Document:

Exhibit 10.7

 

November 29, 2019

 

Jeremy Cogan

6035 Estates Dr.

Oakland, CA 94611

 

		Re:	Offer of Employment by Movano Inc.

 

Dear J.:

 

This offer letter (this “Amended
and Restated Offer Letter”) is to confirm the terms of your offer of employment with Movano Inc., a Delaware corporation
(the “Company”), and amends, restates and supersedes in its entirety that certain Offer Letter, dated
April 11, 2019, by and between the Company and you (the “Prior Offer Letter”).

 

1. Position and Start Date.
You are being offered the position of Chief Financial Officer, reporting to the Chief Executive Officer. This is an exempt position
based in our Pleasanton, California office.

 

2. Starting Salary. Your starting
salary will be $250,000 per year (the “Base Salary”) and will be subject to periodic review.

 

3. Bonus. You will also be eligible
for an annual discretionary cash bonus (“Annual Bonus”), of up to 75% of your Base Salary, or, if greater,
a percentage determined by the CEO from time to time, based on your achievement of assigned objectives, the Company’s overall
performance and other business considerations, in each case as determined by the Company in its sole discretion, and prorated for
2019 based on your employment start date with the Company. Any Annual Bonus will be paid, if awarded, within 21/2 months after
the end of the calendar year to which the Annual Bonus relates, so long as you are still employed by the Company on the payment
date. The amount, if any, of any Annual Bonus awarded by the Company shall be determined in the Company’s sole and exclusive
discretion and there is no guarantee that you will receive any particular Annual Bonus amount or any Annual Bonus at all. If your
employment with the Company ends for any reason before an Annual Bonus is paid, you will not be entitled to any pro-rata or other
Annual Bonus amount. Applicable payroll deductions and all required withholdings will be deducted from any Annual Bonus payments.

 

4. Benefits. In addition, you will
be eligible to participate in regular health insurance, bonus and other employee benefit plans established by the Company for its
employees from time to time.

 

The Company reserves the right to change
or otherwise modify, in its sole discretion, the preceding terms of employment.

 

     

     

    

 

Employment Offer

Page 2

 

5. Options.

 

(a) We will
recommend to the Board of Directors of the Company (the “Board”) that you be granted the
opportunity to purchase up to 455,000 shares of Common Stock of the Company, under our current equity incentive plan (the
“Plan”) at the fair market value of the Company’s Common Stock, as determined by the Board on
the date the Board approves such grant (the “Option”). One-fourth of the Option will vest and
become exercisable on the one-year anniversary of the vesting commencement date, and the balance of the Option will vest and
become exercisable in thirty-six equal monthly installments thereafter. However, the grant of the Option by the Company is
subject to the Board’s approval and this promise to recommend such approval is not a promise of compensation and is not
intended to create any obligation on the part of the Company.

 

(b) Acceleration upon Acquisition and
Termination. In addition to any shares subject to the Option vesting and becoming exercisable pursuant to the schedule
noted above, if there is a Change in Control (as defined in the Plan, or if not defined in the Plan, as determined by the Board)
and if, in the period prior to and in connection with or in anticipation of such Change in Control and ending on the one-year anniversary
of the consummation of such Change in Control, an Involuntary Termination occurs, then effective as of such Involuntary Termination,
subject to your execution and non-revocation of a Release (as defined below) on or before the time prescribed by the Company (or
successor thereto), 100% of the then-unvested shares subject to the Options shall vest and become exercisable.

 

As used herein, the following definitions
shall apply for all clauses of this contract and related exhibits:

 

“Cause” means
any of the following: (i) your willful failure to perform your duties and responsibilities to the Company after notice from the
Company and reasonable opportunity to cure (if cure is possible) or your violation of any written Company policy after notice from
the Company and reasonable opportunity to cure (if cure is possible); (ii) the commission of any act of fraud, dishonesty, theft,
embezzlement, misappropriation of assets or property of the Company or in relation to the Company or the Company’s customers,
employees or other business relations; (iii) gross negligence, misconduct, neglect of duties, or breach of fiduciary duty to the
Company; (iv) knowing, intentional or willful action without the taking of reasonable care that results in a violation of law in
connection with your services to the Company or the Company’s securities; (v) material breach of an employment, consulting
or other agreement with the Company after notice from the Company and reasonable opportunity to cure (if cure is possible); (vi)
the conviction of or plea of guilty or nolo contendre to a felony, or any crime involving moral turpitude; (viii) acceptance during
employment, without the Company’s advance written consent, of a services relationship with a competitor of the Company; (ix)
acceptance during employment, without the Company’s advance written consent or 30 days advance written notice to the Company,
of a full-time position or full-time equivalent position with any other person or entity or any other services relationship with
any other person or entity that materially interferes with your ability to perform your duties and responsibilities; or (ix) the
intentional unauthorized use or intentional or grossly negligent disclosure of any proprietary information or trade secrets of
the Company or any other person or entity to whom you owe an obligation of nondisclosure as a result of your relationship with
the Company.

 

     

     

    

 

Employment Offer

Page 3

 

“Involuntary Termination”
means your employment with the Company is terminated by the Company (or successor thereto) other than for Cause.

 

“Release” means
a general release of all claims that you may have against the Company or persons affiliated with the Company (including any successor
thereto) in the form prescribed by the Company (or successor thereto) without alterations.

 

Further details on the Plan and any specific
option grant to you will be provided upon approval of such grant by the Board.

 

6. Protection of Confidential and
Proprietary Information. Your employment with the Company is contingent on your execution, delivery to the Company, and
full compliance with the Company’s Employee Confidential Information and Invention Assignment Agreement, attached for your
review and signature prior to your start date.

 

7. No Breach of Obligations to Prior
Employers. We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any
confidential or proprietary material of any former employer or violate any other obligations you may have to any former employer.
You represent that your signing of this Amended and Restated Offer Letter, agreement(s) concerning stock options granted to you,
if any, under the Plan and the Company’s Employee Confidential Information and Invention Assignment Agreement and your commencement
of employment with the Company will not violate any agreement currently in place between yourself and current or past employers.

 

8. No Competition During Employment.
During the period that you render services to the Company, you agree to not engage in any employment, business or activity that
is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any
other gainful employment, business or activity that you are currently associated with or participate in that competes with the
Company. You will not assist any other person or organization in competing with the Company or in preparing to engage in competition
with the business or proposed business of the Company.

 

9. Compliance with Company Policies.
You agree to comply at all times with all Company policies, rules and procedures as they may be established, stated and/or modified
from time to time at the Company’s sole discretion, including without limitation, any polices, rules and procedures contained
in the Company’s Employee Handbook and Code of Ethics. In this regard, among other things, you will be expected to comply
at all times to the Company’s standards of professionalism, loyalty, integrity, honesty, reliability and respect for others.
You will also comply at all times with your confidentiality obligations to the Company and its clients and all laws and regulations
applicable to the Company’s business and performance of your duties for the Company.

 

After receipt of the respective Company
policies, if so requested by the Company, you agree to timely sign and deliver to the Company acknowledgement of receipt forms
for any policy statements provided to you. As and when requested, you will also sign periodic forms to certify your continuing
full compliance with the Company’s policies. If at any time, based on subsequent events, any of your prior representations,
acknowledgements or warranties become incomplete or inaccurate, you agree to immediately notify the Company’s Chief Executive
Officer, in writing, of the applicable change(s). You also agree that, during the term of your employment with the Company and
at all times thereafter, you will fully cooperate, without additional compensation, with the Company and/or its representatives
and, if requested or compelled, will provide truthful information or testimony in connection with any internal, external or regulatory
investigation of the Company, its operations or any aspect of the Company’s business, any workplace matters or any disputes
of any kind about which you have or may have any relevant information.

 

     

     

    

 

Employment Offer

Page 4

 

10. At Will Employment. Employment
with the Company is for no specific period of time. Should you accept our offer, you will be an at-will employee of the Company,
which means the employment relationship can be terminated by either of us for any reason, at any time, with or without prior notice
and with or without cause. Any statements or representations to the contrary (and, indeed, any statements contradicting any provision
in this letter) are superseded by this agreement. Further, your participation in any stock option or benefit program is not to
be regarded as assuring you of continuing employment for any particular period of time. Although your job duties, title, compensation
and benefits, as well as the Company’s personnel policies and practices, may change from time to time, the “at-will”
nature of your employment may be changed only in an express, written employment agreement signed by you and a duly authorized officer
of the Company (other than you).

 

11. Tax Matters. All forms
of compensation referred to in this agreement are subject to reduction to reflect applicable withholding and payroll taxes and
other deductions required by law.

 

12. Authorization to Work.
Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business
days of starting your new position you will need to present documentation demonstrating that you have authorization to work in
the United States. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you
may contact our personnel office.

 

13. Arbitration and Class Action Waiver.
You and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your employment
with the Company and the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts,
stock or stock options or other ownership interest in the Company, and/or discrimination (including harassment) based upon any
federal, state or local ordinance, statute, regulation or constitutional provision except that each party may, at its, his or her
option, seek injunctive relief in court related to the improper use, disclosure or misappropriation of a party’s private,
proprietary, confidential or trade secret information (collectively, “Arbitrable Claims”). Further, to
the fullest extent permitted by law, you and the Company agree that no class or collective actions can be asserted in arbitration
or otherwise. All claims, whether in arbitration or otherwise, must be brought solely in your or the Company’s individual
capacity, and not as a plaintiff or class member in any purported class or collective proceeding. Nothing in this Arbitration and
Class Action Waiver section, however, restricts your right, if any, to file in court a representative action under applicable law,
including California Labor Code Sections 2698, et seq.

 

     

     

    

 

Employment Offer

Page 5

 

SUBJECT TO THE
ABOVE PROVISO, THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS. THE PARTIES
FURTHER WAIVE ANY RIGHTS THEY MAY HAVE TO PURSUE OR PARTICIPATE IN A CLASS OR COLLECTIVE ACTION PERTAINING TO ANY CLAIMS
BETWEEN YOU AND THE COMPANY.

 

This agreement to arbitrate does not restrict
your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may
not restrict the employee’s ability to file such claims (including, but not limited to, the National Labor Relations Board,
the Equal Employment Opportunity Commission and the Department of Labor). However, the parties agree that, to the fullest extent
permitted by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims. The arbitration
shall be conducted in San Francisco, California through JAMS before a single neutral arbitrator, in accordance with the JAMS employment
arbitration rules then in effect. The JAMS rules may be found and reviewed at http://www.jamsadr.com/rules-employment-arbitration.
If you are unable to access these rules, please let me know and I will provide you with a hardcopy. The arbitrator shall issue
a written decision that contains the essential findings and conclusions on which the decision is based. If, for any reason, any
term of this Arbitration and Class Action Waiver provision is held to be invalid or unenforceable, all other valid terms and conditions
herein shall be severable in nature, and remain fully enforceable.

