Document:

EX-10.1

 Exhibit 10.1 

SUBSCRIPTION AGREEMENT 
 CytoDyn Inc. 

1111 Main Street, Suite 660 
 Vancouver, Washington 

The undersigned (the “Investor”) hereby confirms its agreement with CytoDyn Inc., a Delaware corporation (the
“Company”), as follows: 
 1. This Subscription Agreement, including the Terms and Conditions For Purchase of Shares
and Warrants attached hereto as Annex I (collectively, (this “Agreement”) is made as of the date set forth below between the Company and the Investor. 

2. The Company has authorized the issuance and sale to certain investors of (i) shares (each a “Share,”
collectively, the “Shares”) of its common stock, par value $0.001 per share (the “Common Stock”) and (ii) warrants (each, a “Warrant,” and, collectively, the
“Warrants”), each to purchase one share of Common Stock at an exercise price of $0.75 per share, exercisable for a period of five (5) years from its original date of issuance, to be evidenced by a Common Stock Purchase Warrant
in substantially the form attached hereto as Annex III; with such Shares and Warrants to be issued at an aggregate purchase price of $0.50 (the “Purchase Price”) per fixed combination of one Share and one
Warrant. The Shares and Warrants are immediately separable and will be issued separately. The shares of Common Stock issuable upon exercise of the Warrants are referred to herein as the “Warrant Shares” and, together
with the Shares and the Warrants, are referred to herein as the “Securities.” 
 3. The offering and sale of the
Securities (the “Offering”) are being made pursuant to (1) an effective Registration Statement on Form S-3, No. 333-223195 (the
“Registration Statement”) filed by the Company with the Securities and Exchange Commission (the “Commission”) and declared effective on March 7, 2018 (including the base prospectus contained therein (the
“Base Prospectus”)), (2) if applicable, certain “free writing prospectuses” (as that term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”)), that have been or
will be filed (if required) with the Commission and delivered to the Investor on or prior to the date hereof, containing certain supplemental information regarding the Securities, the terms of the Offering and the Company (the “Issuer Free
Writing Prospectus”), and (3) a prospectus supplement (the “Prospectus Supplement” and together with the Base Prospectus, the “Prospectus”) containing certain supplemental information regarding the
Securities and terms of the Offering that has been or will be filed with the Commission and delivered to the Investor (or made available to the Investor by the filing by the Company of an electronic version thereof with the Commission). 

4. The Company and the Investor agree that the Investor will purchase from the Company and the Company will issue and sell to the
Investor the Shares and Warrants set forth below for the aggregate purchase price set forth below. The Shares and Warrants shall be purchased pursuant to the Terms and Conditions for Purchase of Shares and Warrants attached hereto as
Annex I and incorporated herein by this reference as if fully set forth herein. [The Investor acknowledges that the Offering is not being underwritten by the placement agent (the “Placement Agent”)
named in the Prospectus Supplement and that there is no minimum offering amount.]1 

 

	1 	Include bracketed language throughout, as necessary, depending on whether subscription is placed through placement agent. 

 5. The settlement of the Shares purchased by the Investor shall be effected by crediting
the account of the Investor’s prime broker with the Depository Trust Company (“DTC”) through its Deposit/Withdrawal At Custodian (“DWAC”) delivery system, whereby Investor’s prime broker (as specified by such Investor
on Annex II attached hereto) shall initiate a DWAC transaction on the Closing Date using its DTC participant identification number, and released by Computershare, the Company’s transfer agent (the “Transfer
Agent”), at the Company’s direction. NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL: 

 

	 	(I)	DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED WITH THE SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING THE TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES, AND

  

	 	(II)	REMIT BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE PURCHASE PRICE FOR THE SHARES AND WARRANTS BEING PURCHASED BY THE INVESTOR TO THE FOLLOWING ACCOUNT: 

[***] 
 IT IS THE INVESTOR’S
RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE
SHARES AND WARRANTS OR DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE SHARES AND WARRANTS MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE
CLOSING ALTOGETHER. 
 6. The executed Warrants shall be delivered in accordance with the terms thereof. 

7. The Investor represents that, except as set forth below, (a) it has had no position, office or other material relationship
within the past three years with the Company or persons known to it to be affiliates of the Company, (b) it is not a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or an Associated Person (as such term is
defined under the FINRA’s NASD Membership and Registration Rules Section 1011) as of the Closing, and (c) neither the Investor nor any group of Investors (as identified in a public filing made with the Commission) of which the
Investor is a part in connection with the Offering, acquired, or obtained the right to acquire, 20% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting power of the Company on a post-transaction
basis. Exceptions: 

  
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(If no exceptions, write “none.” If left blank, response will be deemed to be “none.”) 

8. The Investor represents that it has received (or otherwise had made available to it by the filing by the Company of an electronic
version thereof with the Commission) the Base Prospectus, dated March 7, 2018, which is a part of the Company’s Registration Statement, the documents incorporated by reference therein and any free writing prospectus (collectively, the
“Disclosure Package”), prior to or in connection with the receipt of this Agreement. The Investor acknowledges that, prior to the delivery of this Agreement to the Company, the Investor will receive certain additional
information regarding the Offering, including pricing information (the “Offering Information”). Such information may be provided to the Investor by any means permitted under the Securities Act, including the Prospectus
Supplement, a free writing prospectus and oral communications. 
 9. No offer by the Investor to buy Shares and Warrants will be
accepted and no part of the Purchase Price will be delivered to the Company until the Investor 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 obligation or commitment of any kind, at any time prior to the Company [(or the Placement Agent on behalf of 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 Investor has been delivered the Offering Information and this Agreement is accepted and countersigned by or on behalf of the Company. 

10. The Company acknowledges that the only material, non-public information relating to the
Company or its subsidiaries that the Company, its employees or agents has provided to the Investor in connection with the Offering prior to the date hereof is the existence of the Offering. 

  
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 Number of Shares:
                                         
    
 Number of Warrants / Warrants Shares:
                                        

 Purchase Price Per Combined Share and One Warrant:
    $0.50             
 Aggregate Purchase Price:
$                     
 Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose. 
  

