Document:

Ohr Pharmaceutical 8-K

Exhibit 10.41

SUBSCRIPTION
AGREEMENT

This SUBSCRIPTION
AGREEMENT (this “Agreement”) is dated as of April 8, 2014, between Ohr Pharmaceutical, Inc., a Delaware corporation
(the “Company”), and the purchaser identified on the signature page hereto (the “Purchaser”).

WHEREAS, the Purchaser
desires to subscribe for, and the Company desires to issue, shares of the Company’s common stock, $0.0001 par value per share
(the “Common Stock”), to the Purchaser pursuant to the terms and conditions of this Agreement;

NOW, THEREFORE,
upon the execution and delivery of this Agreement, the Company and the Purchaser agree as follows:

1.                 
Subscription. The Purchaser, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase
the number of shares of Common Stock (the “Shares”) at the per share purchase price and aggregate purchase price
(the “Purchase Price”) as set forth on the signature page hereto, and the Company, intending to be legally bound,
hereby agrees to issue and sell the Shares to the Purchaser, provided, however, that the Company reserves the right
to accept or reject this subscription for Shares, in whole or in part. If the Company elects to accept this subscription for Shares
in part, it shall promptly notify the Purchaser by delivery to the Purchaser by email of the signature page countersigned by the
Company and reflecting the amount of the subscription accepted.

2.                 
Registration of Shares. The offering and sale of the Shares (the “Offering”) are being made pursuant
to (a) an effective Registration Statement on Form S-3 (File No. 333-193434) (the “Registration Statement”)
filed by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Act
of 1933, as amended (the “Securities Act”), including the prospectus contained therein (the “Base Prospectus”),
which relates, among other things, to the Shares and the sale thereof from time to time in accordance with Rule 415 under
the Securities Act, and (b) a prospectus supplement (the “Prospectus Supplement” and, together with the
Base Prospectus, the “Prospectus”) containing certain supplemental information regarding the Shares and terms
of the Offering that will be filed with the Commission and delivered to the Purchaser (or made available to the Purchaser by the
filing by the Company of an electronic version thereof with the Commission) no later than the second business day following the
date of this Agreement.

3.                 
Purchase and Sale of Shares. The Company agrees to issue and sell to the Purchaser and the Purchaser agrees to purchase
the Shares at a closing to take place at the offices of the Company, or such other place as the Purchaser and the Company shall
mutually agree, including by way of the exchange of facsimile or “pdf” copies of signatures (the “Closing”),
no later than the third Trading Day (as such term is defined below) following the date hereof (the “Closing Date”). 
At the Closing, the Company shall deliver instructions to the Company’s transfer agent to issue the Shares as of the Closing
Date and deliver via the Depository Trust Company Deposit Withdrawal Agent Commission System (“DWAC”) the Shares,
registered in the name of the Purchaser, against delivery of the

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Purchase Price, which shall be paid
by the Purchaser at the Closing by wire transfer of immediately available funds to the escrow account set forth on Schedule
I hereto (“Escrow Account”). The term “Trading Day” means a day on which the principal
NASDAQ Stock Market is open for trading.

Prior to Closing,
the Purchaser shall direct the broker-dealer at which the account or accounts to be credited with the Shares being purchased by
the Purchaser are maintained, which broker/dealer shall be a DTC participant, to set up a DWAC instructing the Company’s
transfer agent, to credit such account or accounts with the Shares by means of an electronic book-entry delivery. Simultaneously
with the delivery to the designated escrow agent by the Purchaser of the Purchase Price at Closing, the Company shall direct its
transfer agent to credit the Purchaser’s account or accounts with the Shares pursuant to the information contained in the
DWAC (as specified by the Purchaser on the Investor Questionnaire annexed hereto as Exhibit A).

4.                 
Closing Conditions.

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

(i)                
the accuracy in all material respects as of the date hereof of the representations and warranties by the Purchaser contained
herein; and

(ii)             
the delivery by the Purchaser of the Purchase Price to the Escrow Account for the Shares as set forth herein on the Closing
Date.

