Document:

SECURITIES PURCHASE AGREEMENT

 

THIS SECURITIES PURCHASE AGREEMENT (the
“Agreement”), dated as of November 16, 2020, by and among PLx Pharma Inc., a Delaware corporation (the
“Company”), and each purchaser identified on Exhibit A hereto (each, including its successors and assigns,
a “Purchaser” and collectively, the “Purchasers”). Capitalized terms used herein but not
otherwise defined shall have the meanings given to them in Section 1.5.

 

RECITALS

 

A.       On
the terms and subject to the conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), and Rule 506 promulgated thereunder, 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.

 

B.       The
Company has authorized, upon the terms and conditions stated in this Agreement, the sale and issuance of an aggregate of
4,755,373 immediately separable Units (each a “Unit” and collectively, the “Units”),
with each Unit consisting of: (i) one share of Company Common Stock (the “Unit Shares”) and (ii) a Warrant
(as hereinafter defined) to acquire 1.1 shares of Company Common Stock (the “Warrant Shares”, together
with the Unit Shares, the “Shares”).

 

C.       At
the Closing (as hereinafter defined), each Purchaser, severally and not jointly, wishes to purchase, and the Company wishes to
sell, upon the terms and conditions stated in this Agreement, the number of Units as hereafter specified on Exhibit A annexed
hereto.

 

D.       The
Company has engaged Raymond James & Associates, Inc. as its placement agent (the “Placement Agent”) for
the offering of the Units on a “best efforts” basis.

 

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

PURCHASE AND SALE

 

1.1             
Authorization of Sale of Shares. The Company shall issue and sell to each Purchaser, and each Purchaser shall, severally
and not jointly, purchase from the Company, such number of Units set forth opposite their respective names on Exhibit A,
at a price per Unit equal to $3.787 (the “Price Per Unit” and the total purchase price for the Units to
be paid by each Purchaser, the “Unit Purchase Price”).

 

1.2             
Closing. Subject to the terms and conditions set forth in this Agreement, at the Closing, the Company shall issue
and sell to the Purchasers, and the Purchasers shall purchase from the Company, the Units. The closing of the purchase and sale
of the Units to the Purchasers by the Company (the “Closing”) will occur, subject to the conditions set forth
in Article V, two business days following the satisfaction or waiver of the conditions set forth in Sections 5.1 and 5.2, or at
such other time and place or on such date as the Purchasers and the Company may agree upon (the “Closing Date”).
The Closing shall take place at the offices of Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, New York, 10019
or at such other place as the Company and the Purchasers may agree upon.

 

     

     

    

 

1.3             
Payment. On the Closing Date, (a) each Purchaser shall pay to the Company its Unit Purchase Price in United States
dollars and in immediately available funds, by wire transfer to the Company’s account as set forth in instructions previously
delivered to each Purchaser, (b) the Company shall irrevocably instruct the Transfer Agent to deliver to each Purchaser the number
of Unit Shares set forth opposite such Purchaser’s name on Exhibit A hereto, and (c) the Company shall issue to each
Purchaser a warrant substantially in the form attached hereto as Exhibit B (each a “Warrant” and collectively,
the “Warrants”) pursuant to which such Purchaser shall have the right to acquire the number of Warrant Shares
set forth opposite such Purchaser’s name on Exhibit A hereto on the terms set forth in each Warrant, and in the case
of clauses (b) and (c), duly executed on behalf of the Company and registered in the name of such Purchaser as set forth on the
Stock Registration Questionnaire included as Exhibit C. The Warrants issued and sold at the Closing shall have an initial
exercise price equal to the Warrant Exercise Price.

 

1.4             
Closing Deliverables.

 

(a)              
Company. Except for the delayed delivery contemplated by Section 1.4(a)(ii), on or prior to the Closing Date, the
Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)                
a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver, on an expedited
basis, the number of Unit Shares set forth opposite such Purchaser’s name on Exhibit A hereto, registered in the name
of such Purchaser as set forth on the Stock Registration Questionnaire included as Exhibit C;

 

(ii)             
a Warrant, registered in the name of such Purchaser as set forth on the Stock Registration Questionnaire included as Exhibit
C, to purchase up to the number of shares of Company Common Stock set forth opposite such Purchaser’s name on Exhibit
A hereto (such Warrant to be delivered as promptly as practicable after the Closing Date but in no event more than five Trading
Days after the Closing Date); and

 

(iii)           
the Registration Rights Agreement, duly executed by the Company.

 

(b)              
Purchasers. On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company
the following:

 

(i)                
a fully completed and duly executed Stock Registration Questionnaire in the form attached hereto as Exhibit C;

 

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(ii)             
the Registration Rights Agreement, duly executed by each Purchaser;

 

(iii)           
unless such Purchaser is a director or an executive officer (as such term is defined in Rule 501(f) promulgated by the United
States Securities and Exchange Commission (the “Commission”) under the Securities Act) of the Company as of
the Closing Date, a fully completed and duly executed Accredited Investor Qualification Questionnaire in the form attached hereto
as Exhibit E;

 

(iv)            
a fully completed and duly executed Bad Actor Questionnaire in the form attached hereto as Exhibit F; and

 

(v)              
the Unit Purchase Price by wire transfer to the account specified by the Company.

 

1.5             
Defined Terms Used in This Agreement. In addition to the terms defined elsewhere in this Agreement, the following
terms have the meanings indicated:

 

“Affiliate” means, with
respect to any Person, any other Person that directly or indirectly controls or is controlled by or under common control with such
Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract or otherwise; and the terms of “affiliated,” “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Company Common Stock”
means the Company’s common stock, par value $0.001 per share.

 

“Nasdaq” means the Nasdaq
Stock Market, LLC.

 

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

 

“Registration Rights Agreement”
means that certain Registration Rights Agreement, dated as of the Closing Date, by and between the Company and the Purchasers,
in the form of Exhibit D attached to this Agreement.

 

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

 

“Trading Day” means a
Nasdaq trading day.

 

“Transaction Documents”
means this Agreement, the Registration Rights Agreement and the schedules and exhibits attached hereto and thereto.

 

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“Transfer Agent” means
VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place, Woodmere, New York
11598, Attn: Patricia Sumoza, and any successor transfer agent of the Company.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Subject to and except as set forth in the
SEC Documents (as defined below) or on the Disclosure Schedule which is arranged in sections corresponding to the sub-section numbered
provisions contained below in this Article II, the Company hereby represents and warrants to the Purchasers and to the Placement
Agent as of the date hereof as follows:

 

2.1             
Organization, Good Standing and Power. The Company is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and has the requisite corporate power to own, lease and operate its properties
and assets and to conduct its business as it is now being conducted and as described in the reports filed by the Company with the
Commission pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
since the end of the Company’s 2019 fiscal year through the date hereof, including, without limitation, the Company’s
most recent quarterly report on Form 10-Q. Section 2.1 of the Disclosure Schedule sets forth a list of the Company’s subsidiaries.
The Company is qualified to do business as a foreign corporation and is in good standing in every jurisdiction in which the nature
of the business conducted or property owned by it makes such qualification necessary, except for any jurisdiction(s) (alone or
in the aggregate) in which the failure to be so qualified will not have a Material Adverse Effect. For the purposes of this Agreement,
“Material Adverse Effect” means any effect on the business, operations, properties or financial condition of
the Company that is material and adverse to the Company, taken as a whole, and any condition, circumstance or situation that would
prohibit the Company from entering into and performing any of its obligations hereunder.

 

2.2             
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and perform
the Transaction Documents and to issue and sell the Securities to be issued by the Company in accordance with the terms hereof.
The execution, delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated
hereby have been duly and validly authorized by all necessary corporate action, and no further consent or authorization of the
Company, its board of directors or stockholders is required. When executed and delivered by the Company, this Agreement shall constitute
a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws
relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of
general application. The Company’s board of directors adopted resolutions approving the transactions contemplated hereby,
including the issuance of the Securities to be issued by the Company pursuant to this Agreement.

 

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2.3             
Issuance of Securities. The issuance of the Unit Shares has been duly authorized by all necessary corporate action
and, when paid for and issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. In addition,
the Unit Shares will be free and clear of all liens, claims, charges, security interests or agreements, pledges, assignments, covenants,
restrictions or other encumbrances created by, or imposed by, the Company (collectively, “Encumbrances”) and
rights of refusal of any kind imposed by the Company (other than as provided in the Transaction Documents or restrictions on transfer
under applicable securities laws) and the holder of the Unit Shares shall be entitled to all rights accorded to a holder of Company
Common Stock. The issuance of the Warrants and the Warrant Shares has been duly authorized by all necessary corporate action, and
the Warrant Shares, when issued upon the due exercise of the Warrants, will be validly issued, fully paid and nonassessable. In
addition, the Warrant Shares will be free and clear of all Encumbrances and rights of refusal of any kind imposed by the Company
(other than as provided in the Transaction Documents or restrictions on transfer under applicable securities laws). The Company
will reserve, at all times that the Warrants remain outstanding, such number of shares of Company Common Stock sufficient to enable
the full exercise of the then outstanding Warrants.

