Document:

Exhibit 4.2

 

FORM OF PRE-FUNDED COMMON STOCK WARRANT

 

THIS WARRANT AND THE SHARES OF COMMON
STOCK ISSUED UPON ITS

EXERCISE ARE SUBJECT TO THE RESTRICTIONS
ON

            TRANSFER
SET FORTH IN SECTION 5 OF THIS WARRANT       

 

	Warrant No. PFCS-[●]	Number of Shares: [●]
	 	(subject to adjustment)
	Date of Issuance: December 23, 2019	 
	Original Issue Date (as defined in subsection 2(a)): December 23, 2019	 

 

Selecta Biosciences, Inc.

 

Common Stock Purchase Warrant

 

(Void after December 23, 2024)

 

Selecta Biosciences, Inc., a Delaware corporation
(the “Company”), for value received, hereby certifies that [●], or its registered assigns (the “Registered
Holder”), is entitled, subject to the terms and conditions set forth below, to purchase from the Company, at any time
or from time to time on or after the date of issuance and on or before 5:00 p.m. (New York City time) on December 23, 2024 shares
of Common Stock, $0.0001 par value per share, of the Company (“Common Stock”), at a purchase price of $0.0001
per share. The shares purchasable upon exercise of this Warrant, and the purchase price per share, each as adjusted from time to
time pursuant to the provisions of this Warrant, are hereinafter referred to as the “Warrant Shares” and the
“Purchase Price,” respectively. This Warrant is one of the Common Stock Purchase Warrants (the “Warrants”)
issued pursuant to that certain Securities Purchase Agreement, dated as of December 18, 2019, by and among the Company and each
of the investors party thereto (the “Purchase Agreement”). Capitalized terms used herein have the respective
meanings ascribed thereto in the Purchase Agreement unless otherwise defined herein.

 

1. Exercise.

 

(a) Exercise
for Cash. Subject to the limitations set forth in Section 1(e), the Registered Holder may elect to exercise this Warrant, in
whole or in part and at any time or from time to time, by surrendering this Warrant, with the purchase form appended hereto as
Exhibit I duly executed by or on behalf of the Registered Holder, at the principal office of the Company, or at such
other office or agency as the Company may designate, accompanied by payment in full, in lawful money of the United States, of the
Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise.

 

     

     

    

 

(b) Cashless
Exercise. Subject to the limitations set forth in Section 1(e), the Registered Holder may also elect to exercise this Warrant,
in whole or in part, on a cashless basis, by surrendering this Warrant, with the purchase form appended hereto as Exhibit I
duly executed by or on behalf of the Registered Holder, at the principal office of the Company, or at such other office or
agency as the Company may designate, by canceling a portion of this Warrant in payment of the Purchase
Price payable in respect of the number of Warrant Shares purchased upon such exercise. In the event of an exercise pursuant to
this subsection 1(b), the number of Warrant Shares issued to the Registered Holder shall be determined according to the following
formula:

 

    [(A-B)*(X)]    

(A)

 

	 	Where: 
	 
	 	 	 
	 	A =	the VWAP on the Trading Day immediately preceding
    the date of such election;
	 	 	 
	 	B =	the Purchase Price then in effect; and
	 	 	 
	 	X =	the number of Warrant Shares for which this
    Warrant is being exercised (which shall include both the number of Warrant Shares issued to the Registered Holder and the
    number of Warrant Shares subject to the portion of the Warrant being cancelled in payment of the Purchase Price).

 

The “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (i) if the Common Stock is then
listed on the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital
Market or the New York Stock Exchange (such market, the “Trading Market”), the daily volume-weighted average
price of the Common Stock for such date (or the nearest preceding date) on the Trading Market as reported by Bloomberg Financial
L.P. (based on a “Trading Day” from 9:30 a.m. Eastern Time to 4:02 p.m. Eastern Time); (ii) the volume-weighted
average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board; (iii) if the Common
Stock is not then listed on a Trading Market or quoted on the OTC Bulletin Board and if prices for the Common Stock are then reported
in the “Pink Sheets” published by the Pink Sheets, LLC (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per share of the Common Stock so reported; or (iv) in all other cases, the fair
market value of a share of Common Stock as determined by a good faith determination of the Company’s Board of Directors.

 

(c) Exercise
Date. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the
day on which this Warrant shall have been surrendered to the Company as provided in subsection 1(a) or 1(b) above (the “Exercise
Date”). At such time, the person or persons in whose name or names any certificates for Warrant Shares shall be issuable
upon such exercise as provided in subsection 1(d) below shall be deemed to have become the holder or holders of record of the Warrant
Shares represented by such certificates.

 

(d) Issuance
Upon Exercise. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within 5 days
thereafter, the Company, at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as
the Registered Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct:

 

(i) a
certificate or certificates for the number of full Warrant Shares to which the Registered Holder shall be entitled upon such exercise
transmitted by the transfer agent of the Company to the Registered Holder in electronic book entry form to the account
of such Registered Holder or, upon request of the Registered Holder, by physical delivery to the address specified by the Registered
Holder, plus, in lieu of any fractional share to which the Registered Holder would otherwise be entitled, cash in an amount
determined pursuant to Section 3 hereof; and

 

    - 2 -

     

    

 

(ii) in
case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on
the face or faces thereof for the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number
of such shares called for on the face of this Warrant minus the number of Warrant Shares for which this Warrant was so exercised
(which, in the case of an exercise pursuant to subsection 1(b), shall include both the number of Warrant Shares issued to the Registered
Holder pursuant to such partial exercise and the number of Warrant Shares subject to the portion of the Warrant being cancelled
in payment of the Purchase Price). 

 

(e) Limitations
on Exercise. Subject to the last sentence of this Section 1(e), the Company shall not effect the exercise of this Warrant,
and the Registered Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such exercise,
such Registered Holder (together with such Registered Holder’s Affiliates and any other Persons acting as a group together)
would beneficially own in excess of 9.999% (the “Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by such Person and its Affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock
which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Person
and its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
beneficially owned by such Person and its Affiliates (including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. For purposes
of this Warrant, in determining the number of outstanding shares of Common Stock, the Registered Holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Form 10-K, Proxy Statement, Form 10-Q,
Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more
recent public announcement by the Company or (3) any other notice by the Company or the Company’s transfer agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Registered
Holder, where such request indicates that it is being made pursuant to this Warrant, the Company shall within one (1) Trading
Day confirm orally and in writing to the Registered Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including the Warrants, by the Registered Holder and its Affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. Upon delivery of a written notice to the Company, the Registered Holder may from
time to time increase or decrease the Maximum Percentage to any other percentage as specified in such notice; provided that in
no event shall such Maximum Percentage be increased to more than 19.99%; provided, further, that (i) any such increase in the
Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii)
any such increase or decrease will apply only to the Registered Holder and not to any other holder of Warrants. For purposes of
clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not
be deemed to be beneficially owned by the Registered Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1)
of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(e) to the
extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended
beneficial ownership limitation contained in this Section 1(e) or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations set forth in this Section 1(e) shall not apply to exercises of this Warrant that
occur prior to and expressly in connection with the Company’s consummation of a Fundamental Transaction. Unless earlier
exercised, this Warrant shall automatically be deemed exercised in accordance with the provisions of Section 1(b) hereof immediately
prior to the consummation of a Fundamental Transaction. “Fundamental Transaction” means that (A) the Company
shall, directly or indirectly, in one or more related transactions, (i) consolidate or merge with or into (whether or not
the Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose of
all or substantially all of the properties or assets of the Company to another Person, or (iii) allow another Person to make
a purchase, tender or exchange offer 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 (iv) consummate a stock 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 purchase agreement or other business combination) or (B) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall
become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly,
of more than 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock.

 

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2. Adjustments.

 

(a) Adjustment
for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date on which this Warrant
was first issued (or, if this Warrant was issued upon partial exercise of, or in replacement of, another warrant of like tenor,
then the date on which such original warrant was first issued) (either such date being referred to as the “Original Issue
Date”) effect a subdivision of the outstanding Common Stock, the Purchase Price then in effect immediately before that
subdivision shall be proportionately decreased. If the Company shall at any time or from time to time after the Original Issue
Date combine the outstanding shares of Common Stock, the Purchase Price then in effect immediately before the combination shall
be proportionately increased. Any adjustment under this paragraph shall become effective at the close of business on the date the
subdivision or combination becomes effective.

 

(b) Adjustment
for Certain Dividends and Distributions. In the event the Company at any time, or from time to time after the Original Issue
Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend
or other distribution payable in additional shares of Common Stock, then and in each such event the Purchase Price then in effect
immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have
been fixed, as of the close of business on such record date, by multiplying the Purchase Price then in effect by a fraction:

 

(1) the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date, and

 

(2) the
denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such
dividend or distribution;

 

provided, however, that if such record date shall
have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Purchase
Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Purchase Price shall be
adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.

 

(c) Adjustment
in Number of Warrant Shares. When any adjustment is required to be made in the Purchase Price pursuant to subsections 2(a)
or 2(b), the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the number determined by
dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such
adjustment, multiplied by the Purchase Price in effect immediately prior to such adjustment, by (ii) the Purchase Price in
effect immediately after such adjustment.

 

(d) Adjustments
for Other Dividends and Distributions. In the event the Company at any time or from time to time after the Original Issue Date
shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other
distribution payable in securities of the Company (other than shares of Common Stock) or in cash or other property (other than
regular cash dividends paid out of earnings or earned surplus, determined in accordance with generally accepted accounting principles),
then and in each such event provision shall be made so that the Registered Holder shall receive upon exercise hereof, in addition
to the number of shares of Common Stock issuable hereunder, the kind and amount of securities of the Company, cash or other property
which the Registered Holder would have been entitled to receive had this Warrant been exercised on the date of such event and had
the Registered Holder thereafter, during the period from the date of such event to and including the Exercise Date, retained any
such securities receivable during such period, giving application to all adjustments called for during such period under this Section
2 with respect to the rights of the Registered Holder.

 

    - 4 -

     

    

 

(e) Adjustment
for Reorganization. If there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving
the Company in which the Common Stock is converted into or exchanged for securities, cash or other property (other than a transaction
covered by subsections 2(a), 2(b) or 2(d)) (collectively, a “Reorganization”), then, following such Reorganization,
the Registered Holder shall receive upon exercise hereof the kind and amount of securities, cash or other property which the Registered
Holder would have been entitled to receive pursuant to such Reorganization if such exercise had taken place immediately prior
to such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the
application of the provisions set forth herein with respect to the rights and interests thereafter of the Registered Holder, to
the end that the provisions set forth in this Section 2 (including provisions with respect to changes in and other adjustments
of the Purchase Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities, cash or
other property thereafter deliverable upon the exercise of this Warrant.

 

(f) Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Purchase Price pursuant to this Section 2,
the Company at its expense shall, as promptly as reasonably practicable but in any event not later than 10 days thereafter, compute
such adjustment or readjustment in accordance with the terms hereof and furnish to the Registered Holder a certificate setting
forth such adjustment or readjustment (including the kind and amount of securities, cash or other property for which this Warrant
shall be exercisable and the Purchase Price). The Company shall, as promptly as reasonably practicable after the written request
at any time of the Registered Holder (but in any event not later than 10 days thereafter), furnish or cause to be furnished to
the Registered Holder a certificate setting forth (i) the Purchase Price then in effect and (ii) the number of shares
of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the exercise of
this Warrant. 

 

(g) All
calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.

 

3. Fractional
Shares. The Company shall not be required upon the exercise of this Warrant to issue any fractional shares, but shall pay the
value thereof to the Registered Holder in cash on the basis of the VWAP used in connection with the calculation set forth in subsection
1(b) above upon the applicable exercise.

 

4. Investment
Representations. The initial Registered Holder represents and warrants to the Company as follows:

 

(a) Investment.
The Registered Holder is acquiring the Warrant, and (if and when the Registered Holder exercises this Warrant) the Registered Holder
will acquire the Warrant Shares, for the Registered Holder’s own account for investment and not with a view to, or for sale
in connection with, any distribution thereof, nor with any present intention of distributing or selling the same; and the Registered
Holder has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for
the disposition thereof. 

 

(b) Accredited
Investor. The Registered Holder is an "accredited investor" as defined in Rule 501(a) under the 1933 Act.

 

(c) Experience.
The Registered Holder has made such inquiry concerning the Company and its business and personnel the Registered Holder he has
deemed appropriate; and the Registered Holder has sufficient knowledge and experience in finance and business that the Registered
Holder is capable of evaluating the risks and merits of the Registered Holder’s investment in the Company.