			
	INVESTOR

 
			
		
	By:	 	 

 
			
	Print Name:	 	 

 
			
	Title:	 	 

 
			
	Address:	 	 

 
			
	 	 	 

 
			
	Email:	 	 

 Agreed and Accepted 
  

			
	CYTODYN INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Dated as of:
                         

 ANNEX I 

TERMS AND CONDITIONS FOR PURCHASE OF SHARES AND WARRANTS 

1. Authorization and Sale of the Shares and Warrants. Subject to the terms and conditions of this Agreement, the Company has
authorized the sale of the Shares and Warrants. 
 2. Agreement to Sell and Purchase the Shares and Warrants[; Placement Agent.] 

2.1 At the Closing (as defined in Section 3.1), the Company will sell to the Investor, and the Investor will
purchase from the Company, upon the terms and conditions set forth herein, the number of Shares and Warrants set forth on the last page of the Agreement to which these Terms and Conditions for Purchase of Shares and Warrants are attached as
Annex I (the “Signature Page”) for the aggregate purchase price therefor set forth on the Signature Page. 

2.2 The Company proposes to enter into substantially this same form of Subscription Agreement with certain other investors (the
“Other Investors”) and expects to complete sales of Shares and Warrants to them. The Investor and the Other Investors are hereinafter sometimes collectively referred to as the “Investors,” and
this Agreement and the Subscription Agreements executed by the Other Investors are hereinafter sometimes collectively referred to as the “Agreements.” 

2.3 Investor acknowledges that the Company has agreed to pay Paulson Investment Company, LLC (the “Placement
Agent”) a fee [(the “Placement Fee”)] and certain expenses in respect of the sale of Shares and Warrants to [the Investor]/[certain Other Investors introduced to the Company by the Placement
Agent in the Offering]. 
 2.4 The Company has entered into a Placement Agent Agreement, dated August 8, 2017, [(the
“Placement Agreement”)], with the Placement Agent that contains certain representations, warranties, covenants and agreements of the Company that may be relied upon by the Investor, which shall be a third
party beneficiary thereof. The Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or their agents or counsel with any information that constitutes or could reasonably be expected to constitute
material, nonpublic information, except as will be disclosed in the Prospectus and/or in one or more filings pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) to be made by the Company with the
Commission and incorporated by reference into the Prospectus prior to the consummation of the Offering. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting transactions in securities of the
Company. 
 3. Closings and Delivery of the Shares and Warrants and Funds. 

3.1 Closing. The completion of the purchase and sale of the Shares and Warrants (the “Closing”) shall
occur at a place and time (the “Closing Date”) to be specified by the Company [and the Placement Agent], and of which the Investors will be notified in advance by [the Placement Agent, in accordance with Rule 15c6-l promulgated under the Exchange Act]/[the Company]. At the Closing, (a) the Company shall cause Computershare, the Company’s transfer agent (the “Transfer Agent”), to deliver to the
Investor the number of Shares set forth on the Signature Page registered in the name of the Investor or, if so indicated on the Investor 

  
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Questionnaire attached hereto as Annex II, in the name of a nominee designated by the Investor (b) the Company shall cause to be delivered to
the Investor one Common Stock Purchase Warrant, in substantially the form attached hereto as Appendix II, evidencing Warrants to purchase the number of Warrant Shares set forth on the Signature Page and (c) the aggregate purchase price for
the Shares and Warrants being purchased by the Investor will be delivered by or on behalf of the Investor to the Company. 
 3.2
Conditions to the Obligations of the Parties. 
 (a) Conditions to the Company’s Obligations. The
Company’s obligation to issue and sell the Shares and Warrants to the Investor shall be subject to: (i) the receipt by the Company of the purchase price for the Shares and Warrants being purchased hereunder as set forth on the
Signature Page and (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment of those undertakings of the Investor to be fulfilled prior to the Closing Date. 

(b) Conditions to the Investor’s Obligations. The Investor’s obligation to purchase the Shares and Warrants
will be subject to the accuracy of the representations and warranties made by the Company and the fulfillment of those undertakings of the Company to be fulfilled prior to the Closing Date[, including without limitation, those contained in the
Placement Agreement, and to the condition that the Placement Agent shall not have: (a) terminated the Placement Agreement pursuant to the terms thereof or (b) determined that the conditions to the closing in the Placement Agreement
have not been satisfied.] The Investor’s obligations are expressly not conditioned on the purchase by any or all of the Other Investors of the Shares and Warrants that they have agreed to purchase from the Company. [The Investor understands and
agrees that, in the event that the Placement Agent in its sole discretion determines that the conditions to closing in the Placement Agreement have not been satisfied or if the Placement Agreement may be terminated for any other reason permitted by
such Placement Agreement, then the Placement Agent may, but shall not be obligated to, terminate such Agreement, which shall have the effect of terminating this Subscription Agreement pursuant to Section 14 below.] 

3.3 Settlement Procedures. The settlement of the Shares purchased by the Investor shall be effected by crediting the
account of the Investor’s prime broker (as specified by such Investor on Annex II attached hereto) with the Depository Trust Company (“DTC”) through its Deposit/Withdrawal At Custodian
(“DWAC”) delivery system. 
 (a) Delivery of Funds. No later than one
(1) business day after the execution of this Agreement by the Investor and the Company, the Investor shall remit by wire transfer the amount of funds equal to the aggregate purchase price for the Shares and
Warrants being purchased by the Investor to the following account designated by the Company: 
 [***] 

(b) Delivery of Shares. No later than one (1) business day after the execution of this
Agreement by the Investor and the Company, the Investor shall direct the broker-dealer at which the account or accounts to be credited with the Shares being purchased by such Investor are maintained, which
broker/dealer shall be a DTC participant, to set up a DWAC instructing the Transfer Agent to credit such account or accounts with the Shares. Such DWAC instruction shall 

  
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indicate the settlement date for the deposit of the Shares, which date shall be provided to the Investor by the [Placement Agent]/[the Company]. Upon the closing of the Offering, the Company
shall direct the Transfer Agent to credit the Investor’s account or accounts with the Shares pursuant to the information contained in the DWAC. 

