Document:

EXHIBIT 10.1

 

FORM OF
SECURITIES PURCHASE AGREEMENT 

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of December [•], 2022, between Outlook Therapeutics, Inc., a Delaware
corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its
successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of 1933, as amended
(including the rules and regulations promulgated thereunder, the “Securities Act”), the Company desires to issue
and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, shares of Common Stock
of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1            Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings
set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.4.

 

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

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized
or required by law to remain closed.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which this Agreement has been executed and delivered by the applicable parties thereto, and all
conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations
to deliver the Shares, in each case, have been satisfied or waived, but in no event later than the second (2nd) Trading Day
following the date hereof.

 

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

 

     

     

    

 

“Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company
Counsel” means Cooley LLP, with offices located at 55 Hudson Yards, New York, New York 10001.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City
time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately
following the date hereof and (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York
City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof.

 

“DTC”
means The Depository Trust Company.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

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

 

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

 

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

 

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

 

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

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

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“Per Share
Purchase Price” equals $[•], subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement and prior to the Closing Date.

 

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

 

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

 

“Principal
Trading Market” means the Nasdaq Capital Market.

 

[“Placement
Agent” means M.S. Howells & Co.]

 

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

 

“Prospectus”
means the final base prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) that is filed with the Commission and
delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.7.

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-254778 which registers the sale of the
Shares to the Purchasers, including all documents incorporated or deemed to be incorporated by reference therein.

 

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

 

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

 

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

 

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

 

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“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not
be deemed to include locating and/or borrowing shares of Common Stock).

 

“Subscribed
Shares” means, with respect to any Purchaser, the number of Shares equal to such Purchaser’s Subscription Amount divided
by the Per Share Purchase Price.

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below such
Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United
States dollars and in immediately available funds.

 

“Subsidiary”
means any significant subsidiary of the Company within the meaning of Rule 1-02(w) under Regulation S-X.

 

“Trading
Day” means a day on which the Principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York
Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement and all exhibits and schedules hereto.

 

“Transfer
Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company, with a mailing
address of 6201 15th Avenue, Brooklyn, New York 11219, and any successor transfer agent of the Company.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1            Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally
and not jointly, agree to purchase, an aggregate of $[•] million of Shares. The Company shall deliver to each Purchaser its respective
Shares in book-entry form, and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable
at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur remotely
or at such physical location as the parties shall mutually agree. Payment of each Purchaser’s Subscription Amount shall be made
by each Purchaser to the Company by wire transfer of immediately available funds to a bank account designated by the Company against delivery
to each Purchaser of such Purchaser’s Subscribed Shares, registered in such Purchaser’s name and address or as otherwise directed
to be registered by such Purchaser. Unless otherwise directed by any Purchaser with respect to itself, delivery of the Shares shall occur
through the facilities of DTC using its Deposit or Withdrawal at Custodian (“DWAC”) system.

 

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2.2            Deliveries.

 

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

 

(i)            this
Agreement duly executed by the Company;

 

(ii)          a
legal opinion of Company Counsel, in a form reasonably acceptable to the Purchasers;

 

(iii)          the
Company’s wire instructions, on Company letterhead and executed by the Chief Executive Officer;

 

(iv)          subject
to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent
to deliver on an expedited basis via DWAC Shares equal to such Purchaser’s Subscribed Shares, registered in the name of such Purchaser
(or as otherwise directed to be registered by such Purchaser); and

 

(v)           the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

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

 

(i)            this
Agreement duly executed by such Purchaser; and

 

(ii)          such
Purchaser’s Subscription Amount, which shall be delivered by wire transfer of immediately available funds to a bank account designated
by the Company in the wire instructions referred to above.

 

2.3            Closing
Conditions.

 

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

 

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

 

(ii)          all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed;
and

 

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(iii)          the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)            The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

 

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

 

(ii)            all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)          the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)          there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)           from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Principal Trading
Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been
suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on
any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall
there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in
its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser,
makes it impracticable or inadvisable to purchase the Shares at the Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1            Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to each Purchaser:

 

(a)            Subsidiaries.
The Company does not have any Subsidiaries. The Company owns, directly or indirectly, all of the capital stock or other equity interests
of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly
issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. As the Company
has no Subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

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(b)            Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to
own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in
violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational
or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected to result
in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse
effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries,
taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely
basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”)
and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail
such power and authority or qualification.

 

(c)            Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the
transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other
than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or
upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

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

 

(e)            Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to,
or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection
with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant
to Section 4.3 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) application(s) to
each applicable Trading Market for the listing of the Shares for trading thereon in the time and manner required thereby, (iv) such
filings as are required to be made under applicable state securities laws and (v) such consents, waivers and authorizations that
shall be obtained prior to the Closing (collectively, the “Required Approvals”).

 

(f)            Issuance
of the Shares; Registration. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company
has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.
The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became
effective on April 1, 2021 (the “Effective Date”), including the Prospectus, and such amendments and supplements
thereto as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and
no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus
has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened
by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus Supplement
with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments thereto became effective,
at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform
in all material respects to the requirements of the Securities Act and did not and will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and
the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued
and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and
will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The Company was at the time of filing the Registration Statement,
and is, eligible to use Form S-3 under the Securities Act.