 

14. Background Check. This
offer is contingent upon a satisfactory verification of criminal, education, driving, employment background and/or a credit check.
A credit check is being conducted because this position involves regular access to bank or credit card account information, social
security number and date of birth information for one or more persons and also involves access to confidential or proprietary information,
as defined in California Labor Code §1024.5(a)(7). This offer can be rescinded based upon data received in the verification.

 

15. Entire Agreement. This
Amended and Restated Offer Letter, once accepted, will constitute the entire agreement between you and the Company with respect
to the subject matter hereof and will supersede all prior offers, negotiations and agreements, whether written or oral, relating
to such subject matter, including but not limited to the Prior Offer Letter. You acknowledge that neither the Company nor its agents
have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained
in this Amended and Restated Offer Letter for the purpose of inducing you to execute the agreement, and you acknowledge that you
have executed this Amended and Restated Offer Letter in reliance only upon such promises, representations and warranties as are
contained herein.

 

16. Acceptance.
This offer will remain open until December 13, 2019. If you decide to accept our offer, and I hope you will, please sign the enclosed
copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood
and agreed to the terms and conditions of this Amended and Restated Offer Letter and the attached documents, if any. Should you
have anything else that you wish to discuss, please do not hesitate to call me.

 

     

     

    

 

Employment Offer

Page 6

 

We look forward to the opportunity to welcome
you to the Company.

 

	 	Very truly yours,
	 	 
	 	/s/ Michael Leabman
	 	Michael Leabman, President

 

I have read and understood this Amended and Restated Offer Letter
and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no other commitments were
made to me as part of my employment offer except as specifically set forth herein.

 

	/s/ Jeremy Cogan	 	Date signed: 	December 13, 2019
	Jeremy CoganExhibit
10.8

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of [__________], 2018 (the “Effective
Date”), is by and among Maestro Sensors Inc., a Delaware corporation (the “Company”), and the
investors listed on the Schedule of Buyers, attached hereto as Exhibit A (individually, a “Buyer”
and collectively, the “Buyers”).

 

RECITALS

 

A. The
Company and each Buyer is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rule 506
of Regulation D (“Regulation D”), as promulgated by the United States Securities and Exchange Commission
(the “SEC”) under the 1933 Act.

 

B. The
Company has authorized the issuance of Series A Convertible Preferred Stock, par value $0.0001 (the “Shares”)
in accordance with the form of the Amended and Restated Certificate of Incorporation attached hereto as Exhibit B (the
“Certificate”), which Shares shall be convertible into shares of the Company’s common stock, par
value $0.0001 (the “Common Stock”) (as converted, collectively, the “Conversion Shares”),
in accordance with the terms of the Certificate.

 

C. Each
Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, the aggregate
number of Shares set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers.

 

D.
At each Closing (as defined below), the parties hereto shall execute and deliver a Registration
Rights Agreement, in the form attached hereto as Exhibit C (the “Registration Rights Agreement”),
pursuant to which the Company has agreed to provide certain registration rights with respect to the Registrable Securities (as
defined in the Registration Rights Agreement), under the 1933 Act and the rules and regulations promulgated thereunder, and applicable
state securities laws.

 

E. In
connection with this offer and sale of the Shares (the “Offering”), the Company, together with
National Securities Corporation (the “Placement Agent”), have entered into an escrow agreement, in
the form attached hereto as Exhibit D (the “Escrow Agreement”), with Delaware Trust Company
(the (“Escrow Agent”), to hold the Purchase Price (as hereinafter defined), to be released at each
Closing to the Company, upon the written consent of the Company and the Placement Agent.

 

F.
The Shares and the Conversion Shares are collectively referred to herein as the “Securities.”

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as
follows:

 

     

     

    

 

1.
AUTHORIZATION, SALE AND ISSUANCE OF SERIES A CONVERTIBLE PREFERRED STOCK.

 

(a)
Authorization. The Company will, prior to the Initial Closing Date (as defined
below), authorize (a) the sale and issuance of the Shares, having the rights, privileges, preferences and restrictions set forth
in the Certificate; and (b) the reservation of Conversion Shares for issuance upon conversion of the Shares.

 

(b)
Series A Convertible Preferred Stock. Subject to the satisfaction (or waiver)
of the conditions set forth in Sections 6 and 7 below, the Company shall issue and sell to each Buyer, and each Buyer severally,
but not jointly, shall purchase from the Company on each Closing Date, the number of Shares as is set forth opposite such Buyer’s
name in column (3) on the Schedule of Buyers.

 

(c)
Closing. The closing of the purchase of the Shares by the Buyers shall occur
at one or more closings (each of which is referred to as a “Closing”
and the date of each is referred to as a “Closing Date”).
Each Closing shall take place at the offices of Greenberg Traurig, LLP, 3161 Michelson Drive, Suite 1000, Irvine, CA 92612.
The date and time of the initial Closing (the “Initial Closing Date”)
shall be 11:00 a.m., New York time, on the first Business Day on which the conditions to the initial Closing (“Initial
Closing”) set forth in Sections 6 and 7 below are satisfied or waived (or such later date as is mutually
agreed to by the Company and each Buyer). As used herein “Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required
by law to remain closed.

 

(d) Purchase
Price. The aggregate of all Shares purchased and sold shall be no less than Five Million Dollars ($5,000,000) at a
cash purchase price of $2.60 per share (the “Per Share Purchase
Price”). The aggregate purchase price for the Shares to be
purchased by each Buyer (the “Purchase Price”) shall
be the amount set forth opposite such Buyer’s name in column (4) on the Schedule of Buyers.

 

(e) Payment of Purchase Price; Delivery of Shares. On each Closing Date, (i) each
Buyer shall pay its respective Purchase Price to the Company through the Escrow Agent for their respective Shares to be issued
and sold to such Buyer at such Closing, and (ii) the Company shall deliver to each Buyer either (A) a certificate registered in
such Buyer’s name (representing the number of Shares as is set forth opposite such Buyer’s name in column (3) on the
Schedule of Buyers) or (B) an irrevocable instruction letter to the Company’s transfer agent to issue a certificate registered
in such Buyer’s name (representing the number of Shares as is set forth opposite such Buyer’s name in column (3) on
the Schedule of Buyers) and deliver such certificate to the Buyer as soon thereafter as possible.

 

2.
BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each
Buyer represents and warrants to the Company with respect to only itself that:

 

(a)
Organization; Authority. Such Buyer (i) if an entity, is 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 the Transaction Documents (as defined below) to which it is a party
and otherwise to carry out its obligations hereunder and thereunder, or (ii) if an individual, has the legal capacity to enter
into and to consummate the transactions contemplated by the Transaction Documents to which it is a party and otherwise to carry
out its obligations hereunder and thereunder.

 

    2

     

    

 

(b)
No Public Sale or Distribution. Such Buyer (i) is acquiring its Shares, and (ii)
upon conversion of its Shares will acquire the Conversion Shares issuable upon conversion thereof, in each case, for its own account
and not with a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable
securities laws, except pursuant to sales registered or exempted under the 1933 Act; provided, however, by making the representations
herein, such Buyer does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other
specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration
statement or an exemption under the 1933 Act. Such Buyer does not presently have any agreement or understanding, directly or indirectly,
with any Person (as defined below) to distribute any of the Securities in violation of applicable securities laws.

 

(c)
Accredited Investor Status. Such Buyer is an “accredited investor”
as that term is defined in Rule 501(a) of Regulation D.

 

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

 

(e)
Information. Such Buyer and its advisors, if any, have been furnished with the
Company’s private placement memorandum, dated March 1, 2018, (the “Private
Placement Memorandum”), and all other materials relating to the business, finances and operations of the
Company and materials relating to the offer and sale of the Securities which have been requested by such Buyer. Such Buyer and
its advisors, if any, have been afforded the opportunity to ask questions of the Company. Such Buyer understands that its investment
in the Securities involves a high degree of risk. Such Buyer 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 it is not relying on
any statements or representations of the Company or its agents for legal advice with respect to this investment or the transactions
contemplated by this Agreement. Such Buyer believes that it has received all the information such Buyer considers necessary or
appropriate for deciding whether to purchase the Securities. Such Buyer understands that such discussions, as well as any information
provided by the Company, including the Private Placement Memorandum, were intended to describe certain aspects of the Company’s
business and prospects, but were not necessarily a thorough or exhaustive description or disclosure of all material facts relating
to the Company. The foregoing provisions of this Section 2(e), however, do not limit or modify the representations and warranties
of the Company in Section 3 of this Agreement or the right of the Buyers to rely thereon.

 

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

 

    3

     

    

 

(g)
Transfer or Resale. Such Buyer understands that except as provided in the Registration
Rights Agreement or Section 4(g) hereof: (i) the Securities have not been and are not being registered under the 1933 Act or any
state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder,
(B) such Buyer shall have delivered to the Company (if requested by the Company) an opinion of counsel to such Buyer, in a form
reasonably acceptable to the Company, to the effect that such Securities to be sold, assigned or transferred may be sold, assigned
or transferred pursuant to an exemption from such registration, or (C) such Buyer provides the Company with reasonable assurance
and documentation as may be requested by the Company or its legal counsel that such Securities can be sold, assigned or transferred
pursuant to Rule 144 or Rule 144A promulgated under the 1933 Act (or a successor rule thereto) (collectively, “Rule
144”); (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the
terms of Rule 144, and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller
(or the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may
require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC promulgated thereunder;
and (iii) neither the Company nor any other Person is under any obligation to register the Securities under the 1933 Act or any
state securities laws or to comply with the terms and conditions of any exemption thereunder.

  

(h) Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of such Buyer
and constitutes the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance with
their respective terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies.

 

(i) No
Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such
Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such
Buyer, (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 such Buyer is a party or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to such Buyer, except in the
case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in
the aggregate, reasonably be expected to have a material adverse effect on the ability of such Buyer to perform its
obligations hereunder.

 

(j)
Buyer’s Principal Residence/Office. The address of Buyer’s principal residence, if Buyer is a natural
Person, or principal office, if Buyer is a non-natural Person, such as a corporation, limited liability company or other entity,
is set forth in column (2) of the Schedule of Buyers.

 

(k)
No Engagements. Such Buyer has not engaged any brokers, finders or agents, and the Company has not, nor will, incur,
directly or indirectly, as a result of any action taken by such Buyer, any liability for brokerage or finders’ fees or agents’
commissions or any similar charges in connection with the transactions consummated under this Agreement. Neither such Buyer, nor
any of Buyer’s officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including
through a broker or finder: (i) engaged in or received any general solicitation or (ii) published or received any advertisement
in connection with the offer or sale of the Securities.