4. Representations, Warranties and Covenants of the Investor. 

The Investor acknowledges, represents and warrants to, and agrees with, the Company [and the Placement Agent] that: 

4.1 The Investor (a) is knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect
to, investments in securities presenting an investment decision like that involved in the purchase of the Shares and Warrants, including investments in securities issued by the Company and investments in comparable companies, (b) has
answered all questions on the Signature Page and the Investor Questionnaire and the answers thereto are true and correct as of the date hereof and will be true and correct as of the Closing Date and (c) in connection with its decision to
purchase the number of Shares and Warrants set forth on the Signature Page, has received and is relying only upon the Disclosure Package and the documents incorporated by reference therein. 

4.2 (a) No action has been or will be taken in any jurisdiction outside the United States by the Company [or the Placement Agent] that
would permit an offering of the Shares and Warrants, or possession or distribution of offering materials in connection with the issue of the Securities in any jurisdiction outside the United States where action for that purpose is required,
(b) if the Investor is outside the United States, it will comply with all applicable laws and regulations in each foreign jurisdiction in which it purchases, offers, sells or delivers Securities or has in its possession or distributes any
offering material, in all cases at its own expense [and (c) the Placement Agent is not authorized to make and has not made any representation, disclosure or use of any information in connection with the issue, placement, purchase and sale of
the Shares and Warrants, except as set forth or incorporated by reference in the Base Prospectus, the Prospectus Supplement or any free writing prospectus.] 

4.3 The Investor has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions
contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (b) this Agreement constitutes a valid and binding obligation of the Investor enforceable against the Investor in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as
enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and except as to the enforceability of any rights to indemnification or contribution that may
be violative of the public policy underlying any law, rule or regulation (including any federal or state securities law, rule or regulation). 

4.4 The Investor understands that nothing in this Agreement, the Prospectus, the Disclosure Package or any other materials presented to
the Investor in connection with the purchase and sale of the Shares and Warrants constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and investment advisors and made such investigation as it,

  
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in its sole discretion, has deemed necessary or appropriate in connection with its purchase of Shares and Warrants. The Investor also understands that there is no established public trading
market for the Warrants being offered in the Offering, and that the Company does not expect such a market to develop. In addition, the Company does not intend to apply for listing of the Warrants on any securities exchange. The Investor understands
that without an active market, the liquidity of the Warrants will be limited. 
 4.5 The Investor will maintain the confidentiality
of all information acquired as a result of the transactions contemplated hereby prior to the public disclosure of that information by the Company in accordance with Section 13 of this Annex. 

4.6 Since the time at which the [Placement Agent]/[Company] first contacted such Investor about the Offering, the Investor 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 (including, without limitation, any Short
Sales (as defined herein) involving the Company’s securities). The Investor covenants that it will not engage in any purchases or sales of the securities of the Company (including Short Sales) prior to the time that the transactions
contemplated by this Agreement are publicly disclosed. The Investor agrees that it will not use any of the Securities acquired pursuant to this Agreement to cover any short position in the Common Stock if doing so would be in violation of applicable
securities laws. For purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and all types of
direct and indirect stock pledges, forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar
arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 

4.7 The Investor is acquiring the Shares and Warrants (including, upon the exercise of the Warrants, the Warrant Shares) solely for
such Investor’s own account for investment purposes only and not with a view to or intent of resale or distribution thereof, in whole or in part. The Investor has no agreement or arrangement, formal or informal, with any person to sell or
transfer all or any part of the Shares, the Warrants, or the Warrant Shares, and the Investor has no plans to enter into any such agreement or arrangement. The Investor agrees to make due inquiry regarding, and not to sell or transfer the Shares,
the Warrants or the Warrant Shares in violation of, any federal and/or state securities laws applicable to the Investor. 
 4.8 The
Investor has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risks of such investment. 

4.9 The Investor is unaware of, is in no way relying on, and did not become aware of the Offering through or as a result of, any form
of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other communication published in any newspaper, magazine or similar media or broadcast over television, radio or the Internet
(including, without limitation, internet “blogs,” bulletin boards, discussion groups and social networking sites) in connection with the Offering and sale of the Securities and is not subscribing for the Securities and did not become aware
of the Offering through or as a result of any seminar or meeting to which the Investor was invited by, or any solicitation of a subscription by, a person not previously known to the Investor in connection with investments in securities generally.

  
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 4.10 The Investor meets the suitability standards set forth in Part B of the Investor
Questionnaire attached hereto as Annex II. 
 4.11 The Investor is aware that the Placement Agent, for the
services it is providing in this Offering will receive, with respect to subscriptions made in this Offering [by Other Investors] through the Placement Agent, (1) a cash compensation equal to 9% of the gross proceeds received by the Company from
such subscribers; and (2) a warrant to purchase a number of shares equal to 8% of the Shares issued to such subscribers in the Offering. Other than those commissions payable to the Placement Agent as described herein, the Investor has taken no
action that would give rise to any claim by any person for brokerage commissions, finders’ fees or the like relating to this Agreement or the transactions contemplated hereby. 

4.12 The Investor acknowledges that the Placement Agent has acted as a placement agent for the Company in previous offerings of its
debt and equity securities, and the Placement Agent and its registered representatives received, as compensation for those offerings, warrants to purchase shares of the Company’s common stock, which may give Placement Agent as incentive to sell
the Securities to the Investor. 
 4.13 The Investor is aware that a Managing Partner in the Placement Agent’s New York, NY
office, Robert J. Setteducati, entered into a final settlement with the Massachusetts Securities Division in 2001 pursuant to which he agreed, among other things, never to seek to register with the Massachusetts Securities Division in any capacity.
The settlement resolved allegations that Mr. Setteducati failed to adequately supervise employees at a prior broker-dealer. 

5. Survival of Representations, Warranties and Agreements[; Third Party Beneficiary]. Notwithstanding any investigation made by
any party to this Agreement [or by the Placement Agent], all covenants, agreements, representations and warranties made by the Company and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the Shares
and Warrants being purchased and the payment therefor. [The Placement Agent shall be a third party beneficiary with respect to the representations, warranties and agreements of the Investor in Section 4 hereof.] 

