Document:

EX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is dated as of June 3, 2020, between Iterum Therapeutics plc, an
Irish incorporated public limited company (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the
“Purchasers”). 
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to (i) an
effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”) as to the Shares and (ii) an exemption from the registration requirements of Section 5 of the Securities Act contained in
Section 4(a)(2) thereof and/or Regulation D thereunder as to the Warrants, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company
as more fully described in this Agreement. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for
other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 

ARTICLE I. 
 DEFINITIONS

 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1: 
 “Acquiring Person” shall have the meaning
ascribed to such term in Section 4.5. 
 “Action” shall have the meaning ascribed to such term in
Section 3.1(j). 
 “Additional Subscription Amount” means, as to each Purchaser, the aggregate amount
equal to the product of (i) the number of Warrant Shares underlying the Warrants purchased by a Purchaser multiplied by (ii) $0.01 in connection with the Warrants, which Additional Subscription Amount shall be paid in United States dollars and
in immediately available funds by the Purchaser at Closing. 
 “Affiliate” means any Person that, directly
or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of
New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the closure of any
physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

  
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 “Closing” means the closing of the purchase and sale of the
Securities pursuant to Section 2.1. 
 “Closing Date” means the Trading Day on which all of the
Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to
deliver the Securities, in each case, have been satisfied or waived, but in no event later than the second (2nd) Trading Day following the date hereof, unless otherwise agreed in writing by the
Company and a Purchaser with respect to the payment of such Purchaser’s Subscription Amount and/or the delivery of such Purchaser’s Shares. 

“Commission” means the United States Securities and Exchange Commission. 

“Company Irish Counsel” means A&L Goodbody, with offices located at International Financial Services
Centre, North Wall Quay, Dublin 1, D01H104, Ireland. 
 “Company U.S. Counsel” means Wilmer Cutler Pickering
Hale and Dorr LLP, with offices located at 7 World Trade Center, 250 Greenwich Street, New York, NY 10007. 

“Disclosure Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00
a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent
and the Company, and (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as
to an earlier time by the Placement Agent and the Company. 
 “Evaluation Date” shall have the meaning
ascribed to such term in Section 3.1(s). 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder. 
 “Exempt Issuance” means the issuance of
(a) Ordinary Shares or options or restricted share units or other equity awards to employees, officers or directors of the Company pursuant to any share or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date

  
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of this Agreement or issued pursuant to the rights offering provided for pursuant to Section 5.3 of securities purchase agreement, dated as of January 16, 2020, by and among Iterum
Therapeutics Bermuda Limited, the Company, Iterum Therapeutics International Limited, Iterum Therapeutics US Limited, Iterum Therapeutics US Holding Limited and the Persons set forth on Schedule 1 thereto, provided that such securities have not been
amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in accordance with their terms) or to extend the term of such
securities, (c) securities issued pursuant to Section 6 of the Investor Rights Agreement, dated as of January 21, 2020, by and among Iterum Therapeutics Bermuda Limited, the Company, Iterum Therapeutics International Limited, Iterum
Therapeutics US Limited, Iterum Therapeutics US Holding Limited and the Purchasers (collectively, the “Parties”) named in that certain Securities Purchase Agreement by and among the Parties dated as of January 16, 2020 (the
“Investor Rights Agreement”) and (d) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as
“restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.12 herein, and
provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and
shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary
business is investing in securities. 
 “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended.

 “FDA” shall have the meaning ascribed to such term in Section 3.1(hh). 

“FDCA” shall have the meaning ascribed to such term in Section 3.1(hh). 

“GAAP” shall have the meaning ascribed to such term in Section 3.1(h). 

“Indebtedness” shall have the meaning ascribed to such term in Section 3.1(aa). 

“Intellectual Property Rights” shall have the meaning ascribed to such term in Section 3.1(p). 

“Legend Removal Date” shall have the meaning ascribed to such term in
Section 4.1(c). 
 “Liens” means a lien, charge, pledge, security interest,
encumbrance, right of first refusal, preemptive right or other restriction. 
 “Material Adverse Effect”
shall have the meaning assigned to such term in Section 3.1(b). 

  
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 “Material Permits” shall have the meaning ascribed to such
term in Section 3.1(n). 
 “Ordinary Share” means the ordinary shares of the Company, nominal value
$0.01 per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 

“Ordinary Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the
holder thereof to acquire at any time Ordinary Shares, including, without limitation, any debt, preferred share, 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, Ordinary Shares. 
 “Per Share Purchase Price” equals
$1.6825, subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement and prior to the Closing Date. 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint share company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Pharmaceutical Product” shall have the meaning ascribed to such term in Section 3.1(hh). 

“Placement Agent” means H.C. Wainwright & Co., LLC. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
informal investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

“Prospectus” means the base prospectus included in the Registration Statement. 

“Prospectus Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities
Act that is filed with the Commission in connection with the offer and sale of the Shares. 
 “Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8. 
 “Registration
Statement” means the shelf registration statement on Form S-3 (File No. 333-232569), which registers the sale of the Shares. 

“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e). 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

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

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h). 

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

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Shares” means the Ordinary Shares issued or issuable to each Purchaser pursuant to this
Agreement. 
 “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under
the Exchange Act (but shall not be deemed to include locating and/or borrowing Ordinary Shares). 
 “Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading
“Subscription Amount,” in United States dollars and in immediately available funds. 

“Subsidiary” means any subsidiary of the Company as set forth in the SEC Reports and shall, where applicable,
also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 
 “Trading
Day” means a day on which the principal Trading Market is open for trading. 
 “Trading Market”
means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange (or any successors to any of the foregoing). 
 “Transaction Documents” means this
Agreement, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements executed with the Purchasers in connection with the transactions contemplated hereunder. 

“Transfer Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, and any
successor transfer agent of the Company. 
 “Variable Rate Transaction” shall have the meaning ascribed to
such term in Section 4.12(b). 

  
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 “VWAP” means, for any date, the price determined by the
first of the following clauses that applies: (a) if the Ordinary Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on the Trading
Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary
Shares are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so reported, or (d) in all other cases, the fair
market value of a share of Ordinary Shares as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company. 
 “Warrants” means, collectively, the Ordinary Share
purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Warrants shall be exercisable immediately and have a term of exercise equal to 5.5 years, in the form of Exhibit C attached
hereto. 
 “Warrant Shares” means the Ordinary Shares issuable upon exercise of the Warrants. 

ARTICLE II. 
 PURCHASE AND
SALE 
 2.1 Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to issue
and sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $5,000,003.03 of Shares and Warrants. Each Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser
shall be made available for “Delivery Versus Payment” settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares and a Warrant as determined pursuant to Section 2.2(a) and the
Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of the
Placement Agent or such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the Shares shall occur via “Delivery Versus Payment” (“DVP”) (i.e., on the
Closing Date, the Company shall issue the Shares in book-entry form in the names of the Purchasers and released by the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares, the
Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company). Notwithstanding anything to the
contrary herein and a Purchaser’s Subscription Amount set forth on the signature pages attached hereto, the number of Shares to be purchased by a Purchaser (and its Affiliates) hereunder shall not, when aggregated with all other Ordinary Shares
owned by 

  
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such Purchaser (and its Affiliates) at such time, result in such Purchaser beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act) in excess of 9.9% of the
then issued and outstanding Ordinary Shares at the Closing (the “Beneficial Ownership Maximum”), and such Purchaser’s Subscription Amount, to the extent it would otherwise exceed the Beneficial Ownership Maximum immediately
prior to the Closing, shall be conditioned upon the issuance of Shares at the Closing to the other Purchasers signatory hereto. 
 2.2
Deliveries. 
 (a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each
Purchaser the following: 
 (i) this Agreement duly executed by the Company; 

(ii) a legal opinion of Company U.S. Counsel, in substantially the form set forth on Exhibit A hereto; 

(iii) a legal opinion of Company Irish Counsel, in substantially the form set forth on Exhibit B hereto; 

(iv) the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and
executed by the Chief Executive Officer or Chief Financial Officer; 
 (v) subject to the fifth sentence of Section 2.1,
a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to such
Purchaser’s Subscription Amount divided by the Per Share Purchase Price (rounded down to the nearest whole Share), registered in the name of such Purchaser; 

(vi) a Warrant registered in the name of such Purchaser to purchase up to a number of Ordinary Shares equal to 50% of such
Purchaser’s Shares, with an exercise price equal to $1.62, subject to adjustment therein; and 
 (vii) the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act). 
 (b) On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following: 
 (i) this
Agreement duly executed by such Purchaser; and 
 (ii) such Purchaser’s Subscription Amount, which shall be made
available for “Delivery Versus Payment” settlement with the Company or its designee, and, at such Purchaser’s election, such Purchaser’s Additional Subscription Amount, which shall be included in such Purchaser’s
Subscription Amount to be made available for “Delivery Versus Payment” settlement with the Company or shall be separately delivered to the Company pursuant to the Company’s wire instructions as provided pursuant to
Section 2.2(a)(iv) herein. 

  
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 2.3 Closing Conditions.  

(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 (i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or
Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 

(ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall
have been performed; and 
 (iii) the delivery by each Purchaser of the items set forth in Section 2.2(b) of this
Agreement. 
 (b) The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the
following conditions being met: 
 (i) the accuracy in all material respects (or, to the extent representations or warranties
are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be
accurate as of such date); 
 (ii) all obligations, covenants and agreements of the Company required to be performed at or
prior to the Closing Date shall have been performed; 
 (iii) the delivery by the Company of the items set forth in
Section 2.2(a) of this Agreement; 
 (iv) there shall have been no Material Adverse Effect with respect to the Company
since the date hereof; and 
 (v) from the date hereof to the Closing Date, trading in the Ordinary Shares shall not have
been suspended by the Commission or the Company’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally on any nationally recognized securities exchange as reported by Bloomberg L.P. shall not
have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New
York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing. 

  
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 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be
deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and
warranties to each Purchaser: 
 (a) Subsidiaries. All of the direct and indirect subsidiaries of the Company are set
forth in the SEC Reports. Except as disclosed in the SEC Reports, (i) the Company owns, directly or indirectly, all of the share capital or other equity interests of each Subsidiary free and clear of any Liens and (ii) all of the issued
and outstanding share capital of each Subsidiary are validly issued and are fully paid and are not subject to any calls for additional payments (non-assessable) and free of preemptive and similar rights to
subscribe for or purchase securities. 
 (b) Organization and Qualification. The Company and each of the Subsidiaries
is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (or such equivalent concept to the extent such equivalent concept exists under the
law of such jurisdiction), with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the
provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing (or such equivalent
concept to the extent such equivalent concept exists under the law of such jurisdiction) as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction
Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the
Company’s ability to perform its obligations under the Transaction Documents (any of (i), (ii) or (iii), a “Material Adverse Effect”), provided that changes in the trading price of the Ordinary Shares shall not, in and of
itself, constitute a Material Adverse Effect, and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. 

  
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 (c) Authorization; Enforcement. The Company has the requisite
corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the Company’s shareholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is
a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in
accordance with its 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. 

(d) No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction
Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any
Subsidiary’s certificate or articles of association or incorporation, bylaws or other organizational or charter documents, 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 upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) to which the Company or any Subsidiary is a party or by which any property or asset
of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or
governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each
of clauses (ii) and (iii), such as would not have or reasonably be expected to result in a Material Adverse Effect. 

(e) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction
Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) application(s) to each applicable Trading Market for the listing
of the Shares and Warrant Shares for trading thereon in the time and manner required thereby, and (iv) such filings as are required to be made under applicable state securities laws, or the laws of Ireland, or the rules of the Financial
Industry Regulatory Authority, Inc. (“FINRA”) (collectively, the “Required Approvals”). 

  
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 (f) Issuance of the Securities; Registration. The Shares and Warrants
are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and not subject to any calls for additional capital (nonassessable), free and clear of all Liens
imposed by the Company. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and not subject to any calls for additional capital (nonassessable), free and clear of all Liens imposed by the
Company. The Company has reserved from its duly authorized share capital the maximum number of Ordinary Shares issuable pursuant to this Agreement and the Warrants at the current Exercise Price. The Company has prepared and filed the Registration
Statement in conformity with the requirements of the Securities Act, which originally became effective on July 16, 2019 (the “Effective Date”), including the Prospectus, and such amendments and supplements thereto as may have been
required to the date of this Agreement. The Company was at the time of the filing of the Registration Statement eligible to use Form S-3. The Company is eligible to use Form
S-3 under the Securities Act and it meets the transaction requirements as set forth in General Instruction I.B.6 of Form S-3. The Registration Statement is effective
under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been
instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time
the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the
requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the
Prospectus Supplement and any amendments or supplements thereto, at the time the Prospectus Supplement or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements
of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 
 (g) Capitalization. The authorized capitalization of the Company is set forth in the SEC Reports.
Except as disclosed in the Prospectus Supplement, the Company has not issued any share capital since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of share options under the Company’s equity
plans by employees, directors or other service providers, the issuance of Ordinary Shares to employees, directors or other service providers pursuant to the Company’s equity plans and pursuant to the conversion and/or exercise of Ordinary Share

  
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Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. Except as disclosed in Schedule 3.1(g), no Person has any right of first refusal,
preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except for the Securities to be issued and sold hereunder or as disclosed in the SEC Reports or Schedule
3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving
any Person any right to subscribe for or acquire, any Ordinary Shares or the share capital of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional
Ordinary Shares or Ordinary Share Equivalents or share capital of any Subsidiary. Except as disclosed in Schedule 3.1(g), the issuance and sale of the Shares will not obligate the Company or any Subsidiary to issue Ordinary Shares or other
securities to any Person (other than the Purchasers). Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or
reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary that contain any
redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. Except as disclosed in
the SEC Reports, the Company does not have any share appreciation rights or “phantom share” plans or agreements or any similar plan or agreement other than as disclosed in the SEC Reports. All of the outstanding share capital of the
Company is duly authorized, validly issued, fully paid and not subject to any calls for additional payments (nonassessable), has been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in
violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities. Except
as disclosed in the SEC Reports, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company’s share capital to which the Company is a party or, to the knowledge of the Company, between or
among any of the Company’s shareholders. 
 (h) SEC Reports; Financial Statements. The Company has filed all
reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or
such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus
Supplement, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As
of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact
or 

  
 12 

 
omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such
financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such
financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated
Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments. 
 (i) Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the most
recent unaudited financial statements included within the SEC Reports, except as set forth in the SEC Reports, (i) there has been no event, occurrence or development that has had or that would reasonably be expected to result in a Material
Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) payables and other accrued expenses incurred in the ordinary course of business consistent with past practice and
(B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company
has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any of its share capital and (v) the Company has not issued any equity
securities to any officer, director or Affiliate, except pursuant to existing Company equity plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the
Securities contemplated by this Agreement or as set forth in the SEC Reports, no material event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company
or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or
deemed made that has not been publicly disclosed prior to the time of execution of this Agreement. 
 (j) Litigation.
Except as disclosed in Schedule 3.1(j), there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of
their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or
challenges the legality, validity or enforceability of any of the Transaction Documents or the Shares or (ii) would, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Except as
disclosed in the SEC Reports, neither the Company nor any Subsidiary, nor any director or officer (in his or her capacity as such) thereof, is or has 

  
 13 

 
been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the
knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company (in his or her capacity as such). The Commission has not issued any
stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. 

