Document:

Exhibit 10.01

 

FORM OF LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT (this
“Agreement”) is made and entered into as of June 17, 2021 by and among RAFAEL HOLDINGS, INC., a Delaware corporation
(the “Parent”), RAFAEL PHARMACEUTICALS, INC., a Delaware corporation (the “Company”),
and the undersigned (the “Holder”). The Parent, the Company and the Holder are sometimes referred to herein
individually as a “Party” and, collectively, as the “Parties”. Any capitalized term used but not
defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement (as defined below).

 

WHEREAS, the Parent, RH
MERGER I, INC., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub I”); RH MERGER II,
LLC, a Delaware limited liability company and a wholly-owned subsidiary of Parent (“Merger Sub II” and together
with Merger Sub I, the “Merger Subs”), and the Company, entered into that certain Agreement and Plan of Merger
on June 17, 2021 (as amended from time to time in accordance with the terms thereof, the “Merger Agreement”),
pursuant to which, subject to the terms and conditions thereof, the parties thereto will consummate a series of transactions, including
(i) the issuance of shares of the Parent’s Class B Common Stock, par value $0.01 per share, the holders of which are entitled to
one-tenth of a vote per share (“Parent Class B Common Stock”), and (ii) the exchange of Company Options for
options to purchase shares of Parent Class B Common Stock (such replacement options, the “Parent Options”).

 

WHEREAS, following completion
of the transactions contemplated by the Merger Agreement, the Holder will hold Parent Options and/or Parent Class B Common Stock.

 

WHEREAS, pursuant to the
Merger Agreement, and in view of the valuable consideration to be received by the Holder thereunder, the Parent, the Company and the Holder
desire to enter into this Agreement, pursuant to which the Parent Class B Common Stock to be received by the Holder pursuant to the Merger
Agreement, the Parent Class B Common Stock issued upon the exercise of Parent Options and the Parent Class B Common Stock and the Parent
Class A Common Stock held by the Holder or its Affiliates as of the date hereof (together with any securities paid as dividends or distributions
with respect to such securities or into which such securities are exchanged or converted, the “Restricted Securities”)
shall become subject to limitations on disposition as set forth herein.

 

NOW, THEREFORE, in
consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending to
be legally bound hereby, the Parties hereby agree as follows:

 

1. Lock-Up
Provisions.

 

(a) The
Holder hereby agrees not to Transfer any Parent Class B Common Stock (including Parent Class B Common Stock issued or issuable upon the
exercise of the Parent Options), during the period commencing from Subsequent Merger Effective Time and ending on the earlier of (a) six
(6) months after the Subsequent Merger Effective Time or (b) the date on which the Parent completes a liquidation, merger, share exchange,
reorganization or other similar transaction that results in all of the Parent’s stockholders having the right to exchange their
Parent Class B Common Stock for cash, securities or other property (the “Lock-Up Period”). Any discretionary
waiver or termination of the restrictions of any or all of such agreements by the Parent shall apply pro rata to all stockholders of the
Parent (including the former stockholders of the Company) that are subject to such agreements, based on the number of shares subject to
such agreements.

 

    

     

    

 

(b) Notwithstanding
the provisions set forth in Section 1(a), Transfers of the Restricted Securities that are held by the Holder are permitted (a)
to any affiliates of the Holder; (b) in the case of an individual, transfers by gift to a member of the individual’s immediate family,
to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable
organization; (c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual;
(d) in the case of an individual, transfers pursuant to a qualified domestic relations order; (e) to the Parent or any of its Affiliates
or upon exercise of the Parent’s or its Affiliates’ right to repurchase or reacquire any Parent capital stock, including without
limitation pursuant to the equity incentive plans, “early exercise” documents or other arrangements of the Parent or its Affiliates;
and (f) pursuant to a bona fide third-party tender offer for all outstanding shares of the Parent, merger, consolidation or other similar
transaction made to all holders of the Parent’s securities involving a Change of Control of the Parent (including, without limitation,
entering into any lock-up, voting or similar agreement pursuant to which the Holder may agree to transfer, sell, tender or otherwise dispose
of Restricted Securities or other such securities in connection with such transaction, or vote any Restricted Securities or other such
securities in favor of any such transaction) (provided that in the event that such tender offer, merger, consolidation or other such transaction
is not completed, the Restricted Securities held by the Holder shall remain subject to the provisions of this Agreement); provided, however,
that any of these permitted transferees (other than a permitted transferee under clauses (e) and (f)) must enter into a written agreement
agreeing to be bound by the restrictions herein. For the avoidance of doubt the restrictions set forth herein shall not apply to the exercise
of any Parent Options. For purposes of this Agreement, “Change of Control” shall mean shall mean the Transfer (whether by
tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person
or group of affiliated persons of the Parent’s voting securities if, after such transfer, such person or group of affiliated persons
would hold more than 50% of the outstanding voting securities of the Parent (or the surviving entity).

