Document:

COMMON STOCK PURCHASE WARRANT A-300

 

VOID AFTER 5:00 P.M., EASTERN TIME ON
_______, 20__

 

For the Purchase of up to ____ Shares
of

Common Stock, Par Value $0.001 of

 

CORRUVEN, INC.

A Nevada corporation

 

THIS CERTIFIES THAT,
for value received, _______ (the “Holder”), as registered owner of this Common
Stock Purchase Warrant A-300 (the “Warrant”), is entitled to, at any time at or before the Expiration Date (as
defined below), but not thereafter, to subscribe for, purchase and receive up to ________ shares of the fully paid and non-assessable
common stock, par value $0.001 (the “Common Stock”) of Corruven, Inc., a Nevada corporation (the “Company”),
at a purchase price of US$1.75 per share (the “Exercise Price”), upon presentation and surrender of this Warrant
and upon payment by cashier’s check or wire transfer of the Exercise Price for such Common Stock to the Company at the principal
office of the Company; provided, however, the rights granted by this Warrant shall be adjusted as herein specified.

 

STATEMENT OF RIGHTS OF WARRANT HOLDER

 

1.          Expiration
Date.         The term Expiration Date (the “Expiration Date”)
means the earliest of (i) _______, 20__, (ii) immediately prior to the sale of all of substantially all of the Company’s
assets, or (iii) immediately prior to a merger or consolidation in which more than 50% of the total Company outstanding securities
are transferred to a person or persons different from the persons holding those securities immediately prior to such transaction;
provided, that the Company shall give notice to the Holder at least 10 days prior to the events set forth in clauses (ii) and (iii)
above.

 

2.          Exercise
of Warrant. This Warrant may be exercised in whole or in part at any time at or before the Expiration Date by presentation
and surrender hereof to the Company, with the Exercise Form annexed hereto as Exhibit A, duly executed and accompanied
by payment by cashier’s check or wire transfer of the Exercise Price, for the number of shares specified in such form. If
this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and
deliver a new Warrant evidencing the right of the Holder to purchase the balance of the shares purchasable hereunder. Upon receipt
by the Company of this Warrant and the Exercise Price at the office or agency of the Company, in proper form for exercise, the
Holder shall be deemed to be the holder of record of the common stock issuable upon such exercise, notwithstanding that the stock
transfer books of the Company shall then be closed or that certificates representing such common stock shall not then be actually
delivered to the Holder.

 

3.          Adjustment
of Exercise Price and Number of Warrant Shares.

 

(a)          Stock
Splits, Etc. The number and kind of securities purchasable upon the exercise of this Warrant (the “Warrant Shares”)
and the Exercise Price shall be subject to adjustment from time to time upon the happening of any of the following. In case the
Company shall: (i) subdivide its outstanding shares of Common Stock into a greater number of shares of Common Stock or (ii) combine
its outstanding shares of Common Stock into a smaller number of shares of Common Stock, then the number of Warrant Shares purchasable
upon exercise of this Warrant immediately prior thereto shall be adjusted so that the holder of this Warrant shall be entitled
to receive the kind and number of Warrant Shares or other securities of the Company which they would have owned or have been entitled
to receive had such Warrant been exercised in advance thereof. Upon each such adjustment of the kind and number of Warrant Shares
or other securities of the Company which are purchasable hereunder, the holder of this Warrant shall thereafter be entitled to
purchase the number of Warrant Shares or securities resulting from such adjustment at an Exercise Price per Warrant Share or other
security obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares
purchasable pursuant hereto immediately prior to such adjustment and dividing by the number of Warrant Shares or other securities
of the Company resulting from such adjustment. An adjustment made pursuant to this paragraph shall become effective immediately
after the effective date of such event retroactive to the record date, if any, for such event.

 

    	 

    	 

    

 

(b)          Reorganization,
Reclassification, Merger, Consolidation or Disposition of Assets. In case the Company shall reorganize its capital, reclassify
its capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving corporation or
where there is a change in or distribution with respect to the Common Stock of the Company), or sell, transfer or otherwise dispose
of all or substantially all its property, assets, or business to another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor of acquiring corporation,
or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription
or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation ( “Other Property”),
are to be received by or distributed to the holders of Common Stock of the Company, then Holder shall have the right thereafter
to receive, upon exercise of this warrant, the number of shares of common stock of the successor or acquiring corporation or of
the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization, reclassification,
merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization, reclassification , merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance
and performance of each and every covenant and condition of this Warrant to be performed and observed by the Company and all the
obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith
by resolution of the Board of Directors of the Company) in order to provide for adjustments of shares of Common Stock for which
this Warrant is exercisable which shall be as nearly equivalent as practicable to the adjustments provided for in this Section.

 

4.          Rights
of the Holder. The Holder shall not be entitled to any rights of a shareholder in the Company, including but not limited to
voting right of the Warrant Shares, either at law or equity, prior to the exercise thereof, and the rights of the Holder are limited
to those expressed in the Warrant and are not enforceable against the Company except to the extent set forth herein.

 

5.          Restrictions
on Transfer. The Holder of this Warrant, by acceptance thereof; agrees that, absent an effective registration statement, under
the Securities Act of 1933 (the “Act”), covering the disposition of this Warrant or the Common Stock issued
or issuable upon exercise hereof, such Holder will not sell or transfer any or all of this Warrant or such Common Stock without
first providing the Company’s transfer agent with an opinion of Company counsel to the effect that such sale or transfer
will be exempt from the registration and prospectus delivery requirements of the Act. The certificates evidencing the Warrant and
Common Stock which will be delivered to such Holder by the Company shall bear substantially the following legend:

 

THE SECURITIES EVIDENCED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REQUIREMENTS FOR SUCH REGISTRATION FOR NONPUBLIC OFFERINGS. ACCORDINGLY, THE SALE, TRANSFER. PLEDGE, HYPOTHECATION
OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED HEREBY OR ANY PORTION THEREOF OR INTEREST THEREIN MAY NOT BE ACCOMPLISHED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THAT ACT OR AN OPINION OF COUNSEL SATISFACTORY
TO CORRUVEN, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Each Holder of this
Warrant, at the time all or a portion of such Warrant is exercised, agrees to make such written representations to the Company
as the Company may request, in order that the Company may be satisfied that such exercise of the Warrant and consequent issuance
of Common Stock will not violate the registration and prospectus delivery requirements of the Act, or other applicable state securities
laws.