 

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(g)            Capitalization.
The capitalization of the Company is as set forth in the SEC Reports. Except as described in the SEC Reports, the Company has not issued
any securities since its most recently filed audited financial statements, other than pursuant to the exercise of employee stock options
under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee
stock purchase plans, the conversion and/or exercise of Common Stock Equivalents and the sale of shares of Common Stock under the At-the-Market
Offering Agreement, dated March 26, 2021 (as amended), between the Company and H.C. Wainwright & Co., LLC. Except as set
forth in the SEC Reports, no Person has any right of first refusal, preemptive right, right of participation, or any similar right to
participate in the transactions contemplated by this Agreement. Except as set forth in the SEC Reports, there are no outstanding options,
warrants, subscription rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares
of Common Stock or other securities of the Company or any Subsidiary, or contracts, commitments, understandings or arrangements by which
the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or other securities of the Company or
any Subsidiary. Other than as described in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary
with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities
by the Company or any Subsidiary. Other than as described in the SEC Reports, there are no outstanding securities or instruments of the
Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or
arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The
Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.
All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and non-assessable, have
been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any
preemptive rights or similar rights to subscribe for or purchase securities. Other than as described in the SEC Reports, there are no
stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the
Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

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(h)            SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be
filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof
(the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus
and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on a timely basis or has
received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As
of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange
Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial
statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the
rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited
financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position
of the Company and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)            Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements, except as set
forth in the SEC Reports, (i) there has been no event, occurrence or development that has had or that would reasonably be expected
to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade
payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, other than the adoption of new accounting standards as set forth in the SEC Reports,
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased,
redeemed or made any agreements to purchase or redeem any shares of its capital stock, and (v) the Company has not issued any equity
securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending
before the Commission any request for confidential treatment of information. Except for the issuance of the Shares contemplated by this
Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur
or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or
financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation
is made or deemed made that has not been publicly disclosed prior to the time that this representation is made.

 

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(j)            Litigation.
There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened
against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities
or (ii) would, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither
the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation
of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge
of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former
director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement (including the Registration Statement) filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

  

(k)            Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company,
which would reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees
is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company
nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships
with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected
to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement
or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued
employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any
of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and
regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the
failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l)            Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or
any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement
or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default
or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental
authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including
without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety,
product quality and safety and employment and labor matters, except in each case of clause (i), (ii) and (iii) as would not
reasonably be expected to result in a Material Adverse Effect.

 

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(m)            Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution
or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata),
including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or
hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to
the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as
all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits,
plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received
all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and
(iii) are in compliance with all terms and conditions of any such permit, license or approval except in each case of clause (i),
(ii) and (iii), where the failure to so possess or comply would not be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

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

 

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

 

    12 

     

    

 

(p)            Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights
necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to
so have would reasonably be expected to have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
Neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of the Intellectual Property Rights has expired,
terminated or been abandoned, or is expected to expire or terminate or be abandoned, except as would not reasonably be expected to have
a Material Adverse Effect. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements
included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate
or infringe upon the rights of any Person, except as would not reasonably be expected to not have a Material Adverse Effect. To the knowledge
of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of
the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality
and value of all of their Intellectual Property Rights, except where failure to do so would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The Company has no knowledge of any facts that would preclude it from having valid license
rights or clear title to the Intellectual Property Rights. The Company has no knowledge that it lacks any rights or licenses to use all
Intellectual Property Rights that are necessary to conduct its business.

 

(q)            Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited
to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may
be necessary to continue its business without a significant increase in cost.

 

(r)            Transactions
With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company or any Subsidiary
and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with
the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other
arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing
for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is
an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary
or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other
employee benefits, including stock option agreements under any stock option plan of the Company.

 

    13 

     

    

 

(s)            Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley
Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission
thereunder that are effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of
internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s
general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s
general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and
designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it
files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures
of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange
Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the
Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their
evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting
(as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely
to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

(t)            Certain
Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other
Person with respect to the transactions contemplated by this Agreement. The Purchasers shall have no obligation with respect to any fees
or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due
in connection with the transactions contemplated by this Agreement.

 

(u)            Investment
Company. The Company is not, and immediately after the issuance and sale of the Shares as contemplated herein and receipt of payment
for the Shares, and application of the proceeds as contemplated by the Prospectus Supplement, will not be, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.

 

(v)            Registration
Rights. Except as set forth in the SEC Reports, no Person has any right to cause the Company or any Subsidiary to effect the registration
under the Securities Act of any securities of the Company or any Subsidiary.

 

    14 

     

    

 

(w)            Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act,
and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the
Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through DTC or another
established clearing corporation and the Company is current in payment of the fees to DTC (or such other established clearing corporation)
in connection with such electronic transfer.

 

(x)            Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar
anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the laws of its state
of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations
or exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s issuance of
the Shares and the Purchasers’ ownership of the Shares.

 

(y)            Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms
that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information
that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed (or incorporated by
reference) in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby is true and correct in
all material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The press releases
disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that no
Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically
set forth in Section 3.2 hereof.

 

(z)            No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Shares
to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market
on which any of the securities of the Company are listed or designated.

 

    15 

     

    

 

(aa)          Solvency.
Other than as set forth in the SEC Reports, the Company has no knowledge of any facts or circumstances which lead it to believe that it
will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing
Date. Other than as disclosed in the SEC Reports, neither the Company nor any Subsidiary has any Indebtedness. For the purposes of this
Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other
than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations
in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet
(or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in
the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to
be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(bb)         Tax
Status. Except for matters that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign
income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all
taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed
to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such
claim.

 

(cc)          Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any director, officer,
employee, agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds
for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made
any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision
of FCPA.

 

(dd)         Accountants.
The Company’s independent registered public accounting firm is KPMG LLP. To the knowledge and belief of the Company, such accounting
firm is a registered public accounting firm as required by the Securities Act, the Exchange Act and the Public Company Accounting Oversight
Board.

 

    16 

     

    

 

(ee)          Acknowledgment
Regarding Purchasers’ Purchase of Shares. The Company acknowledges and agrees that each of the Purchasers is acting solely in
the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The
Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their
respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely
incidental to the Purchasers’ purchase of the Shares. The Company further represents to each Purchaser that the Company’s
decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions
contemplated hereby by the Company and its representatives.

