Document:

Exhibit 10.4

 

TRADEMARK LICENSE AGREEMENT

 

This TRADEMARK LICENSE AGREEMENT (this “Agreement”), is made and entered into as of this [·] day of [·], 2015, (“Effective Date”) by and between SPX FLOW, Inc., a corporation organized and existing under the laws of Delaware, U.S.A. (along with its Affiliates, collectively referred to herein as “Licensor”), and SPX Corporation, a corporation organized and existing under the laws of Delaware, U.S.A. (along with its Affiliates, collectively referred to herein as “Licensee”).  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Separation Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, Licensor and Licensee are parties to that certain Separation and Distribution Agreement dated as of [·], 2015 (the “Separation Agreement”);

 

WHEREAS, Licensor is the owner of certain trademarks along with certain trademark registrations and pending applications around the world for the marks “SPX”, “SPX (with discrete modification)”, the “chevron design,” the “green X design” and “WHERE IDEAS MEET INDUSTRY” as set forth on Schedule A (collectively, the “Licensed Marks”) that it desires to license to Licensee in furtherance of the transactions contemplated in the Separation Agreement;

 

WHEREAS, Licensor is willing to license the Licensed Marks to Licensee under the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the above premises and mutual covenants contained herein, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                                      License Grant.

 

(a)                                 In consideration of the faithful performance by Licensee with respect to the Licensed Marks of the covenants and conditions contained herein and subject to the termination provisions contained in Paragraph 2 hereof, Licensor hereby grants to Licensee a non-exclusive, royalty-free license for the License Term to use the Licensed Marks, with right to sublicense, so long as Licensee continues to meet the quality control standards set forth in Paragraph 3 herein.  Licensor expressly reserves its ownership rights in the Licensed Marks and shall continue to hold all rights in the Licensed Marks.  Licensee’s use of the Licensed Marks shall inure to the benefit of Licensor.  Any sublicense intended to be granted by Licensee shall be in writing and shall first be approved by Licensor in writing.  Any sublicense shall provide that Licensor is a third party beneficiary of such sublicense, and that Licensor is entitled to enforce directly upon the sublicensee the terms of this Agreement relating to the Licensed Marks, including the quality control obligations set forth herein.  Any sublicense shall not allow for further sublicensing without Licensor’s prior written approval.  Licensee shall remain liable to Licensor hereunder for any and all damages suffered by Licensor due to acts or omissions of any sublicensee under any sublicense as if such acts or omissions were made by Licensee directly.

 

(b)                                 Included within the Licensed Marks are “Discrete SPX Marks” defined as the mark SPX with discrete modification as depicted on Schedule B, along with any other

 

 

discrete modification(s) of the mark SPX as deemed necessary by Licensee from time to time, provided however, that prior to adoption and use of any such discrete modification(s) of the SPX mark, Licensee has obtained the express written consent of Licensor, which Licensor shall not unreasonably withhold.  For the purpose of clarity, the modifications depicted on Schedule B are deemed expressly consented to by Licensor.

 

(c)                                  Except with respect to Discrete SPX Marks, neither Licensee nor any of its successors in interest shall use a Licensed Mark in connection with any product or service that directly competes with the “Flowco Business” (as defined in Section 1.1 of the Separation Agreement) or with any packaging, advertising, promotional, marketing or other written, audio or electronic materials, including but not limited to, use on websites or the internet that are illegal or that would reflect negatively on the goodwill associated with the Licensed Mark or otherwise dilute the value of the Licensed Mark.

 

(d)                                 Licensor agrees that it shall not use the Discrete SPX Marks, except in a manner that would constitute “fair use” under applicable law if any unaffiliated third party made such use.  Licensee agrees that it shall not use the mark “SPX FLOW” except in a manner that would constitute “fair use” under applicable law if any unaffiliated third party made such use.

 

(e)                                  Licensee agrees that it will do nothing inconsistent with the Licensor’s ownership of any of the Licensed Marks and shall not claim adversely to Licensor, or assist any third party in attempting to claim adversely to Licensor, with regards to such ownership.  Licensee agrees that it will not challenge the title of the Licensor to any of the Licensed Marks, oppose any registration thereof, or challenge the validity of this Agreement or the license granted hereunder.

 

2.                                      Term and Termination

 

(a)                                 Subject to the termination provisions of this paragraph, this Agreement and the license granted hereunder shall exist for an initial term of twenty years and automatically continue thereafter for like periods unless otherwise terminated under this Agreement in accordance with the following schedule:

 

(i)   for the “chevron design” and the “green X design” along with marks incorporating the “chevron design” and the “green X design” as depicted in Schedule B - 18 months from the Effective Date;

 

(ii)  for mark ‘WHERE IDEAS MEET INDUSTRY” and the mark “SPX”  as currently used by the parties in the forms as depicted in Schedule C and except to the extent that the SPX mark includes the “green X design” or the “chevron design” as provided for in Paragraph 2(a)(i) above - three years from the Effective Date; and

 

(iii)  for “Discrete SPX Marks”  — twenty years and automatically continue thereafter for like periods unless otherwise terminated under this Agreement.

 

(b)                                 Licensor may otherwise terminate this Agreement if the Licensee breaches any provision of Paragraph 3 and fails to cure that breach within ninety (90) days after notice thereof.  Upon termination of this Agreement, Licensee agrees to (i) promptly discontinue any and all uses of the Licensed Marks, including uses related to any of Licensee’s products or services and (ii) promptly take all necessary steps to discontinue use of, and refrain from further

 

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using, the Licensed Marks in advertising, commercial registers, directories, internet and web-sites, telephone listings, and all other similar listings.

 

3.                                      Quality Control.

 

Licensee shall use Licensed Marks solely in connection with goods and services that have been manufactured, sold, distributed and offered in accordance with the reasonable standards of quality in materials, design, workmanship, use, advertising and promotion as maintained by Licensor.  For purposes of clarity, the quality of Licensee’s goods and services manufactured, offered, distributed and sold under the Licensed Marks as of the Effective Date are approved by Licensor as they currently meet Licensor’s standards of quality.  Such approval shall continue so long as Licensee’s goods and services continue to be of substantially the same quality as those currently manufactured, sold, distributed and offered by Licensee.  Any future approval shall not be unreasonably withheld or delayed by Licensor.