 

2.4             
No Conflicts; Governmental Approvals. The execution, delivery and performance of the Transaction Documents by the
Company and the consummation by the Company of the transactions contemplated hereby do not and will not (i) violate any provision
of the Company’s certificate of incorporation or bylaws as currently in effect, (ii) conflict with, or constitute a default
(or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement,
instrument or obligation to which the Company is a party or by which the Company’s properties or assets are bound, or (iii)
result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal
and state securities laws and regulations) applicable to the Company or by which any property or asset of the Company is bound
or affected. The Company is not required under federal, state, foreign or local law, rule or regulation to obtain any consent,
authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute,
deliver or perform any of its obligations under this Agreement or issue and sell the Securities to be issued by the Company in
accordance with the terms hereof, other than filings that have been made, or will be made, or consents that have been obtained,
or will be obtained, pursuant to the rules and regulations of Nasdaq, including a Nasdaq Listing of Additional Shares notification
form, applicable state securities laws and post-sale filings pursuant to applicable state and federal securities laws which the
Company undertakes to file or obtain within the applicable time periods and the filings required to be made pursuant to this Agreement.

 

2.5             
Capitalization. The issued and outstanding shares of capital stock of the Company have been validly issued, are fully
paid and nonassessable and are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has
an authorized, issued and outstanding capitalization as set forth in the Company’s most recent annual report on Form 10-K
or quarterly report on Form 10-Q (other than the grant of additional awards under the Company’s equity incentive plans or
changes in the number of outstanding shares of Company Common Stock due to the issuance of shares upon the exercise or conversion
of securities exercisable for, or convertible or exchangeable into, shares of Company Common Stock outstanding). Except as disclosed
in the Company’s most recent annual report on Form 10-K or quarterly report on Form 10-Q, the Company does not have outstanding
any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable
for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities (other than the grant of
additional awards under the Company’s equity incentive plans).

 

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2.6             
SEC Documents, Financial Statements. The Company represents and warrants that as of the date hereof, the Company
Common Stock is registered pursuant to Section 12(b) of the Exchange Act. Since January 1, 2019, the Company has timely filed all
reports, schedules, forms, statements and other documents required to be filed by it with the Commission pursuant to the reporting
requirements of the Exchange Act (the “SEC Documents”). At the times of their respective filing, all such SEC
Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission
promulgated thereunder. At the times of their respective filings, such SEC Documents did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. As of the date hereof, the Company meets the “Registrant
Requirements” for eligibility to use Form S-3 set forth in General Instruction I.A to Form S-3. As of their respective dates,
the financial statements of the Company included in the SEC Documents complied in all material respects with applicable accounting
requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto.
Such financial statements have been prepared in accordance with generally accepted accounting principles in the United States applied
on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed
or summary statements), and fairly present in all material respects the consolidated financial position of the Company as of the
dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments).

 

2.7             
Accountants. The Company represents and warrants that Marcum LLP, whose report on the financial statements of the
Company is filed with the Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, was,
at the time such report was issued, an independent registered public accounting firm as required by the Securities Act. Except
as described in the SEC Documents and as preapproved in accordance with the requirements set forth in Section 10A of the Exchange
Act, to the Company’s knowledge, Marcum LLP has not engaged in any non-audit services prohibited by subsection (g) of Section
10A of the Exchange Act on behalf of the Company.

 

2.8             
Internal Controls. The Company has established and maintains a system of internal accounting controls sufficient
to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific
authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles in the United States and to maintain accountability for assets; (iii) access to assets is permitted
only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is
compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

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2.9             
Disclosure Controls. The Company has established and maintains disclosure controls and procedures (as such term is
defined in Rules 13a-15 and 15d-15 under the Exchange Act). Since the date of the most recent evaluation of such disclosure controls
and procedures, there have been no significant changes in internal controls or in other factors with respect to the Company that
could significantly affect the Company’s internal controls, including any corrective actions with regard to significant deficiencies
and material weaknesses. The Company is in compliance in all material respects with all provisions currently in effect and applicable
to the Company of the Sarbanes-Oxley Act of 2002, and all rules and regulations promulgated thereunder or implementing the provisions
thereof.

 

2.10         
No Material Adverse Change. Except as disclosed in the SEC Documents, since December 31, 2019, the Company has not
(i) experienced or suffered any Material Adverse Effect, (ii) incurred any material liabilities, obligations, claims or losses
(whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than those incurred
in the ordinary course of the Company’s business or (iii) declared, made or paid any dividend or distribution of any kind
on its capital stock.

 

2.11         
No Undisclosed Events or Circumstances. Except as disclosed in the SEC Documents, since December 31, 2019, except
for the consummation of the transactions contemplated herein, to the Company’s knowledge, no event or circumstance has occurred
or exists with respect to the Company or its businesses, properties, prospects, operations or financial condition, which, under
applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly
announced or disclosed.

 

2.12         
Litigation. Except as disclosed in the SEC Documents, no action, suit, proceeding or investigation is currently pending
or, to the knowledge of the Company, has been threatened in writing against the Company that: (i) concerns or questions the validity
of this Agreement; (ii) concerns or questions the right or authority of the Company to enter into the Transaction Documents and
to perform its obligations thereunder; or (iii) is reasonably likely to have a Material Adverse Effect. The Company is neither
a party to nor subject to the provisions of any material order, writ, injunction, judgment or decree of any court or government
agency or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company
intends to initiate that would have a Material Adverse Effect.

 

2.13         
Compliance. The Company (i) is not in violation of any provision of the Company’s certificate of incorporation
or bylaws as currently in effect, (ii) is not in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company under), nor has the Company received
notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other
agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or
violation has been waived), (iii) is not in violation of any order of any court, arbitrator or governmental body, or (iv) is not
or has not been in violation of any statute, rule or regulation of any governmental authority, including without limitation all
foreign, federal, state and local laws applicable to its business, except in each case (other than with respect to clause (i) above)
for such defaults or violations as would not have a Material Adverse Effect.

 

2.14         
Listing and Maintenance Requirements. Except as set forth in the SEC Documents, the Company is, and has no reason
to believe that it will not, upon the issuance of the Securities hereunder, continue to be, in compliance with the requirements
of the Nasdaq for continued listing of the Company Common Stock thereon and the Company has not received any notification that,
and has no knowledge that the Nasdaq is contemplating terminating such listing. The issuance and sale of the Securities hereunder
does not contravene the rules and regulations of the Nasdaq in any material respect.

 

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2.15         
Investment Company Act. The Company is not and, after giving effect to the offering and sale of the Securities, will
not be an “investment company” or an entity “controlled” by an “investment company,” as such
terms are defined in the Investment Company Act of 1940.

 

2.16         
Private Placement. Neither the Company nor its Affiliates, nor, to the Company’s knowledge, any Person acting
on its or their behalf, (i) has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D under the Securities Act) in connection with the offer or sale of the Securities hereunder, (ii) has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under any circumstances that would require
registration of the sale and issuance by the Company of the Securities under the Securities Act or (iii) has issued any shares
of Company Common Stock or shares of any series of preferred stock or other securities or instruments convertible into, exchangeable
for or otherwise entitling the holder thereof to acquire shares of Company Common Stock which would be integrated with the sale
of the Securities to the Purchasers for purposes of the Securities Act or of any applicable stockholder approval provisions, including,
without limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities
of the Company are listed or designated, nor will the Company or any of its Affiliates take any action or steps that would require
registration of any of the Securities under the Securities Act or cause the offering of the Securities to be integrated with other
offerings. Assuming the accuracy of the representations and warranties of the Purchasers, the offer and sale of the Securities
to be issued by the Company to the Purchasers pursuant to this Agreement will be exempt from the registration requirements of the
Securities Act.

 

2.17         
No Manipulation of Stock. The Company has not taken and will not, in violation of applicable law, take, any action
outside the ordinary course of business designed to or that might reasonably be expected to cause or result in unlawful manipulation
of the price of the Company Common Stock.

 

2.18         
Brokers and Finders. Other than the Placement Agent, neither the Company nor any of the officers, directors or employees
of the Company has employed any broker or finder in connection with the transaction contemplated by this Agreement.

 

2.19         
OFAC. Neither the Company nor, to the Company’s knowledge, any director, officer, agent, employee, Affiliate
or person acting on behalf of the Company, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department.

 

2.20         
Reliance. The Company understands that the foregoing representations and warranties shall be deemed material and
to have been relied upon by the Purchasers.

 

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ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASERS

 

Each Purchaser, for itself and for no other
Purchaser, hereby represents, warrants and covenants to the Company and to the Placement Agent as follows:

 

3.1             
Authorization and Power. Such Purchaser has the requisite power and authority to enter into and perform the Transaction
Documents and to purchase the Securities being sold to it hereunder. The execution, delivery and performance of this Agreement
by such Purchaser and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary
corporate action, and no further consent or authorization of such Purchaser or its board of directors, stockholders or other governing
body is required. When executed and delivered by such Purchaser, this Agreement shall constitute a valid and binding obligation
of such Purchaser, enforceable against such Purchaser in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating
to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general
application.

 

3.2             
No Conflict. The execution, delivery and performance of the Transaction Documents by such Purchaser and the consummation
by such Purchaser of the transactions contemplated hereby do not and will not (i) violate any provision of such Purchaser’s
charter or organizational documents, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time
or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of,
any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which such
Purchaser is a party or by which such Purchaser’s properties or assets are bound, or (iii) result in a violation of any federal,
state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations)
applicable to such Purchaser or by which any property or asset of such Purchaser are bound or affected.