 

(c) If
any Transfer is made or attempted contrary to the provisions of this Agreement, such Transfer shall be null and void ab initio, and the
Parent and the Company shall refuse to recognize any such transferee of the Restricted Securities as one of its equity holders for any
purpose. In order to enforce this Section 1, the Parent and the Company may impose stop-transfer instructions with respect
to the Restricted Securities of the Holder (and any permitted transferees and assigns thereof) until the end of the Lock-Up Period.

 

(d) During
the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially
the following form, in addition to any other applicable legends:

 

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF JUNE __, 2021, BY AND AMONG THE
ISSUER OF SUCH SECURITIES (THE “ISSUER”) AND THE ISSUER’S SECURITY HOLDER NAMED THEREIN, AS AMENDED. A
COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

(e) For
the avoidance of any doubt, the Holder shall retain all of its rights as a stockholder of the Parent with respect to the Restricted Securities
during the Lock-Up Period, including the right to vote any Restricted Securities.

 

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(f) For
the purposes of this Section 1, “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell,
hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of
Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the US Securities and Exchange Commission
promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of
such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or
(b).

 

2. Miscellaneous.

 

(a) Effective
Date. Section 1 of this Agreement shall become effective upon the Subsequent Merger Effective Time, subject to the consummation
of the transactions contemplated by the Merger Agreement on and before the Subsequent Merger Effective Time.

 

(b) Termination
of the Merger Agreement. Notwithstanding anything to the contrary contained herein, in the event that the Merger Agreement is terminated
in accordance with its terms prior to the Subsequent Merger Effective Time, this Agreement and all rights and obligations of the Parties
hereunder shall automatically terminate and be of no further force or effect.

 

(c) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties
hereto and their respective permitted successors and assigns. Except as otherwise provided in this Agreement,
this Agreement and all obligations of the Parties are personal to the Parties and may not be transferred or delegated by the Parties at
any time. 

 

(d) Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not
a Party hereto or thereto or a successor or permitted assign of such a Party.

 

(e) Governing
Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware, without regard to the conflict of law principles thereof. All actions
arising out of or relating to this Agreement shall be heard and determined exclusively in the Court of Chancery of the State of Delaware
(or, only if such court declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware)
(the “Specified Courts”). Each Party hereto hereby (i) submits to the exclusive jurisdiction of any Specified
Court for the purpose of any action arising out of or relating to this Agreement brought by any party hereto and (ii) irrevocably
waives, and agrees not to assert by way of motion, defense or otherwise, in any such action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the action is
brought in an inconvenient forum, that the venue of the action is improper, or that this Agreement or the transactions contemplated hereby
may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any action shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably consents to the
service of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated
by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party at the applicable
address set forth in Section 2(h). Nothing in this Section 2(e) shall affect the right of any party to serve
legal process in any other manner permitted by applicable law.

 

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

 

(g) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description
preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; (iii)
the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement shall
be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;
and (iv) the term “or” means “and/or”. The Parties have participated jointly in the negotiation and drafting of
this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement.

 

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(h) Notices.
Any notice or other communication required or permitted to be delivered to any party under this Agreement shall be in writing and shall
be deemed properly delivered, given and received (a) upon receipt when delivered by hand, (b) upon transmission, if sent by electronic
transmission, or (c) one (1) Business Day after being sent by courier or express delivery service, provided that in each case the notice
or other communication is sent to the address electronic mail address set forth beneath the name of such party below (or to such other
address or electronic mail address as such party shall have specified in a written notice given to the other Parties hereto):

 

	
     

     

    If to Parent or Merger Sub I or Merger Sub
    II, to:

     

    Rafael Holdings, Inc.