 

6.          Maximum
Exercise. The Holder shall not be entitled to exercise this Warrant on an exercise date, in connection with that number of
shares of Common Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned
by the Holder and its affiliates on an exercise date, and (ii) the number of shares of Common Stock issuable upon the exercise
of this Warrant with respect to which the determination of this limitation is being made on an exercise date, which would result
in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock on such date.
For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of
the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Subject to the foregoing, the Holder shall not
be limited to aggregate exercises which would result in the issuance of more than 4.99%.

 

7.          Loss
or Mutilation. Upon receipt by the Company of evidence satisfactory to it (in the exercise of reasonable discretion) of the
ownership of and the loss, theft, destruction or mutilation of any Warrant and (in the case of loss, theft or destruction) of indemnity
satisfactory to it (in the exercise of reasonable discretion), and (in the case of mutilation) upon surrender and cancellation
thereof, the Company will execute and deliver in lieu thereof a new Warrant of like tenor.

 

    	 

    	 

    

 

8.          Notices.
Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing and
shall be effective upon the earlier of: (i) the business day of transmission by telecopy, facsimile or electronic mail transmission
at the address, facsimile number or electronic mail address designated below (if delivered prior to 5:00 p.m. Eastern Standard
Time on such business day), (ii) the first business day following such delivery (if delivered after 5:00 p.m. Eastern Standard
Time on such business day); or (iii) on the first business day following the date of sending by any nationally recognized courier
or package delivery service. The addresses for such communications shall be:

 

	
        If to the Company, to:

         

        Corruven, Inc.

        260 Notre Dame

        Kedgwick, New Brunswick E8B 1H9

        Canada

        Attn: Alain Belanger, CEO
	
        If to Holder, to: 

         

         

 

9.          Modification.
This Warrant may be amended only in a writing executed by both the Company and the Holder.

 

10.         Assignment.
The Warrant and any shares convertible thereunder may not be assigned by the Holder without the express written consent of the
Company.

 

11.         Governing
Law. The subject matter of this Warrant shall be governed by and construed in accordance with the laws of the State of California
(without reference to its choice of law principles), and to the exclusion of the law of any other forum, without regard to the
jurisdiction in which any action or special proceeding may be instituted. THE HOLDER HEREBY AGREES TO SUBMIT TO THE PERSONAL JURISDICTION
AND VENUE OF THE STATE COURTS LOCATED IN NORTH SAN DIEGO COUNTY, CALIFORNIA, FOR RESOLUTION OF
ALL DISPUTES ARISING OUT OF, IN CONNECTION WITH, OR BY REASON OF THE INTERPRETATION, CONSTRUCTION, AND ENFORCEMENT OF THIS WARRANT,
AND HEREBY WAIVES THE CLAIM OR DEFENSE THEREIN THAT SUCH COURTS CONSTITUTE AN INCONVENIENT FORUM. AS A MATERIAL INDUCEMENT FOR
THIS WARRANT, EACH PARTY SPECIFICALLY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY ISSUES SO TRIABLE. If it becomes necessary for the
either party to institute legal action to enforce the terms and conditions of this Warrant, the prevailing party shall be awarded
reasonable attorneys fees, expenses and costs.

 

12.         Execution
of the Warrant. The parties executing this Warrant have the requisite corporate power and authority to enter into and carry
out the terms and conditions of this Warrant, as well as all transactions contemplated hereunder. All corporate proceedings have
been taken and all corporate authorizations and approvals have been secured which are necessary to authorize the execution, delivery
and performance of this Warrant. This Warrant has been duly and validly executed and delivered by the Company and constitutes a
valid and binding obligation, enforceable in accordance with the respective terms herein. Upon delivery of this Warrant, this Warrant
will constitute the valid and binding obligations of Company, and will be enforceable in accordance with its respective terms.

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed by its duly authorized officer as of the date first written above.

 

	 	CORRUVEN, INC.
	 	 
	 	 
	 	By: Alain Belanger
	 	Its: Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF SUBSCRIPTION

(to be signed only on exercise of Warrant)

TO: Corruven, Inc.

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant A-300, hereby elects to purchase:

 

_________________ shares of the Common
Stock covered by such Warrant A-300.

 

The undersigned herewith makes payment
of the full purchase price for such shares at the price per share provided for in such Warrant A-300, which is US$1.75, resulting
in a total payment of $_____________

 

The undersigned requests that the certificates
for such shares be issued as follows:

 

Shares to be issued in the name of:___________________________

 

To be delivered to the following address:

 

_______________________________________

 

_______________________________________

 

If said number of Warrants exercised shall
not be all the Warrants evidenced by the within Warrant Certificate, issue a new Warrant Certificate for the remaining balance
of Warrants to the undersigned at the address stated above.

 

	Name of Holder:	 	 
	 	(Please Print)	 
	 	 	 
	Signature:	 	 
	 	 	 
	Date:STOCK PURCHASE AGREEMENT

 

This Stock Purchase
Agreement (this “Agreement”) is dated as of October 25, 2012, among Synthetic Biologics, Inc., a Nevada corporation
(the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors
and assigns, a “Purchaser” and collectively the “Purchasers”).