(b)              
The obligations of the Purchaser hereunder are subject to the following conditions being met:

(i)                
the accuracy in all material respects as of the date hereof of the representations and warranties by the Company contained
herein;

(ii)             
the delivery by the Company to the Purchaser of the Prospectus and Prospectus Supplement (which may be delivered in accordance
with Rule 172 under the Securities Act); and

(iii)           
the delivery by the Company to the Purchaser of a copy of the irrevocable instructions to the Company’s transfer agent
instructing the transfer agent to deliver on an expedited basis via DWAC the number of Shares subscribed for that was accepted
by the Company, registered in the name of the Purchaser.

5.                 
Representations and Warranties of the Company.  As of the date hereof, the Company hereby represents and warrants
to the Purchaser that:

(a)              
Organization. The Company is a corporation, duly organized, validly existing and in good standing under the laws
of the State of Delaware.

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(b)              
 Authority and Validity. The Company has all requisite corporate power and authority to execute, deliver and perform
its obligations under this Agreement and to consummate the transactions contemplated hereby.  The execution, delivery and
performance by the Company of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly
authorized by all necessary action required on the part of the Company, and no other proceedings on the part of the Company are
necessary to authorize this Agreement or for the Company to perform its obligations under this Agreement.  This Agreement
constitutes the lawful, valid and legally binding obligation of the Company, enforceable in accordance with its terms, except as
the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors’ rights generally and general equitable principles regardless of whether such enforceability is considered in
a proceeding at law or in equity.

(c)               
Valid Issuance of Common Stock; Registration. The Shares, when issued, sold and delivered in accordance with the
terms hereof for the Purchase Price, will be duly and validly authorized and issued, fully paid and nonassessable and free of restrictions
on transfer other than the applicable state and federal securities laws. The Company has prepared and filed the Registration Statement
in conformity with the requirements of the Securities Act, including the Prospectus, and such amendments and supplements thereto
as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no
stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the
Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the
Company, are threatened by the Commission. At the time the Registration Statement and any amendments thereto became effective,
at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading; and the Prospectus and any amendments or supplements thereto, at time the Prospectus or any amendment or supplement
thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading.

(d)              
Registration Statement. The Registration Statement is in full force and effect and no cease and desist order or other
suspension of the Registration Statement exists, has been imposed or, to the knowledge of the Company is threatened by the Commission.

(e)               
No Violation or Conflict. The execution, delivery and performance of this Agreement and the transactions contemplated
hereby do not (i) violate, conflict with or result in the breach of any provision of the Company’s Certificate of Incorporation
or Bylaws, (ii) conflict with or violate any law, rule, regulation, order, judgment or decree applicable the Company or any
of its assets, properties or businesses, or (iii) conflict with, result in any breach of, constitute a default (or event that
with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others

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any rights of termination, amendment,
acceleration, suspension, revocation or cancellation of, or result in the creation of any encumbrance on any of the assets or properties
of the Company, pursuant to any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise
or other instrument or arrangement to which the Company is a party except, in the case of clauses (ii) and (iii), to the extent
that such conflicts, breaches, defaults or other matters would not, individually or in the aggregate, reasonably be expected to
have a material adverse effect on the Company. No third party has a right of first refusal, preemptive right, right of participation,
or any similar right to participate in the transactions contemplated by the hereunder. Except as a result of the purchase and sale
of the Shares, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any
third party any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements
by which the Company or any subsidiary is or may become bound to issue additional shares of Common Stock or equivalents thereof.
The issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to any third
person and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset
price under any of such securities.

(f)                
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the reports filed with the Commission, except as specifically disclosed in such reports filed prior
to the date hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to
result in (i) a material adverse effect on the legality, validity or enforceability of this Agreement, (ii) a material adverse
effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries,
taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely
basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”)
, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses
incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the
Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not
altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property
to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v)
the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock
option plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except
for the issuance of the Shares contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development
has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its subsidiaries or their respective
businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or

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deemed made that has not been publicly
disclosed at least 1 day prior to the date that this representation is made.