 

(ff)           Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except
for Sections 3.2(f) and 4.10 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has
been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities
of the Company, or “derivative” securities based on securities issued by the Company or to hold the Shares for any specified
term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales
or “derivative” transactions, before or after the closing of this or future private placement transactions, may negatively
impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and counter-parties in “derivative”
transactions to which any such Purchaser is a party, directly or indirectly, presently may have a “short” position in the
Common Stock, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party
in any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers may
engage in hedging activities at various times during the period that the Shares are outstanding, and (z) such hedging activities
(if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities
are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction
Documents.

 

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

 

    17 

     

    

 

(hh)          FDA.
As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal Food,
Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged, labeled,
tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical Product”),
such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in compliance
with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use,
premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical practices,
product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would
not have a Material Adverse Effect. There is no pending, completed or, to the Company's knowledge, threatened, action (including any lawsuit,
arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its
Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the
FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses
of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical
Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of
advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical
investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries,
(v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise
alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either individually
or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company have been and are being
conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA.  The Company has
not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed
to be developed, produced or marketed by the Company nor, to the Company’s knowledge, has the FDA expressed any concern as to approving
or clearing for marketing any product being developed or proposed to be developed by the Company.

 

(ii)            Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance
with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of
the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under
the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company
policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the
release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

 

(jj)            Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee
or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department.

 

    18 

     

    

 

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

 

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

 

(mm)        Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable
financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable
money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”),
and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or
any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

 

(nn)         Cybersecurity.
Except as disclosed in the SEC Reports, (i) to the Company’s knowledge, there has been no security breach or incident, unauthorized
access or disclosure, or other compromise of or relating to the Company or its Subsidiaries information technology and computer systems,
networks, hardware, software, data and databases (including the data and information of their respective customers, employees, suppliers,
vendors and any third party data maintained, processed or stored by the Company and its Subsidiaries, and any such data processed or stored
by third parties on behalf of the Company and its Subsidiaries), equipment or technology (collectively, “IT Systems and Data”),
except for those that have been remedied without material cost or liability or the duty to notify any other person; (ii) neither
the Company nor its Subsidiaries have been notified of, and each of them have no knowledge of, any event or condition that could result
in, any security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data; and (iii) the
Company and its Subsidiaries have implemented controls, policies, procedures, and technological safeguards to maintain and protect the
integrity, continuous operation, redundancy and security of their IT Systems and Data that are adequate for, and operate and perform in
all material respects as required in connection with the operation of the business of the Company and its Subsidiaries as currently conducted.
The Company and its Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders,
rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations
relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access,
misappropriation or modification.

 

    19 

     

    

 

3.2            Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the
date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate
as of such date):

 

(a)            Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company
or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise
to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such
Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership,
limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a
party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute
the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

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

 

(c)            [Placement
Agent. The undersigned hereby acknowledges and agrees that Placement Agent is acting in connection with this offering of the Shares
and is not acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for the undersigned,
the Company or any other person or entity in connection with this offering of the Shares or the transactions contemplated by the Transaction
Documents, (b) the Placement Agent has not made and will not make any representation or warranty, whether express or implied, of
any kind or character and have not provided any advice or recommendation in connection with this offering of the Shares or the transactions
contemplated by the Transaction Documents, (c) the Placement Agent will have no responsibility with respect to (i) any representations,
warranties or agreements made by any person or entity under or in connection with this offering of the Shares, the transactions or any
of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability (with respect
to any person) of any thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects of, or any
other matter concerning the Company, this offering of the Shares or the transactions contemplated by the Transaction Documents and (d) the
Placement Agent shall have no liability or obligation (including without limitation, for or with respect to any losses, claims, damages,
obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by the undersigned, the Company or any
other person or entity), whether in contract, tort or otherwise, to the undersigned, or to any person claiming through the undersigned,
in respect of this offering of the Shares or the transactions contemplated by the Transaction Documents.]

 

    20 

     

    

 

 

(d)            [Disclosure.
The undersigned acknowledges that no disclosure or offering document has been prepared by the Placement
Agent or any of its Affiliates in connection with the offer and sale of the Shares.]

 

(e)            Purchaser
Status. At the time such Purchaser was offered the Shares, it was, and as of the date hereof it is, either: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a
 “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

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

 

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

 

    	 	21	 

     

    

 

(h)            Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has
any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or
sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first
received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms
of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the
case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions
of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by
the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement. Other than to other Persons
party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers, directors, partners,
legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made
to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for
the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect
to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such
Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations
and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt,
nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing
shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS

 

4.1            Furnishing
of Information.Until the time that no Purchaser owns Shares, the Company covenants to timely file (or obtain extensions in respect
thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to
the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

4.2            Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2
of the Securities Act) that would be integrated with the offer or sale of the Shares for purposes of the rules and regulations of
any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval
is obtained before the closing of such subsequent transaction.

 

    	 	22	 

     

    

 

4.3            Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms
of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits
thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company
represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers
by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the
transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges
and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company,
any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the
Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other
in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall
issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any
press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which
consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party
shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the
Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission
or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal
securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure
is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure
permitted under this clause (b).

 

4.4            Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser
is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser
could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Shares under the Transaction Documents
or under any other agreement between the Company and the Purchasers.

 

4.5            Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.3, the Company covenants and agrees that neither it, nor any other Person acting on
its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes
constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information
and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying
on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any material,
non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser
shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents,
employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees
or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to
applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public
information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company.

 

    	 	23	 

     

    

 

4.6            Use
of Proceeds. The Company will use the net proceeds from the sale of Shares under this Agreement as described in the Prospectus Supplement
under the section entitled “Use of Proceeds.”

 

4.7            Indemnification
of Purchasers. Subject to the provisions of this Section 4.7, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person
holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents,
members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding
a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any
and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in
settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur
as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company
in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity,
or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with
respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach
of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings
such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws
or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct).
If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such
Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with
counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of
such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing,
(y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action
there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the
position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than
one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a
Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (2) to
the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any
of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
Documents. The indemnification required by this Section 4.7 shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in
addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company
may be subject to pursuant to law.