6. Notices. All notices, requests, consents and other communications hereunder will be in writing, will be mailed (a) if
within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by e-mail or (b) if delivered from outside the
United States, by International Federal Express or e-mail, and will be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days after so mailed, (ii) if
delivered by nationally recognized overnight carrier, one business day after so mailed, (iii) if delivered by International Federal Express, two businessdays after so mailed and (iv) if delivered by
e-mail, upon electronic confirmation of receipt, and will be delivered and addressed as follows: 
  

	 	(a)	if to the Company, to: 

 CytoDyn Inc. 

1111 Main Street, Suite 660 

Vancouver, Washington 
 Attention:
Michael D. Mulholland, Chief Financial Officer 
 Email: mmulholland@cytodyn.com 

  
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 with a copy (which shall not constitute notice) to: 

Lowenstein Sandler LLP 
 1251
Avenue of the Americas 
 New York, NY 10020 

Attention: Steven M. Skolnick 

Email: sskolnick@lowenstein.com 

(b) if to the Investor, at its address on the Signature Page hereto, or at such other address or addresses as may have been furnished to the
Company in writing. 
 7. Changes. This Agreement may not be modified or amended except pursuant to an instrument in writing
signed by the Company and the Investor. 
 8. Headings. The headings of the various sections of this Agreement have been
inserted for convenience of reference only and will not be deemed to be part of this Agreement. 
 9. 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. 
 10. Governing Law. This Agreement will be governed by, and construed in accordance with, the internal laws of the
State of New York, without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction. 

11. Counterparts. This Agreement may be executed in two or more counterparts, each of which will constitute an original, but all
of which, when taken together, will constitute but one instrument, and will become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties. The Company and the Investor acknowledge and agree
that the Company shall deliver its counterpart to the Investor along with the Prospectus Supplement (or the filing by the Company of an electronic version thereof with the Commission). 

12. Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt of the Company’s signed
counterpart to this Agreement, together with the Prospectus Supplement (or the filing by the Company of an electronic version thereof with the Commission), shall constitute written confirmation of the Company’s sale of Shares and Warrants to
such Investor. 
 13. Publicity. The Company and the Investor agree that the Company shall, as promptly as practicable
following the Closing Date, file a current report on Form 8-K with the Securities and Exchange Commission including, but not limited to, a form of this Agreement and forms of Warrant as exhibits thereto. 

14. [Termination. In the event that the Placement Agreement is terminated by the Placement Agent pursuant to the terms thereof,
this Agreement shall terminate without any further action on the part of the parties hereto.] 

  
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 ANNEX II 

INVESTOR QUESTIONNAIRE 

 ANNEX III 

FORM OF COMMON STOCK PURCHASE WARRANTEX-10.2

 Exhibit 10.2 

PLACEMENT AGENT AGREEMENT 

May 4, 2018 
 This Placement
Agent Agreement (“Agreement”) is made by and between CytoDyn Inc., a Delaware corporation (the “Company”), and Paulson Investment Company, LLC, a Delaware limited liability company (the “Placement
Agent”), as of the date first above written. The Company hereby engages the Placement Agent to assist the Company as its exclusive placement agent in arranging an offering of its equity securities (the “Securities”) which
will be subject to a registration statement (the “Registration Statement”) on Form S-3 previously declared effective by the United States Securities and Exchange Commission (the
“SEC”), on terms to be determined by the parites hereto (the “Offering”). The terms of the Offering will be more fully described in the definitive transaction documents pertaining to the Offering, to be prepared by
the Company, with the assistance of the Placement Agent. 
 NOW THEREFORE, the parties hereto based on the foregoing and the mutual
covenants set forth below and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, do hereby agree as follows: 

1. Services. 

(a) The Placement Agent shall offer participation in the Offering to its clients and other persons with whom the Placement Agent or the Company
or any of their respective officers, directors, employees or affiliates has a pre-existing business relationship and that the Placement Agent reasonably believes are “accredited investors” as defined
in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Any such potential investor in the Offering, including entities controlled by or advised by the Placement Agent and their
respective affiliates, that is first introduced to the Company by the Placement Agent shall be considered a qualified investor (collectively, the “Qualified Investors”). A list of Qualified Investors will be provided to the Company
within five (5) business days of the final closing of the Offering and it is expressly understood that Placement Agent will only contact those institutions which have been preapproved by the Company which approval will not be unreasonably
withheld. 
 (b) The Company shall be responsible for (i) the Registration Statement, as well as the relevant subscription documents or
securities purchase agreement (the “Transaction Documents”), and related investment materials to be used in connection with the Offering; and the Placement Agent shall be responsible for (i) organizing, obtaining facilities
for, and conducting one or more investor presentations and (ii) providing other services reasonably related to serving as the Placement Agent for the Company in connection with the Offering. 

(c) The Company shall (1) make members of management and other employees available to the Placement Agent as the Placement Agent shall
reasonably request for purposes of satisfying the Placement Agent’s due diligence requirements and consummating the Offering; (2) make its Chief Executive Officer, Chief Financial Officer and other key management members available to
attend a reasonable number of investor presentations, as recommended by the Placement Agent; and (3) commit such time and other resources as are reasonably necessary or appropriate to support the Placement Agent in its efforts to secure the
reasonable and timely success of the Offering. The Company shall cooperate with the Placement Agent in connection with, and shall make available to the Placement Agent such documents and other information as the Placement Agent shall reasonably
request in order to satisfy, its due diligence requirements, subject to any applicable confidentiality requirements. 

 (d) The Placement Agent acknowledges that (i) the Company may determine, in its sole
discretion, whether to accept an offer of subscription to the Offering by a Qualified Investor and (ii) the Company is not obligated to compensate the Placement Agent for such offered subscriptions to the Company that the Company does not
accept. 
 (e) The Company acknowledges that the Placement Agent may engage one or more sub-agents
(each a “Sub-Agent”), reasonably acceptable to the Company, to assist the Placement Agent in the placement of the Securities. Each Sub-Agent will be
assigned a portion of the Cash Fee and Equity Compensation (as each is defined below) otherwise payable to the Placement Agent, in the amounts, and on the terms set forth in an agreement between the Placement Agent and
Sub-Agent and for which amounts shall be paid to the Sub-Agent by the Placement Agent. 