    520 Broad Street

    Newark, NJ 07102

    Attention: Chief Financial Officer

    E-mail: david.polinsky@rafaelholdings.com
	
     

    With copies to (which shall not constitute
    notice):

      

    Olshan Frome Wolosky LLP

    1325 Avenue of the Americas

    New York, NY 10019

    Attention: Mitchell Raab

    E-mail: mraab@olshanlaw.com

     

    And:

     

    Schwell Wimpfheimer & Associates

    37 West 39th Street, Suite 505

    New York, NY 10018

    Attention: Dov Schwell

    E-mail: dov.schwell@swalegal.com

     

	
     

    If to the Company (prior to the Closing), to:

     

    Rafael Pharmaceuticals, Inc.

    1 Duncan Drive

    Cranbury, NJ 08512

    Attention: Sanjeev Luther, Chief Executive Officer

    E-mail: sanjeev.luther@rafaelpharma.com
	
     

    With copies to (which shall not constitute
    notice):

     

     

    Orrick Herrington & Sutcliffe LLP

    1152 15th Street, N.W.

    Washington, DC 20005 – 1706

    Attention: David E. Schulman

    E-mail: dschulman@orrick.com

     

	
     

    If to the Holder, to:  the address
    set forth under the Holder’s name on the signature page hereto.

     

 

(i) Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only with the written consent of the Parent, the Company and the
Holder. No failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions
to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further
or continuing waiver of any such term, condition, or provision.

 

(j) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified
or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity,
legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the Parties will substitute for any invalid, illegal or unenforceable provision
a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid,
illegal or unenforceable provision.

 

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(k) Specific
Performance. The Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event
of a breach of this Agreement by the Holder, money damages will be inadequate and the Parent and the Company will have no adequate remedy
at law, and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by
the Holder in accordance with their specific terms or were otherwise breached. Accordingly, the Parent and the Company shall be entitled
to an injunction or restraining order to prevent breaches of this Agreement by the Holder and to enforce specifically the terms and provisions
hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition
to any other right or remedy to which such Party may be entitled under this Agreement, at law or in equity.

 

(l) Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the Parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the Parties is expressly
canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the Parties
under the Merger Agreement or any of the other Ancillary Documents. Notwithstanding the foregoing, nothing in this Agreement shall limit
any of the rights or remedies of the Company or the Parent or any of the obligations of the Holder under any other agreement between the
Holder and the Company or the Parent or any certificate or instrument executed by the Holder in favor of the Company or the Parent, and
nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies of the Company or the Parent or any
of the obligations of the Holder under this Agreement.

 

(m) Further
Assurances. From time to time, at another Party’s request and without further consideration (but at the requesting Party’s
reasonable cost and expense), each Party shall execute and deliver such additional documents and take all such further action as may be
reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(n) Counterparts;
Facsimile.  This Agreement may also be executed and delivered by facsimile signature or by email in portable document format
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]

 

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CONFIDENTIAL

DRAFT 

 

IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.

 

	 	THE COMPANY:
	 	 	 
	 	RAFAEL PHARMACEUTICALS, INC.
	 	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 
	 	 	 
	 	THE PARENT:
	 	 	 
	 	RAFAEL HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Lock-Up Agreement]

 

    

     

    

 

CONFIDENTIAL

  

IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above. 

 

	Holder:	 	 
	 	 	 
	Name of Holder:	 	 
	 	 	 
	Print Name:	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Address for Notice:	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 
		 
	 	 	 
	Telephone No.:	 	 
	 	 	 
	Email:	 	 

 

[Signature Page to Lock-Up Agreement]Exhibit 10.02

 

FORM OF SUPPORT AGREEMENT

 

THIS
SUPPORT AGREEMENT, dated as of June 17, 2021 (this “Agreement”), is between Rafael Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), and the undersigned (the “Stockholder”).

 

WHEREAS,
concurrently with the execution of this Agreement, the Company, Rafael Holdings, Inc., a Delaware corporation (“Parent”),
RH Merger I, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Parent (“Merger Sub I”), and RH
Merger II, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Parent (“Merger Sub II”),
are entering into an Agreement and Plan of Merger (the “Merger Agreement”), providing for, among other things,
the merger of Merger Sub I with and into the Company (the “Merger”), with the Company surviving the Merger and becoming
a direct, wholly owned subsidiary of Parent, followed by the merger of the Company with and into Merger Sub II (the “Subsequent
Merger”), with Merger Sub II surviving the Subsequent Merger as a direct, wholly owned subsidiary of Parent, in each case on
the terms and subject to the conditions set forth in the Merger Agreement;

 

WHEREAS,
as of the date hereof, the Stockholder and the Stockholders Family Members are the record and beneficial owner of the number of shares
of Parent Class A Common Stock and Parent Class B Common Stock set forth opposite such Stockholder’s and Family Member’s name
on Schedule A (such shares of Parent Common Stock, together with any other shares of capital stock of Parent acquired by the
Stockholder after the date hereof and during the term of this Agreement, being collectively referred to as the “Subject Shares”
of the Stockholder); and

 

WHEREAS,
as a condition to its willingness to enter into the Merger Agreement, the Company has requested that the Stockholder enter into this Agreement,
and the Stockholder desires to enter into this Agreement to induce the Company to enter into the Merger Agreement.

