Document:

Exhibit 10.11

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT  (this “Agreement”), dated as of [__________], 2019 (the
“Effective Date”), is by and among Movano 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 B Convertible Preferred Stock, par value $0.0001 (the “Shares”)
in accordance with the form of the Second 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 B 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 B 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 Nine Million Dollars ($9,000,000)
and no more than Eleven Million Dollars ($11,000,000) at a cash purchase price of $2.10 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 promptly thereafter.

 

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.

 

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(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 8, 2019, (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.

 

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(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 that, except as set forth in the Disclosure Letter attached to this Agreement, which
exceptions shall be deemed to be part of the representations and warranties made hereunder, the following representations are true
and complete 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).

 

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(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.

 

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(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 (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.

 

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(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. 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, 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.

 

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(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
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.

 

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(q) Equity
Capitalization. As of the date hereof, the authorized capital stock of the Company consists solely of 22,069,652 shares
of Common Stock, of which 4,040,000 shares (“Company Common Shares”) are issued and outstanding and
18,029,652 shares are reserved for issuance pursuant to Convertible Securities (as defined below) except as set forth in the
Disclosure Letter, and 7,930,348 shares of the Company’s preferred stock, $0.0001 par value (“Preferred
Stock”), 2,692,253 shares of which have been designated as Series A Convertible Preferred Stock and all of
which are issued and outstanding, and 5,238,095 of which have been designated Series B Convertible Preferred Stock and none
of which are issued or outstanding as of the date of this Agreement. Except as set forth in the Disclosure Letter, 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.

 

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(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.

 

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(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.

 

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(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,
other than at a Closing, or entering into an agreement other than this Agreement to effect any offering or placement of
equity or equity linked securities of the Company, including without limitation any shares of Series B 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 B 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 B 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 two persons, Michael
Leabman and Emily Wang Fairbairn (“Fairbairn”). Unless otherwise agreed by LVP: (i) 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); (ii) 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); and (iii) 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 Buyers.

 

(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 1,710,165 shares of Common Stock. As of the
Effective Date, 1,225,165 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. 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 August 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 December 31, 2019, subject to extension upon the prior written approval of
the Required Buyers (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 December 31, 2020, subject to
extension upon the prior written approval of the Required Buyers.

 

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 4,285,715 Shares, for the minimum gross proceeds of approximately $9,000,000, 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.

 

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(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 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 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.

 

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(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 4,285,715 Shares, for the minimum gross proceeds of approximately $9,000,000, 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.

 

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 March 31, 2019, subject to extension to June 30, 2019 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. Except as set forth in the Disclosure Letter, 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:

 

Movano Inc.

3613 Pontina Court

Pleasanton, CA 95466

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

 

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:
	 	 	 
	 	MOVANO INC.
	 	 	 
	 	By:	 
	 	 	Michael
Leabman,
	 	 	Chief Executive Officer

  

[Buyer Signature Page
Follows]

 

    30Exhibit 10.12

 

AMENDED
AND RESTATED

 REGISTRATION RIGHTS AGREEMENT FOR INVESTORS

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is effective as of March 28,
2019 by and among Movano Inc., a Delaware corporation (“Company”), and the persons listed on Schedule
A hereto, referred to individually as the “Stockholder” and collectively as the “Stockholders”.

 

A.
The Company and certain of the Stockholders (the “Existing Stockholders”) are parties to that certain
Registration Rights Agreement dated as of March 14, 2018 (the “Prior Agreement”).

 

B.
In connection with the Securities Purchase Agreement by and among the Company and certain of the Stockholders hereto, dated as
of March 28, 2019 (the “Securities Purchase Agreement”), the Company has agreed, upon the terms and
subject to the conditions of the Securities Purchase Agreement, to issue and sell to such Stockholder Shares (as defined in the
Securities Purchase Agreement), which will be convertible into Conversion Shares (as defined in the Securities Purchase Agreement)
in accordance with the terms of the Series B Preferred Stock, par value $0.0001 (the “Series B Preferred Stock”),
set forth in the Company’s Second Amended and Restated Certificate of Incorporation (the “Certificate”).

 

C.
The Company has agreed to provide certain registration rights under the Securities Act, and applicable state securities laws to
the Stockholders, and their assignees or successors in interest, certain rights to provide for the registration for resale of
the Conversion Shares by means of a Registration Statement under the Securities Act, pursuant to the terms of this Agreement.
Such Conversion Shares acquired by the Stockholders and their assignees or successors in interest, are referred to collectively
as the “Registrable Securities”.

 

D.
In accordance with Section 12 of the Prior Agreement, the Company and the Existing Stockholders desire to amend and restate the
Prior Agreement in its entirety as set forth herein.

 

E. Unless otherwise provided in this Agreement, capitalized terms used herein shall have the respective meanings set forth in Section
13 hereof.

 

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

 

     

     

    

 

 1. Registration.

 

(a)
Piggyback Registrations Rights. If, at any time after the Company shall become subject to the periodic reporting obligations
(a “Reporting Company”) under the Securities and Exchange Act of 1934, as amended (the “1934
Act”) through the date that is five years after the date the Company becomes a Reporting Company, there is not an
effective Registration Statement covering the Registrable Securities, and the Company shall determine to prepare and file with
the Commission a Registration Statement relating to an offering for its own account or the account of others under the Securities
Act of any of its equity securities (other than on Form S-4 or Form S-8, each as promulgated under the Securities Act, or their
then equivalent relating to equity securities to be issued solely in connection with any acquisition of any entity or business
or equity securities issuable in connection with stock option or other employee benefit plans), then the Company shall send to
the Stockholders a written notice of such determination at least twenty (20) days prior to the filing of any such Registration
Statement and shall, include in such Registration Statement all Registrable Securities requested by any Stockholder hereunder
to be included in the registration within ten (10) days after the Company sends such notice to the Stockholders (the “Piggyback
Shares”) for resale and offer on a continuous basis pursuant to Rule 415; provided, that (i) if, at any time after
giving written notice of its intention to register any securities and prior to the effective date of the Registration Statement
filed in connection with such registration, the Company determines for any reason not to proceed with such registration, the Company
will be relieved of its obligation to register any Registrable Securities in connection with such registration, (ii) in case of
a determination by the Company to delay registration of its securities, the Company will be permitted to delay the registration
of Registrable Securities for the same period as the delay in registering such other securities, (iii) each Stockholder is subject
to confidentiality obligations with respect to any information gained in this process or any other material non-public information
he, she or it obtains, (iv) each Stockholder or assignee or successor in interest is subject to all applicable laws relating to
insider trading or similar restrictions; and (v) if all of the Registrable Securities of the Stockholders cannot be so included
due to Commission Comments or Underwriter Cutbacks, then the Company may reduce, in accordance with the provisions of Section
1(c) hereof, the number of securities covered by such Registration Statement to the maximum number which would enable the Company
to conduct such offering in accordance with the provisions of Rule 415.