(g)              
Listing and Maintenance Requirements. Except as set forth in the documents incorporated in the Prospectus Supplement,
the Company has not, in the 12 months preceding the date hereof, received notice from any trading market on which the Common Stock
is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such trading market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be,
in compliance with all such listing and maintenance requirements.

(h)              
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by this Agreement,
the Company confirms that neither it nor any third party acting on its behalf has provided the undersigned or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Prospectus Supplement.

(i)                
Regulation M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken,
directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation
for soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another
to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Placement
Agent in connection with the placement of the Shares.

(j)                
Governmental/Regulatory Consents and Approvals. Except for filings under federal securities laws and, if required,
NASDAQ Stock Market rules and regulations, the execution, delivery and performance of this Agreement by the Company do not, and
the consummation of the transactions contemplated hereby do not and will not, require any permits, consents, approvals, orders,
authorizations of, or declarations to or filings with any federal, state, local or foreign government or regulatory authority,
which has not already been obtained, effected or provided.

6.                 
Representations, Warranties and Covenants of the Purchaser.  As of the date hereof, the Purchaser hereby represents
and warrants to the Company that:

(a)              
The Purchaser has received (or otherwise had made available to him by the filing by the Company of an electronic version
thereof with the Commission) the Base Prospectus which is a part of the Registration Statement, and the documents incorporated
by reference therein (collectively, the “Disclosure Package”), prior to or in connection with the execution
of this Agreement. The Purchaser acknowledges that, prior to the delivery of this Agreement to the Company, the Purchaser will
receive certain additional information regarding the Offering, including pricing information (the “Offering Information”).
Such information may be provided to the Purchaser by any means permitted under the Act, including the Prospectus Supplement, a
free writing prospectus and oral communications.

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(b)              
 At the time such Purchaser was offered the Shares, it was, and as of the date hereof it is, an “accredited investor”
as defined in Rule 501. The 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 Shares 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 Shares and, at the present time, is able to afford a complete loss of such investment. The Purchaser acknowledges
that it has had the opportunity to review this Agreement and the Disclosure Package and has been afforded (i) the opportunity to
ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms
and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about
the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 
The Purchaser acknowledges and agrees that neither the Placement Agents nor any Affiliate of the Placement Agents has provided
the Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. 
Neither the Placement Agents nor any affiliate of the Placement Agents has made or makes any representation as to the Company or
the quality of the Shares and the Placement Agents and any affiliates of the Placement Agents may have acquired non-public information
with respect to the Company which the Purchaser agrees need not be provided to it.  In connection with the issuance of the
Shares to the Purchaser, neither the Placement Agents nor any of the Placement Agents’ affiliates has acted as a financial
advisor or fiduciary to the Purchaser.

(c)               
The Purchaser understands that nothing in this Agreement, the Disclosure Package or any other materials presented to the
Purchaser in connection with the purchase and sale of the Shares constitutes legal, tax or investment advice.  The Purchaser
has consulted such legal, tax and investment advisors and made such investigations as he, it his sole discretion, has deemed necessary
or appropriate in connection with his purchase of the Shares.

(d)              
No person or entity acting on behalf of, or under the authority of, the Purchaser is or will be entitled to any broker’s,
finder’s, or similar fees or commission payable by the Company.

(e)               
Since the date that the Purchaser became aware of the proposed Offering, the Purchaser has not disclosed any information
regarding the Offering to any third parties (other than its legal, accounting and other advisors) and has not engaged in any purchases
or sales of the securities of the Company involving the Company’s securities.

(f)                
No offer by the Purchaser to buy the Shares will be accepted and no part of the Purchase Price will be delivered to the
Company until the Purchaser has received the Offering Information and the Company has accepted such offer by countersigning a copy
of this Agreement, and any such offer may be withdrawn or revoked, without

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obligation or commitment of any kind,
at any time prior to the Company sending (orally, in writing or by electronic mail) notice of its acceptance of such offer. An
indication of interest will involve no obligation or commitment of any kind until the Purchaser has been delivered the Offering
Information and this Agreement is accepted and countersigned by or on behalf of the Company. The Purchaser understands and agrees
that the Company, in its sole discretion, reserves the right to accept or reject this subscription for Shares, in whole or in part.