 

    - 5 -

     

    

 

5. Transfers,
etc.

 

(a) This
Warrant and the Warrant Shares shall not be sold or transferred unless either (i) they first shall have been registered under
the Act, or (ii) the Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to
the Company, to the effect that such sale or transfer is exempt from the registration requirements of the Act. 

 

(b) The
Registered Holder acknowledges and agrees that the Warrant Shares shall be subject to the restrictive legend requirements set forth
in that certain Securities Purchase Agreement, dated December 18, 2019, between the Company and the investors named therein.

 

(c) The
Company will maintain a register containing the name and address of the Registered Holder of this Warrant. The Registered Holder
may change the Registered Holder’s address as shown on the warrant register by written notice to the Company requesting such
change.

 

(d) Subject
to the provisions of Section 5 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal office of the
Company (or, if another office or agency has been designated by the Company for such purpose, then at such other office or agency).

 

6. Notices
of Record Date, etc. In the event:

 

(a) the
Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any
right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right; or

 

(b) of any
capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of
the Company with or into another corporation (other than a consolidation or merger in which the Company is the surviving entity
and its Common Stock is not converted into or exchanged for any other securities or property), or any transfer of all or substantially
all of the assets of the Company; or

 

(c) of the
voluntary or involuntary dissolution, liquidation or winding-up of the Company,

 

then, and in each such case, the Company will send or
cause to be sent to the Registered Holder a notice specifying, as the case may be, (i) the record date for such dividend,
distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on
which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to
take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other stock or
securities at the time deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common
Stock (or such other stock or securities) for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up. Such notice shall be sent at least
3 days prior to the record date or effective date for the event specified in such notice, and the Registered Holder shall
keep any such notice confidential.

 

7. Reservation
of Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise of this
Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be issuable upon
the exercise of this Warrant. Such reservation shall comply without regard to the provisions of Section 1(e).

 

    - 6 -

     

    

 

8. Exchange
or Replacement of Warrants. 

 

(a) Upon
the surrender by the Registered Holder, properly endorsed, to the Company at the principal office of the Company, the Company will,
subject to the provisions of Section 5 hereof, issue and deliver to or upon the order of the Registered Holder, at the Company’s
expense, a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered Holder (upon payment
by the Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for
the number of shares of Common Stock (or other securities, cash and/or property) then issuable upon exercise of this Warrant.

 

(b) Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in
the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount
reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company
will issue, in lieu thereof, a new Warrant of like tenor.

 

9. Notices.
All notices and other communications from the Company to the Registered Holder in connection herewith shall be mailed by certified
or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business day
delivery, to the address last furnished to the Company in writing by the Registered Holder. All notices and other communications
from the Registered Holder to the Company in connection herewith shall be mailed by certified or registered mail, postage prepaid,
or sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, to the Company at its principal
office set forth below. If the Company should at any time change the location of its principal office to a place other than as
set forth below, it shall give prompt written notice to the Registered Holder and thereafter all references in this Warrant to
the location of its principal office at the particular time shall be as so specified in such notice. All such notices and communications
shall be deemed delivered (i) two business days after being sent by certified or registered mail, return receipt requested,
postage prepaid, or (ii) one business day after being sent via a reputable nationwide overnight courier service guaranteeing
next business day delivery.

 

10. No
Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder shall not have or exercise any rights by
virtue hereof as a stockholder of the Company. Notwithstanding the foregoing, in the event (i) the Company effects a split
of the Common Stock by means of a stock dividend and the Purchase Price of and the number of Warrant Shares are adjusted as of
the date of the distribution of the dividend (rather than as of the record date for such dividend), and (ii) the Registered
Holder exercises this Warrant between the record date and the distribution date for such stock dividend, the Registered Holder
shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired
upon such exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date
for such stock dividend.

 

11. Amendment
or Waiver. Any term of this Warrant may be amended or waived only by an instrument in writing signed by the party against
which enforcement of the change or waiver is sought. No waivers of any term, condition or provision of this Warrant, in any one
or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

12. Section
Headings. The section headings in this Warrant are for the convenience of the parties and in no way alter, modify, amend,
limit or restrict the contractual obligations of the parties.

 

13. Governing
Law. This Warrant shall be governed by, and construed in accordance with, the internal laws of the Commonwealth of Massachusetts
without regard to the choice of law principles thereof that would result in the application of the laws of any other jurisdiction.

 

14. Facsimile
Signatures. This Warrant may be executed by facsimile signature.

 

[remainder of page intentionally left blank]

 

    - 7 -

     

    

 

EXECUTED as of the Date of Issuance indicated
above.

 

	 	SELECTA
    BIOSCIENCES, INC.
	 	 
	 	 
	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	              

 

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EXHIBIT I

 

PURCHASE FORM

 

	To:_________________	 	 	 	Dated:____________

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant (No. ___), hereby elects to purchase (check applicable box):

 

 ̈      
____ shares of the Common Stock of Selecta Biosciences, Inc. covered by such Warrant;
or

 

 ̈       the
maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in subsection 1(b).

 

The undersigned herewith makes payment of
the full purchase price for such shares at the price per share provided for in such Warrant. Such payment takes the form of (check
applicable box or boxes):

 

		 ̈	$______ in lawful money of the United States; and/or

 

		 ̈	the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(b),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 1(b).

 

	 	Signature:	 
	 	 
	 	Address:	 
	 	 
	 	 	 

 

    - 9 -

     

    

 

EXHIBIT II

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, ________________________________________
hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant (No. ____) with respect to
the number of shares of Common Stock of Selecta Biosciences, Inc. covered thereby set forth below, unto:

 

	Name of Assignee	Address	No. of Shares
	 	 	 
	 	 	 
	 	 	 

 

	Dated:	 	 	 	Signature:	 

 

	Signature Guaranteed:	 

 

	By:	 	 	 
	 

    - 10 -Exhibit 10.1

 

Execution Version

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (this
“Agreement”) is made and entered into as of December 18, 2019 by and among Selecta Biosciences, Inc., a Delaware
corporation (the “Company”), and the Investors identified on Exhibit A attached hereto (each an “Investor”
and collectively the “Investors”).

 

Recitals

 

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

 

B.                
The Investors wish to purchase from the Company, and the Company wishes to sell and issue to the Investors, upon the terms
and subject to the conditions stated in this Agreement, (i) shares (the “Shares”) of the Company’s Common
Stock, par value $0.0001 per share (the “Common Stock”),(ii) warrants in the form attached hereto as Exhibit
B-1 to purchase Common Stock (each, a “Common Warrant” and collectively, the “Common Warrants”)
and (iii) pre-funded warrants in the form attached hereto as Exhibit B-2 to purchase Common Stock (each, a “Pre-Funded
Common Warrant” and collectively, the “Pre-Funded Common Warrants” and, together with the Common Warrants,
the “Warrants”); and

 

C.                
Contemporaneously with the sale of the Shares and Common Warrants, the parties hereto will execute and deliver a Registration
Rights Agreement, in the form attached hereto as Exhibit C (the “Registration Rights Agreement”),
pursuant to which the Company will agree to provide certain registration rights in respect of the Shares and Common Warrant Shares
(as defined below) under the 1933 Act, and the rules and regulations promulgated thereunder, and applicable state securities laws.

 

In consideration of the mutual promises
made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.                 
Definitions. For the purposes of this Agreement, the following terms shall have the meanings set forth below:

 

“Affiliate” means, with
respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is controlled
by, or is under common Control with, such Person.

 

“Business Day” means
a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

 

“Closing” has the meaning
set forth in Section 3.1.

 

“Closing Date” has the
meaning set forth in Section 3.1.

 

    

     

    

 

“Closing Securities”
means the Shares and the Warrants.

 

“Common Warrants” has
the meaning set forth in the Recitals.

 

“Common Warrant Shares”
means the shares of Common Stock issuable upon exercise of the Common Warrants.

 

“Company’s Knowledge”
means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company.

 

“Control” (including
the terms “controlling”, “controlled by” or “under common control with”) means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

 

“Disclosure Schedules”
has the meaning set forth in Section 4.

 

“Environmental Laws”
has the meaning set forth in Section 4.16.

 

“FDA” has the meaning
set forth in Section 4.27.

 

“GAAP” has the meaning
set forth in Section 4.18.

 

“Intellectual Property”
means all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, trade secrets,
licenses, domain names, information and proprietary rights and processes.

 

“Investor Questionnaire”
has the meaning set forth in Section 3.1.

 

“Material Adverse Effect”
means a material adverse effect on (i) the assets, liabilities, results of operations, financial condition or business of
the Company and its Subsidiaries taken as a whole, (ii) the legality or enforceability of any of the Transaction Documents
or (iii) the ability of the Company to perform its obligations under the Transaction Documents; provided, however,
that in no event shall any of the following occurring after the date hereof, alone or in combination, be deemed to constitute,
or be taken into account in determining whether a Material Adverse Effect has occurred any effect caused by the announcement or
pendency of the transactions contemplated by the Transaction Documents, or the identity of any Investor or any of its Affiliates
as the purchaser in connection with the transactions contemplated by this Agreement or the Registration Rights Agreement.

 

“Material Contract” means
any contract, instrument or other agreement to which the Company is a party or by which it is bound which is material to the business
of the Company, including those that have been filed as an exhibit to the SEC Filings pursuant to Item 601(b)(10) of Regulation
S-K.

 

“Nasdaq” means The Nasdaq
Global Market.

 

    2

     

    

 

“Person” means an individual,
corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole
proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein.

 

“Placement Agent” means
Cantor Fitzgerald & Co.

 

“Pre-Funded Common Warrants”
has the meaning set forth in the Recitals.

 

“Pre-Funded Common Warrant Shares”
means the shares of Common Stock issuable upon exercise of the Pre-Funded Common Warrants.

 

“Press Release” has the
meaning set forth in Section 9.7.

 

“Registration Rights Agreement”
has the meaning set forth in the Recitals.

 

“Required Investors”
has the meaning set forth in the Registration Rights Agreement.

 

“SEC Filings” has the
meaning set forth in Section 4.

 

“Securities” means the
Shares, the Warrants and the Warrant Shares.

 

“Selling Stockholder Questionnaire”
has the meaning set forth in Section 3.1.

 

“Shares” has the meaning
set forth in the Recitals.

 

“Short Sales” means all
“short sales” as defined in Rule 200 of Regulation SHO under the 1934 Act (but shall not be deemed to include the location
and/or reservation of borrowable shares of Common Stock).

 

“Subscription Amount”
means, as to an Investor, the aggregate amount to be paid for the Closing Securities purchased hereunder as specified opposite
such Investor’s name on Exhibit A attached hereto, under the column entitled “Aggregate Purchase Price of Closing
Securities,” in U.S. Dollars and in immediately available funds.

 

“Subsidiaries” has the
meaning set forth in Section 4.1.

 

“Trading Day” means a
day on which Nasdaq is open for trading.

 

“Transfer Agent” has
the meaning set forth in Section 7.5.

 

“Transaction Documents”
means this Agreement, the Warrants and the Registration Rights Agreement.

 

“Warrants” has the meaning
set forth in the Recitals.

 

“Warrant Shares” means
the shares of Common Stock issuable upon exercise of the Warrants.

 

    3

     

    

 

“1933 Act” has the meaning
set forth in the Recitals.

 

“1934 Act” means the
Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 

2.                 
Purchase and Sale of the Shares and Warrants. On the Closing Date, upon the terms and subject to the conditions set
forth herein, the Company will issue and sell, and the Investors will purchase, severally and not jointly, (i) the number of Shares
set forth opposite the name of such Investor under the heading “Number of Shares to be Purchased” on Exhibit A
attached hereto, at a price per Share equal to $1.46, (ii) the number of Common Warrants set forth opposite the name of such Investor
under the heading “Number of Common Warrants to be Purchased” on Exhibit A attached hereto, each with an exercise
price equal to $1.46 per Common Warrant Share (subject to adjustment as provided therein), and (iii) the number of Pre-Funded Common
Warrants set forth opposite the name of such Investor under the heading “Number of Pre-Funded Common Warrants to be Purchased”
on Exhibit A attached hereto, each with an exercise price equal to $0.0001 per Pre-Funded Common Warrant Share (subject
to adjustment as provided therein).