(k) Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the
employees of the Company, which would reasonably be expected to result in a Material Adverse Effect. The Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or
non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company
or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment
practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(l) Compliance. Neither the Company nor any Subsidiary: (i) is 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 or any Subsidiary under), nor has the Company or any Subsidiary 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) is in
violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been 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 the case of each of clauses (i), (ii) and (iii) as
disclosed in the SEC Reports or as as would not have or reasonably be expected to result in a Material Adverse Effect. 
 (m)
Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water,
groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous
Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all

  
 14 

 
authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or
approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance
with all terms and conditions of any such permit, license or approval where in each of clause (i), (ii) and (iii), the failure to so comply would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. 

(n) Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by
the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits would not reasonably be expected to result in
a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit. 

(o) Title to Assets. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have good and marketable
title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for
(i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries, and (ii) Liens for the payment of federal,
state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP, and the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the
Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects. 

(p) Intellectual Property. To the knowledge of the Company, the Company and the Subsidiaries have, or have rights to
use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in
connection with their respective businesses as described in the SEC Reports and which the failure to so have would have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither the Company
nor any Subsidiary has received a written notice that any of, the material Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this
Agreement, other than in accordance with the terms of the Intellectual Property Rights. Neither the Company nor any Subsidiary has received, since the date of the most recent unaudited financial statements included within the SEC Reports, a written
notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as would not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of
the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the 

  
 15 

 
Intellectual Property Rights, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries have taken
reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. The Company has no knowledge of any facts that would preclude it from having valid license rights or clear title to the Intellectual Property Rights, except as would not have or reasonably be expected to not have a Material Adverse Effect.
The Company has no knowledge that it lacks or will be unable to obtain any rights or licenses to use all Intellectual Property Rights that are necessary to conduct its business, except as would not have or reasonably be expected to not have a
Material Adverse Effect. 
 (q) Insurance. The Company and the Subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance
coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to
continue its business without a significant increase in cost. 
 (r) Transactions With Affiliates and Employees.
Except as set forth in the SEC Reports, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the
Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to
or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such
employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement
for expenses incurred on behalf of the Company and (iii) other employee benefits, including share option agreements under any equity plan of the Company. 

(s) Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance in all material
respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date
hereof and as of the Closing Date. The Company and the Subsidiaries maintain 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 accountability, (iii) access to assets is permitted only in accordance with
management’s general or specific authorization, and (iv) the recorded 

  
 16 

 
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have
established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such
disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed
periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange 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 Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the
Company and its Subsidiaries that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries. 

(t) Certain Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions
are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The
Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the
Transaction Documents. 
 (u) Investment Company. The Company is not, and immediately after receipt of payment for the
Securities will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject
to registration under the Investment Company Act of 1940, as amended. 
 (v) Registration Rights. Except as disclosed
in the SEC Reports, no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary. 

(w) Listing and Maintenance Requirements. The Ordinary Shares are registered pursuant to Section 12(b) or 12(g) of
the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification
that the Commission is contemplating terminating such registration. Except as disclosed in the SEC Reports, the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Ordinary Shares are or
have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of any Trading Market on 

  
 17 

 
which the Ordinary Shares are listed or quoted. The Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation
and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer. 

(x) Application of Takeover Protections. The Company and the Board of Directors 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 articles of association (or similar charter documents) or the laws of its jurisdiction of incorporation that is or would become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or
exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities. 

(y) 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 any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in
securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby is true and correct in all
material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading
(it being understood that such disclosure furnished by or on behalf of the Company to the Purchasers includes the SEC Reports). The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to
the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof. 
 (z) No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, neither the Company nor any of its Subsidiaries nor, to the Company’s knowledge, any of its controlled
Affiliates, nor any Person acting on its or their behalf (other than the Placement Agent), has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this
offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of the Warrants and Warrant Shares under the Securities Act, or (ii) any applicable
shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated in a manner that would require shareholder approval for the issuance of the Securities. 

  
 18 

 (aa) Solvency. The Company has no current intention of filing for
reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction. The SEC Reports set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the
Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the
ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes
thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases
required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness. 

(bb) Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any
jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except for such taxes, if any, as
are being contested in good faith and as to which adequate reserves have been established by the Company and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the
periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for
any such claim. 
 (cc) Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the
Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, 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 any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of FCPA. 

(dd) Accountants. The Company’s independent registered public accounting firm is KPMG. To the knowledge and belief
of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report
for the fiscal year ending December 31, 2020. 

  
 19 

 (ee) Acknowledgment Regarding Purchasers’ Purchase of
Securities. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company
further acknowledges that no Purchaser 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
Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further
represents to each Purchaser 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. 
 (ff) Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this
Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any
Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified term; (ii) past or
future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement transactions, may negatively
impact the market price of the Company’s publicly traded securities; (iii) any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently may have a
“short” position in the Ordinary Shares, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company further
understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, and (z) such hedging activities (if any) could reduce the value of the
existing shareholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the
Transaction Documents. 
 (gg) Regulation M Compliance. The Company has not, and to its knowledge no one acting on its
behalf has, (i) 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, (ii) sold,
bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than,
in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection with the placement of the Securities. 

  
 20 

 (hh) FDA. As to each product subject to the jurisdiction of the U.S.
Food and Drug Administration (“FDA”) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged, labeled, tested, distributed, sold, and/or
marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in
compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory
practices, good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to
the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company
or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the
distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders
the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any
facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or
regulations by the Company or any of its Subsidiaries, and which in the case of each of the foregoing clauses (i) through (vi), either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 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. Except as disclosed in the SEC Reports, the Company has not been
informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving or clearing
for marketing any product being developed or proposed to be developed by the Company.  
 (ii) Equity Plans.
Each option granted by the Company under the Company’s equity plan was granted (i) in accordance with the terms of the Company’s equity plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary
Shares on the date such option would be considered granted under GAAP and applicable law. No option granted under the Company’s equity plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company
policy or practice to knowingly grant, options prior to, or otherwise knowingly coordinate the grant of options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial
results or prospects. 
 (jj) Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the
Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(“OFAC”). 

  
 21 

 (kk) U.S. Real Property Holding Corporation. The Company is not and
has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended. 

(ll) Bank Holding Company Act. Neither the Company nor any of its Subsidiaries nor, to the Company’s knowledge, any
of its Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company
nor any of its Subsidiaries nor, to the Company’s knowledge, any of its Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries nor, to the Company’s knowledge, any of its Affiliates exercises a
controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. 

(mm) Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in
compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder
(collectively, the “Money Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened. 
 (nn) Private Placement. Assuming
the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Warrants or the Warrant Shares by the Company
to the Purchasers as contemplated hereby. 
 (oo) No General Solicitation. Neither the Company nor any Person acting
on behalf of the Company has offered or sold any of the Warrants or Warrant Shares by any form of general solicitation or general advertising. The Company has offered the Warrants and Warrant Shares for sale only to the Purchasers and certain other
“accredited investors” within the meaning of Rule 501 under the Securities Act. 
 (pp) No Disqualification
Events. With respect to the Warrant and Warrant Shares to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other
officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in
Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule

  
 22 

 
506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has
exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the
Purchasers a copy of any disclosures provided thereunder. 
 (qq) Other Covered Persons. Other than the Placement
Agent, the Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities. 

(rr) Notice of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of
(i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case of
which it is aware. 
 3.2 Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser,
hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date): 

(a) Organization; Authority. Such Purchaser is an entity duly incorporated or formed, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have
been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and
when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its 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. 

(b) Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has
no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to
the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in 

  
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the ordinary course of its business. Such Purchaser understands that the Warrants and the Warrant Shares are “restricted securities” and have not been registered under the Securities
Act or any applicable state securities law and is acquiring such Securities as principal for his, her or its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any
other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell such Securities
pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws). 
 (c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises any Warrants it will be, either: (i) an “accredited investor” as defined
in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act. 

(d) Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is
able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment. 

(e) Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction
Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning
the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to
make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with
respect to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any
Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser,
neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser. 

  
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 (f) Certain Transactions and Confidentiality. Other than consummating
the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, 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 Purchaser first received notice of the transaction contemplated hereunder (written or oral) from the Company or any other Person representing the Company and ending
immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the
portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’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 Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives, including, without limitation,
its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of
this transaction). 
 (g) Purchaser Independence. Such Purchaser acknowledges that such Purchaser is acting
independently of any other Purchaser (other than with respect to an Affiliate of such Purchaser that is also a Purchaser hereunder) in connection with the purchase of the Securities hereunder and is not acting in concert with any other Purchaser
(other than with respect to an Affiliate of such Purchaser that is also a Purchaser hereunder) for the purposes of the Irish Takeover Panel Act 1997, Takeover Rules, 2013, and that no individual Purchaser or group of Purchasers acting in concert
will own 30% or more of the Company’s issued share capital on the Closing Date. 
 (h) General Solicitation. Such
Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at
any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement. 
 The Company acknowledges and
agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’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. Notwithstanding the foregoing, for
the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future. 

  
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 ARTICLE IV. 

OTHER AGREEMENTS OF THE PARTIES 

4.1 Removal of Legends. 

(a) The Warrants and Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection
with any transfer of Warrants or Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in
Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Warrant under the Securities Act. 

(b) The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend
on any of the Warrants or Warrant Shares in the following form: 
 NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS
EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A
FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with
a registered broker-dealer or grant a security interest in some or all of the Warrants or Warrant Shares to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under
the terms of such arrangement, such Purchaser may transfer pledged or secured Warrants or Warrant Shares to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal
counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable
documentation as a pledgee or secured party of Warrants and Warrant Shares may reasonably request in connection with a pledge or transfer of the Warrants or Warrant Shares. 

  
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 (c) Certificates evidencing the Warrant Shares shall not contain any legend
(including the legend set forth in Section 4.1(b) hereof): (i) while a registration statement covering the resale of such security is effective under the Securities Act, or (ii) following any sale of such Warrant
Shares pursuant to Rule 144 (assuming cashless exercise of the Warrants), or (iii) if such Warrant Shares are eligible for sale under Rule 144 (assuming cashless exercise of the Warrants), or (iv) if such legend is not required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent or the Purchaser promptly
if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively. If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the
resale of the Warrant Shares, or if such Warrant Shares may be sold under Rule 144 (assuming cashless exercise of the Warrants) or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the staff of the Commission) then such Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under this
Section 4.1(c), the Company will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a
Purchaser to the Company or the Transfer Agent of a certificate representing Warrant Shares, as applicable, issued with a restrictive legend (such date, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser
a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this
Section 4. Warrant Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company
System as directed by such Purchaser. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the
Ordinary Shares as in effect on the date of delivery of a certificate representing Warrant Shares issued with a restrictive legend. 

(d) In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as
partial liquidated damages and not as a penalty, for each $1,000 of Warrant Shares (based on the VWAP of the Ordinary Shares on the date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject
to Section 4.1(c), $5 per Trading Day (increasing to $10 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date until such certificate is
delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered to the Company by such Purchaser
that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Purchaser purchases (in an open 

  
 27 

 
market transaction or otherwise) shares of Ordinary Shares to deliver in satisfaction of a sale by such Purchaser of all or any portion of the number of shares of Ordinary Shares, or a sale of a
number of shares of Ordinary Shares equal to all or any portion of the number of shares of Ordinary Shares, that such Purchaser anticipated receiving from the Company without any restrictive legend, then an amount equal to the excess of such
Purchaser’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Ordinary Shares so purchased
(including brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In Price”) over the product
of (A) such number of Warrant Shares that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Ordinary Shares on any Trading Day during the period
commencing on the date of the delivery by such Purchaser to the Company of the applicable Warrant Shares (as the case may be) and ending on the date of such delivery and payment under this Section 4.1(d). 

(e) The Shares shall be issued free of legends. 

4.2 Furnishing of Information. 

(a) Until the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired, the
Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then
subject to the reporting requirements of the Exchange Act. 
 (b) At any time during the period commencing from the six
(6) month anniversary of the date hereof and ending at such time that all of the Warrant Shares (assuming cashless exercise) may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without
restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes
such an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to a
Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Warrant Shares, an amount in cash equal to one percent (1.0%) of the aggregate Exercise Price of such
Purchaser’s Warrants on the day of a Public Information Failure and on every thirtieth (30th) day (pro rated for periods totaling less than thirty days) thereafter until the earlier of
(a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for the Purchasers to transfer the Warrant Shares pursuant to Rule 144. The payments to which a Purchaser shall be
entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during
which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure
Payments is cured. In the event the Company fails to make Public 

  
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Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid
in full. Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief. 
 4.3 Integration. The Company shall not sell, offer for sale
or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under
the Securities Act of the sale of the Warrants or Warrant Shares or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval
prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction. 

4.4 Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the
material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by
the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the
Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such
press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors,
agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include
the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final
Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall, to the extent permitted by law, provide the Purchasers with prior notice of such
disclosure permitted under this clause (b). 
 4.5 Shareholder Rights Plan. No claim will be made or enforced by the Company or, with
the consent of the Company, any other Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar
anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or
under any other agreement between the Company and the Purchasers. 

  
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 4.6 Non-Public Information. Except with
respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other
Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless
prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, in any case acting on behalf of the Company or
any of its Subsidiaries, delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty
of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents,
employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. 