 

RECITALS

 

A.           The
Company and each Purchaser is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(2) of the Securities Act, and Rule 506 of Regulation D (“Regulation D”) as promulgated
by the United States Securities and Exchange Commission (the “Commission”) under the Securities Act.

 

B.           Each
Purchaser, severally and not jointly, wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated
in this Agreement, that aggregate number of shares of Common Stock set forth below such Purchaser’s name on the signature
page of this Agreement.

 

C.           Contemporaneously
with the execution and delivery of this Agreement, the parties hereto are executing and delivering the Registration Rights Agreement,
pursuant to which, among other things, the Company will agree to provide certain registration rights with respect to the Shares
under the Securities Act and the rules and regulations promulgated thereunder and applicable state securities laws.

 

AGREEMENT

 

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

 

Article
I

DEFINITIONS

 

Section 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:

 

“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 144 under the Securities Act. With respect to a Purchaser,
any investment fund or managed account that is managed on a discretionary basis by the same investment manager as such Purchaser
will be deemed to be an Affiliate of such Purchaser.

 

    	 

    	 

    

 

“Business
Day” means any day except Saturday, Sunday, any day which shall be a federal legal holiday in the United States or any
day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

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

 

“Closing Date”
means the date and time of the Closing.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
means the Common Stock of the Company, par value $0.001 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed into.

 

“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, rights, options, warrants 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 Gracin & Marlow, LLP.

 

“Compliance
Certificate” shall have the meaning ascribed to such term in Section 2.4(b)(iii).

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Effective
Date” means the date that the initial Registration Statement filed by the Company pursuant to the Registration Rights
Agreement is first declared effective by the Commission.

 

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

 

    	2

    	 

    

 

“Exempt Issuance”
means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant to any
stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors of the
Company or a majority of the members of a committee of non-employee directors established by the Board of Directors, (b) securities
upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable
for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities
have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise, exchange
or conversion price of such securities, (c) securities issued as a result of cancellation and/or transfer of previously issued
securities of the Company which do not result in a dilutive effect on the Company’s securities, (d) securities issued in
connection with and pursuant to a stockholder “rights” plan, “poison pill” or other similar anti-takeover
plan adopted by the Company, and (e) securities issued in connection with or pursuant to acquisitions or strategic transactions
approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a Person
which is, itself or through its subsidiaries or Affiliates, an operating company in a business synergistic with the business of
the Company and in which the Company receives benefits in addition to the investment of funds, but shall not include a transaction
in which the Company is issuing securities primarily for the purpose of raising capital or to a Person whose primary business is
investing in securities.

 

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

 

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

 

“Legend Removal
Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

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

 

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

 

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

 

“Money Laundering
Laws” shall have the meaning ascribed to such term in Section 3.1(cc).

 

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

 

“Per Share
Purchase Price” equals $1.60.

 

“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.

 

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

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.5.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated the date hereof, among the Company and the Purchasers,
in the form of Exhibit A attached hereto.

 

“Registration
Statement” means a registration statement meeting the requirements set forth in the Registration Rights Agreement and
covering the resale by the Purchasers of the Shares.

 

    	3

    	 

    

 

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

 

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

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

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

 

“Short Sales”
include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act, whether or not against the box, and all types of direct and indirect stock pledges, forward sale contracts, options, puts,
calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar
arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated
brokers.

 

“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.

 

“Subscription
Document Package” means a package consisting of Purchaser Information Request; Investors Questionnaire; Escrow Agent
information for payment of the Shares; and Signature Pages to the Transaction Documents.

 

“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Documents.

 

“Trading Day”
means a day on which the Common Stock is traded on a Trading Market.

 

“Trading Market”
means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE, NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange
or the OTC Bulletin Board.

 

“Transaction
Documents” means this Agreement, the Registration Rights Agreement and any other documents or agreements executed in
connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Continental Stock Transfer and Trust Company, and any successor transfer agent of the Company.

 

    	4

    	 

    

 

Article
II

PURCHASE AND SALE

 

Section 2.1           Closing.
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, such number of Shares equal to the quotient resulting from dividing (i) the Subscription Amount for
such Purchaser by (ii) the Per Share Purchase Price, rounded down to the nearest whole Share. The Closing shall occur on the Business
Day immediately following the date of execution of this Agreement remotely via the exchange of documents and signatures.

 

Section 2.2           Form
of Payment. Except as may otherwise be agreed to among the Company and one or more of the Purchasers, on or prior to the Business
Day immediately prior to the Closing Date, each Purchaser shall wire its Subscription Amount, in United States dollars and in immediately
available funds, to an escrow account established by the Company and the Placement Agent (the aggregate amounts received being
held in escrow are referred to herein as the “Escrow Amount”). On the Closing Date, (a) the Escrow Amount shall
be distributed as follows: (1) to the Placement Agent, the fees and reimbursable expenses payable to the Placement Agent, and (2)
the balance of the aggregate Escrow Amount to the Company, and (b) the Company shall irrevocably instruct the Transfer Agent to
deliver to each Purchaser one or more stock certificates, free and clear of all restrictive and other legends (except as expressly
provided in Section 4.1(b) hereof), evidencing the number of Shares such Purchaser is purchasing within three Trading Days
after the Closing. Notwithstanding the foregoing, in the event a Purchaser has specified to the Company at the time of execution
of this Agreement that it shall settle “delivery versus payment”, the Company shall deliver the Shares to such Purchaser
on or before the Closing Date and, upon receipt, the Purchaser shall wire its Subscription Amount to an account designated in writing
by the Company on the Closing Date.

 

Section 2.3           Deliveries.