 

(b)
Initial Registration Statement. At the election of each Stockholder, the Company shall be required to include up to all
Piggyback Shares held by such Stockholder for resale and offer on a continuous basis pursuant to Rule 415 in the first Registration
Statement filed after the date that it becomes a Reporting Company (the “Initial Registration Statement”);
provided, however, that if all of the Registrable Securities of the Stockholders cannot be so included due to Commission
Comments or Underwriter Cutbacks, then the Company may reduce, in accordance with the provisions of Section 1(c) hereof, the number
of securities covered by the Initial Registration Statement to the maximum number which would enable the Company to conduct such
offering in accordance with the provisions of Rule 415.

 

(c)
Cutback Provisions. In the event all of the Registrable Securities cannot be or are not included in a Registration Statement
due to Commission Comments or Underwriter Cutbacks, the Company and the Stockholders agree that securities shall be removed from
such Registration Statement in the following order until no further removal is required by Commission Comments or Underwriter
Cutbacks:

 

(i)
First, any securities held by any former employee, consultant or affiliate of the Company shall be removed, pro rata based on
the number of securities being registered for such former employees, consultants or affiliates held by all of the former employees
of the Company and any of their affiliates and successors in interest, whether pursuant to agreement or otherwise and any other
person with any registration rights outstanding on the date hereof;

 

(ii)
Second, the securities held by National Securities Corporation (“National Securities”) and its members
and affiliates, if any, obtained solely by reason of providing services to the Company, which are being registered pursuant to
any registration rights agreement or otherwise (for clarity, any securities held by National Securities or its members or affiliates
which were acquired upon payment of a purchase price in cash or property will not be subject to this provision (c)(ii)); and

 

(iii)
Third, the Registrable Securities held by the Stockholders that are requested to be included in the Registration Statement shall
be removed, pro rata based on the number of Registrable Shares held by each Stockholder in comparison to the number of Registrable
Securities held by all Stockholders who have requested to include any Registrable Securities in the Registration Statement.

 

    2

     

    

 

(d)
Mandatory Registrations. In the event all of the Piggyback Shares of the Stockholders are not included in a Registration
Statement due to Commission Comments or Underwriter Cutbacks, the Company shall prepare and file an additional Registration Statement
(the “Follow-up Registration Statement”) with the Commission within sixty (60) days following the effectiveness
of the previously filed Registration Statement; provided, however, that the time period for filing the Follow-up Registration
shall be extended to the extent that the Commission publishes written Commission Guidance or the Company receives written Commission
Guidance which provides for a longer period before a Follow-up Registration Statement may be filed. The Follow-up Registration
Statement shall cover the resale of all of the Registrable Securities that were excluded from any previously filed Registration
Statement. In the event that all of the Piggyback Shares have not been registered in a Registration Statement after the Follow-up
Registration Statement has been declared effective, the Company shall use commercially reasonable efforts thereafter to register
any remaining unregistered Registrable Securities, subject to the provisions of Section 1(e) hereof.

 

(e)
Filing; Content. The Company will use its commercially reasonable efforts to cause each Registration Statement pursuant
to which any Registrable Securities are included, including the Initial or Follow-up Registration Statement, to contain the Plan
of Distribution substantially similar to that attached hereto as Schedule B. The Company shall use its commercially reasonable
efforts to cause any Registration Statement filed under this Section 1, including the Initial and Follow-up Registration Statement,
to be declared effective under the Securities Act as promptly as practicable after the filing thereof and shall keep such Registration
Statement continuously effective under the Securities Act until the earlier of (i) one year after its Effective Date (provided,
however, the one year period shall be extended for any Grace Period), (ii) such time as all of the Registrable Securities covered
by such Registration Statement have been publicly sold by the Stockholders, or (iii) such time as all of the Registrable Securities
covered by such Registration Statement may be sold by the Stockholders pursuant to Rule 144 without regard to both the volume
limitations for sales as provided in Rule 144 and the limitations for such sales provided in Rule 144(i), if applicable, as determined
by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s
transfer agent and the affected Stockholder (“Effectiveness Period”). By 5:00 p.m. (New York City time)
on the business day immediately following the Effective Date of a Registration Statement, the Company shall file with the Commission
in accordance with Rule 424 under the Securities Act the final Prospectus to be used in connection with sales pursuant to such
Registration Statement (whether or not such filing is technically required under such Rule).

 

(f)
Termination of Registration Rights. The registration rights afforded to the Stockholders under this Section 1 shall terminate
on the earliest date when all Registrable Securities of the Stockholder either: (i) have been publicly sold by the Stockholder
pursuant to a Registration Statement, (ii) have been covered by an effective Registration Statement which has been effective for
an aggregate period of sixteen (16) months (whether or not consecutive), provided, however, the time period shall be calculated
so as to exclude any Grace Period, or (iii) may be sold by the Stockholder pursuant to Rule 144 without regard to both the volume
limitations for sales as provided in Rule 144 and the limitations for such sales provided in Rule 144(i), if applicable, as determined
by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s
transfer agent and the affected Stockholder.

 

    3

     

    

 

2. Demand
Registration Rights.

 

(a)
Demand Right. Commencing on the date that is one hundred eighty (180) days after the Company becomes a Reporting Company,
the Stockholders as a group representing at least 50% of the Registrable Securities (a “Requesting Group”)
shall have a separate one-time right, by written notice to the Company, signed by such Stockholders (the “Demand Notice”),
to request the Company to register for resale all Registrable Securities included by the Requesting Group in the Demand Notice
(the “Demand Shares”) under and in accordance with the provisions of the Securities Act by filing with
the Commission a Registration Statement covering the resale of such Demand Shares (the “Demand Registration Statement”).
A copy of the Demand Notice also shall be provided by the Company to each of the other Stockholders who will have fifteen (15)
days to notify the Company in writing to include their Registrable Securities as part of the Demand Shares, the failure of which,
however, shall not in any way affect the rights of the Requesting Group pursuant to this Section 2(a). The Demand Registration
Statement required hereunder shall be on any form of registration statement then available for the registration of the Registrable
Securities, as selected by the Company in accordance with applicable law and regulation. The Company will use its commercially
reasonable efforts to file the Demand Registration Statement within forty-five (45) days of the receipt of the Demand Notice,
provided if the Demand Notice is given within the forty-five (45) days after the prior fiscal year end, then the Company will
use its reasonably commercial efforts to file the Demand Registration Statement within ninety (90) days of the fiscal year end
of the Company. The Company shall use its commercially reasonable efforts to cause the Demand Registration Statement to be declared
effective under the Securities Act as promptly as practicable after the filing thereof and to keep the Demand Registration Statement
continuously effective under the Securities Act during the Effectiveness Period.