4.7 Use of Proceeds. Except as set forth in the Prospectus Supplement, the Company shall use the net proceeds from the issuance and sale
of the Securities hereunder for general corporate purposes and shall not use such proceeds: (a) for the acquisition of any Ordinary Shares or Ordinary Share Equivalents, (b) for the settlement of any outstanding litigation or (c) in
violation of FCPA or OFAC regulations. 
 4.8 Indemnification of Purchasers. Subject to the provisions of this Section 4.8, the
Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of
such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or
employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any
and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action
instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the
Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may
have with any such shareholder or any violations by such Purchaser Party of state or federal securities laws or any 

  
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conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct) or (c) in connection with any registration statement of
the Company providing for the resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of the Warrants, the Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against any
and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact
contained in such registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the
extent, that such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for use therein, or (ii) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party in respect of which indemnity may be
sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party.
Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that
(x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the
reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more
than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably
withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such
Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when
bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to
pursuant to law. 
 4.9 Reservation of Ordinary Shares; Aggregate Nominal Amount of Warrant Shares. As of the date hereof, the Company
has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant
Shares pursuant to any exercise of the Warrants at the then applicable Exercise Price. The Company acknowledges that each Purchaser that so elects under Section 2.2(b)(ii) herein has paid the aggregate nominal amount of the Ordinary Shares
issuable upon exercise of such Purchaser’s Warrants and the Company shall hold such aggregate nominal amount in trust and 

  
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shall apply it as applicable in connection with exercises of the Warrants pursuant to Section 2(c) therein by such Purchaser or any assignee of the Warrants. Upon the exercise of the
Warrants other than pursuant to Section 2(c) therein by such Purchaser or any assignee of the Warrants or upon the termination of the Warrants prior to exercise of all or any portion of such Warrants, the Company shall return to the Purchaser
the applicable portion of the aggregate nominal amount of the Ordinary Shares in connection with such Warrants that have been exercised other than pursuant to Section 2(c) therein on a periodic six (6) month basis or promptly upon request
by the Purchaser and, upon termination of the Warrants prior to exercise of all or any portion of such Warrants, the Company shall promptly return to the Purchaser in full the remaining amount of the aggregate nominal amount of the Ordinary Shares
in connection with such Warrants or promptly upon request by the Purchaser. Notwithstanding the foregoing, each Purchaser shall have the right, upon three (3) Trading Days notice to the Company, to require the Company to return the remaining
amount of the aggregate nominal amount of the Ordinary Shares issuable upon exercise of such Purchaser’s Warrants that was paid by such Purchaser, provided that any future exercise of the Warrants pursuant to Section 2(c) therein by such
Purchaser shall require delivery of such aggregate nominal amount of the Ordinary Shares before the Warrant Shares are issued. 
 4.10
Listing of Ordinary Shares. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing or quotation of the Ordinary Shares on the Trading Market on which the Ordinary Shares are currently listed, and
concurrently with the Closing, the Company shall apply to list or quote all of the Shares and Warrant Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares on such Trading Market. The Company further
agrees, if the Company applies to have the Ordinary Shares traded on any other Trading Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares
and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its Ordinary Shares on a Trading Market and will comply
in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Ordinary Shares for electronic transfer through the Depository
Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer. 

4.11 Reserved. 
 4.12
Subsequent Equity Sales. 
 (a) From the date hereof until 15 days after the Closing Date, 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 Ordinary Shares or Ordinary Shares Equivalents. 

  
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 (b) From the date hereof until one year anniversary of the Closing Date, the
Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Ordinary Shares or Ordinary Shares Equivalents (or a combination of units thereof) involving a Variable Rate
Transaction. “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive
additional shares of Ordinary Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Ordinary Shares at any time after
the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of
specified or contingent events directly or indirectly related to the business of the Company or the market for the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line
of credit, whereby the Company may issue securities at a future determined price; provided, however, that an “at the market” offering pursuant to an “at the market” equity distribution or sales agreement with the Placement Agent
entered into after the 3 month anniversary of the Closing Date shall not constitute a “Variable Rate Transaction.” Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy
shall be in addition to any right to collect damages. 
 (c) Notwithstanding the foregoing, this
Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance. For clarity, the rights offering described in clause (b) of the definition of Exempt
Issuance shall not be deemd a “Variable Rate Transaction”. 
 4.13 Equal Treatment of Purchasers. No consideration
(including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the
parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the
Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise. 

4.14 Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that
neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this
Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other
Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the
confidentiality of the existence and terms of this transaction. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes
any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant

  
 33 

 
to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance
with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have
any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a
Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets, the covenant 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 Securities
covered by this Agreement. 
 4.15 Exercise Procedures. The form of Notice of Exercise included in the Warrants set forth the totality
of the procedures required of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Warrants. Without limiting the preceding sentences,
no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the
Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents. 

4.16 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Warrant and Warrant Shares as required
under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Warrant and
Warrant Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser. 

4.17 Registration Statement. The Company shall use commercially reasonable efforts to file, as soon as practicable (and in any event
within 90 calendar days of the date of this Agreement), a registration statement on Form S-1 (or such other form as may be appropriate) providing for the resale by the Purchasers of the Warrant Shares issued
and issuable upon exercise of the Warrants. The Company shall use commercially reasonable efforts to cause such registration to become effective within 181 days following the Closing Date and to keep such registration statement effective at all
times until no Purchaser owns any Warrants or Warrant Shares issuable upon exercise thereof. 
 ARTICLE V. 

MISCELLANEOUS 
 5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the
other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however, that no such termination will affect the
right of any party to sue for any breach by any other party (or parties). 

  
 34 

 5.2 Fees and Expenses. Except as expressly set forth in the Transaction Documents to
the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of
this Agreement. The Company shall pay, or procure payment of, all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the
Company and any exercise notice delivered by a Purchaser) stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers pursuant to this Agreement. 

5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus
Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge
have been merged into such documents, exhibits and schedules. 
 5.4 Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile
number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any
Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to
whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. 

5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any
such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers)
shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and
adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in
accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company. 

  
 35 

 5.6 Headings. The headings herein are for convenience only, do not constitute a part
of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 5.7 Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser
(other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the
transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers”, provided that, in connection with any such assignment of any rights under this Agreement prior to the Closing Date (other than any
assignment to an Affiliate of such Purchaser, for which no consent shall be required), such assignment shall require the prior written consent of the Company, which consent shall not be unreasonably withheld. 

5.8 No Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of the
Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. 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 4.8 and this Section 5.8. 

5.9 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or
agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of
Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing
party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and
prosecution of such Action or Proceeding. 

  
 36 

 5.10 Survival. The representations and warranties contained herein shall survive the
Closing and the delivery of the Securities for two (2) years following the Closing Date. 
 5.11 Execution. This Agreement may be
executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood
that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall
use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

5.13 Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; provided,
however, that, in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any Ordinary Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of
the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right). 
 5.14 Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated,
lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary
indemnity) associated with the issuance of such replacement Securities. 

  
 37 

 5.15 Remedies. In addition to being entitled to exercise all rights provided herein
or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss
incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate. 

5.16 Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside,
recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or
equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such
enforcement or setoff had not occurred. 
 5.17 Independent Nature of Purchasers’ Obligations and Rights. The
obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or
non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or
thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Documents. Each Purchaser 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 Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation
of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through the legal counsel of the Placement Agent. The legal counsel of the Placement
Agent does not represent any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was
required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the
Company and the Purchasers collectively and not between and among the Purchasers. 

  
 38 

 5.18 Liquidated Damages. The Company’s obligations to pay any partial liquidated
damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the
instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled. 

5.19 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

5.20 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of
the Ordinary Shares that occur after the date of this Agreement. 
 5.21 WAIVER OF JURY TRIAL. IN ANY ACTION,
SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND
EXPRESSLY WAIVES FOREVER TRIAL BY JURY.  
 (Signature Pages Follow) 

  
 39 

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

							
	Iterum Therapeutics plc	  		  	Address for Notice:
				
	By:	 	  

Name:
 Title:
	  	
                        

	  	 Fax:

E-mail:

							
			
	With a copy to (which shall not constitute notice):	  	                        	  	
			
	 Wilmer Cutler Pickering Hale and Dorr LLP

7 World Trade Center
 250 Greenwich Street

New York, New York 10007
 Attn: Brian A. Johnson, Esq.

E-mail: 
 Facsimile: +1-212-230-8800
	  		  	

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGE FOR PURCHASER FOLLOWS] 

  
 40 

 [PURCHASER SIGNATURE PAGES TO ITRM SECURITIES PURCHASE AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above. 
  

			
	Name of Purchaser:	 	  

  

			
	Signature of Authorized Signatory of Purchaser:	 	  

  

			
	Name of Authorized Signatory:	 	  

  

			
	Title of Authorized Signatory:	 	  

  

			
	Email Address of Authorized Signatory:	 	  

  

			
	Facsimile Number of Authorized Signatory:	 	  

 Address for Notice to Purchaser: 

Address for Delivery of Securities to Purchaser (if not same as address for notice): 

DWAC for Shares: 
 Subscription Amount: $_________________ 

Shares: _________________ 
 Warrant Shares: ____________________

 EIN Number: ____________________ 
 ☐ Notwithstanding
anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to issue and sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur on the second (2nd) Trading Day following the date of this Agreement
and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or
purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as
applicable) to such other party on the Closing Date. 
 [SIGNATURE PAGES CONTINUE] 

  
 41Exhibit
10.5

 

 

Libertas
Funding LLC

382
Greenwich Avenue Suite 2 Second Floor, Greenwich, CT 06380

 

AGREEMENT
OF SALE OF FUTURE RECEIPTS

 

This
AGREEMENT OF SALE OF FUTURE RECEIVABLES (this “Agreement”) dated as of 02/24/2020, is made by
and between Libertas Funding LLC, a Connecticut Limited Liability Company as purchaser (“Purchaser”),
the merchant whose name, address and other pertinent information is set forth below, as seller (“Merchant”),
and the individual owner/guarantor of the Merchant whose name, address and other pertinent information are set forth below
(“Guarantor”).

 

Merchant
Information (see addendum)

 

	Merchant
    Legal Name: VYSTAR CORPORATION, et al.	DBA
    Name: Rotmans
	Entity
    Type: Corporation	FEIN:
    ************
	State
    Of Incorporation: MA	Bank
    Name: *****
	Address:
    XXXXXXXXXXXXXXXXXXX	Phone:
    XXXXXXXX

 

OWNER
INFORMATION (referred to individually or collectively as the (“Owner”))

 

	Name
                                         of Owner Guarantor 1:

         

        Stephen
        Rotman
	 

         

        Cell
        Phone: XXXXXXXX
	 

         

        Social
        Security #: ***********

	Home
    Address: XXXXXXXXXXXXXXX	City/State:*****	Zip
    Code: *****
	Ownership
    %: N/A	Email:
    XXXXXXXXXXXXXX	 

 

Background

 

WHEREAS,
Merchant is an entity engaged in the business that it currently conducts and is willing to sell to Purchaser a certain portion
of Merchant’s future receivables (such portion, the “Sold Future Receipts”); and

 

WHEREAS,
Purchaser is an entity engaged in the business of purchasing future receivables and is willing to purchase from Merchant the Sold
Future Receipts; and

 

WHEREAS,
Guarantor is an individual who, as an owner, officer or manager of Merchant, will derive substantial benefit from Merchant selling
the Sold Future Receipts to Purchaser and who is willing to guaranty to Purchaser Merchant’s performance in accordance with
the provisions of this Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, the mutual receipt of which and sufficiency is hereby acknowledged, the parties
to this Agreement agree to the foregoing and as follows.

 

KEY
BUSINESS TERMS AND DEFINITIONS:

 

	Sold
    Amount of Future Receipts	 	 

        

        $1,089,000.00
	 	 

        

        The
        dollar value of the Sold Future Receipts that Merchant agrees to sell to Purchaser.

	 	 	 	 	 
	Purchase
    Price	 	$825,000.00	 	The
    total amount that Purchaser agrees to pay for the Sold Amount of Future Receipts.
	 	 	 	 	 
	

        Future
        Receipts
	 	

        $2,325,962.35
	 	All
    sums due to Merchant by its customers/clients/vendees as payment for the Merchant’s sale of goods and services in the
    ordinary course of Merchant’s entities from and after the date when the Purchase Price is paid to Merchant irrespectively
    of how such sums is paid over and delivered to Merchant (in the form of cash, check, credit, credit card charge, debit card
    payment, ACH or any other form of funds transfer or payment.)
	 	 	 	 	 
	Direct
    Payments to Third Parties/Renewals	 	 

        N/A
	 	 

        

        Paid
        to Purchaser and/or Other Funders.

 

    	Page 1

     

    

 

	Total
    Amount Sent to Merchant	 	

        $808,500.00
	 	

        Net
        of Discount and Direct Payments to 3rd Parties:

	 	 	 	 	 
	Specified
    Percentage	 	

        20%
	 	An
    agreed upon percentage of the Weekly Future Receipts that Merchant shall deliver to Purchaser until the entire Sold Amount
    of Future Receipts is delivered to Purchaser in accordance with this Agreement.
	 	 	 	 	 
	Discount
    Factor	 	1.32	 	The
    risk adjustment to the Amount Sold that determines the Futures Receivables Discount
	 	 	 	 	 
	

        Weekly
        Delivery
	 	

        $28,809.55
	 	A
    dollar amount that Merchant and Purchaser agree to be a good faith approximation of the Specified Percentage of Weekly Future
    Receipts as of the date of this Agreement, based upon the information provided by Merchant to Purchaser concerning Merchant’s
    most recent accounts receivables.
	 	 	 	 	 
	Origination
                                         Fees
	 	$16,500.00
	 	The
    amount Purchaser will withhold from the Purchase Price which represents the due diligence and costs of the Purchaser in performing
    its analysis for this agreement.
	 	 	 	 	 
	

        Early
        Delivery Discount
	 	1.15
                                         @ 1 month(s)

        1.17
        @ 2 month(s)

        1.19
        @ 3 month(s)

        1.21
        @ 4 month(s)

        1.23
        @ 5 month(s)
	 	

        Discount
        Paid to Merchant for delivering Future Receivables Early

	 	 	 	 	 
	Estimated
    Term of this Agreement	 	

        9
        Months
	 	

        The
        estimated Term of this Agreement is the period commencing on the date when the Purchase Price is paid to Merchant (the
        “Commencement Date”) and expiring on the date when the Sold Amount of Future Receipts is delivered
        to Purchaser in full.

	 	 	 	 	 
	

        Business
        Day
	 		 	Monday
    through Friday during the Term of this Agreement except the days when the banking institutions in the state where the Merchant’s
    business is located are closed for holidays and do not process ACH transfers.