 

4.                                      Registration and Enforcement.

 

(a)                                 Maintenance of trademark registrations and prosecution of trademark applications included with the Licensed Marks existing and pending at the time of the Effective Date shall be Licensor’s sole responsibility including but not limited to payment of associated fees and expenses.  Licensee shall not directly or indirectly apply for or attempt to register for itself or others any of the Licensed Marks.  Should Licensee determine that new applications for registration of Discrete SPX Marks become necessary from time to time, Licensee shall notify Licensor in writing of the need for said new application.  Upon notification by Licensee, Licensor shall apply for registration at Licensee’s expense.  Any such new Discrete SPX Marks and the applications and registrations thereof shall immediately become subject to this Agreement.

 

(b)                                 Licensee shall promptly notify Licensor in the event that Licensee obtains knowledge of any potential infringement of a Licensed Mark.   Licensor shall have the right of first opportunity (but not the obligation) to enforce its rights in the Licensed Mark in whatever enforcement manner it chooses. Upon request by Licensor, Licensee shall cooperate with Licensor in any enforcement action undertaken by Licensor provided that Licensor shall reimburse Licensee for any out-of-pocket expenses incurred in providing such assistance.  Should Licensor chose not to enforce its rights after receiving notification of a potential infringement, Licensor shall promptly notify Licensee of its intention not to enforce its rights and Licensee thereafter will have the right to take action against the infringement and retain any damages recovered therefrom.  The party bringing the action shall be responsible for all of the costs of the action unless otherwise agreed to in writing by the parties.

 

(c)                                  To the extent either party is required to record or file this license with a governmental agency, the parties agree to assist each other in preparing and executing a short version of the license for recordation and filing purposes.

 

5.                                      Severability.  The provisions of this Agreement shall be severable, and if any provision of this Agreement shall be held or declared to be illegal, invalid or unenforceable, such provision shall, if possible and without waiving rights of appeal, be limited or construed so as to make it valid and enforceable or, if such limitation or construction is not possible or would be contrary to the parties’ manifest intentions, such provision shall be stricken from the Agreement.  In any event, the remainder of the Agreement shall continue in full force and effect.

 

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6.                                      Assignment.  This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties.  Licensee shall not, assign or transfer (including any change of control which effectively assigns or transfers) any or all of their right, title, and interest in or to this Agreement or obligations and duties under this Agreement to any party without the express prior written consent of the Licensor which shall not be unreasonably withheld, delayed or conditioned.

 

7.                                      Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of Delaware, U.S.A. without regard to conflict or choice of law principles.  Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of (a) the Court of Chancery of the State of Delaware (unless the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, in which case, any state or federal court within the State of Delaware) and (b) so long as both parties are headquartered in North Carolina, any state or federal court within the State of North Carolina, for the purposes of any suit, action or other proceeding arising out of or relating to this Agreement (and agrees not to commence any such suit, action or other proceeding relating thereto except in such courts).

 

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

 

	
 
    	
SPX FLOW, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Date:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SPX Corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Date:
    	
 
    

 

4Exhibit 10.1 

 

CTD HoldingS, INC. 

SECURITIES PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is made and entered into as of July 10, 2015, by and
among CTD Holdings, Inc., a Florida corporation (the “Company”), and the investors identified on the
signature pages hereto (each a “Purchaser”, and collectively, the “Purchasers”).

 

RECITALS

 

WHEREAS,
the Company desires to issue, and the Purchasers desire to purchase, an aggregate of 2,600,000 shares (the “Shares”),
of the Company’s common stock, par value $0.0001 per share (“Common Stock”), in a private placement,
at a price of $0.50 per share for an aggregate purchase price of $1,300,000;

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual promises hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.             AGREEMENT TO PURCHASE AND SELL SHARES.

 

(a)
Agreement to Purchase and Sell Shares. Subject to the terms and conditions of this Agreement, each Purchaser agrees to
purchase, and the Company agrees to sell and issue to such Purchaser, at the Closing (as defined below), at a price of $0.50 per
share, such number of Shares to be purchased by such Purchaser as set forth on the signature pages hereto.

 

(b)
Obligations Several and Not Joint. The obligations of each Purchaser under this Agreement are several and not joint with
the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations
of any other Purchaser under this Agreement. The decision of each of the Purchasers to purchase Shares pursuant to this Agreement
has been made by such Purchaser independently of any other Purchaser. Nothing contained herein, and no action taken by any Purchaser
pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind
of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations
or the transactions contemplated by this Agreement.

 

2.             CLOSING.

 

(a)          Closing. The Closing of the sale and purchase of the Shares under this Agreement (the “Closing”)
shall take place remotely at 10:00 a.m. on the date hereof by the exchange of documents and signatures, or at such other time
or place as the Company and the Purchasers purchasing a majority of the Shares to be sold at the Closing mutually agree (the date
of the Closing is hereinafter referred to as the “Closing Date”).

 

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(b)          Delivery. At the Closing, subject to the terms and conditions hereof, the Company will deliver to each Purchaser a
certificate representing the number of Shares to be purchased at the Closing by such Purchaser (or, at the Company’s election,
an executed irrevocable order to the Company’s transfer agent giving instructions for the issuance and delivery of such
a certificate to such Purchaser), against payment of the purchase price therefor by check made payable to the order of, or wire
transfer to, the Company.

 

3.             REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

 

Except
as set forth in the Disclosure Letter delivered by the Company to each Purchaser at or prior to the Closing, the Company hereby
represents and warrants to the Purchasers that as of the Closing Date (except with respect to any representations and warranties
that speak as of a specified date, which shall be true and correct as of such date):

 

(a)          Organization Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in
good standing under the laws of the State of Florida and has all corporate power and authority required (i) to own, operate and
occupy its properties and to carry on its business as presently conducted and (ii) to enter into this Agreement and to consummate
the transactions contemplated hereby. The Company is qualified to do business and is in good standing in each jurisdiction in
which the failure to so qualify would have a Material Adverse Effect. As used in this Agreement, “Material Adverse
Effect” means a material adverse effect on, or a material adverse change in, the business, operations, financial
condition, results of operations, properties, prospects, assets or liabilities of the Company, taken as a whole, or on the transactions
contemplated hereby and the other agreements, instruments and documents contemplated hereby or on the authority or ability of
the Company to perform its obligations under this Agreement.