 

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

 

(i)          this
Agreement duly executed by the Company;

 

(ii)         facsimile
or “.pdf” copies of one or more stock certificates, free and clear of all restrictive and other legends (except as
provided in Section 4.1(b) hereof), evidencing the Shares subscribed for by such Purchaser hereunder, registered in the
name of such Purchaser as set forth on the Purchaser Information Document as provided in the Subscription Document Package (the
“Stock Certificates”), with the original Stock Certificates delivered by the Transfer Agent within three Trading
Days of Closing (unless such Purchaser has specified to the Company at the time of execution of this Agreement that it shall settle
“delivery versus payment” in which case such original Stock Certificates shall be delivered on or prior to the Closing
Date);

 

(iii)        the
Registration Rights Agreement duly executed by the Company;

 

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(iv)        a
certificate of the Secretary of the Company (the “Secretary’s Certificate”), dated as of the Closing Date,
(a) certifying the resolutions adopted by the Board of Directors of the Company or a duly authorized committee thereof approving
the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the Shares, (b) certifying
the current versions of the certificate or articles of incorporation, as amended, and by-laws of the Company and (c) certifying
as to the signatures and authority of persons signing the Transaction Documents and related documents on behalf of the Company;

 

(v)         the
Compliance Certificate referred to in Section 2.4(b); and

 

(vi)        a
legal opinion of Company Counsel in the form of Exhibit B attached hereto.

 

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

 

(i)          this
Agreement duly executed by such Purchaser;

 

(ii)         subject
to Section 2.2, such Purchaser’s Subscription Amount through direction to the Escrow Agent, or directly to the Company
as applicable, by wire transfer to the account as specified in writing by the Company;

 

(iii)        the
Registration Rights Agreement duly executed by such Purchaser; and

 

(iv)        a
fully completed and duly executed Subscription Document package.

 

Section 2.4           Closing
Conditions.

 

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

 

(i)          the
accuracy when made and on the Closing Date of the representations and warranties of the Purchasers contained herein (except with
respect to representations and warranties which relate to a specific date, in which case such representations and warranties shall
continue to be materially accurate as of such date);

 

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

 

(iii)        the
delivery by the Purchasers of the items set forth in Section 2.3(b) of this Agreement;

 

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

 

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(v)         the
Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations and waivers necessary for
consummation of the purchase and sale of the Shares, all of which shall be and remain so long as necessary in full force and effect.

 

(b)          The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met or waived by each Purchaser as to itself:

 

(i)          the
accuracy on the Closing Date of the representations and warranties of the Company contained herein (except with respect to representations
and warranties which relate to a specific date, in which case such representations and warranties shall continue to be materially
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 2.3(a) of this Agreement and a certificate, dated as of the Closing
Date and signed by its Chief Executive Officer or its Chief Financial Officer, certifying to the fulfillment of the conditions
specified in Sections 2.4(b)(i) and (ii) (the “Compliance Certificate”);

 

(iv)        on
the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s principal
Trading Market (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated
prior to the Closing), 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;

 

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

 

(vi)        the
Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations and waivers necessary for
consummation of the purchase and sale of the Shares, all of which shall be and remain so long as necessary in full force and effect;

 

(vii)       the
Company shall have duly executed and entered into Stock Purchase Agreements to sell at least 3,125,000 Shares for an aggregate
amount of gross proceeds of $5,000,000; and

 

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(viii)      the
Company’s Board of Directors, to the extent permissible under Nevada law, shall have taken all necessary action such that
any provisions contained in its Articles of Incorporation, its Bylaws or Nevada law that may apply to business combinations or
other transactions with affiliated stockholders or impact the voting rights of affiliated stockholders shall not apply to the Purchasers
or their Affiliates, including but not limited to Sections 78.378 to 78.3793 and Sections 78.411 to 78.444 of the Nevada Revised
Statutes. The Company shall not have adopted any stockholder rights plan, “poison pill” or similar arrangement, or
any anti-takeover provisions under its charter documents, that would trigger any right, obligation or event as a result of the
issuance of the Shares pursuant hereto to the Purchasers or the Purchasers’ ownership of such securities, or the accumulation
of Company securities acquired in the market by the Purchasers or their respective Affiliates.

 

Article
III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1           Representations
and Warranties of the Company. Except as set forth in the SEC Documents and Disclosure Schedules which Disclosure Schedules
shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained
in the corresponding Section of the Disclosure Schedules, the Company hereby makes the following representations and warranties
to each Purchaser as of the Closing Date:

 

(a)          Organization,
Good Standing and Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Nevada and has the requisite corporate power to own, lease and operate its properties and assets and to conduct
its business as it is now being conducted and as described in the reports filed by the Company with the Commission pursuant to
the reporting requirements of the Exchange Act, since the end of its most recently completed fiscal year through the date hereof,
including, without limitation, its most recent report on Form 10-Q. The Company does not have any material Subsidiaries, and none
of its Subsidiaries is actively engaged in any business, owns any property or has any employees. The Company is qualified to do
business as a foreign corporation and is in good standing in every jurisdiction in which the nature of the business conducted or
property owned by it makes such qualification necessary, except for any jurisdiction(s) (alone or in the aggregate) in which the
failure to be so qualified will not have a Material Adverse Effect. For the purposes of this Agreement, “Material Adverse
Effect” means any effect on the business, results of operations, assets, properties, prospects or condition (financial
or otherwise) of the Company that could reasonably be expected to be material and adverse to the Company, taken as a whole, and
any condition, circumstance or situation that would prohibit or adversely affect in any material respect the Company’s entering
into and performing any of its obligations under the Transaction Documents.