 

Note:
The bold type terms in the tables above and below shall constitute defined terms with respect to this Agreement. PLEASE NOTE THAT
THE PURCHASER WILL NOT REMIT MORE THAN THE EXPECTED WEEKLY REMITTANCE PER DAY WITHOUT THE CONSENT OF THE MERCHANT.

 

		I.	SALE
                                         OF FUTURE RECEIPTS; PAYMENT OF PURCHASE PRICE:

 

		1.	Sale
                                         of Future Receipts. Merchant hereby sells, assigns, transfers and conveys (hereinafter,
                                         the “Sale”) unto Purchaser all of Merchant’s right, title and
                                         interest in to the Specified Percentage of the Future Receipts until the Sold Amount
                                         of Future Receipts is delivered by Merchant to Purchaser; to have and hold the same unto
                                         Purchaser, its successors and assigns, until balance paid in full. This Sale of the Sold
                                         Future Receipts is made without express or implied warranty to Purchaser of collectability
                                         of the Sold Future Receipts by Purchaser and without recourse against Merchant except
                                         as specifically set forth in this Agreement. By virtue of this Agreement, Merchant transfers
                                         to Purchaser full and complete ownership of the Sold Future Receipts and Merchant retains
                                         no legal or equitable interest therein.

 

		2.	Payment
                                         of Purchase Price.

 

		a.	In
                                         consideration of the transfer by Merchant to Purchaser of the Sold Future Receipts, Purchaser
                                         agrees to pay to Merchant the Purchase Price; subject to the immediately following subsection
                                         (b) and the satisfactory completion of Purchaser’s due diligence (in its discretion),
                                         the Purchase Price shall be turned over and delivered to Merchant immediately after the
                                         date of this Agreement.

 

		b.	In
                                         the event as of the date when Purchaser shall deliver to Merchant the Purchase Price,
                                         Merchant shall have owed to Purchaser a certain amount of debt unrelated to his Agreement
                                         or certain sums pursuant to this Agreement including without limitation any and all origination
                                         fees. (the sum of all such prior obligations of Merchant to Purchaser, the “Prior
                                         Debt”) Merchant hereby grants Purchaser the right to withhold from the Purchase
                                         Price to be delivered to Merchant pursuant to subparagraph (a) above, the amount of the
                                         Prior Debt in full satisfaction thereof. Furthermore, Merchant agrees that delivery to
                                         the Merchant of the Purchase Price reduced by the amount of the Prior Debt shall not
                                         be deemed to be Purchaser’s breach of its obligations under this Agreement and
                                         such reduction shall not in any way or form shall modify or reduce Merchant’s obligations
                                         under this Agreement.

 

		c.	In
                                         the event the amount of the Purchase Price is reduced by the amount of Prior Debt, any
                                         and all references in this Agreement to the Purchase Price shall mean “the Purchase
                                         Price as reduced by the Prior Debt, if any.”

 

		II.	DELIVERY
                                         OF SOLD AMOUNT OF FUTURE RECEIPTS:

 

		3.	Weekly
                                         Deliveries. The Sold Amount of Future Receipts shall be delivered to Purchaser
                                         in equal amounts of Weekly Delivery. The Weekly Deliveries shall be made once each week
                                         on the same Business Day starting on the Commencement Date, which is the date in which
                                         the Purchaser sets forth that Weekly Deliveries are scheduled to begin. It should be
                                         noted that the Commencement Date shall be established by the Purchaser and shall be with
                                         no later than 15 days following the date in which the Purchase Price (less the Origination
                                         Fees) are sent to the Merchant. The amount of the Weekly Delivery is subject to Merchant’s
                                         right for adjustment and/or reconciliation set forth in this Agreement. The last Weekly
                                         Delivery shall be made when the Sold Amount of Future Receipts and other amounts due
                                         to Purchaser under this Agreement (if any) are delivered to Purchaser in full.

 

    	Page 2

     

    

 

		4.	Method
                                         of Delivery of Sold Amount of Future Receipts. Purchaser shall have the right,
                                         at its sole and absolute discretion, to choose among the following three methods of delivery
                                         of the Weekly Delivery to Purchaser:

 

		a.	Directly
                                         from the Merchant’s Approved Bank Account (as such term is defined below) by weekly
                                         debiting the amount of Weekly Delivery via ACH debit (“Direct Debit”);
                                         or

 

		b.	From
                                         the Merchant’s Approved Credit Card Processor (as such term is defined below) by
                                         instructing such Approved Credit Card Processor to remit weekly the amount of Weekly
                                         Delivery to Purchaser (“Credit Card Split”); or

 

		c.	From
                                         a special bank account established jointly by Purchaser and Merchant whereby all Future
                                         Receipts shall be deposited into such bank account during the term of this Agreement
                                         in accordance with a lockbox arrangement among Merchant, Purchaser and a banking institution
                                         chosen by Purchaser and Purchaser weekly debiting the amount of Weekly Delivery from
                                         such bank account (the “Lockbox Arrangement”). At any time during
                                         the term of this Agreement, Purchaser may change the method by which it will accept the
                                         Weekly Delivery by providing Merchant with written instructions of a new method of delivery
                                         of Weekly Delivery to Purchaser.

 

		5.	Approved
Bank Account and Credit Card Processor. During the term of this Agreement, Merchant shall: (i) deposit all Future Receipts
into one (and only one) bank account which bank account shall be preapproved by Purchaser (the “Approved Bank Account”),
(ii) use one (and only one) credit card processor which processor shall be preapproved by Purchaser (the “Approved Credit
Card Processor”) and (iii) deposit all credit card receipts into the Approved Bank Account. In the event the Approved
Bank Account or Approved Credit Card Processor shall become unavailable or shall cease providing services to Merchant during the
term of this Agreement, prior to the first date of such unavailability or cessation of services, Merchant shall arrange for another
Approved Bank Account or Approved Credit Card Processor, as the case may be. Account Number: ____________________________________
Routing Number: _________________________________

 

		6.	Authorization
                                         of Direct Debit, Credit Card Split and Lockbox Arrangement.

 

		a.	Merchant
                                         hereby authorizes Purchaser to initiate Direct Debit by way of electronic checks or ACH
                                         debits from the Approved Bank Account in the amount of Weekly Delivery each Business
                                         Day until Purchaser receive the full Sold Amount of Future Receipts; Merchant shall provide
                                         Purchaser with all access code(s) for the Approved Bank Account.

 

		b.	Merchant
                                         hereby authorizes Purchaser to initiate Credit Card Split by making the necessary arrangement
                                         with the Approved Credit Card Processor for remittance of the Weekly Delivery each Business
                                         Day until the Purchaser receives the full Sold Amount of Future Receipts; Merchant shall
                                         provide Purchaser with all access code(s) for the Approved Credit Card Processor.

 

		c.	Merchant
                                         hereby authorizes Purchaser to initiate a Lockbox Arrangement and to instruct Merchant’s
                                         Approved Credit Card Processor and Merchant’s invoiced customers/clients/vendees
                                         to deposit all sums due to Merchant from each of those parties directly to the special
                                         bank account established in accordance with the Lockbox Arrangement; If required, Merchant
                                         shall enter into a lockbox agreement with Purchaser and the banking institution chosen
                                         by Purchaser for the purpose of establishing such bank account.

 

		7.	Third
                                         Party Appointment and Authorization. By signing below, Merchant acknowledges
                                         that the Purchaser may, at any time, at Purchaser’s sole discretion, and without
                                         prior notice, appoint a third party, including but not limited to its wholly owned subsidiaries,
                                         including, without limitation, Kinetic Direct Funding, LLC. (herein referred to as the
                                         “Servicing Agent”) to perform any, or all, of the actions authorized by the
                                         ACH Authorization and the Agreement. Merchant further agrees and acknowledges that Servicing
                                         Agent shall have all of the same rights, responsibilities, and authorizations granted
                                         to Purchaser by the ACH Authorization and the Agreement. For purposes of clarity, any
                                         Servicing Agent may perform any and all activities to service the Agreement, including
                                         the collection of Funds Arising from Future Receipts (as set forth above), as if it was
                                         the Purchaser.

 

		8.	Fees
                                         Associated with Debiting Approved Bank Account. It shall be Merchant’s
                                         exclusive responsibility to pay to its banking institution and/or Purchaser’s banking
                                         institution directly (or to compensate Purchaser, in case it is charged) all fees, charges
                                         and expenses incurred by either Merchant or Purchaser due to rejected electronic checks
                                         or ACH debit attempts, overdrafts or rejections by Merchant’s banking institution
                                         of the transactions contemplated by this Agreement.

 

		9.	Read Only
    Access to the Approved Bank and Credit Card Accounts. Merchant hereby agrees that during the term of this Agreement
    Purchaser shall have the right to perform ongoing read only electronic monitoring of transactions occurring in the Approved
    Bank Account and Merchant’s account with the Approved Credit Card Processor (the “Approved Credit Card Account”).
    Merchant agrees to provide Purchaser all required online access codes for the Approved Bank Account and the Approved Credit
    Card Account. If Purchaser’s electronic (online) access to Merchant’s Approved Bank Account or the Approved Credit
    Card Account is disabled for any reason, Merchant shall immediately and diligently undertake all steps required from it to
    restore Purchaser’s access to both Approved Bank Account and Approved Credit Card Account. Merchant’s failure
    to comply with the provisions of this Section 8 shall constitute Merchant’s material breach of its obligations under
    this Agreement.

 

		III.	MERCHANT’S
                                         RIGHT FOR RECONCILIATION AND ADJUSTMENT:

 

		10.	Merchant’s
                                         Right for Reconciliation of Weekly Deliveries.

 

		a.	If
                                         any time during the term of this Agreement Merchant will experience sporadic increase
                                         or decrease in its weekly receipts, Merchant shall have the right, at its sole and absolute
                                         discretion, but subject to the provisions of Section 10 below, to request retroactive
                                         reconciliation of the Merchant’s actual weekly receipts for one full calendar month
                                         immediately preceding the day when such request for reconciliation is received by Purchaser
                                         (each such calendar month, a “Reconciliation Month”).

 

		b.	Such
                                         reconciliation (the “Reconciliation”) of Merchant’s weekly receipts
                                         for a Reconciliation Month shall be performed by Purchaser within five (5) Business Days
                                         following its receipt of the Merchant’s request for reconciliation by either crediting
                                         or debiting the difference back to or from the Approved Bank Account so that the total
                                         amount debited by Purchaser from the Approved Bank Account during the Reconciliation
                                         Month at issue equal the Specific Percentage of the Future Receipts that Merchant collected
                                         during the Reconciliation Month at issue.

 

    	Page 3

     

    

 

		c.	The
                                         parties acknowledge and agree that one or more Reconciliation procedures performed by
                                         Purchaser may reduce the actual Weekly Delivery amount during the Reconciliation Month
                                         in comparison to the one set forth in preamble of this Agreement, and, as the result
                                         of such reduction, the term of this Agreement during which Purchaser will be debiting
                                         the Approved Bank Account may extend substantially.

 

		11.	Request
                                         for Reconciliation Procedure.

 

		a.	It
                                         shall be Merchant’s sole responsibility and the right hereunder to initiate Reconciliation
                                         of Merchant’s actual receipts during any Reconciliation Month by sending a request
                                         for reconciliation to Purchaser.

 

		b.	Any
                                         such request for Reconciliation of the Merchant’s weekly receipts for a specific
                                         Reconciliation Month shall be in writing, shall include a copy of Merchant’s bank
                                         statement and a credit card processing statement for the Reconciliation Month at issue,
                                         and shall be received by Purchaser via email customer.service@libertasfunding.com
                                         within five (5) Business Days after the last day of the Reconciliation Month at issue
                                         (time being of the essence as to the last day of the period during which such demand
                                         for reconciliation shall be received by Purchaser).

 

		c.	Purchaser’s
                                         receipt of Merchant’s request for Reconciliation after the expiration of the Five-Business-Day
                                         period following the last day of the Reconciliation Month for which such reconciliation
                                         is requested nullifies and makes obsolete Merchant’s request for Reconciliation
                                         for that specific Reconciliation Month.

 

		d.	Merchant
                                         shall have the right to request Reconciliation as many times during the term of this
                                         Agreement as it deems proper, and Purchaser shall comply with such request, provided
                                         that:

 

		i.	Each
                                         such request is made in accordance with the terms of this Section 10.

 

		ii.	If
                                         a request for Reconciliation is made after the expiration of the term of this Agreement
                                         and, as the result of such Reconciliation, the total amount actually debited by Purchaser
                                         from the Approved Bank Account will become less than the Sold Amount of Future Receipts,
                                         then and in such event the term of this Agreement shall automatically be extended until
                                         the time when the total amount actually debited from Approved Bank Account pursuant to
                                         this Agreement shall become equal to the Sold Amount of Future Receipts.

 

	 	iii.	In the event after
    the last day of the term of this Agreement Merchant will determine in good faith that the actual amount debited by Purchaser
    from the Approved Bank Account pursuant to this Agreement is greater than the Sold Amount of Future Receipts, then and in
    such event Merchant shall have the right to request final Reconciliation within five (5) Business Days following the expiration
    date of the term of this Agreement (time being of the essence) and Purchaser shall honor such request within five (5) Business
    Days following the day of its receipt of such request. It shall be noted that if Purchaser receives funds that it is not entitled
    to, then the Purchaser shall be required to return those funds to the Merchant without request by the Merchant for reconciliation
    as set forth above.

 

		e.	Nothing
                                         set forth in Sections 9 or 10 of this Agreement shall be deemed to provide Merchant with
                                         the right to interfere with Purchaser’s right and ability to debit the Approved
                                         Bank Account while the request for Reconciliation of Merchant’s receipts is pending
                                         or until the Sold Amount of Future Receipts is delivered to Purchaser in full.

 

		12.	Adjustment
                                         of Weekly Delivery.

 

		a.	If
                                         any time during the term of this Agreement Merchant will experience steady increase or
                                         decrease in its weekly receipts, Merchant shall have the right, at its sole and absolute
                                         discretion, but subject to the provisions of Section 12 below, to request modification
                                         (“Adjustment”) of the amount of the Weekly Delivery that Merchant
                                         is obligated to deliver weekly to Purchaser in accordance with the provisions of Section
                                         3 above. Such Adjustment shall become effective as of the date it is granted and the
                                         new adjusted amount of the Weekly Delivery (the “Adjusted Weekly Delivery”)
                                         shall replace and supersede the amount of the Weekly Delivery set forth in the preamble
                                         of this Agreement.