 

(b)
Inclusion of Other Registrable Shares and Cutback Provisions. If as a result of Commission Comments, not all shares are
included that are desired to be included in a Registration Statement for the Demand Shares, the provisions of Section 1(c) shall
apply, subject to the Demand Priority (as defined below) of the Requesting Group. Pursuant to the piggyback registration rights
granted under this Agreement, the Company may include the Registrable Shares of the other Stockholders which will be subject to
the provision of Section 1(c) hereof, except that under Section 1(c)(iii), there will be no cutback of the Registrable Securities
of the Requesting Group until the Stockholders of Piggyback Shares and the shares of any other person exercising piggyback rights
under any other registration rights agreement (except for National Securities and their current and former affiliates, which shall
have the priority established in Section 1(c)) have been removed, and thereafter if any further Registrable Securities have to
be removed then those of the Requesting Group will be removed pro rata (the “Demand Priority”). Notwithstanding
the foregoing, if any other securities of any person other than the Stockholders or the Requesting Group or National Securities
and their current and former affiliates are included on the Demand Registration Statement, such securities will be removed, if
required pursuant to Commission Comments, after removal of the securities indicated in Section 1(c)(i) and before the securities
indicated in Section 1(c)(ii), as such persons decide among themselves, and if there is no agreement at to such removal provided
to the Company within a reasonable time, time being of the essence, then all the such securities will be removed.

 

(c)
Termination of Demand Registration Rights. The registration rights afforded to each Stockholder under this Section 2 shall
terminate on the earliest date when all Registrable Securities of the Stockholder either: (i) have been publicly sold by the Stockholder
pursuant to a Registration Statement, or (ii) may be sold by the Stockholder pursuant to Rule 144 without regard to both the volume
limitations for sales as provided in Rule 144 and the limitations for such sales provided in Rule 144(i), if applicable, as determined
by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s
transfer agent and the affected Holder in its reasonable discretion.

 

3. Registration
Procedures. Whenever any Registrable Securities are to be registered pursuant to this Agreement, the Company shall use
its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the
intended method of disposition thereof, and pursuant thereto the Company shall have the following obligations:

 

    4

     

    

 

(a)
The Company shall prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and
use its commercially reasonable efforts to cause such Registration Statement to become effective.

 

(b)
The Company shall prepare and file with the Commission such amendments (including post-effective amendments) and supplements to
a Registration Statement and the Prospectus used in connection with such Registration Statement, which Prospectus is to be filed
pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at
all times during the Effectiveness Period, and, during such period, comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all
of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller
or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement
which are required to be filed pursuant to this Agreement by reason of the Company filing a report on Forms 10-K, 10-Q or Current
Report on Form 8-K, or any analogous report under the Securities Exchange Act, the Company shall have incorporated such report
by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the Commission
on the same day on which the Securities Exchange Act report is filed which created the requirement for the Company to amend or
supplement such Registration Statement.

 

(c)
The Company shall furnish to each Stockholder holding Registrable Securities in any Registration Statement, without charge, (i)
promptly after the same is prepared and filed with the Commission at least one copy of such Registration Statement and any amendment(s)
thereto, including financial statements and schedules, all documents incorporated therein by reference, if requested by such seller,
all exhibits and each preliminary Prospectus, (ii) upon the effectiveness of any Registration Statement, ten (10) copies of the
Prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies
as such seller may reasonably request), and (iii) such other documents, including copies of any preliminary or final Prospectus,
as such seller may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned
by such seller.

 

(d)
The Company shall use its commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and
qualification applies, the resale by any seller of the Registrable Securities covered by a Registration Statement under such other
securities or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those
jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications
as may be necessary to maintain the effectiveness thereof during the Effectiveness Period, (iii) take such other actions as may
be necessary to maintain such registrations and qualifications in effect at all times during the Effectiveness Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x)
qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.

 

(e)
The Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration
Statement, or the suspension of the qualification of any of Registrable Securities for sale in any jurisdiction and, if such an
order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest practicable time and to notify
the Stockholders holding any Registrable Securities included in the offering under such Registration Statement of such order and
the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

    5

     

    

 

(f)
The Company shall notify the Stockholder in writing of the happening of any event, as promptly as practicable after becoming aware
of such event, as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue
statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice
contain any material, nonpublic information), and, subject to Section 3(r), promptly prepare a supplement or amendment to such
Registration Statement to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment
to the Stockholder (or such other number of copies as the Stockholder may reasonably request).

 

(g)
The Company shall promptly notify the Stockholder in writing (i) when a Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification
of such effectiveness shall be delivered to the Stockholder by facsimile on the same day of such effectiveness or by overnight
delivery), (ii) of any request by the Commission for amendments or supplements to a Registration Statement or related Prospectus
or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration
Statement would be appropriate.

 

(h)
If the Stockholder is required under applicable securities laws to be described in a Registration Statement as an underwriter,
at the reasonable request of such Stockholder, the Company shall use its best efforts to furnish to such Stockholder, on the date
of the effectiveness of such Registration Statement and thereafter from time to time on such dates as the Stockholder may reasonably
request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance
as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed
to the Stockholder, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration
Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Stockholder.

 

(i)
If the Stockholder is required under applicable securities laws to be described in a Registration Statement as an underwriter,
then at the request of such Stockholder in connection with such Stockholder’s due diligence requirements, the Company shall
make available for inspection by (i) the Stockholder, (ii) the Stockholder’s legal counsel, and (iii) one firm of accountants
or other agents retained by the Stockholder (collectively, the “Inspectors”), all pertinent financial
and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to
supply all information which any Inspector may reasonably request; provided, however, that each Inspector shall
agree to hold in strict confidence and shall not make any disclosure (except to the Stockholder) or use of any Record or other
information which the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified,
unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement
or is otherwise required under the Securities Act, (b) the release of such Records is ordered pursuant to a final, non-appealable
subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been made
generally available to the public other than by disclosure in violation of this or any other agreement of which the Inspector
has knowledge. Each Stockholder agrees that it shall, upon learning that disclosure of such Records is sought in or by a court
or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company,
at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed
confidential. Nothing herein (or in any other confidentiality agreement between the Company and the Stockholder) shall be deemed
to limit the Stockholder’s ability to sell Registrable Securities in a manner which is otherwise consistent with applicable
laws and regulations.

