Document:

Exhibit 10.18

 

CHANGE-IN-CONTROL PROTECTIVE AGREEMENT

 

THIS AGREEMENT entered
into this 27th day of October, 2012 (the “Effective Date”), by and between First South Bank (the “Bank”),
First South Bancorp, Inc. (the “Company”), and Scott C. McLean (the “Employee”).

 

WHEREAS, the Bank and
the Company recognize the value of the Employee’s contribution to the Bank and the Company and wish to protect his position
therewith for the period provided in this Agreement in the event of a Change in Control (as defined herein); and

 

WHEREAS, the parties
desire by this writing to set forth their understanding as to their respective rights and obligations in the event a Change of
Control occurs.

 

NOW, THEREFORE, in
consideration of the foregoing and upon the other terms and conditions hereinafter provided, the parties hereto agree as follows:

 

1.           Defined
Terms

 

When used anywhere
in the Agreement, the following terms shall have the meaning set forth herein.

 

(a)          “Change
in Control” means a change in control as defined in Section 409A of the Code and the rules, regulations and guidance
of general application thereunder issued by the Department of Treasury, including: (i) the acquisition by any person (or persons
acting as a group) of ownership, holding or power to vote more than 25% of the voting stock of the Bank or the Company, (ii) the
acquisition of the ability to control the election of a majority of the Bank’s or the Company’s directors, (iii) the
acquisition of a controlling influence over the management or policies of the Bank or of the Company, or (iv) during any period
of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the
Board of Directors of the Bank or of the Company (the “Existing Board”) cease for any reason to constitute at least
two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was
approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director.
For purposes of this paragraph only, the term “person” refers to an individual or a corporation, partnership, trust,
association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically
listed herein.

 

(b)          “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and as interpreted through applicable rulings and regulations
in effect from time to time.

 

(c)          “Code
§280G Maximum” shall mean the product of 2.99 and the Employee’s “base amount” as defined in Code
§280G(b)(3).

 

(d)          “Good
Reason” shall mean any of the following events, which has not been consented to in advance by the Employee in writing:
(i) the requirement that the Employee move his personal residence, or perform his principal executive functions, more than thirty
(30) miles from his primary office as of the date of the Change in Control; (ii) a material reduction in the Employee’s base
compensation as in effect on the date of the Change in Control or as the same may be increased from time to time; (iii) the failure
by the Bank or the Company to continue to provide the Employee with compensation and benefits provided for on the date of the Change
in Control, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under
any of the employee benefit plans in which the Employee now or hereafter becomes a participant, or the taking of any action by
the Bank or the Company which would directly or indirectly reduce any of such benefits or deprive the Employee of any material
fringe benefit enjoyed by him at the time of the Change in Control; (iv) the assignment to the Employee of duties and responsibilities
materially different from those normally associated with his position; (v) a failure to elect or reelect the Employee to the Board
of Directors of the Bank or the Company, if the Employee is serving on such Board on the date of the Change in Control; (vi) a
material diminution or reduction in the Employee’s responsibilities or authority (including reporting responsibilities) in
connection with his employment with the Bank or the Company; or (vii) a material reduction in the secretarial or other administrative
support of the Employee.

 

    	1

    	 

    

 

(e)          “Just
Cause” shall mean, in the good faith determination of the Bank’s Board of Directors, the Employee’s personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform
stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist
order, or material breach of any provision of this Agreement. The Employee shall have no right to receive compensation or other
benefits for any period after termination for Just Cause. No act, or failure to act, on the Employee’s part shall be considered
“willful” unless he has acted, or failed to act, with an absence of good faith and without a reasonable belief that
his action or failure to act was in the best interest of the Bank and the Company. Notwithstanding the foregoing, the Employee
shall not be deemed to have been terminated for Just Cause unless there shall have been delivered to the Employee a copy of a resolution
duly adopted by the affirmative vote of not less than a majority of the membership of the Bank’s Board of Directors at a
meeting called and held for that purpose (after reasonable notice to the Employee and an opportunity for the Employee to be heard
before the Board), finding that in the good faith opinion of the Board the Employee was guilty of conduct and specifying the particulars
thereof in detail.

 

(f)          “Protected
Period” shall mean the period that begins on the date six months before a Change in Control and ends on the later of
the second annual anniversary of the Change in Control or the expiration date of this Agreement.

 

2.            Trigger
Events

 

The Employee shall
be entitled to collect the severance benefits set forth in Section 3 of this Agreement in the event that (i) the Employee voluntarily
terminates employment within 90 days of an event that both occurs during the Protected Period and constitutes Good Reason, or (ii)
the Bank, the Company, or their successor(s) in interest terminate the Employee’s employment for any reason other than Just
Cause during the Protected Period.

 

Notwithstanding the
foregoing, the Employee must give notice to the Bank or the Company of the existence of one or more of the conditions that qualify
as Good Reason within sixty (60) days after the initial existence of the condition, and the Bank or the Company shall have thirty
(30) days thereafter to remedy the condition. In addition, the Employee’s voluntary termination due to Good Reason must occur
within six (6) months after the initial existence of a condition qualifying as a Good Reason.

 

3.            Severance
Benefit

 

(a)          If
the Employee becomes entitled to collect severance benefits pursuant to Section 2 hereof, the Bank shall pay the Employee a severance
benefit equal to two (2) times the Employee’s base annual salary at the rate in effect when the Protected Period begins.
Said sum shall be paid in one lump sum within ten (10) days of the later of the date of the Change in Control or the Employee’s
last day of employment with the Bank or the Company. In no event, however, will this amount the Employee receives under this Agreement
exceed the difference between (i) the Code §280G Maximum and (ii) the sum of any other “parachute payments” (as
defined under Code §280G(b)(2)) that the Employee receives on account of the Change in Control.

 

    	2

    	 

    

 

(b)          In
the event that the Employee and the Bank agree that the Employee has collected an amount exceeding the Code §280G Maximum,
the parties may jointly agree in writing that such excess shall be treated as a loan ab initio which the Employee
shall repay to the Bank, on terms and conditions mutually agreeable to the parties, together with interest at the applicable federal
rate provided for in Section 7872(f)(2)(B) of the Code.

 

(c)          If
when employment termination occurs the Employee is a “specified employee” within the meaning of Section 409A of the
Code, if the cash severance payment under Section 3(a) would be considered deferred compensation under Section 409A of the Code,
and finally if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available, the
Employee’s continued base salary under Section 3(a) for the first six months after employment termination shall be paid to
the Employee in a single lump sum without interest on the first day of the seventh (7th) month after the month in which
the Employee’s employment terminates. References in this Agreement to Section 409A of the Code include rules, regulations,
and guidance of general application issued by the Department of the Treasury under Section 409A of the Code.

 

4.            Term
of the Agreement

 

This Agreement shall
remain in effect for the period commencing on the Effective Date and ending on the earlier of (i) the date 12 months after the
Effective Date, or (ii) the date on which the Employee terminates employment with the Bank; provided that the Employee’s
rights hereunder shall continue following the termination of this employment with the Bank under any of the circumstances described
in Section 2 hereof. Additionally, on each annual anniversary date from the Effective Date, the term of this Agreement shall be
extended for an additional one-year period beyond the then effective expiration date provided the Board of Directors of the Bank
determines in a duly adopted resolution that the performance of the Employee has met the requirements and standards of the Board,
and that this Agreement shall be extended.

 

5.            Termination
or Suspension Under Federal Law

 

(a) Any payments made
to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section
1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payouts.

 

(b)          If
the Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order
issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) or (g)(1)),
all obligations of the Bank under this Agreement shall terminate, as of the effective date of the order, but the vested rights
of the parties shall not be affected.

 

(c)          If
the Bank is in default (as defined in Section 3(x)(1) of FDIA), all obligations under this Agreement shall terminate as of the
date of default; however, this Paragraph shall not affect the vested rights of the parties.

 

(d)          If
a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)) suspends and/or temporarily prohibits
the Employee from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall
be suspended as of the date of such service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed,
the Bank may in its discretion (i) pay the Employee all or part of the compensation withheld while its contract obligations were
suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

 

    	3

    	 

    

 

6.            Expense
Reimbursement

 

In the event that any
dispute arises between the Employee and the Bank as to the terms or interpretation of this Agreement, whether instituted by formal
legal proceedings or otherwise, including any action that the Employee takes to enforce the terms of this Agreement or to defend
against any action taken by the Bank or the Company, the Employee shall be reimbursed for all costs and expenses, including reasonable
attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Employee shall obtain a final judgment
in favor of the Employee in a court of competent jurisdiction or in binding arbitration under the rules of the American Arbitration
Association. Such reimbursement shall be paid within ten (10) days of Employee’s furnishing to the Bank or the Company written
evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the
Employee.

 

7.            Successors
and Assigns; Source of Payments

 

(a)          This
Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank or Company which shall
acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock
of the Bank or Company.

 

(b)          Since
the Bank is contracting for the unique and personal skills of the Employee, the Employee shall be precluded from assigning or delegating
his rights or duties hereunder without first obtaining the written consent of the Bank.

 

(c)          The
payments and benefits due the Employee under this Agreement, if any, shall be paid or provided by the Bank; provided, however,
that the Company agrees that it shall be jointly or severally liable with the Bank for the payment of all amounts and the provision
of all benefits due the Employee under any provision of this Agreement.

 

8.            Amendments

 

No amendments or additions
to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically
provided.

 

9.            Applicable
Law

 

Except to the extent
preempted by federal law, the laws of the State of North Carolina shall govern this Agreement in all respects, whether as to its
validity, construction, capacity, performance or otherwise.

 

10.          Severability

 

The provisions of this
Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability
of the other provisions hereof.

 

11.          Entire
Agreement

 

This Agreement, together
with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between
the parties hereto.

 

    	4

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on October 27, 2012.

 

	ATTEST:	 	FIRST SOUTH BANK	 
	 	 	 	 
	/s/ William L. Wall	 	By:	/s/ Bruce W. Elder	 
	Secretary	 	 	President	 
	 	 	 	 
	ATTEST:	 	FIRST SOUTH BANCORP, INC.	 
	 	 	 	 
	/s/ William L. Wall	 	By:	 /s/ Bruce W. Elder	 
	Secretary	 	 	President	 
	 	 	 	 
	WITNESS:	 	EMPLOYEE	 
	 	 	 	 
	/s/ Nicole S. Spence	 	/s/ Scott C. McLean	 
	 	 	Scott C. McLean	 

 

    	5Exhibit 10.1

 

COMMON STOCK PURCHASE AGREEMENT

 

Dated as of October 26, 2012

 

by and between

 

ADVAXIS, INC.

 

and

 

HANOVER HOLDINGS I, LLC, 

a New York Limited Liability Company

 

    	 

    	 

    

  

Table
of Contents

 

	 	 	Page
	 	 	 
	Article I	DEFINITIONS	1
	 	 	 
	Article II	PURCHASE AND SALE OF COMMON STOCK	1
	Section 2.1.	Purchase and Sale of Stock	1
	Section 2.2.	Closing Date; Settlement Dates	2
	Section 2.3.	Initial Public Announcements and Required Filings	2
	 	 	 
	Article III	DRAW DOWN TERMS	3
	Section 3.1.	Draw Down Notice	3
	Section 3.2.	Limitation of Draw Downs	4
	Section 3.3.	Reduction of Commitment	4
	Section 3.4.	Below Floor Price	4
	Section 3.5.	Settlement	4
	Section 3.6.	Failure to Deliver Shares	4
	Section 3.7.	Certain Limitations	5
	Section 3.8.	Blackout Periods	6
	 	 	 
	Article IV	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR	6
	Section 4.1.	Organization and Standing of the Investor	6
	Section 4.2.	Authorization and Power	7
	Section 4.3.	No Conflicts	7
	Section 4.4.	Investment Purpose	7
	Section 4.5.	Accredited Investor Status	8
	Section 4.6.	Reliance on Exemptions	8
	Section 4.7.	Information	8
	Section 4.8.	No Governmental Review	8
	Section 4.9.	No General Solicitation	8
	Section 4.10.	Not an Affiliate	9
	Section 4.11.	Statutory Underwriter Status	9
	Section 4.12.	Resales of Securities	9
	Section 4.13.	Acknowledgment Regarding the Company’s Representations and Warranties	9
	 	 	 
	Article V	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY	9
	Section 5.1.	Organization, Good Standing and Power	9
	Section 5.2.	Authorization, Enforcement	9
	Section 5.3.	Capitalization and Voting Rights	10
	Section 5.4.	Issuance of Securities	10
	Section 5.5.	No Conflicts	11
	Section 5.6.	Commission Documents, Financial Statements	12
	Section 5.7.	Subsidiaries	13

 

    	i

    	 

    

 

	Section 5.8.	No Material Adverse Effect	13
	Section 5.9.	No Undisclosed Liabilities	13
	Section 5.10.	No Undisclosed Events or Circumstances	13
	Section 5.11.	Indebtedness; Solvency	14
	Section 5.12.	Title To Assets	14
	Section 5.13.	Actions Pending	14
	Section 5.14.	Compliance With Law	14
	Section 5.15.	Disclosure	15
	Section 5.16.	Operation of Business	15
	Section 5.18.	Transactions With Affiliates	17
	Section 5.19.	Use of Proceeds	18
	Section 5.20.	Investment Company Act Status	18
	Section 5.21.	ERISA	18
	Section 5.22.	Taxes	18
	Section 5.23.	Insurance	19
	Section 5.24.	Exemption from Registration; Valid Issuances	19
	Section 5.25.	No Integrated Offering	19
	Section 5.26.	Manipulation of Price	19
	Section 5.27.	Securities Act	20
	Section 5.28.	Listing and Maintenance Requirements	20
	Section 5.29.	Acknowledgement Regarding Investor’s Acquisition of Securities	20
	 	 	 
	Article VI	ADDITIONAL COVENANTS	21
	Section 6.1.	Reservation of Common Stock	21
	Section 6.2.	Registration and Listing	21
	Section 6.3.	Limitations on Holdings and Issuances	21
	Section 6.4.	Other Agreements and Alternate Transactions.	21
	Section 6.5.	Corporate Existence	23
	Section 6.6.	Fundamental Transaction	24
	Section 6.7.	Delivery of Registration Statement and Prospectus; Subsequent Changes	24
	Section 6.8.	Amendments to the Registration Statement; Prospectus Supplements	24
	Section 6.9.	Stop Orders	25
	Section 6.10.	Selling Restrictions.	25
	Section 6.11.	Effective Registration Statement	26
	Section 6.12.	Blue Sky	26
	Section 6.13.	Non-Public Information	26
	Section 6.14.	Broker/Dealer	26
	Section 6.15.	Disclosure Schedule.	27
	 	 	 
	Article VII	CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND
    PURCHASE OF THE SHARES	27
	Section 7.1.	Conditions Precedent to Closing	27
	Section 7.2.	Conditions Precedent to a Draw Down	28

 

    	ii

    	 

    

 

	Article VIII	TERMINATION	31
	Section 8.1.	Termination	31
	Section 8.2.	Other Termination	32
	Section 8.3.	Effect of Termination	33
	 	 	 
	Article IX	INDEMNIFICATION	34
	Section 9.1.	Indemnification of Investor	34
	Section 9.2.	Indemnification Procedures	35
	 	 	 
	Article X	MISCELLANEOUS	35
	Section 10.1.	Fees and Expenses; Commitment Shares.	35
	Section 10.2.	Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.	38
	Section 10.3.	Entire Agreement; Amendment	38
	Section 10.4.	Notices	39
	Section 10.5.	Waivers	39
	Section 10.6.	Headings	40
	Section 10.7.	Construction	40
	Section 10.8.	Successors and Assigns	40
	Section 10.9.	No Third Party Beneficiaries	40
	Section 10.10.	Governing Law	40
	Section 10.11.	Survival	40
	Section 10.12.	Counterparts	41
	Section 10.13.	Publicity	41
	Section 10.14.	Severability	41
	Section 10.15.	Further Assurances	41

 

Annex I. Definitions

 

    	iii

    	 

    

  

COMMON
STOCK PURCHASE AGREEMENT

 

This COMMON STOCK
PURCHASE AGREEMENT is made and entered into as of October 26, 2012 (this “Agreement”), by and between
Hanover Holdings I, LLC, a New York Limited Liability Company (the “Investor”), and Advaxis, Inc., a
corporation organized and existing under the laws of the State of Delaware (the “Company”).

 

RECiTALS

 

WHEREAS, the
parties desire that, upon the terms and subject to the conditions and limitations set forth herein, the Company may issue and sell
to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to $10,000,000 of newly
issued shares of the Company’s common stock, $0.001 par value (“Common Stock”);

 

WHEREAS, such
investments will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act (“Section 4(a)(2)”)
and Rule 506 of Regulation D promulgated by the Commission under the Securities Act (“Regulation D”),
and upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any
or all of the investments in Common Stock to be made hereunder;

 

WHEREAS, the
parties hereto are concurrently entering into a Registration Rights Agreement in the form of Exhibit A hereto (the
“Registration Rights Agreement”), pursuant to which the Company shall register the Registrable Securities
(as defined in the Registration Rights Agreement), upon the terms and subject to the conditions set forth therein; and

 

WHEREAS, in
consideration for the Investor’s execution and delivery of this Agreement, the Company is concurrently causing its transfer
agent to issue to the Investor the Commitment Shares, upon the terms and subject to the conditions set forth in this Agreement;

 

NOW, THEREFORE,
the parties hereto, intending to be legally bound, hereby agree as follows:

 

Article I

DEFINITIONS

 

Capitalized terms used
in this Agreement shall have the meanings ascribed to such terms in Annex I hereto, and hereby made a part hereof, or as
otherwise set forth in this Agreement.