 

(b)          Capitalization. The capitalization of the Company, prior to the issuance of the Shares, is as follows:

 

(i)            
The authorized capital stock of the Company consists of 100 million shares of Common Stock, and five million shares of Preferred
Stock, par value $0.0001 per share (the “Preferred Stock”).

 

(ii)          
As of the date hereof, the issued and outstanding capital stock of the Company consisted of (A) 54,562,355 shares of Common
Stock and (B) no shares of Preferred Stock. The issued and outstanding shares of Common Stock have been duly authorized and validly
issued, are fully paid and nonassessable and have not been issued in violation of and are not otherwise subject to any preemptive
or other similar rights.

 

(iii)        
The Company does not have any stock option or similar stock incentive plans. Except as set forth in the SEC Documents (as
defined below), there are no outstanding subscriptions, options, warrants, convertible or exchangeable securities or other rights
granted to or by the Company to purchase shares of Common Stock or other securities of the Company and there are no commitments,
plans or arrangements to issue any shares of Common Stock or any security convertible into or exchangeable for Common Stock. There
are no outstanding securities or instruments of the Company which contain any redemption or similar provisions; there are no securities
or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Shares; and none of
the Company’s capital stock is subject to preemptive rights or any other similar rights or any liens or encumbrances suffered
or permitted by the Company. Except as set forth in the SEC Documents, there are no shareholder agreements, voting agreements,
or other similar arrangements, with respect to the Company’s capital stock to which the Company is a party or, to the Company’s
knowledge, between or among any of the Company’s stockholders.

 

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(c)          Subsidiaries. Except as set forth in the SEC Documents, the Company does not have any Subsidiaries, and the Company
does not own any capital stock of, assets comprising the business of, obligations of, or any other interest (including any equity
or partnership interest) in, any person or entity. As used herein "Subsidiaries" means any entity in which
the Company, directly or indirectly, owns any capital stock or holds an equity or similar interest. Each Subsidiary of the Company
(i) is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida, (ii) has all
corporate power and authority required to own, operate and occupy its properties and to carry on its business as presently conducted,
and (iii) is qualified to do business and is in good standing in each jurisdiction in which the failure to so qualify would have
a Material Adverse Effect.

 

(d)          Due Authorization. All corporate actions on the part of the Company necessary for (i) the authorization, execution
and delivery of, and the performance of all obligations of the Company under, this Agreement, and (ii) the authorization, issuance,
and delivery of the Shares, have been taken, and this Agreement constitutes the valid and binding obligation of the Company, enforceable
against the Company in accordance with its respective terms.

 

(e)          Valid Issuance of Shares.

 

(i)            
Shares. Upon issuance in accordance with the terms hereof and the payment therefor by the Purchasers, the Shares will
be duly authorized, validly issued, fully paid and non-assessable free and clear from all taxes, liens, claims and encumbrances,
and will not be subject to any preemptive rights or similar rights.

 

(ii)          
Compliance with Securities Laws. Subject to the accuracy of the representations made by the Purchasers in Section 4
hereof, the Shares will be issued and sold to the Purchasers in compliance with an applicable exemption from the registration
and prospectus delivery requirements of the Securities Act of 1933, as amended (the “Securities Act”).

 

(f)           Governmental Consents. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, or notice to, any federal, state or local governmental authority (each, a “Governmental
Entity”) on the part of the Company is required in connection with the issuance and sale of the Shares to the Purchasers,
except such filings as have been made prior to the date hereof, and such additional post-Closing filings as may be required to
comply with applicable state and federal securities laws.

 

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(g)          Non-Contravention. The execution, delivery and performance of this Agreement by the Company, and the consummation by
the Company of the transactions contemplated hereby and thereby, do not (i) contravene or conflict with the Articles of Incorporation
or Bylaws of the Company; (ii) assuming the accuracy of the representations and warranties made by the Purchasers in Section 4
hereof, constitute a violation in any respect of any provision of any federal, state, local or foreign law, rule, regulation,
order, judgment or decree applicable to the Company; or (iii) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) or require any consent under, give rise to any right of termination, amendment,
cancellation or acceleration of, or to a loss of any material benefit to which the Company or any of its Subsidiaries is entitled
under, or result in the creation or imposition of any lien, claim or encumbrance on any assets of the Company or any of its Subsidiaries
under, any contract to which the Company or any of its Subsidiaries is a party or any permit, license or similar right relating
to the Company or any of its Subsidiaries.

 

(h)          Litigation. There is no material action, suit, proceeding, claim, arbitration or investigation pending or, to the Company’s
knowledge, threatened: (i) against the Company, its Subsidiaries, their activities, properties or assets, (ii) any officer, director
or employee of the Company or any of its Subsidiaries in connection with such officer’s, director’s or employee’s
relationship with, or actions taken on behalf of, the Company or its Subsidiaries, or (iii) that seeks to prevent, enjoin, alter,
challenge or delay the transactions contemplated by this Agreement. Neither the Company nor any of its Subsidiaries is a party
to or subject to the provisions of, any order, writ, injunction, judgment or decree of any court or government agency or instrumentality.
The Company and its Subsidiaries have, to the Company’s knowledge, in all material respects, complied with all laws, regulations
and orders applicable to their business, and have all material permits and licenses required thereby.

 

(i)           Compliance with Law and Charter Documents; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in
violation or default of any provisions of its articles of incorporation, bylaws or similar organizational document, as applicable.
The Company and its Subsidiaries have materially complied and are currently in material compliance with all applicable judgments,
decrees, statutes, laws, rules, regulations and orders of the United States of America and all states thereof, foreign countries
and other governmental bodies and agencies having jurisdiction over the Company’s and its Subsidiaries’ business or
properties, and neither the Company nor any of its Subsidiaries has received notice that it is in material violation of any statute,
rule or regulation of any governmental authority applicable to it. Except as set forth in the SEC Documents, neither the Company
nor any of its Subsidiaries is in default (and there exists no condition which, with or without the passage of time or giving
of notice or both, would constitute a default) in any material respect in the performance of any bond, debenture, note or any
other evidence of indebtedness in any indenture, mortgage, deed of trust or any other material agreement or instrument to which
the Company or any of its Subsidiaries is a party or by which any of them are bound or by which the properties of any of them
are bound. The Company and its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory
authorities necessary to conduct their business as described in the SEC Documents, except where the failure to possess such certificates,
authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and the Company has not
received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit.