 

		b.	The
                                         Adjustment of the Weekly Delivery shall be performed by Purchaser within five (5) Business
                                         Days following its receipt of the Merchant’s request for Adjustment by modifying
                                         weekly amounts that shall be debited from the Approved Bank Account until the Sold Amount
                                         of Future Receipts is delivered in full. Notwithstanding anything to the contrary set
                                         forth in Sections 11 and 12 hereof, no Adjustment shall take place until and unless Reconciliation
                                         for at least one (1) Reconciliation Month takes place resulting in reduction of the total
                                         amount debited from Merchant’s Approved Bank Account during the Reconciliation
                                         Month by at least 20% in comparison to the amount that would have been debited during
                                         that month without Reconciliation.

 

		c.	The
                                         parties acknowledge and agree that one or more Adjustments performed pursuant to this
                                         Agreement may substantially extend the term of this Agreement and the period during which
                                         Purchaser will be debiting the Approved Bank Account.

 

		d.	In
                                         the event of a missed remittance of the Weekly Delivery Amount, the Merchant acknowledges
                                         Purchaser’s right to receive daily remittances equivalent to 20% of the Weekly
                                         Delivery Amount.

 

		13.	Request
                                         for Adjustment Procedure.

 

		a.	It
                                         shall be Merchant’s sole responsibility and the right to initiate the Adjustment
                                         by sending a request for Adjustment to Purchaser.

 

		b.	A
                                         request for Adjustment (an “Adjustment Request”) shall be in writing,
                                         shall include copies of: (i) Merchant’s three (3) consecutive bank statements of
                                         the Approved Bank Account and credit card processing statements immediately preceding
                                         the date of Purchaser’s receipt of the Adjustment Request, and (ii) Merchant’s
                                         bank statements and credit card processing statements previously provided by Merchant
                                         to Purchaser based upon which statements the amount of Weekly Delivery set forth in preamble
                                         to this Agreement (or the then current Adjusted Weekly Delivery, as the case may be)
                                         was determined, and shall be received by Purchaser by email at customer.service@libertasfunding.com
                                         within five (5) Business Days after the date that is the later of the last day of the
                                         latest bank statement enclosed with the Adjustment Request and the last date of the latest
                                         card processing statement enclosed with the Adjustment Request (time being of the essence
                                         as to the last day of the period during which an Adjustment Request shall be received
                                         by Purchaser).

 

		c.	Purchaser’s
                                         receipt of a Merchant’s Adjustment Request after the expiration of the above referenced
                                         Five-Business-Day period nullifies and makes obsolete such Adjustment Request.

 

		d.	Merchant
                                         shall have the right to request Adjustment of the Weekly Delivery (or Adjusted Weekly
                                         Delivery, as the case may be) as many times during the term of this Agreement as it seems
                                         proper, and Purchaser shall comply with such request, provided that:

 

		i.	Each
                                         such request for Adjustment is made in accordance with the terms of this Section 12.

 

		ii.	A
                                         request for Adjustment shall not be made after the expiration of the term of this Agreement.

 

    	Page 4

     

    

 

		e.	Nothing
                                         set forth in Sections 11 or 12 of this Agreement shall be deemed to provide Merchant
                                         with the right to interfere with Purchaser’s right and ability to debit the Approved
                                         Bank Account while the request for Adjustment is pending or until the Sold Amount of
                                         Future Receipts is delivered to Purchaser in full.

 

		IV.	RISK
                                         SHARING ACKNOWLEDGMENTS AND AGREEMENTS:

 

		14.	Both
                                         Merchant and Purchaser Acknowledge and Agree that:

 

		a.	The
                                         Sold Amount of Future Receipts represents a portion of Merchant’s Future Receipts.

 

		b.	This
                                         Agreement consummates the sale of the Sold Amount of Future Receipts at a discount, not
                                         borrowing funds by Merchant from Purchaser. Purchaser does not charge Merchant and will
                                         not collect from Merchant any interest on the monies spent on the purchase of the Sold
                                         Amount of Future Receipts. The period of time that it will take Purchaser to collect
                                         the Sold Amount of Future Receipts is not fixed, is unknown to both parties as of the
                                         date of this Agreement and will depend on how well or not well Merchant’s business
                                         will be performing following the date hereof. As an extreme example, in the event Merchant’s
                                         business ceases to exist after Purchaser’s payment of the Purchase Price and purchase
                                         of the Sold Amount of Future Receipts for reason outside Merchant’s control, Purchaser
                                         may never recover any moneys spent on such purchase without recourse.

 

		c.	The
                                         amount of the Weekly Delivery set forth in preamble to this Agreement is calculated based
                                         upon the information concerning an average amount of weekly receipts collected by Merchant’s
                                         business immediately prior to the date of this Agreement which information was provided
                                         by Merchant to Purchaser.

 

		d.	The
                                         amounts of Merchant’s future weekly receipts may increase or decrease over time.

 

		e.	If,
                                         based upon the Reconciliation and/or the Adjustment procedures described above, it will
                                         be determined that the actual weekly amounts of the Specified Percentage of the Future
                                         Receipts get reduced in comparison to the amount of the Weekly Delivery as of the date
                                         of this Agreement set forth in the preamble of this Agreement, and in comparison to the
                                         amount that both Merchant and Purchaser may have anticipated or projected because Merchant’s
                                         business has slowed down, or if the full Sold Amount of Future Receipts is not remitted
                                         because Merchant’s business went bankrupt or otherwise ceased operations in the
                                         ordinary course of business(but not due to Merchant’s willful mishandling of its
                                         business), and Merchant shall have not breached this Agreement, Merchant would not owe
                                         anything to Purchaser and would not be in breach of or in default under this Agreement.

 

		15.	Purchaser’s
                                         Risk Acknowledgments. Purchaser agrees to purchase the Sold Amount of Future
                                         Receipts knowing the risks that Merchant’s business may slow down or fail, and
                                         Purchaser hereby assumes these risks based exclusively upon the information provided
                                         to it by Merchant and related to the business operations of Merchant’ business
                                         prior to the date hereof and upon Merchant’s representations, warranties and covenants
                                         contained in this Agreement that are designed to give Purchaser a reasonable and fair
                                         opportunity to receive the benefit of its bargain. Furthermore, Purchaser hereby acknowledges
                                         and agrees that Merchant shall be excused from performing its obligations under this
                                         Agreement in the event Merchant’s business ceases its operations exclusively due
                                         to the following reasons (collectively, the “Valid Excuses”):

 

		i.	Adverse
                                         business conditions that occurred for reasons outside Merchant’s control and not
                                         due to Merchant’s willful or negligent mishandling of its business;

 

		ii.	Loss
                                         of the premises where Merchant’s business operates (but not due to Merchant’s
                                         violation of its obligations to its landlord);

 

		iii.	Bankruptcy
                                         of Merchant;

 

		iv.	Natural
                                         disasters or similar occurrences beyond Merchant’s control.

 

		16.	Not
                                         a Loan. Merchant and Purchaser agree that the Purchase Price is paid to Merchant
                                         in consideration for the ownership of the Sold Amount of Future Receipts and that payment
                                         of the Purchase Price by Purchaser is not intended to be, nor shall it be construed as,
                                         a loan from Purchaser to Merchant that requires absolute and unconditional repayment
                                         on a maturity date, and Guarantor waives any claims or defenses of usury in any action
                                         arising out of this Agreement.. To the contrary, Purchaser’s ability to receive
                                         the Sold Amount of Future Receipts pursuant to this Agreement, and the date when the
                                         Sold Amount of Future Receipts is delivered to Purchaser in full (if ever) are subject
                                         to and conditioned upon performance of Merchant’s business.

 

		V.	MERCHANT’S
                                         OBLIGATIONS, REPRESENTATIONS, WARRANTIES AND COVENANTS:

 

		17.	Merchant
                                         represents, warrants and covenants that the following statements are valid, true
                                         and correct as of the date of this Agreement and unless expressly stated otherwise shall
                                         remain valid, true and correct during the term of this Agreement:

 

		a.	Use
                                         of Purchase Price. Merchant hereby acknowledges that it fully understands that:
                                         (i) Purchaser’s ability to receive the Sold Amount of Future Receipts is contingent
                                         upon Merchant’s continued operation of its business and successful generation of
                                         the Future Receipts until the Sold Amount of Future Receipts is delivered to Purchaser
                                         in full; (ii) that in the event of decreased efficiency or total failure of Merchant’s
                                         business Purchaser’s receipt of the full or any portion of the Sold Amount of Future
                                         Receipts may be delayed indefinitely. Based upon the forgoing, Merchant agrees to use
                                         the Purchase Price exclusively for the benefit and advancement of Merchant’s business
                                         operations and for no other purpose.

 

		b.	Merchant
                                         Shall Not. During the term of this Agreement, without first obtaining Purchaser’s
                                         consent, Merchant shall not:

 

		i.	Change
                                         or close the Approved Bank Account or change or terminate the Approved Processor.

 

		ii.	Open
                                         and deposit Future Receipts into a bank account different from the Approved Bank Account.

 

		iii.	Add
                                         a credit card processor in addition to the Approved Processor.

 

		iv.	Sell
                                         Merchant’s business (as an entity or its assets) to a third party.

 

		v.	Disconnect
                                         Purchaser’s bank monitoring software.

 

		vi.	Sell
                                         Future Receipts to a third party for a term of under 12 months.

 

		vii.	Breach,
                                         or deviate from strict performance of, any and all other obligations of Merchant under
                                         this Agreement.

 

    	Page 5

     

    

 

		c.	Financial
                                         Condition and Financial Information. Merchant’s bank and financial statements,
                                         copies of which have been furnished to Purchaser, and future statements which may be
                                         furnished hereafter pursuant to this Agreement or upon Purchaser’s request, fairly
                                         represent the financial condition of Merchant as of the dates such statements are issued,
                                         and prior to execution of the Agreement there have been no material adverse changes,
                                         financial or otherwise, in such condition, operation or ownership of Merchant. Merchant
                                         has a continuing, affirmative obligation to advise Purchaser of any material adverse
                                         change in its financial condition, operation or ownership. Purchaser may request statements
                                         at any time during the term of this Agreement and Merchant shall provide them to Purchaser
                                         within Five (5) Business Days. Merchant’s failure to do so is a material breach
                                         of this Agreement.

 

		d.	Governmental
                                         Approvals. Merchant is in compliance and, during the term of this Agreement,
                                         shall be in compliance with all laws and has valid permits, authorizations and licenses
                                         to own, operate and lease its properties and to conduct the business in which it is presently
                                         engaged.

 

		e.	Good
                                         Standing. Merchant is a corporation/limited liability company/limited partnership/other
                                         type of entity that is in good standing and duly incorporated or otherwise organized
                                         and validly existing under the laws of its jurisdiction of incorporation or organization
                                         and has full power and authority necessary to carry its business as it is now being conducted.

 

		f.	Authorization.
                                         Merchant has all requisite power to execute, deliver and perform this Agreement and
                                         consummate the transactions contemplated hereunder; entering into this Agreement will
                                         not result in breach or violation of, or default under, any agreement or instrument by
                                         which Merchant is bound or any statute, rule, regulation, order or other law to which
                                         Merchant is subject, nor require the obtaining of any consent, approval, permit or license
                                         from any governmental authority having jurisdiction over Merchant. All organizational
                                         and other proceedings required to be taken by Merchant to authorize the execution, delivery
                                         and performance of this Agreement have been taken. The person signing this Agreement
                                         on behalf of Merchant has full power and authority to bind Merchant to perform its obligations
                                         under this Agreement.

 

		g.	Accounting
                                         Records and Tax Returns. Merchant will treat receipt of the Purchase Price and
                                         delivery of the Sold Future Receipts in a manner evidencing sale of its future receipts
                                         in its accounting records and tax returns and further agrees that Purchaser is entitled
                                         to audit Merchant’s accounting records upon reasonable Notice in order to verify
                                         compliance. Merchant hereby waives any rights of privacy, confidentiality or taxpayer
                                         privilege in any litigation or arbitration arising out of this Agreement in which Merchant
                                         asserts that this transaction is anything other than a sale of future receipts.

 

		h.	Taxes;
                                         Workers Compensation Insurance. Merchant will promptly pay, when due, all taxes,
                                         including without limitation, income, employment, sales and use taxes, imposed upon Merchant’s
                                         business by law, and will maintain workers compensation insurance required by applicable
                                         governmental authorities.

 

		i.	Business
                                         Insurance. Merchant will maintain general liability and business-interruption
                                         insurance naming Purchaser as loss payee and additional insured in the amounts and against
                                         risks as are satisfactory to Purchaser and shall provide Purchaser proof of such insurance
                                         upon request.

 

		j.	Electronic
                                         Check Processing Agreement. Merchant shall not change its processor, add terminals,
                                         change its financial institution or bank account(s) or take any other action that could
                                         have any adverse effect upon Merchant’s obligations or impede Purchaser’s
                                         rights under this Agreement, without Purchaser’s prior written consent.

 

		k.	No
                                         Diversion of Future Receipts. Merchant shall not allow any event to occur that
                                         would cause a diversion of any portion of Merchant’s Future Receipts from the Approved
                                         Bank Account without first obtaining Purchaser’s approval of such diversion.

 

		l.	Change
                                         of Name or Location. Merchant shall not conduct Merchant’s businesses under
                                         any name other than as disclosed to the Processor and Purchaser and will not change any
                                         of its places of business without first obtaining Purchaser’s written consent.

 

		m.	Prohibited
                                         Business Transactions: Merchant shall not: (i) transfer or sell all or substantially
                                         all of its assets without first obtaining Purchaser’s consent; or (ii) make or
                                         send notice of its intended bulk sale or transfer.

 

		n.	No
                                         Closing of Business. Merchant will not sell, dispose, transfer or otherwise convey
                                         all or substantially all of its business or assets without first: (i) obtaining the express
                                         written consent of Purchaser, and (ii) providing Purchaser with a written agreement of
                                         a purchaser or transferee of Merchant’s business or assets assuming all of Merchant’s
                                         obligations under this Agreement pursuant to documentation satisfactory to Purchaser.
                                         Merchant represents that it has no current plans to close its business either temporarily
                                         (for renovations, repairs or any other purpose), or permanently. Merchant agrees that
                                         until Purchaser shall have received all of the Sold Amount of Future Receipts, Merchant
                                         will not voluntarily close its business on a permanent or temporarily basis for renovations,
                                         repairs, or any other purposes. Notwithstanding the foregoing, Merchant shall have the
                                         right to close its business temporarily if such closing is necessitated by a requirement
                                         to conduct renovations or repairs imposed upon Merchant’s business by legal authorities
                                         having jurisdiction over Merchant’s business (such as from a health department
                                         or fire department) or if such closing is necessitated by circumstances outside Merchant’s
                                         reasonable control. Prior to any such temporary closure of its business, Merchant shall
                                         provide Purchaser ten (10) Business Days advance notice.