 

ARTICLE II

PURCHASE AND SALE OF COMMON STOCK

 

Section 2.1.          Purchase
and Sale of Stock. Upon the terms and subject to the conditions of this Agreement, during the Investment Period, the Company
in its discretion may issue and sell to the Investor, and the Investor shall purchase from the Company, up to $10,000,000 (the
“Total Commitment”) of duly authorized, validly issued, fully paid and nonassessable shares of Common
Stock (the “Aggregate Limit”), by the delivery to the Investor of Draw Down Notices as provided in Article
III hereof.

 

    	 

    	 

    

 

Section 2.2.          Closing
Date; Settlement Dates. This Agreement shall become effective and binding (the “Closing”) upon
the delivery of irrevocable instructions to issue the Commitment Shares to the Investor or its designees as provided in Sections
7.1 and 10.1, the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by
each of the parties hereto and thereto, and the delivery of all other documents, instruments and writings required to be delivered
at the Closing, in each case as provided in Section 7.1, to the offices of Greenberg Traurig, LLP, 200 Park Avenue, New York,
New York 10166, at 5:00 p.m., New York City time, on the Closing Date. In consideration of and in express reliance upon the representations,
warranties and covenants contained in, and upon the terms and subject to the conditions of, this Agreement, during the Investment
Period the Company shall issue and sell to the Investor, and the Investor shall purchase from the Company, the Shares in respect
of each Draw Down. The issuance and sale of Shares to the Investor pursuant to any Draw Down shall occur on the applicable Settlement
Date in accordance with Section 3.5, provided that all of the conditions precedent thereto set forth in Article VII theretofore
shall have been fulfilled or waived on or prior to such Settlement Date.

 

Section 2.3.          Initial
Public Announcements and Required Filings. The Company shall, at or before 8:30 a.m., New York City time, on the first
Trading Day after the Closing, issue a press release (the “Press Release”) reasonably acceptable to
the Investor disclosing the execution of this Agreement and the Registration Rights Agreement by the Company and the Investor
and the issuance of the Commitment Shares to the Investor, and briefly describing the transactions contemplated thereby. At or
before 8:30 a.m., New York City time, on the second Trading Day following the Closing Date, the Company shall file a Current Report
on Form 8-K describing all the material terms of the transactions contemplated by the Transaction Documents in the form required
by the Exchange Act and attaching copies of each of this Agreement, the Registration Rights Agreement and the Press Release as
exhibits thereto (including all exhibits thereto, the “Current Report”). From and after the issuance
of the Press Release and the filing of the Current Report, the Company shall have disclosed all material, non-public information
delivered to the Investor (or the Investor’s representatives or agents) by the Company or any of its Subsidiaries, or any
of their respective officers, directors or employees in connection with the transactions contemplated by the Transaction Documents.
The Investor covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company
as described in this Section 2.3, the Investor will maintain the confidentiality of all disclosures made to it in connection with
the transactions contemplated by the Transaction Documents (including the existence and terms of the transactions), except that
the Investor may disclose the terms of such transactions to its financial, accounting, legal and other advisors (provided that
the Investor directs such Persons to maintain the confidentiality of such information). Not later than 15 calendar days following
the Closing Date, the Company shall file a Form D with respect to the Securities in accordance with Regulation D and shall provide
a copy thereof to the Investor promptly after such filing. The Company shall prepare and file with the Commission the Registration
Statement (including the Prospectus) covering only the resale by the Investor of the Registrable Securities in accordance with
the Securities Act and the Registration Rights Agreement. At or before 9:30 a.m. (New York City time) on the second Trading Day
immediately following the Effective Date, the Company shall file with the Commission in accordance with Rule 424(b) under the
Securities Act the final Prospectus to be used in connection with sales pursuant to the Registration Statement. If the transactions
contemplated by any Draw Down are material to the Company (individually or collectively with all other prior Draw Downs, the consummation
of which have not previously been reported in any Prospectus Supplement filed with the Commission under Rule 424(b) under the
Securities Act or in any report, statement or other document filed by the Company with the Commission under the Exchange Act),
or if otherwise required under the Securities Act (or the interpretations of the Commission thereof), in each case as reasonably
determined by the Company or the Investor, then, on the first Trading Day immediately following the last Trading Day of the Pricing
Period with respect to such Draw Down, the Company shall file with the Commission a Prospectus Supplement pursuant to Rule
424(b) under the Securities Act with respect to the applicable Draw Down(s), disclosing the total Draw Down Amount Requested pursuant
to such Draw Down(s), the total number of Shares that are to be (and, if applicable, have been) issued and sold to the Investor
pursuant to such Draw Down(s), the total purchase price for the Shares subject to such Draw Down(s), the applicable Discount Price(s)
for such Shares and the net proceeds that are to be (and, if applicable, have been) received by the Company from the sale of such
Shares. To the extent not previously disclosed in the Prospectus or a Prospectus Supplement, the Company shall disclose in its
Quarterly Reports on Form 10-Q and in its Annual Reports on Form 10-K the information described in the immediately preceding sentence
relating to all Draw Down(s) consummated during the relevant fiscal quarter.

 

    	2

    	 

    

 

Article
III

DRAW DOWN TERMS

 

Subject to the satisfaction
of the conditions set forth in this Agreement, the parties agree as follows:

 

Section 3.1.          Draw
Down Notice. From time to time during the Investment Period, the Company may, in its sole discretion, no later than 9:30
a.m. (New York City time) on the first Trading Day of the Pricing Period, provide to the Investor a Draw Down Notice, substantially
in the form attached hereto as Exhibit B (the “Draw Down Notice”), which Draw Down Notice shall
become effective at 9:30 a.m. (New York City time) on the first Trading Day of the Pricing Period specified in the Draw Down Notice;
provided, however, that if the Company delivers the Draw Down Notice to the Investor later than 9:30 a.m. (New York
City time) on a Trading Day, then the first Trading Day of such Pricing Period shall not be the Trading Day on which the Investor
received such Draw Down Notice, but rather shall be the immediately following Trading Day (unless a subsequent Trading Day is
therein specified). The date on which the Company delivers any Draw Down Notice in accordance with this Section 3.1 hereinafter
shall be referred to as a “Draw Down Exercise Date”. The Draw Down Notice shall specify the Draw Down
Amount Requested, establish the Floor Price for such Draw Down and designate the first and last Trading Day of the Pricing Period.
Upon the terms and subject to the conditions of this Agreement, the Investor is obligated to accept each Draw Down Notice prepared
and delivered in accordance with the provisions of this Agreement and shall purchase from the Company the Shares subject to such
Draw Down Notice at the applicable Discount Price on the applicable Settlement Date. Anything to the contrary in this Agreement
notwithstanding, the parties hereto acknowledge and agree that the Investor shall not be required to purchase, and shall not purchase,
more than the Maximum Draw Down Amount Requested pursuant to any single Draw Down Notice.

 

    	3

    	 

    

 

Section 3.2.          Limitation
of Draw Downs. The Company shall not make more than one Draw Down in each Pricing Period. Not less than five Trading Days
shall elapse between the end of one Pricing Period and the commencement of any other Pricing Period during the Investment Period.
Each Draw Down automatically shall expire immediately following the last Trading Day of each Pricing Period.

 

Section 3.3.          Reduction
of Commitment. On each Settlement Date, the Investor’s Total Commitment under this Agreement automatically shall
be reduced, on a dollar-for-dollar basis, by the total Draw Down Amount paid to the Company on such Settlement Date.

 

Section 3.4.          Below
Floor Price. If the VWAP on any Trading Day during the applicable Pricing Period is lower than the applicable Floor Price,
then for each such Trading Day the Draw Down Amount Requested shall be reduced by a number of shares of Common Stock equal to
the product of (x) 0.10 and (y) the total Draw Down Amount Requested, and no Shares shall be purchased or sold with respect to
such Trading Day. If trading in the Common Stock on the Trading Market is suspended for any reason for more than three hours on
any Trading Day during the applicable Pricing Period, then for each such Trading Day the Draw Down Amount Requested shall be reduced
as provided in the immediately preceding sentence, and no Shares shall be purchased or sold with respect to such Trading Day.

 

Section 3.5.          Settlement.
The payment for, against simultaneous delivery of, Shares in respect of each Draw Down shall be settled not later than the second
Business Day next following the last Trading Day of each Pricing Period (the “Settlement Date”). On
each Settlement Date, the Company shall, or shall cause its transfer agent to, electronically transfer the Shares purchased by
the Investor by crediting the Investor’s or its designees’ account (provided the Investor shall have given the Company
written notice of such designee prior to the Settlement Date) at DTC through its Deposit/Withdrawal at Custodian (DWAC) system,
which Shares shall be freely tradable and transferable and without restriction on resale pursuant to the Registration Statement,
against simultaneous payment therefor to the Company’s designated account by wire transfer of immediately available funds;
provided that if the Shares are received by the Investor later than 3:00 p.m., New York City time, payment therefor shall
be made with next day funds. As set forth in Section 3.6, a failure by the Company or its transfer agent (if applicable) to deliver
such Shares on the applicable Settlement Date shall result in the payment of partial damages by the Company to the Investor.

 

Section 3.6.          Failure
to Deliver Shares. If the Company issues a Draw Down Notice and fails to deliver the Shares to the Investor on the applicable
Settlement Date and such failure continues for 10 Trading Days, the Company shall pay the Investor, in cash, in addition to all
other remedies available to the Investor, as partial damages for such failure and not as a penalty, an amount equal to 0.5% of
the payment required to be paid by the Investor on such Settlement Date for the initial 30 days following such Settlement Date
until the Shares have been delivered, and an additional 0.5% for each additional 30-day period thereafter until the Shares have
been delivered, which amount shall be prorated for such periods less than 30 days (the “Make Whole Amount”).
If the Make Whole Amount is not paid within three Trading Days following a demand therefor from the Investor, the Make Whole Amount
shall accrue annual interest (on the basis of the 365 day year) compounded quarterly at a rate equal to 0.5%, up to and including
the date on which the Make Whole Amount is actually paid. The Company shall not issue a Draw Down Notice to the Investor until
the Make Whole Amount, plus all accrued interest, has been paid to the Investor in full.

 

    	4

    	 

    

 

Section 3.7.          Certain
Limitations. Notwithstanding anything to the contrary contained in this Agreement, in no event may the Company issue a
Draw Down Notice to the extent that (i) the Draw Down Amount Requested in such Draw Down Notice exceeds the Maximum Draw Down
Amount Requested, (ii) the sale of Shares pursuant to such Draw Down Notice would cause the Company to issue or sell or the Investor
to acquire or purchase a dollar value of shares of Common Stock which, when aggregated with all Draw Down Amounts paid by the
Investor pursuant to all prior Draw Down Notices issued under this Agreement, would exceed the Aggregate Limit, or (iii) the sale
of Shares pursuant to such Draw Down Notice would cause the Company to sell or the Investor to purchase a number of shares of
Common Stock which, when aggregated with all other shares of Common Stock then beneficially owned (as calculated pursuant to Section
13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) by the Investor and its Affiliates, would result in the beneficial
ownership by the Investor or any of its Affiliates of more than 9.99% of the then issued and outstanding shares of Common Stock
(the “Ownership Limitation”). If the Company issues a Draw Down Notice in which the Draw Down Amount
Requested exceeds the Maximum Draw Down Amount Requested, such Draw Down Notice shall be void ab initio to the extent the
Draw Down Amount Requested exceeds the Maximum Draw Down Amount Requested. If the Company issues a Draw Down Notice that otherwise
would require the Investor to purchase shares of Common Stock which would cause the aggregate purchases of Common Stock by the
Investor under this Agreement to exceed the Aggregate Limit, such Draw Down Notice shall be void ab initio to the extent
of the amount by which the dollar value of shares of Common Stock otherwise issuable pursuant to such Draw Down Notice, together
with all Draw Down Amounts paid by the Investor pursuant to all prior Draw Down Notices issued under this Agreement, would exceed
the Aggregate Limit. If the Company issues a Draw Down Notice that otherwise would require the Investor to purchase shares of
Common Stock which would cause the aggregate number of shares of Common Stock then beneficially owned (as calculated pursuant
to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) by the Investor and its Affiliates to exceed the Ownership
Limitation, such Draw Down Notice shall be void ab initio to the extent of the amount by which the number of shares of
Common Stock otherwise issuable pursuant to such Draw Down Notice, together with all shares of Common Stock then beneficially
owned by the Investor and its Affiliates, would exceed the Ownership Limitation.

 

    	5

    	 

    

 

Section 3.8.          Blackout
Periods. The Company shall advise the Investor in writing of any changes to its policy on insider trading. Notwithstanding
any other provision of this Agreement, the Company shall not deliver any Draw Down Notice or otherwise offer, sell or deliver
Shares to the Investor, and the Investor shall not be obligated to purchase any Shares pursuant to this Agreement, (i) during
any period in which the Company is, or may be deemed to be, in possession of material non-public information, (ii) during any
period (other than the period referred to in clause (iii) of this Section 3.8) in which the Company’s insider trading policy,
as it exists from time to time, would prohibit purchases or sales of Common Stock by its officers or directors (each such period,
a “Blackout Period”), except with respect to this clause (ii) as expressly provided in the immediately
following sentence, or (iii) except as expressly provided in this Section 3.8, at any time from and including the date (each,
an “Announcement Date”) on which the Company shall issue a press release containing, or shall otherwise
publicly announce, its earnings, revenues or other results of operations (each, an “Earnings Announcement”)
through and including the time that is 24 hours after the time that the Company files (a “Filing Time”)
a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K that includes consolidated financial statements as of and for
the same period or periods, as the case may be, covered by such Earnings Announcement. If the Company wishes to deliver any Draw
Down Notice or otherwise offer, sell or deliver Shares to the Investor during any Blackout Period, the Company shall, as a condition
thereto, provide the Investor with the compliance certificate substantially in the form attached hereto as Exhibit D, dated
the date of such Draw Down Notice, which certificate shall be deemed to remain in effect during the applicable Pricing Period
through and including the applicable Settlement Date and the “bring down” opinions in the form mutually agreed to
by the parties hereto, dated the date of such Draw Down Notice. If the Company wishes to deliver any Draw Down Notice or otherwise
offer, sell or deliver Shares to the Investor at any time during the period from and including an Announcement Date through and
including the time that is 24 hours after the corresponding Filing Time, the Company shall, as conditions thereto, (1) prepare
and deliver to the Investor a report on Form 8-K which shall include substantially the same financial and related information
as was set forth in the relevant Earnings Announcement (other than any earnings or other projections, similar forward-looking
data and officers’ quotations) (each, an “Earnings 8-K”), in form and substance reasonably satisfactory
to the Investor, (2) provide the Investor with the compliance certificate substantially in the form attached hereto as Exhibit
D, dated the date of such Draw Down Notice, which certificate shall be deemed to remain in effect during the applicable Pricing
Period through and including the applicable Settlement Date, and the “bring down” opinions in the form mutually agreed
to by the parties hereto, dated the date of such Draw Down Notice (3) file such Earnings 8-K with the Commission (so that it is
deemed “filed” for purposes of Section 18 of the Exchange Act), include such Earnings 8-K in a Prospectus Supplement
and file such Prospectus Supplement with the Commission under Rule 424(b) under the Securities Act, in each case on or prior to
the date of such Draw Down Notice. The provisions of clause (iii) of this Section 3.8 shall not be applicable for the period from
and after the time at which all of the conditions set forth in the immediately preceding sentence shall have been satisfied (or,
if later, the time that is 24 hours after the time that the relevant Earnings Announcement was first publicly released) through
and including the time that is 24 hours after the Filing Time of the relevant Quarterly Report on Form 10-Q or Annual Report on
Form 10-K, as the case may be. For purposes of clarity, the parties agree that the delivery of the compliance certificate and
the “bring down” opinions pursuant to this Section 3.8 shall not relieve the Company from any of its obligations under
this Agreement with respect to the delivery of the compliance certificate called for by Section 7.2(ii) and the “bring down”
opinions called for by Section 7.2(xv) on the applicable Settlement Date, which Sections shall have independent application.

 

Article
IV

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR

 

The Investor hereby
makes the following representations, warranties and covenants to the Company:

 

Section 4.1.          Organization
and Standing of the Investor. The Investor is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of New York.

 

    	6

    	 

    

 

Section 4.2.          Authorization
and Power. The Investor has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and the Registration Rights Agreement and to purchase or acquire the Securities in accordance with the terms hereof.
The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action, and no
further consent or authorization of the Investor, its Board of Directors or its stockholders is required. Each of this Agreement
and the Registration Rights Agreement has been duly executed and delivered by the Investor and constitutes a valid and binding
obligation of the Investor enforceable against it in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership, or similar laws relating
to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general
application (including any limitation of equitable remedies).