 

    	 	24	 

     

    

 

4.8            Listing
of Common Stock. The Company hereby agrees to use commercially reasonable efforts to maintain the listing or quotation of the Common
Stock on the Principal Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply or give
notice to list or quote all of the Shares on such Principal Trading Market and promptly secure the listing of all of the Shares on such
Principal Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market,
it will then include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares
to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary
to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting,
filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the
Common Stock for electronic transfer through DTC or another established clearing corporation, including, without limitation, by timely
payment of fees to DTC or such other established clearing corporation in connection with such electronic transfer.

 

4.9            Equal
Treatment of Purchasers. No consideration (including any modification of this Agreement) shall be offered or paid to any Person to
amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration is also offered to all of
the parties to this Agreement. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the
Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not
in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Shares
or otherwise.

 

4.10          Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it
nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short
Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time
that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described
in Section 4.3.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the
transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described
in Section 4.3, such Purchaser will maintain the confidentiality of the existence and terms of this transaction.  Notwithstanding
the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees
that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in
any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant
to the initial press release as described in Section 4.3, (ii) no Purchaser shall be restricted or prohibited from effecting
any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions
contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.3 and
(iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company
or its Subsidiaries after the issuance of the initial press release as described in Section 4.3.  Notwithstanding the foregoing,
in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of
such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers
managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement.

 

    	 	25	 

     

    

 

ARTICLE V.

MISCELLANEOUS

 

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

 

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

 

5.3            Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement,
contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

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

 

    	 	26	 

     

    

 

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

 

5.6            Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any
of the provisions hereof.

 

5.7            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.
The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other
than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or
transfers any Shares, provided that such transferee agrees in writing to be bound, with respect to the transferred Shares, by the provisions
of this Agreement that apply to the “Purchasers.”

 

5.8            [No]
Third-Party Beneficiaries. [The Placement Agent shall be the third party beneficiary of the representations and warranties of the
Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2.] This Agreement is intended
for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any
provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.7 and this Section 5.8.

 

    	 	27	 

     

    

 

5.9              Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement or any other Transaction Documents (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.7,
the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

 

5.10            Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

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

 

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

 

5.13            Replacement
of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall issue
or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs
(including customary indemnity) associated with the issuance of such replacement Shares.

 

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

 

    	 	28	 

     

    

 

5.15            Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several and
not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance
of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document,
and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently
protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose.
Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. [For
reasons of administrative convenience only, certain Purchasers and their respective counsel have chosen to communicate with the Company
through the Placement Agent’s counsel. The Placement Agent’s counsel does not represent any of the Purchasers and only represents
the Placement Agent.] The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience
of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that
each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and
not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

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

 

5.17            Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents
and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference
to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits,
stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

5.18            WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

    	 	29	 

     

    

 

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

 

	OUTLOOK THERAPEUTICS, iNC.	 	Address for Notice:
	 	 	 	 
	By:	 	 	 
	 	Name:	 Lawrence A. Kenyon	 	Fax:
	 	Title:	 Chief Financial Officer	 	E-Mail:
	With a copy to (which shall not constitute notice):	 	485 Route 1 South
	 	 	 	Building F, Suite 320
	 	 	 	Iselin, New Jersey 08830
	Yvan-Claude Pierre, Esq.	 	 
	Cooley LLP	 	 
	55 Hudson Yards	 	 
	New York, NY 10001	 	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    	 	30	 

     

    

 

[PURCHASER SIGNATURE PAGES TO OTLK
SECURITIES PURCHASE AGREEMENT]

 

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

 

Name of Purchaser: ________________________________________________________

 

Signature
of Authorized Signatory of Purchaser: _________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:_________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

DWAC for Shares:

 

Subscription Amount: $_________________

 

Shares: _________________

 

EIN Number: _______________________

 

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

 

[SIGNATURE PAGES CONTINUE]

 

    	 	31Exhibit 10.2

 

STRICTLY
CONFIDENTIAL  

 

December 22, 2022

 

Outlook Therapeutics, Inc.

485 Route 1 South

Building F, Suite 320

Iselin New Jersey 08852

 

Attention: Lawrence A. Kenyon, Chief Financial Officer

 

Dear Mr. Kenyon:

 

Pursuant to our recent discussions,
this letter agreement (this “Agreement”) confirms our understanding that Outlook Therapeutics, Inc., a Delaware
corporation (collectively with its subsidiaries and affiliates, the “Company”), has engaged M.S. Howells &
Co. (the “Placement Agent”) to act as the Company’s placement agent to introduce it to certain investors (the
 “Investors”) as prospective purchasers of the Company’s shares of common stock par value $0.01 per share (the
 “Shares”), in connection with a registered direct financing (the “Transaction”). This Agreement
will be effective as of December 22, 2022 (the “Effective Date”) and will expire on December 29, 2022.

 

Subject to the terms and conditions set forth
herein, the Placement Agent agrees to assist the Company in (i) identifying and contacting potential purchasers of the Shares, (ii) soliciting
and receiving offers to purchase the Shares, and (iii) if requested, preparing an investor presentation and/or marketing materials
(in each case, based entirely on information supplied by the Company) for distribution to potential purchasers, describing the Company,
the respective business and financial condition and the Shares, and (iv) provide related services to facilitate the successful completion
of the Transaction. Notwithstanding anything to the contrary contained in this Agreement (as defined below), the Placement Agent shall
not have any obligation to purchase any of the Shares or any liability to the Company if any prospective purchaser fails to consummate
a purchase of any of the Shares.