 

		o.	No
                                         Pending Bankruptcy. As of the date of Merchant’s execution of this Agreement,
                                         Merchant is not insolvent, has not filed, and does not contemplate filing, any petition
                                         for bankruptcy protection under Title 11 of the United States Code and there has been
                                         no involuntary bankruptcy petition brought or pending against Merchant. Merchant represents
                                         that it has not consulted with a bankruptcy attorney on the issue of filing bankruptcy
                                         within six months immediately preceding the date of this Agreement.

 

		p.	Estoppel
                                         Certificate. Merchant will at any time, and from time to time, upon at least
                                         one (1) day’s prior notice from Purchaser to Merchant, execute, acknowledge and
                                         deliver to Purchaser and/or to any other person or entity specified by Purchaser in its
                                         notice, a statement certifying that this Agreement is unmodified and in full force and
                                         effect (or, if there have been modifications, that the same is in full force and effect
                                         as modified and stating the modification(s) and stating the date(s) on which the Sold
                                         Amount of Future Receipts or any portion thereof has been delivered.

 

		q.	Working
                                         Capital Funding. Merchant shall not further encumber the Future Receipts with
                                         a funder that provides a term of less than 12 months (unless such funding represents
                                         a revolving credit line), without first obtaining written consent of Purchaser.

 

		r.	Unencumbered
                                         Future Receipts. Merchant has and will continue to have good, complete and marketable
                                         title to all Future Receipts, free and clear of any and all liabilities, liens, claims,
                                         changes, restrictions, conditions, options, rights, mortgages, security interests, equities,
                                         pledges and encumbrances of any kind or nature whatsoever or any other rights or interests
                                         other than by virtue or entering into this Agreement. Notwithstanding the foregoing,
                                         the Purchaser understands and accepts that the Merchant currently has other sources of
                                         funding and that the presence or renewal of such funding sources will not constitute
                                         a breach under this Agreement.

 

		s.	Business
                                         Purpose. Merchant is entering into this Agreement solely for business purposes
                                         and not as a consumer for personal, family or household purposes.

 

		t.	No
                                         Default Under Contracts with Third Parties. Merchant’s execution of and/or
                                         performance of its obligations under this Agreement will not cause or create an event
                                         of default by Merchant under any material contract, which Merchant is or may become a
                                         party to.

 

    	Page 6

     

    

 

		u.	Phone
                                         Recordings and Contact. Merchant agrees that any call between Merchant and Purchaser
                                         and its owners, managers, employees and agents may be recorded and/or monitored. Furthermore,
                                         Merchant acknowledges and agrees that: (i) it has an established business relationship
                                         with Purchaser, its managers, employees and agents (collectively, the “Purchaser
                                         Parties”) and that Merchant may be contacted by any of the Purchaser Parties from
                                         time-to-time regarding Merchant’s performance of its obligations under this Agreement
                                         or regarding other business transactions; (ii) it will not claim that such communications
                                         and contacts are unsolicited or inconvenient; and (iii) that any such contact may be
                                         made by any of the Purchaser Parties in person or at any phone number (including mobile
                                         phone number), email addresses, or facsimile number belonging to Merchant’s office,
                                         or its owners, managers, officers, or employees.

 

		v.	Knowledge
                                         and Experience of Decision Makers. The persons authorized to make management
                                         and financial decisions on behalf Merchant with respect to this Agreement have such knowledge,
                                         experience and skill in financial and business matters in general and with respect to
                                         transactions of a nature similar to the one contemplated by this Agreement so as to be
                                         capable of evaluating the merits and risks of, and making an informed business decision
                                         with regard to, Merchant entering into this Agreement.

 

		w.	Merchant’s
                                         Due Diligence. The person authorized to sign this Agreement on behalf of Merchant:
                                         (i) has received all information that such person deemed necessary to make an informed
                                         decision with respect to a transaction contemplated by this Agreement; and (ii) has had
                                         unrestricted opportunity to make such investigation as such person desired pertaining
                                         to the transaction contemplated by this Agreement and verify any such information furnished
                                         to him or her by Purchaser.

 

		x.	Arm-Length
                                         Transaction. The person signing this Agreement of behalf of Merchant: (a) has
                                         read and fully understands content of this Agreement; (b) has consulted to the extent
                                         he/she wished with Merchant’s own counsel in connection with the entering into
                                         this Agreement; (c) he or she has made sufficient investigation and inquiry to determine
                                         whether this Agreement is fair and reasonable to Merchant, and whether this Agreement
                                         adequately reflects his or her understanding of its terms.

 

		y.	No
                                         Reliance on Oral Representations. This Agreement contains the entire agreement
                                         between Merchant and Purchaser with respect to the subject matter of this Agreement and
                                         supersedes each course of conduct previously pursued or acquiesced in, and each oral
                                         agreement and representation previously made, by Purchaser or any of the Purchaser Parties
                                         with respect thereto (if any), whether or not relied or acted upon. No course of performance
                                         or other conduct subsequently pursued or acquiesced in, and no oral agreement or representation
                                         subsequently made, by the Purchaser Parties, whether or not relied or acted upon, and
                                         no usage of trade, whether or not relied or acted upon, shall amend this Agreement or
                                         impair or otherwise affect Merchant’s obligations pursuant to this Agreement or
                                         any rights and remedies of the parties to this Agreement.

 

		VI.	PLEDGE
                                         OF SECURITY:

 

		18.	Acknowledgment
                                         of Security Interest and Security Agreement. Only upon a default in making payments
                                         when scheduled/expected under this Agreement by the Merchant (a “Payment Default”),
                                         which Payment default is uncured for seven (7) business days,the Future Receipts sold
                                         by Merchant to Purchaser pursuant to this Agreement are “accounts” or “payment
                                         intangibles” as those terms are defined in the Uniform Commercial Code as in effect
                                         in the state in which the Merchant is located (the “UCC”) and such sale shall
                                         constitute and shall be construed and treated for all purposes as a true and complete
                                         sale, conveying good title to the Future Receipts free and clear of any liens and encumbrances,
                                         from Merchant to Purchaser. To the extent the Future Receipts are “accounts”
                                         or “payment intangibles” then (i) the sale of the Future Receipts creates
                                         a security interest as defined in the UCC; (ii) this Agreement constitutes a “security
                                         agreement” under the UCC; and (iii) Purchaser has all the rights of a secured party
                                         under the UCC with respect to such Future Receipts. Merchant further agrees that, with
                                         or without an Event of Default, Purchaser may notify account debtors, or other persons
                                         obligated on the Future Receipts, on holding the Future Receipts of Merchant’s
                                         sale of the Future Receipts and may instruct them to make payment or otherwise render
                                         performance to or for the benefit of Purchaser. Notwithstanding the foregoing, the Purchaser
                                         understands and acknowledges that the Merchant has existing financing sources/lenders
                                         that have security interest or liens on the assets of the Merchant that may have priority
                                         over the Purchaser’s lien to the extent that the Purchaser files a UCC-1 financing
                                         statement in the event of an Uncured Payment Default—this does not constitute a
                                         violation of this Agreement.

 

		19.	Financing
                                         Statements. Only upon a Payment Default that is not cured within seven (7) business
                                         days (an “Uncured Payment Default”) Merchant authorizes Purchaser to file
                                         one or more UCC-1 forms consistent with the UCC to give notice that the Sold Amount of
                                         Future Receipts is the sole property of Purchaser. The UCC filing may state that such
                                         sale is intended to be a sale and not an assignment for security and may state that Merchant
                                         is prohibited from obtaining any financing that impairs the value of the Sold Amount
                                         of Future Receipts or Purchaser’s right to collect same. Merchant authorizes Purchaser
                                         to debit the Approved Bank Account for all costs incurred by Purchaser associated with
                                         the filing, amendment or termination of any UCC filings.

 

		20.	Security.
                                         Only upon an Uncured Payment Default, as security for the prompt and complete performance
                                         of any and all liabilities, obligations, covenants or agreements of Merchant under this
                                         Agreement, now or hereafter arising from, out of or relating to this Agreement, whether
                                         direct, indirect, contingent or otherwise (hereinafter referred to collectively as the
                                         “Merchant Obligations”), Merchant hereby pledges, assigns and hypothecates
                                         to Purchaser and grants to Purchaser a continuing, perfected lien upon and security interest
                                         in, to and under all of Merchant’s right, title and interest in and to the following
                                         (collectively, the “Collateral”), whether now existing or hereafter
                                         from time to time acquired:

 

		a.	all
                                         accounts, including without limitation, all deposit accounts, accounts-receivable, and
                                         other receivables, chattel paper, documents, equipment, general intangibles, instruments,
                                         and inventory, as those terms are defined by Article 9 of the Uniform Commercial Code
                                         (the “UCC”), now or hereafter owned or acquired by Merchant; and

 

		b.	all
                                         Merchant’s proceeds, as that term is defined by Article 9 of the UCC.

 

		21.	Termination
                                         of Pledge. Upon the performance by Merchant in full of the Merchant Obligations,
                                         the security interest in the Collateral pursuant to this Pledge shall automatically terminate
                                         without any further act of either party being required, and all rights to the Collateral
                                         shall revert to Merchant. Upon any such termination, Purchaser will execute, acknowledge
                                         (where applicable) and deliver such satisfactions, releases and termination statements,
                                         as Merchant shall reasonably request.

 

		22.	Representations
                                         with Respect to Collateral. Merchant hereby represents and warrants to Purchaser
                                         that: the execution, delivery and performance by Merchant of this Pledge, and the remedies
                                         in respect of the Collateral under this Pledge (i) have been duly authorized; (ii) do
                                         not require the approval of any governmental authority or other third party or require
                                         any action of, or filing with, any governmental authority or other third party to authorize
                                         same (other than the filing of the UCC 1’s); (iii) do not and shall not (A) violate
                                         or result in the breach of any provision of law or regulation, any order or decree of
                                         any court or other governmental authority, (B) violate, result in the breach of or constitute
                                         a default under or conflict with any indenture, mortgage, deed of trust, agreement or
                                         any other instrument to which Merchant is a party or by which any of Merchant’s
                                         assets (including, without limitation, the Collateral) are bound.

 

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		23.	Further
                                         Assurances. Upon the request of Purchaser, Merchant, at Merchant’s sole
                                         cost and expense, shall execute and deliver all such further UCC-1s, continuation statements,
                                         assurances and assignments of the Collateral and consents with respect to the pledge
                                         of the Collateral and the execution of this Pledge, and shall execute and deliver such
                                         further instruments, agreements and other documents and do such further acts and things,
                                         as Purchaser may request in order to more fully effectuate the purposes of this Pledge
                                         and the assignment of the Collateral and obtain the full benefits of this Pledge and
                                         the rights and powers herein created.
	 	 	 
		24.	Attorney-in-fact.
                                         Merchant hereby authorizes Purchaser at any time to take any action and to execute
                                         any instrument, including without limitation to file one or more financing statements
                                         and/or continuation statements, to evidence and perfect the security interest created
                                         hereby and irrevocably appoints Purchaser as its true and lawful attorney-in-fact, which
                                         power of attorney shall be coupled with an interest, with full authority in the place
                                         and stead of Merchant and in the name of Merchant or otherwise, from time to time, in
                                         Purchaser’s sole and absolute discretion, including without limitation (a) for
                                         the purpose of executing such statements in the name of and on behalf of Merchant, and
                                         thereafter filing any such financing and/or continuation statements and (b) to receive,
                                         endorse and collect all instruments made payable to Merchant.

 

		VII.	EVENTS
                                         OF DEFAULT AND REMEDIES:

 

		25.	Events
                                         of Default by Merchant. The occurrence of any of the following events shall constitute
                                         an “Event of Default” by Merchant:

 

		a.	Merchant
                                         shall violate any term, condition or covenant in this Agreement for any reason whatsoever
                                         other than as the result of Merchant’s business ceases its operations exclusively
                                         due to any of the Valid Excuses.

 

		b.	Any
                                         representation or warranty by Merchant or Guarantor made in this Agreement shall prove
                                         to have been incorrect, false or misleading in any material respect when made.

 

		c.	Merchant
                                         shall default under any of the terms, covenants and conditions of any other material
                                         agreement with Purchaser (if any).

 

		d.	Merchant
                                         uses multiple depository accounts without obtaining prior written consent of Purchaser
                                         in each instance.

 

		e.	Merchant
                                         fails to deposit any portion of its Future Receipts into the Approved Bank Account;

 

		f.	Merchant
                                         changes the Approved Bank Account or Approved Processor without obtaining prior written
                                         consent of Purchaser in each instance;

 

		g.	Merchant
                                         interferes with/blocks Purchaser’s collection of Weekly Deliveries (or Adjusted
                                         Weekly Deliveries, as the case may be.)

 

		h.	Merchant
                                         fails to provide timely notice to Purchaser such that in any given calendar month there
                                         are four or more ACH transactions attempted by Purchaser that are rejected by Merchant’s
                                         bank.

 

		26.	Events
                                         of Default by Guarantor. The occurrence of any of the following events shall
                                         constitute an Event of Default by Guarantor:

 

		a.	Guarantor
                                         shall violate any term, condition or covenant in this Agreement applicable to Guarantor.

 

		b.	Any
                                         representation or warranty by Guarantor or Merchant made in this Agreement shall prove
                                         to have been incorrect, false or misleading in any material respect when made.

 

		27.	Default
                                         Under this Agreement. In case any Event of Default occurs and is not waived by
                                         Purchaser, Purchaser may declare Merchant and/or Guarantor in default under this Agreement.
	 	 	 