 

3.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to each Buyer as of the date of this Agreement and as of the Initial Closing Date and on each
subsequent Closing Date (except for representations and warranties that speak as of a particular date, which shall be true and
correct in all material respects as of such dates) that:

 

    4

     

    

 

(a)
Organization and Qualification. The Company is an entity duly organized and validly
existing and in good standing under the laws of the jurisdiction in which it is formed, and has the requisite power and authorization
to own its properties and to carry on its business as now being conducted and as presently proposed to be conducted. The Company
is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property
or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be
so qualified or be in good standing would not be reasonably expected to have a Material Adverse Effect. “Material
Adverse Effect” means any material adverse effect on (i) the business, properties, assets,
liabilities, operations (including results thereof) or condition (financial or otherwise) of the Company, either individually
or taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction Documents, or (iii) the authority
or ability of the Company to perform any of its obligations under any of the Transaction Documents. The Company has no Subsidiaries.
“Subsidiaries” means any Person in which the Company, directly
or indirectly, (I) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (II) controls
or operates all or any part of the business, operations or administration of such Person, and each of the foregoing, is individually
referred to herein as a “Subsidiary.” Additionally, to the
extent that any Subsidiary is hereafter created, and the context of the provision of this Agreement would ordinarily include a
Subsidiary, then the term “Company” will be deemed to include such Subsidiary.

 

(b)
Authorization; Enforcement; Validity. The Company has the requisite power and
authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the
Securities in accordance with the terms hereof and thereof. The execution and delivery of this Agreement and the other Transaction
Documents by the Company, and the consummation by the Company of the transactions contemplated hereby and thereby (including,
without limitation, the issuance of the Shares and the reservation for issuance and issuance of the Conversion Shares issuable
upon conversion of the Shares) have been duly authorized by the Company’s board of directors or other governing body, as
applicable, and (other than the filing with the SEC of one or more Registration Statements in accordance with the requirements
of the Registration Rights Agreement, a Form D with the SEC and any other filings as may be required by any state securities agencies)
no further filing, consent or authorization is required by the Company, its respective boards of directors or the stockholders
or other governing body. The Shares, when issued in accordance with the terms of this Agreement, will be validly issued, fully
paid and non-assessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect
to the issue thereof under the terms thereof. This Agreement has been, and the other Transaction Documents will be prior to the
Initial Closing, duly executed and delivered by the Company, and each constitutes the legal, valid and binding obligations of
the Company, enforceable against the Company in accordance with its respective 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 applicable creditors’ rights and remedies and except as rights to
indemnification and to contribution may be limited by federal or state securities law. “Transaction
Documents” means, collectively, this Agreement, the Certificate, the Registration Rights Agreement,
the Irrevocable Transfer Agent Instructions (as defined in the Registration Rights Agreement) and each of the other agreements
and instruments entered into and delivered by the Company and any of the other parties hereto in connection with the consummation
of the transactions contemplated hereby and thereby, as may be amended from time to time.

 

(c)
Issuance of Conversion Shares. The Conversion Shares, when issued in accordance
with the terms of the Certificate, will be validly issued, fully paid and non-assessable and free from all preemptive or similar
rights, taxes, liens, charges and other encumbrances with respect to the issue thereof under the terms thereof, with the holders
being entitled to all rights accorded to a holder of Common Stock. The Company shall have reserved from its duly authorized capital
stock not less than one hundred ten percent (110%) of the maximum number of Conversion Shares issuable upon conversion of the
Shares in accordance with the terms of the Certificate. Subject to the accuracy of the representations and warranties of the Buyers
in this Agreement, the offer and issuance by the Company of the Securities is exempt from registration under the 1933 Act.

 

    5

     

    

 

(d)
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 issuance of the Shares, the Conversion Shares upon conversion of the Shares, the reservation for issuance of the Conversion
Shares) will not (i) result in a violation of the Certificate of Incorporation (as defined below) (including, without limitation,
the Certificate or any other certificate of designation contained therein) or other organizational documents of the Company, any
capital stock of the Company or Bylaws (as defined below) of the Company, (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 is a party or (iii) result in a violation
of any law, rule, regulation, order, judgment or decree (including, without limitation, foreign, federal and state securities
laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected except,
in the case of clause (ii) or (iii) above, to the extent such violations that could not reasonably be expected to have a Material
Adverse Effect.

 

(e)
Consents. The Company is not required to obtain any consent from, authorization
or order of, or make any filing or registration with (other than the filing with the SEC of one or more Registration Statements
in accordance with the requirements of the Registration Rights Agreement, a Form D with the SEC and any other filings as may be
required by any state securities agencies), any court, governmental agency or any regulatory or self-regulatory agency or any
other Person in order for it to execute, deliver or perform any of its respective obligations under, or contemplated by, the Transaction
Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations
which the Company is required to obtain at or prior to the Initial Closing have been obtained or made on or prior to the Initial
Closing Date, and the Company is not aware of any facts or circumstances which might prevent the Company from obtaining or effecting
any of the registration, application or filings contemplated by the Transaction Documents.

 

(f)
Acknowledgment Regarding Buyer’s Purchase of Securities. The Company acknowledges
and agrees that each Buyer is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction
Documents and the transactions contemplated hereby and thereby and that no Buyer is (i) an “affiliate” (as defined
in Rule 144) of the Company or (ii) to its knowledge, a “beneficial owner” of more than ten percent (10%) of the shares
of Common Stock (as defined for purposes of Rule 13d-3 of the Securities and Exchange Act of 1934 Act, as amended (“1934
Act”)). The Company further acknowledges that no Buyer is acting
as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and
the transactions contemplated hereby and thereby, and any advice given by a Buyer or any of its representatives or agents in connection
with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such Buyer’s
purchase of the Securities. The Company further represents to each Buyer that the Company’s decision to enter into the Transaction
Documents to which it is a party has been based solely on the independent evaluation by the Company and its respective representatives.

 

(g)
No General Solicitation; Placement Agent’s Fees. Except as set forth in
Schedule 3(g) attached to the Disclosure Letter, neither the Company nor any
Person acting on its behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D) in connection with the offer or sale of the Securities. The Company shall be responsible for the payment of any Placement Agent’s
fees, financial advisory fees, or brokers’ commissions (other than for Persons engaged by any Buyer or its investment advisor)
relating to or arising out of the transactions contemplated hereby. Other than the Placement Agent, the Company has not engaged
any placement agent or other broker or dealer in connection with the offer or sale of the Securities.

 

    6

     

    

 

(h)
No Integrated Offering. None of the Company or, to the Company’s knowledge,
any of its affiliates, nor any Person acting on its 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 require registration of the issuance of any of the
Securities under the 1933 Act, whether through integration with prior offerings or otherwise, or cause this offering of the Securities
to require approval of stockholders of the Company (other than any required approval of holders of a majority of the outstanding
common stock of the Company received before the Initial Closing) under any applicable stockholder approval provisions. None of
the Company, nor its affiliates nor any Person acting on their behalf will take any action or steps that would require registration
of the issuance of any of the Securities under the 1933 Act or cause the offering of any of the Securities to be integrated with
other offerings of securities of the Company.

 

(i)
Dilutive Effect. The Company understands and acknowledges that the number of
Conversion Shares may increase in certain circumstances. The Company further acknowledges that its obligation to issue the Conversion
Shares upon conversion of the Shares in accordance with this Agreement and the Certificate is absolute and unconditional, regardless
of the dilutive effect that such issuance may have on the ownership interests of other stockholders of the Company.

 

(j)
Application of Takeover Protections; Rights Agreement. Prior to any IPO of the
Company: (1) the Company and its board of directors shall have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, interested stockholder, business combination, poison pill (including, without limitation, any distribution
under a rights agreement) or other similar anti-takeover provision under the Certificate of Incorporation, Bylaws or other organizational
documents or the laws of the jurisdiction of its incorporation or otherwise which is or could become applicable to any Buyer as
a result of the consummation of the transactions contemplated by this Agreement, including, without limitation, the Company’s
issuance of the Securities and any Buyer’s ownership of the Securities; and (2) the Company and its board of directors shall
have taken all necessary action, if any, in order to render inapplicable any stockholder rights plan or similar arrangement relating
to accumulations of beneficial ownership of shares of Common Stock or a change in control of the Company.

 

(k)
Placement Documents. The Private Placement Memorandum provided to the Buyers in connection with the sale of the
Shares, at the time of the date thereon, as it may be amended from time to time, did not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, it being acknowledged and agreed by the parties that the
Private Placement Memorandum was not necessarily a thorough or exhaustive description of, and was not intended to constitute,
disclosure of all material facts relating to the Company. No other information provided by or on behalf of the Company to any
of the Buyers taken together with such Private Placement Memorandum and the Transaction Documents contains any untrue statement
of a material fact or omits to state any material fact necessary in order to make the statements therein not misleading, in the
light of the circumstance under which they are or were made.

  

(l)
Absence of Certain Changes. Since the date of the Company’s Private Placement
Memorandum, there has been no material adverse change and no material adverse development in the business, assets, liabilities,
properties, operations (including results thereof), condition (financial or otherwise) or prospects of the Company. Since the
date of the Company’s Private Placement Memorandum, the Company has not (i) declared or paid any dividends (whether by cash,
property or securities), (ii) sold any assets, individually or in the aggregate, outside of the ordinary course of business or
(iii) made any capital expenditures, individually or in the aggregate, outside of the ordinary course of business. The Company
has not taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization,
receivership, liquidation or winding up, nor does the Company have any knowledge or reason to believe that any of their respective
creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead
a creditor to do so. The Company is not as of the date hereof, and after giving effect to the transactions contemplated hereby
to occur at each Closing, will not be Insolvent (as defined below). “Insolvent”
means (i) the present fair saleable value of the Company’s assets is less than the amount required to pay the Company’s
total Indebtedness (as defined below), (ii) the Company is unable to pay its debts and liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured or (iii) the Company intends to incur or believe that it
will incur debts that would be beyond its ability to pay as such debts mature.

 

    7

     

    

 

(m)
No Undisclosed Events, Liabilities, Developments or Circumstances. The Company
has no knowledge of any event, liability, development or circumstance that has occurred or exists, or that is reasonably expected
to occur or exist with respect to the Company or any of its business, properties, liabilities, operations (including results thereof)
or condition (financial or otherwise), that (i) could have a material adverse effect on any Buyer’s investment hereunder
or (ii) could have a Material Adverse Effect.

 

(n)
Conduct of Business; Regulatory Permits. The Company is not in violation of any
term of or in default under its Certificate of Incorporation or Bylaws. The Company is not in violation of any judgment, decree
or order or any statute, ordinance, rule or regulation applicable to the Company, and the Company will not conduct its business
in violation of any of the foregoing, except in all cases for possible violations which could not, individually or in the aggregate,
have a Material Adverse Effect. The Company possess all certificates, authorizations and permits issued by the appropriate regulatory
authorities necessary to conduct their respective businesses, 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.

 

(o)
Foreign Corrupt Practices. The Company and, to its knowledge, none of its directors,
officers, agents, employees or other Persons acting on behalf of the Company has, in the course of its actions for, or on behalf
of, the Company (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating
to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee
from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as
amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign
or domestic government official or employee.

 

(p)
Transactions With Affiliates. Except as set forth on Schedule
3(p) attached to the Disclosure Letter or in the Private Placement Memorandum, none of the officers, directors, employees,
consultants or affiliates of the Company is presently a party to any transaction with the Company (other than for ordinary course
services as employees, officers, consultants or directors and immaterial transactions), including any contract, agreement or other
arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or
otherwise requiring payments to or from any such officer, director, employee or affiliate or, to the knowledge of the Company,
any corporation, partnership, trust or other Person in which any such officer, director, employee or affiliate has a substantial
interest or is an employee, officer, director, trustee or partner.