 

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

 

ARTICLE I

 

Definitions; Interpretation

 

SECTION
1.01. Definitions. (a) For purposes of this Agreement, the following terms shall have the following meanings:

 

“Agreement”
has the meaning set forth in the preamble.

 

“Company”
has the meaning set forth in the preamble.

 

“Merger”
has the meaning set forth in the recitals.

 

“Merger
Agreement” has the meaning set forth in the recitals.

 

“Merger
Sub I” has the meaning set forth in the recitals.

 

     

     

    

 

“Merger
Sub II” has the meaning set forth in the recitals.

 

“Parent”
has the meaning set forth in the recitals.

 

“Stockholder”
has the meaning set forth in the preamble.

 

“Subject
Shares” has the meaning set forth in the recitals.

 

“Subsequent
Merger” has the meaning set forth in the recitals.

 

“Transfer”
has the meaning set forth in Section 3.03.

 

(b)
Capitalized terms used but not defined herein shall have the meanings given to such terms in the Merger Agreement.

 

SECTION
1.02. Interpretation. When a reference is made in this Agreement to an Article, Section, recital, preamble or Schedule, such
reference shall be to an Article, Section, recital, preamble or Schedule of this Agreement unless otherwise indicated. The headings herein
are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any
of the provisions hereof. Unless the express context otherwise requires: (i) whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”;
(ii) the words “hereto,” “hereof,” “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (iii) the
terms defined in the singular have a comparable meaning when used in the plural and vice versa; (iv) any pronoun used in this Agreement
shall include the corresponding masculine, feminine and neutral forms; (v) the term “or” is not exclusive and has the
meaning represented by the phrase “and/or”; (vi) the word “extent” in the phrase “to the extent” shall
mean the degree to which a subject or other thing extends and such phrase shall not mean simply “if” and (vii) except
as otherwise specifically provided herein, all references in this Agreement to any statute include the rules and regulations promulgated
thereunder, in each case as amended, re-enacted, consolidated or replaced from time to time and in the case of any such amendment, re-enactment, consolidation
or replacement, reference herein to a particular provision shall be read as referring to such amended, re-enacted, consolidated
or replaced provision and also include, unless the context otherwise requires, all applicable guidelines, bulletins or policies made in
connection therewith. The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity
or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. As used
in this Agreement, a Stockholder’s undertaking to use “reasonable best efforts” to cause any trust to take any action
or to refrain from taking any action shall specifically mean recommending such course of action to the trustee(s) of such trust as being
in the best interest of the trust and its beneficiaries, recognizing that whether or not a trustee determines to adopt such course of
action remains a decision to be made by such trustee in the exercise of its fiduciary duties to the applicable trust.

 

ARTICLE II

 

Representations and
Warranties of Each Stockholder

 

The
Stockholder represents and warrants to the Company that:

 

SECTION
2.01. Organization. In the event that such Stockholder is an entity, such Stockholder is duly organized, validly existing
and in good standing under the laws of its jurisdiction of its organization (in the case of good standing, to the extent such jurisdiction
recognizes such concept).

 

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SECTION
2.02. Ownership of Subject Shares. As of the date hereof, Stockholder or its Family Members, as applicable, is the record
and beneficial owner of, and has good and valid title to, the Subject Shares that are indicated opposite its name or the names of its
Family Members on Schedule A, free and clear of all Liens, except for any Liens created by this Agreement. Stockholder does
not own, of record or beneficially, any shares of capital stock of Parent other than the Subject Shares set forth on Schedule
A. Stockholder or each of its Family Members set forth on Schedule A, as applicable, has the sole right to vote its Subject
Shares.