 

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(j)           SEC Documents.

 

(i)            
Reports. Since January 1, 2014, the Company has filed in a timely manner (giving effect, where applicable, to any deferral
periods provided under Rule 12b-25 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
all reports, schedules, forms, statements and other documents required to be filed by it with the Securities and Exchange Commission
(the “SEC”) pursuant to the reporting requirements of the Exchange Act and the rules and regulations
promulgated thereunder. The Company has filed on the SEC’s EDGAR system, prior to the date hereof, its Annual Report on
Form 10-K for the fiscal year ended December 31, 2014 (the “Form 10-K”), its Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 2015 (the “Form 10-Q”) and any Current Report on Form 8-K
(“Form 8-Ks”) required to be filed by the Company with the SEC for events occurring since January 1,
2015 (the Form 10-K, Form 10-Q and Form 8-Ks, together with all exhibits, schedules and other attachments that are filed with
such documents, are collectively referred to herein as the “SEC Documents”). Each SEC Document, as of
its date (or, if amended or superseded by a filing prior to the Closing Date, then on the date of such filing), did not contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading. Each SEC Document, as it may have been subsequently
amended by filings made by the Company with the SEC prior to the date hereof, complied in all material respects with the requirements
of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to such SEC Document. As of their
respective dates, any financial statements of the Company included in the SEC Documents complied as to form and substance in all
material respects with applicable accounting requirements and published rules and regulations of the SEC with respect thereto.
Such financial statements have been prepared in accordance with generally accepted accounting principles, consistently applied
in the United States (“GAAP”), during the periods involved (except in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or summary statements), correspond to the books and records
of the Company and fairly present in all material respects the financial position of the Company as of the dates thereof and the
results of operations and cash flows for the periods then ended. The Company is not required to file and will not be required
to file any agreement, note, lease, mortgage, deed or other instrument entered into prior to the date of this Agreement and to
which the Company is a party or by which the Company is bound which has not been previously filed or incorporated by reference
as an exhibit to the SEC Documents.

 

(ii)          
Sarbanes-Oxley. The Chief Executive Officer and the Chief Financial Officer of the Company have signed, and the Company
has furnished to the SEC, all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as of the date
hereof. Such certifications contain no exceptions to the matters certified therein and have not been modified or withdrawn; and
neither the Company nor any of its officers has received notice from any Governmental Entity questioning or challenging the accuracy
of such certifications. The Company is otherwise in compliance with all applicable effective provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations issued thereunder by the SEC.

 

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(k)         Absence of Certain Changes. Except as set forth in Section 3(k) of the Disclosure Letter or in the SEC Documents, since
December 31, 2014, the business and operations of the Company and its Subsidiaries have been conducted in the ordinary course
consistent with past practice, and there has not been:

 

(i)             Any
declaration, setting aside or payment of any dividend or other distribution of the assets of the Company with respect to any
shares of capital stock of the Company;

 

(ii)          
any repurchase, redemption or other acquisition by the Company of any outstanding shares of the Company’s capital stock;

 

(iii)        
any damage, destruction or loss to the Company’s or its Subsidiaries’ properties or assets, whether or not covered
by insurance, except for such occurrences, individually and collectively, that have not had, and would not reasonably be expected
to have, a Material Adverse Effect;

 

(iv)        
   any waiver by the Company or any of its Subsidiaries of a valuable right or of a material debt owed to it, except for such
waivers, individually and collectively, that have not had, and would not reasonably be expected to have, a Material Adverse Effect;

 

(v)            
any material change by the Company in its accounting principles, methods or practices or in the manner in which it keeps its
accounting books and records, except any such change required by a change in GAAP or by the SEC;

 

(vi)          
any material change or amendment to, or any waiver of any material right under a material contract or arrangement by which
the Company, any of its Subsidiaries or any of their assets or properties is bound or subject that could be expected to have a
Material Adverse Effect;

 

(vii)      
  any other event or condition of any character, except for such events and conditions that have not resulted, and are not reasonably
expected to result either individually or collectively, in a Material Adverse Effect;

 

(viii)    
   any sale of any assets, individually or in the aggregate, in excess of $10,000 outside of the ordinary course of business,
other than the sale of inventory; or

 

(ix)        
  any capital expenditures, individually or in the aggregate, in excess of $10,000 outside of the ordinary course of business.

 

(l)           Intellectual
Property. To the Company’s knowledge, the Company and its Subsidiaries own or possess sufficient rights to use all
patents, patent rights, inventions, trade secrets, know-how, trademarks, or other intellectual property
(collectively, “Intellectual Property”), which are necessary to conduct their business as currently
conducted. To the Company’s knowledge, neither the Company nor any of its Subsidiaries has infringed any patents of
others with respect to any Intellectual Property. There is no claim, action or proceeding pending, or to the Company’s
knowledge, threatened, against the Company or any of its Subsidiaries with respect to any Intellectual Property. The Company
has no knowledge of any infringement or improper use by any third party with respect to any Intellectual Property of the
Company or any of its Subsidiaries.

 

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(m)         Registration Rights. The Company is not currently subject to any agreement providing any person or entity any rights
(including piggyback registration rights) to have any securities of the Company registered with the SEC or registered or qualified
with any other governmental authority.

 

(n)          Title to Property and Assets. Except as set forth in the SEC Documents, the properties and assets of the Company and
its Subsidiaries (including real property) are respectively owned by them, free and clear of all mortgages, deeds of trust, liens,
charges, encumbrances and security interests except for (i) statutory liens for the payment of current taxes that are not yet
delinquent and (ii) liens, encumbrances and security interests that are in the ordinary course of business and do not materially
detract from the value of the properties and assets of the Company, taken as a whole. With respect to the property and assets
leased by the Company and its Subsidiaries, the Company and its Subsidiaries are in compliance with such leases in all material
respects and such leases are held by them under valid, subsisting and enforceable leases 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.
All facilities, machinery, equipment, fixtures, vehicles and other properties owned, leased or used by the Company and its Subsidiaries
are in good operating condition and repair and are reasonably fit and usable for the purposes for which they are being used.