 

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

 

    	8

    	 

    

 

(c)          Issuance
of Shares. The Shares to be issued and sold hereunder have been duly authorized by all necessary corporate action and, when
issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. In addition, such Shares will
be free and clear of all liens, claims, charges, security interests or agreements, pledges, assignments, covenants, restrictions
or other encumbrances created by, or imposed by, the Company (collectively, “Encumbrances”) and rights of refusal
of any kind imposed by the Company (other than restrictions on transfer under applicable securities laws) and the holder of such
shares shall be entitled to all rights accorded to a holder of Common Stock. As of the date hereof, 36,947,748 shares of the Company’s
Common Stock are issued and outstanding and no shares of preferred stock are outstanding. The Company has options outstanding to
acquire 4,258,746 shares of Common Stock and warrants outstanding to acquire 1,324,102 shares of Common Stock. There are no other
outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities,
rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire
any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is
or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. All of the outstanding shares of capital
stock of the Company are duly authorized, validly issued, fully paid and nonassessable, 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. 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.

 

(d)          No
Conflicts; Governmental Approvals. The execution, delivery and performance of the Transaction Documents by the Company and
the consummation by the Company of the transactions contemplated hereby do not and will not (i) violate any provision of the Company’s
Articles of Incorporation or Bylaws, each as amended to date, (ii) conflict with, or constitute a default (or an event which with
notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation
to which the Company is a party or by which the Company’s properties or assets are bound, or (iii) result in a violation
of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state securities
laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected, except for
such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in
the aggregate, have a Material Adverse Effect. The Company is not required under federal, state, foreign or local law, rule or
regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental
agency in order for it to execute, deliver or perform any of its obligations under this Agreement or issue and sell the shares
in accordance with the terms hereof (other than any filings, consents and approvals which may be required to be made by the Company
under applicable state and federal securities laws, rules or regulations or rules or regulations of the NYSE MKT, prior to or subsequent
to the Closing).

 

    	9

    	 

    

 

(e)          Commission
Documents, Financial Statements. The Common Stock of the Company is registered pursuant to Section 12(b) of the Exchange Act.
During the year preceding this Agreement, the Company has timely filed all reports, schedules, forms, statements and other documents
required to be filed by it with the Commission pursuant to the reporting requirements of the Exchange Act other than its Annual
Report on Form 10-K for the year ended December 31, 2011 filed with the Commission on March 30, 2012 (the “2012 10-K”)
which due to the failure of Berman & Co. to follow proper partner rotation procedures resulted in the withdrawal of Berman
& Co.’s audit opinion included in the 2012 10-K and the Company being unable to rely upon such audit opinion. (the foregoing
materials exclusive of the 2012 10-K but inclusive of Company’s annual report on Form 10-K/A for the year ended December
31, 2011 filed with the Commission on May 11, 2012 and all of the exhibits to all such materials and the documents incorporated
by reference therein being collectively referred to as the “SEC Documents”). At the times of their respective
filing, all SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations
of the Commission promulgated thereunder. At the times of their respective filings, such reports, schedules, forms, statements
and other documents did not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
As of their respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects
with applicable accounting requirements and the published rules and regulations of the Commission or other applicable rules and
regulations with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted
accounting principles applied on a consistent basis (“GAAP”) during the periods involved (except (i) as may
be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to
the extent they may not include footnotes or may be condensed or summary statements), and fairly present in all material respects
the consolidated financial position of the Company as of the dates thereof and the results of operations and cash flows for the
periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

 

(f)          Accountants.
Berman & Company, P.A. whose report on the financial statements of the Company is filed with the Commission in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2011, were, at the time such report was issued, independent registered
public accountants as required by the Securities Act. On July 3, 2012 the Company dismissed Berman & Company, P.A. as its independent
registered public accounting firm, and on July 9, 2012, the Company selected BDO USA, LLP as its new independent registered public
accounting firm responsible for auditing its financial statements.

 

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

 

    	10

    	 

    

 

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

 

(i)          No
Material Adverse Change. Except as disclosed in the SEC Documents, since December 31, 2011, the Company has not (i) experienced
or suffered any Material Adverse Effect, (ii) incurred any material liabilities, obligations, claims or losses (whether liquidated
or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than those incurred in the ordinary course
of the Company’s business or (iii) declared, made or paid any dividend or distribution of any kind on its capital stock.

 

(j)          No
Undisclosed Events or Circumstances. Except as disclosed in the SEC Documents, and except for the consummation of the transactions
contemplated herein, since December 31, 2011, to the Company’s knowledge, no event or circumstance has occurred or exists
with respect to the Company or its businesses, properties, prospects, operations or financial condition, which, under applicable
law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced
or disclosed.

 

(k)          Litigation.
No action, suit, proceeding or investigation is currently pending or, to the knowledge of the Company, has been threatened in writing
against the Company that: (i) concerns or questions the validity of this Agreement; (ii) concerns or questions the right of the
Company to enter into this Agreement; or (iii) is reasonably likely to have a Material Adverse Effect. The Company is neither a
party to nor subject to the provisions of any material order, writ, injunction, judgment or decree of any court or government agency
or instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company
intends to initiate that would have a Material Adverse Effect. 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 director or officer of the Company. The Commission has
not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any
Subsidiary under the Exchange Act or the Securities Act.

 

    	11

    	 

    

 

(l)          Compliance.
Except for defaults or violations which are not reasonably likely to have a Material Adverse Effect, the Company is not (i) in
default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both,
would result in a default by the Company under), nor has the Company received notice of a claim that it is in default under or
that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party
or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation
of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws, applicable to its business.

 

(m)          Intellectual
Property

 

(i)          To
the best of its knowledge, the Company has entered into agreements with each of its current and former officers, employees and
consultants involved in research and development work, including development of the Company’s products and technology providing
the Company, to the extent permitted by law, with title and ownership to patents, patent applications, trade secrets and inventions
conceived, developed, reduced to practice by such person, solely or jointly with other of such persons, during the period of employment
by the Company except where the failure to have entered into such an agreement would not have a Material Adverse Effect. The Company
is not aware that any of its employees or consultants is in material violation thereof.