 

The Company understands that the Placement Agent
is acting solely as placement agent to the Company, is not acting as a financial advisor to the Company and is not undertaking any fiduciary
duty to the Company, its management or its board of directors (the “Board”) with respect hereto, is acting as an independent
contractor and is not undertaking to provide any legal, accounting or tax advice in connection with its engagement under this Agreement
and that the Placement Agent’s role in any due diligence will be limited solely to performing such review as it shall deem necessary
to support its own services and shall not be on behalf of the Company. Specifically, the Company acknowledges and agrees that the Placement
Agent will not be responsible for providing any advice in relation to selling restrictions and other securities laws matters in any jurisdiction
in connection with its engagement hereunder. The Company shall consult with its own advisors concerning such matters and shall be responsible
for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Placement Agent shall have
no responsibility or liability to the Company with respect thereto. The Company acknowledges that it is responsible for making all necessary
notifications of, and filings with, all federal, state and other applicable securities regulatory authorities with respect to the transactions
contemplated hereby. In order to enable the Placement Agent to bring relevant expertise to bear on its engagement under this Agreement
from among its global affiliates, the Company agrees that the Placement Agent may share information obtained, directly or indirectly,
from the Company hereunder with its affiliates who need to know such information in connection with the Placement Agent’s performance
of its services hereunder, and may perform such services in conjunction with its affiliates, and that any affiliates of the Placement
Agent performing services hereunder shall be entitled to the benefits and subject to the terms of this Agreement. The Company agrees that,
following closing of the Transaction (or if earlier, public announcement of the pricing of the Transaction), the Placement Agent may,
at its option and expense, advertise its role(s) with respect to the Transaction in marketing materials provided to prospective issuers.
The Company agrees that any press release it may issue announcing a Transaction will, subject to the Placement Agent’s review and
approval, contain a reference to the Placement Agent’s role as placement agent to the Company in connection with such Transaction,
and that the Placement Agent may not, without its prior written consent, be quoted or referred to in any document, release or communication
prepared, issued or transmitted by the Company.

 

    	 	 	 

     

    

 

The Transaction will be a registered direct financing
in accordance with the applicable laws of the United States and pursuant to the following procedures and terms and conditions:

 

1.            Fees.
The Placement Agent’s aggregate fee for introducing the Investors to the Company and all other services provided by the Placement
Agent in connection therewith shall be a placement fee equal to 5% of the proceeds from the sale of Shares by the Company to Investors
who participate in the Transaction by virtue of an introduction to the Company by the Placement Agent, which for the avoidance of doubt,
shall not include the potential purchasers set forth on Schedule I hereto (the Shares sold to such investors, the “Placement Agent
Shares”). Such fee shall be payable by the Company upon the consummation of the placement of the applicable Shares. In addition,
the Company hereby agrees to issue to the Placement Agent upon the closing of the Transaction, a warrant to purchase a number of
the Company’s shares of common stock, par value $0.01 per share, equal to 5% of the total number of Placement Agent Shares sold
in the Transaction (the “Warrant”). The Warrant shall have a three year term and be exercisable, in whole or in part, commencing
on the one year anniversary of the closing of the Transaction, at an initial exercise price which is equal to 120% of the purchase price
of the Shares. All fees payable hereunder are nonrefundable.

 

2.            In
addition, the Company shall reimburse, regardless of the consummation of the sale contemplated hereby, the Placement Agent for, and the
Placement Agent will separately bill, their reasonable and documented costs and expenses in connection with the engagement hereunder,
as incurred, including travel costs, document production and other similar expenses, and reasonable fees and expenses of counsel, including
the fees and expenses of such counsel in connection with Financial Industry Regulatory Authority, Inc. (“FINRA”)
filings and “Blue Sky” filings, and other professional advisors, and any irrecoverable value added or similar tax incurred
thereon, in an aggregate amount not to exceed $130,000. The Company also shall be responsible for its own expenses.

 

All amounts payable under
this Agreement are quoted exclusive of value added or similar tax and shall be paid in immediately available funds in U.S. dollars, without
setoff and without deduction for any withholding, value-added or other similar taxes, charges, fees or assessments. If the Company is
obliged by law to make any deduction or withholding from any such payment or any Placement Agent makes any payment of any taxes, fees,
expenses, assessments or other charges (other than taxes imposed on or measured by net income, franchise taxes, and branch profits taxes,
in each case, imposed as a result of the Placement Agent being organized under the laws of, having its principal office in or branch out
of which work is being performed with respect to this Agreement in, the jurisdiction imposing such tax), the amount due from the Company
in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding
or payment by the Placement Agent, the Placement Agent receives a net amount equal to the amount the Placement Agent would have received
had no such deduction or withholding or payment by the Placement Agent been made. In the event of such deduction or withholding, the Company
will deliver promptly the Placement Agent such tax receipts or other documentation as it may require.

 

    	 	 	 

     

    

 

3.            Representations
and Warranties of the Company; Closing Deliverables. The sale of Shares to the purchasers in the Transaction will be evidenced by
a purchase agreement (“Purchase Agreement”) among the Company and such purchasers in a form reasonably satisfactory
to the Company and the Placement Agent. The Placement Agent shall be a third party beneficiary with respect to the representations and
warranties made by the Company and the purchasers in the Purchase Agreement.

 

		a.	The Company will use its commercially reasonable efforts to cause the Company’s independent public
accountants to address and deliver to the Company and the Placement Agent a letter or letters (which letters are frequently referred to
as “Comfort Letters”) dated as of the pricing date and a bring-down letter dated the date of the consummation of the
sale of the Securities (the “Closing Date”), both of which letters will at all times be in form and substance reasonably
satisfactory to the Company and the Placement Agent. The Company, in consultation with the Placement Agent, will determine the actual
timing of the distribution; and

 

		b.	Use its commercially reasonable efforts to cause the Company’s counsel to address and deliver to
the Placement Agent a customary opinion letter dated as of the Closing Date in form and substance reasonably satisfactory to the Placement
Agent;

 

		4.	On each closing date for the sale of Securities in the Transaction, the Company shall deliver to the Placement
Agents:

 

		a.	A copy of each officer's certificate delivered by the Company to a purchaser of Securities pursuant to
the applicable Purchase Agreement, if any;

 

		b.	Signed copies of each Purchase Agreement with the Placement Agents named as third-party beneficiaries
of such representations (a draft of which should be provided to the Placement Agents for their counsel’s review a reasonable time
before the relevant closing date); and

 

		c.	Copies of any other documents delivered to the purchaser at such closing as the Placement Agents may reasonably
request in form satisfactory to the Placement Agents.