7.Public
Announcement. The Company and the Purchaser agree that the Company shall, prior to the opening of the financial markets in
New York City on the business day immediately after the date hereof: (a) issue a press release announcing the Offering and disclosing
all material information regarding the Offering and (b) file a Current Report on Form 8-K with the Securities and Exchange Commission,
including a form of this Agreement as an exhibit thereto, which discloses all material non-public information disclosed to the
Purchaser. Following such public announcement, the Company covenants and agrees that neither it, nor any other Person acting on
its behalf will provide the Purchaser or its agents or counsel with any information that the Company believes constitutes material
non-public information, unless prior thereto the Purchaser shall have entered into a written agreement with the Company regarding
the confidentiality and use of such information. Notwithstanding the foregoing and notwithstanding anything contained in this Agreement
to the contrary, the Company expressly acknowledges and agrees that (i) the Purchaser makes no representation, warranty or covenant
that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated
by this Agreement are first publicly announced hereunder, (ii) the Purchaser shall not be restricted or prohibited from effecting
any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the
transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release hereunder and (iii)
the Purchaser shall not have any duty of confidentiality to the Company or its Subsidiaries after the issuance of the initial press
release hereunder. 

8.Listing
of Common Stock. The Company hereby agrees to use its reasonable best efforts to maintain the listing or quotation of the Common
Stock on the trading market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list
or quote all of the Shares on such trading market and promptly secure the listing of all of the Shares on such trading market.

9.Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or

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in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action,
suit or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action, suit or proceeding shall
be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT
BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE
LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

10.Entire
Agreement. This Agreement constitutes the entire agreement between the Company and the Purchaser with respect to the matters
covered hereby and supersedes all prior agreements and understanding with respect to such matters between the Company and the Purchaser.

11.Severability.
In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

12.Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

13.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 at the facsimile number set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City
time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

14Third-Party
Beneficiaries. The Placement Agents shall be third party beneficiaries of the representations and warranties of the Company
and the Purchaser.

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15.Counterparts;
Facsimile or “pdf” Copies.  This Agreement may be executed in counterparts, each of which, when executed,
shall be deemed an original but all of which, taken together, shall constitute one and the same Agreement.  Delivery of an
executed copy of a signature page to this Agreement by facsimile or “pdf” transmission shall be as effective as
delivery of a manually executed copy of this Agreement and shall be as effective and enforceable as the original.

[SIGNATURES
FOLLOW ON NEXT PAGE]

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IN WITNESS WHEREOF,
the undersigned has caused this Agreement to be duly executed by its authorized signatory as of the date first indicated above.

	 	 
	 	PURCHASER:
	 	 
	Subscription Amount: $_________________	_____________________________________
	 	[Name of Purchaser]
	Purchase Price per Share: $_______________	 
	 	 
	No. of Shares: ________________________	By:___________________________________
	Subscription Amount: $_________________	Name:
	 	Title:
	 	 
	 	 
	 	 
	 	OHR PHARMACEUTICAL, INC.
	Agreed and Accepted this	 
	________ day of April, 2014:	 
	 	By:___________________________________
	 	Name:
	 	Title:
	 	 
	 	Address for Notice:
	 	 
	Subscription Amount Accepted:	800 Third Avenue, 11th Floor
	$_________________	New York, New York 10022
	 	Telephone:(212) 682 8452
	No. of Shares Accepted:	Facsimile: (212) 644-0544
	__________________	E-mail: sam@ohrpharmaceutical.com
	 	Attention: Chief Financial Officer
	 	 
	 	With a copy to:
	 	 
	 	Hahn & Hessen LLP
	 	488 Madison Avenue
	 	New York, New York 10022
	 	Telephone: (212) 478-7200
	 	Facsimile: (212) 478-7400
	 	E-mail: jkardon@hahnhessen.com
	 	Attention: James Kardon, Esq.