 

3.3             
Purchaser Sophistication; Accredited Investor. At the time such Purchaser was offered the Securities, as of the date
hereof, and on each date on which it exercises the Warrants, such Purchaser (a) is knowledgeable, sophisticated and experienced
in making, and is qualified to make decisions with respect to, investments in shares presenting an investment decision like that
involved in the purchase of the Securities, including investments in securities issued by the Company and investments in comparable
companies, and has requested, received, reviewed and considered all information it deemed relevant in making an informed decision
to purchase the Securities; (b) in connection with its decision to purchase the Securities, relied only upon the SEC Documents,
other publicly available information, and the representations and warranties of the Company contained herein; (c) is an “accredited
investor” pursuant to Rule 501 of Regulation D under the Securities Act; (d) is acquiring the Securities for its own account
for investment only and with no present intention of distributing any of the Securities or any arrangement or understanding with
any other persons regarding the distribution of the Securities; (e) has not been organized, reorganized or recapitalized specifically
for the purpose of investing in the Securities; (f) will not, directly or indirectly, offer, sell, pledge, transfer or otherwise
dispose of (or solicit any offers to buy, purchase or otherwise acquire to take a pledge of) any of the Securities except in compliance
with the Securities Act and applicable state securities laws; (g) understands that the Securities are being offered and sold to
it in reliance upon specific exemptions from the registration requirements of the Securities Act and state securities laws, and
that the Company is relying upon the truth and accuracy of, and such Purchaser’s compliance with, the representations, warranties,
agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the availability of such
exemptions and the eligibility of such Purchaser to acquire the Securities; (h) understands that its investment in the Securities
involves a significant degree of risk, including a risk of total loss of such Purchaser’s investment (provided that such
acknowledgment in no way diminishes the representations, warranties and covenants made by the Company hereunder); and (i) understands
that no United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation
or endorsement of the Securities.

 

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3.4             
Restricted Shares. Such Purchaser acknowledges that the Securities are restricted securities and must be held indefinitely
unless subsequently registered under the Securities Act or (if the Company is not selling the Securities pursuant to Rule 144 promulgated
under the Securities Act) the Company receives an opinion of counsel reasonably satisfactory to the Company that such registration
is not required. Such Purchaser is aware of the provisions of Rule 144 promulgated under the Securities Act which provide a safe
harbor for the limited resale of stock purchased in a private placement subject to the satisfaction of certain conditions (if applicable),
including, among other things, the existence of a public market for the stock, the availability of certain current public information
about the Company, the resale occurring after certain holding periods have been met, the sale being conducted through a “broker’s
transaction” or a transaction directly with a “market maker” and the number of shares of the stock being sold
during any three-month period not exceeding specified limitations. Such Purchaser further acknowledges and understands that the
Company may not be satisfying the current public information requirement of Rule 144 at the time such Purchaser wishes to sell
the Securities and, if so, such Purchaser may be precluded from selling the Securities under Rule 144 even if the required holding
period has been satisfied.

 

3.5             
Residency. Such Purchaser is a resident of or an entity organized under the jurisdiction specified below its address
on Exhibit A hereto

 

3.6             
Ownership of Capital Stock. Except as previously disclosed in the SEC Documents or to the Company in writing or by
email and excluding the Securities, such Purchaser and its Affiliates beneficially own no shares of capital stock of the Company
as of the date hereof.

 

3.7             
Stock Legends. Such Purchaser acknowledges that certificates evidencing the Securities shall bear a restrictive legend
in substantially the following form (and including related stock transfer instructions and record notations):

 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (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 OR BLUE SKY LAWS
AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY.

 

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3.8             
No Legal, Tax or Investment Advice. Such Purchaser understands that nothing in this Agreement or any other materials
presented by or on behalf of the Company to such Purchaser in connection with the purchase of the Securities constitutes legal,
tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has
deemed necessary or appropriate in connection with its purchase of the Securities.

 

3.9             
No General Solicitation; Pre-Existing Relationship. 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 any other general solicitation or general advertisement.
Such Purchaser also represents that such Purchaser was contacted regarding the sale of the Units by the Company or the Placement
Agent (or an authorized agent or representative of the Company or the Placement Agent) with which such Purchaser had a substantial
pre-existing relationship.

 

3.10         
Purchase Entirely for Own Account. The Securities to be received by such Purchaser hereunder will be acquired for
such Purchaser’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof
in violation of the Securities Act, and such Purchaser has no present intention of selling, granting any participation in, or otherwise
distributing the same in violation of the Securities Act without prejudice, however, to such Purchaser’s right at all times
to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state securities laws.
Nothing contained herein shall be deemed a representation or warranty by such Purchaser to hold the Securities for any period of
time.

 

3.11         
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.

 

3.12         
Disclosure of Information. Such Purchaser has had an opportunity to receive all information related to the Company
requested by it and to ask questions of and receive answers from the Company and the Placement Agent regarding the Company, its
business and the terms and conditions of the offering of the Securities. Such Purchaser acknowledges receipt of copies of the SEC
Documents (or access thereto via EDGAR). Neither such inquiries nor any other due diligence investigation conducted by such Purchaser
shall modify, limit or otherwise affect such Purchaser’s right to rely on the Company’s representations and warranties
contained in this Agreement.

 

    11 

     

    

 

3.13         
Interested Stockholders. Each Purchaser that is an “Interested Stockholder” (as such term is defined
in Section 203 of the General Corporation Law of the State of Delaware) represents and warrants that either (a) it has been an
Interested Stockholder for at least three years prior to the date hereof or (b) the transaction that resulted in such Purchaser
becoming an Interested Stockholder was approved by the Company’s board of directors or a duly authorized committee thereof.

 

3.14         
No Rule 506 Disqualifying Activities. Such Purchaser has not taken any of the actions set forth in, and is not subject
to, the disqualification provisions of Rule 506(d)(1) of the Securities Act.

 

3.15         
Brokers and Finders. No Person will have, as a result of the transactions contemplated by this Agreement, any valid
right, interest or claim against or upon the Company or such Purchaser for any commission, fee or other compensation pursuant to
any agreement, arrangement or understanding entered into by or on behalf of such Purchaser.

 

3.16         
Regulation M. Such Purchaser is aware that the anti-manipulation rules of Regulation M under the Exchange Act may
apply to sales of Company Common Stock and other activities with respect to Company Common Stock.

 

ARTICLE IV

COVENANTS OF THE PARTIES

 

4.1             
Further Transfers. Each Purchaser covenants that the Securities will only be sold, offered for sale, pledged, loaned,
or otherwise disposed of pursuant to an effective registration statement under, and in compliance with the requirements of, the
Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in compliance
with any applicable state securities laws. In connection with any transfer of Securities other than pursuant to an effective registration
statement or Rule 144, the Company may require such Purchaser to provide to the Company an opinion of counsel selected by such
Purchaser, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer
does not require registration under the Securities Act.

 

4.2             
No Integration. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate
of the Company shall, 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 will be integrated with the offer or sale of the Securities pursuant to this Agreement
in a manner that would require the registration under the Securities Act of the sale of the Securities to the Purchasers, or that
will be integrated with the offer or sale of the Securities pursuant to this Agreement for purposes of the rules and regulations
of the Nasdaq such that it would require stockholder approval prior to the closing of such other transaction unless stockholder
approval is obtained before the closing of such subsequent transaction. The Purchasers shall take no action to become a group such
that any transactions contemplated by this Agreement would require shareholder approval prior to Closing.

 

    12 

     

    

 

ARTICLE V

CONDITIONS TO CLOSING

 

5.1             
Conditions Precedent to the Obligations of the Purchasers. The obligation of the Purchasers to acquire the Securities
at the Closing is subject to the satisfaction or waiver by the Purchasers, at or before the Closing, of each of the following conditions:

 

(a)              
Representations and Warranties. The representations and warranties of the Company contained in Article II shall be
true and correct in all respects as of the date of this Agreement and as of the Closing Date, except to the extent any such representation
or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as
of such earlier date, and, the representations and warranties made by the Company in Article II hereof not qualified as to materiality
shall be true and correct in all material respects as of the date hereof and the Closing Date, except to the extent any such representation
or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in
all material respects as of such earlier date.

 

(b)              
Performance. The Company shall have performed and complied, in all material respects, with all covenants, agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by the Company on or
before the Closing, including, without limitation, the delivery by the Company of the items contemplated by Section 1.4(a).

 

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

 

(d)              
No Nasdaq Objection. Nasdaq shall have raised no objection to the consummation of the transactions contemplated by
the Transaction Documents in the absence of stockholder approval of such transactions.

 

(e)              
Listing of Additional Shares. The Company shall have submitted a Listing of Additional Shares Notification with the
Nasdaq covering all of the Securities.

 

(f)               
Registration Rights Agreement. The Company shall have executed and delivered the Registration Rights Agreement, and
the Registration Rights Agreement shall be in full force and effect.

 

    13 

     

    

 

5.2             
Conditions Precedent to the Obligations of the Company. The obligation of the Company to issue the Securities at
the Closing is subject to the satisfaction or waiver by the Company, at or before the Closing, of each of the following conditions:

 

(a)              
Representations and Warranties. The representations and warranties of each Purchaser contained in Article III shall
be true and correct in all respects as of the Closing (unless as of a specific date therein in which case they shall be accurate
as of such date).