	 	28.	Merchant’s
    Obligations Upon Default. Upon receipt of such default notice, Merchant shall immediately deliver to Purchaser the
    portion of the Sold Amount of Future Receipts that remain undelivered at the time of such default notice together with all
    other Fees (as such term is defined below) that Merchant may owe to Purchaser pursuant to this Agreement (the sum of the then
    undelivered portion of the Sold Amount of Future Receipts and the Fees hereinafter shall referred to the “Adjusted
    Sold Amount of Future Receipts.”) In addition, Merchant shall also pay to Purchaser, as additional damages, any
    reasonable expenses incurred by Purchaser in connection with recovering the monies due to Purchaser from Merchant pursuant
    to this Agreement, including without limitation the costs of retaining collection firms and reasonable attorneys’ fees
    and disbursements (collectively, “Reasonable Damages”). The parties agree that Purchaser shall not be required
    to itemize or prove its Reasonable Damages and that the fair value of the Reasonable Damages shall be calculated fifteen percent
    (15%) of the Adjusted Sold Amount of Future Receipts at the time of default
	 	 	 
		29.	Remedies
                                         Upon Default. Upon occurrence of an Event of Default, Purchaser may immediately
                                         proceed to protect and enforce its rights under this Agreement against Merchant and/or
                                         Guarantor by:

 

		a.	Enforcing
                                         its rights as a secured creditor under the Uniform Commercial Code including, without
                                         limitation, notifying any account debtor(s) of Merchant of Purchaser’s security
                                         interest;

 

		b.	Enforcing
                                         Guarantor’s personal guaranty of performance provisions of this Agreement against
                                         the Guarantor(s) without first seeking recourse from Merchant;

 

		c.	Notifying
                                         Merchant’s credit card processor of Merchant’s default under this Agreement
                                         and to direct such credit card processor to transfer to Purchaser of all or any portion
                                         of the amounts received by such credit card processor on behalf of Merchant.

 

		d.	Commencing
                                         a suit in equity or by action at law, or both, whether for the specific performance of
                                         any covenant, agreement or other provision contained herein, or to enforce the discharge
                                         of Merchant’s and Guarantor’s obligations hereunder or any other legal or
                                         equitable right or remedy including without limitation Purchaser’s rights of a
                                         secured party under the UCC.

 

		30.	Remedies
                                         are not Exclusive. All rights, powers and remedies of Purchaser in connection
                                         with this Agreement may be exercised at any time after the occurrence of any Event of
                                         Default, and are cumulative and not exclusive, and shall be in addition to any other
                                         rights, powers or remedies provided to Purchaser by law or equity.

 

    	Page 8

     

    

 

		31.	Power
                                         of Attorney. Only upon an Uncured Payment Default, each Merchant and Guarantor
                                         irrevocably appoints Purchaser and its representatives as their respective agents and
                                         attorneys-in-fact with full authority to take any action or execute any instrument or
                                         document to do the following: (A) to settle all obligations due to Purchaser from any
                                         credit card processor and/or account debtor(s) of Merchant; (B) upon occurrence of an
                                         Event of Default under this Agreement, to perform any and all such obligations of Merchant
                                         under this Agreement, including without limitation (i) to obtain and adjust insurance;
                                         (ii) to collect monies due or to become due under or in respect of any of the Collateral;
                                         (iii) to receive, endorse and collect any checks, notes, drafts, instruments, documents
                                         or chattel paper in connection with clause (i) or clause (ii) above; (iv) to sign Merchant’s
                                         name on any invoice, bill of lading, or assignment directing customers or account debtors
                                         to make payment directly to Purchaser; and (v) to file any claims or take any action
                                         or institute any proceeding against Merchant and/or Guarantor which Purchaser may deem
                                         necessary for the collection of any portion of the undelivered Sold Amount of Future
                                         Receipts from the Collateral, or otherwise to enforce its rights under this Agreement.

 

		VIII.	ADDITIONAL
                                         TERMS:

 

		32.	Additional
                                         Fees. In addition to all other sums due to Purchaser under this Agreement, Merchant
                                         shall pay to Purchaser (the sum of all such charges, hereinafter, the “Fee”):

 

		a.	$20,000.00
                                         upon entering into this Agreement as reimbursement of Purchaser’s costs associated
                                         with entering into this Agreement (the cost of due diligence on the Merchant’s
                                         business, financial and legal due diligence, etc.)

 

		b.	$35
                                         in each and every instance when delivery of the Weekly Delivery to Purchaser has failed
                                         due to the insufficient funds in the Merchant’s Approved Account.

 

		c.	$100
                                         in each and every instance when Merchant blocks Purchaser’s access (or otherwise
                                         prevents Purchaser from accessing) Merchant’s bank accounts.

 

		d.	$2,500
                                         in each and every instance when, upon occurrence of an Event of Default, Purchaser shall
                                         have agreed to waive Merchant’s default.

 

		33.	Merchant
                                         Deposit Agreement. Merchant shall execute an agreement with Purchaser that would
                                         authorize Purchaser to arrange for electronic fund transfer services and/or “ACH”
                                         payments of Weekly Delivery from the Approved Bank Account. Merchant shall provide Purchaser
                                         and/or its authorized agent with all information, authorizations and passwords necessary
                                         to verify Merchant’s receivables, receipts and deposits into the Approved Bank
                                         Account. Merchant shall authorize Purchaser and/or it’s agent to deduct weekly
                                         the amounts of Weekly Delivery to Purchaser from settlement amounts which would otherwise
                                         be due to Merchant from electronic check transactions and to pay such amounts to Purchaser
                                         by permitting Purchaser to withdraw the Weekly Delivery from such account. The authorization
                                         shall be irrevocable.

 

		34.	Financial
                                         Condition. Merchant and its Guarantor(s) authorize Purchaser and its agents to
                                         investigate their financial responsibility and history, and will provide to Purchaser
                                         any bank or financial statements, tax returns, etc., as deems necessary prior to or at
                                         any time after execution of this Agreement. A photocopy of this authorization will be
                                         deemed as acceptable for release of financial information. is authorized to update such
                                         information and financial profiles from time to time as it deems appropriate.

 

		35.	Transactional
                                         History. Merchant shall execute written authorization(s) to their bank(s) to
                                         provide Purchaser with Merchant’s banking and/or credit-card processing history.

 

		36.	Indemnification.
                                         Merchant and its Guarantor(s) jointly and severally indemnify and hold harmless
                                         Approved Processor, its officers, directors and shareholders against all losses, damages,
                                         claims, liabilities and expenses (including reasonable attorney’s fees) incurred
                                         by Approved Processor resulting from (a) claims asserted by Purchaser for monies owed
                                         to Purchaser from Merchant and (b) actions taken by Approved Processor in reliance upon
                                         information or instructions provided by Purchaser.

 

		37.	No
                                         Liability. In no event shall Purchaser be liable for any claims asserted by Merchant
                                         or its Guarantor under any legal theory for lost profits, lost revenues, lost business
                                         opportunities, exemplary, punitive, special, incidental, indirect or consequential damages,
                                         each of which is waived by Merchant and Guarantor(s).

 

		38.	Right
                                         to Cancel.

 

		IX.	Notwithstanding
                                         anything to the contrary set forth in this Agreement, Purchaser shall have the right
                                         to cancel this agreement any time prior to its delivery of the Purchase Price to Merchant
                                         and, upon such cancellation, this Agreement shall become null and void and the parties
                                         shall have no obligation to, or rights against, each other, except that all sums delivered
                                         by Merchant to Purchaser on account of entering into this Agreement shall be promptly
                                         returned to Merchant.

 

		X.	Notwithstanding
                                         anything to the contrary set forth in this Agreement, in the event Merchant has not been
                                         in default under this Agreement, Merchant shall have the right to cancel this Agreement
                                         any time until the midnight of the second (2nd) Business Day following the date of its
                                         receipt of the Purchase Price by notifying Purchaser of such cancellation by notice sent
                                         in accordance with this Agreement. Upon timely delivering such cancellation notice to
                                         Purchaser, and further provided that Merchant has otherwise complied with the provisions
                                         of this Agreement, Merchant shall refund the entire amount of the Purchase Price back
                                         to Purchaser within five (5) Business Days following the date of Merchant’s receipt
                                         of the Purchase Price. Upon such refund of the Purchase Price back to Purchaser, this
                                         Agreement shall become null and void and the parties shall have no remaining obligations
                                         to or rights against each other except that Purchaser shall have the right to keep, as
                                         fair and adequate compensation for its costs of entering into this Agreement with Merchant,
                                         the entire amount of Weekly Deliveries as well as the origination fee (as set forth above)
                                         received by Purchaser prior to the date when this Agreement is terminated.

 

●
GUARANTY OF PERFORMANCE OF MERCHANT’S OBLIGATIONS:

 

		39.	Guarantor’s
                                         Representations. Guarantor represents and warrants to Purchaser that:

 

		a.	Guarantor
                                         is an owner, officer, or manager of Merchant and will directly benefit from Purchaser
                                         and Merchant entering into the Agreement.

 

		b.	It
                                         understands and acknowledges that Purchaser is not willing to enter into the Agreement
                                         unless Guarantor irrevocably, absolutely and unconditionally guarantees prompt and complete
                                         performance of any and all liabilities, obligations, covenants or agreements of Merchant
                                         under this Agreement, now or hereafter arising from, out of or relating to this Agreement,
                                         whether direct, indirect, contingent or otherwise (hereinafter referred to collectively
                                         as the “Merchant Obligations”).

 

    	Page 9

     

    

 

		40.	Guaranty
                                         of Merchant’s Obligations. Guarantor hereby irrevocably, absolutely and
                                         unconditionally guarantees to Purchaser prompt, full, faithful and complete performance
                                         and observance of all of Merchant’s Obligations; and Guarantor unconditionally
                                         covenants to Purchaser that if default or breach shall at any time be made by Merchant
                                         in the Merchant’s Obligations, Guarantor shall or perform (or cause to be performed)
                                         the Merchant’s Obligations and pay all damages and other amounts stipulated in
                                         this Agreement with respect to the non-performance of the Merchant’s Obligations,
                                         or any of them.

 

		41.	Guarantor’s
                                         Other Agreements. Guarantor will not dispose, convey, sell or otherwise transfer,
                                         or cause Merchant to dispose, convey, sell or otherwise transfer, any material business
                                         assets of Merchant without the prior written consent of Purchaser, which consent may
                                         be withheld for any reason, until Purchaser’s receipt of the entire Sold Amount
                                         of Future Receipts. Guarantor shall pay to Purchaser upon demand all expenses (including,
                                         without limitation, reasonable attorneys’ fees and disbursements) incurred as the
                                         result of, or incidental to, or relating to, the enforcement or protection of Purchaser’s
                                         rights against Merchant and Guarantor under the Agreement. This Guaranty is binding upon
                                         Guarantor and Guarantor’s heirs, legal representatives, successors and assigns
                                         and shall inure to the benefit of and may be enforced by the successors an assigns of
                                         Purchaser. The obligation of Guarantor shall be unconditional and absolute, regardless
                                         of the unenforceability of any provision of any agreement between Merchant and Purchaser,
                                         or the existence of any defense, setoff or counterclaim, which Merchant may assert. Purchaser
                                         is hereby authorized, without notice or demand and without affecting the liability of
                                         Guarantor hereunder, to at any time renew or extend Merchant’s obligations under
                                         the Agreement or otherwise modify, amend or change the terms of the Agreement.

 

		42.	Two
                                         Or More Guarantors. If there is more than one Guarantor, the reference to the
                                         “Guarantor” in this Agreement shall mean the reference to each of the parties
                                         comprised Guarantor and the obligations of the Guarantors hereunder shall be joint and
                                         several.

 

		43.	Waiver;
                                         Remedies. No failure on the part of Purchaser to exercise, and no delay in exercising,
                                         any right under this Guaranty shall operate as a waiver, nor shall any single or partial
                                         exercise of any right under this Guaranty preclude any other or further exercise of any
                                         other right. The remedies provided in this Guaranty are cumulative and not exclusive
                                         of any remedies provided by law or equity. In the event that Merchant fails to perform
                                         any obligation under the Agreement, Purchaser may enforce its rights under this Guaranty
                                         without first seeking to obtain performance for such default from Merchant or any other
                                         guarantor.

 

		44.	Acknowledgment
                                         of Purchase. Guarantor acknowledges and agrees that the Purchase Price paid by
                                         Purchaser to Merchant in exchange for the Sold Amount of Future Receipts is a payment
                                         of an adequate consideration and is not intended to be treated as a loan or financial
                                         accommodation from Purchaser to Merchant. Guarantor specifically acknowledges Purchaser
                                         is not a lender, bank or credit card processor, and that Purchaser has not offered any
                                         loans to Merchant, and Guarantor waives any claims or defenses of usury in any action
                                         arising out of this Agreement. Guarantor acknowledges the Purchase Price paid to Merchant
                                         is good and valuable consideration for the sale of the Sold Amount of Future Receipts.

 

		45.	Severability.
                                         If for any reason any court of competent jurisdiction finds any provisions of
                                         this Agreement applicable to the Guarantor to be void or voidable, the parties agree
                                         that the court may reform such provision(s) to render the provision(s) enforceable ensuring
                                         that the restrictions and prohibitions contained in those provisions shall be effective
                                         to the fullest extent allowed under applicable law.

 

		46.	Opportunity
                                         for Attorney Review. Guarantor represents that he/she has carefully read this
                                         Agreement and has, or had an opportunity to, consult with his or her attorney. Guarantor
                                         understands the contents of this Agreement, signs it as his or her free act and deed,
                                         and agrees to be bound by the provisions hereof.

 

●
MISCELLANEOUS:

 

		47.	Modifications;
                                         Agreements. No modification, amendment, waiver or consent of any provision of
                                         this Agreement shall be effective unless the same shall be in writing and signed by all
                                         parties.

 

		48.	Assignment.
                                         Purchaser may assign, transfer or sell its rights or delegate its duties hereunder,
                                         either in whole or in part without prior notice to the Merchant or the Guarantor. Neither
                                         Merchant nor Guarantor shall have the right to assign their respective rights or obligations
                                         under this Agreement without first obtaining Purchaser’s written consent.

 

		49.	Notices.
                                         All notices, requests, consent, demands and other communications hereunder shall
                                         be delivered by certified mail, return receipt requested, to the respective parties to
                                         this Agreement at the addresses set forth in this Agreement and shall become effective
                                         as of the date of receipt or declined receipt.

 

		50.	Waiver
                                         Remedies. No failure on the part of any party to exercise, and no delay in exercising,
                                         any right under this Agreement, shall operate as a waiver thereof, nor shall any single
                                         or partial exercise of any right under this Agreement preclude any other or further exercise
                                         thereof or the exercise of any other right. The remedies provided hereunder are cumulative
                                         and not exclusive of any remedies provided by law or equity.

 

		51.	Binding
                                         Effect. This Agreement shall be binding upon and inure to the benefit of the
                                         parties and their respective successors and permitted assigns.