 

(o)          Taxes. The Company and its Subsidiaries have filed or have obtained currently effective extensions with respect to
all federal, state, county, local and foreign tax returns which are required to be filed by them, such returns are complete and
accurate in all material respects and all taxes shown thereon to be due have been timely paid with exceptions not material to
the Company and its Subsidiaries, taken as a whole. No material controversy with respect to taxes of any type with respect to
the Company or any of its Subsidiaries is pending or, to the Company’s knowledge, threatened. The Company and its Subsidiaries
have withheld or collected from each payment made to their employees the amount of all taxes required to be withheld or collected
therefrom and have paid all such amounts to the appropriate taxing authorities when due (including, but not limited to, federal
income taxes, Federal Insurance Contribution Act taxes and Federal Unemployment Tax Act taxes). Neither the Company nor any of
its Subsidiaries has any material tax liability relating to income, properties or assets as of the Closing that is not adequately
provided for.

 

(p)          Insurance. The Company and its Subsidiaries maintain insurance of the types and in the amounts that the Company reasonably
believes is prudent and adequate for their businesses, all of which insurance is in full force and effect in all material respects.
Neither the Company nor any of its Subsidiaries has been refused any insurance coverage sought or applied for by them, and the
Company does not have any reason to believe that it will not be able to renew any such 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 have a Material Adverse Effect.

 

    	7

    	 

    

 

(q)          Labor Relations.

 

(i)            
No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company or any of its Subsidiaries.

 

(ii)          
Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or employs any member of
a union. No executive officer (as defined in Rule 501(f) of the Securities Act) of the Company has notified the Company that such
officer intends to leave the Company or otherwise terminate such officer’s employment with the Company. No executive officer
of the Company, to the knowledge of the Company, is, or is now expected to be, in violation of any material term of any employment
contract, confidentiality, disclosure or proprietary information agreement, non-competition agreement, or any other contract or
agreement or any restrictive covenant, and the continued employment of each such executive officer does not subject the Company
to any liability with respect to any of the foregoing matters.

 

(iii)        
The Company and its Subsidiaries are in compliance with all federal, state, local and foreign laws and regulations respecting
labor, employment and employment practices and benefits, terms and conditions of employment and wages and hours, except where
failure to be in compliance would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect.

 

(r)          Transactions with Affiliates. Except as set forth in the SEC Documents, none of the officers, directors or employees
of the Company or any of its Subsidiaries has entered into any transaction with the Company or any of its Subsidiaries that would
be or will be required to be disclosed pursuant to Item 404(a) of Regulation S-K of the SEC.

 

(s)          General Solicitation. Neither the Company, nor any of its affiliates, nor any other person or entity authorized by
the Company to act on its behalf has engaged in a general solicitation or general advertising (within the meaning of Regulation
D of the Securities Act) of investors with respect to offers or sales of the Shares.

 

(t)           No Integrated Offering. Neither the Company, nor any affiliate of the Company, nor, to the Company’s knowledge
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 Shares to be integrated with prior offerings
by the Company in such a manner that would subject this offering to the registration requirements of section 5 of the Securities
Act.

 

(u)          Investment Company. The Company is not now, and after the sale of the Shares under this Agreement and the application
of the net proceeds from the sale of the Shares will not be, an “investment company,” a company controlled by an “investment
company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for,
an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

    	8

    	 

    

 

(v)          Application of Anti-Takeover Provisions. There is no control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Articles of Incorporation
(or other charter documents) that would become applicable to the Purchaser as a result of the issuance of the Shares.

 

(w)         Registration Matters. The Company has taken no action designed to terminate, or likely to have the effect of terminating,
the registration of the Common Stock under the Exchange Act.

 

(x)          Environmental Matters.

 

(i)            
The Company and its Subsidiaries have complied in all material respects with all applicable Environmental Laws (as defined
below). There is no pending or, to the Company’s knowledge, threatened civil or criminal litigation, written notice of violation,
formal administrative proceeding, or investigation, inquiry or information request by any Governmental Entity, relating to any
Environmental Law involving the Company or any of its Subsidiaries. “Environmental Law” means any federal,
state, local or foreign law, statute, rule or regulation or the common law relating to the environment or occupational health
and safety, including any statute, regulation, administrative decision or order pertaining to (A) treatment, storage, disposal,
generation and transportation of industrial, toxic or hazardous materials or substances or solid or hazardous waste; (B) air,
water and noise pollution; (C) groundwater and soil contamination; (D) the release or threatened release into the environment
of industrial, toxic or hazardous materials or substances, or solid or hazardous waste, including emissions, discharges, injections,
spills, escapes or dumping of pollutants, contaminants or chemicals; (E) the protection of wild life, marine life and wetlands,
including all endangered and threatened species; (F) storage tanks, vessels, containers, abandoned or discarded barrels and other
closed receptacles; (G) health and safety of employees and other persons; or (H) manufacturing, processing, using, distributing,
treating, storing, disposing, transporting or handling of materials regulated under any law as pollutants, contaminants, toxic
or hazardous materials or substances, or oil or petroleum products or solid or hazardous waste. As used above, the terms “release”
and “environment” shall have the meaning set forth in the federal Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended (“CERCLA”).

 

(ii)          
Neither the Company nor any of its Subsidiaries has any material liabilities or material obligations arising from the release
of any Materials of Environmental Concern (as defined below) into the environment. “Materials of Environmental Concern”
shall mean any chemicals, pollutants or contaminants, hazardous substances (as such term is defined under CERCLA), solid wastes
and hazardous wastes (as such terms are defined under the Resource Conservation and Recovery Act), toxic materials, oil or petroleum
and petroleum products or any other material subject to regulation under any Environmental Law.

 

(iii)        
Neither the Company nor any of its Subsidiaries is a party to or bound by any court order, administrative order, consent order
or other agreement with any Governmental Entity entered into in connection with any legal obligation or liability arising under
any Environmental Law.

 

    	9

    	 

    

 

(iv)        
There is no material environmental liability, to the Company’s knowledge, of any solid or hazardous waste transporter
or treatment, storage or disposal facility that has been used by the Company or any of its Subsidiaries.