 

(b)              
Performance. Each Purchaser shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by such Purchaser at
or prior to the Closing, including, without limitation, the delivery by each Purchaser of the items contemplated by Section 1.4(b).

 

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

 

(d)              
No Nasdaq Objection. Nasdaq shall have raised no objection to the consummation of the transactions contemplated by
the Transaction Documents in the absence of stockholder approval of such transactions.

 

(e)              
Registration Rights Agreement. Each Purchaser shall have executed and delivered the Registration Rights Agreement,
and the Registration Rights Agreement shall be in full force and effect.

 

(f)               
Lock-Up Agreements. The Placement Agent shall have received copies of the Lock-up Agreements executed by each entity
or person listed on Schedule I.

 

ARTICLE VI

TERMINATION

 

6.1             
Termination. In addition to the provisions of Section 7.6, in the event that the Closing shall not have occurred
with respect to a Purchaser on or before ten (10) Business Days from the date hereof due to the Company’s or such Purchaser’s
failure to satisfy the conditions set forth in Section 5 above (and the nonbreaching party’s failure to waive such unsatisfied
condition(s)), the nonbreaching party shall have the option to terminate this Agreement with respect to such breaching party at
the close of business on such date without liability of any party to any other party.

 

ARTICLE VII

MISCELLANEOUS

 

7.1             
Survival of Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company
and the Purchasers contained in or made pursuant to this Agreement shall survive the Closing and the delivery of the Securities.

 

    14 

     

    

 

7.2             
No Finder’s Fees. Except as set forth in an agreement between the Company and the Placement Agent, each party
represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction.
The Company agrees to indemnify and to hold harmless the Purchasers from any liability for any commission or compensation in the
nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against
such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.
Each Purchaser, severally and not jointly, agrees to indemnify and hold harmless the Company from any liability for any commission
or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses
of defending against such liability or asserted liability) for which such Purchaser or any of its officers, employees or representatives
is responsible.

 

7.3             
Fees and Expenses. Each party shall pay the fees and expenses of its advisors, 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.

 

7.4             
Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire
understanding of the parties with respect to the subject matter hereof 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;
provided, however, that any Confidentiality Agreements previously entered into between the Company and any Purchasers shall remain
in full force and effect. At or after the Closing, and without further consideration, the Company will execute and deliver to the
Purchasers, and the Purchasers will execute and deliver to the Company, such further documents as may be reasonably requested in
order to give practical effect to the intention of the parties under the Transaction Documents.

 

7.5             
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 date of transmission, if such notice or
communication is delivered via facsimile or email at the facsimile number or email address specified in this Section prior to 4:00
p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile or email at the facsimile number or email address specified in this Section on a day that is not a Trading
Day or later than 4:00 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of deposit with a nationally
recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The
addresses, facsimile numbers and email addresses for such notices and communications are those set forth below, or such other address
or facsimile number as may be designated in writing hereafter, in the same manner, by any such Person:

 

	If to the Company:	PLx Pharma Inc.

9 Fishers Lane

Suite E

Sparta, NJ 07871

Attention: Rita O’Connor

Email: roconnor@plxpharma.com

Fax No.: (973) 843-6300

 

    15 

     

    

 

	 	 
	with copies (which copies

shall not constitute notice

to the Company) to:	
        Olshan Frome Wolosky LLP

        1325 Avenue of the Americas

        New York, NY 10019

        

        Attention: Robert H. Friedman, Esq. 

        Email: rfriedman@olshanlaw.com

        

        Fax No.: (212) 451-2222 

	 	 
	If to the Purchasers:	To their respective addresses as set forth on Exhibit A attached hereto.

 

7.6             
Amendments; Waivers. This Agreement and any term hereof may be amended, terminated or waived only with the written
consent of the Company and (i) with respect to an amendment, termination or waiver prior to the Closing, the Purchasers obligated
to purchase a majority of the Units to be issued at the Closing, and (ii) with respect to an amendment, termination or waiver following
the Closing, the Purchasers holding at least a majority of the outstanding Unit Shares then held by all Purchasers. 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 either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

7.7             
Construction. 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. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

7.8             
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; provided, however, that no such consent shall be required in connection with any assignment (i) occurring
by operation of law in connection with any merger or consolidation to which the Company is a party, (ii) in connection with the
acquisition of all or substantially all of the assets of the Company or (iii) any other similar business combination transaction
involving the Company. A Purchaser may assign its rights under this Agreement only to a Person to whom such Purchaser assigns or
transfers all Securities held by such Purchaser; provided, that (i) following such transfer or assignment, the further disposition
of the Securities by the transferee or assignee is restricted under the Securities Act and applicable state securities laws, (ii)
as a condition of such transfer, such transferee agrees in writing to be bound by all of the terms and conditions of this Agreement
as a party hereto and (iii) such transfer shall have been made in accordance with the applicable requirements of this Agreement
and with all laws applicable thereto.

 

7.9             
Persons Entitled to Benefit of Agreement. Except for the Placement Agent, this Agreement is intended for the benefit
of the parties hereto and their respective permitted successors and assigns and is not for the benefit of, nor may any provision
hereof be enforced by, any other person.

 

    16 

     

    

 

7.10         
Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal
laws of the State of New Jersey without regard to the choice of law principles thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the state and federal courts located in the State of New Jersey for the purpose of any
suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service
of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the
same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to
the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum. If any party hereto shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then,
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.

 

7.11         
Counterparts; Execution. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

7.12         
Severability. If any provision hereof should be held invalid, illegal or unenforceable in any respect, then, to the
fullest extent permitted by law, (a) all other provisions hereof shall remain in full force and effect and shall be liberally construed
in order to carry out the intentions of the parties as nearly as may be possible and (b) the parties shall use their best efforts
to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as
practical, implement the purposes of such provision(s) in this Agreement.

 

7.13         
Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution payable
in shares of Company Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly
or indirectly shares of Company Common Stock), combination or other similar recapitalization or event occurring after the date
hereof, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to be amended to
appropriately account for such event.

 

[SIGNATURE PAGES TO FOLLOW]

 

    17 

     

    

 

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.

 

	 	THE COMPANY:
	 	PLX PHARMA INC.
	 	 
	 	By:	
 

	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

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.

 

	 	PURCHASERS: 
	 	 
	 	[PURCHASER]
	 	 
	 	By:	
 

	 	 	Name:	 
	 	 	Title:	 

 

	 	Address for Notice:
	 	 
	 	______________________________
	 	______________________________
	 	______________________________
	 	 	 
	 	Telephone No.:	______________________________
	 	Facsimile No.:	______________________________
	 	E-mail Address:	______________________________
	 	Attention:	______________________________
	 	 	 	 	 

 

     

     

    

 

Schedule I

 

Lock-Up Parties

 

     

     

    

  

Exhibit A

 

SCHEDULE OF PURCHASERS

 

	

        Name of Purchaser 

        and Address/Contact
        Information

	 	Units
                           Purchased
	 	Number
                           of Unit Shares Separable from Units Purchased
	 	Number
                                         of Warrant Shares Exercisable from Warrants Separable from

        Units
        Purchased

	 	Aggregate
                                         Unit

        Purchase
        Price

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	TOTAL:	 	 	 	 	 	 	 	 

 

     

     

    

 

Exhibit B

 

FORM OF WARRANT

 

[See Attached]

 

     

     

    

 

Exhibit C

 

STOCK REGISTRATION QUESTIONNAIRE

 

Pursuant to Section 1.4 of the Agreement,
please provide us with the following information:

 

	The exact name that the Securities are to be registered in (this is the name that will appear on the warrant(s) and common stock certificate(s) or Direct Registration System advice(s)):	
 

	 	 
	The relationship between the Purchaser of the Securities and the Registered Purchaser listed in response to Item 1 above:	
 

	 	 
	The mailing address, telephone and telecopy number of the Registered Purchaser listed in response to Item 1 above:	
 

	 	 
	 	
 

	 	 
	 	
 

	 	 
	 	
 

	 	 
	 	
 

	 	 
	 	
 

	 	 
	The Tax Identification Number (or, if an individual, the Social Security Number) of the Registered Purchaser listed in response to Item 1 above:	
 

	 	 
	AST Account Number of the Registered Purchaser listed in response to Item 1 above (indicate none if such Registered Purchaser does not yet have one):	
 

	 	 
	Form of delivery of Unit Shares:	
        Stock certificate(s):
☐

	 	 
	 	
        Electronic book-entry
in the Direct Registration System: ☐

 

     

     

    

 

Exhibit D

 

REGISTRATION RIGHTS AGREEMENT

 

[See Attached]

 

     

     

    

 

Exhibit E

 

ACCREDITED INVESTOR QUALIFICATION
QUESTIONNAIRE

 

[See Attached]

 

     

     

    

 

Exhibit F

 

“BAD ACTOR” QUESTIONNAIRE
FORMS

 

[See Attached]Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made and entered into as of November [●], 2020, by and among PLx Pharma Inc., a Delaware
corporation (the “Company”), and the purchasers set forth on Schedule 1 hereto (each, a “Purchaser”,
and collectively, the “Purchasers”), and shall become effective as of the Closing (as defined in the Purchase
Agreement, defined below).