2. Compensation Payable to the Placement Agent. 

(a) The Company shall, at each closing of the Offering (each a “Closing”), as compensation for the services provided by the
Placement Agent hereunder, pay the Placement Agent a cash commission equal to 9% of the gross proceeds received by the Company from Qualified Investors from such closing (the “Cash Fee”). 

(b) At the final Closing of an Offering that includes the sale of shares of the Company’s common stock (including as part of units), the
Placement Agent shall be entitled to receive a warrant to purchase a number of shares of the Company’s common stock (“PA Warrants”), equal to 8% of the number of shares of common stock sold in the Offering excluding, for the
avoidance of doubt, any shares underlying warrants sold in the Offering. The PA Warrants shall have an exercise price of 110% of the price of the common stock in the Offering and will expire on the date that is five (5) years from the date of
issuance of such PA Warrant. The PA Warrants will include a cashless exercise provision. The Placement Agent may assign PA Warrants to Sub-Agents, or other designees, so long as such designees are accredited
investors and execute such certificates reasonably requested by the Company to ensure compliance with applicable securities laws. 

3. Term. 
 (a)
Unless earlier terminated as set forth herein, this Agreement will continue in full force and effect for a term expiring on June 16, 2018, unless extended by the Company and the Placement Agent (the “Term”). Certain provisions
of this Agreement survive the termination of this Agreement as expressly provided elsewhere herein. 
 (b) Prior to the end of the Term,
(i) the Company may terminate this Agreement immediately and without notice in the event of a material breach of this Agreement by the Placement Agent, and (ii) either party may terminate this Agreement upon 5 (five) business days prior
written notice to the other party for any reason. In the event the Company terminates this Agreement, the Placement Agent will be entitled to all applicable Cash Fees and Equity Compensation provided for in Section 2 hereof, earned prior to
such termination, and, if the Company terminates this Agreement pursuant to Section 3(b)(ii), the Placement Agent will also be entitled to its non-accountable expenses of $25,000 as contemplated by
Section 9 hereof. 

  
 2 

 (c) In the event that the Company consummates a sale of its securities (whether debt or equity)
to a Qualified Investor within the twelve (12) month period immediately following the date of termination or expiration of this Agreement (the “Tail Period”) pursuant to which the Placement Agent would have been entitled to the
compensation set forth in Section 2 of this Agreement had the sale occurred during the term of this Agreement, then at the closing of each such investment during the Tail Period, the Company shall pay the Placement Agent the compensation as set
forth in Section 2 hereof (including PA Warrants), in the amounts equal to the compensation that the Placement Agent would have earned from such investments had the Company closed on such investments prior to the termination of this Agreement.

 4. Performance. In connection with the performance of its duties under this Agreement, the Placement Agent agrees as
follows: 
 (a) The Placement Agent shall act in a manner consistent with the instructions of the Company and comply with all applicable
laws, whether foreign or domestic, of each jurisdiction in which the Placement Agent proposes to carry on the business contemplated by this Agreement. The Placement Agent shall not take any action or omit to take any action that would cause the
Company to violate any law or to jeopardize the availability of any applicable exemption from registration under the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Placement Agent is a
member firm in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and has all authority and approvals needed to engage in securities trading and brokerage activities, as well as providing investment banking
and financial advisory services. The Placement Agent represents, warrants and agrees that it shall at all times provide its services under this Agreement in compliance with applicable law. 

(b) The Placement Agent shall, and shall cause all Sub-Agents to, keep a record of, and when and to
whom each Registration Statement is provided. 
 (c) The Placement Agent shall only provide the Registration Statement to potential
investors, and shall not make any additional statements that contain an untrue statement of a material fact or omit to state any fact necessary to make any statement made by the Placement Agent not misleading in light of the circumstances in which
such statements are made. 
 (d) The Placement Agent shall not provide any other information about the Company to any person or firm that,
to the knowledge of the Placement Agent, is a competitor of the Company or is an officer, director, employee, affiliate or investor in a competitor of the Company. 

(e) The Placement Agent shall use its best efforts to cause its officers, directors, employees and affiliates to comply with all of the
foregoing provisions of this Section 4. 
 5. Representations and Warranties of the
Parties.  
 (a) The Company represents and warrants to the Placement Agent, except as otherwise set forth in
the Company’s filings with the Securities and Exchange Commission (the “SEC Reports”), as follows: 
 (i) On the date of the
Registration Statement and at each Closing, the Registration Statement will comply in all material respects with the disclosure requirements of Securities Act and will neither contain any untrue statements of a material fact or omit to state a
material fact required to be stated therein in light of the circumstances under which they are made, or necessary to make the statements therein not misleading. 

  
 3 

 (ii) The financial statements included in the Registration Statement present fairly in all
material respects the financial position of the Company as of the dates indicated and the results of its operations for the periods specified. 

(iii) The Company has been duly formed and is validly existing as a corporation in good standing under the laws of the State of Delaware, with
the power and authority to own, lease and operate its properties and conduct its business in all material respects as described in the Registration Statement; and the Company is duly qualified as a foreign entity to transact business and is in good
standing in each jurisdiction in which the conduct of its business and/or its ownership of property requires such qualification except for such jurisdictions in which the failure to qualify in the aggregate would not have a material and adverse
effect on the results of operations or financial conditions of the Company. 
 (iv) Except as disclosed in the Registration Statement or the
SEC Reports, the Company does not have any subsidiaries and does not own any interest in any other corporation, partnership, joint venture or other entity. 

(v) This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding agreement, enforceable
in accordance with its terms, except as enforceability of any indemnification provision may be limited under federal securities laws and except as enforceability of such agreements may be limited by applicable bankruptcy, reorganization, insolvency,
moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights. 
 (vi) On the date of the
Registration Statement and at each Closing, the Company owns good and marketable title to all properties and assets described in the Registration Statement as owned by it, free and clear of all liens, charges, encumbrances or restrictions, except
such as are described or referred to in the Registration Statement or are not materially significant or important in relation to the business of the Company. 