 

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EXHIBIT
A

INVESTOR
QUESTIONNAIRE

	1.	The exact name that your Shares are to be registered in. You may use a nominee name if appropriate:
	 	 
	 	 

 

	2.	The relationship between the Purchaser and the registered holder listed in response to item 1 above:
	 	 
	 	 

	3.	The mailing address of the registered holder listed in response to item 1 above:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Fax:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	4.	The Social Security Number or Tax Identification Number of the registered holder listed in the
response to item 1 above:
	 	 
	 	 

	5.	Name
of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained):

	 	 
	 	 

	6.	DTC Participant Number:
	 	 
	 	 

	7.	Name
of Account at DTC Participant being credited with the Shares:

	 	 
	 	 

	8.	Account Number at DTC Participant being credited with the Shares:ex10-1.htm

Exhibit 10.1

SUBSCRIPTION AGREEMENT

 

UNITS

 

TO:                 VistaGen Therapeutics, Inc., a Nevada corporation, (the “Corporation”)

 

RE:                 Purchase of Units of VistaGen Therapeutics, Inc.

 

	
Instructions:

	
Complete and sign this Subscription Agreement. Please be sure to initial the appropriate “accredited investor” category in Box C.

	
  

	
A completed and originally executed copy of, and the other documents required to be delivered with, this Subscription Agreement, must be delivered to the following address:

Shawn K. Singh, JD

Chief Executive Officer

VistaGen Therapeutics, Inc.

343 Allerton Avenue

South San Francisco, CA 94080

(650) 577-3600

ssingh@vistagen.com

1. The undersigned (the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase from the Corporation the number of units of the Corporation (“Units”) at the price and for the aggregate consideration set forth in Box A of Section 6 below (the “Subscription Price”).  Each Unit will consist of (i) an unsecured convertible promissory note (a “Note”) in the face amount of $50,000 bearing interest at a rate of ten percent (10.0%) per annum and maturing on the earlier to occur of (a) March 31, 2015 (“Maturity”), or (b) the consummation of either (y) an equity or equity-based public offering registered with the U.S. Securities and Exchange Commission (“SEC”) or (z) an equity or equity-based private financing, or series of such financing transactions, not registered with the SEC, in each case resulting in gross proceeds to the Corporation of at least $10.0 million prior to Maturity (a “Qualified Financing”); (ii) FIFTY THOUSAND (50,000) shares of unregistered Common Stock of the Corporation (the “Shares”); and (iii) a warrant to purchase FIFTY THOUSAND (50,000) shares of Common Stock of the Corporation at a price of $0.50 per share through December 31, 2016 (each warrant to purchase shares of Common Stock, a “Warrant”). The Subscription Price for each Unit shall be $50,000. The Subscriber acknowledges that this Subscription Agreement is subject to acceptance by the Corporation.  The Corporation may also accept this Subscription Agreement in part.  The Company agrees that if this Subscription Agreement is not accepted in full, any funds related to the portion of this Subscription Agreement not accepted will be promptly returned to the undersigned, without interest.

 

2. By executing this Subscription Agreement, the Subscriber represents, warrants and covenants to the Corporation (and acknowledges that the Corporation is relying thereon) that:

 

	
(a)  

	
it is authorized to consummate the purchase of the Units;

 

	
(b)  

	
it understands that the Note, the Shares, the Warrants and the Shares issuable upon conversion of the Note or exercise of the Warrants (collectively, the “Securities”) have not been and, except for the shares issuable upon automatic conversion of the Note into the securities issued in the Qualified Financing, in the event that the Qualified Financing is a registered public offering, will not be registered under the Securities Act of 1933 (the “Securities Act”), or any applicable state securities laws, and that the offer and sale of the Note, the Shares and Warrants to it is being made in reliance on a private placement exemption available under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D under the Securities Act (“Regulation D”) to accredited investors (“Accredited Investors”), as defined in Rule 501(a) of Regulation D;