 

Section 4.3.          No
Conflicts. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement
and the consummation by the Investor of the transactions contemplated hereby and thereby do not and shall not (i) result in a
violation of such Investor’s charter documents, bylaws or other applicable organizational instruments, (ii) conflict with,
constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give rise to
any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture,
note, bond, license, lease agreement, instrument or obligation to which the Investor is a party or is bound, (iii) create or impose
any lien, charge or encumbrance on any property of the Investor under any agreement or any commitment to which the Investor is
party or under which the Investor is bound or under which any of its properties or assets are bound, or (iv) result in a violation
of any federal, state, local or foreign statute, rule, or regulation, or any order, judgment or decree of any court or governmental
agency applicable to the Investor or by which any of its properties or assets are bound or affected, except, in the case of clauses
(ii), (iii) and (iv), for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would
not, individually or in the aggregate, prohibit or otherwise interfere with, in any material respect, the ability of the Investor
to enter into and perform its obligations under this Agreement and the Registration Rights Agreement. The Investor is not required
under any applicable federal, state, local or foreign law, rule or regulation to obtain any consent, authorization or order of,
or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of
its obligations under this Agreement and the Registration Rights Agreement or to purchase the Securities in accordance with the
terms hereof; provided, however, that for purposes of the representation made in this sentence, the Investor is
assuming and relying upon the accuracy of the relevant representations and warranties and the compliance with the relevant covenants
and agreements of the Company in the Transaction Documents to which it is a party.

 

Section 4.4.          Investment
Purpose. The Investor is acquiring the Securities for its own account, for investment purposes and not with a view towards,
or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt
from the registration requirements of the Securities Act; provided, however, that by making the representations
herein, the Investor 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 Securities Act. The Investor does not presently have any agreement or understanding, directly
or indirectly, with any Person to distribute any of the Securities.

 

    	7

    	 

    

 

Section 4.5.          Accredited
Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D.

 

Section 4.6.          Reliance
on Exemptions. The Investor understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon the
truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility
of the Investor to acquire the Securities.

 

Section 4.7.          Information.
All materials relating to the business, financial condition, management and operations of the Company and materials relating to
the offer and sale of the Securities which have been requested by the Investor have been furnished or otherwise made available
to the Investor or its advisors, including, without limitation, the Commission Documents. The Investor understands that its investment
in the Securities involves a high degree of risk. The Investor is able to bear the economic risk of an investment in the Securities
and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of a proposed investment in the Securities. The Investor and its advisors have been afforded the opportunity to ask questions
of and receive answers from representatives of the Company concerning the financial condition and business of the Company and
other matters relating to an investment in the Securities. Neither such inquiries nor any other due diligence investigations conducted
by the Investor or its advisors, if any, or its representatives shall modify, amend or affect the Investor’s right to rely
on the Company’s representations and warranties contained in this Agreement or in any other Transaction Document to which
the Company is a party or the Investor’s right to rely on any other document or instrument executed and/or delivered in
connection with this Agreement or the consummation of the transaction contemplated hereby (including, without limitation, the
opinions of the Company’s counsel delivered pursuant to Sections 7.1(iv) and 7.2(xv)). The Investor has sought such accounting,
legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of
the Securities. The Investor understands that it (and not the Company) shall be responsible for its own tax liabilities that may
arise as a result of this investment or the transactions contemplated by this Agreement.

 

Section 4.8.          No
Governmental Review. The Investor 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.

 

Section 4.9.          No
General Solicitation. The Investor is not purchasing the Securities as a result of any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities.

 

    	8

    	 

    

 

Section 4.10.         Not
an Affiliate. The Investor is not an officer, director or an Affiliate of the Company.

 

Section 4.11.         Statutory
Underwriter Status. The Investor acknowledges that it will be disclosed as an “underwriter” and a “selling
stockholder” in the Registration Statement and in any Prospectus contained therein to the extent required by applicable
law and to the extent the Prospectus is related to the resale of Registrable Securities.

 

Section 4.12.         Resales
of Securities. The Investor represents, warrants and covenants that unless the Securities are eligible for resale pursuant
to Rule 144, it will resell such Securities only pursuant to the Registration Statement, in a manner described under the caption
“Plan of Distribution” in the Registration Statement, and in a manner in compliance with all applicable U.S. federal
and state securities laws, rules and regulations, including, without limitation, any applicable prospectus delivery requirements
of the Securities Act.

 

Section 4.13.         Acknowledgment
Regarding the Company’s Representations and Warranties. The Investor acknowledges and agrees that neither the
Company nor any of its Subsidiaries has made nor does make any representations or warranties with respect to the transactions
contemplated by the Transaction Documents other than those specifically set forth in Article V of this Agreement.

 

Article
V

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY

 

Except as set forth
in the disclosure schedule delivered by the Company to the Investor (which is hereby incorporated by reference in, and constitutes
an integral part of, this Agreement) (the “Disclosure Schedule”), the Company hereby makes the following
representations, warranties and covenants to the Investor:

 

Section 5.1.          Organization,
Good Standing and Power. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a Material Adverse Effect.

 

Section 5.2.          Authorization,
Enforcement. The Company has the requisite corporate power and authority to enter into and perform its obligations under
each of the Transaction Documents to which it is a party and to issue the Securities in accordance with the terms hereof and thereof.
Except for approvals of the Company’s Board of Directors or a committee thereof as may be required in connection with any
issuance and sale of Securities to the Investor hereunder (which approvals shall be obtained prior to the delivery of any Draw
Down Notice), the execution, delivery and performance by the Company of each of the Transaction Documents to which it is a party
and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary
corporate action, and no further consent or authorization of the Company, its Board of Directors or its stockholders is required.
Each of the Transaction Documents to which the Company is a party has been duly executed and delivered by the Company and constitutes
a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or
similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable
principles of general application (including any limitation of equitable remedies).

 

    	9

    	 

    

 

Section 5.3.          Capitalization
and Voting Rights. The authorized capital stock of the Company and the shares thereof issued and outstanding were as set
forth in the Commission Documents as of the dates reflected therein. All of the outstanding shares of Common Stock have been duly
authorized and validly issued, and are fully paid and nonassessable. Except as set forth in the Commission Documents, this Agreement
and the Registration Rights Agreement, there are no agreements or arrangements under which the Company is obligated to register
the sale of any securities under the Securities Act. Except as set forth in the Commission Documents, no shares of Common Stock
are entitled to preemptive rights and there are no outstanding debt securities and no contracts, commitments, understandings,
or arrangements by which the Company is or may become bound to issue additional shares of the 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 exchangeable for, any shares of capital stock of the Company other than those issued or granted
in the ordinary course of business pursuant to the Company’s equity incentive and/or compensatory plans or arrangements.
Except for customary transfer restrictions contained in agreements entered into by the Company to sell restricted securities or
as set forth in the Commission Documents, the Company is not a party to, and it has no Knowledge of, any agreement restricting
the voting or transfer of any shares of the capital stock of the Company. Except as set forth in the Commission Documents, the
offer and sale of all capital stock, convertible or exchangeable securities, rights, warrants or options of the Company issued
prior to the Closing Date complied with all applicable federal and state securities laws, and no stockholder has any right of
rescission or damages or any “put” or similar right with respect thereto that would have a Material Adverse Effect.
Except as set forth in the Disclosure Schedule or the Commission Documents, there are no securities or instruments containing
anti-dilution or similar provisions that will be triggered by this Agreement or any of the other Transaction Documents or the
consummation of the transactions described herein or therein. The Company has furnished or made available to the Investor via
EDGAR true and correct copies of the Company’s Certificate of Incorporation as in effect on the Closing Date (the “Charter”),
and the Company’s Bylaws as in effect on the Closing Date (the “Bylaws”).

 

Section 5.4.          Issuance
of Securities. The Commitment Shares have been, and the Shares and Maintenance Fee Shares to be issued under this Agreement
have been or will be (prior to the delivery of any Draw Down Notice to the Investor hereunder), duly authorized by all necessary
corporate action on the part of the Company. The Commitment Shares and Maintenance Fee Shares, when issued in accordance with
the terms of this Agreement, and the Shares, when issued and paid for in accordance with the terms of this Agreement, shall be
validly issued and outstanding, fully paid and nonassessable and free from all liens, charges, taxes, security interests, encumbrances,
rights of first refusal, preemptive or similar rights and other encumbrances with respect to the issue thereof.

 

    	10

    	 

    

 

Section 5.5.          No
Conflicts. The execution, delivery and performance by the Company of each of the Transaction Documents to which it is
a party and the consummation by the Company of the transactions contemplated hereby and thereby do not and shall not (i) result
in a violation of any provision of the Company’s Charter or Bylaws, (ii) conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default (or an event which, with notice or lapse of time or both, would
become a default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement,
mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company or any
of its Significant Subsidiaries is a party or is bound, (iii) create or impose a lien, charge or encumbrance on any property or
assets of the Company or any of its Significant Subsidiaries under any agreement or any commitment to which the Company or any
of its Significant Subsidiaries is a party or by which the Company or any of its Significant Subsidiaries is bound or to which
any of their respective properties or assets is subject, or (iv) result in a violation of any federal, state, local or foreign
statute, rule, regulation, order, judgment or decree applicable to the Company or any of its Subsidiaries or by which any property
or asset of the Company or any of its Subsidiaries are bound or affected (including federal and state securities laws and regulations
and the rules and regulations of the Trading Market), except, in the case of clauses (ii), (iii) and (iv), for such conflicts,
defaults, terminations, amendments, acceleration, cancellations, liens, charges, encumbrances and violations as would not, individually
or in the aggregate, have a Material Adverse Effect. Except as specifically contemplated by this Agreement or the Registration
Rights Agreement and as required under the Securities Act and any applicable state securities laws, the Company is not required
under any federal, state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any
filing or registration with, any court or governmental agency (including, without limitation, the Trading Market) in order for
it to execute, deliver or perform any of its obligations under the Transaction Documents to which it is a party, or to issue the
Securities to the Investor in accordance with the terms hereof and thereof (other than such consents, authorizations, orders,
filings or registrations as have been obtained or made prior to the Closing Date); provided, however, that, for
purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the representations
and warranties of the Investor in this Agreement and the compliance by it with its covenants and agreements contained in this
Agreement and the Registration Rights Agreement.

 

    	11

    	 

    

 

Section 5.6.          Commission
Documents, Financial Statements. (a) Except as disclosed in the Disclosure Schedule, the Company has timely filed (giving
effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all Commission Documents. The Company
has delivered or made available to the Investor via EDGAR or otherwise true and complete copies of the Commission Documents filed
with or furnished to the Commission prior to the Closing Date (including, without limitation, the 2011 Form 10-K). No Subsidiary
of the Company is required to file or furnish any report, schedule, registration, form, statement, information or other document
with the Commission. As of its filing date, each Commission Document filed with or furnished to the Commission prior to the Closing
Date (including, without limitation, the 2011 Form 10-K) complied in all material respects with the requirements of the Securities
Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations applicable to it, and,
as of its filing date (or, if amended or superseded by a filing prior to the Closing Date, on the date of such amended or superseded
filing), such Commission Document 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 light of the circumstances under which they were
made, not misleading. The Registration Statement, on the date it is filed with the Commission, on the date it is declared effective
by the Commission, on each Draw Down Exercise Date and on each Settlement Date, shall comply in all material respects with the
requirements of the Securities Act (including, without limitation, Rule 415 under the Securities Act) and shall 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 not misleading, except that this representation and warranty shall not apply to statements in or omissions
from the Registration Statement made in reliance upon and in conformity with information relating to the Investor furnished to
the Company in writing by or on behalf of the Investor expressly for use therein. The Prospectus and each Prospectus Supplement
required to be filed pursuant to this Agreement or the Registration Rights Agreement after the Closing Date, when taken together,
on its date, on each Draw Down Exercise Date and on each Settlement Date, shall comply in all material respects with the requirements
of the Securities Act (including, without limitation, Rule 424(b) under the Securities Act) and shall not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, except that this representation and warranty
shall not apply to statements in or omissions from the Prospectus or any Prospectus Supplement made in reliance upon and in conformity
with information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use
therein. Each Commission Document (other than the Registration Statement, the Prospectus or any Prospectus Supplement) to be filed
with or furnished to the Commission after the Closing Date and incorporated by reference in the Registration Statement, the Prospectus
or any Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement (including,
without limitation, the Current Report), when such document is filed with or furnished to the Commission and, if applicable, when
such document becomes effective, as the case may be, shall comply in all material respects with the requirements of the Securities
Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations applicable to it, and shall
not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company
has delivered or made available to the Investor via EDGAR or otherwise true and complete copies of all comment letters and substantive
correspondence received by the Company from the Commission relating to the Commission Documents filed with or furnished to the
Commission as of the Closing Date, together with all written responses of the Company thereto in the form such responses were
filed via EDGAR. There are no outstanding or unresolved comments or undertakings in such comment letters received by the Company
from the Commission. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company under the Securities Act or the Exchange Act.

 

(b)          The
financial statements, together with the related notes and schedules, of the Company included in the Commission Documents comply
as to form in all material respects with all applicable accounting requirements and the published rules and regulations of the
Commission and all other applicable rules and regulations with respect thereto. Such financial statements, together with the related
notes and schedules, have been prepared in accordance with GAAP applied on a consistent basis during the periods involved (except
(i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements,
to the extent they may not include footnotes or may be condensed or summary statements), and fairly present in all material respects
the financial condition of the Company and its consolidated Subsidiaries as of the dates thereof and the results of operations
and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

 

    	12

    	 

    

 

(c)          The
Company has timely filed with the Commission and made available to the Investor via EDGAR or otherwise all certifications and statements
required by (x) Rule 13a-14 or Rule 15d-14 under the Exchange Act or (y) 18 U.S.C. Section 1350 (Section 906 of the Sarbanes-Oxley
Act of 2002 (“SOXA”)) with respect to all relevant Commission Documents. The Company is in compliance
in all material respects with the provisions of SOXA applicable to it as of the date hereof. The Company maintains disclosure controls
and procedures required by Rule 13a-15 or Rule 15d-15 under the Exchange Act; such controls and procedures are effective to ensure
that all material information concerning the Company and its Subsidiaries is made known on a timely basis to the individuals responsible
for the timely and accurate preparation of the Company’s Commission filings and other public disclosure documents. As used
in this Section 5.6(c), the term “file” shall be broadly construed to include any manner in which a document or information
is furnished, supplied or otherwise made available to the Commission.

 

(d)          McGladrey
LLP, who shall express their opinion on the audited financial statements and related schedules to be included or incorporated by
reference in the Registration Statement and the Prospectus are, with respect to the Company, independent public accountants as
required by the Securities Act and is an independent registered public accounting firm within the meaning of SOXA as required by
the rules of the Public Company Accounting Oversight Board.

 

Section 5.7.          Subsidiaries.
The Company does not have any subsidiaries.

 

Section 5.8.          No
Material Adverse Effect. Except as disclosed in any Commission Documents filed since October 31, 2011, or which may be
deemed to have resulted from the Company’s continued losses from operations, since October 31, 2011, the Company has not
experienced or suffered any Material Adverse Effect, and there exists no current state of facts, condition or event which would
have a Material Adverse Effect.

 

Section 5.9.          No
Undisclosed Liabilities. Neither the Company nor any of its Subsidiaries has any liabilities, obligations, claims or losses
(whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) that would be required
to be disclosed on a balance sheet of the Company or any Subsidiary (including the notes thereto) in conformity with GAAP and
are not disclosed in the Commission Documents, other than those incurred in the ordinary course of the Company’s or its
Subsidiaries respective businesses since October 31, 2011 and which, individually or in the aggregate, do not or would not have
a Material Adverse Effect.

 

Section 5.10.        No
Undisclosed Events or Circumstances. No event or circumstance has occurred or information exists with respect to the Company
or any of its Subsidiaries or its or their business, properties, liabilities, operations (including results thereof) or conditions
(financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company
at or before the Closing but which has not been so publicly announced or disclosed, except for events or circumstances which,
individually or in the aggregate, do not or would not have a Material Adverse Effect.

 

    	13

    	 

    

 

Section 5.11.         Indebtedness;
Solvency. The Company’s Quarterly Report on Form 10-Q for its fiscal quarter ended July 31, 2012, as amended, sets
forth, as of July 31, 2012, all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which
the Company or any Subsidiary has commitments through such date. For the purposes of this Agreement, “Indebtedness”
shall mean (a) any liabilities for borrowed money or amounts owed in excess of $1,000,000 (other than trade accounts payable incurred
in the ordinary course of business), (b) all guaranties, endorsements, indemnities and other contingent obligations in respect
of Indebtedness of others in excess of $1,000,000, whether or not the same are or should be reflected in the Company’s balance
sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (c) the present value of any lease payments in excess of $1,000,000 due under
leases required to be capitalized in accordance with GAAP.