 

SECTION
2.03. Authority; Execution and Delivery; Enforceability. In the event that such Stockholder is an individual, such Stockholder
has full power and capacity to execute and deliver this Agreement and to perform their obligations hereunder. This Agreement has been
duly executed and delivered by such Stockholder, and, in the event such Stockholder is an individual and is married and the Subject Shares
constitute community property or otherwise require spousal approval in order for this Agreement to be a legally valid and binding obligation
of such Stockholder, this Agreement has been duly executed and delivered by such Stockholder’s spouse. In the event such Stockholder
is an entity, such Stockholder has all requisite power and authority and has taken all action necessary to execute and deliver this Agreement
and to perform its obligations hereunder. The execution and delivery by such Stockholder of this Agreement and the performance by such
Stockholder of its obligations hereunder have been duly authorized by all necessary action, and no other proceedings on the part of such
Stockholder (or such Stockholder’s governing body, members, stockholders, partners, trustees or similar Persons, as applicable)
are necessary to authorize this Agreement or the performance by such Stockholder of its obligations hereunder. This Agreement has been
duly executed and delivered by such Stockholder, and, assuming due authorization, execution and delivery by the Company, this Agreement
constitutes the legal, valid and binding agreement of such Stockholder, enforceable against such Stockholder in accordance with its terms.

 

SECTION
2.04. No Conflicts; Governmental Approvals.

 

(a) The
execution, and delivery by such Stockholder of this Agreement do not, and the performance by such Stockholder of its obligations hereunder
will not, constitute or result in (i) in the event that such Stockholder is an entity, a conflict with, a breach or violation of,
or a default under, the certificate of incorporation and the bylaws, the limited liability company agreement, the partnership or trust
agreement or comparable organizational documents of such Stockholder, (ii) with or without notice, lapse of time or both, a breach
or violation of, a termination (or right of termination) of or a default under, the loss of any benefit under, the creation, modification
or acceleration of any obligations under or the creation of any Lien on any of the properties, rights or assets of such Stockholder pursuant
to any Contract binding upon such Stockholder or under any applicable Law to which such Stockholder is subject or (iii) any change
in the rights or obligations of any party under any Contract legally binding upon such Stockholder, except in the case of each of clauses
(ii) and (iii) directly above, for any such conflict, breach, violation, termination, default, loss, creation, modification, acceleration
or change that would not, individually or in the aggregate, reasonably be expected to prevent or materially delay or impair the ability
of such Stockholder to perform its obligations hereunder.

 

(b)
No approval by any Governmental Body is required to be obtained or made by or with respect to such Stockholder in connection with the
execution, delivery and performance of this Agreement, other than compliance by such Stockholder with and filings under Sections 13(d)
and 16 of the Exchange Act.

 

SECTION
2.05. Litigation. There is no Legal Proceeding pending or, to the knowledge of such Stockholder, any claim that has been asserted
against or affecting such Stockholder with respect to a Legal Proceeding (and such Stockholder is not aware of any basis for any such
Legal Proceeding or claim), nor is there any order outstanding against such Stockholder or to which any of its properties or assets is
subject that would, individually or in the aggregate, reasonably be expected to prevent or materially delay or impair the ability of such
Stockholder to perform its obligations hereunder.

 

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ARTICLE III

 

Covenants of the Stockholders

 

SECTION
3.01. Agreement to Vote.

 

(a)
From the period commencing with the execution and delivery of this Agreement and continuing until the termination of this Agreement pursuant
to Section 4.11, the Stockholder agrees that:

 

(i)
at any meeting of the stockholders of Parent called to seek the Parent Stockholder Approval or in any other circumstances upon which a
vote, consent or other approval of such Stockholder with respect to the Merger Agreement and the issuance of the Parent Class B Common
Stock pursuant to the Merger (the “Parent Share Issuance”) or any of the other transactions contemplated by
the Merger Agreement is sought, such Stockholder shall cause its Subject Shares to be present in person or by proxy for purposes of constituting
a quorum and vote, or cause to be voted, including by executing a written consent if requested by the Company, its Subject Shares in favor
of granting the Parent Stockholder Approval and the Required Parent Stockholder Vote and any other actions presented to the stockholders
of Parent as necessary or desirable in connection with the Parent Stockholder Approval, the Required Parent Stockholder Vote and the Merger
Agreement, the Parent Share Issuance or any of the other transactions contemplated by the Merger Agreement; and

 