 

(ii)         To
the Company’s knowledge, the Company owns or possesses adequate rights to use all trademarks, service marks, trade names,
domain names, copyrights, patents, patent applications, inventions, know how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures), and other intellectual property rights (“Intellectual
Property”) as are necessary for the conduct of its business as described in the Commission Documents. Except as described
in the SEC Documents, (i) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties
of any such Intellectual Property; (ii) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding
or claim by others against the Company challenging the Company’s rights in or to any such Intellectual Property; (iii) the
Intellectual Property owned by the Company and, to the knowledge of the Company, the Intellectual Property licensed to the Company
has not been adjudged invalid or unenforceable by a court of competent jurisdiction or applicable government agency, in whole or
in part, and there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging
the validity or scope of any such Intellectual Property; (iv) there is no pending or, to the knowledge of the Company, threatened
action, suit, proceeding or claim by others against the Company that the Company infringes, misappropriates or otherwise violates
any Intellectual Property or other proprietary rights of others, and the Company has not received any written notice of such claim;
and (v) to the Company’s knowledge, no employee of the Company is the subject of any claim or proceeding involving a violation
of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement,
non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of
such violation relates to such employee’s employment with the Company or actions undertaken by the employee while employed
with the Company, in each of (i) through (v), for any instances which would not, individually or in the aggregate, result in a
Material Adverse Effect. The Company has taken reasonable security measures to protect the secrecy, confidentiality and value of
all of its intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

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(n)          FDA
Compliance.

 

(i)          Except
as described in the SEC Documents, the Company: (i) is in material compliance with all statutes, rules or regulations applicable
to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion,
sale, offer for sale, storage, import, export or disposal of any product that is under development, manufactured or distributed
by the Company (“Applicable Laws”); (ii) has not received any FDA Form 483, notice of adverse finding, warning
letter, untitled letter or other correspondence or notice from the U.S. Food and Drug Administration (the “FDA”)
or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance
with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments
thereto required by any such Applicable Laws (“Authorizations”); (iii) possesses all material Authorizations
necessary for the operation of its business as described in the SEC Documents and such Authorizations are valid and in full force
and effect and the Company is not in material violation of any term of any such Authorizations; and (iv) since January 1, 2012:
(A) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action
from the FDA or any other federal, state, local or foreign governmental or regulatory authority or third party alleging that any
product operation or activity is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA
or any other federal, state, local or foreign governmental or regulatory authority or third party is considering any such claim,
litigation, arbitration, action, suit, investigation or proceeding; (B) has not received notice that the FDA or any other federal,
state, local or foreign governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend,
modify or revoke any material Authorizations and has no knowledge that the FDA or any other federal, state, local or foreign governmental
or regulatory authority is considering such action; (C) has filed, obtained, maintained or submitted all material reports, documents,
forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or
Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent submission);
and (D) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued,
any recall, market withdrawal or replacement, safety alert, post sale warning, “dear doctor” letter, or other notice
or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to
the Company’s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action.

 

(ii)         Since
January 1, 2012, and except to the extent disclosed in the SEC Documents, the Company has not received any notices or correspondence
from the FDA or any other federal, state, local or foreign governmental or regulatory authority requiring the termination, suspension
or material modification of any studies, tests or preclinical or clinical trials conducted by or on behalf of the Company.

 

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(o)          General
Healthcare Regulatory Compliance.

 

(i)          As
used in this subsection:

 

(A)         “Governmental
Entity” means any national, federal, state, county, municipal, local or foreign government, or any political subdivision,
court, body, agency or regulatory authority thereof, and any Person exercising executive, legislative, judicial, regulatory, taxing
or administrative functions of or pertaining to any of the foregoing.

 

(B)         “Law”
means any federal, state, local, national or foreign law, statute, code, ordinance, rule, regulation, order, judgment, writ, stipulation,
award, injunction, decree or arbitration award or finding.

 

(ii)         The
Company has not committed any act, made any statement or failed to make any statement that would reasonably be expected to provide
a basis for the FDA or any other Governmental Entity to invoke its policy with respect to “Fraud, Untrue Statements of Material
Facts, Bribery, and Illegal Gratuities”, or similar policies, set forth in any applicable Laws. Neither the Company, nor,
to the knowledge of the Company, any of its officers, key employees or agents has been convicted of any crime or engaged in any
conduct that has resulted, or would reasonably be expected to result, in debarment under applicable Law, including, without limitation,
21 U.S.C. Section 335a. No claims, actions, proceedings or investigations that would reasonably be expected to result in such a
material debarment or exclusion are pending, or to the knowledge of the Company, threatened, against the Company or any of its
respective officers, employees or agents.

 

(iii)        Each
of the Company and, to its knowledge, its directors, officers, employees, and agents (while acting in such capacity) is, and at
all times has been, in material compliance with all health care Laws applicable to the Company or by which any of its properties,
businesses, products or other assets is bound or affected, including, without limitation, the federal Anti-kickback Statute (42
U.S.C. § 1320a-7b(b)), the Anti-Inducement Law (42 U.S.C. § 1320a-7a(a)(5)), the civil False Claims Act (31 U.S.C. §§
3729 et seq.), the administrative False Claims Law (42 U.S.C. § 1320a-7b(a)), the Health Insurance Portability and Accountability
Act of 1996 (42 U.S.C. § 1320d et seq.), the exclusion laws (42 U.S.C. § 1320a-7), the Food Drug and Cosmetic Act (21
U.S.C. §§ 301 et seq.) (collectively, “Health Care Laws”). The Company has not received any notification,
correspondence or any other written or oral communication from any Governmental Entity, including, without limitation, the FDA,
the Centers for Medicare and Medicaid Services, and the Department of Health and Human Services Office of Inspector General, of
potential or actual material non-compliance by, or liability of, the Company under any Health Care Laws.

 

(iv)        The
Company is not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar
agreements with or imposed by any Governmental Entity.