 

    6

     

    

 

(j)
The Company shall hold in confidence and not make any disclosure of information concerning the Stockholder provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of
such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release
of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of
competent jurisdiction, (iv) such information has been made generally available to the public other than by disclosure in violation
of this Agreement or any other agreement, or (v) the Stockholder provides information to the Company intended for inclusion in
a Registration Statement. The Company agrees that it shall, upon learning that disclosure of such information concerning the Stockholder
is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to
the Stockholder if permitted by applicable law or regulation and allow the Stockholder, at the Stockholder’s expense, to
undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

 

(k)
The Company shall (i) if applicable, use its best efforts to cause all of the Registrable Securities covered by a
Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by the
Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such
exchange, or (ii) otherwise, use its commercially reasonable efforts to secure designation and quotation of all of the
Registrable Securities covered by a Registration Statement on any one of the different levels of The NASDAQ Stock Market, or
(iii) if, despite the Company’s best efforts or commercially reasonable efforts, as applicable, to satisfy, the
preceding clauses (i) and (ii) the Company is unsuccessful in satisfying the preceding clauses (i) and (ii), to instead
secure the inclusion for quotation on the Over-the-Counter Bulletin Board for such Registrable Securities and, without
limiting the generality of the foregoing, to use its commercially reasonable efforts to encourage at least two market makers
to register with the Financial Industry Regulatory Authority, Inc. (“FINRA”) as such with respect
to such Registrable Securities. For the avoidance of doubt, subject to and in accordance with Section 5, the Company shall
pay all fees and expenses of the Company in connection with satisfying its obligation under this Section 3(k).

 

(l)
If requested by the Stockholder, the Company shall (i) as soon as practicable incorporate in a Prospectus supplement or post-effective
amendment such information as the Stockholder reasonably requests to be included therein relating to the sale and distribution
of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being
offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be
sold in such offering; (ii) as soon as practicable make all required filings of such Prospectus supplement or post-effective amendment
after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; and (iii) as
soon as practicable, supplement or make amendments to any Registration Statement if reasonably requested by the Stockholder holding
any Registrable Securities.

 

(m)
The Company shall cooperate with each Stockholder who holds Registrable Securities being offered and, to the extent applicable,
facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts,
as the case may be, as the Stockholder may reasonably request and registered in such names as the Stockholder may request.

 

    7

     

    

 

(n)
The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement
to be registered with or approved by such other U.S. governmental agencies or authorities, but only in matters not contemplated
in Section 3(d) or reasonably related to such matters (which matters are to be governed exclusively by Section 3(d)), as may be
strictly necessary to consummate the disposition of such Registrable Securities by the Stockholder strictly in accordance with
the Plan of Distribution included in the Registration Statement (as such Plan of Distribution may be modified from time to time
in any filing with the Commission).

 

(o)
The Company shall make generally available to its security holders as soon as practicable, but not later than ninety (90) days
after the close of the period covered thereby (or, if different, within the period permitted for the filing of reports on Forms
10-K or 10-Q), an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under
the Securities Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter
next following the Effective Date of a Registration Statement.

 

(p)
The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission in connection with any registration hereunder.

 

(q)
Within two (2) business days after a Registration Statement which covers Registrable Securities is ordered effective by the Commission,
the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Stockholder whose Registrable Securities are included in such Registration Statement) confirmation
that such Registration Statement has been declared effective by the Commission in the form attached hereto as Exhibit A
and the Irrevocable Transfer Agent Instructions in the form attached hereto as Exhibit B.

 

(r)
Notwithstanding anything to the contrary herein, at any time after the Effective Date of a Registration Statement, the Company
may delay the disclosure of material, non-public information concerning the Company the disclosure of which at the time is not,
in the good faith opinion of the Board of Directors of the Company, in the best interest of the Company and not, after consultation
with legal counsel, otherwise required (a “Grace Period”); provided, that the Company shall promptly
(i) notify the Stockholder in writing of the existence of material, non-public information giving rise to a Grace Period (provided
that in each notice the Company will not disclose the content of such material, non-public information to the Stockholder) and
the date on which the Grace Period will begin, and (ii) notify the Stockholder in writing of the date on which the Grace Period
ends; and, provided further, that no Grace Period shall exceed sixty (60) consecutive days and during any three hundred sixty-five
(365) day period such Grace Periods shall not exceed an aggregate of one hundred twenty (120) days (each, an “Allowable
Grace Period”). For purposes of determining the length of a Grace Period above, the Grace Period shall begin on
and include the date the Stockholder receives the notice referred to in clause (i) and shall end on and include the later of the
date the Stockholder receives the notice referred to in clause (ii) and the date referred to in such notice. The provisions of
Section 3(f) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of the Grace Period,
the Company shall again be bound by Section 3(f) with respect to the information giving rise thereto unless such material, non-public
information is no longer applicable. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver
unlegended shares of Common Stock to a transferee of the Stockholder in connection with any sale of Registrable Securities with
respect to which the Stockholder has entered into a contract for sale, and delivered a copy of the Prospectus included as part
of the applicable Registration Statement (unless an exemption from such Prospectus delivery requirements exists), prior to the
Stockholder’s receipt of the notice of a Grace Period or, if earlier, Stockholders knowledge of the material, non-public
information concerning the Company that gave rise to the Grace Period, and for which the Stockholder has not yet settled.

 

    8

     

    

 

4. Obligations
of the Stockholders.

 

(a)
At least five (5) business days prior to the first anticipated filing date of a Registration Statement, the Company shall notify
the Stockholders in writing of the information the Company requires from each Stockholder if the Stockholder’s Registrable
Securities are to be included in such Registration Statement. It shall be a condition precedent to the obligations of the Company
to complete the registration pursuant to this Agreement with respect to any Registrable Securities of the Stockholder that the
Stockholder shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended
method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the effectiveness of
the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company
may reasonably request.