 

		52.	Governing
                                         Law, Venue and Jurisdiction. This Agreement shall be governed by and construed
                                         exclusively in accordance with the laws of the State of New York, without regards to
                                         any applicable principles of conflicts of law. Any lawsuit, action or proceeding arising
                                         out of or in connection with this Agreement shall be instituted exclusively in any court
                                         sitting in New York State, (the “Acceptable Forums”). Each party signing
                                         this Agreement agrees that the Acceptable Forums are convenient, and irrevocably submits
                                         to the jurisdiction of the Acceptable Forums and waives any and all objections to inconvenience
                                         of the jurisdiction or venue. Should a proceeding be initiated in any other forum, the
                                         parties waive any right to oppose any motion or application made by either party to transfer
                                         such proceeding to an Acceptable Forum.

 

		53.	Survival
                                         of Representation, etc. All representations, warranties and covenants herein
                                         shall survive the execution and delivery of this Agreement and shall continue in full
                                         force until all obligations under this Agreement shall have been complied with and satisfied
                                         in full and this Agreement shall have terminated.

 

		54.	Severability.
                                         In case any of the provisions in this Agreement is found to be invalid, illegal
                                         or unenforceable in any respect, the validity, legality and enforceability of any other
                                         provision contained herein shall not in any way be affected or impaired.

 

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		55.	Entire
                                         Agreement. Any provision hereof prohibited by law shall be ineffective only to
                                         the extent of such prohibition without invalidating the remaining provisions hereof.
                                         This Agreement and all amendments, riders and exhibits thereon (if any) embody the entire
                                         agreement between Merchant, Guarantor and Purchaser and supersede all prior agreements
                                         and understandings relating to the subject matter hereof.

 

	 	56.	JURY TRIAL
    WAIVER. THE PARTIES HERETO WAIVE TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN
    CONNECTION WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART OR THE ENFORCEMENT HEREOF. THE
    PARTIES HERETO ACKNOWLEDGE THAT EACH MAKES THIS WAIVER KNOWINGLY, WILLINGLY AND VOLUNTARILY AND WITHOUT DURESS, AND ONLY AFTER
    EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH THEIR ATTORNEYS.
	 	 	 
	 	57.	CLASS ACTION
    WAIVER. THE PARTIES HERETO WAIVE ANY RIGHT TO ASSERT ANY CLAIMS AGAINST ANY OTHER PARTY TO THIS AGREEMENT, AS A REPRESENTATIVE
    OR MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIVER IS PROHIBITED BY LAW AGAINST PUBLIC POLICY. TO THE
    EXTENT ANY PARTY IS PERMITTED BY LAW OR COURT OF LAW TO PROCEED WITH A CLASS OR REPRESENTATIVE ACTION AGAINST THE OTHER, THE
    PARTIES HEREBY AGREE THAT: (1) THE PREVAILING PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEYS’ FEES OR COSTS ASSOCIATED
    WITH PURSUING THE CLASS OR REPRESENTATIVE ACTION (NOTWITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT TO THE CONTRARY);
    AND (2) THE PARTY WHO INITIATES OR PARTICIPATES AS A MEMBER OF THE CLASS WILL NOT SUBMIT A CLAIM OR OTHERWISE PARTICIPATE
    IN ANY RECOVERY SECURED THROUGH THE CLASS OR REPRESENTATIVE ACTION.

 

		58.	ARBITRATION.
                                         THE PARTIES ACKNOWLEDGE AND AGREE THAT EACH PURCHASER, MERCHANT, AND ANY GUARANTOR SHALL
                                         HAVE THE RIGHT TO REQUEST THAT ALL DISPUTES AND CLAIMS ARISING OUT OF OR RELATING TO
                                         THE CONSTRUCTION AND INTERPRETATION OF THIS AGREEMENT ARE SUBMITTED TO ARBITRATION. THE
                                         PARTY SEEKING ARBITRATION SHALL FIRST SEND A WRITTEN NOTICE OF INTENT TO ARBITRATE TO
                                         ALL OTHER PARTIES, BY CERTIFIED MAIL. UPON SENDING OF SUCH NOTICE, A PARTY REQUESTING
                                         ARBITRATION MAY COMMENCE AN ARBITRATION PROCEEDING WITH THE AMERICAN ARBITRATION ASSOCIATION
                                         (“AAA”) OR NATIONAL ARBITRATION FORUM (“NAF”). EACH MERCHANT,
                                         GUARANTOR AND PURCHASER SHALL PAY THEIR OWN ATTORNEYS’ FEES INCURRED DURING THE
                                         ARBITRATION PROCEEDING. THE PARTY INITIATING THE ARBITRATION SHALL PAY ANY ARBITRATION
                                         FILING FEE, ADMINISTRATION FEE AND ARBITRATOR’S FEE.

 

	 	59.	RIGHT TO OPT
    OUT OF ARBITRATION. SELLER AND GUARANTOR(S) MAY OPT OUT OF THE ARBITRATION PROVISION ABOVE. TO OPT OUT OF THE ARBITRATION
    CLAUSE, SELLER AND EACH GUARANTOR MUST SEND BUYER A NOTICE THAT THE SELLER AND EACH GUARANTOR DOES NOT WANT THE CLAUSE TO
    APPLY TO THIS AGREEMENT. FOR ANY OPT OUT TO BE EFFECTIVE, SELLER AND EACH GUARANTOR MUST SEND AN OPT OUT NOTICE TO THE FOLLOWING
    ADDRESS BY REGISTERED MAIL, WITHIN 14 DAYS AFTER THE DATE OF THIS AGREEMENT: Libertas – ARBITRATION OPT OUT, 382 Greenwich
    Avenue Suite 2 Second Floor, Greenwich, CT 06380, ATTENTION: [Customer Service].

 

		60.	Captions.
                                         The captions in this Agreement are inserted for convenience of reference only
                                         and in no way define, describe or limit the scope or intent of this contract or any of
                                         the provisions hereof.

 

		61.	Counterparts
                                         and Facsimile Signatures. This Agreement can be signed in one or more counterparts,
                                         each of which shall constitute an original and all of which when take together shall
                                         constitute one and the same agreement. Signatures delivered via facsimile and/or via
                                         Portable Digital Format (PDF) shall be deemed acceptable for all purposes, including
                                         without limitation the evidentially purposes.

 

The
balance of this page left intentionally blank

 

    	Page 11

     

    

 

	MERCHANT
    NAME: VYSTAR CORPORATION, et al. 	 	OWNER/GUARANTOR
    #1: 
	(legal
    name of the business) 	 	 	 
	 	 	 	 
	By:

        
		 	 	
	Name:	Stephen
    Rotman	 	Name:	Stephen
    Rotman
	Title:	CEO
	 	SSN:	XXXXXXXXXXXX
	FEIN:	XXXXXXXXX	 	 	 

 

	Libertas
    Funding LLC	 
	 	 	 
	 	Randy
                                         Saluck

        
	 
	By:
    	/s/
    Randy Saluck (Feb 28, 2020)	 
	Name:	Randy
                                         Saluck

        
	 
	Title:	CEO,
                                         Libertas Funding LLC

        
	 

 

    	Page 12

     

    

 

ADDENDUM
TO CONTRACT

 

Addendum
to Merchant Agreement 213920

 

This
is an addendum (“Addendum”) to that certain merchant agreement (the “Merchant Agreement”) entered into
by and among Libertas Funding LLC (the “Purchaser”), Stephen Rotman (the “Owner”) and VYSTAR CORPORATION
(the “Seller”) dated as of February 24, 2020.

 

WHEREAS,
the Purchaser, the Owner and Seller wish to modify the Merchant Agreement as set forth herein. Now therefore, for good and valuable
consideration, the parties agree as follows:

 

		A.	The
                                         Owner and Seller are hereafter referred to collectively as the Merchant (the “Merchant”).
	 	 	 
		B.	Merchant
                                         hereby authorizes Purchaser, to execute the transactions detailed below in section H
                                         (Variable Receivable Remittance Schedule).
	 	 	 
		C.	Merchant
                                         understands that all transactions detailed in this addendum will be executed for remittance
                                         of the receivables purchase detailed in the Merchant Agreement.
	 	 	 
		D.	In
                                         the event Merchant chooses to execute the Merchant Agreement, Purchaser agrees that completion
                                         of the transaction(s) listed below will constitute full remittance of receivables for
                                         the referenced merchant agreement(s).
	 	 	 
		E.	Except
                                         as provided in this addendum, all terms and conditions of the Merchant Agreement and
                                         the Supplement shall remain in full force and effect.
	 	 	 
		F.	Upon
                                         execution of the Merchant Agreement, Purchaser agrees to be bound by the remittance schedule
                                         detailed in section H.
	 	 	 
		G.	This
                                         Addendum shall be governed by the state of New York.
	 	 	 
		H.	Variable
                                         Receivable Remittance Schedule:

 

	Month	 	Remittance
    #	 	%
    of Purchase Collected	 	Weekly
    Remit Amount	 	 	Total
    Period Remit	 
	1	 	1-4	 	8.331	 	$	21,601.10	 	 	 	$90,724.59
                                         PAYMENTS MADE	 
	2	 	5-8	 	8.331	 	$	21,601.10	 	 	 	$90,724.59
                                         PAYMENTS MADE	 
	3	 	9-12	 	9.998	 	$	25,923.40	 	 	 	$108,878.22
                                         PAYMENTS MADE	 
	4	 	13-16	 	12.22	 	$	31,693.35	 	 	$	133,112.10	 
	5	 	17-20	 	12.22	 	$	31,693.35	 	 	$	133,112.10	 
	6	 	21-24	 	12.22	 	$	31,693.35	 	 	$	133,112.10	 
	7	 	25-28	 	12.22	 	$	31,693.35	 	 	$	133,112.10	 
	8	 	29-32	 	12.22	 	$	31,693.35	 	 	$	133,112.10	 
	9	 	33-36	 	12.22	 	$	31,693.35	 	 	$	133,112.10	 

 

All
other terms of the referenced Merchant Agreement remain unchanged.

 

By
their signatures below the parties agreed to be bound by this addendum.

 

	ACCEPTED
    AND AGREED:	 	ACCEPTED
    AND AGREED: 
	 	 	 
	Purchaser:
    Libertas Funding LLC	 	Seller:
    VYSTAR CORPORATION, et al. 
	 	 	 
	 	Randy
                                         Saluck

	 	 	 
	By:	/s/
    Randy Saluck (Feb 28, 2020)	 	By:
    X	
	Name:	Randy
                                         Saluck

        
	 	Name:	Stephen Rotman
	Title:	CEO,
    Libertas Funding LLC	 	Title:	CEO
	 	 	 	 	 
	 	 	 	By:
    X	
	 	 	 	Owner:	Stephen
                                         Rotman

 

    	Page 13

     

    

 

ADDENDUM
TO CONTRACT

 

Addendum
to Merchant Agreement 213920

 

This
is an addendum (“Addendum”) to that certain merchant agreement (the “Merchant Agreement”) entered into
by and among Libertas Funding LLC (the “Purchaser”), Stephen Rotman (the “Owner”) and VYSTAR CORPORATION
(the “Seller”) dated as of February 24, 2020.

 

WHEREAS,
the Purchaser, the Owner and Seller wish to modify the Merchant Agreement as set forth herein. Now therefore, for good and valuable
consideration, the parties agree as follows:

 

		A.	The
                                         Owner and the Seller are hereafter referred to collectively as the Merchant (the “Merchant”).
	 	 	 
		B.	Except
                                         as provided below, it is understood and agreed that the Merchant may settle this Merchant
                                         Agreement in full by paying Purchaser the prepayment Amount before the end of the relevant
                                         month, as set forth below, less the amount of any purchase payments made prior to the
                                         pre- payment date, plus any unpaid fees or charges. Month 1 begins on the first Monday
                                         following the date on which Purchaser distributed the advance proceeds to VYSTAR CORPORATION.
	 	 	 
		C.	In
                                         the event Seller chooses not to execute this addendum Buyer will be entitled to the full
                                         purchased amount to settle in full Sellers obligation under the Merchant Agreement.
	 	 	 
		D.	Except
                                         as provided in this addendum, all terms and conditions of the Merchant Agreement and
                                         the Supplement shall remain in full force and effect.
	 	 	 
		E.	This
                                         addendum shall be bound by the laws of the state of New York.

 

Borrower
shall have no right to prepay this Advance if:

 

	 	●	The
    agreement and payments have previously been modified, 
	 	●	There
    has been a forbearance in payments,
	 	●	There
    has been a breach of the Purchase Agreement,

 

	Prepayment Term	 	Accepted
    Prepayment Amount	 
	1	 	$	948,750.00	 
	2	 	$	965,250.00	 
	3	 	$	981,750.00	 
	4	 	$	1,006,500.00	 
	5	 	$	1,023,000.00	 

 

All
other terms of the referenced Merchant Agreement remain unchanged.

 

By
their signatures below the parties agreed to be bound by this addendum.

 

	ACCEPTED
    AND AGREED:	 	ACCEPTED
    AND AGREED:
	 	 	 
	Purchaser:
    Libertas Funding LLC	 	Seller:
    VYSTAR CORPORATION, et al.
	 	 	 
	 	Randy
                                         Saluck

        
	 	 	 
	By:
    	/s/
                                                                                                                                     Randy Saluck (Feb 28, 2020)

        
	 	By:
    X	
	Name:	Randy
    Saluck	 	Name:	Stephen
                                         Rotman

        

	Title:	 CEO, Libertas Funding LLC	 	Title:

        
	CEO
	 	 	 	 	 
	 	 	 	By:
    X	
	 	 	 	Owner:	Stephen
    Rotman

 

    	Page 14

     

    

 

 

Seller
Definition Addendum to the Agreement of Sale of Future Receipts

 

Dated:
February 24th, 2020

 

Purchaser
and Guarantor(s) hereby agree that “Merchant” is defined as follows:

 

Name:
VYSTAR CORPORATION

Address:
XXXXXXXXXXXXXXXXXXX

 

FEIN:
XXXXXXXXX

 

Name:
MURIDA FURNITURE CO, INC

Address:
725 SOUTHBRIDGE STREET WORCESTER, MA 01610

 

FEIN:
XXXXXXXXXXXX

 

VYSTAR
CORPORATION

 

	Agreed
to by:		(Signature), their	CEO	(Title)

 

	Print Owner’s Name	Stephen
    Rotman	 

 

MURIDA
FURNITURE

 

	Agreed
to by:		(Signature), their	CEO	(Title)

 

	Print Owner’s Name	Stephen
    Rotman	 

 

Purchaser:
Libertas Funding LLC

 

		Randy
    Saluck

 

	Agreed
to by:	Randy Saluck (Feb 28, 2020)	(Signature), its	CEO	(Title)

 

    	Page 15

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