 

Section 5.12.         Title
To Assets. Each of the Company and its Subsidiaries has good and valid title to, or has valid rights to lease or otherwise
use, all of their respective real and personal property reflected in the Commission Documents, free of mortgages, pledges, charges,
liens, security interests or other encumbrances, except for those indicated in the Commission Documents and those that would not
have a Material Adverse Effect. All real property and facilities held under lease by the Company or any of its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with
the use made and proposed to be made of such property and buildings by the Company or any of its Subsidiaries.

 

Section 5.13.         Actions
Pending. There is no action, suit, claim, investigation or proceeding pending, or, to the Knowledge of the Company, threatened,
against the Company or any Subsidiary which questions the validity of the Transaction Documents or the transactions contemplated
thereby or any action taken or to be taken pursuant thereto. Except as set forth in the Commission Documents, there is no action,
suit, claim, investigation or proceeding pending, or to the Knowledge of the Company threatened, against or involving the Company,
any Subsidiary or any of their respective properties or assets, or involving any officers or directors of the Company or any of
its Subsidiaries, including, without limitation, any securities class action lawsuit or stockholder derivative lawsuit related
to the Company, in each case which, if determined adversely to the Company, its Subsidiary or any officer or director of the Company
or its Subsidiaries, would have a Material Adverse Effect. Except as set forth in the Commission Documents, no judgment, order,
writ, injunction or decree or award has been issued by or, to the Knowledge of the Company, requested of any court, arbitrator
or governmental agency which would be reasonably expected to result in a Material Adverse Effect.

 

Section 5.14.         Compliance
With Law. The Company has not violated any law or any governmental regulation or requirement which violation has had or
would reasonably be expected to have a Material Adverse Effect on its business and the Company has not received written notice
of any such violation.

 

    	14

    	 

    

 

Section 5.15.         Disclosure.
The Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or any of its agents,
advisors or counsel with any information that constitutes or would reasonably be expected to constitute material, non-public information
concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by the Transaction
Documents. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting transactions
in securities of the Company. All disclosure provided to Investor regarding the Company and its Subsidiaries, their businesses
and the transactions contemplated by the Transaction Documents (including, without limitation, the representations and warranties
of the Company contained in the Transaction Documents to which it is a party (as modified by the Disclosure Schedule)) furnished
by or on behalf of the Company or any of its Subsidiaries, taken together, is true and correct and does not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light
of the circumstances under which they were made, not misleading. Each press release issued by the Company or any of its Subsidiaries
during the 12 months preceding the Closing Date did not at the time of release (or, if amended or superseded by a later dated
press release issued by the Company or any of its Subsidiaries prior to the Closing Date or by a later dated Commission Document
filed with or furnished to the Commission by the Company prior to the Closing Date, at the time of issuance of such later dated
press release or filing or furnishing of such Commission Document, as applicable) contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they are made, not misleading.

 

Section 5.16.         Operation
of Business. (a) The Company or one or more of its Subsidiaries possesses such permits, licenses, approvals, consents
and other authorizations (including licenses, accreditation and other similar documentation or approvals of any local health departments)
issued by the appropriate federal, state, local or foreign regulatory agencies or bodies, including, without limitation, the U.S.
Food and Drug Administration (“FDA”), as are necessary to conduct the business now operated by it (collectively,
“Governmental Licenses”), except where the failure to possess such Governmental Licenses, individually
or in the aggregate, would not have a Material Adverse Effect. The Company and its Subsidiaries are in compliance with the terms
and conditions of all such Governmental Licenses and all applicable FDA rules and regulations, guidelines and policies, and all
applicable rules and regulations, guidelines and policies of any governmental authority exercising authority comparable to that
of the FDA (including any non-governmental authority whose approval or authorization is required under foreign law comparable
to that administered by the FDA), except where the failure to so comply, individually or in the aggregate, would not have a Material
Adverse Effect or except as otherwise disclosed in the Commission Documents. All of the Governmental Licenses are valid and in
full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses
to be in full force and effect, individually or in the aggregate, would not have a Material Adverse Effect or except as otherwise
disclosed in the Commission Documents. As to each product that is subject to the jurisdiction of the FDA under the Federal Food,
Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is developed, manufactured,
tested, packaged, labeled, marketed, sold, distributed and/or commercialized by the Company or any of its Subsidiaries, each such
product is being developed, manufactured, tested, packaged, labeled, marketed, sold, distributed and/or commercialized in compliance
with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration, investigational
use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical
practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be
in compliance would not have a Material Adverse Effect or except as otherwise disclosed in the Commission Documents. As to each
product or product candidate of the Company or any of its Subsidiaries subject to FDA regulation or similar legal provision in
any foreign jurisdiction, all manufacturing facilities of the Company and its Subsidiaries are operated in compliance with the
FDA’s Good Manufacturing Practices requirements at 21 C.F.R. Part 210 and 211, as applicable, except where such non-compliance,
individually or in the aggregate, would not have a Material Adverse Effect. Except as set forth in the Commission Documents, neither
the Company nor any of its Subsidiaries has received any written notice of proceedings relating to the revocation or modification
of any such Governmental Licenses or relating to a potential violation of or failure to comply with any FDA rules and regulations,
guidelines or policies which, if the subject of any unfavorable decision, ruling or finding, individually or in the aggregate,
would have a Material Adverse Effect. Except as set forth in the Commission Documents, neither the Company nor any of its Subsidiaries
has received any correspondence, notice or request from the FDA, including, without limitation, notice that any one or more products
or product candidates of the Company or any of its Subsidiaries failed to receive approval from the FDA for use for any one or
more indications that, individually or in the aggregate, would have a Material Adverse Effect.

 

    	15

    	 

    

 

(b)          The
Company or one or more of its Subsidiaries owns or possesses adequate patents, patent rights, licenses, inventions, copyrights,
know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
procedures), trademarks, service marks, trade names, trade dress, logos, copyrights and other intellectual property, including,
without limitation, all of the intellectual property described in the Commission Documents as being owned or licensed by the Company
(collectively, “Intellectual Property”), necessary to carry on the business now operated by it. Except
as set forth in the Commission Documents, there are no actions, suits or judicial proceedings pending, or to the Company’s
Knowledge threatened, relating to patents or proprietary information to which the Company or any of its Subsidiaries is a party
or of which any property of the Company or any of its Subsidiaries is subject, and neither the Company nor any of its Subsidiaries
has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to
any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to
protect the interest of the Company and its Subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable
decision, ruling or finding) or invalidity or inadequacy, individually or in the aggregate, would have a Material Adverse Effect.

 

    	16

    	 

    

 

(c)          All
pre-clinical and clinical trials conducted by, or on behalf of, the Company or any of its Subsidiaries, or in which the Company
or any of its Subsidiaries has participated that are described in the Commission Documents, or the results of which are referred
to in the Commission Documents, if any, are the only pre-clinical and clinical trials currently being conducted by or on behalf
of the Company and its Subsidiaries. All such pre-clinical and clinical trials conducted, supervised or monitored by, or on behalf
of, the Company or any of its Subsidiaries have been conducted in compliance with all applicable federal, state, local and foreign
laws, and the regulations and requirements of any applicable governmental entity, including, but not limited to, FDA good clinical
practice and good laboratory practice requirements, except where the failure to so comply, individually or in the aggregate, would
not have a Material Adverse Effect or except as otherwise disclosed in the Commission Documents. Except as set forth in the Commission
Documents, neither the Company nor any of its Subsidiaries has received any notices or correspondence from the FDA or any other
governmental agency requiring the termination, suspension, delay or modification of any pre-clinical or clinical trials conducted
by, or on behalf of, the Company or any of its Subsidiaries or in which the Company or any of its Subsidiaries has participated
that are described in the Commission Documents, if any, or the results of which are referred to in the Commission Documents. All
pre-clinical and clinical trials previously conducted by, or on behalf of, the Company or any of its Subsidiaries while conducted
by or on behalf of the Company or any of its Subsidiaries, were conducted in compliance with all applicable federal, state, local
and foreign laws, and the regulations and requirements of any applicable governmental entity, including, but not limited to, FDA
good clinical practice and good laboratory practice requirements, except where the failure to so comply, individually or in the
aggregate, would not have a Material Adverse Effect or except as otherwise disclosed in the Commission Documents.

 

Section 5.17.         Material
Agreements. Except as set forth in the Commission Documents, neither the Company nor any Subsidiary of the Company is a party
to any written or oral contract, instrument, agreement commitment, obligation, plan or arrangement, a copy of which would be required
to be filed with the Commission as an exhibit to an annual report on Form 10-K (collectively, “Material Agreements”).
Except as set forth in the Commission Documents, the Company and each of its Subsidiaries have performed in all material respects
all the obligations then required to be performed by them under the Material Agreements, have received no notice of default or
an event of default by the Company or any of its Subsidiaries thereunder and are not aware of any basis for the assertion thereof,
and neither the Company or any of its Subsidiaries nor, to the Knowledge of the Company, any other contracting party thereto are
in default under any Material Agreement now in effect, the result of which would have a Material Adverse Effect. Except as set
forth in the Commission Documents, each of the Material Agreements is in full force and effect, and constitutes a legal, valid
and binding obligation enforceable in accordance with its terms against the Company and/or any of its Subsidiaries and, to the
Knowledge of the Company, each other contracting party thereto, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally
the enforcement of, creditor’s rights and remedies or by other equitable principles of general application.

 

Section 5.18.         Transactions
With Affiliates. Except as set forth in the Commission Documents, there are no loans, leases, agreements, contracts, royalty
agreements, management contracts, service arrangements or other continuing transactions exceeding $120,000 between (a) the Company
or any Subsidiary, on the one hand, and (b) any person or entity who would be covered by Item 404(a) of Regulation S-K, on the
other hand. Except as disclosed in the Commission Documents, there are no outstanding amounts payable to or receivable from, or
advances by the Company or any of its Subsidiaries to, and neither the Company nor any of its Subsidiaries is otherwise a creditor
of or debtor to, any beneficial owner of more than 5% of the then issued and outstanding shares of Common Stock, or any director,
employee or affiliate of the Company or any of its Subsidiaries, other than (i) reimbursement for reasonable expenses incurred
on behalf of the Company or any of its Subsidiaries or (ii) as part of the normal and customary terms of such person’s employment
or service as a director with the Company or any of its Subsidiaries.

 

    	17

    	 

    

 

Section 5.19.         Use
of Proceeds. The proceeds from the sale of the Shares shall be used by the Company and its Subsidiaries as set forth in
the Prospectus and any Prospectus Supplement filed pursuant to Section 2.3 of this Agreement and pursuant to the Registration
Rights Agreement.

 

Section 5.20.         Investment
Company Act Status. The Company is not, and as a result of the consummation of the transactions contemplated by the Transaction
Documents and the application of the proceeds from the sale of the Shares as set forth in the Prospectus and any Prospectus Supplement
shall not be required to be registered as, an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended.

 

Section 5.21.         ERISA.
No liability to the Pension Benefit Guaranty Corporation has been incurred with respect to any Plan by the Company or any of its
Subsidiaries which has had or would have a Material Adverse Effect. No “prohibited transaction” (as defined in Section
406 of ERISA or Section 4975 of the Code) or “accumulated funding deficiency” (as defined in Section 302 of ERISA)
or any of the events set forth in Section 4043(b) of ERISA has occurred with respect to any Plan which has had or would have a
Material Adverse Effect, and the execution and delivery of this Agreement and the issuance and sale of the Securities hereunder
shall not result in any of the foregoing events. Each Plan is in compliance in all material respects with applicable law, including
ERISA and the Code; the Company has not incurred and does not expect to incur liability under Title IV of ERISA with respect to
the termination of, or withdrawal from, any Plan; and each Plan for which the Company would have any liability that is intended
to be qualified under Section 401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by
action or failure to act, which would cause the loss of such qualifications. As used in this Section 5.21, the term “Plan”
shall mean an “employee pension benefit plan” (as defined in Section 3 of ERISA) which is or has been established
or maintained, or to which contributions are or have been made, by the Company or any Subsidiary or by any trade or business,
whether or not incorporated, which, together with the Company or any Subsidiary, is under common control, as described in Section 414(b)
or (c) of the Code.

 

Section 5.22.         Taxes.
The Company and each of its Subsidiaries (i) has filed all necessary federal, state and foreign income and franchise tax returns
or has duly requested extensions thereof, except for those the failure of which to file would not have a Material Adverse Effect,
(ii) has paid all federal, state, local and foreign taxes due and payable for which it is liable, except to the extent that any
such taxes are being contested in good faith and by appropriate proceedings, except for such taxes the failure of which to pay
would not have a Material Adverse Effect, and (iii) does not have any tax deficiency or claims outstanding or assessed or, to
the Company’s Knowledge, proposed against it which would have a Material Adverse Effect. 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 and its Subsidiaries
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 Code.

 

    	18

    	 

    

 

Section 5.23.         Insurance.
The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and
its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied
for, and neither the Company nor any such Subsidiary has any reason to believe that it will be unable to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not have a Material Adverse Effect.

 

Section 5.24.         Exemption
from Registration; Valid Issuances. Subject to, and in reliance on, the representations, warranties and covenants made
herein by the Investor, the offer and sale of the Securities in accordance with the terms and conditions of this Agreement are
exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) and Rule 506 of Regulation D.
Neither the offer or sale of the Securities pursuant to, nor the Company’s performance of its obligations under, the Transaction
Documents to which it is a party shall (i) result in the creation or imposition of any liens, charges, claims or other encumbrances
upon the Securities, or (ii) entitle the holders of any outstanding shares of capital stock of the Company to preemptive
or other rights to subscribe to or acquire the shares of Common Stock or other securities of the Company.

 

Section 5.25.         No
Integrated Offering. Assuming the accuracy of the Investor’s representations and warranties set forth in Section
4, neither the Company, its Subsidiaries nor any of their Affiliates, nor any Person acting on their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration
of the issuance of any of the Securities under the Securities Act, whether through integration with prior offerings or otherwise,
or cause this offering of the Securities to require approval of stockholders of the Company under any applicable stockholder approval
provisions, including, without limitation, under the rules and regulations of the Trading Market. None of the Company, its Subsidiaries,
their Affiliates nor any Person acting on their behalf will take any action or steps referred to in the preceding sentence that
would require registration of the issuance of any of the Securities under the Securities Act or cause the offering of any of the
Securities to be integrated with other offerings.

 

Section 5.26.         Manipulation
of Price. Neither the Company nor any of its officers, directors or Affiliates has, and, to the Knowledge of the Company,
no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended to cause or to result
in the stabilization or manipulation of the price of any security of the Company, or which caused or resulted in, or which would
in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of
the Company, in each case to facilitate the sale or resale of any of the Securities, or (ii) sold, bid for, purchased, or paid
any compensation for soliciting purchases of, any of the Securities. Neither the Company nor any of its officers, directors or
Affiliates will during the term of this Agreement, and, to the Knowledge of the Company, no Person acting on their behalf will
during the term of this Agreement, take any of the actions referred to in the immediately preceding sentence.

 

    	19

    	 

    

 

Section 5.27.         Securities
Act. The Company has complied and shall comply with all applicable federal and state securities laws in connection with
the offer, issuance and sale of the Securities hereunder, including, without limitation, the applicable requirements of the Securities
Act. The Registration Statement, upon filing with the Commission and at the time it is declared effective by the Commission, shall
satisfy all of the requirements of the Securities Act to register the resale of the Registrable Securities by the Investor in
accordance with the Registration Rights Agreement on a delayed or continuous basis under Rule 415 under the Securities Act at
then-prevailing market prices, and not fixed prices. The Company is not, and has not previously been at any time, an issuer identified
in, or subject to, Rule 144(i).

 

Section 5.28.         Listing
and Maintenance Requirements. The Company’s Common Stock is registered pursuant to Section 12(b) or 12(g) of the
Exchange Act, and the Company has taken no action designed to, or which to its Knowledge is likely to have the effect of, terminating
the registration of the Common Stock under the Exchange Act, nor has the Company received any notification that the Commission
is contemplating terminating such registration. The Company has not, in the 12 months preceding the Closing Date, received notice
from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance
with the listing or maintenance requirements of such Trading Market. As of the Closing Date, the Company is in compliance with
all such listing and maintenance requirements.

 

Section 5.29.         Acknowledgement
Regarding Investor’s Acquisition of Securities. The Company acknowledges and agrees that the Investor is acting
solely in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby
and thereby and that the Investor is not (i) an officer or director of the Company, (ii) an “affiliate” of the Company
(as defined in Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (“Rule 144”) or
(iii) to the knowledge of the Company, a “beneficial owner” of more than 5% of the then issued and outstanding shares
of Common Stock. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company
(or in any similar capacity) with respect to this Agreement and the transactions contemplated by the Transaction Documents, and
any advice given by the Investor or any of its representatives or agents in connection therewith is merely incidental to the Investor’s
acquisition of the Securities. The Company further represents to the Investor 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 of the transactions contemplated
thereby by the Company and its representatives. The Company acknowledges and agrees that the Investor has not made and does not
make any representations or warranties with respect to the transactions contemplated by the Transaction Documents other than those
specifically set forth in Article IV of this Agreement.