 

RECITALS

 

A.               
In connection with the Securities Purchase Agreement, by and among the Company and the Purchasers, dated as of November
16, 2020 (the “Purchase Agreement”), the Company has agreed, upon the terms and conditions stated in
the Purchase Agreement, to issue and sell to each Purchaser on the Closing Date immediately separable Units, with each Unit consisting
of: (i) one share of the Common Stock (the “Unit Shares”) and (ii) a Warrant to acquire one share of Common
Stock (the “Warrant Shares”, together with the Unit Shares, the “Shares”)

 

B.                
To induce the Purchasers to execute and deliver the Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act, and applicable state securities laws.

 

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

 

Capitalized terms used and not otherwise
defined herein shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the following meanings:

 

“Affiliate” means, with
respect to any Person, any other Person that directly or indirectly controls or is controlled by or under common control with such
Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling”
and “controlled” have meanings correlative to the foregoing.

 

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

 

“Business Day” means
any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the state
of New York generally are authorized or required by law or other government actions to close.

 

     

     

    

 

“Closing Date” means
the date of the closing of the acquisition and issuance of the Company Shares pursuant to the Purchase Agreement.

 

“Commission” means the
Securities and Exchange Commission.

 

“Effectiveness Date”
means the date the Registration Statement has been declared effective by the Commission.

 

“Effectiveness Deadline”
means the date which is the earlier of (x) (i) in the event that the Registration Statement is not subject to a review by the Commission,
sixty (60) calendar days after the Filing Date or (ii) in the event that the Registration Statement is subject to a review by the
Commission, ninety (90) calendar days after the Filing Date and (y) the fifth (5th) Business Day after the date the Company is
notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be reviewed or
will not be subject to further review; provided, however, that if the Effectiveness Deadline falls on a Saturday,
Sunday or other day that the Commission is closed for business, the Effectiveness Deadline shall be extended to the next Business
Day on which the Commission is open for business.

 

“Effectiveness Failure”
shall have the meaning set forth in Section 2.2.

 

“Effectiveness Period”
shall have the meaning set forth in Section 2.1.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Failure” or “Failures”
shall have the meaning set forth in Section 2.2.

 

“Filing Date” means the
thirtieth (30th) Business Day following the Closing Date; provided, however, that if the Filing Date falls on a day that is not
a Business Day, then the Filing Date shall be extended to the next Business Day.

 

“Holder” or “Holders”
means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified Party” shall
have the meaning set forth in Section 5.3(a).

 

“Indemnifying Party”
shall have the meaning set forth in Section 5.3(a).

 

“Losses” shall have the
meaning set forth in Section 5.1.

 

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

 

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

 

    2 

     

    

 

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

 

“Registrable Securities”
means (i) the Unit Shares issued to the Purchasers and (ii) the Warrant Shares issued or issuable to the Purchasers upon exercise
of the Warrants; provided, however, that the applicable Holder has completed and delivered to the Company a Selling
Stockholder Questionnaire; and provided further that such securities shall no longer be deemed Registrable Securities if (i) such
securities have been sold pursuant to a Registration Statement, (ii) such securities have been sold in compliance with Rule 144,
or (ii) all such securities may be sold without limitation or restriction pursuant to Rule 144.

 

“Registration Statement”
means the registration statements and any additional registration statements contemplated by Article II, including (in each case)
the related Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference in such registration statement.

 

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

 

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

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Selling Stockholder Questionnaire”
means a questionnaire in the form attached as Annex B hereto, or such other form of questionnaire as may reasonably be requested
by the Company from time to time.

 

“Transaction Documents”
means this Agreement, the Purchase Agreement, and the schedules and exhibits attached hereto and thereto.

 

    3 

     

    

 

ARTICLE II

REGISTRATION

 

2.1             
Registration Obligations; Filing Date Registration. The Company shall use reasonable best efforts to prepare and
file with the Commission on or prior to the Filing Date a Registration Statement covering the resale of the Registrable Securities
as would permit the sale and distribution of all the Registrable Securities from time to time pursuant to Rule 415 in the manner
reasonably requested by the Holder. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible
to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate
form in accordance with the Securities Act and the rules promulgated thereunder and the Company shall undertake to register the
Registrable Securities on Form S-3 as soon as practicable following the availability of such form, provided that the Company shall
use reasonable best efforts to maintain the effectiveness of the Registration Statement then in effect until such time as a Registration
Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission). The Registration Statement
shall contain the “Plan of Distribution” section in substantially the form attached hereto as Annex A. The Company
shall use reasonable best efforts to cause the Registration Statement filed by it to be declared effective under the Securities
Act as promptly as practicable after the filing thereof but in any event prior to the Effectiveness Deadline, and, subject to Section
3.1(m) hereof, to keep such Registration Statement continuously effective under the Securities Act until the earlier of (i) such
date as all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities or (ii) the
date that is two (2) years following the Closing Date (the “Effectiveness Period”). By 4:00 p.m. (New York City
time) on the Business Day following the Effective Date, the Company shall file with the Commission in accordance with Rule 424
under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement.

 

2.2             
Effect of Failure to File Registration Statement. If a Registration Statement covering all of the Registrable Securities
required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (i) not filed with the Commission
by the Filing Date (a “Filing Failure”) or (ii) not declared effective by the Commission on or before the Effectiveness
Deadline (an “Effectiveness Failure” and, collectively with a Filing Failure, the “Failures”
and each a “Failure”), then, in satisfaction of the damages to any holder of Registrable Securities by reason
of any such delay in or reduction of its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive
of any other remedies available at law or in equity), the Company shall pay to each such holder of Registrable Securities relating
to such Registration Statement an amount in cash equal to one half of one percent (0.5%) of the aggregate Purchase Price (as such
term is defined in the Purchase Agreement) of such Holder’s Registrable Securities included in such Registration Statement
on the day of a Failure and on every thirtieth day (pro rated for shorter periods) thereafter until such Failure is cured. The
payments to which a Holder shall be entitled pursuant to this Section 2.2 are referred to herein as “Registration Delay
Payments.” Registration Delay Payments shall be paid on the earlier of (i) the last day of the calendar month during
which such Registration Delay Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise
to the Registration Delay Payments is cured. In the event the Company fails to make Registration Delay Payments in a timely manner,
such Registration Delay Payments shall bear simple interest at the rate of three percent (3.0%) of such unpaid Registration Delay
Payment per annum (pro rated for shorter periods) until paid in full. Notwithstanding anything to the contrary herein or in the
Purchase Agreement, in no event shall the aggregate amount of Registration Delay Payments exceed, in the aggregate, five percent
(5%) of the aggregate Purchase Price of the Securities.

 

    4 

     

    

 

ARTICLE III

REGISTRATION PROCEDURES

 

3.1             
Registration Procedures. In connection with the Company’s registration obligations hereunder, the Company shall:

 

(a)              
Prepare and file with the Commission on or prior to the Filing Date, a Registration Statement on Form S-3 (or if the Company
is not then eligible to register for resale the Registrable Securities on Form S-3 such Registration Statement shall be on another
appropriate form in accordance with the Securities Act and the rules and regulations promulgated thereunder) in accordance with
the method or methods of distribution thereof as described on Annex A hereto (except if otherwise directed by all of the
Holders), and use reasonable best efforts to cause the Registration Statement to become effective and remain effective as provided
herein.

 

(b)              
Prepare and file with the Commission such amendments, including post-effective amendments, to the Registration Statement
as may be necessary to keep the Registration Statement continuously effective (subject to Section 3.1(m)) as to the applicable
Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements,
if necessary, in order to register for resale under the Securities Act all of the Registrable Securities; cause the related Prospectus
to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to
Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; respond promptly to any comments received
from the Commission with respect to the Registration Statement or any amendment thereto and promptly provide the Holders true and
complete copies of all correspondence from and to the Commission relating to such Registration Statement; and comply in all material
respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities
covered by the Registration Statement during the applicable period in accordance with the intended methods of disposition by the
Holders thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)              
At the time the Commission declares the Registration Statement effective, each Holder shall be named as a selling stockholder
in the Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to
purchasers of Registrable Securities included in the Registration Statement in accordance with applicable law, subject to the terms
and conditions hereof. From and after the date the Registration Statement is declared effective, any Holder not named as a selling
stockholder in the Registration Statement at the time of effectiveness may request that the Company amend or supplement the Registration
Statement to include such Holder as a selling stockholder, and the Company shall, as promptly as practicable and in any event upon
the later of (x) ten (10) Business Days after such date or (y) ten (10) Business Days after the expiration of any Deferral Period
(as defined in Section 3.1(m)) that is either in effect or put into effect within ten (10) Business Days of such date:

 

(i)                
if required by applicable law, prepare and file with the Commission a post-effective amendment to the Registration Statement
or prepare and, if required by applicable law, file a supplement to the related Prospectus or a supplement or amendment to any
document incorporated therein by reference or file with the Commission any other required document so that the Holder is named
as a selling stockholder in the Registration Statement and the related Prospectus in such a manner as to permit such Holder to
deliver such Prospectus to purchasers of such Holder’s Registrable Securities included in the Shelf Registration Statement
in accordance with applicable law and, if the Company shall file a post-effective amendment to the Registration Statement, use
its reasonable best efforts to cause such post-effective amendment to be declared effective under the Securities Act as promptly
as is practicable, but in any event by the date that is sixty (60) days after the date such post-effective amendment is required
by this clause to be filed;

 

    5 

     

    

 

(ii)             
provide such Holder copies of any documents filed pursuant to Section 3.1(c)(i); and

 

(iii)           
notify such Holder as promptly as practicable after the effectiveness under the Securities Act of any post-effective amendment
filed pursuant to Section 3.1(c)(i);

 

(d)              
Promptly notify the Holders of Registrable Securities (i)(A) when a Registration Statement, a Prospectus or any Prospectus
supplement or pre- or post-effective amendment to the Registration Statement is filed; (B) when the Commission notifies the Company
whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on
such Registration Statement, and if requested by such Holders, furnish to them a copy of such comments and the Company’s
responses thereto and (C) with respect to the Registration Statement or any post- effective amendment filed by the Company, when
the same has become effective; (ii) of any request by the Commission or any other Federal or state governmental authority for amendments
or supplements to the Registration Statement or Prospectus or for additional information of the Company; (iii) of the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registrable
Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect
to the suspension of the qualification or exemption from qualification of any of the Registrable Securities of the Company for
sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any
event that makes any statement made in the Registration Statement or Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or
other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it 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, in the light of the circumstances under which they were made, not misleading.