 

  

  

  

	
(c)  

	
it has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Units and is able to bear the economic risks of, and withstand the complete loss of, such investment;

 

	
(d)  

	
it is an Accredited Investor acquiring the Units for its own account or, if the Units are to be purchased for one or more accounts (“Investor Accounts”) with respect to whom it is exercising sole investment discretion, each such investor account is an Accredited Investor on a like basis.  In each case, the undersigned has completed Box C of Section 6 to indicate under which category of Rule 501(a) the investor qualifies as an Accredited Investor;

 

	
(e)  

	
it is not acquiring the Units with a view to any resale, distribution or other disposition of the Units in violation of federal or applicable state securities laws, and, in particular, it has no intention to distribute either directly or indirectly any of the Units in the U.S. or to U.S. persons; provided, however, that the holder may sell or otherwise dispose of any of the Units pursuant to registration thereof under the Securities Act and any applicable state securities laws or pursuant to an exemption from such registration requirements;

 

	
(f)  

	
in the case of the purchase by the Subscriber of the Units as agent or trustee for any other person, the Subscriber has due and proper authority to act as agent or trustee for and on behalf of such beneficial purchaser in connection with the transactions contemplated hereby;

 

	
(g)  

	
it is not purchasing the Units as a result of any general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act), including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

 

	
(h)  

	
it understands that the Securities are “restricted securities” as defined in Rule 144(a)(3) under the Securities Act and agrees that if it decides to offer, sell or otherwise transfer the Securities, such Securities may be offered, sold or otherwise transferred only (A) to the Corporation, (B) outside the U.S. in accordance with Rule 904 of Regulation S under the Securities Act, (C) within the U.S. or to or for the account or benefit of a U.S. Person in accordance with an exemption from the registration requirements of the Securities Act and all applicable state securities laws, (D) in a transaction that does not require registration under the Securities Act or any applicable U.S. state securities laws or (E) pursuant to an effective registration statement under the Securities Act, and in each case in accordance with any applicable state securities laws in the U.S. or securities laws of any other applicable jurisdiction; provided that with respect to sales or transfers under clauses (C) or (D), only if the holder has furnished to the Corporation a written opinion of counsel, reasonably satisfactory to the Corporation, prior to such sale or transfer;

 

	
(i)  

	
it has been independently advised as to the applicable holding period and resale restrictions with respect to trading imposed in respect of the Securities, by securities legislation in the jurisdiction in which it resides or to which it is otherwise subject, and confirms that no representation has been made respecting the applicable holding periods for the Securities and is aware of the risks and other characteristics of the Securities and of the fact that the undersigned may not be able to resell the Securities except in accordance with applicable securities legislation and regulations;

 

	
(j)  

	
no person has made to the Subscriber any written or oral representations:

 

	
(i)  

	
that any person will resell or repurchase any of the Securities;

 

	
(ii)  

	
that any person will refund the purchase price of the Securities; or

 

	
(iii)  

	
as to the future price or value of any of the Securities;

 

  

  

  

	
(k)  

	
it understands and acknowledges that certificates representing the Note, the Shares and the Warrants shall bear the following legend or another legend of substantially similar substance:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS.  THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION, THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE U.S. IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND, IN THE CASE OF (C) AND (D), THE SELLER FURNISHES TO THE CORPORATION A WRITTEN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION TO SUCH EFFECT.”

 

	
(l)  

	
it consents to the Corporation making a notation on its records or giving instructions to any transfer agent of the Shares in order to implement the restrictions on transfer set forth and described herein;

 

	
(m)  

	
the office or other address of the undersigned at which the undersigned received and accepted the offer to purchase the Units is the address listed in Box B of Section 6 below;

 

	
(n)  

	
if required by applicable securities laws, regulations, rule or order or by any securities commission, stock exchange or other regulatory authority, it will execute, deliver and file, within the approved time periods, all documentation as may be required thereunder, and otherwise assist the Corporation in filing reports, questionnaires, undertakings and other documents with respect to the issuance of the Units;

 

	
(o)  

	
this subscription agreement has been duly and validly authorized, executed and delivered by and constitutes a legal, valid, binding and enforceable obligation of the Subscriber; and

 

	
(p)  

	
it is not an affiliate (as defined in Rule 144 under the Securities Act) of the Corporation and is not acting on behalf of an affiliate of the Corporation.