 

3.                 
Closing.

 

3.1.               
The closing of the purchase and sale of the Closing Securities (which Closing Securities are set forth in the Schedule of
Investors) pursuant to this Agreement (the “Closing”) shall be held no later than 10:00 AM (Eastern Time) on
December 23, 2019 at the offices of Latham & Watkins LLP, 200 Clarendon Street, Boston, Massachusetts 02116, or on such other
date and place as may be agreed to by the Company and the Investors (the “Closing Date”). At or prior to the
Closing, each Investor shall execute any related agreements or other documents required to be executed hereunder, dated on or before
the Closing Date, including but not limited to the Investor Questionnaire and the Selling Stockholder Notice and Questionnaire
in the forms attached hereto as Appendix I and Appendix II (the “Investor Questionnaire” and the
“Selling Stockholder Questionnaire,” respectively).

 

3.2.               
On the Closing Date, each Investor shall deliver or cause to be delivered to the Company the Subscription Amount via wire
transfer of immediately available funds pursuant to the wire instructions delivered to such Investor by the Company on or prior
to the Closing Date.

 

3.3.               
At or before the Closing, the Company shall deliver or cause to be delivered to each Investor (i) the number of Shares,
registered in the name of the Investor in book entry form, in the amount set forth opposite the name of such Investor under the
heading “Number of Shares to be Purchased” on Exhibit A attached hereto, (ii) the number of Common Warrants
set forth opposite the name of such Investor under the heading “Number of Common Warrants to be Purchased” on Exhibit
A attached hereto, registered in the name of the Investor, and (iii) the number of Pre-Funded Common Warrants set forth opposite
the name of such Investor under the heading “Number of Pre-Funded Common Warrants to be Purchased” on Exhibit A
attached hereto, registered in the name of the Investor.

 

    4

     

    

 

4.                 
Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors that,
except as set forth in the schedules delivered herewith (collectively, the “Disclosure Schedules”), if any,
and except as otherwise described in the Company’s filings pursuant to the 1934 Act (collectively, the “SEC Filings”),
which qualify these representations and warranties in their entirety, as of the date hereof:

 

4.1.               
Organization, Good Standing and Qualification. The Company is an entity duly incorporated, validly existing and in
good standing under the laws of the State of Delaware, with the requisite corporate power and authority to own or lease and use
its properties and assets, to execute and deliver the Transaction Documents, to carry out the provisions of the Transaction Documents,
to issue and sell the Closing Securities and to carry on its business as presently conducted and as proposed to be conducted as
described in the SEC Filings. Each of the Company’s Subsidiaries required to be disclosed pursuant to Item 601(b)(21)
of Regulation S-K in an exhibit to its annual report on Form 10-K filed with the SEC for the year ended December 31, 2018 (the
“Subsidiaries”) is an entity duly incorporated or otherwise organized, validly existing and in good standing
(to the extent such concept exists in the relevant jurisdiction) under the laws of the jurisdiction of its incorporation or organization,
as applicable, and has all requisite power and authority to carry on its business to own and use its properties. Neither the Company
nor any of its Subsidiaries is in violation or default of any of the provisions of its respective articles of association, charter,
certificate of incorporation, bylaws, limited partnership agreement or other organizational or constitutive documents. Each of
the Company and its Subsidiaries is duly qualified to do business as a foreign entity and is in good standing (to the extent such
concept exists in the relevant jurisdiction) in each jurisdiction in which the conduct of its business or its ownership or leasing
of property makes such qualification necessary, except to the extent any failure to so qualify has not had and would not reasonably
be expected to have a Material Adverse Effect.

 

4.2.               
Authorization. The Company has the requisite corporate power and authority and has taken all requisite corporate
action necessary for, and no further action on the part of the Company, its officers, directors and stockholders is necessary for,
(i) the authorization, execution and delivery of the Transaction Documents, (ii) the authorization of the performance
of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance (or reservation for issuance)
and delivery of the Closing Securities. The Company’s execution and delivery of each of the Transaction Documents and the
consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary board
and stockholder action. Each of the Transaction Documents has been duly executed and delivered by the Company and, assuming due
authorization, execution and delivery by the Investors, constitutes valid and binding obligations of the Company enforceable in
accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws
of general application affecting enforcement of creditors’ rights, (b) general principles of equity that restrict the availability
of equitable remedies and (c) to the extent that the enforceability of indemnification provisions may be limited by applicable
laws.

 

    5

     

    

 

4.3.                Capitalization. Schedule 4.3
sets forth as of the date hereof (a) the authorized capital stock of the Company; (b) the number of shares of
capital stock issued and outstanding; (c) the number of shares of capital stock issuable pursuant to the Company’s
stock plans; and (d) the number of shares of capital stock issuable and reserved for issuance pursuant to securities
(other than the Closing Securities, Warrant Shares and any other shares of Common Stock being issued by the Company pursuant
to this Agreement) exercisable for, or convertible into or exchangeable for any shares of capital stock of the Company. All
of the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and
are fully paid, nonassessable and none of such shares were issued in violation of any pre-emptive rights and such shares were
issued in compliance in all material respects with applicable state and federal securities law and any rights of third
parties. Except as described on Schedule 4.3, no Person is entitled to pre-emptive or similar statutory or
contractual rights with respect to the issuance by the Company of any securities of the Company. Except as described on Schedule 4.3,
there are no outstanding warrants, options, convertible securities or other rights, agreements or arrangements of any
character under which the Company is or may be obligated to issue any equity securities of any kind and except as
contemplated by this Agreement. Except as described on Schedule 4.3 and except for the Registration Rights
Agreement, there are no voting agreements, buy-sell agreements, option or right of first purchase agreements or other
agreements of any kind among the Company and any of the security holders of the Company relating to the securities of the
Company held by them. Except as described on Schedule 4.3 and except as provided in the Registration Rights
Agreement, no Person has the right to require the Company to register any securities of the Company under the 1933 Act,
whether on a demand basis or in connection with the registration of securities of the Company for its own account or for the
account of any other Person. The issuance and sale of the Closing Securities hereunder will not obligate the Company to issue
shares of Common Stock or other securities to any other Person (other than the Investors) and will not result in the
adjustment of the exercise, conversion, exchange or reset price of any outstanding security.

 

4.4.               
Valid Issuance. The Shares have been duly and validly authorized and, when issued and paid for pursuant to this Agreement,
will be validly issued, fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions (other than
those waived or created by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed
by applicable securities laws. The Warrants have been duly and validly authorized and, when issued and paid for pursuant to this
Agreement, will be validly issued. The Warrant Shares have been duly and validly authorized and reserved for issuance and, upon
exercise of the Warrants in accordance with their terms, including the payment of any exercise price therefor, will be validly
issued, fully paid and nonassessable and will be free and clear of all encumbrances and restrictions (other than those created
by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities
laws. Assuming the accuracy of the representations and warranties of the Investors in this Agreement, the Closing Securities will
be issued in compliance with all applicable federal and state securities laws.

 

4.5.                Consents.
The execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and sale of the
Closing Securities require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency,
or official other than filings that have been made pursuant to applicable state securities laws and post-sale
filings pursuant to applicable state and federal securities laws and the rules and regulations of Nasdaq, which the Company
undertakes to file within the applicable time periods, and other than the registration statement required to be filed by the
Registration Rights Agreement, except as have already been made, obtained or waived or where the failure to obtain any such
approval, authorization, consent, order or filing would not impair the ability of the Company to issue and sell the Shares or
to consummate the transactions contemplated by this Agreement.

 

    6

     

    

 

4.6.               
Delivery of SEC Filings. True and complete copies of the SEC Filings have been made available by the Company to the
Investors through the Electronic Data Gathering, Analysis, and Retrieval system (the “EDGAR System”) (other
than any information for which the Company has received confidential treatment from the SEC).

 

4.7.               
No Material Adverse Change. Since September 30, 2019, except as specifically set forth in a subsequent SEC Filing,
there has not been:

 

(i)              
any change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the
financial statements included in the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2019,
except for changes in the ordinary course of business which have not had and would not reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect;

 

(ii)             
any declaration or payment by the Company of any dividend, or any authorization or payment by the Company of any distribution,
on any of the capital stock of the Company, or any redemption or repurchase by the Company of any securities of the Company;

 

(iii)           
any material damage, destruction or loss, whether or not covered by insurance, to any assets or properties of the Company;

 

(iv)            
any waiver, not in the ordinary course of business, by the Company of a material right or of a material debt owed to it;

 

(v)             
any satisfaction or discharge of a material lien, claim or encumbrance or payment of any obligation by the Company, except
in the ordinary course of business;

 

(vi)            
any change or amendment to the Company’s Certificate of Incorporation or Bylaws, or termination of or material amendment
to any contract of the Company that the Company is required to file with the SEC pursuant to Item 601(b)(10) of Regulation S-K;

 

(vii)          
any material labor difficulties or, to the Company’s Knowledge, labor union organizing activities with respect to
employees of the Company;

 

(viii)         
any material transaction entered into by the Company other than in the ordinary course of business;

 

(ix)            
the loss of the services of any executive officer (as defined in Rule 405 under the 1933 Act) of the Company; or

 

    7

     

    

 

(x)              
any other event or condition that, to the Company’s Knowledge, has had or would reasonably be expected to have a Material
Adverse Effect.

 

4.8.               
SEC Filings. The Company has filed all reports, schedules, forms, statements and other documents required to be filed
by the Company under 1933 Act and the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, for the one year
preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material). At the
time of filing thereof, such SEC Filings complied as to form in all material respects with the requirements of the 1933 Act or
1934 Act, as applicable, and, as of their respective dates, did not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary in order to make the statements made therein, in the light of
the circumstances under which they were made, not misleading.

 

4.9.               
No Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction Documents by
the Company and the issuance and sale of the Closing Securities in accordance with the provisions thereof will not (i) conflict
with or result in a breach or violation of (a) any of the terms and provisions of, or constitute a default under, the Company’s
Certificate of Incorporation or Bylaws, both as in effect on the date hereof (true and complete copies of which have been made
available to the Investors through the EDGAR system), or (b) assuming the accuracy of the representations and warranties in
Section 5, any applicable statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign,
having jurisdiction over the Company or its Subsidiaries, or any of their assets or properties, or (ii) conflict with, or
constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation
of any lien, encumbrance or other adverse claim upon any of the properties or assets of the Company or its Subsidiaries or give
to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of,
any Material Contract except, in the case of clauses (i)(b) and (ii) only, for such conflicts, breaches, violations and defaults
as have not and would not reasonably be expected to have a Material Adverse Effect. This Section does not relate to matters with
respect to tax status, which are the subject of Section 4.11, employee relations and labor matters, which are the subject
of Section 4.14, intellectual property, which are the subject of Section 4.15, and environmental laws, which are the subject
of Section 4.16.

 

4.10.             
Compliance.  The Company is not (i) in default under or in violation of (and no event has occurred that
has not been waived that, with notice or lapse of time or both, would result in a default by the Company under), nor has the Company
received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or
any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such
default or violation has been waived), (ii) in violation of any judgment, decree or order of any court, arbitrator or governmental
body or (iii) in violation of any statute, rule, ordinance or regulation of any governmental authority, including without
limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety,
product quality and safety and employment and labor matters, except in each case as would not have or reasonably be expected to
result in a Material Adverse Effect.

 

    8

     

    

 

4.11.           
Tax Matters. The Company and its Subsidiaries have filed all material tax returns (subject to permitted exceptions)
required to have been filed by the Company or its Subsidiaries with all appropriate governmental agencies and have paid all material
taxes shown thereon or otherwise owed by them, other than those being contested in good faith and for which adequate reserves have
been provided. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to
in Section 4.18 below in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax
liability of the Company or its Subsidiaries has not been finally determined, except to the extent of any inadequacy that would
not reasonably be expected to result in a Material Adverse Effect. There are no material tax liens or claims pending or, to the
Company’s Knowledge, threatened against the Company or any of its Subsidiaries or any of their respective assets or property.

 

4.12.           
Title to Properties. The Company and its Subsidiaries have good and marketable title to all real properties and
all other tangible properties and assets owned by them, in each case free from liens, encumbrances and defects,
except such as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and
the Company and its Subsidiaries hold any leased real or personal property under valid, subsisting and enforceable leases with
which the Company and its Subsidiaries are in compliance and with no exceptions, except such as would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect and except that the enforcement thereof may be subject to
(i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent convenience or other similar laws relating to
creditor’s rights generally and (ii) general principles of equity and the discretion of the court before which any proceeding
therefor may be brought.

 

4.13.           
Certificates, Authorities and Permits. The Company and its Subsidiaries possess adequate certificates, authorities
or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by them, except
where failure to so possess would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse
Effect. The Company and its Subsidiaries have not received any notice of proceedings
relating to the revocation or modification of any such certificate, authority or permit that, if determined adversely to the Company
or its Subsidiaries, would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

4.14.           
Labor Matters.

 

(a)                  
Neither the Company nor its Subsidiaries are parties to or bound by any collective bargaining agreements or other agreements
with labor organizations.