 

    	20

    	 

    

 

Article
VI

ADDITIONAL COVENANTS

 

The Company covenants
with the Investor, and the Investor covenants with the Company, as follows, which covenants of one party are for the benefit of
the other party, during the Investment Period:

 

Section 6.1.          Reservation
of Common Stock. The Company has available and the Company shall reserve and keep available at all times, free of preemptive
and other similar rights of stockholders, the requisite aggregate number of authorized but unissued shares of Common Stock to
enable the Company to timely effect the issuance, sale and delivery in full to the Investor of all Securities to be issued and
delivered under this Agreement, in any case prior to the issuance to the Investor of such Securities. The number of shares of
Common Stock so reserved from time to time, as theretofore increased or reduced as hereinafter provided, may be reduced by the
number of shares of Common Stock actually delivered pursuant to this Agreement.

 

Section 6.2.          Registration
and Listing. The Company shall take all action necessary to cause the Common Stock to continue to be registered as a class
of securities under Sections 12(b) or 12(g) of the Exchange Act, shall comply with its reporting and filing obligations under
the Exchange Act, and shall not take any action or file any document (whether or not permitted by the Securities Act or the Exchange
Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange
Act or Securities Act, except as permitted herein. The Company shall use its commercially reasonable efforts to continue the listing
and trading of its Common Stock and the listing of the Securities purchased or acquired by the Investor hereunder on a Trading
Market and to comply with the Company’s reporting, filing and other obligations under the bylaws, listed securities maintenance
standards and other rules and regulations of such Trading Market. The Company shall not take any action which would be reasonably
expected to result in the delisting or suspension (other than any suspension of trading of limited duration agreed to by the Company,
which suspension shall be terminated prior to any Draw Down Exercise Date or Settlement Date) of the Common Stock on such Trading
Market.

 

Section 6.3.          Limitations
on Holdings and Issuances. The Company shall not be obligated to issue and the Investor shall not be obligated to purchase
any shares of Common Stock which would cause the aggregate number of shares of Common Stock then beneficially owned (as calculated
pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) by the Investor and its Affiliates to exceed
the Ownership Limitation. Promptly following any request by the Company, the Investor shall inform the Company of the number of
shares of Common Stock then beneficially owned by the Investor and its Affiliates.

 

Section 6.4.          Other
Agreements and Alternate Transactions.

 

(i)            The
Company shall not enter into, announce or recommend to its stockholders any agreement, plan, arrangement or transaction in or of
which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform
its obligations under the Transaction Documents to which it is a party, including, without limitation, the obligation of the Company
to deliver (i) the Commitment Shares to the Investor not later than 4:00 p.m. (New York time) on the second Trading Day immediately
following the Closing Date, (ii) the Shares to the Investor in respect of a Draw Down on the applicable Settlement Date and (iii)
the Maintenance Fee Shares in accordance with Section 10.1. For the avoidance of doubt, nothing in this Section 6.4(i) shall in
any way limit the Company’s right to terminate this Agreement in accordance with Section 8.1 (subject in all cases to Section
8.3).

 

    	21

    	 

    

 

(ii)         If
the Company enters into any agreement, plan, arrangement or transaction with a third party or seeks to utilize any existing agreement,
plan or arrangement with a third party, in each case the principal purpose of which is to implement, effect or consummate, at any
time during the period beginning on the first Trading Day of any Pricing Period and ending on the second Trading Day next following
the applicable Settlement Date (the “Reference Period”), an Alternate Transaction that does not constitute
an Acceptable Transaction, the Company shall provide prompt notice thereof (an “Alternate Transaction Notice”)
to the Investor; provided, however, that such Alternate Transaction Notice must be received by the Investor not later
than the earlier of (a) 48 hours after the Company’s execution of any agreement, plan, arrangement or transaction
relating to such Alternate Transaction (or, with respect to any existing agreement, plan or arrangement, 48 hours after the Company
has determined to utilize any such existing agreement, plan or arrangement to implement, effect or consummate such Other Financing)
and (b) the second Trading Day immediately preceding the applicable Settlement Date with respect to the applicable Draw Down Notice.
If required under applicable law, including, without limitation, Regulation FD promulgated by the Commission, or under the applicable
rules and regulations of the Trading Market, the Company shall simultaneously publicly disclose the information included in any
Alternate Transaction Notice in accordance with Regulation FD and the applicable rules and regulations of the Trading Market. For
purposes of this Section 6.4(ii), any press release issued by, or Commission Document filed by, the Company shall constitute sufficient
notice, provided that it is issued or filed, as the case may be, within the time requirements set forth in the first sentence (including
the provisos thereto) of this Section 6.4(ii) for an Alternate Transaction Notice. With respect to any Reference Period for which
the Company is required to provide an Alternate Transaction Notice pursuant to the first sentence of this Section 6.4(ii), the
Investor shall purchase the Shares subject to the applicable Draw Down at the lower of (x) the price therefor in accordance
with the terms of this Agreement or (y) the third party’s per share purchase price (or exercise or conversion price, as the
case may be) in connection with the Alternate Transaction, net of such third party’s discounts, Warrant Value and fees.

 

    	22

    	 

    

 

(iii)        For
all purposes of this Agreement, an “Alternate Transaction” shall mean (w) the issuance of Common Stock
for a purchase price less than, or the issuance of securities convertible into or exchangeable for Common Stock at an exercise
or conversion price (as the case may be) less than, the then Current Market Price of the Common Stock (including, without limitation,
pursuant to any “equity line” or other financing that is substantially similar to the financing provided for under
this Agreement, or pursuant to any other transaction in which the purchase, conversion or exchange price for such Common Stock
is determined using a floating discount or other post-issuance adjustable discount to the then Current Market Price (any such transaction,
a “Similar Financing”)), in each case, after all fees, discounts, Warrant Value and commissions associated
with the transaction (a “Below Market Offering”); (x) an “at-the-market” offering of Common
Stock or securities convertible into or exchangeable for Common Stock pursuant to Rule 415(a)(4) under the Securities Act (an “ATM”);
or (y) the issuance of options, warrants or similar rights of subscription or the issuance of convertible equity or debt securities,
in each case not constituting an Acceptable Transaction. For all purposes of this Agreement, an “Acceptable Transaction”
shall mean the issuance by the Company of: (1) debt securities or any class or series of preferred stock of the Company, in each
case that are not convertible into or exchangeable for Common Stock or securities convertible into or exchangeable for Common Stock;
(2) shares of Common Stock or securities convertible into or exchangeable for Common Stock other than in connection with a Below
Market Offering or an ATM, and the issuance of shares of Common Stock upon the conversion, exercise or exchange thereof; (3) shares
of Common Stock or securities convertible into or exchangeable for Common Stock in connection with an underwritten public offering
of equity securities of the Company or a registered direct public offering of equity securities of the Company, in each case where
the price per share of such Common Stock (or the conversion or exercise price of such securities, as applicable) is fixed concurrently
with the execution of definitive documentation relating to such offering, and the issuance of shares of Common Stock upon the conversion,
exercise or exchange thereof; (4) shares of Common Stock or securities convertible into or exchangeable for Common Stock in connection
with awards under the Company’s benefit and equity plans and arrangements or shareholder rights plan (as applicable), and
the issuance of shares of Common Stock upon the conversion, exercise or exchange thereof; (5) shares of Common Stock issuable upon
the conversion, exercise or exchange of equity awards or convertible, exercisable or exchangeable securities outstanding as of
the Closing Date; (6) shares of Common Stock in connection with stock splits, stock dividends, stock combinations, recapitalizations,
reclassifications and similar events; (7) shares of Common Stock or securities convertible into or exercisable or exchangeable
for Common Stock issued in connection with the acquisition, license or sale of one or more other companies, equipment, technologies,
other assets or lines of business, and the issuance of shares of Common Stock upon the conversion, exercise or exchange thereof;
(8) shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock or similar rights to
subscribe for the purchase of shares of Common Stock in connection with technology sharing, collaboration, partnering, licensing,
research and joint development agreements (or amendments thereto) with third parties, and the issuance of shares of Common Stock
upon the conversion, exercise or exchange thereof; (9) shares of Common Stock or securities convertible into or exchangeable for
Common Stock to employees, consultants and/or advisors as consideration for services rendered or to be rendered, and the issuance
of shares of Common Stock upon the conversion, exercise or exchange thereof; and (10) shares of Common Stock or securities convertible
into or exchangeable for Common Stock issued in connection with capital or equipment financings and/or real property lease arrangements,
and the issuance of shares of Common Stock upon the conversion, exercise or exchange thereof.

 

Section 6.5.          Corporate
Existence. The Company shall take all steps reasonably necessary to preserve and continue the corporate existence of the
Company; provided, however, that, except as provided in Section 6.6, nothing in this Agreement shall be deemed to
prohibit the Company from engaging in any Fundamental Transaction with another Person. For the avoidance of doubt, nothing in
this Section 6.5 shall in any way limit the Company’s right to terminate this Agreement in accordance with Section 8.1 (subject
in all cases to Section 8.3).

 

    	23

    	 

    

 

Section 6.6.          Fundamental
Transaction. If a Draw Down Notice has been delivered to the Investor and the transactions contemplated therein have not
yet been fully settled in accordance with the terms and conditions of this Agreement, the Company shall not effect any Fundamental
Transaction until the expiration of five Trading Days following the Settlement Date with respect to such Draw Down Notice.

 

Section 6.7.          Delivery
of Registration Statement and Prospectus; Subsequent Changes. In accordance with the Registration Rights Agreement, the
Company shall deliver or make available to the Investor and its counsel, without charge, an electronic copy of the Registration
Statement, the Prospectus and all amendments and supplements to the Registration Statement or Prospectus that are filed with the
Commission during any period in which a Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities
Act) is required by the Securities Act to be delivered in connection with resales of the Registrable Securities, in each case
as soon as reasonably practicable after the filing thereof with the Commission. The Company shall provide the Investor a reasonable
opportunity to comment on a draft of each such document and shall give due consideration to all such comments. The Company consents
to the use of the Prospectus (and of any Prospectus Supplement thereto) in accordance with the provisions of the Securities Act
and with the securities or “Blue Sky” laws of the jurisdictions in which the Registrable Securities may be sold by
the Investor, in connection with the resale of the Registrable Securities and for such period of time thereafter as the Prospectus
(or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required by the Securities Act to be delivered
in connection with resales of the Registrable Securities. If during such period of time any event shall occur that in the reasonable
judgment of the Company and its counsel is required to be set forth in the Registration Statement, the Prospectus or any Prospectus
Supplement or should be set forth therein in order to make the statements made therein (in the case of the Prospectus or any Prospectus
Supplement, in light of the circumstances under which they were made) not misleading, or if it is necessary to amend the Registration
Statement or supplement or amend the Prospectus or any Prospectus Supplement to comply with the Securities Act or any other applicable
law or regulation, the Company shall forthwith (i) notify the Investor to suspend the resale of Registrable Securities during
such period and (ii) prepare and file with the Commission an appropriate amendment to the Registration Statement or Prospectus
Supplement to the Prospectus, and shall expeditiously furnish or make available to the Investor an electronic copy thereof, so
as to correct such statement or omission or effect such compliance.

 

Section 6.8.          Amendments
to the Registration Statement; Prospectus Supplements. Except as provided in this Agreement and other than periodic reports
required to be filed pursuant to the Exchange Act, the Company shall not file with the Commission any amendment to the Registration
Statement that relates to the Investor, the Transaction Documents or the transactions contemplated thereby or file with the Commission
any Prospectus Supplement that relates to the Investor, the Transaction Documents or the transactions contemplated thereby with
respect to which (a) the Investor shall not previously have been advised, (b) the Company shall not have given due consideration
to any comments thereon received from the Investor or its counsel, or (c) the Investor shall reasonably object after being so
advised, unless it is necessary to amend the Registration Statement or make any supplement to the Prospectus to comply with the
Securities Act or any other applicable law or regulation, in which case the Company shall promptly so inform the Investor, the
Investor shall be provided with a reasonable opportunity to review and comment upon any disclosure relating to the Investor and
the Company shall expeditiously furnish to the Investor an electronic copy thereof.

 

    	24

    	 

    

 

Section 6.9.          Stop
Orders. The Company shall notify the Investor as soon as possible (but in no event later than 24 hours), and confirm in
writing, upon its becoming aware of the occurrence of any of the following events in respect of the Registration Statement or
related Prospectus or Prospectus Supplement relating to an offering of Registrable Securities: (i) receipt of any request by the
Commission or any other federal or state governmental authority for any additional information relating to the Registration Statement,
the Prospectus or any Prospectus Supplement, or for any amendment of or supplement to the Registration Statement, the Prospectus,
or any Prospectus Supplement; (ii) the issuance by the Commission or any other federal or state governmental authority of any
stop order suspending the effectiveness of the Registration Statement or prohibiting or suspending the use of the Prospectus or
any Prospectus Supplement, or of the suspension of qualification or exemption from qualification of the Securities for offering
or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; and (iii) any event
or the existence of any condition or state of facts, which makes any statement of a material fact made in the Registration Statement,
the Prospectus or any Prospectus Supplement untrue or which requires the making of any additions to or changes to the statements
then made in the Registration Statement, the Prospectus or any Prospectus Supplement in order to state a material fact required
by the Securities Act to be stated therein or necessary in order to make the statements then made therein (in the case of the
Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading, or which requires
an amendment to the Registration Statement or a supplement to the Prospectus or any Prospectus Supplement to comply with the Securities
Act or any other law (other than the transactions contemplated by any Draw Down Notice and the settlement thereof). The Company
shall not be required to disclose to the Investor the substance or specific reasons of any of the events set forth in clauses
(i) through (iii) of the immediately preceding sentence, but rather, shall only be required to disclose that the event has occurred.
The Company shall not issue any Draw Down during the continuation of any of the foregoing events. If at any time the Commission
or any other federal or state governmental authority shall issue any stop order suspending the effectiveness of the Registration
Statement or prohibiting or suspending the use of the Prospectus or any Prospectus Supplement, the Company shall use commercially
reasonable efforts to obtain the withdrawal of such order at the earliest possible time.

 

Section 6.10.         Selling
Restrictions.

 

(i)            Except
as expressly set forth below, the Investor covenants that from and after the Closing Date through and including the Trading Day
next following the expiration or termination of this Agreement (the “Restricted Period”), neither the
Investor nor any of its Affiliates nor any entity managed or controlled by the Investor (collectively, the “Restricted
Persons” and each of the foregoing is referred to herein as a “Restricted Person”) shall,
directly or indirectly, (x) engage in any Short Sales involving the Company’s securities or (y) grant any option to purchase,
or acquire any right to dispose of or otherwise dispose for value of, any shares of Common Stock or any securities convertible
into or exercisable or exchangeable for any shares of Common Stock, or enter into any swap, hedge or other similar agreement that
transfers, in whole or in part, the economic risk of ownership of the Common Stock. Notwithstanding the foregoing, it is expressly
understood and agreed that nothing contained herein shall (without implication that the contrary would otherwise be true)
prohibit any Restricted Person during the Restricted Period from: (1) selling “long” (as defined under Rule 200 promulgated
under Regulation SHO) the Securities; or (2) selling a number of shares of Common Stock equal to the number of Shares that
such Restricted Person is or may be obligated to purchase under a pending Draw Down Notice but has not yet taken possession
of so long as such Restricted Person (or the Broker-Dealer, as applicable) delivers the Shares purchased pursuant to such Draw
Down Notice to the purchaser thereof or the applicable Broker-Dealer; provided, however, such Restricted Person (or
the applicable Broker-Dealer, as applicable) shall not be required to so deliver any such Shares subject to such Draw Down Notice
if the Company fails for any reason to deliver such Shares to the Investor on the applicable Settlement Date upon the terms and
subject to the provisions of this Agreement.

 

    	25

    	 

    

 

(ii)            In
addition to the foregoing, in connection with any sale of Securities (including any sale permitted by paragraph (i) above), the
Investor shall comply in all respects with all applicable laws, rules, regulations and orders, including, without limitation, the
requirements of the Securities Act and the Exchange Act.

 

Section 6.11.         Effective
Registration Statement. During the Investment Period, the Company shall use its commercially reasonable efforts to maintain
the continuous effectiveness of the Registration Statement under the Securities Act.

 

Section 6.12.         Blue
Sky. The Company shall take such action, if any, as is necessary in order to obtain an exemption for or to qualify the
Securities for issuance and sale to the Investor pursuant to the Transaction Documents, at the request of the Investor, and the
subsequent resale of Registrable Securities by the Investor, in each case, under applicable state securities or “Blue Sky”
laws and shall provide evidence of any such action so taken to the Investor from time to time following the Closing Date; 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 6.12, (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.

 

Section 6.13.         Non-Public
Information. Neither the Company or any of its Subsidiaries, nor any of their respective directors, officers, employees
or agents shall disclose any material non-public information about the Company to the Investor without the prior consent of the
Investor, unless a simultaneous public announcement thereof is made by the Company in the manner contemplated by Regulation FD.

