure to satisfy the
conditions set forth in Sections 7 and 8 above with respect to the Commencement, then this Agreement may be terminated by
any party at the close of business on April 30, 2023 or thereafter, in each case without liability of such party to the other party (except
as set forth below); provided, however, that the right to terminate this Agreement under this Section 11(b) shall not be available
to any party if such party is then in breach of any covenant or agreement contained in this Agreement or any representation or warranty
of such party contained in this Agreement fails to be true and correct such that the conditions set forth in Section 7(b) or Section
8(e), as applicable, could not then be satisfied.

 

(c)           At any time after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or
for no reason by delivering notice (a "Company Termination Notice") to the Investor electing to terminate this Agreement
without any liability whatsoever of any party to any other party under this Agreement (except as set forth below). The Company Termination
Notice shall not be effective until one (1) Business Day after it has been received by the Investor.

 

(d)           This Agreement shall automatically terminate on the date that the Company sells and the Investor purchases the full Available
Amount as provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to
any other party under this Agreement (except as set forth below).

 

(e)           If, for any reason or for no reason, the full Available Amount has not been purchased in accordance with Section 2
of this Agreement by the Maturity Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice
on the part of any party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth
below).

 

Except as set forth in Sections
11(a) (in respect of an Event of Default under Sections 10(f), 10(g) and 10(h)), and 11(d), any termination
of this Agreement pursuant to this Section 11 shall be effected by written notice from the Company to the Investor, or the Investor
to the Company, as the case may be, setting forth the basis for the termination hereof. The representations and warranties and covenants
of the Company and the Investor contained in Sections 3, 4, 5, and 6 hereof, the indemnification provisions
set forth in Section 9 hereof and the agreements and covenants set forth in Sections 10, 11 and 12 shall survive
the execution and delivery of this Agreement and any termination of this Agreement. No termination of this Agreement shall (i) affect
the Company’s or the Investor’s rights or obligations under (A) this Agreement with respect to any pending Regular Purchases,
Accelerated Purchases, or Additional Accelerated Purchases, and the Company and the Investor shall complete their respective obligations
with respect to any pending Regular Purchases, Accelerated Purchases and Additional Accelerated Purchases under this Agreement and (B)
the Registration Rights Agreement, which shall survive any such termination in accordance with its terms, or (ii) be deemed to release
the Company or the Investor from any liability for intentional misrepresentation or willful breach of any of the Transaction Documents.

 

    -29- 

     

    

 

		12.	MISCELLANEOUS.

 

(a)           Governing Law; Jurisdiction; Jury Trial. The corporate laws of the State of Delaware shall govern all issues concerning
the relative rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation
of this Agreement and the other Transaction Documents shall be governed by the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the
exclusive jurisdiction of and venue in the U.S. District Court for the Southern District of New York or, if that court does not have subject
matter jurisdiction, in any state court located in the City and County of New York, for the adjudication of any dispute hereunder or under
the other Transaction Documents or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein,
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 any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(b)           Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.
Signatures transmitted by Adobe Sign, DocuSign, RightSignature, electronic mail, or other digital or electronic means will be treated
as original signatures for all purposes hereunder, each of which shall be of the same legal effect, validity, and enforceability as a
manually executed signature.

 

(c)           Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

 

(d)           Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity
or enforceability of any provision of this Agreement in any other jurisdiction.

 

(e)           Entire Agreement. Except as to the Company’s obligation in respect of fees and expenses due and payable in
connection with the negotiation and entry into the Transaction Documents, which are set forth in the Term Sheet dated October 28, 2022,
the Transaction Documents supersede all other prior oral or written agreements between the Investor, the Company, their affiliates and
Persons acting on their behalf with respect to the subject matter thereof, and this Agreement, the other Transaction Documents and the
instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and,
except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation, warranty, covenant
or undertaking with respect to such matters. The Company acknowledges and agrees that it has not relied on, in any manner whatsoever,
any representations or statements, written or oral, other than as expressly set forth in the Transaction Documents. The Investor acknowledges
and agrees that it has not relied on, in any manner whatsoever, any representations or statements, written or oral, other than as expressly
set forth in the Transaction Documents.

 

    -30- 

     

    

 

(f)            Notices. Any notices, consents or other communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt
when sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by
the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses for such communications shall be:

 

If to the Company:

 

PaxMedica, Inc.

303 South Broadway, Suite 125

Tarrytown, NY 10591

E-mail: hweisman@paxmedcia.com

Attention: Howard Weisman

 

With a copy to (which shall not constitute
notice or service of process):

 

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Telephone: 212-698-3500

Email: anna.tomczyk@dechert.com; david.rosenthal@dechert.com

Attention: Anna Tomczyk; David Rosenthal

 

If to the Investor:

 

Lincoln Park Capital Fund, LLC

440 North Wells, Suite 410

Chicago, IL 60654

 

With a copy to (which shall not constitute
notice or service of process):

 

Katten Muchin Rosenman LLP

525 W. Monroe St.

Chicago, IL 60661

	Telephone:	(312) 902-5493
	E-mail:	mark.wood@katten.com
	Attention:	Mark D. Wood, Esq.