 

(b)                  
No labor dispute before the National Labor Relations Board with the employees of the Company or any of its Subsidiaries,
or with the employees of any principal supplier, manufacturer, customer or contractor of the Company, exists or, to the Knowledge
of the Company, is threatened or imminent that would reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect.

 

(c)                   There
are no claims pending against the Company before the Equal Employment Opportunity Commission or any other administrative body
or in any court asserting any violation of Title VII of the Civil Rights Act of 1964, the Age Discrimination Act of 1967,
42 U.S.C. §§ 1981 or 1983 or any other federal, state or local law, statute or ordinance barring discrimination of
employment that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

    9

     

    

 

4.15.           
Intellectual Property. The Company and its Subsidiaries own, possess, license or have other rights to use, the patents
and patent applications, copyrights, trademarks, service marks, trade names, service names and trade secrets as necessary or material
for use in connection with its businesses as described in the SEC Filings (collectively, the “Intellectual Property Rights”),
and to the Company’s knowledge, there are no material liens, security interests or encumbrances that have been filed against
any of these Intellectual Property Rights. No actions, suits, proceedings or claims are pending, or to the Company’s knowledge,
asserted or threatened against the Company or its Subsidiaries alleging infringement of a patent or other intellectual property
right of others. To the Company’s Knowledge, there is no existing infringement by another Person of any of the Intellectual
Property Rights that would materially affect the use thereof by the Company. To the Company’s
knowledge, the Company is not liable for infringement with respect to any of the Company’s product candidates. To the
Company’s Knowledge, the development, manufacture, sale, and any currently proposed use of any of the products, proposed
products or processes of the Company referred to in the SEC Reports, in the current or proposed conduct of the business of the
Company, do not currently, and will not upon commercialization, to the Company’s Knowledge, infringe any right or valid patent
claim of any third party. To the Company’s Knowledge, there are no ownership
rights of third parties to any Intellectual Property Rights in any field of use that is exclusively licensed to the Company, other
than any licensor to the Company of such Intellectual Property Rights. To the Company’s
knowledge, no action, suit, claim or other proceeding, except for routine patent and trademark prosecution proceedings in patent
offices throughout the world, is pending or threatened challenging the validity, enforceability, scope, registration, ownership
or use of any of the Intellectual Property Rights. To the Company’s knowledge, no action, suit, claim or other proceeding
is pending or threatened, challenging the Company’s rights in or to any Intellectual Property Rights.  The Company
and its Subsidiaries have security procedures to protect the secrecy, confidentiality and value of their Intellectual Property
Rights. To the Company’s Knowledge, no employee is in or has been in violation in any
material respect of any term of any employment contract, invention assignment agreement, non-competition agreement, 
or nondisclosure agreement with a former employer , executed prior to such employee’s employment where the basis of such
violation relates to such employee’s employment and such violation occurred while employed and while the contract was valid
and in effect. All material licenses or other material agreements under which the Company is granted rights to Intellectual
Property are, to the Company’s Knowledge, in full force and effect and, to the Company’s Knowledge, there is no material
default by any other party thereto. To the Company’s Knowledge, the licensors under material licenses and other material
agreements had all requisite power and authority to grant the rights to the Intellectual Property purported to be granted thereby.
To the Company’s Knowledge, the consummation of the transactions contemplated hereby and by the other Transaction Documents
will not result in the alteration, loss, impairment of or restriction on the Company’s or any of its Subsidiaries’
ownership or right to use any Intellectual Property that is material to the conduct of the Company’s business as now conducted.

 

    10

     

    

 

4.16.           
Environmental Matters. Except as would not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect, neither the Company nor any of its Subsidiaries is in violation of any statute, rule, regulation, decision or order
of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or
toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances
(collectively, “Environmental Laws”), has released any hazardous substances regulated by Environmental Law on
to any real property that it owns or operates, or has received any written notice or claim that it is liable for any off-site disposal
or contamination pursuant to any Environmental Laws; and to the Company’s Knowledge, there is no pending or threatened investigation
that would reasonably be expected to lead to such a claim.

 

4.17.           
Legal Proceedings. There are no legal, governmental or regulatory investigations, actions, suits or proceedings,
to the Company’s knowledge, pending to which the Company or any of its Subsidiaries is or may reasonably be expected to become
a party or to which any property of the Company is or may reasonably be expected to become the subject that, individually or in
the aggregate, if determined adversely to the Company or its Subsidiaries, would reasonably be expected to have a Material Adverse
Effect. Neither the Company nor any of its Subsidiaries, nor, to the Company’s Knowledge, any director or officer thereof
(in their respective capacities as such), is or has been the subject of any action involving a judicially filed claim of violation
of or liability under federal or state securities laws or a judicially filed claim of breach of fiduciary duty. There has not been,
and to the Company’s Knowledge, there is not pending, any investigation by the SEC involving the Company or any current or
former director or officer of the Company (in their respective capacities as such). The SEC has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company or any of its Subsidiaries under the 1933
Act or the 1934 Act.

 

4.18.           
Financial Statements. The financial statements included in each SEC Filing comply in all material respects with applicable
accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or to
the extent corrected by a subsequent restatement) and present fairly, in all material respects, the financial position of the Company
as of the dates shown and its results of operations and cash flows for the periods shown, subject in the case of unaudited financial
statements to normal, immaterial year-end audit adjustments, and such financial statements have been prepared in conformity with
United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”)
(except as may be disclosed therein or in the notes thereto, and except that the unaudited financial statements may not contain
all footnotes required by GAAP, and, in the case of quarterly financial statements, as permitted by Form 10-Q under the 1934 Act).

 

4.19.           
Insurance Coverage. The Company and each of the Subsidiaries maintain insurance covering their respective properties,
operations, personnel and businesses as the Company reasonably deems adequate; the Company reasonably believes such insurance insures
against such losses and risks in accordance with customary industry practice to protect the Company and the Subsidiaries and their
respective businesses and which is commercially reasonable for the current conduct of their respective businesses; to the Company’s
knowledge, all such insurance is fully in force on the date hereof.

 

    11

     

    

 

4.20.           
Compliance with Nasdaq Continued Listing Requirements. The Company is in compliance with applicable Nasdaq continued
listing requirements. There are no proceedings pending or, to the Company’s Knowledge, threatened against the Company relating
to the continued listing of the Common Stock on Nasdaq and the Company has not received any notice of, nor to the Company’s
Knowledge is there any reasonable basis for, the delisting of the Common Stock from Nasdaq.

 

4.21.           
Brokers and Finders. Other than the Placement Agent, no Person will have, as a result of the transactions contemplated
by the Transaction Documents, any valid right, interest or claim against or upon the Company or, to the Company’s Knowledge,
an Investor for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into
by or on behalf of the Company.

 

4.22.           
No Directed Selling Efforts or General Solicitation. Neither the Company nor any of its Subsidiaries nor any Person
acting on their behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D)
in connection with the offer or sale of any of the Closing Securities.

 

4.23.           
No Integrated Offering. Neither the Company nor any of its Subsidiaries nor any Person acting on their behalf has,
directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any Company security, under
circumstances that would adversely affect reliance by the Company on Section 4(a)(2) for the exemption from registration for
the transactions contemplated hereby or would require registration of the Closing Securities under the 1933 Act.

 

4.24.           
Questionable Payments. Neither the Company nor any of its Subsidiaries nor, to the Company’s
Knowledge, any of the current or former directors, officers, employees, agents or other Persons acting on behalf of the Company
or its Subsidiaries, has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign
Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder, or the OECD Convention on Bribery of Foreign
Public Officials in International Business Transactions.

 

4.25.            Internal
Controls. The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15(c) and
15d-15(e) of the 1934 Act) for the Company and designed such disclosure controls and procedures to ensure that
material information relating to the Company and required to be disclosed by the Company in the reports that it files or
submits under the 1934 Act is made known to the certifying officers by others within the Company. The Company maintains a
system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in
accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain asset and liability accountability, and (iii)
access to assets or incurrence of liabilities is permitted only in accordance with management’s general or specific
authorization. The Company’s certifying officers have evaluated the effectiveness of the Company’s controls and
procedures as of the end of the period covered by the most recently filed periodic report under the 1934 Act (such date, the
“Evaluation Date”). The Company presented in its most recently filed periodic report under the 1934 Act
the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their
evaluations as of the Evaluation Date. Since the end of the Company’s most recent audited fiscal year, to the
Company’s Knowledge, there have been no significant deficiencies or material weakness detected in the Company’s
internal control over financial reporting (whether or not remediated) and no change in the Company’s internal control
over financial reporting that has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting. The Company is not aware of any change in its internal controls
over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company maintains
a standard system of accounting established and administered in accordance with GAAP and the applicable requirements of the
1934 Act.

 

    12

     

    

 

4.26.           
Investment Company. The Company is not required to be registered as, and is not an Affiliate of, and immediately
following the Closing will not be required to register as, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

4.27.            Tests
and Preclinical and Clinical Trials. The studies, tests and preclinical and clinical trials conducted by or, to the
Company’s Knowledge, on behalf of the Company were and, if still pending, are being, conducted in all material
respects in accordance with the protocols submitted to the U.S. Food and Drug Administration (the “FDA”)
or any foreign governmental body exercising comparable authority, procedures and controls pursuant to, where applicable, good
clinical practice, informed consent and all applicable laws, regulations and requirements. The Company has filed with the FDA
or other appropriate governmental entity all material required notices, and annual or other reports, including notices of
adverse experiences and reports of serious and unexpected adverse experiences, related to the use of its product candidates
in clinical trials. The descriptions of the studies, tests and preclinical and clinical trials conducted by or, to the
Company’s Knowledge, on behalf of the Company, contained in the SEC Filings are accurate and complete in all material
respects; the Company is not aware of any other studies, tests or preclinical and clinical trials, the results of which call
into question the results described in the SEC Filings; and the Company has not received any notices or correspondence from
the FDA, any foreign, state or local governmental body exercising comparable authority or any Institutional Review Board
requiring the termination, suspension, material modification or clinical hold of any studies, tests or preclinical or
clinical trials conducted by or on behalf of the Company. The properties, business and operations of the Company have been
and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA and
any other governmental entity. The Company has not been informed by the FDA or any other governmental entity that the
FDA or any other governmental entity will prohibit the testing, distribution, marketing, sale, license or use of any product
proposed to be developed, produced, tested, distributed or marketed by the Company. Neither the Company nor, to the
Company’s Knowledge, any of its officers or employees has committed any act, made any statement or failed to make any
statement that would reasonably be expected to provide a basis for the FDA to invoke its policy with respect to
“Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities” set forth in 56 Fed. Reg. 46191
(Sept. 10, 1991) and any amendments thereto. Neither the Company nor, to the Company’s Knowledge, any officer or
employee of the Company has been convicted of any crime or engaged in any conduct that has resulted in or would reasonably be
expected to result in (i) debarment under 21 U.S.C. Section 335a or any similar state law or (ii) exclusion
under 42 U.S.C. Section 1320a-7 or any similar state law or regulation.

 

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4.28.           
Manipulation of Price.  The Company has not, and, to the Company’s Knowledge, no Person acting on its
behalf has taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of any of the Securities.

 

4.29.           
Bad Actor Disqualification. None of the Company, any predecessor or affiliated issuer of the Company nor, to the
Company’s Knowledge, any director or executive officer of the Company or any promoter connected with the Company in any capacity,
is subject to any of the “bad actor” disqualifications within the meaning of Rule 506(d) under the 1933 Act, except
for a disqualification event covered by Rule 506(d)(2) or (d)(3).

 

4.30.           
Foreign Corrupt Practices.  Neither the Company nor its Subsidiaries has, and to the Company’s Knowledge,
no agent or other person acting on behalf of the Company or its Subsidiaries has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or its Subsidiaries (or
made by any person acting on behalf of the Company or its Subsidiaries which the Company is aware) which is in violation of law,
or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

4.31.           
Transactions with Affiliates.  Except as disclosed in Schedule 4.28, no transaction with the Company
required to be disclosed in the SEC Filings pursuant to Item 404 of Regulation S-K exists as of the date hereof that has not so
been disclosed.