 

(y)          Benefit Plans. Except as set forth in the Disclosure Letter, neither the Company, any of its Subsidiaries or any Plan
Affiliate (as defined below) has maintained, sponsored, adopted, made contributions to or obligated itself to make contributions
to or to pay any benefits or grant rights under or with respect to any material Employee Benefit Plan (as defined below), whether
written, oral, voluntary or pursuant to a collective bargaining agreement or law, under which the Company or any of its Subsidiaries
has any unfunded liability, nor has the Company or any of its Subsidiaries otherwise failed to meet any of its material obligations
under any Employee Benefit Plan. “Plan Affiliate” means any person or entity with which the Company
or any of its Subsidiaries constitutes all or part of a controlled group of corporations, a group of trades or businesses under
common control or an affiliated service group, as each of those terms are defined in Section 414 of the Internal Revenue Code
(the “Code”). “Employee Benefit Plan” means, collectively, each bonus, deferred
compensation, incentive compensation, stock purchase, stock option, severance or termination pay, health or other medical, life,
disability or other insurance, supplemental unemployment benefit, profit sharing, pension, retirement, supplemental retirement
or other employee benefit plan, program, agreement or arrangement, whether written or unwritten, formal or informal, maintained
or contributed to or required to be contributed to by any person for the benefit of any employee or former employee of the Company
or its affiliates or their dependents or beneficiaries, as well as the compensation practices and policies regarding vacations,
sick leaves, leaves of absence and all perquisites of employment other than those mandated by any legal requirement and shall
include to the extent applicable to the Company, without limitation, “Employee Pension Benefit Plans” (as defined
in Section 3(2) of ERISA (as defined below), “Employee Welfare Benefit Plan” (as defined in Section 3(1) of ERISA)
and “Multi-employer Plan” (as defined in section 3(37) of ERISA)), but shall exclude any such arrangements or perquisites
that do not exceed, individually or in the aggregate, $300 per month per any particular person. “ERISA”
means the Employee Retirement Income Security Act of 1974 and any law of any foreign jurisdiction of similar import. The Company
has made all “matching” contributions required pursuant to the terms of the Company’s 401(k) plan or otherwise
promised to employees (in writing or orally).

 

(z)          Foreign Corrupt Practices Act; Etc. Each of the Company, its Subsidiaries and their respective officers, directors,
employees, agents and other persons acting on behalf of the Company or its Subsidiaries are in compliance with and have not violated
the Foreign Corrupt Practices Act of 1977, as amended, or any rules and regulations thereunder, or any similar laws of any foreign
jurisdiction. To the Company's knowledge, no governmental or political official in any country is or has been employed by, or
acted as a consultant to or held any beneficial ownership interest in the Company or any of its Subsidiaries. The Company, its
Subsidiaries and their respective officers, directors, employees and agents are in compliance with and have not violated the U.S.
money laundering laws or regulations, the U.S. Bank Secrecy Act, as amended by the USA Patriot Act of 2001 (including any recordkeeping
or reporting requirements thereunder), or the anti-money laundering laws or regulations of any jurisdiction.

 

(aa)        Brokers. Except as set forth in the Disclosure Letter or the SEC Documents, the Company has not engaged any brokers,
finders or agents, or incurred, or will incur, directly or indirectly, any liability for brokerage or finder’s fees or agents’
commissions or any similar charges in connection with this Agreement and the transactions contemplated hereby.

 

    	10

    	 

    

 

4.             
REPRESENTATIONS, WARRANTIES AND CERTAIN AGREEMENTS OF EACH PURCHASER. Each Purchaser hereby represents and warrants,
severally and not jointly, to the Company, and agrees that:

 

(a)          Organization, Good Standing and Qualification. To the extent a Purchaser
is an entity,
the Purchaser is
duly organized, validly
existing and in
good standing under
the laws of the jurisdiction of its organization. The Purchaser has all power
and authority required to enter into this Agreement and each other Transaction Document to which it is a party, and to consummate
the transactions contemplated hereby and thereby.

 

(b)          Authorization. The execution of this Agreement and the performance by the Purchaser of the transactions contemplated
by this Agreement have been duly authorized by all necessary action on the part of the Purchaser. This Agreement has been duly
executed by the Purchaser and constitutes such the Purchaser’s legal, valid and binding obligation, enforceable in accordance
with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally and the effect of rules of law governing the availability
of equitable remedies.

 

(c)          Purchase for Own Account. The Shares are being acquired without a view to the resale or distribution thereof, except
pursuant to sales registered or exempted under the Securities Act and in compliance with applicable federal and state securities
laws. The Purchaser represents that it has not been formed for the specific purpose of acquiring the Shares. Notwithstanding the
foregoing, the parties hereto acknowledge the Purchaser’s right at all times to sell or otherwise dispose of all or any
part of such securities in compliance with applicable federal and state securities laws and the laws of any other applicable jurisdiction,
and as otherwise contemplated by this Agreement.

 

(d)          Investment Experience. The Purchaser understands that the purchase of the Shares involves substantial risk. The Purchaser
has experience as an investor in securities of companies and acknowledges that it can bear the economic risk of its investment
in the Shares and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits
and risks of this investment in the Shares and protecting its own interests in connection with this investment, and has so evaluated
the merits and risks of such investment.

 

(e)          Accredited Investor Status. At the time the Purchaser was offered the Shares, it was, and at the date hereof it is,
an “accredited investor” as defined in Rule 501(a) under the Securities Act and was (and at the date hereof is)
resident in the state or other jurisdiction indicated on the signature pages hereof.

 

(f)           Reliance Upon Purchaser Representations. The Purchaser understands that the issuance and sale of the Shares to the
Purchaser will not be registered under the Securities Act, the securities laws of any State of the United States or the securities
laws of any other applicable jurisdiction, on the ground that such issuance and sale will be exempt from registration under the
Securities Act pursuant to Section 4(a)(2) thereof, and exempt from any comparable registration requirement under the securities
laws of any other applicable jurisdiction, and that the Company’s reliance on such exemption is based on each Purchaser’s
representations set forth herein.