(ii)
at any meeting of the stockholders of Parent or in any other circumstances upon which a vote, consent or other approval of such Stockholder
is sought, such Stockholder shall cause its Subject Shares to be present in person or by proxy for purposes of constituting a quorum and
vote, or cause to be voted, including by executing a written consent if requested by the Company, its Subject Shares against (A) any
action, agreement or proposal made in opposition to or in competition with the consummation of the Parent Share Issuance or any of the
other transactions contemplated by the Merger Agreement, (B) any action, agreement or proposal involving Parent or any of its Subsidiaries
that would reasonably be expected to result in a breach of any covenant, representation or warranty of Parent, Merger Sub I or Merger
Sub II under the Merger Agreement and (C) any amendment of the certificate of incorporation or bylaws of Parent or any other action,
agreement or proposal involving Parent or any of its Subsidiaries that would in any manner impede, frustrate, prevent or nullify any provision
of the Merger Agreement, the Parent Share Issuance or any of the other transactions contemplated by the Merger Agreement or change in
any manner the voting rights of any class of the capital stock of Parent.

 

(b)
The Stockholder shall not commit or agree to take any action inconsistent with any provision of Section 3.01(a).

 

(c)
The Stockholder will use reasonable best efforts to cause each of its Family Members who hold any Parent Common Stock (whether directly
or indirectly, as listed on Schedule A) to comply with the provisions of Section 3.01(a)(i) hereof as though such person were a
party hereto.

 

    4

     

    

 

SECTION
3.02. Irrevocable Proxy. The Stockholder hereby irrevocably grants to, and appoints, each officer of the Company, and any
other individual designated in writing by the Company, and each of them individually, as the Stockholder’s proxy and attorney-in-fact (with
full power of substitution), for and in the name, place and stead of the Stockholder, to vote its Subject Shares, or grant a consent or
approval in respect of its Subject Shares, in a manner consistent with Section 3.01 if such Stockholder has not voted or caused to
be voted such Subject Shares in a manner consistent with Section 3.01 at least five (5) Business Days prior to the applicable
voting deadline. The Stockholder understands and acknowledges that the Company is entering into the Merger Agreement in reliance upon
such Stockholder’s execution and delivery of this Agreement. The Stockholder hereby affirms that the irrevocable proxy set forth
in this Section 3.02 is given in connection with the execution of the Merger Agreement, and that such irrevocable proxy is given
to secure the performance of the duties of such Stockholder under this Agreement. The Stockholder hereby further affirms that the irrevocable
proxy set forth in this Section 3.02 is coupled with an interest and may under no circumstances be revoked. The Stockholder hereby
ratifies and confirms all that such irrevocable proxy may lawfully do or cause to be done by virtue hereof. Such irrevocable proxy is
executed and intended to be irrevocable in accordance with the provisions of Section 212(e) of the DGCL. Notwithstanding the foregoing,
the proxy and appointment granted hereby shall be automatically revoked, without any action by the Stockholder, upon any termination of
this Agreement pursuant to Section 4.11.

 

SECTION
3.03. Transfer and Other Restrictions. Except pursuant to this Agreement, the Stockholder shall not, directly or indirectly,
(i) sell, transfer, pledge, assign or otherwise dispose of (including by gift, merger or otherwise by operation of law) (collectively,
“Transfer”), or enter into any Contract, option or other arrangement or understanding with respect to the Transfer
of, any of its Subject Shares to any Person, (ii) enter into any voting arrangement, whether by proxy, voting agreement or otherwise,
with respect to any of its Subject Shares, (iii) take any other action that would make any representation or warranty of such Stockholder
contained herein untrue or incorrect or would in any way restrict, limit or interfere with the performance of such Stockholder’s
obligations hereunder or (iv) commit or agree to take any of the foregoing actions; provided, however, that,
notwithstanding the foregoing, nothing in this Agreement shall be deemed to prohibit Stockholder from selling or disposing of Subject
Shares to any Permitted Transferee (as defined below) so long as such Permitted Transferee executes a signature page to this Agreement
and delivers the same to the Company, pursuant to which such Permitted Transferee agrees to be a “Stockholder” pursuant to
this Agreement with respect to such Subject Shares that are the subject of such Transfer. “Permitted Transferee” means
(i) any other Stockholder, (ii) a spouse, lineal descendant or antecedent, brother or sister, adopted child or grandchild or
the spouse of any child, adopted child, grandchild or adopted grandchild of such Stockholder, (iii) any trust, the trustees of which
include only the persons named in clauses (i) or (ii) and the beneficiaries of which include only the persons named in clauses (i) or
(ii), (iv) any corporation, limited liability company or partnership, the stockholders, members or general or limited partners of which
include only the persons named in clauses (i) or (ii), or (v) any person by will, for estate or tax planning purposes, for charitable
purposes or as charitable gifts or donations. The Stockholder hereby authorizes and will instruct Parent or its counsel to notify Parent’s
transfer agent that there is a stop transfer order with respect to all of the Subject Shares of such Stockholder (and that this Agreement
places limits on the voting and transfer of such Subject Shares), subject to the provisions hereof. Notwithstanding the foregoing, any
such stop transfer order and notice will immediately be withdrawn and terminated upon any termination of this Agreement pursuant to Section 4.11.