 

Section 6.14.         Broker/Dealer.
The Investor shall use one or more broker-dealers to effectuate all sales, if any, of Securities that it may purchase or otherwise
acquire from the Company pursuant to the Transaction Documents, as applicable, which (or whom) shall be unaffiliated with the
Investor and FWG and not then currently engaged or used by the Company (collectively, the “Broker-Dealer”).
The Investor shall, from time to time, provide the Company with all information regarding the Broker-Dealer reasonably requested
by the Company. The Investor shall be solely responsible for all fees and commissions of the Broker-Dealer, which shall not exceed
customary brokerage fees and commissions.

 

    	26

    	 

    

 

Section 6.15.         Disclosure
Schedule.

 

(i)            The
Company may, from time to time, update the Disclosure Schedule as may be required to satisfy the condition set forth in Section
7.2(i). For purposes of this Section 6.15, any disclosure made in a schedule to the Compliance Certificate substantially in the
form attached hereto as Exhibit D shall be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in
this Agreement to the contrary, no update to the Disclosure Schedule pursuant to this Section 6.15 shall cure any breach of a representation
or warranty of the Company contained in this Agreement prior to the date of such update and shall not affect any of the Investor’s
rights or remedies with respect thereto.

 

(ii)           Notwithstanding
anything to the contrary contained in the Disclosure Schedule or in this Agreement, the information and disclosure contained in
any Schedule of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Schedule of
the Disclosure Schedule as though fully set forth in such Schedule for which applicability of such information and disclosure is
readily apparent on its face. The fact that any item of information is disclosed in the Disclosure Schedule shall not be construed
to mean that such information is required to be disclosed by this Agreement. Except as expressly set forth in this Agreement, such
information and the thresholds (whether based on quantity, qualitative characterization, dollar amounts or otherwise) set forth
herein shall not be used as a basis for interpreting the terms “material” or “Material Adverse Effect”
or other similar terms in this Agreement.

 

Article
VII

CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND

PURCHASE OF THE SHARES

 

Section 7.1.          Conditions
Precedent to Closing. The Closing is subject to the satisfaction of each of the conditions set forth in this Section 7.1.

 

(i)          Accuracy
of the Investor’s Representations and Warranties. The representations and warranties of the Investor contained in
this Agreement (a) that are not qualified by “materiality” shall be true and correct in all material respects as of
the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall be true and correct in all material respects as of such other date and (b) that are qualified by “materiality”
shall be true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date,
in which case, such representations and warranties shall be true and correct as of such other date.

 

(ii)         Accuracy
of the Company’s Representations and Warranties. The representations and warranties of the Company contained in this
Agreement (a) that are not qualified by “materiality” or “Material Adverse Effect” shall be true and correct
in all material respects as of the Closing Date, except to the extent such representations and warranties are as of another date,
in which case, such representations and warranties shall be true and correct in all material respects as of such other date and
(b) that are qualified by “materiality” or “Material Adverse Effect” shall be true and correct as
of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall be true and correct as of such other date.

 

    	27

    	 

    

 

(iii)        Issuance
of Commitment Shares. On the Closing Date, the Company shall deliver irrevocable instructions to its transfer agent to
issue to the Investor, not later than 4:00 p.m. (New York City time) on the second Trading Day immediately following the Closing
Date, a certificate representing the Commitment Shares in the name of the Investor or its designee (in which case such designee
name shall have been provided to the Company prior to the Closing Date), in consideration for the Investor’s execution and
delivery of this Agreement. Such certificate shall be delivered to the Investor by overnight courier at its address set forth in
Section 10.4 hereof. For the avoidance of doubt, all of the Commitment Shares shall be fully earned as of the Closing Date regardless
of whether any Draw Downs are issued by the Company or settled hereunder.

 

(iv)        Closing
Deliverables. At the Closing, counterpart signature pages of this Agreement and the Registration Rights Agreement executed
by each of the parties hereto shall be delivered as provided in Section 2.2. Simultaneously with the execution and delivery of
this Agreement and the Registration Rights Agreement, the Investor’s counsel shall have received (a) an opinion of outside
counsel to the Company, dated as of the Closing Date, in the form mutually agreed to by the parties hereto, (b) a certificate from
the Company, dated as of the Closing Date, in the form of Exhibit C hereto, and (c) a copy of the irrevocable instructions
to the Company’s transfer agent regarding the issuance to the Investor of the certificate representing the Commitment Shares.

 

Section 7.2.          Conditions
Precedent to a Draw Down. The right of the Company to deliver a Draw Down Notice and the obligation of the Investor to
accept a Draw Down Notice and to acquire and pay for the Shares in accordance therewith is subject to the satisfaction, at each
Draw Down Exercise Date and at each Settlement Date (except as otherwise expressly set forth below), of each of the conditions
set forth in this Section 7.2.

 

(i)          Accuracy
of the Company’s Representations and Warranties. The representations and warranties of the Company contained in this
Agreement (a) that are not qualified by “materiality” or “Material Adverse Effect” shall have been true
and correct in all material respects when made and shall be true and correct in all material respects as of the applicable Draw
Down Exercise Date and the applicable Settlement Date with the same force and effect as if made on such dates, except to the extent
such representations and warranties are as of another date, in which case, such representations and warranties shall be true and
correct in all material respects as of such other date and (b) that are qualified by “materiality” or “Material
Adverse Effect” shall have been true and correct when made and shall be true and correct as of the applicable Draw Down Exercise
Date and the applicable Settlement Date with the same force and effect as if made on such dates, except to the extent such representations
and warranties are as of another date, in which case, such representations and warranties shall be true and correct as of such
other date.

 

(ii)         Performance
of the Company. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by this Agreement and the Registration Rights Agreement to be performed, satisfied or complied with by
the Company at or prior to the applicable Draw Down Exercise Date and the applicable Settlement Date. The Company shall have delivered
to the Investor on the applicable Settlement Date the Compliance Certificate substantially in the form attached hereto as Exhibit
D.

 

    	28

    	 

    

 

(iii)        Registration
Statement Effective. The Registration Statement covering the resale by the Investor of the Registrable Securities shall
have been declared effective under the Securities Act by the Commission and shall remain effective, and the Investor shall be permitted
to utilize the Prospectus therein to resell (a) all of the Commitment Shares and all of the Maintenance Fee Shares, (b) all of
the Shares issued pursuant to all prior Draw Down Notices, and (c) all of the Shares issuable pursuant to the applicable Draw Down
Notice.

 

(iv)        No
Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request by the
Commission or any other federal or state governmental authority for any additional information relating to the Registration Statement,
the Prospectus or any Prospectus Supplement, or for any amendment of or supplement to the Registration Statement, the Prospectus,
or any Prospectus Supplement; (b) the issuance by the Commission or any other federal or state governmental authority of any stop
order suspending the effectiveness of the Registration Statement or prohibiting or suspending the use of the Prospectus or any
Prospectus Supplement, or of the suspension of qualification or exemption from qualification of the Securities for offering or
sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; or (c) the occurrence
of any event or the existence of any condition or state of facts, which makes any statement of a material fact made in the Registration
Statement, the Prospectus or any Prospectus Supplement untrue or which requires the making of any additions to or changes to the
statements then made in the Registration Statement, the Prospectus or any Prospectus Supplement in order to state a material fact
required by the Securities Act to be stated therein or necessary in order to make the statements then made therein (in the case
of the Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading, or which
requires an amendment to the Registration Statement or a supplement to the Prospectus or any Prospectus Supplement to comply with
the Securities Act or any other law (other than the transactions contemplated by the applicable Draw Down Notice and the settlement
thereof). The Company shall have no Knowledge of any event that would reasonably be expected to have the effect of causing the
suspension of the effectiveness of the Registration Statement or the prohibition or suspension of the use of the Prospectus or
any Prospectus Supplement in connection with the resale of the Registrable Securities by the Investor.

 

(v)         Other
Commission Filings. The Current Report and the Form D shall have been filed with the Commission as required pursuant to
Section 2.3, and the final Prospectus and all other Prospectus Supplements required to have been filed with the Commission pursuant
to Section 2.3 and pursuant to the Registration Rights Agreement shall have been filed with the Commission in accordance with Section
2.3 and the Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information and other documents
required to have been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act, including
all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, shall have been filed with the
Commission and, if any Registrable Securities are covered by a Registration Statement on Form S-3, such filings shall have been
made within the applicable time period prescribed for such filing under the Exchange Act.

 

    	29

    	 

    

 

(vi)        No
Suspension of Trading in or Delisting of Common Stock. Trading in the Common Stock shall not have been suspended by the
Commission, the Trading Market or the FINRA (except for any suspension of trading of limited duration agreed to by the Company,
which suspension shall be terminated prior to the applicable Draw Down Exercise Date and the applicable Settlement Date), the Company
shall not have received any final and non-appealable notice that the listing or quotation of the Common Stock on the Trading Market
shall be terminated on a date certain, and, at any time prior to the applicable Draw Down Exercise Date and applicable Settlement
Date, trading in securities generally as reported on the Trading Market shall not have been suspended or limited, nor shall a banking
moratorium have been declared either by the U.S. or New York State authorities, nor shall there have occurred any material outbreak
or escalation of hostilities or other national or international calamity or crisis of such magnitude in its effect on, or any material
adverse change in, any financial, credit or securities market.

 

(vii)       Compliance
with Laws. The Company shall have complied with all applicable federal, state and local governmental laws, rules, regulations
and ordinances in connection with the execution, delivery and performance of this Agreement and the other Transaction Documents
to which it is a party and the consummation of the transactions contemplated hereby and thereby, including, without limitation,
the Company shall have obtained all permits and qualifications required by any applicable state securities or “Blue Sky”
laws for the offer and sale of the Securities by the Company to the Investor and the subsequent resale of the Registrable Securities
by the Investor (or shall have the availability of exemptions therefrom).

 

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

 

(ix)         No
Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority shall
have been commenced or threatened, and no inquiry or investigation by any governmental authority shall have been commenced or threatened,
against the Company or any Subsidiary, or any of the officers, directors or affiliates of the Company or any Subsidiary, seeking
to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection
with such transactions.

 

(x)          Aggregate
Limit. The issuance and sale of the Shares issuable pursuant to such Draw Down Notice shall not violate Sections 3.1, 3.7
and 6.3 hereof.

 

(xi)         Securities
Authorized and Delivered. The Shares issuable pursuant to such Draw Down Notice shall have been duly authorized by all
necessary corporate action of the Company. The Company shall have delivered all Shares relating to all prior Draw Down Notices
and all Maintenance Fee Shares required to be delivered pursuant to this Agreement, as applicable.

 

    	30

    	 

    

 

(xii)        Listing
of Securities. All of the Securities that may be issued pursuant to this Agreement shall have been approved for listing
or quotation on the Trading Market as of the Closing Date, subject only to notice of issuance.

 

(xiii)       No
Material Adverse Effect. No condition, occurrence, state of facts or event constituting a Material Adverse Effect shall
have occurred and be continuing.

 

(xiv)      No
Restrictive Legends. If requested by the Investor from and after the Effective Date, the Company shall have either (i)
issued and delivered (or caused to be issued and delivered) to the Investor a certificate representing the Commitment Shares that
is free from all restrictive and other legends or (ii) caused the Company’s transfer agent to credit the Investor’s
or its designee’s account at DTC through its Deposit/Withdrawal at Custodian (DWAC) system with a number of shares of Common
Stock equal to the number of Commitment Shares represented by the certificate delivered by the Investor to the Company in accordance
with Section 10.1(iv) of this Agreement.

 

(xv)       Opinion
of Counsel; Bring-Down. Prior to the first Draw Down Exercise Date, the Investor shall have received an opinion from outside
counsel to the Company, in the form mutually agreed to by the parties hereto. On each Settlement Date, the Investor shall have
received an opinion “bring down” from outside counsel to the Company, dated the applicable Settlement Date, in the
form mutually agreed to by the parties hereto.

 

Article
VIII

TERMINATION

 

Section 8.1.          Termination.
Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earlier to occur of
(i) the first day of the month next following the 24-month anniversary of the Effective Date (it being hereby acknowledged and
agreed that such term may not be extended by the parties hereto) and (ii) the date on which the Investor shall have purchased
or acquired shares of Common Stock pursuant to this Agreement equal to the Aggregate Limit. Subject to Section 8.3, the Company
may terminate this Agreement effective upon one Trading Day’s prior written notice to the Investor in accordance with Section
10.4; provided, however, that (A) the Company shall have paid all fees and amounts and issued all Commitment Shares
and Maintenance Fee Shares owed to the Investor or its counsel, as applicable, pursuant to Section 10.1 of this Agreement, prior
to such termination, and (B) prior to issuing any press release, or making any public statement or announcement, with respect
to such termination, the Company shall consult with the Investor and shall obtain the Investor’s consent to the form and
substance of such press release or other disclosure, which consent shall not be unreasonably delayed or withheld. Subject to Section
8.3, this Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date of such
mutual written consent unless otherwise provided in such written consent.

 

    	31

    	 

    

 

Section 8.2.          Other
Termination. Subject to Section 8.3, the Investor shall have the right to terminate this Agreement effective upon one
Trading Day’s prior written notice to the Company in accordance with Section 10.4, if: (i) any condition, occurrence, state
of facts or event constituting a Material Adverse Effect has occurred and is continuing; (ii) the Company shall have entered into
any agreement, plan, arrangement or transaction with a third party or shall have determined to utilize any existing agreement,
plan or arrangement with a third party, in each case the principal purpose of which is to implement, effect or consummate at any
time during the Investment Period a Similar Financing or an ATM; (iii) a Fundamental Transaction shall have occurred; (iv) the
Registration Statement is not filed by the Filing Deadline (as defined in the Registration Rights Agreement) or declared effective
by the Effectiveness Deadline (as defined in the Registration Rights Agreement), or the Company is otherwise in breach or default
in any material respect under any of the other provisions of the Registration Rights Agreement, and, if such failure, breach or
default is capable of being cured, such failure, breach or default is not cured within 10 Trading Days after notice of such failure,
breach or default is delivered to the Company pursuant to Section 10.4; (v) while the Registration Statement is required to be
maintained effective pursuant to the terms of the Registration Rights Agreement and the Investor holds any Registrable Securities,
the effectiveness of the Registration Statement lapses for any reason (including, without limitation, the issuance of a stop order)
or the Registration Statement, the Prospectus or any Prospectus Supplement is otherwise unavailable to the Investor for the resale
of all of the Registrable Securities in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability
continues for a period of 20 consecutive Trading Days or for more than an aggregate of 60 Trading Days in any 365-day period,
other than due to acts of the Investor (unless all of such Registrable Securities may be resold by the Investor without registration
and without any time, volume or manner of sale limitations pursuant to Rule 144); (vi) trading in the Common Stock on the Trading
Market shall have been suspended or the Common Stock shall have failed to be listed or quoted on the Trading Market, and such
suspension or failure continues for a period of 20 consecutive Trading Days or for more than an aggregate of 60 Trading Days in
any 365-day period; (vii) the Company has filed for and/or is subject to any bankruptcy, insolvency, reorganization or liquidation
proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors instituted by or against
the Company or (viii) the Company is in material breach or default of this Agreement, and, if such breach or default is capable
of being cured, such breach or default is not cured within 10 Trading Days after notice of such breach or default is delivered
to the Company pursuant to Section 10.4. Unless notification thereof is required elsewhere in this Agreement (in which case such
notification shall be provided in accordance with such other provision), the Company shall promptly (but in no event later than
24 hours) notify the Investor (and, if required under applicable law, including, without limitation, Regulation FD promulgated
by the Commission, or under the applicable rules and regulations of the Trading Market, the Company shall publicly disclose such
information in accordance with Regulation FD and the applicable rules and regulations of the Trading Market) upon becoming aware
of any of the events set forth in the immediately preceding sentence.

 

    	32

    	 

    

 

Section 8.3.          Effect
of Termination. In the event of termination by the Company or the Investor pursuant to Section 8.1 or 8.2, as applicable,
written notice thereof shall forthwith be given to the other party as provided in Section 10.4 and the transactions contemplated
by this Agreement shall be terminated without further action by either party. If this Agreement is terminated as provided in Section
8.1 or 8.2 herein, this Agreement shall become void and of no further force and effect, except that (i) the provisions of Article
V (Representations and Warranties of the Company), Article IX (Indemnification), Article X (Miscellaneous) and this Article VIII
(Termination) shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii) so long as the Investor
owns any Securities, the covenants and agreements of the Company contained in Article VI (Additional Covenants) shall remain in
full force and notwithstanding such termination for a period of six months following such termination. Notwithstanding anything
in this Agreement to the contrary, no termination of this Agreement by any party shall (i) become effective prior to the first
Trading Day immediately following the Settlement Date related to any pending Draw Down Notice that has not been fully settled
in accordance with the terms and conditions of this Agreement (it being hereby acknowledged and agreed that no termination of
this Agreement shall limit, alter, modify, change or otherwise affect any of the Company’s or the Investor’s rights
or obligations under the Transaction Documents with respect to any pending Draw Down, and that the parties shall fully perform
their respective obligations with respect to any such pending Draw Down under the Transaction Documents, provided all of
the conditions to the settlement thereof set forth in Article VII are timely satisfied), (ii) limit, alter, modify, change or
otherwise affect the Company’s or the Investor’s rights or obligations under the Registration Rights Agreement, all
of which shall survive any such termination, (iii) affect any Commitment Shares previously issued or delivered, or any rights
of any holder thereof (it being hereby acknowledged and agreed that all of the Commitment Shares shall be fully earned as of the
Closing Date, regardless of whether any Draw Downs are issued by the Company or settled hereunder), or (iv) subject to Section
10.1, affect any Maintenance Fee Shares previously issued or delivered, or any rights of any holder thereof (it being hereby acknowledged
and agreed that all of the Maintenance Fee Shares shall be fully earned as of the Closing Date, regardless of whether any Draw
Downs are issued by the Company or settled hereunder). Nothing in this Section 8.3 shall be deemed to release the Company or the
Investor from any liability for any breach or default under this Agreement or any of the other Transaction Documents to which
it is a party, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its
obligations under the Transaction Documents to which it is a party.