 

    	11

    	 

    

 

(g)          Receipt of Information. The Purchaser has had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the issuance and sale of the Shares, the business, properties, prospects, management and
financial condition of the Company and to obtain any additional information requested and has received and considered all information
it deems relevant to make an informed decision to purchase the Shares. Neither such inquiries nor any other investigation conducted
by or on behalf of such Purchaser or its representatives or counsel shall modify, amend or affect the Purchaser’s right
to rely on the truth, accuracy and completeness of such information and the Company’s representations and warranties contained
in this Agreement.

 

(h)          Restricted Securities. The Purchaser understands that the Shares have not been registered under the Securities Act
or the securities laws of any State.

 

(i)           Legend. The Purchaser agrees that the certificates for the Shares shall bear a legend substantially as follows:

 

“THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS ESTABLISHED BY EVIDENCE TO SUCH EFFECT, THE FORM AND SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY.”

 

Certificates
evidencing the Shares shall not contain any legend (i) while a registration statement covering the resale of such security is
effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144, or (iii) if such Shares are eligible
for sale under Rule 144(b)(1) without reliance on the conditions set forth in rule 144(c)(1) relating to the availability of current
public information.

 

    	12

    	 

    

 

5.             
COVENANTS RELATING TO CLOSING. 

 

(a)          Best Efforts. Each party shall use its best efforts timely to satisfy each of the conditions to be satisfied by it
prior to the Closing of the purchase and sale of the Shares as provided in Sections 6 and 7 of this Agreement.

 

(b)          Blue Sky. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably determine
is necessary in order to obtain an exemption for or to qualify the Shares for sale to the Purchasers at the Closing pursuant to
this Agreement under applicable securities or "Blue Sky" laws of the states of the United States (or to obtain an exemption
from such qualification). The Company shall make all filings and reports relating to the offer and sale of the Securities required
under applicable securities or "Blue Sky" laws of the states of the United States following the Closing Date.

 

6.             
CONDITIONS TO THE PURCHASERS’ OBLIGATIONS AT CLOSING. The obligations of each Purchaser to purchase Shares at
the Closing are subject to the fulfillment or waiver, on or before the Closing (unless otherwise indicated below), of each of
the following conditions:

 

(a)          Representations and Warranties. Each of the representations and warranties of the Company contained in Section 3 shall
be true and correct in all material respects on and as of the Closing Date (provided, however, that such materiality qualification
shall only apply to representations or warranties not otherwise qualified by materiality or Material Adverse Effect) with the
same effect as though such representations and warranties had been made as of the Closing (except for representations and warranties
that speak as of a specific date).

 

(b)          Performance. The Company shall have performed and complied in all material respects with all agreements, obligations
and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing,
and shall have obtained all approvals, consents and qualifications necessary to complete the sale of the Shares described herein.

 

(c)          Securities Exemptions. The offer and sale of the Shares to the Purchaser pursuant to this Agreement shall be exempt
from the registration requirements of the Securities Act and the registration and/or qualification requirements of all applicable
state and foreign securities laws.

 

(d)          No Suspension of Trading of Common Stock. The Common Stock of the Company shall be quoted on the OTCQB tier of OTC
Markets Group Inc. or a similar successor quotation system.

 

(e)          No Statute or Rule Challenging Transaction. No statute, rule, regulation, executive order, decree, ruling, injunction,
action, proceeding or interpretation shall have been enacted, entered, promulgated, endorsed or adopted by any court or governmental
authority of competent jurisdiction or any self-regulatory organization or the staff of any of the foregoing, having authority
over the matters contemplated hereby which questions the validity of, or challenges or prohibits the consummation of, any of the
transactions contemplated by this Agreement.

 

    	13

    	 

    

 

7.             
CONDITIONS TO THE OBLIGATIONS OF THE COMPANY AT CLOSING. The obligations of the Company to the Purchasers under this
Agreement are subject to the fulfillment or waiver, on or before the Closing, of each of the following conditions:

 

(a)          Representations and Warranties. The representations and warranties of each Purchaser contained in Section 4 shall be
true and correct in all material respects on and as of the Closing Date.

 

(b)          Securities Exemptions. The offer and sale of the Shares to the Purchasers pursuant to this Agreement shall be exempt
from the registration requirements of the Securities Act and the registration and/or qualification requirements of all applicable
state and foreign securities laws.

 

(c)          Payment of Purchase Price. Each Purchaser shall have delivered to the Company by wire transfer of immediately available
funds, full payment of the purchase price for the Shares to be purchased at the Closing.

 

(d)          No Statute or Rule Challenging Transaction. No statute, rule, regulation, executive order, decree, ruling, injunction,
action, proceeding or interpretation shall have been enacted, entered, promulgated, endorsed or adopted by any court or governmental
authority of competent jurisdiction or any self-regulatory organization or the staff of any of the foregoing, having authority
over the matters contemplated hereby which questions the validity of, or challenges or prohibits the consummation of, any of the
transactions contemplated by this Agreement.

 

8.             
MISCELLANEOUS.

 

(a)          Successors and Assigns. The terms and conditions of this Agreement will inure to the benefit of and be binding upon
the respective successors and permitted assigns of the parties. Notwithstanding the foregoing, neither the Company nor any Purchaser
shall be permitted to assign its rights or obligations under this Agreement without the prior written consent of the Purchasers
or the Company, respectively.

 

(b)          Governing Law; Submission to Jurisdiction. This Agreement will be governed by and construed and enforced under the
internal laws of the State of Florida, without reference to principles of conflict of laws or choice of laws. 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. The Company hereby irrevocably
and unconditionally submits, for itself and its property to the exclusive jurisdiction of any Florida state court or federal court
of the United States sitting in the State of Florida, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement.

 

    	14

    	 

    

 

(c)          Survival. The representations and warranties contained in this Agreement shall survive the Closing and the issuance
of the Shares.

 

(d)          Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original,
but all of which together will constitute one and the same instrument.

 

(e)          Headings. The headings and captions used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs, exhibits and schedules
will, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of which
exhibits and schedules are incorporated herein by reference.

 

(f)           Notices. Any notices and other communications required or permitted under this Agreement shall be in writing and shall
be deemed to have been given (i) when delivered by hand (with written confirmation of receipt); (ii) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (iii) on the date sent by facsimile or e-mail of a PDF
document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day
if sent after normal business hours of the recipient; or (iv) on the third day after the date mailed, by certified or registered
mail (in each case, return receipt requested, postage pre-paid). Such communications must be sent to the following addresses (or
at such other address for a party as shall be specified in a notice given in accordance with this Section 9(f)):

 

If
to the Company:

 

CTD
Holdings, Inc.