 

(b)
The Stockholder, by the Stockholder’s acceptance of the Registrable Securities, agrees to cooperate with the Company as
reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless
the Stockholder has notified the Company in writing of the Stockholder’s election to exclude all of the Stockholder’s
Registrable Securities from such Registration Statement.

 

(c)
The Stockholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Sections 3(e) or 3(f) or of a Grace Period under Section 3(r), the Stockholder will immediately discontinue disposition of Registrable
Securities pursuant to any Registration Statement(s) covering such Registrable Securities until the Stockholder’s receipt
of the copies of the supplemented or amended Prospectus contemplated by Sections 3(e) or 3(f) or receipt of notice that no supplement
or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended
shares of Common Stock to a transferee of the Stockholder in connection with any sale of Registrable Securities with respect to
which the Stockholder has entered into a contract for sale prior to the Stockholder’s receipt of a notice from the Company
of the happening of any event of the kind described in Sections 3(e) or 3(f) or of any Grace Period, or, if earlier, Stockholders
knowledge of the material, non-public information concerning the Company or the facts or circumstances that gave rise to the Grace
Period or of the Section 3(e) or 3(f) event, and for which the Stockholder has not yet settled.

 

(d)
The Stockholder covenants and agrees that it will comply with the Prospectus delivery requirements of the Securities Act as applicable
to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

5.
Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement, including
without limitation all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing
expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the
Company and all independent certified public accountants, underwriters (excluding discounts, commissions and placement agent fees)
and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”),
shall be borne by the Company. Further, the Company shall pay its internal expenses (including, without limitation, all salaries
and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly
review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities
exchange on which similar securities issued by the Company are then listed.

 

    9

     

    

 

6. Indemnification.

 

In
the event any Registrable Securities are included in a Registration Statement under this Agreement:

 

(a)
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Stockholder,
the directors, officers, members, partners, employees, agents, representatives of, and each Person, if any, who controls the Stockholder
within the meaning of the Securities Act or the Securities Exchange Act (each, an “Indemnified Person”),
against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees,
amounts paid in settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating,
preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before
any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether
or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them
may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise
out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement
or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities
or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”),
or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary
Prospectus if used prior to the effective date of such Registration Statement, or contained in the final Prospectus (as amended
or supplemented, if the Company files any amendment thereof or supplement thereto with the Commission) or the omission or alleged
omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under
which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities
Act or the Securities Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation
thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation
of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”).
Subject to Section 6(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due
and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any
such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section
6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance
upon and in conformity with information furnished in writing to the Company by such Indemnified Person or by a Related Information
Provider expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement
thereto and (ii) shall not be available to the extent such Claim is based on a failure of the Stockholder to deliver or to cause
to be delivered the Prospectus made available by the Company, including a corrected Prospectus, if such Prospectus or corrected
Prospectus was timely made available by the Company pursuant to Section 3(c); and (iii) shall not apply to amounts paid in settlement
of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably
withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Stockholder pursuant to Section
10. “Related Information Provider” means, in respect of any Indemnified Person, the Stockholder to which
such Indemnified Person is related or another Indemnified Person that is related to the Stockholder to which such Indemnified
Person is related.

 

    10

     

    

 

(b)
To the fullest extent permitted by law, in connection with any Registration Statement in which a Stockholder’s Registrable
Securities are included or in which a Stockholder is otherwise participating, such Stockholder will severally and not jointly
indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the Registration Statement,
each Person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Stockholder
or other Person selling securities in such Registration Statement and any controlling person of any such underwriter or other
Stockholder or other Person (each an “Other Indemnified Person”), against any Claims or Indemnified
Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim
or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that
such Violation occurs in reliance upon and in conformity with written information furnished by such Stockholder or by a Related
Information Provider expressly for use in connection with such Registration Statement; and each such Stockholder will pay, as
incurred, any legal or other expenses reasonably incurred by any Other Indemnified Person intended to be indemnified pursuant
to this Section 6(b), in connection with investigating or defending any such Claim; provided, however, that the
indemnity agreement contained in this Section 6(b) shall not apply to amounts paid in settlement of any such Claim if such settlement
is effected without the prior written consent of the Stockholder, which consent shall not be unreasonably withheld; provided,
further, however, that the Stockholder shall be liable under this Section 6(b) for only that amount of a Claim or
Indemnified Damages as does not exceed the net proceeds to the Stockholder as a result of the sale of Registrable Securities pursuant
to such Registration Statement, except in the case of fraud by such Stockholder. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such Other Indemnified Person and shall survive the transfer of
the Registrable Securities by the Stockholder pursuant to Section 10.

 

(c)
Promptly after receipt by an Indemnified Person or Other Indemnified Person under this Section 6 of notice of the commencement
of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Other
Indemnified Person shall, if a claim for indemnification in respect thereof is to be made against any indemnifying party under
this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and reasonably
satisfactory to the Indemnified Person or the Other Indemnified Person, as the case may be; provided, however, that
an Indemnified Person or Other Indemnified Person shall have the right to retain its own counsel with the fees and expenses of
not more than one counsel for all such Indemnified Persons or all such Other Indemnified Persons to be paid by the indemnifying
party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the
Indemnified Person or Other Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing
interests between such Indemnified Person or Other Indemnified Person and any other party represented by such counsel in such
proceeding. The Other Indemnified Person or Indemnified Person, as applicable, shall cooperate fully with the indemnifying party
in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying
party all information reasonably available to such Other Indemnified Person or such Indemnified Person which relates to such action
or Claim. The indemnifying party shall keep the Other Indemnified Person or Indemnified Person, as applicable, reasonably apprised
at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall
be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without
the prior written consent of the Other Indemnified Person or Indemnified Person, as applicable, consent to entry of any judgment
or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such Other Indemnified Person or such Indemnified Person of a release from all liability in respect to the Claim
at issue, and such settlement shall not include any admission as to fault on the part of such Other Indemnified Person or such
Indemnified Person. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights
of the Other Indemnified Person or Indemnified Person, as applicable, with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to
the Indemnified Person or Other Indemnified Person, as applicable, under this Section 6, except to the extent that the indemnifying
party is materially prejudiced in its ability to defend such action.

 

    11

     

    

 

(d)
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages are incurred, subject to an undertaking by the
Indemnified Person or the Other Indemnified Person, as applicable, to return such payments to the extent a court of competent
jurisdiction or other competent authority determines that such payments were unlawful or were not required under this Agreement.