 

(p)          Application
of Takeover Protections. The issuance of the Shares hereunder and the Purchasers’ ownership thereof is not prohibited
by the business combination statutes of the state of Nevada. The Company has not adopted any stockholder rights plan, “poison
pill” or similar arrangement that would trigger any right, obligation or event as a result of the issuance of such Shares
and the Purchasers’ ownership of such shares and there are no similar anti-takeover provisions under the Company's charter
documents. The Company is not subject to Sections 78.378 to 78.3793 of the Nevada Revised Statutes, because it is not an “issuing
corporation” as defined in Section 73.3788 of the Nevada Revised Statutes.

 

    	14

    	 

    

 

(q)          Listing
and Maintenance Requirements. The Company is in compliance with the requirements of the NYSE MKT for continued trading of the
Common Stock pursuant thereto. The issuance and sale of the shares hereunder does not contravene the rules and regulations of the
NYSE MKT.

 

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

 

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

 

(t)          Brokers.
Other than Griffin Securities, Inc. being engaged as the Company’s Placement Agent for a fee consisting of (i) six percent
(6%) of the gross proceeds to the Company from this Stock Purchase Agreement, and (ii) a five year warrant to purchase ten percent
(10%) of the total number of shares of Company Common Stock issued pursuant to the Stock Purchase Agreement exerciseable at the
Per Share Purchase Price paid by Purchasers, neither the Company nor any of the officers, directors or employees of the Company
has employed any broker or finder in connection with the transaction contemplated by this Agreement. The Company shall indemnify
Purchasers from and against any broker’s, finder’s or agent’s fees for which the Company is responsible.

 

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(u)          Solvency.
Based on the financial condition of the Company as of the Closing Date, (i) the fair saleable value of the Company’s assets
exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature; (ii) the Company’s assets do not constitute unreasonably small capital
to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, and projected capital requirements and capital availability thereof;
and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all
of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect
of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to
pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt. Assuming
the Closing occurs, 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.

 

(v)         Foreign
Corrupt Practices. Neither the Company, nor to the knowledge of the Company, any agent or other person acting on behalf of
the Company, 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 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 the Foreign Corrupt Practices Act of 1977, as amended.

 

(w)          Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares, will not
be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration
under the Investment Company Act of 1940, as amended.

 

(x)          Tax
Status. Except for matters that would not, individually or in the aggregate, have or 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.

 

    	16

    	 

    

 

(y)          Labor
Relations. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s employees
is a member of a union that relates to such employee’s relationship with the Company, and the Company is not a party to a
collective bargaining agreement, and the Company believes that its relationships with its employees are good. To the knowledge
of the Company, no executive officer of the Company 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 to any liability with respect to any of the foregoing matters. The Company is in compliance in all
material respects 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.

 

(z)          Regulatory
Permits. The Company possesses all certificates, authorizations and permits issued by the appropriate federal, state, local
or foreign regulatory authorities necessary to conduct its business as described in the SEC Reports, except where the failure to
possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”),
and the Company has not received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(aa)         Title
to Assets. The Company has good and marketable title in fee simple to all real property owned by it and good and marketable
title in all personal property owned by it that is material to the business of the Company, 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 (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 are held by them under valid, subsisting and enforceable
leases with which the Company is in compliance.

 

(bb)         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 (i) has violated any rule or regulation issued or is currently subject to
any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”)
or (ii) has violated any rule or regulation issued by the U.S. Secretary of the Treasury under Section 311 or 312 of the USA Patriot
Act or similar rules or regulations.

 

(cc)         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, including rules and regulations
issued by the Financial Action Task Force on Money Laundering (collectively, the “Money Laundering Laws”), and
no action, suit 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.

 

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(dd)         Disclosure.
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, including the Disclosure Schedules to this Agreement, is true and
correct 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 light of the circumstances under which they were made, not misleading.

 

Section 3.2           Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the Closing Date to the Company as follows:

 

(a)          Authority.
The execution, delivery and performance by such Purchaser of the transactions contemplated by this Agreement have been duly authorized
by all necessary corporate or similar action 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)          Own
Account. Such Purchaser understands that the Shares are “restricted securities” and have not been registered under
the Securities Act or any applicable state securities law and is acquiring the Shares as principal for its own account and not
with a view to or for distributing or reselling such Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, has no present intention of distributing any of such Shares in violation of the Securities Act or any applicable
state securities law 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) in violation
of the Securities Act or any applicable state securities law. Such Purchaser is acquiring the Shares hereunder in the ordinary
course of its business. Such Purchaser understands that it may not be able to sell any of the Shares without prior registration
under the Securities Act or the existence of an exemption from such registration requirement.

 

(c)          No
Conflicts. The execution, delivery and performance by such Purchaser of this Agreement and the Registration Rights Agreement
and the consummation by such Purchaser of the transactions contemplated hereby and thereby will not (i) result in a violation of
the organizational documents of such Purchaser, (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which such Purchaser is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to such Purchaser, except in the
case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the
aggregate, reasonably be expected to have a material adverse effect on the ability of such Purchaser to perform its obligations
hereunder.

 

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(d)          Purchaser
Status. At the time such Purchaser was offered the Shares, it was, and at the date hereof is, an “accredited investor”
as defined in Rule 501 under the Securities Act. Investor is not a registered broker dealer registered under Section 15(a) of the
Exchange Act, or a member of the Financial Industry Regulatory Authority Inc. (“FINRA”), or an entity engaged
in the business of being a broker-dealer.

 

(e)          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. Such Purchaser acknowledges
that it has not received any legal or tax advice from the Company or any of its representatives with respect the transactions contemplated
hereby.

 

(f)          General
Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication
regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at
any seminar or any other general solicitation or general advertisement.

 

(g)          Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review any Company information and business
updates requested by Purchaser 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 and; (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 has sought such accounting,
legal and tax advice as it has considered necessary to make an informed decision with respect to its acquisition of the Shares.