 

    8

     

    

 

(q)
Equity Capitalization. As of the date hereof, the authorized capital stock of
the Company consists solely of 15,000,000 shares of Common Stock, of which 4,040,000 shares (“Company Common
Shares”) are issued and outstanding and no shares are reserved for issuance pursuant to Convertible Securities
(as defined below) except as set forth in the Disclosure Letter, and 5,000,000 shares of the Company’s preferred stock,
$0.0001 par value (“Preferred Stock”), none of which are issued
or outstanding as of the date of this Agreement and 2,885,000 shares of which have been designated as Series A Convertible Preferred
Stock. No approval of the shareholders is required for the issuance of the Shares or the Conversion Shares or any of the Convertible
Securities. No shares of Common Stock are held in treasury. The Company Common Shares are duly authorized and validly issued,
fully paid and non-assessable. To the Company’s knowledge, and except as set forth in the Private Placement Memorandum or
the Disclosure Letter, no Person beneficially owns 10% or more of the Company’s issued and outstanding shares of Common
Stock (calculated based on the assumption that all Convertible Securities, whether or not presently exercisable or convertible,
have been fully exercised or converted (as the case may be) taking account of any limitations on exercise or conversion (including
“blockers”) contained therein without conceding in the private placement documentation that such identified Person
is a 10% stockholder for purposes of federal securities laws). Additionally, as of the date hereof, except as set forth in the
Private Placement Memorandum: (i) 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; (ii) 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,
or exercisable or exchangeable for, any capital stock of the Company, or contracts, commitments, understandings or arrangements
by which the Company is or may become bound to issue additional capital stock of the Company or options, warrants, scrip, rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable
or exchangeable for, any capital stock of the Company (except as set forth in the Disclosure Letter); (iii) there are no outstanding
debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing Indebtedness
of the Company or by which the Company is or may become bound; (iv) there are no financing statements securing obligations in
any amounts filed in connection with the Company; (v) there are no agreements or arrangements under which the Company is obligated
to register the sale of any of their securities under the 1933 Act (except pursuant to the Registration Rights Agreement and a
warrant issued to the Placement Agent); (vi) there are no outstanding securities or instruments of the Company which contain any
redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company
is or may become bound to redeem a security of the Company; (vii) there are no securities or instruments containing anti-dilution
or similar provisions that will be triggered by the issuance of the Securities; and (viii) the Company has not issued any stock
appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. The Company has furnished
to the Buyers true, correct and complete copies of the Certificate and the Company’s bylaws, as amended and as in effect
on the date hereof (the “Bylaws”), and the terms of all securities
convertible into, or exercisable or exchangeable for, shares of Common Stock and the material rights of the holders thereof in
respect thereto. “Convertible Securities” means
preferred stock, options, warrants or other securities directly or indirectly convertible into, exchangeable for or exercisable
for Common Stock of the Company.

 

    9

     

    

 

(r)
Indebtedness and Other Contracts. The Company, except as disclosed on Schedule
3(r) attached to the Disclosure Letter or in the Private Placement Memorandum, (i) has no outstanding Indebtedness
(as defined below), (ii) is not a party to any contract, agreement or instrument, the violation of which, or default under which,
by the other party(ies) to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse
Effect, (iii) is not in violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness,
except where such violations and defaults would not result, individually or in the aggregate, in a Material Adverse Effect, or
(iv) is not a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which, in the judgment
of the Company’s officers, has or is expected to have a Material Adverse Effect. “Indebtedness”
of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed
as the deferred purchase price of property or services (including, without limitation, “capital leases” in accordance
with generally accepted accounting principles) (other than trade payables entered into in the ordinary course of business), (C)
all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all
obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or
other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with
the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event
of default are limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement
which, in connection with generally accepted accounting principles, consistently applied for the periods covered thereby, is classified
as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest
or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by any Person, even though
the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (H) all
Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (A) through (G)
above. “Contingent Obligation” means, as to any Person, any
direct or indirect liability, contingent or otherwise, of that Person with respect to any indebtedness, lease, dividend or other
obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof,
is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements
relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against
loss with respect thereto. “Person” means an individual, a
limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity
and a government or any department or agency thereof.

 

(s) Absence
of Litigation. Except as set forth on Schedule 3(s) attached to the
Disclosure Letter, 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, threatened against or affecting the
Company, the Common Stock or any of the Company’s officers or directors which is outside of the ordinary course of business
or individually or in the aggregate material to the Company. There has not been, and to the knowledge of the Company, there is
not pending or contemplated, any investigation by the SEC or other United States governmental agency involving the Company or
any current or former director or officer of the Company.

 

(t) Employee
Relations. The Company is not a party to any collective bargaining agreement or employs any member of a union. The
Company believes that its relations with their respective employees are good. No executive officer (as defined in Rule 501(f)
promulgated under the 1933 Act) or other key employee 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. To the Company’s knowledge, no executive
officer or other key employee 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 or other key employee (as the
case may be) does not subject the Company to any liability with respect to any of the foregoing matters. The Company is 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.

 

    10

     

    

 

(u) Title.
The Company has good and marketable title to all personal property owned by it which is material to the business of the Company,
in each case, free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such
property and do not interfere with the use made and proposed to be made of such property by the Company.

 

(v)
Intellectual Property Rights. To the Company’s knowledge, the Company owns
or possesses adequate rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service
names, patents, patent rights, copyrights, original works, inventions, licenses, approvals, governmental authorizations, trade
secrets and other intellectual property rights and all applications and registrations therefor (“Intellectual
Property Rights”) necessary to conduct is business as now conducted and as presently proposed to be conducted.
None of the Company’s Intellectual Property Rights have expired, terminated or been abandoned, or are expected to expire,
terminate or be abandoned, within three years from the date of this Agreement. The Company has no knowledge of any infringement
by the Company of Intellectual Property Rights of others. There is no claim, action or proceeding being made or brought, or to
the knowledge of the Company, being threatened, against the Company regarding their Intellectual Property Rights. The Company
is not aware of any facts or circumstances which might give rise to any of the foregoing infringements or claims, actions or proceedings.
The Company has taken reasonable security measures to protect the secrecy, confidentiality and value of all of its Intellectual
Property Rights.

 

(w) Environmental
Laws. The Company (i) is in compliance with all Environmental Laws (as defined below), (ii) has received all permits,
licenses or other approvals required of them under applicable Environmental Laws to conduct its business, and (iii) is in compliance
with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii),
the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. “Environmental
Laws” means all federal, state, local or foreign laws relating to pollution or protection of
human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous
Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees,
demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations
issued, entered, promulgated or approved thereunder.

 

(x)
Tax Status. The Company (i) has timely made or filed all foreign, federal and
state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
timely 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 (iii) 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. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the
officers of the Company know of no basis for any such claim. The Company is not operated in such a manner as to qualify as a passive
foreign investment company, as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

(y) Off
Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship involving the Company in respect
of an off-balance sheet entity that would be required to be disclosed by the Company in a 1934 Act filing or that otherwise could
be reasonably likely to have a Material Adverse Effect.

 

(z) Investment
Company Status. The Company is not, and upon consummation of the sale of the Securities will not be, an “investment
company,” or, to the knowledge of the Company, an affiliate of an “investment company,” a company controlled
by an “investment company” or an “affiliated person” of, or “promoter” or “principal
underwriter” for, an “investment company” as such terms are defined in the Investment Company Act of 1940, as
amended.

 

    11

     

    

 

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

 

(bb)
Transfer Taxes. On each Closing Date, all stock transfer or other taxes (other
than income or similar taxes) which are required to be paid in connection with the issuance, sale and transfer of the Securities
to be sold to each Buyer hereunder will be, or will have been, fully paid or provided for by the Company, and all laws imposing
such taxes will be or will have been complied with.

 

(cc)
Bank Holding Company Act. The Company is not subject to the Bank Holding Company
Act of 1956, as amended (the “BHCA”) and to regulation by
the Board of Governors of the Federal Reserve System (the “Federal Reserve”).
Neither the Company nor, to its knowledge, any of its affiliates owns or controls, directly or indirectly, five percent
(5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total equity
of a bank or any equity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor, to its
knowledge, any of its affiliates exercises a controlling influence over the management or policies of a bank or any entity that
is subject to the BHCA and to regulation by the Federal Reserve.

 

(dd)
Shell Company Status. The Company is not, and has never been, an issuer identified
in, or subject to, Rule 144(i).

 

(ee)
Public Utility Holding Act. The Company is not a “holding company,”
or an “affiliate” of a “holding company,” as such terms are defined in the Public Utility Holding Act
of 2005.

 

(ff)
Federal Power Act. The Company is not subject to regulation as a “public
utility” under the Federal Power Act, as amended.

 

(gg)
No Additional Agreements. The Company does not have any agreement or understanding
with any Buyer with respect to the transactions contemplated by the Transaction Documents other than as specified in the Transaction
Documents.

 

(hh)
Real Property. The Company holds good title to all real property, leases in real
property, or other interests in real property stated as owned or held by the Company (the “Real
Property”). The Real Property is free and clear of all mortgages, defects, claims, liens, pledges, charges,
taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively “Encumbrances”)
and is not subject to any rights of way, building use restrictions, exceptions, variances, reservations, or limitations of any
nature except for (i) liens for current taxes not yet due, and (ii) zoning laws and other land use restrictions that do not impair
the present or anticipated use of the property subject thereto. Any Real Property held under lease by the Company is held 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.

 

(ii)
Fixtures and Equipment. The Company has good title to, or a valid leasehold interest
in, the tangible personal property, equipment, improvements, fixtures, and other personal property and appurtenances that are
used by the Company in connection with the conduct of its business (the “Fixtures
and Equipment”). The Fixtures and Equipment are structurally sound, are in good operating condition and repair,
are adequate for the uses to which they are being put, are not in need of maintenance or repairs except for ordinary, routine
maintenance and repairs and are sufficient for the conduct of the Company’s business in the manner as conducted prior to
each Closing. The Company owns all of its Fixtures and Equipment free and clear of all Encumbrances except for (i) liens for current
taxes not yet due, and (ii) zoning laws and other land use restrictions that do not impair the present or anticipated use of the
property subject thereto.

 

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(jj)
Illegal or Unauthorized Payments; Political Contributions. The Company nor, to
the best of the Company’s knowledge (after reasonable inquiry of its officers and directors), any of the officers, directors,
employees, agents or other representatives of the Company or any other business entity or enterprise with which the Company is
or has been affiliated or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of money,
property, or services, whether or not in contravention of applicable law, (i) as a kickback or bribe to any Person or (ii) to
any political organization, or the holder of or any aspirant to any elective or appointive public office except for personal political
contributions not involving the direct or indirect use of funds of the Company.