14120 N.W. 126th Terrace

Alachua, Florida 32615

Tel: (386) 418-8060

Fax: (321) 244-8351

Email: jeff@cyclodex.com

Attention: Jeffrey L. Tate Ph.D.

 

If
to a Purchaser, to the address of such Purchaser set forth on the signature pages hereto.

 

(g)          Amendments and Waivers. This Agreement may be amended and the observance of any term of this Agreement may be waived
only with the written consent of the Company and the Purchasers holding at least a majority of the total aggregate number of the
Shares then held by the Purchasers; provided, however, any amendment to this Agreement that disproportionately adversely
affects any Purchaser in any material respect shall require the prior written consent of such Purchaser. Any amendment effected
in accordance with this Section 9(g) will be binding upon the Company, each Purchaser and their respective successors and permitted
assigns.

 

(h)          Severability. If any provision of this Agreement is held to be unenforceable under applicable law, such provision will
be excluded from this Agreement and the balance of the Agreement will be interpreted as if such provision were so excluded and
will be enforceable in accordance with its terms.

 

    	15

    	 

    

 

(i)           Entire Agreement. This Agreement, together with all exhibits and schedules hereto and thereto constitutes the entire
agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations,
correspondence, agreements, understandings, duties or obligations between the parties with respect to the subject matter hereof.

 

(j)           Meaning of Include and Including. Whenever in this Agreement the word “include” or “including”
is used, it shall be deemed to mean “include, without limitation” or “including, without limitation,”
as the case may be, and the language following “include” or “including” shall not be deemed to set forth
an exhaustive list.

 

(k)          Fees, Costs and Expenses. Each party shall pay all costs and expenses that it incurs with respect to the negotiation,
execution, delivery and performance of this Agreements and the parties respective obligations arising hereunder, including fees
of legal counsel.

 

(l)           Waivers. No waiver by any party to this Agreement of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement
hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any
such right accruing to it thereafter.

 

[Remainder
of page intentionally left blank.]

 

    	16

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Securities Purchase Agreement as of the date and year first above written.

 

	 	CTD Holdings,
    Inc.
	 	 	 

	 	By:	 Jeffrey
L. Tate, Ph.D. 
	 	 	Name:
        Jeffrey L. Tate, Ph.D.

        

	 	 	Title: Chief Executive Officer

 

Company
Signature Page

to
Securities Purchase

Agreement

 

    	17

    	 

    

 

	 	For Entities Only:
	 	 	 
	 	NAME OF PURCHASER
	 	 	 
	 	Novit, L.P.
	 	 	 
	 	By:	/s/ F. Patrick Ostronic
	 	 	Name: F. Patrick Ostronic
	 	 	Title: Director, Novit US Inc.

 

	 	For
    Individuals Only:
	 	 
	 	 
	 	(Sign
here) 

	 	 
	 	Print Name:
	 	 
	 	For All Purchasers:
	 	 
	 	Number
        of Shares: 900,000

        

	 	Purchase
    Price: $450,000
	 	 
	 	Address: 
	 	 
	 	966 Hungerford Drive
    
	 	 
	 	Rockville MD 20850
	 	 
	 	Tel: 
	 	Fax: 
	 	Email:
    

 

Purchaser
Signature Page

to Securities
Purchase

Agreement

 

    	18

    	 

    

 

	 	For Entities Only:
	 	 
	 	NAME
    OF PURCHASER
	 	 	 
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	For Individuals Only:
	 	 
	 	/s/
    F. Patrick Ostronic
	 	(Sign
        here)

        

	 	 
	 	Print Name: F. Patrick Ostronic
	 	 
	 	For All Purchasers:
	 	 
	 	Number
                                         of Shares:
                                         100,000

	 	Purchase
    Price: $50,000
	 	 
	 	Address:

        

	 	 
	 	Tel: 

	 	Fax:

	 	Email:

 

Purchaser
Signature Page

to Securities
Purchase

Agreement

 

    	19

    	 

    

 

	 	For Entities Only:
	 	 	 
	 	NAME OF PURCHASER
	 	 	 
	 	Farma LLC
	 	 	 
	 	By:	/s/ Tracie M. Farnan
	 	 	Name: Tracie M. Farnan
	 	 	Title: Managing Member

  

	 	For
    Individuals Only:
	 	 
	 	 
	 	(Sign
here) 

	 	 
	 	Print Name:
	 	 
	 	For All Purchasers:
	 	 
	 	Number
        of Shares: 1,000,000

        

	 	Purchase
Price: $500,000 

	 	 
	 	Address: 

	 	 
	 	Tel: 

	 	Fax:

        

	 	Email:

        

 

Purchaser
Signature Page

to Securities
Purchase

Agreement

 

    	20

    	 

    

 

	 	For Entities Only:
	 	 	 
	 	NAME
    OF PURCHASER
	 	 
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

	 	For Individuals Only:
	 	 
	 	/s/
    Terence Bernard Wise
	 	(Sign
here) 

	 	 
	 	Print Name: Terence Bernard Wise
	 	 
	 	For All Purchasers:
	 	 
	 	Number
                                         of Shares: 400,000 

	 	Purchase
                                         Price: $200,000

	 	 
	 	Address:

	 	 
	 	Tel: 

	 	Fax:

        

	 	Email:

        

 

Purchaser
Signature Page

to Securities
Purchase

Agreement

 

    	21

    	 

    

 

	 	For Entities Only:
	 	 	 
	 	NAME
    OF PURCHASER
	 	 	 
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	For Individuals Only:
	 	 
	 	/s/
    Scott Simpson and Kathleen Simpson
	 	(Sign
here) 

	 	 
	 	Print Name: Scott Simpson and Kathleen
    Simpson
	 	 
	 	For All Purchasers:
	 	 
	 	Number
        of Shares: 200,000

        

	 	Purchase
    Price: $100,000
	 	 
	 	Address:
	 	 
	 	Tel:
	 	Fax:
	 	Email:

 

Purchaser
Signature Page

to Securities
Purchase

Agreement

 

 

 22

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