 

(e)
Without any duplication or multiplication of damages, the indemnity agreements contained herein shall be in addition to (i) any
cause of action or similar right of the Other Indemnified Person or Indemnified Person against the indemnifying party or others,
and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 

(f)
Unless suspended by the underwriting agreement applicable to any registration, the obligations of the Company and Stockholders
under this Section 6 shall survive the completion of any offering of Registrable Securities in a Registration Statement under
this Agreement, or otherwise.

 

7.
Contribution. To the extent any indemnification by an indemnifying party is prohibited or limited by law, such indemnifying
party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section
6 to the fullest extent permitted by law; provided, however, that: (i) no Person involved in the sale of Registrable
Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Securities Act)
in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities
who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities pursuant to such
Registration Statement

 

8.
No Delay of Registration. No Stockholder shall have any right to obtain or seek an injunction restraining or otherwise
delaying any registration as the result of any controversy that might arise with respect to the interpretation or implementation
of this Agreement.

 

9.
Reports under Securities Exchange Act. With a view to making available to the Stockholder the benefits of Rule 144 promulgated
under the Securities Act or any other similar rule or regulation of the Commission that may at any time permit the Stockholder
to sell securities of the Company to the public without registration, once the Company becomes a Reporting Company, the Company
agrees to use its commercially reasonable efforts to continue to be a Reporting Company for five years and further during such
time it is a Reporting Company the Company agrees to use its best efforts to:

 

(a)
make and keep public information available, as those terms are understood and defined in Rule 144;

 

    12

     

    

 

(b)
file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and
the Securities Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other
documents is required for the applicable provisions of Rule 144; and

 

(c)
furnish to the Stockholder so long as the Stockholder owns Registrable Securities, promptly upon request, (i) a written statement
by the Company, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Securities
Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so
filed by the Company, and (iii) such other information as may be reasonably requested to permit the Stockholder to sell such securities
pursuant to Rule 144 without registration.

 

10.
Assignment of Registration Rights. The rights under this Agreement shall be automatically assignable by the Stockholder
to any transferee of all or any portion of the Stockholder’s Registrable Securities if: (i) the Stockholder agrees in writing
with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable
time after such assignment; (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written
notice of (a) the name and address of such transferee or assignee, and (b) the securities with respect to which such registration
rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further disposition of such
securities by the transferee or assignee is or might be restricted under the Securities Act and applicable state securities laws;
and (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee
or assignee agrees in writing with the Company to be bound by all of the provisions contained herein.

 

11.
Subsequent Registration Rights. The Company agrees that after the date hereof and excluding any registration rights agreement
with National Securities or its members and affiliates, it will not grant to any person any registration right or proceed to register
any securities of any person unless it provides in such agreement or registration that any securities being registered under such
agreement or registration will be subject to the cutback provisions of this Agreement as provided in Section 1(c) and Section
2(b).

 

12.
Amendment of Registration Rights; Additional Stockholders. Provisions of this Agreement may be amended and the observance
thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the
written consent of the Company and the holders of at least a majority of the then outstanding Registrable Securities. Any amendment
so effected will be binding upon all Holders, whether or not such Stockholder consents thereto; provided, that notwithstanding
the foregoing, any purchaser of shares of Preferred Stock (as defined in the Certificate) may become a party to this Agreement
by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed a “Stockholder”
for all purposes hereunder. No action or consent by the Stockholders shall be required for such joinder to this Agreement by such
additional Stockholder, so long as such additional Stockholder has agreed in writing to be bound by all of the obligations as
a “Stockholder” hereunder. Schedule A hereto may be amended by the Company from time to time to add transferees
of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties and Schedule
A hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add
information regarding any additional Stockholder who purchases shares of Preferred Stock and becomes a party to this Agreement.

 

    13

     

    

 

13. Definitions.

 

 (a) “Commission” means the Securities and Exchange Commission.

 

(b)
“Commission Comments” means written comments pertaining solely to Rule 415 or other comments to the
extent they relate to Rule 415 which are received by the Company from the Commission, and a copy of which shall have been provided
by the Company to the Stockholder, to a filed Registration Statement which limit the amount of shares which may be included therein
to a number of shares which is less than such amount sought to be included thereon as filed with the Commission.

 

(c)
“Commission Guidance” means (i) any publicly-available written or oral guidance, comments, requirements
or requests of the Commission staff, (ii) the Securities Act or (iii) the Securities Exchange Act.

 

(d)
“Common Stock” means the common stock, $0.0001 par value per share, of the Company.

 

(e)
“Effective Date” means, as to a Registration Statement, the date on which such Registration Statement
is first declared effective by the Commission.

 

(f)
“Person” means an individual, a partnership, a limited liability company, a corporation, an association,
a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency
or political subdivision thereof.

 

(g)
“Prospectus” means the prospectus included in the Registration Statement (including, without limitation,
a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement
in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all
other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus

 

(h)
“Registrable Securities” means (i) the Conversion Shares issued or issuable to the Stockholder or its
assignees or successor in interest pursuant to conversion of the Shares and (ii) any other shares of Common Stock or any other
securities issued or issuable with respect to the securities referred to in clause (i) by way of a stock dividend or stock split
or in connection with an exchange or combination of shares, recapitalization, merger, consolidation or other reorganization.

 

(i)
“Registration Statement” means any registration statement (including, without limitation, the Initial
Registration Statement or the Follow-up Registration Statement) required to be filed hereunder (which, at the Company’s
option, may be an existing registration statement of the Company previously filed with the Commission, but not declared effective),
including (in each case) the Prospectus, amendments and supplements to the Registration Statement or Prospectus, including pre-and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated
by reference in the Registration Statement.

 

(j)
“Reporting Company” means a company that is obligated to file periodic reports under Sections 13 or
15(d) of the Securities Exchange Act.

 

    14

     

    

 

(k)
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission that may at any time permit
the Stockholder to sell securities of the Company to the public without registration.

 

(l)
“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

 

(m)
“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

 

(n)
“Securities Act” means the Securities Act of 1933, as amended from time to time together with the regulations
promulgated thereunder.

 

(o)
“Securities Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, together
with the regulations promulgated thereunder.