 

(kk)
Money Laundering. The Company is in compliance with, and has not previously violated,
the USA Patriot Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including,
without limitation, the laws, regulations and Executive Orders and sanctions programs administered by the U.S. Office of Foreign
Assets Control, including, without limitation, (i) Executive Order 13224 of September 23, 2001 entitled, “Blocking Property
and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001));
and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(ll)
Disclosure. The Company understands and
confirms that each of the Buyers will rely on the foregoing representations in effecting the transactions consummated hereunder.
All disclosure provided to the Buyers regarding the Company, its business and the transactions contemplated hereby, including
the Private Placement Memorandum, the Disclosure Letter, the Transaction Documents and the schedules to this Agreement, furnished
by or on behalf of the Company, taken as a whole, do not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were
made, not misleading, it being acknowledged and agreed by the parties that the Private Placement Memorandum was intended to describe
certain aspects of the Company’s business and prospects, but were not necessarily a thorough or exhaustive description or
disclosure of all material facts relating to the Company. The Company acknowledges and agrees that no Buyer makes or has made
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth
in Section 2.

 

4.
COVENANTS.

 

(a) Best
Efforts. Each Buyer shall use its best efforts to timely satisfy each of the conditions to be satisfied by it as
provided in Section 6 of this Agreement. The Company shall use its best efforts to timely satisfy each of the conditions to
be satisfied by it as provided in Section 7 of this Agreement.

 

(b) Form
D and Blue Sky. The Company shall file a Form D with respect to the Securities as required under Regulation D and
to provide a copy thereof to the Placement Agent promptly after such filing. The Company shall, on or before the
Initial Closing Date, take such action as the Company shall reasonably determine is necessary in order to obtain an
exemption, or to qualify the Securities, for sale to the Placement Agent at each 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), and shall provide evidence of any such action so taken to the Buyers on or prior to each Closing Date.
Without limiting any other obligation of the Company under this Agreement, the Company shall timely make all filings and
reports relating to the offer and sale of the Securities required in connection with the consummation of the transactions
consummated hereunder under all applicable securities laws (including, without limitation, all applicable federal securities
laws and all applicable “Blue Sky” laws), and the Company
shall comply with all applicable federal, foreign, state and local laws, statutes, rules, regulations and the like relating
to the offering and sale of the Securities to the Buyers.

 

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(c)
Reporting Status. After the date the Company becomes subject to the periodic reporting requirements under Sections
13 or 15(d) of the 1934 Act, as amended from time to time, together with the regulations promulgated thereunder (a “Reporting
Company”), and until the date on which the Buyers shall have sold
all of the Registrable Securities (such period, to end in any event, whether or not such securities have been sold, not later
than five years after such date, the “Reporting Period”),
the Company shall use commercially reasonable efforts to timely file all reports required to be filed with the SEC pursuant
to the 1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even
if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such termination unless such
termination is approved by the holders of a majority stockholders of the voting power of the Company, or unless no Buyer has demand
registration rights under the Registration Rights Agreement or unless no Buyer is a holder of record of Conversion Shares (collectively,
the “Termination Conditions”).

 

(d)
Use of Proceeds. The Company shall use the proceeds from the sale of the Shares
for general corporate purposes, as set forth in the Private Placement Memorandum, including any qualifications or exceptions set
forth therein; provided, however, that the Company shall not use any of the proceeds to make or repay loans to any officer or
director of the Company.

 

(e)
Listing. In connection with the Company becoming a Reporting Company, the Company
shall in connection with any proper demand for registration of Registrable Securities under the Registration Rights Agreement
(if the same has not previously occurred) promptly secure the listing or designation for quotation (as the case may be) of all
of the Registrable Securities upon each national securities exchange and automated quotation system, if any, upon which the Common
Stock is then listed or designated for quotation (as the case may be) (subject to official notice of issuance) and shall thereafter
maintain such listing or designation for quotation (as the case may be) of all Registrable Securities from time to time issuable
under the terms of the Transaction Documents on such national securities exchange or automated quotation system unless one of
the Termination Conditions has occurred. During any period that the Common Stock is listed or designated, the Company shall use
commercially reasonable efforts to maintain the Common Stock’s listing or designation for quotation (as the case may be)
on The New York Stock Exchange, the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital
Market (each, an “Eligible Market”).
During the Reporting Period, the Company shall use commercially reasonable efforts not to take any action which could be
reasonably expected to prevent a listing or result in the delisting or suspension of the Common Stock from an Eligible Market.
The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 4(e).

 

(f)
Fees. The Company shall be responsible for the payment of any placement agent’s
fees, financial advisory fees, or broker’s commissions (other than for Persons engaged by any Buyer) relating to or arising
out of the transactions contemplated hereby and resulting from the retention by the Company of any placement agent, financial
advisor or broker (including, without limitation, any fees payable to the Placement Agent, who is the Company’s sole placement
agent in connection with the transactions contemplated by this Agreement). Except when such Buyer has breached Section 2(k) hereof,
the Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without limitation, reasonable
attorneys’ fees and out-of-pocket expenses) arising in connection with any claim relating to any such payment. Except as
otherwise set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses in connection with
the sale of the Securities to the Buyers.

 

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(g)
Pledge of Securities. Notwithstanding anything to the contrary contained in this
Agreement, the Company acknowledges and agrees that the Securities may be pledged by a Buyer in connection with a bona fide margin
agreement or other bona fide loan or financing arrangement that is secured by the Securities. The pledge of Securities shall not
be deemed to be a transfer, sale or assignment of the Securities hereunder, and no Buyer making a pledge of Securities shall be
required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement
or any other Transaction Document. The Company hereby agrees to execute and deliver such documentation as a holder of the Securities
may reasonably request in connection with a pledge of the Securities to such pledgee by a Buyer.

 

(h)
Reservation of Shares. The Company shall take all action necessary to at all
times have authorized, and reserved for the purpose of issuance, no less than one hundred ten percent (110%) of the maximum number
of Conversion Shares issuable upon conversion of the Shares.

 

(i)
Conduct of Business. So long as any of the Securities are held by the Buyers
and their successors in interest and assigns, the business of the Company shall not be conducted in violation of any law, ordinance
or regulation of any governmental entity, except where such violations would not result, either individually or in the aggregate,
in a Material Adverse Effect.

 

(j)
Subsequent Placements. So long as the Shares are outstanding, the Company shall,
without the prior written consent (the “Required Buyers Consent”)
of the Required Buyers (as defined below), be prohibited from effecting or entering into an agreement to effect any offering or
placement of equity or equity linked securities of the Company, including without limitation any shares of Series A Preferred
Stock that remain authorized and unissued following the termination of the offering pursuant to this Agreement (“Subsequent
Placement”). The Required Buyers Consent may be conditioned upon the Company providing additional rights
to the Holders in connection with any Subsequent Placement including, without limitation, right of participation, increase in
the amount of the Stated Value (as defined in the Certificate) and additional redemption rights. Notwithstanding anything to the
contrary herein, the term “Subsequent Placement” shall not
include (i) a firm commitment underwritten initial public offering through a registered broker-dealer (an “IPO”),
(ii) with the prior written consent of Liquid Venture Partners, LLC, an affiliate of the Placement Agent (“LVP”),
a placement (or series of placements), based on a pre-issuance valuation of the Company of at least the product of: (A)
the total number of issued and outstanding Common Stock and Common Stock Equivalents (on a converted basis) immediately prior
to the Subsequent Placement issuance, multiplied by (B) the product of: (x) the Per Share Purchase Price, multiplied by (y) two,
and in which in the aggregate gross proceeds to the Company do not exceed $2 million, or (iii) the issuance of equity or equity
linked securities, other than Series A Preferred Stock, based on a pre-issuance valuation of the Company of at least the product
of: (A) the total number of issued and outstanding Common Stock and Common Stock Equivalents (on a converted basis) immediately
prior to the Subsequent Placement issuance, multiplied by (B) the product of: (x) the Per Share Purchase Price, multiplied by
(y) two, to one or more of the Company’s strategic partners and/or licensors in consideration of non-cash assets or license
rights from the strategic partner or licensor, which issuances in the aggregate shall not exceed securities worth $5 million.
All shares of Common Stock issued or issuable pursuant to the securities of the Company issued under this Section 4(j) shall be
subject to the 12 month lock-up set forth in Section 4(t). “Common Stock Equivalents”
means any securities of the Company that would entitle the holder thereof to acquire at any time Common Stock,
including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time, by
its terms, convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

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(k)
Change of Control. Prior to an IPO, the Company may not
effect a Change of Control without the prior written consent of the Required Buyers. “Change
of Control” means (x) the acquisition of the Company by another entity by means of any transaction (including,
without limitation, any stock acquisition, reorganization, merger or consolidation) that contemplates an enterprise value of the
Company of less than the product of: (A) the total number of issued and outstanding Common Stock and Common Stock Equivalents
(on a converted basis) immediately prior to the effective date of the Change of Control, multiplied by (B) the product of: (i)
the Per Share Purchase Price, multiplied by (ii) two, or (y) a sale of all or substantially all of the assets of the Company (including,
for purposes of this section, the sale or exclusive license of intellectual property rights which, in the aggregate, constitutes
substantially all of the corporation’s material intellectual property assets for an aggregate purchase price of less than
the product of: (A) the total number of issued and outstanding Common Stock and Common Stock Equivalents (on a converted basis)
immediately prior to the effective date of the Change of Control, multiplied by (B) the product of: (i) the Per Share Purchase
Price, multiplied by (ii) two). In the event of a Change of Control, each Buyer shall have the right but not the obligation, by
providing a written request to the Company prior to the effective date of the Change of Control event, to require the Company
to purchase some or all of such Buyer’s Shares outstanding at a purchase price per Share equal to the product of: (A) two,
multiplied by (B) the Per Share Purchase Price (the “Put Option Right”).
The Company shall not enter into any Change of Control transaction pursuant to which it would be unable to purchase
back all of the issued and outstanding Shares then held by the Buyers (including their assignees) at the time of proposed Change
of Control event pursuant to a full exercise by all of the Buyers (including their assignees) of their Put Option Right.

 

(l)
Variable Rate Transaction. Notwithstanding anything in this
Agreement to the contrary, until the later of (i) the first date that any Share is converted to a Conversion Shares or (ii) three
(3) years after the Company becomes a Reporting Company, the Company shall be prohibited from effecting or entering into any Subsequent
Placement involving a Variable Rate Transaction. “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any Convertible Securities either (A) at a conversion, exercise
or exchange rate or other price that is based upon and/or varies with the trading prices of, or quotations for, the shares of
Common Stock at any time after the initial issuance of such Convertible Securities, or (B) with a conversion, exercise or exchange
price that is subject to being reset at some future date after the initial issuance of such Convertible Securities or upon the
occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the
Common Stock, other than pursuant to a customary “weighted average” anti-dilution provision or (ii) enters into any
agreement (including, without limitation, an “equity line of credit” or an “at the market offering”) whereby
the Company may sell securities at a future determined price (other than standard and customary “preemptive” or “participation”
rights). Each Buyer shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy
shall be in addition to any right to collect damages. Notwithstanding the foregoing, the offer or sale of the Series A Preferred
Stock shall not be deemed to be a Variable Rate Transaction.