 

SECTION
3.04. Directors and Officers. Notwithstanding any provision of this Agreement to the contrary, nothing in this Agreement shall
limit or restrict the Stockholder (or an affiliate or designee of any Stockholder) who is a director or officer of Parent or the Company
from acting in such capacity or fulfilling the obligations of such office (including, for the avoidance of doubt, exercising their fiduciary
duties), including by voting, in their capacity as a director or officer of Parent or the Company, in such Stockholder’s (or its
affiliate’s or designee’s) sole discretion on any matter as a director or officer (it being understood that this Agreement
shall apply to the Stockholder solely in such Stockholder’s capacity as a stockholder of Parent or the Company). In this regard,
the Stockholder shall not be deemed to make any agreement or understanding in this Agreement in the Stockholder’s capacity as a
director or officer of Parent or the Company.

 

    5

     

    

 

SECTION
3.05. Joinder of Family Members. The Stockholder will use reasonable best efforts to cause each of its Family Members who hold
any Parent Common Stock (whether directly or indirectly, as listed on Schedule A) to execute and deliver a joinder to this Agreement
within five days of the date hereof affirming such person’s agreement to be bound by the covenants, agreements and acknowledgments
of this Agreement as a Stockholder and agreeing to be bound by the terms of that certain Lockup Agreement executed by the Stockholder
on the date hereof. For purposes of this Agreement, “Family Members” shall mean a Stockholder’s spouse, parents,
children, grandchildren, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, anyone (other than
domestic employees) who shares Stockholder’s home and any trust established for the benefit of any of the foregoing.

 

ARTICLE IV

 

General Provisions

 

SECTION
4.01. Notices. All notices, requests, claims, demands, waivers and other communications under this Agreement shall be in writing
(including, for the avoidance of doubt, via email) and shall be addressed to a party at the following address for such party:

 

(a) if to the Company,
to:

 

Rafael Pharmaceuticals,
Inc. 

1 Duncan Drive 

East Windsor, NJ 08512 

Attention: Sanjeev
Luther 

Email: sanjeev.luther@rafaelpharma.com

 

with a copy to:

 

Orrick Herrington & Sutcliffe LLP

1152 15th Street, N.W.

Washington, DC 20005 – 1706

Attention: David E. Schulman

E-mail: dschulman@orrick.com

 

(b) if to the Stockholder,
to:

 

c/o Rafael Holdings, Inc. 

520 Broad Street 

Newark, NJ 07102 

Attention: David Polinsky,
Chief Financial Officer 

E-mail: david.polinsky@rafaelholdings.com

 

or to such other address(es)
as shall be furnished in writing by any such party to the other parties hereto in accordance with the provisions of this Section 4.01.

 

    6

     

    

 

SECTION
4.02. Severability. The provisions of this Agreement shall be deemed severable and the illegality, invalidity or unenforceability
of any provision shall not affect the legality, validity or enforceability of any other provision hereof. If any provision of this Agreement,
or the application thereof to any Person or any circumstance, is illegal, invalid or unenforceable, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be legal, valid and enforceable, the intent and purpose of
such illegal, invalid or unenforceable provision, and (b) the remainder of this Agreement and the application of such provision to
other Persons or circumstances shall not be affected by such illegality, invalidity or unenforceability, nor shall such illegality, invalidity
or unenforceability affect the legality, validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

SECTION
4.03. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
and all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed
by each of the parties hereto and delivered to the other parties. A signed copy of this Agreement delivered by facsimile, email or other
means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

SECTION
4.04. Entire Agreement; No Third Party Beneficiaries. This Agreement, together with the Merger Agreement to the extent referenced
herein, constitutes the entire agreement, and supersedes all prior agreements and understandings, both written and oral, between the parties
hereto with respect to the subject matter hereof and is not intended to confer upon any Person other than the parties hereto any rights
or remedies.