 

(e)              
Use reasonable best efforts to avoid the issuance of, and, if issued, to obtain the withdrawal of, (i) any order suspending
the effectiveness of the Registration Statement or (ii) any suspension of the qualification (or exemption from qualification) of
any of the Registrable Securities for sale in any U.S. jurisdiction.

 

(f)               
If requested by the Holders of a majority of the Registrable Securities, (i) promptly incorporate in a Prospectus supplement
or post- effective amendment to the Registration Statement such information as such Holders reasonably request to be included therein
unless the inclusion of such information would reasonably be expected to expose the Company to liability under federal and state
securities laws and regulations and (ii) make all required filings of such Prospectus supplement or such post-effective amendment
as soon as practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement
or post-effective amendment.

 

    6 

     

    

 

(g)              
Furnish to each Holder, without charge and upon request, at least one conformed copy of each Registration Statement and
each amendment thereto, including financial statements and schedules, and, to the extent requested by such Person, all documents
incorporated or deemed to be incorporated therein by reference, and all exhibits (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the Commission, provided, that the Company shall have no obligation
to provide any document pursuant to this clause that is available on the Commission’s EDGAR system.

 

(h)              
Promptly deliver to each Holder, without charge, as many copies of the Prospectus or Prospectuses (including each form of
prospectus) and each amendment or supplement thereto as such Persons may reasonably request; and the Company hereby consents to
the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering
and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto to the extent permitted
by federal and state securities laws and regulations.

 

(i)                
Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities
of the Company to be sold pursuant to a Registration Statement.

 

(j)                
Upon the occurrence of any event contemplated by Section 3.1(d)(v), as promptly as practicable prepare a supplement or amendment,
including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither
the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.

 

(k)              
Use reasonable best efforts to cause all Registrable Securities relating to the Registration Statement to be listed on the
Nasdaq Stock Market, LLC or any subsequent securities exchange, quotation system or market, if any, on which similar securities
issued by the Company are then listed or traded.

 

(l)                
The Company may require each selling Holder to furnish to the Company information regarding such Holder and the distribution
of such Registrable Securities as is required by law to be disclosed in the Registration Statement, and the Company may exclude
from such registration the Registrable Securities of any such Holder who fails to furnish such information within fifteen (15)
days after receiving such request.

 

    7 

     

    

 

(m)            
If (i) there is material non-public information regarding the Company which the Board reasonably determines not to be in
the Company’s best interest to disclose and which the Company is not otherwise required to disclose, or (ii) there is a significant
business opportunity (including, but not limited to, the acquisition or disposition of assets (other than in the ordinary course
of business) or any merger, consolidation, tender offer or other similar transaction) available to the Company which the Board
reasonably determines not to be in the Company’s best interest to disclose, then the Company may postpone or suspend filing
or effectiveness of a Registration Statement for a period (a “Deferral Period”) not to exceed sixty (60) consecutive
days, provided that the Company may not postpone or suspend its obligation under this Section 3.1(m) for more than ninety (90)
days in the aggregate during any 12-month period; provided, however, that no such postponement or suspension by the Company shall
be permitted for more than one sixty (60) day period, arising out of the same set of facts, circumstances or transactions.

 

(n)              
The Company shall use reasonable best efforts to register or qualify, or cooperate with the Holders of the Registrable Securities
included in the Registration Statement in connection with the registration or qualification of, the resale of the Registrable Securities
under applicable securities or “blue sky” laws of such states of the United States as any such Holder requests in writing
and to do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Registrable
Securities covered by the Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally
to do business in any jurisdiction where it is not then so qualified or (ii) take any action that would subject it to general service
of process or to taxation in any jurisdiction to which it is not then so subject.

 

(o)              
The Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable
to the Registration and will make generally available to its security holders (or otherwise provide in accordance with Section
11(a) of the Securities Act) an earnings statement (which need not be audited) satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder, no later than 45 days after the end of a 12-month period (or 90 days, if such period is
a fiscal year) beginning with the Company’s first fiscal quarter commencing after the effective date of the Registration
Statement.

 

3.2             
Holder Obligations.

 

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

 

    8 

     

    

 

(b)              
Each Holder covenants and agrees by its acquisition of such Registrable Securities that (i) it will not sell any Registrable
Securities under the Registration Statement until it has received copies of the Prospectus as then amended or supplemented as contemplated
in Section 3.1(h) and notice from the Company that such Registration Statement and any post-effective amendments thereto have become
effective as contemplated by Section 3.1(d) and (ii) it and its officers, directors or Affiliates, if any, will comply with the
prospectus delivery requirements of the Securities Act as applicable to them in connection with sales of Registrable Securities
pursuant to the Registration Statement.

 

(c)              
Upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3.1(d)(ii), 3.1(d)(iii),
3.1(d) (iv), 3.1(d)(v) or 3.1(m), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration
Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement
contemplated by Section 3.1(j), or until it is advised in writing by the Company that the use of the applicable Prospectus may
be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed
to be incorporated by reference in such Prospectus or Registration Statement.

 

ARTICLE IV

REGISTRATION EXPENSES

 

4.1             
Registration Expenses. All reasonable fees and expenses incident to the performance of or compliance with this Agreement
by the Company (excluding underwriters’ discounts and commissions and all fees and expenses of legal counsel, accountants
and other advisors for any Purchaser except as specifically provided below), except as and to the extent specified in this Section
4.1, shall be borne by the Company whether or not a Registration Statement is filed by the Company or becomes effective and whether
or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses
(A) with respect to filings required to be made with the Nasdaq Stock Market, LLC and each other securities exchange or market
on which Registrable Securities are required hereunder to be listed, (B) with respect to filings required to be made by the Company
with the Financial Industry Regulatory Authority and (C) in compliance with state securities or Blue Sky laws by the Company or
with respect to Registrable Securities, (ii) messenger, telephone and delivery expenses, (iii) fees and disbursements of counsel
for the Company, (iv) Securities Act liability insurance, if the Company so desires such insurance, and (v) fees and expenses of
all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement,
including, without limitation, the Company’s independent public accountants. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties),
the expense of any annual audit, the fees and expenses incurred in connection with the listing of the Registrable Securities on
any securities exchange as required hereunder. In no event shall the Company be responsible for any underwriting, broker or similar
fees or commissions of any Purchaser or, except to the extent provided for above or in the Transaction Documents, any legal fees
or other costs of the Purchasers.

 

    9 

     

    

 

ARTICLE V

INDEMNIFICATION

 

5.1             
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and
hold harmless each Holder, its permitted assignees, officers, directors, agents, brokers (including brokers who offer and sell
Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Company Common Stock),
underwriters, investment advisors and employees, each Person who controls any such Holder or permitted assignee (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of each
such controlling Person, and the respective successors, assigns, estate and personal representatives of each of the foregoing,
to the fullest extent permitted by applicable law, from and against any and all claims, losses, damages, liabilities, penalties,
judgments, costs (including, without limitation, costs of investigation) and expenses (including, without limitation, reasonable
attorneys’ fees and expenses) (collectively, “Losses”), arising out of or relating to any untrue or alleged untrue
statement of a material fact contained in the Registration Statement, any Prospectus, as supplemented or amended, if applicable,
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 form of prospectus or supplement thereto, in the light of the
circumstances under which they were made) not misleading, except (i) to the extent, but only to the extent, that such untrue statements
or omissions or alleged untrue statements or omissions are based upon information regarding such Holder furnished in writing to
the Company by such Holder expressly for use in such Registration Statement, such Prospectus or in any amendment or supplement
thereto or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of
Registrable Securities and was furnished in writing by such Holder expressly for use therein (it being understood that each Holder
has approved Annex A hereto for this purpose); or (ii) in the case of an occurrence of an event of the type specified in
Section 3.1(d)(ii)-(v), the use by a Holder of an outdated or defective Prospectus, but only if and to the extent that following
such receipt the misstatement or omission giving rise to such Loss would have been corrected; provided, however, that the indemnity
agreement contained in this Section 5.1 shall not apply to amounts paid in settlement of any Losses if such settlement is effected
without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company shall notify such
Holder promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the
transactions contemplated by this Agreement. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of an Indemnified Party (as defined in Section 5.3(a) hereof) and shall survive the transfer of the Registrable
Securities by the Holder.