 

(m)
Passive Foreign Investment Company. For the period ending
on the third year anniversary after the Company becomes a Reporting Company, the Company shall conduct its business in such a
manner as will ensure that the Company will not be deemed to constitute a passive foreign investment company within the meaning
of Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

(n)
Restriction on Redemption and Cash Dividends. So long as
any Shares are outstanding and have not been converted to Conversion Shares, the Company shall not, directly or indirectly, redeem,
or declare or pay any cash dividend or distribution on, any securities of the Company without the prior express written consent
of the Required Buyers.

 

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(o)
Corporate Existence. So long as any Shares are outstanding
and have not been converted to Conversion Shares, the Company shall maintain its corporate existence and shall not sell, assign
or transfer all or substantially all of the Company’s assets.

 

(p)
Board of Directors; Size. On the Initial Closing Date, the
Company shall have a board of directors of one person, Michael Leabman, and the board of directors shall have appointed Emily
Wang Fairbairn (“Fairbairn”) to the board of directors, and Fairbairn shall have accepted such appointment, such appointment
to take effect immediately following the final Closing. At all times after the final Closing of the Offering, and subject only
to the Grace Period, the Company shall have a board of directors consisting of at least two persons, at least one of whom is either
Fairbairn or independent pursuant to Nasdaq Listing Rule 5605(a)(2). No later than six (6) months after the Initial Closing Date,
so long as any Shares are outstanding and have not been converted to Conversion Shares, and continuing thereafter subject only
to the Grace Period, the Company shall have a board of directors of at least three persons and at least two members of the board
of directors shall be independent pursuant to Nasdaq Listing Rule 5605(a)(2). No later than nine (9) months after the Initial
Closing Date, so long as any Shares are outstanding and have not been converted to Conversion Shares, and continuing thereafter
subject only to the Grace Period, the Company shall have a board of directors of at least four persons and at least three members
of the board of directors shall be independent pursuant to Nasdaq Listing Rule 5605(a)(2), and the board of directors and committees
thereof shall conform to the requirements of Nasdaq Listing Rule 5605 applicable to smaller reporting companies (without regard
to the cure periods and phase-ins permitted under Rule 5605). No later than twelve (12) months after the Initial Closing Date,
so long as any Shares are outstanding and have not been converted to Conversion Shares, and continuing thereafter subject only
to the Grace Period, the Company shall have a board of directors of at least five persons and at least three members of the board
of directors shall be independent pursuant to Nasdaq Listing Rule 5605(a)(2), and the board of directors and committees thereof
shall conform to the requirements of Nasdaq Listing Rule 5605 applicable to smaller reporting companies (without regard to the
cure periods and phase-ins permitted under Rule 5605). In the event that the Company fails to meet any of the board constitution
requirements set forth above due to the death, disability or resignation of a sitting director, the Company shall have 30 days
to come into compliance with such requirement provided that during such period the Company uses its reasonable best efforts to
come into compliance with such requirement as promptly as practicable (“Grace
Period”). So
long as the Shares are outstanding, all persons appointed to the board of directors shall require the written consent of either
LVP or the Required Holders.

 

(q)
 Intellectual Property Strategy. Within three months
following the Effective Date, the Company will adopt an intellectual property strategy reasonably acceptable to LVP, and provide
a written summary of the strategy to the Placement Agent.

 

(r)
Incentive Equity. The Company has adopted an incentive stock
or equity award plan (the “Plan”)
that is attached hereto as Exhibit E and
which provides for awards of up to 960,000 shares of Common Stock. As of the Effective Date, 960,000 shares of Common Stock remain
eligible for issuance under the Plan for future issuance (the “Reserved Shares”).
The Company hereby agrees that prior to the closing of the IPO, the Company shall only issue “Options”
(as defined in the Plan) under the Plan and that the exercise price per share for any Options issued shall not be less than the
greater of (i) $2.60 per share of Common Stock or (ii) the fair market value per share of the Common Stock at the time of grant,
as determined by an IRS Code Section 409(A) valuation obtained by the Company with respect to such Options, without the unanimous
consent of the Board of Directors; provided, however,
that notwithstanding the foregoing, prior to the final Closing and during the first 30 days after the final Closing, the Company
shall have the right to issue Options under the Plan having an exercise price per share of not less than $1.50 per share. Following
the completion of the Offering, up to and including the date of an IPO, the Reserved Shares shall not represent in excess of fifteen
percent (15%) of the number of fully diluted shares of Common Stock; provided, however, that solely for purposes of the foregoing
calculation, shares of capital stock subsequently redeemed by the Company shall not reduce the number of fully diluted shares
of Common Stock. The Plan will not be amended to increase the number of shares subject thereto until the Company becomes a Reporting
Company or with the approval of the Required Buyers. By each Buyer’s execution and delivery of this Agreement, each Buyer
hereby consents to the adoption by the Company of the Plan attached hereto as Exhibit
E as of the date each Buyer acquires the Shares purchased by each such Buyer.

 

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(s)
Independent Accountants. After the Initial Closing Date,
the Company have an independent certified public accounting firm, which firm is actively registered with the PCAOB, engaged at
all times; provided that if the Company fails to maintain such engagement at any time due to the resignation of its then current
accounting firm the Company shall have 30 days to come into compliance with such requirement provided that during such period
the Company uses its reasonable best efforts to come into compliance with such requirement as promptly as practicable. The Company
shall cause such accounting firm to prepare and deliver to the Buyers on or before March 31, 2019 an audit of the Company’s
financial statements for the year ended December 31, 2018, with such audit in form and substance as would be necessary and sufficient
to meet the filing requirements of a registration statement on Form S-1 filed under the 1933 Act.

 

(t)
Lock Up. In connection with the IPO, the Company
will use its best efforts to obtain lock-up agreements from all officers, directors and employees of the Company, any direct or
beneficial owner of five percent (5%) or more of the Common Stock (excluding any Conversion Shares for purposes of calculating
the five percent (5%)), and National Securities Corporation (“NSC”)
and any beneficial holders of shares of Common Stock who are affiliates of NSC in respect of shares of Common Stock issued upon
exercise of any warrants issued in connection with the offering by the Company of the Shares (the “Financing
Shares”) (for clarity, the lock up for NSC and its affiliates
will not apply to any other shares of Common Stock, including any shares of Common Stock acquired in the public markets); the
foregoing lock up to extend for a period of 12 months after the effective date of the registration statement for the IPO.

 

(u)
Investor Market Stand-Off. In connection with the IPO, if
any, each Buyer hereby agrees that, for one hundred eighty (180) days from the effective date of such registration (the “Restricted
Period”), it will not (i) offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend or otherwise transfer or dispose of any shares of Common Stock or any securities convertible into or exercisable or exchangeable
for Common Stock, whether now owned or hereafter acquired or with respect to which such Buyer has or hereafter acquires the power
of disposition; or (ii) enter into any swap or other agreement, arrangement or transaction that transfers to another, in whole
or in part, directly or indirectly, any of the economic consequence of ownership of any Common Stock or any securities convertible
into or exercisable or exchangeable for any Common Stock, whether any transaction described in clause (i) or (ii) is to be settled
by delivery of Common Stock, other securities, in cash or otherwise, without the prior written consent of the managing or lead
underwriter of such offering. In order to enforce the restrictions agreed to by Buyer in this Section 4(u), the Company may impose
stop-transfer instructions with respect to any security acquired under or subject to this Agreement until the end of the Restricted
Period. The Company’s underwriters shall be third-party beneficiaries of the restrictions set forth in this Section 4(u).

 

(v)
IPO Commitment. The Company shall, no later than March 31,
2019, subject to extension upon the prior written approval of the Required Holders (such date, hereinafter, the “Form
S-1 Filing Due Date”), file with or submit confidentially
to the SEC (in the Company’s discretion) a registration statement on Form S-1 (or any successor form thereto) to register
and sell Common Stock in an IPO and shall complete the IPO no later than March 31, 2020, subject to extension upon the prior written
approval of the Required Holders.

 

5.
REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a)
Register. The Company shall maintain at its principal executive
offices (or such other office or agency of the Company as it may designate by notice to each holder of Securities), a register
for the Shares and, if issued, the Conversion Shares in which the Company shall record the name and address of the Person in whose
name the Shares and/or Conversion Shares have been issued (including the name and address of each transferee), the aggregate number
of Shares or Conversion Shares held by such Person, and any tax related information required to be maintained. The Company shall
keep the register open and available at all times during business hours for inspection of any Buyer or its legal representatives.

 

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(b)
Transfer Agent Instructions. If a Buyer effects a sale,
assignment or transfer of the Conversion Shares, the Company shall permit the transfer and shall promptly instruct its transfer
agent to issue one or more certificates or credit shares to the applicable balance accounts at the Depository Trust Company (“DTC”)
in such name and in such denominations as specified by such Buyer to effect such sale, transfer or assignment. In the event that
such sale, assignment or transfer involves Conversion Shares sold, assigned or transferred pursuant to an effective registration
statement or in compliance with Rule 144, the transfer agent shall issue such shares to such Buyer, assignee or transferee (as
the case may be) without any restrictive legend in accordance with Section 5(d) below. The Company acknowledges that a breach
by it of its obligations under this Section 5(b) will cause irreparable harm to each Buyer. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Section 5(b) will be inadequate and agrees, in the event of
a breach or threatened breach by the Company of the provisions of this Section 5(b), that each Buyer shall be entitled, in addition
to all other available remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer,
without the necessity of showing economic loss and without any bond or other security being required. The Company shall cause
its counsel to issue the legal opinion referred to in the Irrevocable Transfer Agent Instructions to the Company’s transfer
agent on each Effective Date (as defined and provided in the Registration Rights Agreement), provided that the applicable Buyer(s)
or its or their representatives and/or brokers have provided the documentation to counsel reasonably necessary or required for
the basis of such legal opinion. Any fees (with respect to the transfer agent, counsel to the Company or otherwise) associated
with the issuance of such opinion or the removal of any legends on any of the Securities shall be borne by the Company.