 

    	33

    	 

    

 

Article
IX

INDEMNIFICATION

 

Section 9.1.          Indemnification
of Investor. In consideration of the Investor’s execution and delivery of this Agreement and acquiring the Shares
hereunder and in addition to all of the Company’s other obligations under the Transaction Documents to which it is a party,
subject to the provisions of this Section 9.1, the Company shall indemnify and hold harmless the Investor, each of its directors,
officers, shareholders, members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title), each Person, if any,
who controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), and the
respective directors, officers, shareholders, members, partners, employees, representatives, agents and advisors (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other
title) of such controlling Persons (each, an “Investor Party”), from and against all losses, liabilities,
obligations, claims, contingencies, damages, costs and expenses (including all judgments, amounts paid in settlement (with the
prior consent of the Company), court costs, reasonable attorneys’ fees and costs of defense and investigation) (collectively,
“Damages”) that any Investor Party may suffer or incur as a result of or relating to (a) any breach
of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction
Documents to which it is a party or (b) any action, suit, claim or proceeding (including for these purposes a derivative action
brought on behalf of the Company) instituted against such Investor Party arising out of or resulting from the execution, delivery,
performance or enforcement of the Transaction Documents, other than claims for indemnification within the scope of Section 6 of
the Registration Rights Agreement; provided, however, that (x) the foregoing indemnity shall not apply to any Damages
to the extent, but only to the extent, that such Damages resulted directly and primarily from a breach of any of the Investor’s
representations, warranties, covenants or agreements contained in this Agreement or the Registration Rights Agreement, and (y)
the Company shall not be liable under subsection (b) of this Section 9.1 to the extent, but only to the extent, that a court of
competent jurisdiction shall have determined by a final judgment (from which no further appeals are available) that such Damages
resulted directly and primarily from any acts or failures to act, undertaken or omitted to be taken by such Investor Party through
its fraud, bad faith, gross negligence, or willful or reckless misconduct.

 

The Company shall reimburse
any Investor Party promptly upon demand (with accompanying presentation of documentary evidence) for all reasonable legal and other
costs and expenses reasonably incurred by such Investor Party in connection with (i) any action, suit, claim or proceeding, whether
at law or in equity, to enforce compliance by the Company with any provision of the Transaction Documents or (ii) any other any
action, suit, claim or proceeding, whether at law or in equity, with respect to which it is entitled to indemnification under this
Section 9.1; provided that the Investor shall promptly reimburse the Company for all such legal and other costs and expenses
to the extent a court of competent jurisdiction determines that any Investor Party was not entitled to such reimbursement.

 

An Investor Party’s
right to indemnification or other remedies based upon the representations, warranties, covenants and agreements of the Company
set forth in the Transaction Documents shall not in any way be affected by any investigation or knowledge of such Investor Party.
Such representations, warranties, covenants and agreements shall not be affected or deemed waived by reason of the fact that an
Investor Party knew or should have known that any representation or warranty might be inaccurate or that the Company failed to
comply with any agreement or covenant. Any investigation by such Investor Party shall be for its own protection only and shall
not affect or impair any right or remedy hereunder.

 

To the extent that
the foregoing undertakings by the Company set forth in this Section 9.1 may be unenforceable for any reason, the Company shall
make the maximum contribution to the payment and satisfaction of each of the Damages which is permissible under applicable law.

 

    	34

    	 

    

 

Section 9.2.         Indemnification
Procedures. Promptly after an Investor Party receives notice of a claim or the commencement of an action for which the
Investor Party intends to seek indemnification under Section 9.1, the Investor Party will notify the Company in writing of the
claim or commencement of the action, suit or proceeding; provided, however, that failure to notify the Company will
not relieve the Company from liability under Section 9.1, except to the extent it has been materially prejudiced by the Investor’s
failure to give notice. The Company will be entitled to participate in the defense of any claim, action, suit or proceeding as
to which indemnification is being sought, and if the Company acknowledges in writing the obligation to indemnify the Investor
Party against whom the claim or action is brought, the Company may (but will not be required to) assume the defense against the
claim, action, suit or proceeding with counsel satisfactory to it. After the Company notifies the Investor Party that the Company
wishes to assume the defense of a claim, action, suit or proceeding, the Company will not be liable for any further legal or other
expenses incurred by the Investor Party in connection with the defense against the claim, action, suit or proceeding except that
if, in the opinion of counsel to the Investor Party, it would be inappropriate under the applicable rules of professional responsibility
for the same counsel to represent both the Company and such Investor Party. In such event, the Company will pay the reasonable
fees and expenses of no more than one separate counsel for all such Investor Parties promptly as such fees and expenses are incurred.
Each Investor Party, as a condition to receiving indemnification as provided in Section 9.1, will cooperate in all reasonable
respects with the Company in the defense of any action or claim as to which indemnification is sought. The Company will not be
liable for any settlement of any action effected without its prior written consent, which consent shall not be unreasonably withheld,
delayed or conditioned. The Company will not, without the prior written consent of the Investor Party, which consent shall not
be unreasonably withheld, delayed or conditioned, effect any settlement of a pending or threatened action with respect to which
an Investor Party is, or is informed that it may be, made a party and for which it would be entitled to indemnification, unless
the settlement includes an unconditional release of the Investor Party from all liability and claims which are the subject matter
of the pending or threatened action.

 

The remedies provided
for in this Article IX are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Investor
Party at law or in equity.

 

Article
X

MISCELLANEOUS

 

Section 10.1.       Fees
and Expenses; Commitment Shares.

 

(i)          Fees
and Expenses. Each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement.
In addition, during any full calendar quarter from and after the Effective Date that falls within the Investment Period when no
Shares have been purchased or sold because the Company did not deliver a Draw Down Notice (except to the extent the Investor has
breached the terms and conditions of this Agreement or the Registration Rights Agreement and such breach has not been cured), the
Company shall, or shall cause its transfer agent to, electronically transfer to the Investor, not later than the second Trading
Day immediately following the end of such calendar quarter, by crediting the Investor’s or its designees’ account (provided
the Investor shall have given the Company written notice of such designee prior to the Settlement Date) at DTC through its Deposit/Withdrawal
at Custodian (DWAC) system, a number of shares of Common Stock (the “Maintenance Fee Shares”) equal to
the quotient obtained by dividing (a) $15,000 by (b) 90% of the arithmetic average of the five lowest last closing trade prices
for the Common Stock as reported by Bloomberg L.P. for the 10 Trading Day-period immediately preceding the end of such calendar
quarter, which Maintenance Fee Shares shall be freely tradable and transferable and without restriction on resale pursuant to the
Registration Statement; provided, however, that in no event shall the Company issue more than an aggregate of 1,800,000
shares of Common Stock as Maintenance Fee Shares pursuant to this Agreement. For the avoidance of doubt, all of the Maintenance
Fee Shares shall be fully earned when issued. The Maintenance Fee Shares shall constitute Registrable Securities and shall be included
in the Registration Statement in accordance with the terms of the Registration Rights Agreement. The Company shall pay all U.S.
federal, state and local stamp and other similar transfer and other taxes and duties levied in connection with issuance of the
Securities pursuant hereto.

 

    	35

    	 

    

 

(ii)         Commitment
Shares. In consideration for the Investor’s execution and delivery of this Agreement, concurrently with the execution
and delivery of this Agreement on the Closing Date, the Company shall deliver irrevocable instructions to its transfer agent to
issue to the Investor, not later than 4:00 p.m. (New York City time) on the second Trading Day immediately following the Closing
Date, a certificate representing the Commitment Shares in the name of the Investor or its designee (in which case such designee
name shall have been provided to the Company prior to the Closing Date). Such certificate shall be delivered to the Investor by
overnight courier at its address set forth in Section 10.4 hereof. For the avoidance of doubt, all of the Commitment Shares shall
be fully earned as of the Closing Date regardless of whether any Draw Downs are issued by the Company or settled hereunder. Upon
issuance, the Commitment Shares shall constitute “restricted securities” as such term is defined in Rule 144(a)(3)
under the Securities Act and, subject to the provisions of subsection (iv) of this Section 10.1, the certificate representing the
Commitment Shares shall bear the restrictive legend set forth below in subsection (iii) of this Section 10.1. The Commitment Shares
shall constitute Registrable Securities and shall be included in the Registration Statement in accordance with the terms of the
Registration Rights Agreement.

 

(iii)        Legends.
The certificate(s) representing the Commitment Shares and any Maintenance Fee Shares issued prior to the Effective Date, except
as set forth below, shall bear a restrictive legend in substantially the following form (and a stop-transfer order may be placed
against transfer of such stock certificate(s)):

 

THE OFFER AND SALE OF 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 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.

 

    	36

    	 

    

 

Notwithstanding the
foregoing and for the avoidance of doubt, all Shares to be issued in respect of any Draw Down Notice delivered to the Investor
pursuant to this Agreement and any Maintenance Fee Shares issued after the Effective Date shall be issued to the Investor in accordance
with Section 3.5 by crediting the Investor’s or its designees’ account at DTC through its Deposit/Withdrawal at Custodian
(DWAC) system, and all such Shares and Maintenance Fee Shares shall be freely tradable and transferable and without restriction
on resale (and no stop-transfer order shall be placed against transfer thereof), and the Company shall not take any action or give
instructions to any transfer agent of the Company otherwise.

 

(iv)        Removal
of Legend. From and after the Effective Date, the Company shall, no later than two Trading Days following the delivery
by the Investor to the Company or the Company’s transfer agent (with notice to the Company) of a legended certificate representing
the Commitment Shares or Maintenance Fee Shares, as applicable (endorsed or with stock powers attached, signatures guaranteed,
and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), as directed by the Investor, either:
(A) issue and deliver (or cause to be issued and delivered) to the Investor a certificate representing such Commitment Shares or
Maintenance Fee Shares, as applicable, that is free from all restrictive and other legends or (B) cause the Company’s transfer
agent to credit the Investor’s or its designee’s account at DTC through its Deposit/Withdrawal at Custodian (DWAC)
system with a number of shares of Common Stock equal to the number of Commitment Shares or Maintenance Fee Shares, as applicable,
represented by the certificate so delivered by the Investor (the date by which such certificate is required to be delivered to
the Investor or such credit is so required to be made to the account of the Investor or its designee at DTC pursuant to the foregoing
is referred to herein as the “Required Delivery Date”). If the Company fails on or prior to the Required
Delivery Date to either (i) issue and deliver (or cause to be issued and delivered) to the Investor a certificate representing
the Commitment Shares or Maintenance Fee Shares, as applicable, that is free from all restrictive and other legends or (ii) cause
the Company’s transfer agent to credit the balance account of the Investor or its designee at DTC through its Deposit/Withdrawal
at Custodian (DWAC) system with a number of shares of Common Stock equal to the number of Commitment Shares or Maintenance Fee
Shares, as applicable, represented by the certificate delivered by the Investor pursuant hereto, then, in addition to all other
remedies available to the Investor, the Company shall, within three (3) Trading Days after the Investor’s request and in
the Investor’s sole discretion, either (i) pay cash to the Investor in an amount equal to the Investor’s total purchase
price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”),
at which point the Company’s obligation to deliver such certificate or credit the Investor’s balance account shall
terminate and such shares shall be cancelled, or (ii) promptly honor its obligation to deliver to the Investor a certificate or
certificates or credit the Investor’s DTC account representing such number of shares of Common Stock that would have been
issued if the Company timely complied with its obligations hereunder and pay cash to the Investor in an amount equal to the excess
(if any) of the Buy-In Price over the product of (A) such number of shares of Commitment Shares or Maintenance Fee Shares, as applicable,
that the Company was required to deliver to the Investor by the Required Delivery Date (B) the Closing Sale Price of the Common
Stock on the Trading Day immediately preceding the Required Delivery Date.

 

    	37

    	 

    

 

Section 10.2.      Specific
Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.

 

(i)          The
Company and the Investor acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
either party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement
by the other party and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss
and without any bond or other security being required), this being in addition to any other remedy to which either party may be
entitled by law or equity.

 

(ii)         Each
of the Company and the Investor (a) hereby irrevocably submits to the jurisdiction of the U.S. District Court and other courts
of the United States sitting in the State of New York for the purposes of any suit, action or proceeding arising out of or relating
to this Agreement, and (b) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum
or that the venue of the suit, action or proceeding is improper. Each of the Company and the Investor consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it
under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
in this Section 10.2 shall affect or limit any right to serve process in any other manner permitted by law.

 

(iii)        EACH
OF THE COMPANY AND THE INVESTOR HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR DISPUTES RELATING HERETO. EACH OF THE COMPANY AND THE INVESTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.2.

 

Section 10.3.      Entire
Agreement; Amendment. The Transaction Documents set forth the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations and understandings between
the parties, both oral and written, with respect to such matters. There are no promises, undertakings, representations or warranties
by either party relative to subject matter hereof not expressly set forth in the Transaction Documents. Except as provided in
Section 6.15, no provision of this Agreement may be amended by the parties from and after the date that is one Trading Day immediately
preceding the initial filing of the Registration Statement with the Commission. Subject to the immediately preceding sentence,
no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto. The Disclosure
Schedule and all exhibits to this Agreement are hereby incorporated by reference in, and made a part of, this Agreement as if
set forth in full herein.

 

    	38

    	 

    

 

Section 10.4.          Notices.
Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing and
shall be effective (a) upon hand delivery or facsimile (with facsimile machine confirmation of delivery received) at the address
or number designated below (if delivered on a business day during normal business hours where such notice is to be received),
or the first business day following such delivery (if delivered other than on a business day during normal business hours where
such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully
prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The address for such
communications shall be:

 

If to the Company:

 

Advaxis, Inc.

305 College Road East

Princeton, NJ 08540

Telephone Number: (609) 452-9813

Fax: (609) 452-9818

Attention: Mark J. Rosenblum

 

With a copy (which
shall not constitute notice) to:

 

Greenberg Traurig, LLP

The MetLife Building

200 Park Avenue

New York, NY 10166

Telephone Number: (212) 801-9200

Fax: (212) 801-6400

Attention: Robert H. Cohen

 

If to the Investor:

 

Hanover Holdings I, LLC, a New York

Limited Liability Company

c/o Magna Group

5 Hanover Square

New York, NY 10004

Telephone Number: (347) 491-4240

Fax: (646) 737-9948

Attention: Marc Manuel

 

Either party hereto may from time to time
change its address for notices by giving at least 10 days advance written notice of such changed address to the other party hereto.

 

Section 10.5.          Waivers.
No provision of this Agreement may be waived by the parties from and after the date that is one Trading Day immediately preceding
the initial filing of the Registration Statement with the Commission. Subject to the immediately preceding sentence, no provision
of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver
is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or privilege preclude other or further exercises thereof or of any
other right, power or privilege.

 

    	39

    	 

    

 

Section 10.6.          Headings.
The article, section and subsection headings in this Agreement are for convenience only and shall not constitute a part of this
Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof. 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.

 

Section 10.7.          Construction.
The parties agree that each of them and their respective counsel has reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents. In addition, each and every reference to share
prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for any stock splits, stock combinations,
stock dividends, recapitalizations and other similar transactions that occur on or after the date of this Agreement. Any reference
in this Agreement to “Dollars” or “$” shall mean the lawful currency of the United States of America.

 

Section 10.8.          Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. The Company may not assign this Agreement or any rights or obligations hereunder to any Person without the prior
written consent of the Investor, which may be withheld or delayed in the Investor’s sole discretion, including by any Fundamental
Transaction. The Investor may not assign its rights or obligations under this Agreement.

 

Section 10.9.          No
Third Party Beneficiaries. Except as expressly provided in Article IX, this Agreement is intended only 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.

 

Section 10.10.        Governing
Law. This Agreement shall be governed by and construed in accordance with the internal procedural and substantive laws
of the State of New York, without giving effect to the choice of law provisions of such state that would cause the application
of the laws of any other jurisdiction.

 

Section 10.11.        Survival.
The representations, warranties, covenants and agreements of the Company and the Investor contained in this Agreement shall survive
the execution and delivery hereof until the termination of this Agreement; provided, however, that (i) the provisions
of Article V (Representations and Warranties of the Company), Article VIII (Termination), Article IX (Indemnification) and this
Article X (Miscellaneous) shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii) so long
as the Investor owns any Securities, the covenants and agreements of the Company contained in Article VI (Additional Covenants),
shall remain in full force and effect notwithstanding such termination for a period of six months following such termination.