 

3. By executing this Subscription Agreement, the Corporation represents, warrants and covenants to the Subscriber (and acknowledges that the Subscriber is relying thereon) that:

 

	
(a)  

	
Incorporation. The Company has been duly incorporated and is validly existing and in good standing under the laws of the state of Nevada, with full corporate power and authority to own, lease and operate its properties and to conduct its business as currently conducted, and is duly registered and qualified to conduct its business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to register or qualify would not have a Material Adverse Effect. For purposes of this Agreement, “Material Adverse Effect” shall mean any material adverse effect on the business, operations, properties, prospects, or financial condition of the Company and its subsidiaries and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the ability of the Company to perform any of its obligations hereunder or under any of the Securities.

 

  

  

  

	
(b)  

	
Authorization of Securities. The Securities have been duly authorized by all necessary corporate action and, when paid for or issued in accordance with the terms hereof, the Securities shall be validly issued, fully paid and non-assessable, free and clear of all liens, encumbrances and rights of refusal of any kind.

 

	
(c)  

	
Execution; Binding Agreement. This Agreement and the Securities have been duly authorized, validly executed and delivered on behalf of the Company and are valid and binding agreements and obligations of the Company enforceable against the Company in accordance with its terms, subject to limitations on enforcement by general principles of equity and by bankruptcy or other laws affecting the enforcement of creditors' rights generally, and the Company has full power and authority to execute and deliver the Agreement and the Securities and to perform its obligations hereunder and thereunder.

 

	
(d)  

	
No Conflicts. The execution and delivery of the Agreement and Securities and the consummation of the transactions contemplated by this Agreement and the Securities, will not (i) conflict with or result in a breach of or a default under any of the terms or provisions of, (A) the Company's certificate of incorporation or by-laws, or (B) of any material provision of any indenture, mortgage, deed of trust or other material agreement or instrument to which the Company is a party or by which it or any of its material properties or assets is bound, (ii) result in a violation of any provision of any law, statute, rule, regulation, or any existing applicable decree, judgment or order by any court, federal or state regulatory body, administrative agency, or other governmental body having jurisdiction over the Company, or any of its material properties or assets or (iii) result in the creation or imposition of any material lien, charge or encumbrance upon any material property or assets of the Company or any of its subsidiaries pursuant to the terms of any agreement or instrument to which any of them is a party or by which any of them may be bound or to which any of their property or any of them is subject except in the case of clauses (i)(B), (ii) or (iii) for any such conflicts, breaches, or defaults or any liens, charges, or encumbrances which would not have a Material Adverse Effect.

 

	
(e)  

	
No Solicitation. The Company represents that it has not paid, and shall not pay, any commissions or other remuneration, directly or indirectly, to any third party for the sale of the Securities.  There are no brokers or other fees due with respect to the sale of the Securities.

 

	
(f)  

	
Warrant and Other Adjustments; Consents.  The Company acknowledges and agrees that the transactions contemplated hereby may cause adjustments (including warrant shares numbers) to the common stock purchase warrants issued to Platinum Long Term Growth VII, LLC (“Platinum”) pursuant to that certain Note Exchange and Purchase Agreement, dated as of October 12, 2012 (the “2012 Purchase Agreement”), to the extent not otherwise previously adjusted.  The Company further acknowledges and agrees that the consent of Platinum for the incurrence of indebtedness to Platinum hereunder shall not be deemed to constitute the consent of Platinum to any other indebtedness, which consent is required pursuant to the Subscription Agreement and the indebtedness issued thereby.