 

(c)
Legends. Each Buyer understands that the Securities have
been issued (or will be issued in the case of the Conversion Shares) pursuant to an exemption from registration or qualification
under the 1933 Act and applicable state securities laws, and except as set forth below, the Securities shall bear any legend as
required by the “Blue Sky” laws of any state and a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of such stock certificates):

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR ANY SECURITIES INTO WHICH THESE SECURITIES ARE
CONVERTIBLE HAVE BEEN]/[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 MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE
COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR
RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

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(d)
Removal of Legends. Certificates evidencing Securities shall
not be required to contain the legend set forth in Section 5(c) above or any other legend (i) while a registration statement (including
a Registration Statement) covering the resale of such Securities is effective under the 1933 Act, (ii) following any sale of such
Securities pursuant to Rule 144 (assuming the transferor is not an affiliate of the Company), (iii) if such Securities are eligible
to be sold, assigned or transferred under Rule 144 (provided that a Buyer provides the Company with reasonable assurances that
such Securities are eligible and will remain for sale, assignment or transfer under Rule 144 which shall not include an opinion
of counsel), (iv) in connection with a sale, assignment or other transfer (other than under Rule 144), provided that such Buyer
provides the Company with an opinion of counsel to such Buyer, in a generally acceptable form, to the effect that such sale, assignment
or transfer of the Securities may be made and thereafter made without registration under the applicable requirements of the 1933
Act, or (v) if such legend is not required under applicable requirements of the 1933 Act (including, without limitation, controlling
judicial interpretations and pronouncements issued by the SEC, provided that Buyer provides the Company with a reasonable description
of the authority Buyer is relying upon). If the Company is a Reporting Company and a legend is not required pursuant to the foregoing,
the Company, at its expense, shall no later than two (2) Business Days following the delivery by a Buyer to the Company or the
transfer agent (with notice to the Company) of a legended certificate representing such Securities (endorsed or with stock powers
attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together
with any other deliveries from such Buyer as may be required above in this Section 5(d), as directed by such Buyer, either: (A)
provided that the Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program and such
Securities are Conversion Shares, credit the aggregate number of shares of Common Stock to which such Buyer shall be entitled
to such Buyer’s or its designee’s balance account with the DTC through its Deposit/Withdrawal at Custodian system
or (B) if the Company’s transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue
and dispatch for delivery (via reputable overnight courier) to such Buyer, a certificate representing such Securities that is
free from all restrictive and other legends, registered in the name of such Buyer or its designee (the date by which such credit
is so required to be made to the balance account of such Buyer’s or such Buyer’s nominee with DTC or such certificate
is required to be delivered to such Buyer pursuant to the foregoing is referred to herein as the “Required
Delivery Date”).

 

(e)
Failure to Timely Deliver; Buy-In. If the Company is a Reporting
Company and the Company improperly fails to (i) issue and dispatch for delivery (or cause to be so dispatched) to a Buyer by the
Required Delivery Date a certificate representing the Securities so delivered to the Company by such Buyer that is free from all
restrictive and other legends or (ii) credit the balance account of such Buyer’s or such Buyer’s nominee with DTC
for such number of Conversion Shares so delivered to the Company, and if on or after the business day immediately following the
Required Delivery Date such Buyer (or any other Person in respect, or on behalf, of such Buyer) purchases (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Buyer of all or any portion of the number of
shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of
Common Stock, that such Buyer so anticipated receiving from the Company without any restrictive legend, then, in addition to all
other remedies available to such Buyer, the Company shall, within five (5) Business Days after such Buyer’s request and
in such Buyer’s sole discretion, either (x) pay cash to such Buyer in an amount equal to such Buyer’s total purchase
price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including
brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In Price”),
at which point the Company’s obligation to so deliver such certificate or credit such Buyer’s balance
account shall terminate and such shares shall be cancelled, or (y) promptly honor its obligation to so deliver to such Buyer a
certificate or certificates or credit such Buyer’s DTC account representing such number of shares of Common Stock that would
have been so delivered if the Company timely complied with its obligations hereunder and pay cash to such Buyer in an amount equal
to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Conversion Shares that the Company
was required to deliver to such Buyer by the Required Delivery Date multiplied by (B) the lowest closing sale price of the Common
Stock on any Business Day during the period commencing on the date of the delivery by such Buyer to the Company of the applicable
Conversion Shares and ending on the date of such delivery and payment under this clause (y).

 

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6.
CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

 

(a)
The obligation of the Company hereunder to issue and sell the Shares to each Buyer at a Closing is subject to the satisfaction,
at or before the applicable Closing Date, of each of the following conditions, provided that these conditions are for the Company’s
sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice
thereof:

 

(i)
Such Buyer shall have executed each of the other Transaction Documents to which it is a party and a Rule 506 “Bad Actor”
Questionnaire, and delivered the same to the Company.

 

(ii)
Such Buyer and each other Buyer shall have delivered to the Escrow Agent on behalf of the Company the Purchase Price for the Shares
being purchased by such Buyer at such Closing by check in collected funds through the Escrow Agent or wire transfer of immediately
available funds pursuant to the wire instructions provided by the Company.

 

(iii)
The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and
as of such Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific
date, which shall be true and correct as of such date), and such Buyer shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with
by such Buyer at or prior to such Closing Date.

 

(iv)
A minimum of 1,923,077 Shares, for the minimum gross proceeds of at least $5,000,000, are purchased by the Buyers at the Initial
Closing.

 

7.
CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE.

 

(a)
The obligation of each Buyer hereunder to purchase its Shares at a Closing is subject to the satisfaction, at or before the applicable
Closing Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and
may be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

 

(i)
The Company shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party and
the Company shall have duly executed and delivered to such Buyer either (A) a certificate registered in such Buyer’s name
(representing the number of Shares as is set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers) or
(B) an irrevocable instruction letter to the Company’s transfer agent to issue a certificate registered in such Buyer’s
name (representing the number of Shares as is set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers)
and deliver such certificate to the Buyer as soon thereafter as possible.

 

    21

     

    

 

(ii)
The Buyers shall have received an opinion of Much Shelist, P.C., the Company’s counsel, dated the date of the Initial Closing,
stating that the Company is duly incorporated, the Transaction Documents have been duly authorized, that the Shares are be duly
authorized, fully paid and non-assessable and that the Conversion Shares, if and when issued will be duly authorized, fully paid
and non-assessable, which opinion may be subject to such assumptions and conditions are normally set forth in opinions of legal
counsel in respect of such matters.

 

(iii)
The Company shall have delivered to such Buyer a certificate evidencing the formation and good standing of the Company in its
jurisdiction of formation issued by the Secretary of State (or comparable office) of such jurisdiction of formation as of a date
within ten (10) days of such Closing Date.

 

(iv)
The Company shall have delivered to such Buyer a certificate or other reasonably acceptable evidence evidencing the Company’s
qualification as a foreign corporation and good standing issued by the Secretary of State (or comparable office) of each jurisdiction
in which the Company conducts business and is required to so qualify, as of a date within ten (10) days of such Closing Date.

 

(v)
The Company shall have delivered to such Buyer a certified copy of the Certificate of Incorporation as certified by the Secretary
of State of the Company’s jurisdiction of incorporation within ten (10) days of such Closing Date.

 

(vi)
The Company shall have delivered to such Buyer a certificate, in the form acceptable to such Buyer, executed by the Secretary
of the Company dated as of the Initial Closing Date, as to (i) the resolutions consistent with Section 3(b) as adopted by the
Company’s board of directors in a form reasonably acceptable to such Buyer, (ii) the Certificate of Incorporation of the
Company and (iii) the Bylaws of the Company as in effect at the Closing.

 

(vii)
 Each and every representation and warranty of the Company shall be true and correct as of the applicable Closing Date in
all material respects (except for representations and warranties that include an express materiality qualification, which shall
be true and correct in all respects and, except further, representations and warranties that speak as of a specific date, which
shall be true and correct as of such date) and the Company shall have performed, satisfied and complied in all material respects
with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior
to the Closing Date (except for covenants, agreements and conditions that include an express materiality qualification, which
shall performed, satisfied or complied in all respects. Such Buyer shall have received a certificate, executed by the President
of the Company, dated as of the applicable Closing Date, to the foregoing effect and as to such other matters as may be reasonably
requested by such Buyer in the form reasonably acceptable to such Buyer.

 

(viii)
 The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for
the sale of the Securities.

 

(ix)
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

    22

     

    

 

(x)
Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably would have or
result in a Material Adverse Effect.

 

(xi)
The Company shall not have amended, modified, waived compliance with or terminated, revoked or rescinded in any manner or respect
(and the Company shall not have taken any action, or permitted any action to be taken (whether through the Company’s inaction
or otherwise), that has a similar effect to any of the foregoing) any provision of any of material agreements and all of such
agreements shall be in full force and effect.

 

(xii)
 The Company shall have delivered to such Buyer a letter dated as of the Initial Closing Date, in a form reasonably acceptable
to such Buyer, executed by the Company (the “Disclosure Letter”).

 

(xiii)
 The Company shall have delivered to such Buyer such other documents, instruments or certificates relating to the transactions
contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

(xiv)
 A minimum of 1,923,077 Shares, for the minimum gross proceeds of at least $5,000,000, are purchased by the Buyers at the
Initial Closing.

 

(xv)
 At the Initial Closing Date, the Company will have engaged an independent certified public accounting firm, which firm
is actively registered with the PCAOB, and shall have delivered written evidence of such engagement to LVP on behalf of the Buyers.

 

(xvi)
 The Company shall have delivered to LVP on behalf of the Buyers written evidence of the Company’s appointment of
Fairbairn, and Fairbairn’s acceptance of such appointment, as required by Section 4(p).

 

8.
TERMINATION.

 

(a)
This Agreement may be terminated prior to the Initial Closing:

 

(i)
by written agreement of the Buyers and the Company; or

 

(ii)
by either the Company or a Buyer (as to itself but no other Buyer) upon written notice to the other, if the Initial Closing shall
not have taken place by 4:30 p.m. Eastern time on June 30, 2018, subject to extension to December 31, 2018 pursuant to the mutual
agreement of the Company and the Placement Agent; provided, that the right to terminate this Agreement under this Section 8(a)(ii)
shall not be available to any party whose failure to comply with its obligations under this Agreement has been the cause of or
resulted in the failure of the Closing to occur on or before such time.

 

(b)
No termination of this Agreement shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the
expenses described in Section 4(f) above. Nothing contained in this Section 8 shall be deemed to release any party from any liability
for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the
right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction
Documents.

 

    23

     

    

 

9.
MISCELLANEOUS.

 

(a)
Governing Law; Jurisdiction; Jury Trial. All questions concerning
the construction, validity, enforcement and interpretation of this Agreement 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 the state and federal courts sitting in The City of New
York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, 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. Nothing contained herein shall be deemed or operate to preclude any Buyer from bringing suit or
taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to such
Buyer or to enforce a judgment or other court ruling in favor of such Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT
IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH 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. In the event that any signature is delivered by facsimile transmission
or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force
and effect as if such signature page were an original thereof.

 

(c)
Headings; Gender. The headings of this Agreement are for
convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Unless the context clearly
indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms
thereof. The terms “including,” “includes,” “include” and words of like import shall be construed
broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,”
“hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.