 

    	40

    	 

    

 

Section 10.12.         Counterparts.
This Agreement may be executed in counterparts, all of which taken together shall constitute one and the same original and binding
instrument and shall become effective when all counterparts have been signed by each party and delivered to the other parties
hereto, it being understood that all parties hereto need not sign the same counterpart. In the event any signature is delivered
by facsimile, digital or electronic transmission, such transmission shall constitute delivery of the manually executed original
and the party using such means of delivery shall thereafter cause four additional executed signature pages to be physically delivered
to the other parties within five days of the execution and delivery hereof. Failure to provide or delay in the delivery of such
additional executed signature pages shall not adversely affect the efficacy of the original delivery.

 

Section 10.13.         Publicity.
The Investor shall have the right to approve, prior to issuance or filing, any press release, Commission filing or any other public
disclosure made by or on behalf of the Company relating to the Investor, its purchases hereunder or any aspect of the Transaction
Documents or the transactions contemplated thereby; provided, however, that except as otherwise provided in this
Agreement, the Company shall be entitled, without the prior approval of the Investor, to make any press release or other public
disclosure (including any filings with the Commission) with respect thereto as is required by applicable law and regulations (including
the regulations of the Trading Market), so long as prior to making any such press release or other public disclosure, if reasonably
practicable, the Company and its counsel shall have provided the Investor and its counsel with a reasonable opportunity to review
and comment upon, and shall have consulted with the Investor and its counsel on the form and substance of, such press release
or other disclosure. For the avoidance of doubt, the Company shall not be required to submit for review any such disclosure (i)
contained in periodic reports filed with the Commission under the Exchange Act if it shall have previously provided the same disclosure
for review in connection with a previous filing or (ii) any Prospectus Supplement if it contains disclosure that does not reference
the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby.

 

Section 10.14.         Severability.
The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that
any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision
or part of a provision of this Agreement, and this Agreement shall be reformed and construed as if such invalid or illegal or
unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal
and enforceable to the maximum extent possible.

 

Section 10.15.         Further
Assurances. From and after the Closing Date, upon the request of the Investor or the Company, each of the Company and
the Investor shall execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable
to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

 

[Signature Page Follows] 

  

    	41

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed by their respective authorized officer as of the date first above written.

 

	 	ADVAXIS, INC.:
	 	 
	 	By: 	/s/ Thomas A. Moore
	 	Name: Thomas A. Moore
	 	Title: CEO/Chairman
	 	 
	 	HANOVER HOLDINGS I, LLC, a

New York Limited Liability

Company:
	 	 
	 	By: 	/s/ Joshua Sason
	 	Name: Joshua Sason
	 	Title: CEO

 

    	42

    	 

    

 

ANNEX
I TO THE

COMMON STOCK PURCHASE AGREEMENT

DEFINITIONS

 

“Acceptable
Transaction” shall have the meaning assigned to such term in Section 6.4(iii) hereof.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with a Person, as such terms are used in and construed under Rule 144. With respect to the Investor, without limitation,
any Person owning, owned by, or under common ownership with the Investor, and any investment fund or managed account that is managed
on a discretionary basis by the same investment manager as the Investor will be deemed to be an Affiliate.

 

“Aggregate
Limit” shall have the meaning assigned to such term in Section 2.1 hereof.

 

“Agreement”
shall have the meaning assigned to such term in the preamble hereof.

 

“Alternate
Transaction” shall have the meaning assigned to such term in Section 6.4(iii) hereof.

 

“Alternate
Transaction Notice” shall have the meaning assigned to such term in Section 6.4(ii) hereof.

 

“Announcement
Date” shall have the meaning assigned to such term in Section 3.8 hereof.

 

“ATM”
shall have the meaning assigned to such term in Section 6.4(iii) hereof.

 

“Average
Trading Volume” means the average trading volume of the Common Stock on the Trading Market for the 10 Trading Days
immediately prior to the applicable Draw Down Exercise Date.

 

“Below
Market Offering” shall have the meaning assigned to such term in Section 6.4(iii) hereof.

 

“Blackout
Period” shall have the meaning assigned to such term in Section 3.8 hereof.

 

“Broker-Dealer”
shall have the meaning assigned to such term in Section 6.14 hereof.

 

“Bylaws”
shall have the meaning assigned to such term in Section 5.3 hereof.

 

“Charter”
shall have the meaning assigned to such term in Section 5.3 hereof.

 

“Closing”
shall have the meaning assigned to such term in Section 2.2 hereof.

 

“Closing
Date” means the date of this Agreement.

 

    	i

    	 

    

 

“Closing
Sale Price” means, for any security as of any date, the last closing trade price for such security on the Trading
Market, as reported by Bloomberg L.P., or, if the Trading Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Bloomberg
L.P., or, if the Trading Market is not the principal securities exchange or trading market for such security, the last trade price
of such security on the principal securities exchange or trading market where such security is listed or traded as reported by
Bloomberg L.P., or if the foregoing does not apply, the last trade price of such security in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg L.P., or, if no last trade price is reported for such security
by Bloomberg L.P., the average of the ask prices of any market makers for such security as reported in the “pink sheets”
by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually
determined by the Company and the Investor.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commission”
means the U.S. Securities and Exchange Commission or any successor entity.

 

“Commission
Documents” shall mean (1) all reports, schedules, registrations, forms, statements, information and other documents
filed with or furnished to the Commission by the Company pursuant to the reporting requirements of the Exchange Act, including
all material filed or furnished pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, since October 31, 2011, including,
without limitation, the Annual Report on Form 10-K filed by the Company for its fiscal year ended October 31, 2011 (the “2011
Form 10-K”), and which hereafter shall be filed with or furnished to the Commission by the Company, including, without
limitation, the Current Report, (2) the Registration Statement, as the same may be amended from time to time, the Prospectus and
each Prospectus Supplement and (3) all information contained in such filings and all documents and disclosures that have been and
heretofore shall be incorporated by reference therein.

 

“Commitment
Shares” means 3,500,000 shares of Common Stock which, in connection with the execution and delivery of this Agreement
on the Closing Date, the Company has caused its transfer agent to issue and deliver to the Investor not later than 4:00 p.m. (New
York City time) on the second Trading Day immediately following the Closing Date.

 

“Common
Stock” shall have the meaning assigned to such term in the recitals hereof.

 

“Company”
shall have the meaning assigned to such term in the preamble hereof.

 

“Current
Market Price” means, with respect to any particular measurement date, the closing price of a share of Common Stock
as reported on the Trading Market for the Trading Day immediately preceding such measurement date.

 

“Current
Report” shall have the meaning assigned to such term in Section 2.3 hereof.

 

“Damages”
shall have the meaning assigned to such term in Section 9.1 hereof.

 

    	ii

    	 

    

 

“Disclosure
Schedule” shall have the meaning assigned to such term in the preamble to Article V hereof.

 

“Discount
Price” means a price equal to 90% of the arithmetic average of the five lowest Closing Sale Prices during the applicable
Pricing Period; provided, however, that if the VWAP does not exceed the applicable Floor Price for at least five
Trading Days during the applicable Pricing Period, then the “Discount Price” shall mean a price equal
to 90% of the arithmetic average of all of the Closing Sale Prices (if any) during such Pricing Period.

 

“Draw Down”
means the transactions contemplated in Article III of this Agreement with respect to any Draw Down Notice delivered by the Company
in accordance with Article III of this Agreement.

 

“Draw Down
Amount” means the actual amount of proceeds received by the Company pursuant to a Draw Down under this Agreement.

 

“Draw Down
Amount Requested” shall mean the specific numbers of shares of Common Stock requested by the Company in a Draw Down
Notice delivered pursuant to Section 3.1, up to the Maximum Draw Down Amount Requested.

 

“Draw Down
Exercise Date” shall have the meaning assigned to such term in Section 3.1 hereof.

 

“Draw Down
Notice” shall have the meaning assigned to such term in Section 3.1 hereof.

 

“DTC”
means The Depository Trust Company, or any successor thereto.

 

“Earnings
Announcement” shall have the meaning assigned to such term in Section 3.8 hereof.

 

“Earnings
8-K” shall have the meaning assigned to such term in Section 3.8 hereof.

 

“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval System.

 

“Effective
Date” means the first Trading Day immediately following the date on which the initial Registration Statement filed
pursuant to Section 2(a) of the Registration Rights Agreement is declared effective by the Commission.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

 

“FDA”
shall have the meaning assigned to such term in Section 5.16 hereof.

 

“Filing
Time” shall have the meaning assigned to such term in Section 3.8 hereof.

 

    	iii

    	 

    

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Floor
Price” is the lowest price at which the Company may sell Shares during the applicable Pricing Period as set forth
in the applicable Draw Down Notice (not taking into account the applicable Discount Price).

 

“Fundamental
Transaction” means that (i) the Company shall, directly or indirectly, in one or more related transactions, (1) consolidate
or merge with or into (whether or not the Company is the surviving corporation) another Person, with the result that the holders
of the Company’s capital stock immediately prior to such consolidation or merger together beneficially own less than 50%
of the outstanding voting power of the surviving or resulting corporation, or (2) sell, lease, license, assign, transfer, convey
or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (3) take action
to facilitate a purchase, tender or exchange offer by another Person that is accepted by the holders of more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or party to, or associated
or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or
scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common
Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), or
(5) reorganize, recapitalize or reclassify its Common Stock, or (ii) any “person” or “group” (as these
terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented
by issued and outstanding Common Stock.

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America as applied by the Company.

 

“Governmental
Licenses” shall have the meaning assigned to such term in Section 5.16 hereof.

 

“Indebtedness”
shall have the meaning assigned to such term in Section 5.11 hereof.

 

“Intellectual
Property” shall have the meaning assigned to such term in Section 5.16(b) hereof.

 

“Investment
Period” means the period commencing on the Effective Date and expiring on the date this Agreement is terminated pursuant
to Article VIII hereof.

 

“Investor”
shall have the meaning assigned to such term in the preamble hereof.

 

“Investor
Party” shall have the meaning assigned to such term in Section 9.1 hereof.

 

“Knowledge”
means the actual knowledge of the Company’s Chief Executive Officer or Chief Financial Officer.

 

    	iv

    	 

    

 

“Maintenance
Fee Shares” shall have the meaning assigned to such term in Section 10.1(i).

 

“Make Whole
Amount” shall have the meaning assigned to such term in Section 3.6 hereof.

 

“Material
Adverse Effect” means (i) any condition, occurrence, state of facts or event having any material adverse effect on
the legality, validity or enforceability of the Transaction Documents or the transactions contemplated thereby, (ii) any condition,
occurrence, state of facts or event having, or insofar as reasonably can be foreseen would likely have, any effect on the business,
operations, properties or financial condition of the Company that is material and adverse to the Company and its Subsidiaries,
taken as a whole, and/or (iii) any condition, occurrence, state of facts or event that would prohibit or otherwise materially interfere
with or delay the ability of the Company to perform any of its obligations under any of the Transaction Documents to which it is
a party; provided, however, that none of the following, individually or in the aggregate, shall be taken into account
in determining whether a Material Adverse Effect has occurred: (a) changes in conditions in the U.S. or global capital, credit
or financial markets generally, including changes in the availability of capital or currency exchange rates, provided such changes
shall not have affected the Company in a materially disproportionate manner as compared to other similarly situated companies;
(b) changes generally affecting the biotechnology or pharmaceutical industries, provided such changes shall not have affected
the Company in a materially disproportionate manner as compared to other similarly situated companies; (c) any effect of the
announcement of, or the consummation of the transactions contemplated by, this Agreement and the other Transaction Documents on
the Company’s relationships, contractual or otherwise, with customers, suppliers, vendors, bank lenders, strategic venture
partners or employees; and (d) the receipt of any notice that the Common Stock may be ineligible to continue listing or quotation
on the Trading Market, other than a final and non-appealable notice that the listing or quotation of the Common Stock on the Trading
Market shall be terminated on a date certain.

 

“Material
Agreements” shall have the meaning assigned to such term in Section 5.17 hereof.

 

“Maximum
Draw Down Amount Requested” means the product of (i) the Average Trading Volume and (ii) 3.0 provided, however,
that, solely for purposes of the initial Draw Down, the Maximum Draw Down Amount Requested shall equal the greater of (A) the product
of (i) the Average Trading Volume and (ii) 3.0 and (B) the quotient obtained by dividing (x) $400,000 by (y) the Closing Sale Price
of the Common Stock on the Trading Day immediately preceding the date hereof.

 

“Ownership
Limitation” shall have the meaning assigned to such term in Section 3.7 hereof.

 

“Person”
means any person or entity, whether a natural person, trustee, corporation, partnership, limited partnership, limited liability
company, trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority.

 

    	v

    	 

    

 

“Plan”
shall have the meaning assigned to such term in Section 5.21 hereof.

 

“Press
Release” shall have the meaning assigned to such term in Section 2.3 hereof.

 

“Pricing
Period” shall mean, with respect to each Draw Down, a period of 10 consecutive Trading Days commencing on the Pricing
Period start date set forth in the Draw Down Notice in accordance with Section 3.1 hereof.

 

“Prospectus”
means the prospectus in the form included in the Registration Statement, as supplemented from time to time by any Prospectus Supplement,
including the documents incorporated by reference therein.

 

“Prospectus
Supplement” means any prospectus supplement to the Prospectus filed with the Commission from time to time pursuant
to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein.

 

“Reference
Period” shall have the meaning assigned to such term in Section 6.4(ii) hereof.

 

“Registrable
Securities” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Registration
Rights Agreement” shall have the meaning assigned to such term in the recitals hereof.

 

“Registration
Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Regulation
D” shall have the meaning assigned to such term in the recitals hereof.

 

“Required
Delivery Date” shall have the meaning assigned to such term in Section 10.1(iv) hereto.

 

“Restricted
Period” shall have the meaning assigned to such term in Section 6.10(i) hereof.

 

“Restricted
Person” shall have the meaning assigned to such term in Section 6.10(i) hereof.

 

“Restricted
Persons” shall have the meaning assigned to such term in Section 6.10(i) hereof.

 

“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 having substantially the same effect.

 

“Section
4(a)(2)” shall have the meaning assigned to such term in the recitals hereof.

 

    	vi

    	 

    

 

“Securities”
means, collectively, the Shares, the Maintenance Fee Shares and the Commitment Shares.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 

“Settlement
Date” shall have the meaning assigned to such term in Section 3.5 hereof.

 

“Shares”
shall mean the whole shares of Common Stock that are and/or may be purchased by the Investor under this Agreement pursuant to one
or more Draw Downs, and not the Commitment Shares or the Maintenance Fee Shares.

 

“Short
Sales” shall mean “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act.

 

“Significant
Subsidiary” means any Subsidiary of the Company that would constitute a Significant Subsidiary of the Company within
the meaning of Rule 1-02 of Regulation S-X of the Commission.

 

“SOXA”
shall mean the Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission thereunder.

 

“Subsidiary”
shall mean any corporation or other entity of which at least a majority of the securities or other ownership interest having ordinary
voting power for the election of directors or other persons performing similar functions are at the time owned directly or indirectly
by the Company and/or any of its other Subsidiaries.

 

“Total
Commitment” shall have the meaning assigned to such term in Section 2.1 hereof.

 

“Trading
Day” shall mean a full trading day (beginning at 9:30 a.m., New York City time, and ending at 4:00 p.m., New York
City time) on the Trading Market.

 

“Trading
Market” means the Over-the-Counter Bulletin Board (it being understood that as used herein “Over-the-Counter
Bulletin Board” shall also mean any successor or comparable market quotation system or exchange to the Over-the-Counter Bulletin
Board such as the OTCQB operated by the OTC Markets Group, Inc.); provided, however, that in the event the Common
Stock is ever listed or quoted on the Nasdaq Global Market, the Nasdaq Global Select Market, the Nasdaq Capital Market, the New
York Stock Exchange, NYSE Arca or the NYSE MKT, than the “Trading Market” shall mean such other market
or exchange or any successor to the foregoing solely to the extent that such other market or exchange or successor is the principal
market on which the Common Stock is then listed, quoted or traded.

 

“Transaction
Documents” means, collectively, this Agreement (as qualified by the Disclosure Schedule) and the exhibits hereto,
the Registration Rights Agreement and each of the other agreements, documents, certificates and instruments entered into or furnished
by the parties hereto in connection with the transactions contemplated hereby and thereby.

 

    	vii

    	 

    

 

“VWAP”
means the volume weighted average price (the aggregate sales price of all trades of Common Stock during a Trading Day divided by
the total number of shares of Common Stock traded during such Trading Day) of the Common Stock during any Trading Day as reported
by Bloomberg L.P. using the AQR function.

 

“Warrant
Value” shall mean the fair value of all warrants, options and other similar rights issued to a third party in connection
with an Alternate Transaction, determined by using a standard Black-Scholes option-pricing model using a reasonable and appropriate
expected volatility percentage based on applicable volatility data from an investment banking firm of nationally recognized reputation.

 

    	viii

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]