 

4.32.            Health
Care Laws.  The Company has operated and currently is in compliance in all material respects with all applicable
Health Care Laws (defined herein), including, without limitation, the rules and regulations of the FDA, the U.S.
Department of Health and Human Services Office of Inspector General, the Centers for Medicare & Medicaid Services, the
Office for Civil Rights, the Department of Justice or any other governmental agency or body having jurisdiction over the
Company or any of its properties, and has not engaged in activities which are, as applicable, cause for false claims
liability, civil penalties, or mandatory or permissive exclusion from Medicare, Medicaid, or any other state or federal
health care program. For purposes of this Agreement, “Health Care Laws” shall mean the federal
Anti-kickback Statute (42 U.S.C. § 1320a-7b(b)), the Physician Payment Sunshine Act (42 U.S.C. § 1320a-7h), the
civil False Claims Act (31 U.S.C. §§ 3729 et seq.), the criminal False Claims Act (42 U.S.C. § 1320a-7b(a)),
all criminal laws relating to health care fraud and abuse, including but not limited to 18 U.S.C. Sections 286 and 287, and
the health care fraud criminal provisions under the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C.
§ 1320d et seq.) (“HIPAA”), the exclusion laws (42 U.S.C. § 1320a-7), the civil monetary
penalties law (42 U.S.C. § 1320a-7a), HIPAA, as amended by the Health Information Technology for Economic and Clinical
Health Act (42 U.S.C. §§ 17921 et seq.), the patient privacy, data security and breach notification provisions
under HIPAA, the Federal Food, Drug, and Cosmetic Act (21 U.S.C. §§ 301 et seq.), Medicare (Title XVIII of the
Social Security Act), Medicaid (Title XIX of the Social Security Act), the regulations promulgated pursuant to such laws, and
any other similar local, state or federal law and regulations. The Company has not received any FDA Form 483, notice of
adverse finding, warning letter, untitled letter or other correspondence, communication or notice from the FDA or any other
governmental or regulatory authority alleging or asserting noncompliance with any Health Care Laws applicable to the Company.
The Company is not a party to nor has any ongoing reporting obligations pursuant to any corporate integrity agreements,
deferred prosecution agreements, monitoring agreements, consent decrees, settlement orders, plans of correction or similar
agreements with or imposed by any governmental or regulatory authority. Neither the Company nor any of its employees,
officers, directors or, to the Company’s Knowledge, consultants has been excluded, suspended or debarred from
participation in any U.S. state or federal health care program or human clinical research or, to the Company’s
Knowledge, is subject to a governmental inquiry, investigation, proceeding, or other similar action that could reasonably be
expected to result in debarment, suspension, or exclusion.

 

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4.33.           
Stock Option Plans.  Each stock option granted by the Company under the Company’s stock option plan was
granted in accordance with the terms of the Company’s stock option plan. No stock option granted under the Company’s
stock option plan has been backdated.

 

4.34.           
Off Balance Sheet Arrangements.  There is no transaction, arrangement, or other relationship between the Company
and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in SEC Filings and is not
so disclosed and would have or reasonably be expected to result in a Material Adverse Effect.

 

4.35.           
Acknowledgment Regarding Investors’ Purchase of Closing Securities.  The Company acknowledges and agrees
that each of the Investors is acting solely in the capacity of an arm’s length investor with respect to the Transaction Documents
and the transactions contemplated hereby and thereby. The Company further acknowledges that no Investor is acting as a financial
advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions
contemplated thereby and any advice given by any Investor or any of their respective representatives or agents in connection with
the Transaction Documents and the transactions contemplated thereby is merely incidental to the Investors’ purchase of the
Closing Securities. The Company further represents to each Investor that the Company’s decision to enter into this Agreement
and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby
by the Company and its representatives.

 

4.36.           
Use of Form S-3.  The Company meets the registration and transaction requirements for use of Form S-3 (including
pursuant to General Instruction I.B.6 of Form S-3, as applicable) for the registration of the Shares and the Common Warrant Shares
for resale by the Investors.

 

4.37.            Takeover
Protections; Rights Agreements.  The Company and the Board of Directors of the Company have taken all necessary
action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s
charter documents or the laws of its state of incorporation that is or could reasonably be expected to become applicable to
any of the Investors as a result of the Investors and the Company fulfilling their obligations or exercising their rights
under the Transaction Documents, including, without limitation, the Company’s issuance of the Closing Securities and
the Investors’ ownership of the Closing Securities.

 

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4.38.           
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor, to the Company’s Knowledge, any other Person acting on its behalf has
provided any of the Investors with any information that it believes constitutes material, non-public information that will not
otherwise be disclosed in the SEC Filings on or prior to the Closing Date. The Company understands and confirms that the Investors
will rely on the foregoing representation in effecting transactions in securities of the Company.

 

5.                 
Representations and Warranties of the Investors. Each of the Investors hereby, severally and not jointly, represents
and warrants to the Company that:

 

5.1.               
Organization and Existence. Unless such Investor is an individual, such Investor is a validly existing corporation,
limited partnership or limited liability company and has all requisite corporate, partnership or limited liability company power
and authority to enter into and consummate the transactions contemplated by the Transaction Documents and to carry out its obligations
hereunder and thereunder, and to invest in the Shares pursuant to this Agreement.

 

5.2.               
Authorization. The execution, delivery and performance by such Investor of the Transaction Documents to which such
Investor is a party have been duly authorized and each has been duly executed and when delivered will constitute the valid and
legally binding obligation of such Investor, enforceable against such Investor in accordance with their respective terms, except:
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws
of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable law.

 

5.3.               
Purchase Entirely for Own Account. The Securities to be received by such Investor hereunder will be acquired for
such Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof
in violation of the 1933 Act, and such Investor has no present intention of selling, granting any participation in, or otherwise
distributing the same in violation of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell
or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state securities laws. Nothing
contained herein shall be deemed a representation or warranty by any Investor to hold the Shares for any period of time. Such Investor
is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be
so registered.

 

5.4.                Investment
Experience. Such Investor acknowledges that it can bear the economic risk and complete loss of its investment in the
Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating the
merits and risks of the investment contemplated hereby.

 

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5.5.               
Disclosure of Information. Such Investor has had an opportunity to receive, review and understand all information
related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its
business and the terms and conditions of the offering of the Securities, and has conducted and completed its own independent due
diligence. Such Investor acknowledges receipt of copies of the SEC Filings. Based on the information such Investor has deemed appropriate,
and without reliance upon any Placement Agent, it has independently made its own analysis and decision to enter into the Transaction
Documents. Such Investor is relying exclusively on its own sources of information, investment analysis and due diligence (including
professional advice it deems appropriate) with respect to the execution, delivery and performance of the Transaction Documents,
the Securities and the business, condition (financial and otherwise), management, operations, properties and prospects of the Company,
including but not limited to all business, legal, regulatory, accounting, credit and tax matters. Neither such inquiries nor any
other due diligence investigation conducted by such Investor shall modify, limit or otherwise affect such Investor’s right
to rely on the Company’s representations and warranties contained in this Agreement.

 

5.6.               
Restricted Securities. Such Investor understands that the Securities are characterized as “restricted securities”
under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public
offering and that under such laws and applicable regulations such securities may be resold without registration under the 1933
Act only in certain limited circumstances.

 

5.7.               
Legends. It is understood that, except as provided below, certificates evidencing the Securities may bear the following
or any similar legend:

 

“The
securities represented hereby have not been registered with the Securities and Exchange Commission or the securities commission
of any state in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may
not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended,
(ii) such securities may be sold pursuant to Rule 144, or (iii) the Company has received an opinion of counsel
reasonably satisfactory to it that such transfer may lawfully be made without registration under the Securities Act of 1933, as
amended. These securities are subject to transfer and other restrictions set forth in a SECURITIES Purchase Agreement, dated December
18, 2019, copies of which are on file with the Company. 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.”

 

    17

     

    

 

If required by the authorities of any state
in connection with the issuance of sale of the Securities, the legend required by such state authority.

 

5.8.               
Accredited Investor. At the time such Investor was offered the Closing Securities, it was and, as of the date hereof,
such Investor is an “accredited investor” within the meaning of Rule 501 under the 1933 Act and has executed and delivered
to the Company its Investor Questionnaire, which such Investor represents and warrants is true, correct and complete. Such investor
is a sophisticated institutional investor with sufficient knowledge, sophistication and experience in business, including transactions
involving private placements in public equity, to properly evaluate the risks and merits of its purchase of the Securities. Such
Investor has determined based on its own independent review and such professional advice as it deems appropriate that its purchase
of the Securities and participation in the transactions contemplated by the Transaction Documents (i) are fully consistent with
its financial needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines and
other restrictions applicable to such Investor, (iii) have been duly authorized and approved by all necessary action, (iv) do not
and will not violate or constitute a default under such Investor’s charter, bylaws or other constituent document, if applicable,
or under any law, rule, regulation, agreement or other obligation by which such Investor is bound and (v) are a fit, proper and
suitable investment for such Investor, notwithstanding the substantial risks inherent in investing in or holding the Securities.

 

5.9.               
Placement Agent. Such Investor hereby acknowledges and agrees that it has independently evaluated the merits of its
decision to purchase the Securities, and that (a) the Placement Agent is acting solely as placement agent in connection with the
execution, delivery and performance of the Transaction Documents and is not acting as an underwriter or in any other capacity and
is not and shall not be construed as a fiduciary for such Investor, the Company or any other person or entity in connection with
the execution, delivery and performance of the Transaction Documents, (b) the Placement Agent has not made and will not make any
representation or warranty, whether express or implied, of any kind or character and has not provided any advice or recommendation
in connection with the execution, delivery and performance of the Transaction Documents, (c) the Placement Agent will not have
any responsibility with respect to (i) any representations, warranties or agreements made by any person or entity under or in connection
with the execution, delivery and performance of the Transaction Documents, or the execution, legality, validity or enforceability
(with respect to any person) thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects of,
or any other matter concerning the Company and (d) such Investor hereby waives any claims that it otherwise might assert against
the Placement Agent in respect of the transactions contemplated by the Transaction Documents.

 

5.10.           
No General Solicitation. Such Investor did not learn of the investment in the Securities as a result of any general
solicitation or general advertising.

 

5.11.            Brokers
and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid
right, interest or claim against or upon the Company or an Investor for any commission, fee or other compensation pursuant to
any agreement, arrangement or understanding entered into by or on behalf of such Investor.

 

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5.12.           
Short Sales and Confidentiality Prior to the Date Hereof.  Other than consummating the transactions contemplated
hereunder, such Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with such Investor, directly
or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing
as of the time that such Investor was first contacted by the Company, the Placement Agent or any other Person regarding the transactions
contemplated hereby and ending immediately prior to the date hereof.  Notwithstanding the foregoing, in the case of an Investor
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Investor’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Investor’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement. 
Such Investor, its Affiliates and, to the knowledge of such Investor, authorized representatives and advisors of such Investor
who are aware of the transactions contemplated hereby, maintained the confidentiality of all disclosures made to it in connection
with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of
doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to the identification
of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the
future.

 

5.13.           
 No Government Recommendation or Approval. Such Investor understands that no United States federal or state agency,
or similar agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company
or the purchase of the Securities.

 

5.14.           
 No Intent to Effect a Change of Control; Ownership. Such Investor has no present intent to effect a “change
of control” of the Company as such term is understood under the rules promulgated pursuant to Section 13(d) of the 1934 Act
and under the rules of Nasdaq. Except as set forth in its Selling Stockholder Questionnaire, as of the date hereof, neither the
Investor nor any of its Affiliates is the owner of record or the beneficial owner of shares of Common Stock or securities convertible
into or exchangeable for Common Stock.

 

5.15.           
 No Conflicts. The execution, delivery and performance by such Investor of the Transaction Documents and the consummation
by such Investor of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents
of such Investor or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become
a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture
or instrument to which such Investor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or
decree (including federal and state securities laws) applicable to such Investor, except in the case of clauses (ii) and (iii)
above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect on the ability of such Investor to perform its obligations hereunder.

 

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5.16.           
 No Rule 506 Disqualifying Activities. Such Investor has not taken any of the actions set forth in, and is not subject
to, the disqualification provisions of Rule 506(d)(1) of the 1933 Act.

 

5.17.           
Residency. Such Investor is a resident of or an entity organized under the jurisdiction specified below its address
on the Schedule of Investors.