 

    24

     

    

 

(d)
 Severability. If any provision of this Agreement
is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the
provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest
extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the
validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal
obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties.
The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a
valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s). Notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document (and
without implication that the following is required or applicable), it is the intention of the parties that in no event shall
amounts and value paid by the Company, or payable to or received by any of the Buyers, under the Transaction Documents
(including without limitation, any amounts that would be characterized as “interest” under applicable law) exceed
amounts permitted under any applicable law. Accordingly, if any obligation to pay, payment made to any Buyer, or collection
by any Buyer pursuant the Transaction Documents is finally judicially determined to be contrary to any such applicable law,
such obligation to pay, payment or collection shall be deemed to have been made by mutual mistake of such Buyer, and the
Company and such amount shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of
interest, as the case may be, as would not be so prohibited by the applicable law. Such adjustment shall be effected, to the
extent necessary, by reducing or refunding, at the option of such Buyer, the amount of interest or any other amounts which
would constitute unlawful amounts required to be paid or actually paid to such Buyer under the Transaction Documents. For
greater certainty, to the extent that any interest, charges, fees, expenses or other amounts required to be paid to or
received by such Buyer under any of the Transaction Documents or related thereto are held to be within the meaning of
“interest” or another applicable term to otherwise be violative of applicable law, such amounts shall be
pro-rated over the period of time to which they relate.

 

(e)
Entire Agreement; Amendments. This Agreement, the other
Transaction Documents and the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein
supersede all other prior oral or written agreements between the Buyers, the Company, their affiliates and Persons acting on their
behalf solely with respect to the matters contained herein and therein, and this Agreement, the other Transaction Documents, the
schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein contain the entire understanding
of the parties solely with respect to the matters covered herein and therein; provided, however, nothing contained in this Agreement
or any other Transaction Document shall (or shall be deemed to) (i) have any effect on any agreements any Buyer has entered into
with, or any instruments any Buyer has received from, the Company prior to the date hereof with respect to any prior investment
made by such Buyer in the Company or (ii) waive, alter, modify or amend in any respect any obligations of the Company, or any
rights of or benefits to any Buyer or any other Person, in any agreement entered into prior to the date hereof between or among
the Company and any Buyer, or any instruments any Buyer received from the Company prior to the date hereof, and all such agreements
and instruments shall continue in full force and effect. Except as specifically set forth herein or therein, neither the Company
nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. For clarification purposes,
the Recitals are part of this Agreement. No provision of this Agreement may be amended other than by an instrument in writing
signed by the Company and the Required Buyers, and any amendment to any provision of this Agreement made in conformity with the
provisions of this Section 9(e) shall be binding on all Buyers and holders of Securities, as applicable, provided that no such
amendment shall be effective to the extent that it (1) applies to less than all of the holders of the Securities then outstanding
or (2) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which may be granted
or withheld in such Buyer’s sole discretion). No waiver shall be effective unless it is in writing and signed by an authorized
representative of the waiving party, provided that the Required Buyers may waive any provision of this Agreement, and any waiver
of any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding on all Buyers
and holders of Securities, as applicable, provided that no such waiver shall be effective to the extent that it (1) applies to
less than all of the holders of the Securities then outstanding (unless a party gives a waiver as to itself only) or (2) imposes
any obligation or liability on any Buyer without such Buyer’s prior written consent (which may be granted or withheld in
such Buyer’s sole discretion). No consideration shall be offered or paid to any Person to amend or consent to a waiver or
modification of any provision of any of the Transaction Documents unless the same consideration also is offered to all of the
parties to the Transaction Documents who are holders of Shares. The Company has not, directly or indirectly, made any agreements
with any Buyers relating to the terms or conditions of the transactions contemplated by the Transaction Documents except as set
forth in the Transaction Documents. Without limiting the foregoing, the Company confirms that, except as set forth in this Agreement,
no Buyer has made any commitment or promise or has any other obligation to provide any financing to the Company or otherwise.
“Required Buyers” means Buyers having Purchase Prices
in the aggregate that are at least equal to a majority of the aggregate Purchase Price for all Buyers.

 

    25

     

    

 

(f)
Notices. Any notices, consents, waivers 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, if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically
or electronically generated and kept on file by the sending party); and (iii) if sent by overnight courier service, one (1) Business
Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the
party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If
to the Company:

 

Maestro
Sensors Inc.

2227
Ashbourne Drive

San Ramon, CA 94583

Facsimile: (312) 521-2898

Attention: Michael Leabman

 

with
a copy (for informational purposes only) to:

 

Much
Shelist, P.C.

191
N. Wacker Drive, Suite 1800

Chicago, IL 60606

Facsimile: (312) 521-2898

Attention: Greg Grove, Esq.

 

If
to a Buyer, to its address or facsimile number set forth on the Schedule of Buyers, with copies to such Buyer’s representatives
as set forth on the Schedule of Buyers,

 

with
a copy (for informational purposes only) to:

 

Greenberg
Traurig, LLP

3161 Michelson Drive, Suite 1000

Irvine, CA 92612

Facsimile: (949) 732-6501

Attention:
Daniel K. Donahue, Esq.

  

or to such other address 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 five (5) days prior to the
effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date and
recipient facsimile number or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt
by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iv) above, respectively.

 

    26

     

    

 

(g)
Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties and their respective successors and assigns, including, as contemplated below, any
assignee of any of the Securities. The Company shall not assign this Agreement or any rights or obligations hereunder without
the prior written consent of the Required Buyers, except in the event of a Change of Control. A Buyer may assign some or all of
its rights hereunder in connection with any transfer of any of its Securities without the consent of the Company, in which event
such assignee shall be deemed to be a Buyer hereunder with respect to such assigned rights.

 

(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, other than the Indemnitees referred to in Section 9(k).

 

(i) Survival.
The representations, warranties, agreements and covenants shall survive the Closing and shall expire on the conversion
of the Shares into Conversion Shares. Each Buyer shall be responsible only for its own representations, warranties, agreements
and covenants hereunder.

 

(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 any other party
may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of
the transactions contemplated hereby.

 

(k)
Indemnification. In consideration of each Buyer’s
execution and delivery of the Transaction Documents and acquiring the Securities thereunder and in addition to all of the Company’s
other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless each Buyer and
each holder of any Securities and all of their stockholders, partners, members, officers, directors, employees and direct or indirect
investors and any of the foregoing Persons’ 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 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 attorneys’ fees and disbursements for one (1) counsel to all the Buyers (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 any of the Transaction Documents, (b) any breach of any covenant, agreement
or obligation of the Company contained in any of the Transaction Documents or (c) any cause of action, suit, proceeding or claim
brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of
the Company) or which otherwise involves such Indemnitee that arises out of or results from (i) the execution, delivery, performance
or successful enforcement of any of the Transaction Documents, (ii) any transaction financed or to be financed in whole or in
part, directly or indirectly, with the proceeds of the issuance of the Securities, or (iii) the status of such Buyer or holder
of the Securities either as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents
or as a party to this Agreement (including, without limitation, as a party in interest or otherwise in any action or proceeding
for injunctive or other equitable relief), in each of cases (i)-(iii) above, if and only if the claim is based on Company action
or inaction. 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. Except as otherwise set forth herein, the mechanics and procedures with respect to the rights and obligations
under this Section 9(k) shall be the same as those set forth in Section 6 of the Registration Rights Agreement. No Indemnitee
shall be entitled to indemnification under this Section 9(k) to the extent an Indemnified Liability arises out of the gross negligence
or willful misconduct of such Indemnitee.

 

    27

     

    

 

(l) 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. No specific representation or warranty shall limit the generality
or applicability of a more general representation or warranty. Each and every reference to share prices, shares of Common Stock
and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted for stock dividends, stock
splits, stock combinations and other similar transactions that occur with respect to the Common Stock after the date of this Agreement.

 

(m) Remedies.
Each Person having any rights under any provision of this Agreement shall have all rights and remedies set forth in the Transaction
Documents and all rights and remedies which such holders have been granted at any time under any other agreement or contract and
all of the rights which such holders have under any law. Any Person having any rights under any provision of this Agreement shall
be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any
breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes
that in the event that it fails to perform, observe, or discharge any or all of its obligations under the Transaction Documents,
any remedy at law may prove to be inadequate relief to the Buyers. The Company therefore agrees that the Buyers shall be entitled
to seek specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of
competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other security.

 

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

 

(o) Payment
Set Aside; Currency. To the extent that the Company makes a payment or payments to any Buyer hereunder or pursuant to
any of the other Transaction Documents or any of the Buyers enforce or exercise their rights hereunder or thereunder, and
such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or
otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any
bankruptcy law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such
restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force
and effect as if such payment had not been made or such enforcement or setoff had not occurred. Unless otherwise expressly
indicated, all dollar amounts referred to in this Agreement and the other Transaction Documents are in United States Dollars
(“U.S. Dollars”), and all amounts owing under this Agreement and all other Transaction Documents
shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the U.S. Dollar
equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this
Agreement, the U.S. Dollar exchange rate as published in The
Wall Street Journal on the relevant date of calculation.

 

    28

     

    

 

(p)
Independent Nature of Buyers’ Obligations and Rights.
The obligations of each Buyer under the Transaction Documents are several and not joint with the obligations of any other Buyer,
and no Buyer shall be responsible in any way for the performance of the obligations of any other Buyer under any Transaction Document.
Nothing contained herein or in any other Transaction Document, and no action taken by any Buyer pursuant hereto or thereto, shall
be deemed to constitute the Buyers as, and the Company acknowledges that the Buyers do not so constitute, a partnership, an association,
a joint venture or any other kind of group or entity, or create a presumption that the Buyers are in any way acting in concert
or as a group or entity with respect to such obligations or the transactions contemplated by the Transaction Documents or any
matters, and the Company acknowledges that the Buyers are not acting in concert or as a group, and the Company shall not assert
any such claim, with respect to such obligations or the transactions contemplated by the Transaction Documents. The decision of
each Buyer to purchase Securities pursuant to the Transaction Documents has been made by such Buyer independently of any other
Buyer. Each Buyer acknowledges that no other Buyer has acted as agent for such Buyer in connection with such Buyer making its
investment hereunder and that no other Buyer will be acting as agent of such Buyer in connection with monitoring such Buyer’s
investment in the Securities or enforcing its rights under the Transaction Documents. The Company and each Buyer confirms that
each Buyer has independently participated with the Company in the negotiation of the transaction contemplated hereby with the
advice of its own counsel and advisors. Each Buyer shall be entitled to independently protect and enforce its rights, including,
without limitation, the rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary
for any other Buyer to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate
the purchase and sale of the Securities contemplated hereby was solely in the control of the Company, not the action or decision
of any Buyer, and was done solely for the convenience of the Company and not because it was required or requested to do so by
any Buyer. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company and a Buyer, solely, and not between the Company and the Buyers collectively and not between and
among the Buyers. 

 

[Signature pages
follows]

 

    29

     

    

 

IN
WITNESS WHEREOF, Buyer and the Company have caused their respective signature page to this
Securities Purchase Agreement to be duly executed as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	MAESTRO
    SENSORS INC.
	 	 	 
	 	By:	 
	 	 	Michael Leabman,

Chief Executive Officer

 

[Buyer
Signature Page Follows]

 

    30

     

    

 

BUYER
SIGNATURE PAGE FOR SECURITIES PURCHASE AGREEMENT

 

MAESTRO
SENSORS INC.

 

[Buyer’s
signature to be provided by way of its execution of the Omnibus Signature Page to the Agent’s “Omnibus Signature Page
and Investor Questionnaire” with respect to this Offering.]

 

    31

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