(vii) Except as disclosed in or contemplated by the Registration Statement or the SEC Reports, the Company is not in violation of its
Certificate of incorporation or its Bylaws, or in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any material bond, debenture, note or other evidence of indebtedness or in any
material contract, indenture, mortgage, loan agreement, lease, joint venture or other agreement or instrument to which the Company is a party or by which it or any of its properties are bound; and the execution and delivery of this Agreement, the
incurrence of the obligations herein set forth and the consummation of the transactions herein contemplated will not conflict in any material respect with, or result in a breach of any of the material terms, conditions or provisions of, or
constitute a material default under, the Certificate of incorporation or Bylaws of the Company, or any material bond, debenture, note or other evidence of indebtedness or any material contract, indenture, mortgage, loan agreement, lease, joint
venture or other agreement or instrument to which the Company is a party or by which it or any of its properties are bound. 
 (viii) Except
as disclosed in or contemplated by the Registration Statement or the SEC Reports, there is no material action, suit or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or, to the knowledge of the
Company, threatened against or affecting the Company, which might result in any material and adverse change in the condition (financial or otherwise), business or prospects of the Company. 

  
 4 

 (ix) Except as disclosed in or contemplated by the Registration Statement, each material
contract to which the Company is a party is in full force and effect or has terminated in accordance with its terms or as set forth in the Registration Statement; and no party to any such contract has given notice of the cancellation of, or to the
knowledge of the Company has the intention to, cancel any such material contract. 
 (x) Except as disclosed in or contemplated by the
Registration Statement and the fees and disbursements payable to the Placement Agent pursuant to this Agreement, there are no outstanding claims for services either in the nature of a finder’s fee, brokerage fee or other similar fee with
respect to the Offering for which the Company or the Placement Agent may be responsible. 
 (xi) The Company has all power and authority to
enter into this Agreement and to carry out the transaction(s) contemplated hereby, and has secured all necessary waivers to allow it to engage the Placement Agent on the terms and conditions set forth herein. 

(b) The Placement Agent represents and warrants to and covenants with the Company that: 

(i) The Placement Agent is a limited liability company duly organized, validly existing and in good standing under the laws of the State of
Oregon and it has all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder. 
 (ii) This
Agreement has been duly authorized, executed and delivered by the Placement Agent and on its behalf and constitutes a valid and legally binding obligation enforceable against the Placement Agent in accordance with its terms. 

(iii) The execution and delivery of this Agreement, the observance and performance hereof and the consummation of the transactions
contemplated hereby and by the Registration Statement do not and will not result in any breach of, or default under, any instrument or agreement by which the Placement Agent is bound or violate any law or order directed to the Placement Agent of any
court or any federal or state regulatory body or administrative agency having jurisdiction over the Placement Agent or over its property. 

(iv) The Placement Agent is duly registered as a broker-dealer with the United States Securities and Exchange Commission (the
“SEC”) pursuant to the Exchange Act, and no proceeding has been initiated to revoke any of such registrations; the Placement Agent is a member in good standing of FINRA; the Placement Agent is duly registered as a broker-dealer
under the applicable statutes, if any, in each state in which the Placement Agent proposes to offer or sell the Securities where such registration is required; the Placement Agent shall be responsible for payment of compensation owed to any Sub-Agent, if any, which Sub-Agent, if any, must be a member in good standing of FINRA and registered in each state where investors identified by such Sub-Agent reside. 

  
 5 

 (v) The Placement Agent shall maintain all broker-dealer registrations, referred to above in
paragraph (iv), throughout the period in which Securities are offered and sold; the Placement Agent has complied and will comply with all broker-dealer requirements applicable to this transaction; the Placement Agent is not in violation of any order
of any court or regulatory authority applicable to it with respect to the sale of the Securities. 
 (vi) Neither the Placement Agent nor
any of its representatives is authorized to make any representation on behalf of the Company other than those contained in the Registration Statement or any additional information expressly provided by the Company to the Placement Agent for
dissemination to potential investors, nor is the Placement Agent or any of its representatives authorized to act as the agent or representative of the Company in any capacity, except as expressly set forth herein. 

(vii) In the event that, on or before any Closing, the Placement Agent becomes aware of any false statement of a fact or representation in
the Registration Statement, the Placement Agent shall promptly inform the Company of such false statement of fact. 
 (viii) The Placement
Agent shall inform the Company of each date on which it first receives any subscription from prospective investors in each particular state where the Securities are offered and shall not offer the Securities for sale in any state in which the offer
or sale requires prior notice or clearance from any state securities commission, bureau or agency thereon, unless the Company has confirmed that such prior notice or clearance has been made or obtained. 

(ix) It has not taken, and will not take, any action, directly or indirectly, that may cause the Offering to fail to be entitled to exemption
from applicable state securities or “blue sky” laws. 
 6. Indemnification.  

(a) The Company agrees to indemnify and hold harmless the Placement Agent, its officers, directors, partners, employees, agents, legal counsel
and any of its affiliates (each, a “Placement Agent’s Indemnified Party”) against any and all losses, claims, damages, liabilities, joint or several, and expenses (including all legal or other expenses reasonably incurred by a
Placement Agent’s Indemnified Party) caused by or arising out of any misrepresentation or untrue statement or alleged misrepresentation or untrue statement of a material fact contained in the Registration Statement or any other document
furnished by the Company to the Placement Agent for delivery to or review by the Qualified Investors, or the omission or the alleged omission to state in such documents furnished to the Qualified Investors a material fact necessary in order to make
the statements therein not misleading in light of the .circumstances under which they were made, to the extent such misstatements or omissions are made in reliance upon and in conformity with written information furnished by the Company for use in
the documents furnished to the Qualified Investors, including the Registration Statement (except to the extent such misrepresentations, untrue statements or omissions are based on information provided to the Company by the Placement Agent or its
affiliates). The Company agrees to reimburse the Placement Agent’s Indemnified Party for any reasonable expenses (including reasonable fees and expenses of counsel) incurred as a result of producing documents, presenting testimony or evidence,
or preparing to present testimony or evidence (based upon time expended by the Placement Agent’s Indemnified Party at its then current time charges or if such person shall have no established time charges, then based upon reasonable charges),
in connection with any court or administrative proceeding (including any investigation which may be preliminary thereto) arising out of or relating to the performance by the Placement Agent’s Indemnified Party of any obligation hereunder and
relating to a matter for which the Company must provide indemnity to or hold 