 

5.18.           
ERISA. If Investor is (1) an employee benefit plan subject to Title I of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), (2) a plan or account subject to Section 4975 of the Internal Revenue Code
of 1986 (the “Code”) or (3) an entity deemed to hold “plan assets” of any such plan or account,
Investor hereby represents and warrants, solely for purposes of assisting the Placement Agent in relying on the exception from
fiduciary status under U.S. Department of Labor Regulations set forth in Section 29 CFR 2510.3-21(c)(1), that a fiduciary acting
on its behalf is causing the Investor to enter into this Agreement and the transactions contemplated hereby and that such fiduciary:

 

(a)                
is an entity specified in Section 29 CFR 2510.3-21(c)(1)(i)(A)-(E);

 

(b)                
is independent (for purposes of Section 29 CFR 2510.3-21(c)(1)) of the Placement Agent;

 

(c)                
is capable of evaluating investment risks independently, both in general and with regard to particular transactions and
investment strategies, including the Investor’s transaction hereunder;

 

(d)                
has been advised that, with respect to the Placement Agent, neither the Placement Agent nor any of its affiliates has undertaken
or will undertake to provide impartial investment advice, or has given or will give advice in a fiduciary capacity, in connection
with the Investor’s transactions contemplated hereby;

 

(e)                
is a “fiduciary” under Section 3(21)(a) of ERISA or Section 4975(e)(3) of the Code, or both, as applicable,
with respect to, and is responsible for exercising independent judgment in evaluating, the Investor’s transactions contemplated
hereby; and

 

(f)                 
understands and acknowledges that no fees, compensation arrangements or financial interests provided for in connection with
the transactions contemplated hereby is a fee or other compensation for the provision of investment advice, and that neither the
Placement Agent nor any of its affiliates, nor any of their respective directors, officers, members, partners, employees, principals
or agents, has received or will receive a fee or other compensation from Investor or such fiduciary for the provision of investment
advice in connection with the Investor’s transactions contemplated hereby.

 

The Company acknowledges and agrees that the
representations contained in this Section 5 shall not modify, amend or affect such Investor’s right to rely on the Company’s
representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction
Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of
the transactions contemplated hereby.

 

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6.                 
Conditions to Closing.

 

6.1.               
Conditions to the Investors’ Obligations. The obligation of each Investor to purchase Closing Securities at
the Closing is subject to the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following
conditions, any of which may be waived by such Investor (as to itself only):

 

(a)                  
The representations and warranties made by the Company in Section 4 hereof shall be true and correct in all material
respects (except for those representations and warranties which are qualified as to materiality or by Material Adverse Effect,
in which case such representations and warranties shall be true and correct in all respects) as of the date hereof and on the Closing
Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation
or warranty shall be true and correct as of such earlier date. The Company shall have performed in all material respects all obligations
and covenants herein required to be performed by it on or prior to the Closing Date.

 

(b)                  
The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation
of the purchase and sale of the Closing Securities and the consummation of the other transactions contemplated by the Transaction
Documents, including the waiver of any applicable registration rights that could affect the rights of the Investors under the Registration
Rights Agreement, all of which shall be in full force and effect.

 

(c)                  
The Company shall have executed and delivered the Registration Rights Agreement.

 

(d)                  
The Company shall have filed with Nasdaq a Notification Form: Listing of Additional Shares for the listing of the Shares
and the Warrant Shares, a copy of which shall have been provided to the Investors.

 

(e)                  
No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any
bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding
shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated
hereby or in the other Transaction Documents.

 

(f)                   
The Investors shall have received an opinion from Latham & Watkins LLP, the Company’s counsel, dated as of the
Closing Date, in a customary form reasonably acceptable to the Investors.

 

(g)                  
No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory
body with respect to public trading in the Common Stock.

 

(h)                   A
certificate of the Secretary of the Company (the “Secretary’s Certificate”), dated as of the Closing
Date, (a) certifying the resolutions adopted by the Board of Directors of the Company or a duly authorized committee
thereof approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the
Closing Securities, and (b) certifying the current versions of the Certificate of Incorporation and Bylaws of the
Company.

 

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(i)                    
A Lock-Up Agreement, substantially in the form of Exhibit D hereto (the “Lock-Up Agreement”) executed
by each executive officer and director of the Company, and each such Lock-Up Agreement shall be in full force and effect on the
Closing Date.

 

6.2.               
Conditions to Obligations of the Company. The Company’s obligation to sell and issue Closing Securities at
the Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions,
any of which may be waived by the Company:

 

(a)                  
The representations and warranties made by the Investors in Section 5 hereof shall be true and correct in all material
respects (except for those representations and warranties which are qualified as to materiality, in which case such representations
and warranties shall be true and correct in all respects) when made, and shall be true and correct in all material respects (except
for those representations and warranties which are qualified as to materiality, in which case such representations and warranties
shall be true and correct in all respects) on the Closing Date with the same force and effect as if they had been made on and as
of said date. The Investors shall have performed in all material respects all obligations and covenants herein required to be performed
by them on or prior to the Closing Date.

 

(b)                  
Each Investor shall have executed and delivered the Registration Rights Agreement, an Investor Questionnaire and a Selling
Stockholder Questionnaire.

 

(c)                  
Any Investor purchasing Closing Securities at the Closing shall have paid in full its Subscription Amount to the Company.

 

6.3.               
Termination of Obligations to Effect Closing; Effects.

 

(a)                  
The obligations of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing shall terminate
as follows:

 

(i)             
Upon the mutual written consent of the Company and Investors that agreed to purchase a majority of the Closing Securities
to be issued and sold pursuant to this Agreement;

 

(ii)            
By the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall
not have been waived by the Company; or

 

(iii)           
By an Investor (with respect to itself only) if any of the conditions set forth in Section 6.1 shall have become incapable
of fulfillment, and shall not have been waived by the Investor;

 

provided, however, that, except in the case
of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of
any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction
Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its
obligation to effect the Closing.

 

    22

     

    

 

(b)                  
In the event of termination by the Company or any Investor of its obligations to effect the Closing pursuant to this Section 6.3,
written notice thereof shall be given to the other Investors by the Company and the other Investors shall have the right to terminate
their obligations to effect the Closing upon written notice to the Company and the other Investors. Nothing in this Section 6.3
shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement
or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its
obligations under this Agreement or the other Transaction Documents.

 

7.                 
Covenants and Agreements of the Company.

 

7.1.               
Information. From the date hereof until the Closing, the Company will make reasonably available to the Investors’
representatives, consultants and their respective counsels for inspection, such information and documents as the Investor reasonably
requests, and will make available at reasonable times and to a reasonable extent officers and employees of the Company to discuss
the business and affairs of the Company; provided, however, that in no event shall the Company be required to disclose
material nonpublic information to the Investors, or to advisors to or representatives of the Investors.

 

7.2.               
Nasdaq Listing. The Company will use commercially reasonable efforts to continue the listing and trading of its Common
Stock on Nasdaq and, in accordance, therewith, will use commercially reasonable efforts to comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable.

 

7.3.               
Termination of Covenants. The provisions of Sections 7.1 and 7.2 shall terminate and be of no further force
and effect on the date on which the Company’s obligations under the Registration Rights Agreement to register or maintain
the effectiveness of any registration covering the Registrable Securities (as such term is defined in the Registration Rights Agreement)
shall terminate.

 

7.4.               
Form D. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D
and to provide a copy thereof, promptly upon request of an Investor.

 

    23

     

    

 

7.5.                Removal
of Legends. In connection with any sale or disposition of the Shares by an Investor pursuant to Rule 144 or pursuant
to any other exemption under the 1933 Act such that the purchaser acquires freely tradable shares and upon compliance by the
Investor with the requirements of this Agreement, if requested by the Investor, the Company shall cause the transfer
agent for the Common Stock (the “Transfer Agent”) to timely remove any restrictive legends related to the
book entry account holding such Shares and make a new, unlegended entry for such book entry Shares sold or disposed of
without restrictive legends, provided that the Company has received customary representations and other documentation
reasonably acceptable to the Company in connection therewith. Subject to receipt by the Company of customary representations
and other documentation reasonably acceptable to the Company in connection therewith, upon the earliest of such time as the
Shares (i) have been sold or transferred pursuant to an effective registration statement, (ii)  have been sold pursuant
to Rule 144, or (iii) are eligible for resale under Rule 144(b)(1) or any successor provision, the Company shall
(A) deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall make a new, unlegended entry
for such book entry Shares, and (B) cause its counsel to deliver to the Transfer Agent one or more opinions to the
effect that the removal of such legends in such circumstances may be effected under the 1933 Act. The Company shall be
responsible for the fees of its Transfer Agent and all DTC fees associated with such issuance. The Company acknowledges that
a breach by it of its obligations under this Section 7.5 may cause irreparable harm to an Investor. Accordingly, the
Company acknowledges that the remedy at law for a breach of its obligations under this Section 7.5 may be inadequate
and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section 7.5, that
an Investor shall be entitled, in addition to all other available remedies, to an order and/or injunction restraining any
breach and requiring immediate issuance and transfer, without the necessity of showing economic loss and without any bond or
other security being required.

 

7.6.               
Reservation of Common Stock. The Company shall take all action necessary to at all times have authorized, and reserved
for the purpose of issuance from and after the Closing Date, the number of shares of Common Stock issuable upon exercise of the
Warrants issued at the Closing (without taking into account any limitations on exercise of the Warrants set forth in the Common
Warrants).

 

7.7.               
Fees. The Company shall be responsible for the payment of any placement agent fees, financial advisory fees, or broker’s
commissions (other than for Persons engaged by any Investor) relating to or arising out of the transactions contemplated hereby,
including, without limitation, any fees or commissions payable to the Placement Agent.

 

7.8.               
Subsequent Equity Sales. From the date hereof until 75 days after the Closing Date (the “Lock-Up Period”),
neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance
of any shares of Common Stock or securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock, except, in each case, for (i) issuances of Common Stock upon the conversion of convertible securities, including preferred
stock, the exercise of options or warrants and the vesting of restricted stock outstanding on the date hereof, in each case, as
included or described in the SEC Filings, (ii) the issuance of shares of Common Stock or stock options pursuant to employee benefit
or equity incentive plans described in the SEC Filings, and (iii) the issuance of up to 5% of the outstanding Common Stock (measured
as of the date hereof) in connection with (A) the acquisition or license of the securities, business, property, technologies
or other assets of another person or entity, including pursuant to an employee benefit plan assumed by the Company or its subsidiaries
in connection with such acquisition or (B) joint ventures, commercial relationships or other strategic transactions, and in
the case of each of clauses (A) and (B), the filing of a registration statement with respect thereto.

 

    24

     

    

 

 

7.9.               
Short Sales and Confidentiality After the Date Hereof. Each Investor covenants that neither it nor any Affiliates
acting on its behalf or pursuant to any understanding with it will execute any Short Sales during the period from the date hereof
until the earlier of such time as (i) after the transactions contemplated by this Agreement are first publicly announced or (ii)
this Agreement is terminated in full. Each Investor covenants that until such time as the transactions contemplated by this Agreement
are publicly disclosed by the Company, such Investor will maintain the confidentiality of all disclosures made to it in connection
with this transaction (including the existence and terms of this transaction). Each Investor understands and acknowledges that
the SEC currently takes the position that coverage of short sales of shares of the Common Stock “against the box” prior
to effectiveness of a resale registration statement with securities included in such registration statement would be a violation
of Section 5 of the 1933 Act, as set forth in Item 239.10 of the 1933 Act Rules Compliance and Disclosure Interpretations compiled
by the Office of Chief Counsel, Division of Corporation Finance.

 

7.10.             
Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution payable
in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly
or indirectly shares of Common Stock), combination or other similar recapitalization or event occurring after the date hereof and
prior to the Closing, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to
be amended to appropriately account for such event.

 

8.                 
Survival and Indemnification.

 

8.1.               
Survival. Subject to applicable statutes of limitations, the representations, warranties, covenants, and agreements
contained in this Agreement shall survive the Closing for a period of two (2) years after the date hereof and thereafter shall
have no further force and effect.

 

8.2.                Indemnification
by the Company. The Company agrees to indemnify and hold harmless each of the Investors, the officers, directors,
partners, members, and employees of each Investor, each Person who controls any such Investor (within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act) and the officers, directors, partners, members and employees of each such
controlling Person (each, an “Indemnified Party”), against any losses, claims, damages, liabilities
or expenses, joint or several, to which such Indemnified Party may become subject under the 1933 Act, the 1934 Act, or any
other federal or state statutory law or regulation (including in settlement of any litigation, if such settlement is effected
with the written consent of the Company), insofar as such losses, claims, damages, liabilities or expenses (or actions in
respect thereof as contemplated below) arise out of or are based in whole or in part on the inaccuracy in the representations
and warranties of the Company contained in this Agreement or the failure of the Company to perform its obligations hereunder,
and will reimburse each Indemnified Party for legal and other expenses reasonably incurred as such expenses are reasonably
incurred by such Indemnified Party in connection with investigating, defending, settling, compromising or paying such loss,
claim, damage, liability, expense or action; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon (i) the failure of
such Indemnified Party to comply with the covenants and agreements contained herein, or (ii) the inaccuracy of any
representations made by such Indemnified Party herein.