 

5.            Representations
and Warranties of the Placement Agent. The Placement Agent hereby represents and warrants to the Company that it has not had and will
not have any discussions with any person on the basis of which such person would be able to assert a claim for a finder’s
fee or similar fee in connection with the sale by the Company of the Shares covered by this Agreement to prospects in the United States
of America or overseas.

 

		a.	Private Placement of Warrant. As of the date hereof, the Placement Agent is either (i) an
 “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the U.S. Securities
Act of 1933, as amended (the “1933 Act”) or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under
the 1933 Act. The Warrant to be received by the Placement Agent will be acquired for such Placement Agent's own account, not as nominee
or agent, for the purpose of investment and not with a view for the resale or distribution of any part thereof in violation of the 1933
Act. Further the Placement Agent has no present intention of selling, granting any participation in, or otherwise distributing the same
in violation of the 1933 Act without prejudice, however, to such Placement Agent’s right at all times to sell or otherwise dispose
of all or any part of such Warrant in compliance with applicable federal and state securities laws. The Warrant is being issued to such
Placement Agent in the ordinary course of its business. Nothing contained herein shall be deemed a representation or warranty by such
Placement Agent to hold the Warrant for any period of time.

 

    	 	 	 

     

    

 

6.            Access
to Information. The Company shall extend to each Investor the opportunity, prior to the Closing Date for the sale of any Shares to
such Investor, to ask questions of, and receive answers from, the Company concerning the Company, the Shares and the terms and conditions
of the Transaction and to obtain any information that such Investors may consider necessary in making an informed investment decision
or to verify the accuracy of the information.

 

7.            Use
of Proceeds. The Company agrees that it will not directly or indirectly use the proceeds of the Transaction hereunder, or lend, contribute
or otherwise make available such proceeds to a subsidiary, joint venture partner or other person or entity, (i) to fund or facilitate
any activities of or business with any person that, at the time of such funding or facilitation, is the subject of or target of any sanctions
administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department
of the Treasury) or other relevant sanctions authority (collectively, “Sanctions”), (ii) to fund or facilitate
any activities of or business in any country or territory that is the subject or target of Sanctions, including, without limitation, Cuba, Iran,
North Korea, Syria and Crimea or (iii) in any other manner that will result in a violation by any person (including any person participating
in the transaction, whether as placement agent, underwriter, advisor, purchaser or otherwise) of Sanctions.

 

8.            Limitation
of Engagement by the Board. The Placement Agent’s financial arrangements, proposals and guidance are intended solely for the
benefit and use of the Board (acting in its capacity as such) in connection with the Transaction, are not on behalf of, and shall not
confer rights or remedies upon, any securityholder or creditor of the Company or any other person, and may not be used or relied upon
for any other purpose. Except as otherwise required by applicable law or governmental or stock exchange regulation, the Company will treat
the Placement Agent’s arrangements, proposals and guidance and the terms of this Agreement as confidential and will not disclose
them to any third party (other than, on a confidential basis, to its counsel and other advisors in connection with the Transaction subject
always to the terms of the preceding sentence, it being understood that the Company will be responsible for any breach by such counsel
or advisors of the provisions of this sentence) in any manner without the Placement Agent’s prior written approval.

 

9.            Tax
Treatment. Notwithstanding any other provision herein, the Company and each of its employees, representatives or other agents may
disclose to any and all persons, without limitation of any kind, the U.S. income and franchise tax treatment and the U.S. income and franchise
tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses, if any)
that are provided to the Company relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to
a U.S. income or franchise tax strategy, if any, provided to the Company by the Placement Agent or its affiliates.

 

10.          Indemnification.
The Company hereby agrees to indemnify the Placement Agent in accordance with the indemnification provisions set forth as Schedule
II hereto and to the other provisions set forth in Schedule II hereto.

 

    	 	 	 

     

    

 

11.            Termination.
This Agreement may be terminated with respect to the Shares in the sole discretion of the Placement Agent by notice to the Company given
prior to the Closing Date, in the event that the Company shall have failed, refused or been unable to perform all obligations and satisfy
all conditions on its part to be performed or satisfied hereunder at or prior thereto or, if at or prior to the Closing Date, the Placement
Agent determines in its sole discretion (which determination shall be conclusive absent manifest error) that:

 

		(a)	trading in the Company’s common stock or securities generally shall have been suspended by the Securities and Exchange Commission
or the or minimum or maximum prices shall have been established for the Common Stock or securities generally on such market;

 

		(b)	a banking moratorium shall have been declared by New York or United States authorities; or

 

		(c)	there shall have been (i) an outbreak or escalation of hostilities between the United States and any foreign power, (ii) an
outbreak or escalation of any other insurrection or armed conflict involving the United States or (iii) any other calamity or crisis
having an effect on the financial markets that makes it impracticable or inadvisable to proceed with the placement contemplated hereby
or the delivery of the Shares as contemplated hereby.

 

Any such termination shall
not affect the reimbursement or indemnification provisions set forth herein, which will remain in full force and effect.

 

12.            Publicity.
The Company understands and agrees that, without the Placement Agent’s prior written consent, the Placement Agent may not be quoted
or referred to in any document, release or communication prepared, issued or transmitted by the Company, including any entity controlled
by, or under common control with, the Company and any director, officer, employee or agent thereof. The Company agrees that following
consummation of the sale of the Shares as contemplated hereby, the Placement Agent shall have the right to place usual and customary advertisements
in financial and other newspapers and journals at its own expense describing its services to the Company.