  
 6 

 
harmless such Placement Agent’s Indemnified Party pursuant to the provisions of this subsection 6(a). In the event the Company shall be obligated to indemnify a Placement Agent’s
Indemnified Party in connection with any such proceeding, the Company shall be entitled to assume the defense of such proceeding, with counsel approved by the Placement Agent’s Indemnified Party (which shall not be unreasonably withheld), upon
the delivery to the Placement Agent’s Indemnified Party of written notice of the Company’s election to do so. 
 (b) The Placement
Agent agrees to indemnify and hold harmless the Company, its managers, officers, directors, partners, employees, agents, legal counsel and its affiliates (each, a “Company Indemnified Party”) against any and all losses, claims,
damages and liabilities, joint or several, and expenses (including all legal or other expenses reasonably incurred by a Company Indemnified Party) caused by or arising out of any misrepresentation or untrue statement or alleged misrepresentation or
untrue statement of a material fact made by the Placement Agent or its affiliates to the Qualified Investors, or the Placement Agent’s omission or the alleged omission to state to the Qualified Investors a material fact necessary in order to
make statements made not misleading in light of the circumstances under which they were made (except to the extent such misrepresentations, untrue statements or omissions are based on information provided to the Placement Agent by the Company,
including the Registration Statement or any other document furnished by the Company to the Placement Agent for delivery to or review by the Qualified Investors), in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the Registration Statement or other document furnished to the Placement Agent for delivery to or review by the Qualified Investors, in reliance upon and in conformity with written
information furnished to the Company by the Placement Agent or its affiliates expressly for use therein. The Placement Agent agrees to reimburse the Company Indemnified Party for any reasonable expenses (including reasonable fees and expenses of
counsel) incurred as a result of producing documents, presenting testimony or evidence, or preparing to present testimony or evidence (based upon time expended by the Company Indemnified Party at its then current time charges or if such person shall
have no established time charges, then based upon reasonable charges), in connection with any court or administrative proceeding (including any investigation which may be preliminary thereto) arising out of or relating to the performance by the
Company Indemnified Party of any obligation hereunder and relating to a matter for which the Company must provide indemnity to or hold harmless such Company Indemnified Party pursuant to the provisions of this subsection 6(b). The Placement
Agent’s obligations under this Section 6(b) shall be limited to the net amount of Cash Fees paid or payable by the Company to the Placement Agent and the amount of any expense reimbursement paid or payable by the Company to the Placement
Agent under Section 9 of this Agreement, other than in the case of fraud, intentional misrepresentation or willful breach. In the event the Placement Agent shall be obligated to indemnify a Company Indemnified Party in connection with any such
proceeding, the Placement Agent shall be entitled to assume the defense of such proceeding, with counsel approved by the Company Indemnified Party (which shall not be unreasonably withheld), upon the delivery to the Company Indemnified Party of
written notice of the Placement Agent’s election to do so. 
 (c) In order to provide for just and equitable contribution under the
Securities Act in any case in which (i) any person entitled to indemnification under this Section 6 makes claim for indemnification pursuant hereto but it is judicially determined (by the entry of a final judgment or decree by a court of
competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced notwithstanding the fact that this Section 6 provides for indemnification in such case, or
(ii) contribution under the Securities 

  
 7 

 
Act may be required on the part of any such person in circumstances for which indemnification is provided under this Section 6, then, and in each such case, the Company and the Placement
Agent shall contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after any contribution from others) in such proportion so that the Placement Agent is responsible for the proportion that the amount of
commissions appearing in the Registration Statement bears to the price appearing therein, and the Company is responsible for the remaining portion; provided, that, in any such case, no person guilty of a fraudulent misrepresentation or omission
(within the meaning of Section 11 (f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

(d) The respective indemnity agreements between the Placement Agent and the Company contained in Sections 6(a) and (b) of this Agreement,
and the representations and warranties of the parties set forth in Section 5 or elsewhere in this Agreement, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Company or Placement
Agent, as the case may be, or by or on behalf of any controlling person of the Placement Agent or the Company or any such manager, partner, officer or director or any controlling person of the Company or the Placement Agent, as the case may be, and
shall survive the delivery of the Securities, and any successor of the Company and of the Placement Agent, or of any controlling person of the Company or the Placement Agent, as the case may be, shall be entitled to the benefit of the respective
indemnity agreements. The representations and warranties in Section 5 of this Agreement (but not the indemnities contained in Section 6 hereof) shall terminate six (6) months after the final Closing under this Agreement. 

7. Covenants  

(a) The Company covenants with the Placement Agent as follows: 

(i) The Company will notify the Placement Agent promptly, and confirm the notice in writing, of the initiation by the Commission or any state
securities commission of any proceeding against the Company. 
 (ii) The Company will give the Placement Agent notice of its intention to
amend or supplement the Registration Statement. 
 (iii) If any event shall occur as a result of which it is necessary, in the reasonable
opinion of either or both of the Placement Agent and the Company, to amend or supplement the Registration Statement in order to make the Registration Statement not misleading in the light of the circumstances existing at the time it is delivered to
a purchaser, the Company will forthwith amend or supplement the Registration Statement by preparing and furnishing to the Placement Agent a reasonable number of copies of an amendment or amendments of, or a supplement or supplements to, the
Registration Statement (in form and substance satisfactory to the Placement Agent), so that, as so amended or supplemented, the Registration Statement will not contain an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances existing at the time it is delivered to a purchaser, not misleading. 

(iv) The Company will endeavor, in cooperation with the Placement Agent, to qualify or perfect an exemption for the Securities for offering
and sale under the applicable securities laws of such states and other jurisdictions of the United States as the Placement Agent and the Company agree to offer and sell the Securities, and will maintain such qualifications in effect for so long as
may be required for the distribution of the Securities. This will include, but not be limited to preparing and filing Forms D, and and notice filings with each State, as, if, and when appropriate. 