 

    25

     

    

 

8.3.               
Indemnification Procedure. Promptly after any Indemnified Party has received notice of any indemnifiable claim hereunder,
or the commencement of any action, suit or proceeding by a third Person, which the Indemnified Party believes in good faith is
an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying
Party”) written notice of such claim or the commencement of such action, suit or proceeding, but failure to so notify
the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder
except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and
the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own
expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying
Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly
notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and
its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include,
but shall not be limited to, furnishing the Indemnifying Party with any books, records and other information reasonably requested
by the Indemnifying Party and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party
shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention
to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such
defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection
with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled (a)
at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (b)
if (i) the Indemnifying Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party
or (ii) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified
Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from or
in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed
to conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right to select a separate
counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees
of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred.
Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the
consent of the Indemnified Party, unless the settlement thereof imposes no liability or obligation on, and includes a complete
release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party.

 

    26

     

    

 

9.                 
Miscellaneous.

 

9.1.                Successors
and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company or the
Investors, as applicable; provided, however, that an Investor may assign its rights and delegate its duties
hereunder in whole or in part to an Affiliate without the prior written consent of the Company or the other
Investors, provided such assignee agrees in writing to be bound by the provisions hereof that apply to Investors. The
provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and
assigns of the parties. Without limiting the generality of the foregoing, in the event that the Company is a party to a
merger, consolidation, share exchange or similar business combination transaction in which the Common Stock is converted into
the equity securities of another Person, from and after the effective time of such transaction, such Person shall, by virtue
of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company” shall
be deemed to refer to such Person and the term “Securities” shall be deemed to refer to the securities received
by the Investors in connection with such transaction. Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective permitted successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

9.2.               
Counterparts; Faxes; E-mail. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed via facsimile
or e-mail, which shall be deemed an original.

 

9.3.               
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to
be considered in construing or interpreting this Agreement.

 

9.4.               
Notices. All notices and other communications under this Agreement must be in writing and are deemed duly delivered
when (a) delivered if delivered personally or by nationally recognized overnight courier service (costs prepaid), (b) sent by facsimile
with confirmation of transmission by the transmitting equipment (or, the first Business Day following such transmission if the
date of transmission is not a Business Day) or (c) received or rejected by the addressee, if sent by United States of America certified
or registered mail, return receipt requested; in each case to the following addresses or facsimile numbers and marked to the attention
of the individual (by name or title) designated below (or to such other address, facsimile number or individual as a party may
designate by notice to the other parties):

 

If to the Company:

 

Selecta Biosciences, Inc.

480 Arsenal Way

Watertown, MA 02472

Attention: General Counsel

 

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

 

Latham & Watkins LLP

200 Clarendon Street

Boston, MA 02116

Facsimile: (617) 948-6001

Attention: Peter N. Handrinos and Wesley C. Holmes

 

If to the Investors:

 

to the addresses set forth on the
signature pages hereto.

 

    27

     

    

 

9.5.               
Expenses. The parties hereto shall pay their own costs and expenses in connection herewith regardless of whether
the transactions contemplated hereby are consummated; it being understood that each of the Company and each Investor has relied
on the advice of its own respective counsel. The Company shall pay any Transfer Agent fees, stamp taxes and other taxes and duties
levied in connection with the sale and issuance of the Closing Securities to the Investors.

 

9.6.               
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement
may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent
of the Company and (a) prior to the Closing, Investors that agreed to purchase a majority of the Closing Securities to be issued
and sold pursuant to this Agreement and (b) following the Closing, the Required Investors. Notwithstanding the foregoing, this
Agreement may not be amended and the observance of any term of this Agreement may not be waived with respect to any Investor without
the written consent of such Investor unless such amendment or waiver applies to all Investors in the same fashion. Any amendment
or waiver effected in accordance with this paragraph shall be binding upon (i) prior to Closing, each Investor and (ii) following
the Closing, each holder of any Securities purchased under this Agreement at the time outstanding, and in each case, each future
holder of all such Securities and the Company.

 

9.7.               
Publicity. Except as set forth below, no public release or announcement concerning the transactions contemplated
hereby shall be issued by the Company or the Investors without the prior written consent of the Company (in the case of a release
or announcement by the Investors) or the Investors (in the case of a release or announcement by the Company) (which consents shall
not be unreasonably withheld), except as such release or announcement may be required by law or the applicable rules or regulations
of any securities exchange or securities market, in which case the Company or the Investors, as the case may be, shall allow the
Investors or the Company, as applicable, to the extent reasonably practicable in the circumstances, reasonable time to comment
on such release or announcement in advance of such issuance. By 9:00 A.M. (New York City time) on the Trading Day immediately following
the date of this Agreement, the Company shall issue a press release disclosing all material terms of transactions contemplated
by this Agreement (the “Press Release”). No later than 5:30 p.m. (New York City time) on the fourth Business
Day following the date of this Agreement, the Company will file a Current Report on Form 8-K (the “8-K”) attaching
the press release described in the foregoing sentence as well as copies of the Transaction Documents.

 

9.8.                Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but
shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which
renders any provision hereof prohibited or unenforceable in any respect.

 

    28

     

    

 

9.9.               
No Third-Party Beneficiaries. The Placement Agent shall be a third party beneficiary of the representations and warranties
of the Company in Section 4 hereof and with respect to the representations and warranties of the Investors in Section 5 hereof.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not
for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 8 and
this Section 9.9.

 

9.10.             
Entire Agreement. This Agreement, including the signature pages, Exhibits and the Disclosure Schedules, the other
Transaction Documents and any oral or written agreement between the Company and any Investor regarding confidentiality matters
that was entered into in connection with the transactions contemplated hereby constitute the entire agreement among the parties
hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and
written, between the parties with respect to the subject matter hereof and thereof.

 

9.11.             
Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all
such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment
of the agreements herein contained.

 

9.12.             
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed
in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof (other than
Sections 5-1401 and 5-1402 of the General Obligations Law). Each of the parties hereto irrevocably submits to the exclusive jurisdiction
of the courts of the State of New York located in New York County and the United States District Court for the Southern District
of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions
contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto
anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties
hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue
in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding
brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION
WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

9.13.              Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are
several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the
performance of the obligations of any other Investor under any Transaction Document. The decision of each Investor to
purchase Closing Securities pursuant to the Transaction Documents has been made by such Investor independently of any other
Investor. Nothing contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto,
shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or
the transactions contemplated by the Transaction Documents. Each Investor acknowledges that no other Investor has acted as
agent for such Investor in connection with making its investment hereunder and that no Investor will be acting as agent of
such Investor in connection with monitoring its investment in the Closing Securities or enforcing its rights under the
Transaction Documents. Each Investor shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Investor to be joined as an additional party in any proceeding for such purpose.

 

[remainder of page intentionally left blank]

 

    29

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

 

 

	COMPANY:	SELECTA BIOSCIENCES, INC.
	 	 
	 	By:	/s/ Carsten Brunn, Ph.D.
	 	 	Name: Carsten Brunn, Ph.D.   
	 	 	Title: President and CEO

 

    30

     

    

 

	INVESTOR:	Vivo Opportunity Fund, L.P.
	 	 
	 	By:	/s/ Albert Cha
	 	 	Name: Albert Cha
	 	 	Title: Managing Member of Vivo Opportunity, LLC, General Partner 

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Vivo Opportunity Fund, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Vivo Opportunity Fund, L.P.
	
        Maximum Percentage

         
	
        [   
        ]               4.999%

        [  X 
        ]            9.999%

        [   
        ]               N/A

 

    31

     

    

 

	INVESTOR:	Vivo Capital Fund IX, L.P.
	 	 
	 	By:	/s/ Albert Cha
	 	 	Name: Albert Cha 
	 	 	Title: Managing Member of Vivo Capital IX, LLC, General Partner

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Vivo Capital Fund IX, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Vivo Capital Fund IX, L.P.
	
        Maximum Percentage

         
	
        [   
        ]               4.999%

        [  X 
        ]            9.999%

        [   
        ]               N/A

 

    32

     

    

 

	INVESTOR:	Vivo Capital Fund VIII, L.P.
	 	 
	 	 By:	/s/ Albert Cha
	 	 	Name: Albert Cha 
	 	 	Title: Managing Member of Vivo Capital VIII, LLC, General Partner

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Vivo Capital Fund VIII, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Vivo Capital Fund VIII, L.P.
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    33

     

    

 

	INVESTOR:	Vivo Capital Surplus Fund VIII, L.P.
	 	 
	 	By:	/s/ Albert Cha
	 	 	Name: Albert Cha 
	 	 	Title: Managing Member of Vivo Capital VIII, LLC, General Partner

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Vivo Capital Surplus Fund VIII, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Vivo Capital Surplus Fund VIII, L.P.
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    34

     

    

 

	INVESTOR:	EcoRl Capital Fund, LP
	 	 
	 	By:	/s/ Oleg Nodelman
	 	 	Name: Oleg Nodelman 
	 	 	Title: Manager, EcoRl Capital LLC, as GP

 

 

 

	Investor Information	 
	
        Entity Name:

         
	EcoRl Capital Fund, LP
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	EcoRl Capital Fund, LP
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    35

     

    

 

	INVESTOR:	EcoRl Capital Fund Qualified, LP
	 	 
	 	By:	/s/ Oleg Nodelman
	 	 	Name: Oleg Nodelman 
	 	 	Title: Manager, EcoR1 Capital LLC, as GP

 

 

 

	Investor Information	 
	
        Entity Name:

         
	EcoRl Capital Fund Qualified, LP
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	EcoRl Capital Fund Qualified, LP
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    36

     

    

 

	INVESTOR:	The Mangrove Partners Master Fund, Ltd.
	 	 
	 	By:	/s/ Ward Dietrich
	 	 	Name: Ward Dietrich 
	 	 	Title: Authorized Person

 

 

	Investor Information	 
	
        Entity Name:

         
	The Mangrove Partners
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	
        The Mangrove Partners Master Fund, Ltd.

	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    37

     

    

 

	INVESTOR:	Acuta Opportunity Fund, LP
	 	 
	 	By:	/s/ Manfred Yu
	 	 	Name: Manfred Yu 
	 	 	Title: Chief Operating Officer

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Acuta Opportunity Fund, LP
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Acuta Opportunity Fund, LP
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    38

     

    

 

	INVESTOR:	Acuta Capital Fund, LP
	 	 
	 	By:	/s/ Manfred Yu
	 	 	Name: Manfred Yu 
	 	 	Title: Chief Operating Officer

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Acuta Capital Fund, LP
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Acuta Capital Fund, LP
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    39

     

    

 

	INVESTOR:	Biotechnology Value Fund, L.P.
	 	 
	 	By:	/s/ Mark Lampert
	 	 	Name: Mark Lampert 
	 	 	Title: President of BVF Inc., General Partner of BVF Partners L.P., General Partner of Biotechnology Value Fund, L.P.

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Biotechnology Value Fund, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Biotechnology Value Fund, L.P.
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    40

     

    

 

	INVESTOR:	Biotechnology Value Fund II, L.P.
	 	 
	 	By:	/s/ Mark Lampert
	 	 	Name: Mark Lampert 
	 	 	Title: President of BVF Inc., General Partner of BVF Partners L.P., General Partner of Biotechnology Value Fund II, L.P.

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Biotechnology Value Fund II, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Biotechnology Value Fund II, L.P.
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    41

     

    

 

	INVESTOR:	Biotechnology Value Trading Fund OS, L.P.
	 	 
	 	By:	/s/ Mark Lampert
	 	 	Name: Mark Lampert 
	 	 	Title: President of BVF Inc., General Partner of BVF Partners L.P., General Partner of Biotechnology Value Trading Fund OS, L.P.