 

13.            Confidentiality.
Except as contemplated by the terms hereof or as required by applicable law, the Placement Agent will keep strictly confidential all non-public
information concerning the Company provided to the Placement Agent and will use such information only for purposes of the Offering. No
obligation of confidentiality will apply to information that: (a) is in the public domain as of the date hereof or hereafter enters
the public domain without a breach by the Placement Agent, (b) was known or became known by the Placement Agent prior to the Company’s
disclosure thereof to the Placement Agent as demonstrated by the existence of its written records, (c) becomes known to the Placement
Agent from a source other than the Company, and other than by the breach of an obligation of confidentiality owed to the Company, (d) is
disclosed by the Company to a third party without restrictions on its disclosure or (e) is independently developed by the Placement
Agent.

 

14.            Successors
and Assigns. The benefits of this Agreement shall inure to respective successors and assigns of the parties hereto and of the indemnified
parties, and the obligations and liabilities assumed in this Agreement by the parties hereto shall be binding upon their respective successors
and assigns.

 

15.            Dispute
Resolution. This Agreement, and any claim, controversy or dispute arising under or related to this Agreement, shall be governed by
and construed in accordance with the laws of the State of New York without reference to principles of conflicts of law. Each of the Company
and the Placement Agent irrevocably and unconditionally submits to the exclusive jurisdiction and venue of any State or Federal court
sitting in New York County over any action, suit, proceeding, claim or controversy (including without limitation any derivative claim)
arising out of or relating to this Agreement, any Transaction or any other matter contemplated hereby. Each of the Company and the Placement
Agent irrevocably and unconditionally waives any objection to the laying of venue of any such action brought in any such court and any
claim that any such action has been brought in an inconvenient forum.

 

    	 	 	 

     

    

 

The Placement Agent and the
Company (on its own behalf and, to the extent permitted by law, on behalf of its securityholders) each waives any right to trial by jury
in any action, claim, suit or proceeding with respect to the Placement Agent’s engagement as placement agent under this Agreement
or any Placement Agent’s role in connection herewith. In accordance with the requirements of the USA Patriot Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)), the Placement Agent is required to obtain, verify and record information that identifies
their respective clients, including the Company, which information may include the name and address of their respective clients, as well
as other information that will allow the Placement Agent to properly identify their respective clients.

 

16.            Entire
Agreement. This Agreement constitutes the entire understanding of the parties hereto with respect to the subject matter thereof, supersedes
all prior agreements with respect thereto, has been duly authorized and executed by each of the parties hereto and constitutes the legal,
binding obligation of each such party.

 

17.            Enforcement;
Amendment. The Agreement may only be enforced by the parties to it. Any amendment of the Agreement shall be in writing signed by each
of the parties.

 

18.            Counterparts.
This Agreement may be executed in any number of counterparts (which may include counterparts delivered by any standard form of telecommunication),
each of which shall be deemed to be an original and all of which together shall be deemed to be the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by telecopier, facsimile or other electronic transmission (i.e., a “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart thereof.

 

*********************

 

    	 	 	 

     

    

 

If the terms of our engagement
as set forth in this Agreement are satisfactory, kindly sign the enclosed copy of this letter and return it to the undersigned. We look
forward to working with the Company on this assignment.

 

	 	Sincerely,
	 	 
	 	M.S. HOWELLS & CO.
	 	 	 	 
	 	By:	/s/ Mark Howells
	 	 	Name: 	Mark Howells 
	 	 	Title:	Executive Chairman
	 	 	 	 
	 	Accepted by:
	 	 
	 	OUTLOOK THERAPEUTICS, INC.
	 	 	 	 
	 	By:	/s/ Lawrence A. Kenyon
	 	 	Name:	Lawrence A. Kenyon
	 	 	Title:	Chief Financial Officer

 

    	 	 	 

     

    

 

SCHEDULE I

Exempt Purchasers

 

GMS Ventures & Investments

 

Altium Capital

 

Lampe Conway

 

    	 	 	 

     

    

 

SCHEDULE II

Indemnification

 

The Company agrees (i) to
indemnify and hold harmless the Placement Agent (the “Placement Agent”), together with its officers, directors, shareholders,
employees and agents, and each person, if any, who controls the Placement Agent and any of its affiliates within the meaning of the U.S.
Securities Act of 1933, as amended, or the U.S. Securities Exchange Act of 1934, as amended (all of the foregoing are referred to collectively
as “Indemnified Parties” and individually as an “Indemnified Party”), from and against any and all
losses, suits, actions, judgments, penalties, fines, costs, damages, liabilities or claims of any kind or nature, whether joint or several,
(including, without limitation, any legal or other expenses as they are incurred by an Indemnified Party in connection with the investigation
of, preparation for or defense of any action, claim or proceeding, whether or not resulting in any liability) (all of the foregoing being
collectively defined as the “Indemnified Claims”) to which such Indemnified Party may become subject or liable or which
may be incurred by or assessed against any Indemnified Party under any statute, common law, contract or otherwise, relating to or arising
out of any of: (a) any actions or omissions of the Company or anyone acting on the Company’s behalf, including its employees,
officers, advisors, directors and agents; (b) any untrue statement or alleged untrue statement of a material fact contained in the
offering materials or in any other written or oral communication provided by or on behalf of the Company to any actual or prospective
purchaser of the Shares or arising out of or based upon the omission or alleged omission to state therein a material fact necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading; (c) any securities,
tax, corporate or other filings of the Company; or (d) any transactions referred to in this Agreement or any transactions arising
out of the transactions contemplated by this Agreement.