  
 8 

 (v) The Company will apply the net proceeds from the sale of the Securities sold by it hereunder
substantially as contemplated by the Registration Statement. 
 (vi) All communications by the Company with the Placement Agent shall be
with the Placement Agent’s President, legal counsel and/or designated investment banker(s) with respect to the Offering. The Company shall not initiate communication directly with any of the Placement Agent’s brokers or the Qualified
Investors (until such time as such Qualified Investors are stockholders of the Company) without the prior consent of the Placement Agent. 

(b) The Placement Agent covenants and agrees that: 

(i) It will not give any information or make any representation in connection with the offering of Securities which is not contained in the
Registration Statement. 
 (ii) In making any offer of Securities, the Placement Agent agrees that it will comply with the provisions of
the Securities Act and the Exchange Act and the securities laws of each state, and that it and its authorized agents will offer to sell, or solicit offers to subscribe for or buy, the Securities only in those states and other jurisdictions in the
United States in which such solicitations can be made in accordance with an applicable exemption from registration or qualification and in which the Placement Agent is qualified to so act. Nothing contained herein shall limit the Placement Agent
from offering to sell the Securities outside the United States in compliance with applicable laws. 
 8.
Confidentiality. Except in keeping with its obligations under this Agreement, the Placement Agent will maintain in confidence and will use only for the purpose of fulfilling its obligations hereunder and will not use for
its own benefit any inventions, confidential know-how, trade secrets, financial information and other non-public information and data disclosed to it by the Company, and
it will not divulge the same to any other persons until such time as the information becomes a matter of public knowledge. The Placement Agent will use its best efforts to prevent any unauthorized disclosure described above by others. This
Section 9 will survive expiration or termination of this Agreement indefinitely. 
 9. Expenses. 

 (a) The Placement Agent shall receive an expense fee equal to $25,000 payable upon the first closing pursuant to this Agreement, which
will offset by future expenses incurred by the Placement Agent during the Offering. 
 (b) The Company shall pay all of its expenses and
costs incident to the performance of its obligations under this Agreement, including but not limited to its legal and accounting fees, and shall be responsible for payment of all federal, state “blue sky” and other filings pertaining to
the Offering. 

  
 9 

 10. Independent Contractor; Duty Owed.  

(a) The Placement Agent will perform its services hereunder as an independent contractor, and nothing in this Agreement will in any way be
construed to constitute the Placement Agent the agent, employee or representative of the Company. Neither the Placement Agent nor any agent acting on behalf of the Placement Agent will enter into any agreement or incur any obligations on the
Company’s behalf or commit the Company in any manner or make any representations, warranties or promises on the Company’s behalf or hold itself (or allow itself to be held) as having any authority whatsoever to bind the Company without the
Company’s prior written consent, or attempt to do any of the foregoing. 
 (b) The Company acknowledges that the Placement Agent is
being engaged hereunder solely to provide the services described above to the Company, and that it is not acting as a fiduciary of, and shall have no duties or liabilities to, the equity holders of the Company or any other third party in connection
with its engagement hereunder, all of which are hereby expressly waived. 
 11. General.  

(a) Arbitration. The parties hereto agree that any dispute or controversy arising out of, relating to or concerning any interpretation,
construction, performance or breach of this Agreement, shall be subject to the laws of the State of New York without giving effect to its conflicts of laws provisions. Any disputes will be settled in binding arbitration in New York, New York under
the auspices of FINRA dispute resolution. The decision of the arbitrator will be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The Company
and the Placement Agent shall each pay one-half of the costs and expenses of such arbitration, and each shall separately pay its counsel fees and expenses. 

(b) Covenant against Assignment. This Agreement is personal to the parties hereto, and accordingly, except for the right to enforce the
obligations under Sections 6 and 7 hereunder (which right shall inure to the benefit of the successors and assigns of the aggrieved party), neither this Agreement nor any right hereunder or interest herein may be assigned or transferred or charged
by either party without the express written consent of the other. 
 (c) Entire Agreement; Amendment. This Agreement and the attached
exhibits constitute the entire contract between the parties with respect to the subject matter hereof and supersede any prior agreements between the parties. This Agreement may not be amended, nor may any obligation hereunder be waived, except by an
agreement in writing executed by, in the case of an amendment, each of the parties hereto, and, in the case of a waiver, by the party waiving performance. 

(d) No Waiver. The failure or delay by a party to enforce any provision of this Agreement will not in any way be construed as a waiver
of any such provision or prevent that party from thereafter enforcing any other provision of this Agreement. The rights granted the parties hereunder are cumulative and will not constitute a waiver of either party’s right to assert any other
legal remedy available to it. 
 (e) Severability. Should any provision of this Agreement be found to be illegal or unenforceable,
the other provisions will nevertheless remain effective and will remain enforceable to the greatest extent permitted by law. 

  
 10 

 (f) Notices. Any notice, demand, offer, request or other communication required or
permitted to be given by either the Company or the Placement Agent pursuant to the terms of this Agreement must be in writing and will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally,
(iii) one business day after being delivered by facsimile (with receipt of appropriate confirmation) to the number provided to the other party or such other number as a party may request by notifying the other in writing, (iv) one business
day after being deposited with an overnight courier service or (v) four days after being deposited in the U.S. mail, First Class with postage prepaid, and addressed to the party at the address previously provided to the other party or such
other address as a party may request by notifying the other in writing. 
 (g) Counterparts. This Agreement may be executed in one or
more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals. 

  
 11 

 The parties have executed this Placement Agent Agreement as of the date first written above. 

 

			
	CYTODYN INC.
		
		 	/s/ Michael D. Mulholland
	By:	 	Michael D. Mulholland
	Its:	 	Chief Financial Officer

  

			
	PAULSON INVESTMENT COMPANY, LLC
		
	By:	 	/s/ Mark Finckle
		 	Mark Finckle
	Its:	 	Managing Director

 SIGNATURE PAGE TO PLACEMENT AGENT
AGREEMENT

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