 

5.2             
Indemnification by Holders. Each Holder and its permitted assignees shall, severally and not jointly, indemnify and
hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such
controlling Persons, and the respective successors, assigns, estate and personal representatives of each of the foregoing, to the
fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or relating to any untrue
or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, as supplemented or amended,
if applicable, 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, to the extent, but only to the extent, that such untrue statement or omission or alleged
untrue statement or omission is contained in or omitted from any information regarding such Holder furnished in writing to the
Company by such Holder expressly for use in therein, and that such information was reasonably relied upon by the Company for use
therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of
Registrable Securities and was furnished in writing by such Holder expressly for use therein (it being understood that each Holder
has approved Annex A hereto for this purpose); provided, however, that in no event shall a Holder’s liability
pursuant to this Subsection 5.2, exceed the proceeds from the offering received by such Holder, except in the case of willful misconduct
or fraud by such Holder.

 

    10 

     

    

 

5.3             
Conduct of Indemnification Proceedings.

 

(a)              
If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified
Party”), such Indemnified Party promptly shall notify the Person from whom indemnity is sought (the “Indemnifying
Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof;
provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations
or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent
jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially
adversely prejudiced the Indemnifying Party.

 

(b)              
An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the
Indemnifying Party has agreed in writing to pay such fees and expenses; or (2) the Indemnifying Party shall have failed promptly
to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding;
or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and such Indemnified Party shall have been advised by counsel (which shall be reasonably acceptable to the Indemnifying
Party) that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying
Party (in which case, the Indemnifying Party shall be responsible for reasonable fees and expenses of no more than one counsel
(together with appropriate local counsel) for the Indemnified Parties). The Indemnifying Party shall not be liable for any settlement
of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect
of which any Indemnified Party is or could have been a party, unless such settlement (i) includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such Proceeding and (ii) does not include a statement
as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party.

 

    11 

     

    

 

(c)              
All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred
in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be
paid to the Indemnified Party, as incurred, within twenty (20) Business Days of written notice thereof to the Indemnifying Party
(regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided,
that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent
it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder).

 

5.4             
Contribution.

 

(a)              
If a claim for indemnification under Section 5.1 or 5.2 is unavailable to an Indemnified Party because of a failure or refusal
of a governmental authority to enforce such indemnification in accordance with its terms (by reason of public policy or otherwise),
then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying
Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined
by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material
fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such
Indemnifying, Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall
be deemed to include, subject to the limitations set forth in Section 5.3, any reasonable attorneys’ or other reasonable
fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified
for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its
terms.

 

(b)              
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5.4 were determined
by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred
to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

(c)              
The indemnity and contribution agreements contained in this Article V are in addition to any liability that the Indemnifying
Parties may have to the Indemnified Parties.

 

    12 

     

    

 

ARTICLE VI

RULE 144

 

6.1             
Rule 144. As long as any Holder owns any Registrable Securities, the Company covenants to use its commercially reasonable
efforts 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 Section 13(a) or 15(d) of the Exchange Act. The Company further covenants
that it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable
such Person to sell the Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions relating to such sale pursuant
to Rule 144. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

ARTICLE VII

MISCELLANEOUS

 

7.1             
Effectiveness. The Company’s obligations hereunder shall be conditioned upon the occurrence of the Closing
under the Purchase Agreement, and this Agreement shall not be effective until such Closing. If the Purchase Agreement shall be
terminated prior to the Closing, then this Agreement shall be void and of no further force or effect (and no party hereto shall
have any rights or obligations with respect to this Agreement).

 

7.2             
Remedies. In the event of a breach by the Company or by a Holder of any of their obligations under this Agreement,
each non-breaching Holder and Company, as the case may be, in addition to being entitled to exercise all rights granted by law
and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement.
The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason
of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific
performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

 

7.3             
Entire Agreement; Amendment. This Agreement and the other Transaction Documents contain the entire understanding
and agreement of the parties with respect to the matters covered hereby and, except as specifically set forth herein or therein,
neither the Company nor any Holder make any representation, warranty, covenant or undertaking with respect to such matters, and
they supersede all prior understandings and agreements with respect to said subject matter, all of which are merged herein. This
Agreement and any term hereof may be amended, terminated or waived only with the written consent of the Company and the Holders
of at least a majority of all outstanding Registrable Securities then held by all Holders. Any amendment or waiver effected in
accordance with this Section 7.3 shall be binding upon each Holder (and their permitted assigns).

 

7.4             
No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement
with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts
with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof.

 

    13 

     

    

 

7.5             
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 date of transmission, if such notice or
communication is delivered via facsimile or email at the facsimile number or email address specified in this Section prior to 4:00
p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile or email at the facsimile number or email address specified in this Section on a day that is not a Trading
Day or later than 4:00 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of deposit with a nationally
recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The
addresses, facsimile numbers and email addresses for such notices and communications are those set forth below, or such other address
or facsimile number as may be designated in writing hereafter, in the same manner, by any such Person:

 

	If to the Company:	 	
        PLx Pharma Inc.

        9 Fishers Lane

        Suite E

        Sparta, NJ 07871

        Attention: Chief Financial Officer

        Email: roconnor@plxpharma.com

         

	with copies (which copies shall not constitute notice to the Company) to:	 	
        Olshan Frome Wolosky LLP

        1325 Avenue of the Americas

        New York, NY 10019

        Attention: Robert Friedman

        Email: rfriedman@olshanlaw.com

         

	If to the Purchasers:	 	To their respective addresses as set forth on Exhibit A attached hereto.

 

7.6             
Waivers. No waiver by either party 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 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 accruing to it thereafter.

 

7.7             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns and shall inure to the benefit of each Holder and its successors and assigns. The Company may not assign
this Agreement or any of its rights or obligations hereunder without the prior written consent of the Holders of at least a majority
of all Registrable Securities then outstanding.

 

    14 

     

    

 

7.8             
Assignment of Registration Rights. The rights of each Holder hereunder, including the right to have the Company register
for resale Registrable Securities in accordance with the terms of this Agreement, shall be assignable by each Holder of all or
a portion of the Registrable Securities if: (i) the Holder agrees in writing with the transferee or assignee to assign such rights,
and a copy of such agreement is furnished to the Company within a reasonable time after such assignment, (ii) the Company is, within
a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee
or assignee, and (b) the Registrable Securities with respect to which such registration rights are being transferred or assigned
to such transferee or assignee, (iii) following such transfer or assignment the further disposition of such securities by the transferee
or assignees is restricted under the Securities Act and applicable state securities laws, (iv) at or before the time the Company
receives the written notice contemplated by clause (ii) of this Section, the transferee or assignee agrees in writing with the
Company to be bound by all of the provisions of this Agreement, and (v) such transfer shall have been made in accordance with the
applicable requirements of the Purchase Agreement. The rights to assignment shall apply to the Holders (and to subsequent) successors
and assigns.

 

7.9             
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

 

7.10         
Termination. This Agreement shall terminate at the end of the Effectiveness Period, except that Articles IV and V
and this Article VII shall remain in effect in accordance with their terms.

 

7.11         
Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal
laws of the State of New Jersey without regard to the choice of law principles thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the state and federal courts located in the State of New Jersey for the purpose of any
suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service
of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the
same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to
the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party
hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and
irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum. If any party hereto shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then,
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.

 

    15 

     

    

 

7.12         
Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

 

7.13         
Severability. If any provision hereof should be held invalid, illegal or unenforceable in any respect, then, to the
fullest extent permitted by law, (a) all other provisions hereof shall remain in full force and effect and shall be liberally construed
in order to carry out the intentions of the parties as nearly as may be possible and (b) the parties shall use their best efforts
to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as
practical, implement the purposes of such provision(s) in this Agreement.

 

7.14         
Construction. 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. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

[SIGNATURE PAGES TO FOLLOW]

 

    16 

     

    

 

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

 

	 	THE COMPANY:
	 	 
	 	PLX PHARMA INC.
	 	 
	 	By:	
 

	 	 	Name:	Natasha Giordano
	 	 	Title:	Chief Executive Officer

 

     

     

    

 

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

 

	 	PURCHASERS: 
	 	 
	 	[PURCHASER]
	 	 
	 	By:	
 

	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

SCHEDULE 1

SCHEDULE OF PURCHASERS

 

	Name
                                       of Purchaser and

        Address/Contact
        Information
	 	Units
                                       Purchased
	 	Number
                                       of Unit Shares Separable from Units Purchased
	 	Number
                                       of Warrant Shares Exercisable from Warrants Separable from Units Purchased
	 	Aggregate
                                       Unit Purchase Price

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	TOTAL:	 	 	 	 	 	 	 	 

 

     

     

    

 

ANNEX A

PLAN OF DISTRIBUTION

 

The selling stockholders, which as used
herein includes donees, pledgees, transferees or other successors-in-interest selling shares of common stock previously issued
and the shares of common stock issuable upon exercise of the warrants or interests in shares of common stock received after the
date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer, may, from time
to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common stock
on any stock exchange, market or trading facility on which the shares are traded or in private transactions. The selling stockholders
may sell their shares of our common stock pursuant to this prospectus at fixed prices, at prevailing market prices at the time
of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

 

The selling stockholders may use any one
or more of the following methods when disposing of shares or interests therein:

 

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

 

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

 

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

 

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

 

		·	privately negotiated transactions;

 

		·	short sales;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

		·	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per
share;

 

		·	a combination of any such methods of sale; and

 

		·	any other method permitted pursuant to applicable law.