 

	
(g)  

	
Material Disclosure.  No representation, warranty or statement contained in this Section 3 or any disclosure furnished by the Company pursuant to this Agreement or pursuant to its filings with the Securities and Exchange Commission contains or will contain at closing hereunder any untrue statement of material fact or omits or will omit at such closing to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

4. Each party acknowledges that the representations and warranties and agreements contained herein are made by it with the intention that they may be relied upon by the other party for purposes of consummating the transactions contemplated hereby, and shall be deemed made as of the date hereof and as of the date of consummation of the transactions made hereby, which representations shall survive such consummation.

 

  

  

  

5. The contract arising out of the acceptance of this subscription by the Corporation shall be governed by and construed in accordance with the laws of the State of California and represents the entire agreement of the parties hereto relating to the subject matter hereof.

 

6. The Company shall reimburse Platinum for its reasonable legal fees and expenses incurred hereunder or in connection herewith, which shall not exceed $3,500 and which may be deducted from the purchase price for the Units delivered hereunder.  Each party shall be entitled to rely on delivery of a facsimile copy of this subscription agreement, which may be executed in counterparts.

 

  

  

  

7. SUBSCRIPTION PARTICULARS

 

	
BOX A

 

	
Particulars of Purchase of Units

	  	
 

Number of Units subscribed for:

	  	  
	  	  	  	  
	  	
Subscription Price ($50,000 X number of Units)

	  	  
	  	  	  	  

  

  

  

	
BOX B

 

	
Subscriber Information

	  	
 

Name

	  	  
	  	  	  	  
	  	
Street Address

	 	  
	  	  	  	  
	  	  	  	  
	  	
City and State

	  	  
	  	  	  	  
	  	
Zip Code

	  	  
	  	  	  	  
	  	
Contact Name

	  	  
	  	  	  	  
	  	  	  	  
	  	
Phone No.

	  	  
	  	  	  	  
	  	
E-mail Address

	  	  
	  	  	  	  

  

  

  

 

BOX C

Accredited Investor Status

The Subscriber represents and warrants that it is an “accredited investor”, as defined in Rule 501(a) under the Securities Act, by virtue of satisfying one or more of the categories indicated below (please write your initials on the line next to each applicable category):

 

	☐	     Category  1.	
A bank, as defined in section 3(a)(2) of the Securities Act.

 

  

A savings and loan association or other institution, as defined in section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity.

 

  

A broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934.

 

  

An insurance company as defined in section 2(a)(13) of the Securities Act.

 

  

An investment company registered under the Investment Corporation Act of 1940 or a business development company as defined in section 2(a)(48) of that Act.

 

  

A Small Business Investment Corporation licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958.

 

  

A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.

 

  

An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.

 

	
☐

	
Category 2.

	
Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940.

 

	
☐

	
Category 3.

	
An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the Shares, with total assets in excess of $5,000,000.

 

	
☐

	
Category 4.

	
A director or executive officer of the Corporation.

 

	
☐

	
Category 5.

	
A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of this purchase exceeds $1,000,000, excluding the value of the person’s primary residence, if any.

 

	
☐

	
Category 6.

	
A natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.

 

	
☐

	
Category 7.

	
A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D under the U.S. Securities Act.

 

	
☐

	
Category 8.

	
An entity in which each of the equity owners is an accredited investor.

8. A certified check or bank draft in the amount of the Subscription Price as set forth in Box A of Section 6 above, accompanies this Subscription Agreement.

 

SIGNATURE OF SUBSCRIBER

 

Signature of Subscriber (on its own behalf and, if applicable, on behalf of each person for whom it is contracting hereunder):

	  	  
	  	  
	  	
(Full Name of Subscriber)

	  	
  

 

	  	
(Authorized Signature)

	  	
  

 

	  	
(Name and Official Capacity, if applicable)

 

ACCEPTANCE BY CORPORATION

The Corporation hereby accepts the above subscription as of this ______ day of April 2014.

VistaGen Therapeutics, Inc.

	  	  
	  	
Shawn K. Singh, JD, Chief Executive Officer

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