 

(p)
“Underwriter Cutbacks” means any reduction in the number of shares suggested by any managing underwriter
to be included in a registration under a Registration Statement based upon the guidance in this Section 13(p). In connection with
any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under
Section 1 to include any of the Stockholders’ securities in such underwriting unless they accept the terms of the underwriting
as agreed upon between the Company and the underwriters, and then only in such quantity as the underwriters determine in their
sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable
Securities, requested by stockholders to be included in such offering exceeds the amount of securities to be sold other than by
the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the
Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which
the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included
to be apportioned pro rata among the selling shareholders according to the total amount of securities entitled to be included
therein owned by each selling shareholder or in such other proportions as shall mutually be agreed to by such selling shareholders);
provided, that any such cutback will be effected in accordance with the priorities established by Section 1(c); provided further
that in no event shall the amount of securities of the selling Stockholders included in the offering be reduced below 30% of the
total amount of securities included in such offering.

 

14.
Market Stand-Off. In connection with the Initial Public Offering of the Company’s securities, if any, each Stockholder
hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities
of the Company however or whenever acquired (other than those included in the registration, if any) without the prior written
consent of the managing or lead underwriter of such offering, for a period of one hundred eighty (180) days from the effective
date of such registration (the “Restricted Period”), and to the extent requested by the underwriter,
each Stockholder shall, at the time of such offering, execute an agreement reflecting these requirements binding on such Stockholder
that are substantially consistent with this Section 14; provided, however, that if during the last seventeen (17)
days of the Restricted Period the Company issues an earnings release or material news or a material event relating to the Company
occurs, or prior to the expiration of the Restricted Period the Company announces that it will release earnings results during
the sixteen (16) day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter,
to the extent required by any FINRA rules, the restrictions imposed by this Section 14 shall continue to apply until the end of
the third (3rd) trading day following the expiration of the fifteen (15) day period beginning on the issuance of the earnings
release or the occurrence of the material news or material event. In no event will the Restricted Period extend beyond two hundred
sixteen (216) days after the effective date of the registration statement. In order to enforce the restriction set forth above
or any other restriction agreed by Stockholder, including without limitation any restriction requested by the underwriters of
any Initial Public Offering of the securities of the Company agreed by such Stockholder, the Company may impose stop-transfer
instructions with respect to any security acquired under or subject to this Agreement until the end of the applicable stand-off
period. The Company’s underwriters shall be third-party beneficiaries of the agreement set forth in this Section 14. Each
Stockholder agrees that prior to the Company’s Initial Public Offering it will not transfer securities of the Company unless
each transferee agrees in writing to be bound by all of the provisions of this Section 14, provided that this Section 14
shall not apply to transfers pursuant to a Registration Statement.

 

    15

     

    

 

Each
Stockholder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable
Securities of each Stockholder issued before the Company’s Initial Public Offering (and the shares or securities of every
other person subject to the restriction contained in this Section 14):

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE
ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE
ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD
IS BINDING ON TRANSFEREES OF THESE SHARES.

 

After
the Company’s Initial Public Offering and expiration of any lock-up period, upon request of any Stockholder who is a holder
of record of the shares represented by any stock certificate(s) bearing such legend and the surrender of such certificate(s) in
connection with such request, the Company shall cause its transfer agent to promptly issue replacement certificate(s) not bearing
such legend representing the shares represented by such surrendered stock certificate(s).

 

15. Miscellaneous.

 

(a)
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from such record
owner of such Registrable Securities.

 

(b)
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, when delivered personally; (ii) upon receipt, when
sent by facsimile (provided that for notices via facsimile, confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party); or (iii) one business day after deposit with a nationally recognized overnight delivery
service, in each case properly addressed to the party to receive the same. The addresses, facsimile numbers addresses for such
communications shall be:

 

    16

     

    

 

If
to the Company:

 

Movano
Inc.

3613
Pontina Court

Pleansanton,
CA 95466

		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

 

and

 

If
to any Stockholder, at the address for such Stockholder on the records of the Company, which may include the information on Schedule
A hereto.

 

or
to such other address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified
by written notice given to each other party 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, recipient facsimile number and an image of the first page of
such transmission or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or
(iii) above, respectively.

 

(c)
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such
right or remedy, shall not operate as a waiver thereof.

 

(d)
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 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 State of New York, 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. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    17

     

    

 

(e)
This Agreement and the instruments referenced herein and therein constitute the entire agreement among the parties hereto with
respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein and therein. This Agreement and the instruments referenced herein and therein supersede
all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

 

(f)
Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto.

 

(g)
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(h)
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile
transmission or other electronic transmission (such as but not limited to an email attachment in PDF format) of a copy of this
Agreement bearing the signature of the party so delivering this Agreement. This Agreement may also be executed by electronic signature
of such Person.

 

(i)
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.

 

(j)
All consents and other determinations required to be made by the Stockholder pursuant to this Agreement shall be made, unless
otherwise specified in this Agreement, by the Stockholder.

 

(k)
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.

 

(l)
This Agreement is intended for the benefit of, and shall be binding upon, the parties hereto and their respective successors and
permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(m)
The obligations of each Stockholder hereunder are several and not joint with the obligations of any other Stockholder, and no
provision of this Agreement is intended to confer any obligations on a Stockholder vis-à-vis any other Stockholder. Nothing
contained herein, and no action taken by any Stockholder pursuant hereto, shall be deemed to constitute the Stockholder as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Stockholder are in any way acting
in concert or as a group with respect to such obligations or the transactions contemplated herein.

 

(n)
Currency. As used herein, “Dollar”, “US Dollar” and “$” each mean the lawful money
of the United States.

  

[Signature
pages follow immediately]

 

    18

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Registration Rights Agreement as of the date first written
above.

 

	 	COMPANY:
	 	 	 
	 	MOVANO
    INC.
	 	 	 
	 	By:	 
	 	 	Michael Leabman,

Chief Executive Officer

  

[Stockholder
Signature Page Follows]

 

    19

     

    

 

SCHEDULE
B

 

SELLING
STOCKHOLDERS

 

The
shares of common stock being offered by the selling stockholders are those issuable to the selling stockholders upon [conversion
of the Preferred Stock and exercise of the warrants]. For additional information regarding the issuance of the [Preferred Stock
and the warrants], see “Private Placement of Preferred Stock” above. We are registering the shares of common stock
in order to permit the selling stockholders to offer the shares for resale [from time to time]. Except for the ownership of [Preferred
Stock issued pursuant to and in connection with the Securities Purchase Agreement, and the warrants issued pursuant to and the
agreements governing our engagement of National Securities Corporation as a placement agent for the private placements of the
Preferred Stock and the engagement of National Securities Corporation as an underwriter for a public offering of common stock
by the Company, and our engagement of an affiliate of National Securities Corporation as a consultant in respect of our patents
and intellectual property] the selling stockholders have not had any material relationship with us within the past three years.