 

SECTION
4.05. Governing Law. This Agreement shall be deemed to be made in and in all respects shall be interpreted, construed and
governed by and in accordance with the Law of the State of Delaware without regard to the conflicts of laws, rules or principles thereof
(or any other jurisdiction) to the extent that such laws, rules or principles would direct a matter to another jurisdiction.

 

SECTION
4.06. Venue. The parties hereby irrevocably submit to the exclusive jurisdiction of the Court of Chancery of the State
of Delaware, or, only if such court declines to accept jurisdiction over a particular matter, any state or federal court within the State
of Delaware, solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred
to in this Agreement, and in respect of the transactions contemplated hereby and thereby, and hereby waive, and agree not to assert, as
a defense in any Legal Proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto
or that such Legal Proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate
or that this Agreement or any such document may not be enforced in or by such courts, and the parties irrevocably agree that all claims
relating to such Legal Proceeding or transactions shall be heard and determined in such a Delaware state or federal court. The parties
hereby consent to and grant any such court jurisdiction over the person of such parties and, to the extent permitted by Law, over the
subject matter of such dispute and agree that mailing of process or other papers in connection with any such Legal Proceeding in the manner
provided in Section 4.01 or in such other manner as may be permitted by Law shall be valid and sufficient service thereof.

 

    7

     

    

 

SECTION
4.07. Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE DOCUMENTS REFERRED TO HEREIN OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH
PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH PARTY HAS BEEN
INDUCED BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTEMPLATED IN THIS SECTION 4.07, TO ENTER INTO THIS AGREEMENT,
THE AGREEMENTS CONTEMPLATED BY THE DOCUMENTS REFERRED TO HEREIN AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, AS APPLICABLE.

 

SECTION
4.08. Assignment. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assignable
or delegable (as the case may be), in whole or in part, by operation of Law or otherwise, and any attempted or purported assignment or
delegation in violation of this Section 4.08 shall be null and void. Subject to the immediately preceding sentence, this Agreement
will be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns.

 

SECTION
4.09. Enforcement. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each party agrees that,
in addition to any other available remedies the parties may have in equity or at law, each party shall, unless this Agreement has been
terminated in accordance with its terms, be entitled to specific performance and injunctive relief as a remedy for any such breach including
an injunction restraining any breach or violation or threatened breach or violation of the provisions of this Agreement and to enforce
specifically the terms and provisions of this Agreement exclusively in the courts specified in Section 4.06, in each case without
necessity of posting a bond or other form of security. In the event that any Legal Proceeding should be brought in equity to enforce the
provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy at law.

 

SECTION
4.10. Amendment; Waiver. This Agreement may be amended by the parties hereto at any time. Any amendment to this Agreement
shall be valid only if set forth in an instrument in writing signed on behalf of each of the parties hereto. The parties hereto may, to
the extent permitted under applicable Law, waive compliance with any of the terms or conditions contained in this Agreement. Any agreement
on the part of a party to any such waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.
The failure of any party to this Agreement to assert any of its rights hereunder or otherwise shall not constitute a waiver of such rights.

 

SECTION
4.11. Termination. This Agreement, and all obligations of the parties hereunder shall automatically terminate, without further
action by any party hereto, upon the earliest of (i) the Effective Time, (ii) the termination of the Merger Agreement pursuant
to Article 9 thereof, (iii) any amendment of the Merger Agreement which would materially increase the number of Merger Shares issuable
pursuant to the Merger or the other consideration payable by Parent under the Merger Agreement, unless the Stockholder has consented in
writing to such amendment, and (iv) the mutual written agreement of the Stockholder and the Company. In the event of any such termination
of this Agreement, this Agreement shall forthwith become void and have no effect, without any liability or obligation on the part of the
Company or the Stockholder, other than (A) this Article IV, which provisions shall survive such termination, and (B) liability for
any breach of this Agreement prior to such termination.

 

[Signature Page Follows]

 

    8

     

    

 

IN WITNESS WHEREOF, the
parties have duly executed this Agreement, all as of the date first written above.

 

	 	RAFAEL PHARMACEUTICALS, INC.
	 	 
	 	By:	
                 
	 	 	Name:	                                  
	 	 	Title:	 

  

[Signature Page to Voting Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties have duly executed this Agreement, all as of the date first written above.

  

	 	STOCKHOLDER:
	 	 
	 	Howard S. Jonas
	 	 
	 	 

 

[Signature Page to Voting Agreement]

 

     

     

    

 

Schedule A

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