 

If to the Transfer Agent:

 

Computershare Trust Company, National Association

150 Royall Street

Canton, MA 02021

	Email:	ginger.lawrence@computershare.com
	Attention:	Ginger Lawrence

 

or at such other address, email address and/or
facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other
party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of
such notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or email
account containing the time, date, and recipient facsimile number or email address, as applicable, or (C) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or email or deposit with a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

    -31- 

     

    

 

(g)           Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Investor, including by merger or consolidation. The Investor may not assign its rights or obligations under this Agreement.

 

(h)           No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(i)            Publicity. The Company shall afford the Investor and its counsel with the opportunity to review and comment upon,
shall consult with the Investor and its counsel on the form and substance of, and shall give due consideration to all such comments from
the Investor or its counsel on, any press release, any Current Report on Form 8-K, or any other public disclosure by or on behalf of the
Company relating to the Investor, its purchases hereunder or any aspect to the Transaction Documents or the transactions contemplated
thereby, not less than 24 hours prior to the issuance, filing or public disclosure thereof. The Investor must be provided with a final
version of any such press release, Current Report or other public disclosure at least 24 hours prior to any release, filing or use by
the Company thereof.

 

(j)            Further Assurances. Each party 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 consummate and make effective, as soon as reasonably possible, the Commencement, and to carry out the intent and accomplish
the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(k)           No Financial Advisor, Placement Agent, Broker or Finder. The Company represents and warrants to the Investor that
it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions contemplated hereby. The
Investor represents and warrants to the Company that it has not engaged any financial advisor, placement agent, broker or finder in connection
with the transactions contemplated hereby. The Company shall be responsible for the payment of any fees or commissions, if any, of any
financial advisor, placement agent, broker or finder relating to or arising out of the transactions contemplated hereby. The Company shall
pay, and hold the Investor harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys’
fees and out of pocket expenses) arising in connection with any such claim made by a third party for any such fees or commissions.

 

(l)            No Strict Construction; Rules of Construction. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. For the purposes
of this Agreement, except to the extent that the context otherwise requires: (i) when a reference is made in this Agreement to an Article,
Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise
indicated; (ii) headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation
of this Agreement; (iii) whenever the words “include,” “includes” or “including” (or similar terms)
are used in this Agreement, they are deemed to be followed by the words “without limitation”; (iv) the words “hereof,”
 “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as
a whole and not to any particular provision of this Agreement; (v) the definitions contained in this Agreement are applicable to the singular
as well as the plural forms of such terms;; (vi) references to a Person are also to its permitted successors and assigns; and (vii) the
use of “or” is not intended to be exclusive unless expressly indicated otherwise.

 

    -32- 

     

    

 

(m)          Remedies, Other Obligations, Breaches and Injunctive Relief. The Investor’s remedies provided in this Agreement,
including, without limitation, the Investor’s remedies provided in Section 9, shall be cumulative and in addition to all
other remedies available to the Investor under this Agreement, at law or in equity (including a decree of specific performance and/or
other injunctive relief). No remedy of the Investor contained herein shall be deemed a waiver of compliance with the provisions giving
rise to such remedy and nothing herein shall limit the Investor’s right to pursue actual damages for any failure by the Company
to comply with the terms of this Agreement. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Investor and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event
of any such breach or threatened breach, the Investor shall be entitled, in addition to all other available remedies, to an injunction
restraining any breach, without the necessity of showing economic loss and without any bond or other security being required.

 

(n)           Enforcement Costs. If: (i) this Agreement is placed by the Investor in the hands of an attorney for enforcement or
is enforced by the Investor through any legal proceeding; (ii) an attorney is retained to represent the Investor in any bankruptcy, reorganization,
receivership or other proceedings affecting creditors’ rights and involving a claim under this Agreement; or (iii) subject to Section
9, an attorney is retained to represent the Investor in any other proceedings whatsoever in connection with this Agreement, then the
Company shall pay to the Investor, as incurred by the Investor, all reasonable costs and expenses including attorneys’ fees incurred
in connection therewith, in addition to all other amounts due hereunder.

 

(o)           Amendment and Waiver; Failure or Indulgence Not Waiver. No provision of this Agreement (i) may be amended other than
by a written instrument signed by both parties hereto and (ii) may be waived other than in a written instrument signed by the party against
whom enforcement of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise
thereof or of any other right, power or privilege.

 

 

* * * * *

 

    -33- 

     

    

 

IN WITNESS WHEREOF,
the Investor and the Company have caused this Purchase Agreement to be duly executed as of the date first written above.

 

 

	 	THE COMPANY:
	 	 
	 	PAXMEDICA, INC.
	 	 
	 	 
	 	By:	 /s/ Stephen D. Sheldon
	 	Name: Stephen D. Sheldon
	 	Title: Chief Financial Officer
	 	 
	 	 
	 	THE INVESTOR:
	 	 
	 	LINCOLN PARK CAPITAL FUND, LLC
	 	BY: LINCOLN PARK CAPITAL, LLC
	 	BY: ROCKLEDGE CAPITAL CORPORATION
	 	 
	 	 
	 	By:	 /s/ Joshua Scheinfeld
	 	Name: Joshua Scheinfeld
	 	Title: President

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