 

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

 

     

     

    

 

In connection with the sale of our common
stock or interests therein, the selling stockholders may enter into hedging transactions with broker- dealers or other financial
institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The
selling stockholders may also sell shares of our common stock short and deliver these securities to close out their short positions,
or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also
enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative
securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus,
which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

The aggregate proceeds to the selling stockholders
from the sale of the common stock offered by them will be the purchase price of the common stock less discounts or commissions,
if any. Each of the selling stockholders reserves the right to accept and, together with their agents from time to time, to reject,
in whole or in part, any proposed purchase of common stock to be made directly or through agents. We will not receive any of the
proceeds from this offering.

 

The selling stockholders and any underwriters,
broker-dealers or agents that participate in the sale of the common stock or interests therein may be “underwriters”
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale
of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders who are “underwriters”
within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities
Act.

 

To the extent required, the shares of our
common stock to be sold, the names of the selling stockholders, the respective purchase prices and public offering prices, the
names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be
set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement
that includes this prospectus.

 

In order to comply with the securities laws
of some states, if applicable, the common stock may be sold in these jurisdictions only through registered or licensed brokers
or dealers. In addition, in some states the common stock may not be sold unless it has been registered or qualified for sale or
an exemption from registration or qualification requirements is available and is complied with.

 

We have advised the selling stockholders
that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities
of the selling stockholders and their affiliates. In addition, we will make copies of this prospectus (as it may be supplemented
or amended from time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements
of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the
sale of the shares against certain liabilities, including liabilities arising under the Securities Act.

 

     

     

    

 

We have agreed to indemnify the selling
stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration
of the shares offered by this prospectus.

 

We have agreed with the selling stockholders
to keep the registration statement of which this prospectus constitutes a part effective until such time as the shares offered
by the selling stockholders have been effectively registered under the Securities Act and disposed of in accordance with such registration
statement, the shares offered by the selling stockholders have been disposed of pursuant to Rule 144 under the Securities Act or
the shares offered by the selling stockholders may be resold pursuant to Rule 144 without restriction or limitation (including
without the requirement to be in compliance with Rule 144(c)(1)) or another similar exemption under the Securities Act.

 

     

     

    

 

ANNEX B

SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE

 

PLx PHARMA Inc.

 

Selling Stockholder Notice and Questionnaire

 

The undersigned beneficial owner of common
stock, $0.001 par value per share (the “Common Stock”), of PLx Pharma Inc. (the “Company”),
(the “Registrable Securities”) understands that the Company has filed or intends to file with the Securities
and Exchange Commission (the “Commission”) a registration statement (the “Registration Statement”)
for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”),
of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement, dated as of November __, 2020
(the “Registration Rights Agreement”), among the Company and the Purchasers named therein. The purpose of this
Questionnaire is to facilitate the filing of the Registration Statement under the Act that will permit you to resell the Registrable
Securities in the future. The information supplied by you will be used in preparing the Registration Statement. All capitalized
terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Certain legal consequences arise from being
named as a selling stockholder in the Registration Statement and the related Prospectus. Accordingly, holders and beneficial owners
of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or
not being named as a selling stockholder in the Registration Statement and the related Prospectus.

 

NOTICE

 

The undersigned beneficial owner (the “Selling
Stockholder”) of Registrable Securities hereby elects to include the Registrable Securities owned by it and listed below
in Item 3 (unless otherwise specified under such Item 3) in the Registration Statement.

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder

 

________________________________________________________________________

 

		(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below
are held:

 

________________________________________________________________________

 

     

     

    

 

		(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has
power to vote or dispose of the securities covered by the questionnaire):

 

________________________________________________________________________

 

		2.	Address for Notices to Selling Stockholder:

 

______________________________________________________________________________

 

______________________________________________________________________________

 

______________________________________________________________________________

 

Telephone: ____________________________________________________________________

 

Fax: _________________________________________________________________________

 

Contact Person: ________________________________________________________________

 

E-mail address of Contact Person: __________________________________________________

 

		3.	Beneficial Ownership of Registrable Securities:

 

		(a)	Type and Number of Registrable Securities beneficially owned:

 

		4.	Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes ☐      
No ☐

 

Note: If yes, the Commission’s staff has indicated
that you should be identified as an underwriter in the Registration Statement.

 

		(b)	Are you an affiliate of a broker-dealer?

 

Yes ☐      
No ☐

 

Note: If yes, provide a narrative explanation below:

 

		(c)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course
of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings,
directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes ☐      
No ☐

 

Note: If no, the Commission’s staff has indicated
that you should be identified as an underwriter in the Registration Statement.

 

     

     

    

 

		5.	Beneficial Ownership of Other Securities of the Company Owned by the Selling Stockholder.

 

Except as set forth below in this Item 5, the undersigned
is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities listed above in
Item 3.

 

		(a)	As of ________ , 202__, the Selling Stockholder owned outright (including shares registered in Selling Stockholder’s
name individually or jointly with others, shares held in the name of a bank, broker, nominee, depository or in “street name”
for its account), _____________ shares of the Company’s capital stock (excluding the Registrable Securities). If “zero,”
please so state.

 

		(b)	In addition to the number of shares Selling Stockholder owned outright as indicated in Item 5(a) above, as of _______, 202__,
the Selling Stockholder had or shared voting power or investment power, directly or indirectly, through a contract, arrangement,
understanding, relationship or otherwise, with respect to _______________ shares of the Company’s capital stock (excluding
the Registrable Securities). If “zero,” please so state.

 

If the answer to Item 5(b) is not “zero,”
please complete the following tables:

 

	Sole Voting Power:	 	 	 
	
        Number of Shares
	 	
        Nature
of Relationship Resulting in Sole

Voting Power

	 	 	 	 
	Shared Voting Power:	 	 	 
	 	 	 	 
	
        Number of Shares
	 	
        With
Whom Shared
	 	
        Nature
of Relationship 

	 	 	 	 	 
	Sole Investment power:	 	 	 
	 	 	 	 
	Number of Shares	 	
        Nature
of Relationship Resulting in Sole Investment Power 

	 	 	 
	Shared Investment power:	 	 	 
	 	 	 	 
	
        Number of Shares
	 	
        With
Whom Shared
	 	
        Nature
of Relationship

	 	 	 
		(c)	As of ________, 202__, the Selling Stockholder had the right to acquire the following shares of the Company’s common
stock pursuant to the exercise of outstanding stock options, warrants or other rights (excluding the Registrable Securities). Please
describe the number, type and terms of the securities, the method of ownership, and whether the undersigned holds sole or shared
voting and investment power. If “none”, please so state.

 

     

     

    

 

		6.	Relationships with the Company:

 

Except as set forth below, neither the undersigned
nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the
undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years.

 

State any exceptions here:

 

		7.	Plan of Distribution:

 

The undersigned has reviewed the form of Plan of
Distribution attached as Annex A to the Registration Rights Agreement, and hereby confirms that, except as set forth below, the
information contained therein regarding the undersigned and its plan of distribution is correct and complete.

 

State any exceptions here:

 

________________________________________________________________________

 

________________________________________________________________________

 

***********

 

The undersigned agrees to promptly notify
the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof and
prior to the effective date of any applicable Registration Statement filed pursuant to the Registration Rights Agreement.

 

By signing below, the undersigned consents
to the disclosure of the information contained herein in its answers to Items 1 through 7 and the inclusion of such information
in each Registration Statement filed pursuant to the Registration Rights Agreement and each related Prospectus. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of any such
Registration Statement and the related Prospectus.

 

By signing below, the undersigned acknowledges
that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules
and regulations thereunder, particularly Regulation M. The undersigned also acknowledges that it understands that the answers to
this Questionnaire are furnished for use in connection with Registration Statements filed pursuant to the Registration Rights Agreement
and any amendments or supplements thereto filed with the Commission pursuant to the Securities Act.

 

The undersigned hereby acknowledges and
is advised of the following Interpretation A.65 of the July 1997 SEC Manual of Publicly Available Telephone Interpretations regarding
short selling:

 

     

     

    

 

“An Company filed a Form S-3 registration
statement for a secondary offering of common stock which is not yet effective. One of the selling shareholders wanted to do a short
sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The
Company was advised that the short sale could not be made before the registration statement become effective, because the shares
underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of Section
5 if the shares were effectively sold prior to the effective date.”

 

By returning this Questionnaire, the undersigned
will be deemed to be aware of the foregoing interpretation.

 

I confirm that, to the best of my knowledge
and belief, the foregoing statements (including without limitation the answers to this Questionnaire) are correct.

 

IN WITNESS WHEREOF the undersigned, by authority duly
given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

	Dated:	
 

	 	Beneficial Owner:	
 

	 	 	 
	 	 	By:	
 

	 	 	Name:
	 	 	Title:

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