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Biotechnology Value Trading Fund OS, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Biotechnology Value Trading Fund OS, L.P.
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    42

     

    

 

	INVESTOR:	MSI BVF SPV LLC
	 	 
	 	By:	/s/ Mark Lampert
	 	 	Name: Mark Lampert
	 	 	Title: President of BVF Inc., General Partner of BVF Partners L.P., Attorney-in-fact for MSI BVF SPV LLC

 

 

 

	Investor Information	 
	
        Entity Name:

         
	MSI BVF SPV LLC
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	MSI BVF SPV LLC
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    43

     

    

 

	INVESTOR:	TAS Partners, LLC
	 	 
	 	By:	/s/ Timothy A. Springer
	 	 	Name: Timothy A. Springer
	 	 	Title: Manager

 

 

 

	Investor Information	 
	
        Entity Name:

         
	TAS Partners, LLC
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	TAS Partners, LLC
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [   
        ]              9.999%

        [ X 
        ]            N/A

 

    44

     

    

 

	INVESTOR:	Boxer Capital, LLC
	 	 
	 	By:	/s/ Aaron Davis
	 	 	Name: Aaron Davis
	 	 	Title: Chief Executive Officer

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Boxer Capital, LLC
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Boxer Capital, LLC
	
        Maximum Percentage

         
	
        [  x 
        ]            4.999%

        [   
        ]              9.999%

        [   
        ]              N/A

 

    45

     

    

 

	INVESTOR:	Cronus & Co. FBO Wasatch Ultra Growth Fund
	 	 
	 	By:	/s/ Daniel Thurber
	 	 	Name: Daniel Thurber
	 	 	Title: Vice President

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Cronus & Co. FBO Wasatch Ultra Growth Fund
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Cronus & Co. FBO Wasatch Ultra Growth Fund
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    46

     

    

 

	INVESTOR:	Casing & Co. FBO Wasatch Micro Cap Fund
	 	 
	 	By:	/s/ Daniel Thurber
	 	 	Name: Daniel Thurber
	 	 	Title: Vice President

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Casing & Co. FBO Wasatch Micro Cap Fund
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Casing & Co. FBO Wasatch Micro Cap Fund
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [  X 
        ]           9.999%

        [   
        ]              N/A

 

    47

     

    

 

	INVESTOR:	Invus Public Equities, L.P.
	 	 
	 	By:	/s/ Khalil Barrage
	 	 	Name: Khalil Barrage
	 	 	Title: VP of the General Partner

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Invus Public Equities, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Invus Public Equities, L.P.
	
        Maximum Percentage

         
	
        [  x 
        ]            4.999%

        [   
        ]              9.999%

        [   
        ]              N/A

 

    48

     

    

 

	INVESTOR:	Altium Growth Fund, LP
	 	 
	 	By:	/s/ Jacob Gottlieb
	 	 	Name: Jacob Gottlieb
	 	 	Title: CEO

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Altium Growth Fund, LP
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Altium Growth Fund, LP
	
        Maximum Percentage

         
	
        [ x 
        ]             4.999%

        [   
        ]              9.999%

        [   
        ]              N/A

 

    49

     

    

 

	INVESTOR:	NanoDimension II, L.P.
	 	 
	 	By:	/s/ Jonathan Nicholson
	 	 	Name: Jonathan Nicholson
	 	 	Title: Director of the General Partner

 

 

 

	Investor Information	 
	
        Entity Name:

         
	NanoDimension II, L.P.
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	NanoDimension II, L.P.
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [   
        ]              9.999%

        [  x 
        ]             N/A

 

    50

     

    

 

	INVESTOR:	Reinet Columbus Limited
	 	 
	 	By:	/s/ Mr Johan Mostert
	 	 	Name: Mr Johan Mostert
	 	 	Title: Director

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Reinet Columbus Limited
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Reinet Columbus Limited
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [   
        ]              9.999%

        [  X 
        ]           N/A

 

    51

     

    

 

	INVESTOR:	Hering-Kirchhof Living Trust
	 	 
	 	By:	/s/ Bernhard J. Hering
	 	 	Name: Bernhard J. Hering
	 	 	Title: Trustee

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Hering-Kirchhof Living Trust
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Hering-Kirchhof Living Trust
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [   
        ]              9.999%

        [ X 
        ]            N/A

 

    52

     

    

 

	INVESTOR:	The Eiger Trust
	 	 
	 	By:	/s/ Jonathan Nicholson
	 	 	Name: Jonathan Nicholson
	 	 	Title: Trustee

 

 

 

	Investor Information	 
	
        Entity Name:

         
	The Eiger Trust
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	The Eiger Trust
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [   
        ]              9.999%

        [ X 
        ]            N/A

 

    53

     

    

  

	INVESTOR:	 
	 	/s/ Timothy Barabe
	 	Timothy Barabe

 

 

 

	Investor Information	 
	
        Entity Name:

         
	Timothy Barabe
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Timothy Barabe
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [   
        ]              9.999%

        [ X 
        ]            N/A

 

    54

     

    

 

	INVESTOR:	 
	 	/s/ Carrie S. Cox
	 	Carrie S. Cox

 

 

 

	Investor Information	 
	
        Entity Name:

         
	 
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Carrie S. Cox
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [   
        ]              9.999%

        [ X 
        ]            N/A

 

    55

     

    

 

	INVESTOR:	 
	 	/s/ Scott D. Myers
	 	Scott D. Myers

 

 

 

	Investor Information	 
	
        Entity Name:

         
	 
	
        Contact Person:

         
	[***]
	
        Address:

         
	[***]
	
        City:

         
	[***]
	
        State:

         
	[***]
	
        Zip Code:

         
	[***]
	
        Telephone:

         
	[***]
	
        Facsimile:

         
	[***]
	
        Email:

         
	[***]
	
        Tax ID # or Social Security #:

         
	[***]
	
        Name in which Shares should be issued:   

         
	Scott D. Myers
	
        Maximum Percentage

         
	
        [   
        ]              4.999%

        [   
        ]              9.999%

        [ X 
        ]            N/A

 

    56

     

    

 

EXHIBIT A

Schedule of Investors

 

	Investor
    Name	 	Number
    of Shares to be Purchased	 	 	Aggregate
    Purchase Price of Shares	 	 	Number
    of Common Warrants to be Purchased	 	 	Aggregate
    Purchase Price of Common Warrants	 	 	Number
    of Pre-Funded Common Warrants to be Purchased	 	 	Aggregate
    Purchase Price of  Pre-Funded Common Warrants	 	 	Aggregate
    Purchase Price of Closing Securities	 
	Vivo
    Capital Fund VIII LP	 	 	141,961	 	 	$	207,263.06	 	 	 	144,280	 	 	$	18,035.00	 	 	 	146,599	 	 	$	214,034.54	 	 	$	439,332.60	 
	Vivo
    Capital Surplus Fund VIII LP	 	 	19,603	 	 	$	28,620.38	 	 	 	19,923	 	 	$	2,490.38	 	 	 	20,244	 	 	$	29,556.24	 	 	$	60,667.00	 
	Vivo
    Capital Fund IX LP	 	 	1,444,246	 	 	$	2,108,599.16	 	 	 	1,467,835	 	 	$	183,479.38	 	 	 	1,491,425	 	 	$	2,177,480.50	 	 	$	4,469,559.04	 
	Vivo
    Opportunity Fund LP	 	 	6,472,423	 	 	$	9,449,737.58	 	 	 	6,578,142	 	 	$	822,267.75	 	 	 	6,683,860	 	 	$	9,758,435.60	 	 	$	20,030,440.93	 
	EcoR1 Capital Fund,
    LP	 	 	772,414	 	 	$	1,127,724.44	 	 	 	386,207	 	 	$	48,275.88	 	 	 	-	 	 	 	-	 	 	$	1,176,000.32	 
	EcoR1
    Capital Fund Qualified, LP	 	 	3,825,287	 	 	$	5,584,919.02	 	 	 	1,912,643	 	 	$	239,080.38	 	 	 	-	 	 	 	-	 	 	$	5,823,999.40	 
	The
    Mangrove Partners Master Fund, Ltd.	 	 	5,254,516	 	 	$	7,671,593.36	 	 	 	2,627,258	 	 	$	328,407.25	 	 	 	-	 	 	 	-	 	 	$	8,000,000.61	 
	Acuta
    Capital Fund, LP	 	 	1,844,078	 	 	$	2,692,353.88	 	 	 	922,039	 	 	$	115,254.88	 	 	 	-	 	 	 	-	 	 	$	2,807,608.76	 
	Acuta
    Opportunity Fund, LP	 	 	520,126	 	 	$	759,383.96	 	 	 	260,063	 	 	$	32,507.88	 	 	 	-	 	 	 	-	 	 	$	791,891.84	 
	Biotechnology Value
    Fund, L.P.	 	 	1,660,948	 	 	$	2,424,984.08	 	 	 	830,474	 	 	$	103,809.25	 	 	 	-	 	 	 	-	 	 	$	2,528,793.33	 
	Biotechnology Value
    Fund II, L.P.	 	 	1,293,646	 	 	$	1,888,723.16	 	 	 	646,823	 	 	$	80,852.88	 	 	 	-	 	 	 	-	 	 	$	1,969,576.04	 
	Biotechnology
    Value Trading Fund OS, L.P.	 	 	226,312	 	 	$	330,415.52	 	 	 	113,156	 	 	$	14,144.50	 	 	 	-	 	 	 	-	 	 	$	344,560.02	 
	MSI
    BVF SPV LLC	 	 	103,166	 	 	$	150,622.36	 	 	 	51,583	 	 	$	6,447.88	 	 	 	 	 	 	 	 	 	 	$	157,070.24	 
	TAS
    Partners, LLC	 	 	3,940,887	 	 	$	5,753,695.02	 	 	 	1,970,443	 	 	$	246,305.38	 	 	 	-	 	 	 	-	 	 	$	6,000,000.40	 
	Boxer
    Capital, LLC	 	 	3,284,072	 	 	$	4,794,745.12	 	 	 	1,642,036	 	 	$	205,254.50	 	 	 	-	 	 	 	-	 	 	$	4,999,999.62	 
	Cronus
    & Co. FBO Wasatch Ultra Growth Fund	 	 	1,273,921	 	 	$	1,859,924.66	 	 	 	636,960	 	 	$	79,620.00	 	 	 	-	 	 	 	-	 	 	$	1,939,544.66	 
	Casing
    & Co. FBO Wasatch Micro Cap Fund	 	 	1,024,930	 	 	$	1,496,397.80	 	 	 	512,465	 	 	$	64,058.13	 	 	 	-	 	 	 	-	 	 	$	1,560,455.93	 
	Invus
    Public Equities, L.P.	 	 	1,313,629	 	 	$	1,917,898.34	 	 	 	656,814	 	 	$	82,101.75	 	 	 	-	 	 	 	-	 	 	$	2,000,000.09	 
	Altium
    Growth Fund, LP	 	 	656,814	 	 	$	958,948.44	 	 	 	328,407	 	 	$	41,050.88	 	 	 	-	 	 	 	-	 	 	$	999,999.32	 
	NanoDimension
    II, L.P.	 	 	1,313,629	 	 	$	1,917,898.34	 	 	 	656,814	 	 	$	82,101.75	 	 	 	-	 	 	 	-	 	 	$	2,000,000.09	 
	Reinet
    Columbus Limited	 	 	680,460	 	 	$	993,471.60	 	 	 	340,230	 	 	$	42,528.75	 	 	 	-	 	 	 	-	 	 	$	1,036,000.35	 
	Hering-Kirchhof
    Living Trust	 	 	200,000	 	 	$	292,000.00	 	 	 	100,000	 	 	$	12,500.00	 	 	 	-	 	 	 	-	 	 	$	304,500.00	 
	The
    Eiger Trust	 	 	197,044	 	 	$	287,684.24	 	 	 	98,522	 	 	$	12,315.25	 	 	 	-	 	 	 	-	 	 	$	299,999.49	 
	Timothy
    Barabe	 	 	65,681	 	 	$	95,894.26	 	 	 	32,840	 	 	$	4,105.00	 	 	 	-	 	 	 	-	 	 	$	99,999.26	 
	Carrie
    S. Cox	 	 	65,681	 	 	$	95,894.26	 	 	 	32,840	 	 	$	4,105.00	 	 	 	-	 	 	 	-	 	 	$	99,999.26	 
	Scott
    D. Meyers	 	 	39,409	 	 	$	57,537.14	 	 	 	19,704	 	 	$	2,463.00	 	 	 	-	 	 	 	-	 	 	$	60,000.14	 
	Totals:	 	 	37,634,883	 	 	$	54,946,929.18	 	 	 	22,988,501	 	 	$	2,873,562.68	 	 	 	8,342,128	 	 	$	12,179,506.88	 	 	$	69,999,998.74	 

 

    57

     

    

 

Exhibit B-1

 

Form of Warrant

 

    58

     

    

 

Exhibit B-2

 

Form of Pre-Funded Warrant

 

    59

     

    

 

EXHIBIT C

 

Form of Registration Rights Agreement

 

    60

     

    

 

APPENDIX I

 

Form of Investor Questionnaire

 

    61

     

    

 

APPENDIX II

 

Form of Selling Stockholder Questionnaire

 

    62

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