 

The Company also agrees to
reimburse the Placement Agent for all reasonable expenses (including reasonable fees and disbursements of counsel) incurred by the Placement
Agent in connection with investigating, preparing or defending any investigative, administrative, judicial or regulatory action or proceeding
in any jurisdiction related to or arising out of such untrue statements or omissions or alleged untrue statements or alleged omissions,
whether or not in connection with pending or threatened litigation to which any Placement Agent is a party, in each case as such expenses
are incurred or paid. The Company will not, however, be responsible for any such liabilities or expenses in any such case solely to the
extent that any such Indemnified Claim is found to have resulted from such Indemnified Party’s willful misconduct or gross negligence
in the performance of its duties on behalf of the Placement Agent. The Company also agrees that no Indemnified Party shall have any liability
(whether direct or indirect, in contract or tort or otherwise and whether or not related to third party claims or the indemnification
rights referred to previously) to the Company or any of its securityholders or creditors related to or arising out of the appointment
of the Placement Agent pursuant to, or the performance of the Placement Agent of the services contemplated by, this Agreement, except
to the extent any loss, claim, damage or liability resulted from said Indemnified Party’s willful misconduct or gross negligence
in the performance of its duties on behalf of the Placement Agent. In no event shall any Placement Agent be responsible for any special,
indirect or consequential damages incurred by the Company; provided that nothing in this sentence shall be deemed to relieve the Placement
Agent of any liability it may otherwise have hereunder to the Company for any such damages which the Company becomes legally obligated
to pay to an unaffiliated third party.

 

    	 	 	 

     

    

 

Promptly
after receipt by an Indemnified Party of notice of the occurrence of an Indemnified Claim, or any claim or the commencement of any action
or proceeding in respect of which indemnity may be sought against the Company, such Indemnified Party will notify the Company in writing
of the commencement of such Indemnified Claim or other such claim, action or proceeding, as the case may be; provided, however, that any
failure by an Indemnified Party to so notify the Company will not relieve the Company from its obligations hereunder. The Company shall
immediately assume the full defense of such Indemnified Claim or such other claim, action or proceeding (including the employment of counsel
satisfactory to the Indemnified Party and the payment of the fees and expenses of such counsel). Notwithstanding the preceding sentence,
the Indemnified Party will be entitled to employ its own counsel in any circumstances in which the Indemnified Party is advised in a written
opinion of counsel that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company
has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) a conflict of interest exists
which makes representation by counsel chosen by the Company not advisable. In any such event, the Company will pay the reasonable and
documented fees and disbursements of such separate counsel.

 

If for any reason (other
than as specifically provided herein) the foregoing indemnity for an Indemnified Claim is unavailable to an Indemnified Party or insufficient
to fully hold any Indemnified Party harmless, then the Company shall contribute to the amount paid or payable by such Indemnified Party
as a result of such Indemnified Claim or such other claim, action or proceeding (i) in such proportion as is appropriate to reflect
the relative benefits (or anticipated benefits) to the Company and its affiliates, on the one hand, and to the Indemnified Party, on the
other hand, from the possible relevant transaction, or (ii) if such allocation in the preceding clause (i) is not permitted
by applicable law, then in such proportion as is appropriate to reflect not only the relative benefits received by the Company and its
affiliates, on the one hand, the Indemnified Party, on the other hand, but also the relative fault of the Company and its affiliates,
on the one hand, and the Placement Agent and the relevant Indemnified Parties, on the other hand, as well as any other relevant equitable
considerations. Notwithstanding any provisions herein to the contrary, the aggregate contribution of all of the Indemnified Parties shall
not exceed the amount of fees actually received by the Placement Agent pursuant to this Agreement.

 

It
is hereby further agreed that the relative fault of the Company on the one hand and an Indemnified Party on the other hand with respect
to the transactions shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material
fact or incorrect opinion or conclusion or the omission or alleged omission to state a material fact related to information supplied by
the Company on the one hand or by the Indemnified Party on the other hand, as well as the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement, opinion, conclusion or omission. No Indemnified Party shall have
any liability to the Company or any other person in connection with the services rendered pursuant to this Agreement except for any liability
for losses, claims, damages or liabilities finally judicially determined to have resulted from actions taken or omitted to be taken as
a direct result of such Indemnified Party’s gross negligence or willful misconduct.

 

    	 	 	 

     

    

 

The indemnity, contribution
and expense reimbursement agreements and obligations set forth herein shall be in addition to any other rights, remedies or indemnification
which any Indemnified Party may have or be entitled to at common law or otherwise, and shall remain operative and in full force and effect
regardless of any investigation made by or on behalf of any Indemnified Party. In addition, the Company shall offer such indemnification
and expense advance and reimbursement as it may be permitted to offer or extend pursuant to its bylaws, charter, certificate or articles
of incorporation, and other governing documents, or insurance. The Company further agrees that the indemnification and expense advance
and reimbursement obligations set forth herein, shall apply whether or not the Placement Agent or any other Indemnified Party is a formal
party in any such Indemnified Claim. The Company shall not be liable for any settlement of any Proceeding effected without its written
consent (not to be unreasonably withheld or delayed). The Company will not be permitted to settle any Indemnified Claim without the prior
consent of the Placement Agent or any Indemnified Party involved therein if any admission of wrongdoing, negligence or improper activity
of any kind of the Placement Agent or such Indemnified Party is a part of such settlement. The Company shall not, without the prior written
consent of an Indemnified Party, effect any settlement of any pending or threatened action, suit or proceeding in respect of which an
Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such
settlement, compromise, consent or termination (i) includes an unconditional release of the Placement Agent from any liabilities
arising out of such claim or Proceeding and (ii) does not include any statement as to, or any admission of, fault, culpability or
a failure to act by or on behalf of any Placement Agent. The Company acknowledges that any failure to comply with its obligations under
the preceding sentence may cause irreparable harm to the Placement Agent.

 

If the Company enters into
any agreement or arrangement with respect to, or effects, any proposed sale, exchange, dividend or other distribution or liquidation of
all or substantially all of its assets in one or a series of transactions (in each case, which does not result in an assumption by another
party of the Company’s obligations as a matter of law), the Company shall provide for the assumption of its obligations by the purchaser
or transferee of such assets or another party reasonably satisfactory to the Placement Agent.

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