 

The
table below lists the selling stockholders and other information regarding the beneficial ownership (as determined under Section
13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder) of the shares of common stock
held by each of the selling stockholders. The second column lists the number of shares of common stock beneficially owned by the
selling stockholders, based on their respective ownership of shares of common stock [, Series A Convertible Preferred Stock, Series
B Convertible Preferred Stock and warrants,] as of                   ,
20       , [assuming conversion of the Preferred Stock and exercise of the warrants held
by each such selling stockholder on that date but taking account of any limitations on conversion and exercise set forth therein].

 

The
third column lists the shares of common stock being offered by this prospectus by the selling stockholders [and does not take
into account any limitations on (i) conversion of the Preferred Stock or (ii) exercise of the warrants set forth therein].

 

In
accordance with the terms of a registration rights agreement with the holders of the Preferred Stock and the warrants, this prospectus
generally covers the resale of [(i) the shares of common stock issued upon conversion of the Preferred Stock and (ii) the maximum
number of shares of common stock issuable upon exercise of the warrants, in each case, determined as if the outstanding Preferred
Stock and warrants were converted or exercised (as the case may be) in full (without regard to any limitations on conversion or
exercise contained therein) as of the trading day immediately preceding the date this registration statement was initially filed
with the SEC]. Because the conversion price of the Preferred Stock and the exercise price of the warrants may be adjusted, the
number of shares that will actually be issued may be more or less than the number of shares being offered by this prospectus.
The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus.

 

See
“Plan of Distribution.”

 

    Sch. B-1

     

    

 

	Name
    of Selling Stockholder	 	Number
    of Shares of Common Stock Owned Prior to the Offering	 	Maximum
    Number of Shares of Common Stock to be Sold Pursuant to this Prospectus	 	Number
    of Shares of Common Stock Owned After the Offering
	 	 	 	 	 	 	 

 

    Sch. B-2

     

    

 

PLAN
OF DISTRIBUTION

 

We
are registering the shares of common stock issued upon conversion of the Preferred Stock to permit the resale of these shares
of common stock by the holders of Common Stock from time to time after the date of this prospectus. We will not receive any of
the proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident
to our obligation to register the shares of common stock.

 

The
selling stockholders may sell all or a portion of the shares of common stock held by them and offered hereby from time to time
directly or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters
or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent’s commissions.
The shares of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of
the sale, at varying prices determined at the time of sale or at negotiated prices. These sales may be effected in transactions,
which may involve crosses or block transactions, pursuant to one or more of the following methods:

 

		●	on
                                         any national securities exchange or quotation service on which the securities may be
                                         listed or quoted at the time of sale;

		●	in
                                         the over-the-counter market;

		●	in
                                         transactions otherwise than on these exchanges or systems or in the over-the-counter
                                         market;

		●	through
                                         the writing or settlement of options, whether such options are listed on an options exchange
                                         or otherwise;

		●	ordinary
                                         brokerage transactions and transactions in which the broker-dealer solicits purchasers;

		●	block
                                         trades in which the broker-dealer will attempt to sell the shares as agent but may position
                                         and resell a portion of the block as principal to facilitate the transaction;

		●	purchases
                                         by a broker-dealer as principal and resale by the broker-dealer for its account;

		●	an
                                         exchange distribution in accordance with the rules of the applicable exchange;

		●	privately
                                         negotiated transactions;

		●	short
                                         sales made after the date the Registration Statement is declared effective by the SEC;

		●	broker-dealers
                                         may agree with a selling security holder to sell a specified number of such shares at
                                         a stipulated price per share;

		●	a
                                         combination of any such methods of sale; and

		●	any
                                         other method permitted pursuant to applicable law.

 

The
selling stockholders may also sell shares of common stock under Rule 144 promulgated under the Securities Act of 1933, as amended,
if available, rather than under this prospectus. In addition, the selling stockholders may transfer the shares of common stock
by other means not described in this prospectus. If the selling stockholders effect such transactions by selling shares of common
stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions
in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares
of common stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions
as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved).
In connection with sales of the shares of common stock or otherwise, the selling stockholders may enter into hedging transactions
with broker-dealers, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions
they assume. The selling stockholders may also sell shares of common stock short and deliver shares of common stock covered by
this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling stockholders
may also loan or pledge shares of common stock to broker-dealers that in turn may sell such shares.

 

    Sch. B-3

     

    

 

The
selling stockholders may pledge or grant a security interest in some or all of the [Preferred Stock, warrants or] shares of common
stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may
offer and sell the shares of common stock from time to time pursuant to this prospectus or any amendment to this prospectus under
Rule 424(b)(3) or other applicable provision of the Securities Act amending, if necessary, the list of selling stockholders to
include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders
also may transfer and donate the shares of common stock in other circumstances in which case the transferees, donees, pledgees
or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

 

To
the extent required by the Securities Act and the rules and regulations thereunder, the selling stockholders and any broker-dealer
participating in the distribution of the shares of common stock may be deemed to be “underwriters” within the meaning
of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed
to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of common
stock is made, a prospectus supplement, if required, will be distributed, which will set forth the aggregate amount of shares
of common stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any
discounts, commissions and other terms constituting compensation from the selling stockholders and any discounts, commissions
or concessions allowed or re-allowed or paid to broker-dealers.

 

Under
the securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed
brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been registered
or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. There
can be no assurance that any selling stockholder will sell any or all of the shares of common stock registered pursuant to the
registration statement, of which this prospectus forms a part.

 

The
selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and in each case together with the rules and regulations
thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing
of purchases and sales of any of the shares of common stock by the selling stockholders and any other participating person. To
the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the shares of common
stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability
of the shares of common stock and the ability of any Person to engage in market-making activities with respect to the shares of
common stock.

 

We
will pay all expenses of the registration of the shares of common stock pursuant to the registration rights agreement, estimated
to be $[     ] in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance
with state securities or “blue sky” laws; provided, however, a selling stockholder will pay all underwriting discounts
and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities under
the Securities Act in accordance with the registration rights agreements or the selling stockholders will be entitled to contribution.
We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act that
may arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in
accordance with the related registration rights agreements or we may be entitled to contribution.

 

Once
sold under the registration statement, of which this prospectus forms a part, the shares of common stock will be freely tradable
in the hands of persons other than our affiliates.

 

    Sch. B-4

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