 

(h)          Certain
Trading Activities. Other than with respect to the transactions contemplated herein, since the time that such Purchaser was
first contacted by the Company or any other Person regarding the transactions contemplated hereby, neither the Purchaser nor any
Affiliate of such Purchaser which (i) had knowledge of the transactions contemplated hereby, (ii) has or shares discretion relating
to such Purchaser’s investments or trading or information concerning such Purchaser’s investments, including in respect
of the Shares, and (iii) is subject to such Purchaser’s review or input concerning such Affiliate’s investments or
trading (collectively, “Trading Affiliates”) has directly or indirectly, nor has any Person acting on behalf
of or pursuant to any understanding with such Purchaser or Trading Affiliate, effected or agreed to effect any purchases or sales
of the securities of the Company (including, without limitation, any Short Sales involving the Company’s securities). Notwithstanding
the foregoing, in the case of a Purchaser and/or Trading Affiliate that is, individually or collectively, a multi-managed investment
bank or vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s or Trading Affiliate’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 or Trading Affiliate’s assets, the representation set forth above shall apply only
with respect to the portion of assets managed by the portfolio manager that have knowledge about the financing transaction contemplated
by this Agreement. Other than to other Persons party to this Agreement, 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).

 

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

 

(j)          Independent
Investment Decision. Such Purchaser has independently evaluated the merits of its decision to purchase Shares pursuant to the
Transaction Documents, and such Purchaser confirms that it has not relied on the advice of any other Purchaser’s business
and/or legal counsel in making such decision. Such Purchaser understands that nothing in this Agreement or any other materials
presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Shares constitutes legal, tax
or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed
necessary or appropriate in connection with its purchase of the Shares.

 

(k)          No
Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in
the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

(l)          Residency.
Such Purchaser’s residence (if an individual) or office in which its investment decision with respect to the Shares was made
(if an entity) are located at the address immediately below such Purchaser’s name on its signature page hereto.

 

(m)          Acknowledgment.
Each Purchaser acknowledges and agrees that such Purchaser has reviewed and considered prior to entering this Agreement the more
detailed information about the Company and the risk factors that may affect the realization of forward-looking statements set forth
in the Company’s filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q filed
with the SEC.

 

The Company and each
of the Purchasers acknowledge and agree that no party to this Agreement has made or makes any representations or warranties with
respect to the transactions contemplated hereby other than those specifically set forth in this Article III and the Transaction
Documents.

 

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Article
IV

OTHER AGREEMENTS OF THE PARTIES

 

Section 4.1           Transfer
Restrictions.

   

(a)          The
Shares may only be disposed of in compliance with state and federal securities laws, including the requirement not to trade in
the Shares while in possession of material non-public information. In connection with any transfer of Shares other than pursuant
to an effective registration statement, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated
in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected
by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory
to the Company, to the effect that such transfer does not require registration of such transferred Shares under the Securities
Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall
have the rights of a Purchaser under this Agreement and the Registration Rights Agreement.

 

(b)          The
Purchasers agree to the imprinting, so long as is required by this Section 4.1

, of a legend on any of the Shares in the following form:

 

THIS SECURITY HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER
OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER
THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

(c)          The
Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with
a registered broker-dealer or grant a security interest in some or all of the Shares to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement
and the Registration Rights Agreement and, if required under the terms of such arrangement, such Purchaser may transfer pledged
or secured Shares to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company
and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further,
no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver
such reasonable documentation as a pledgee or secured party of Shares may reasonably request in connection with a pledge or transfer
of the Shares, including, if the Shares are subject to registration pursuant to the Registration Rights Agreement, the preparation
and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of
the Securities Act to appropriately amend the list of Selling Stockholders thereunder.

 

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(d)          Certificates
evidencing the Shares shall not contain any legend (including the legend set forth in Section 4.1(b)), (i) while a registration
statement (including the Registration Statement) covering the resale of such Shares is effective under the Securities Act, or
(ii) following any sale of such Shares pursuant to Rule 144, or (iii) if such Shares are eligible for sale under Rule 144, or
(iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and
pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer
Agent promptly after the Effective Date if required by the Transfer Agent to effect the removal of the legend hereunder. The Company
agrees that following the Effective Date or at such time as such legend is no longer required under this Section 4.1(d),
it will, no later than three Trading Days following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate
representing Shares issued with a restrictive legend (such third Trading Day, the “Legend Removal Date”), deliver
or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other
legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions
on transfer set forth in this Section. Certificates for Shares subject to legend removal hereunder shall be transmitted by the
Transfer Agent to the Purchasers by crediting the account of the Purchaser’s prime broker with the Depository Trust Company
System, if the Transfer Agent is a participant in the DWAC system, and otherwise by physical delivery of certificates as directed
by the Purchaser.

 

(e)          Each
Purchaser, severally and not jointly with the other Purchasers, agrees that the removal of the restrictive legend from
certificates representing Shares as set forth in this Section 4.1 is predicated upon the Company’s reliance that
the Purchaser will sell any Shares pursuant to either the registration requirements of the Securities Act, including any
applicable prospectus delivery requirements, or an exemption therefrom, and that if Shares are sold pursuant to a
Registration Statement, they will be sold in compliance with the plan of distribution set forth therein.

 

Section 4.2           Furnishing
of Information. For a period of one year after the date of this Agreement, 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. During this one-year period, if the Company is not required to file reports pursuant
to the Exchange Act, it will prepare and furnish to the Purchasers and make publicly available in accordance with Rule 144 such
information as is required for the Purchasers to sell the Shares under Rule 144. The Company further covenants that it will take
such further action as any holder of Shares may reasonably request, to the extent required from time to time to enable such Person
to sell such Shares without registration under the Securities Act within the requirements of the exemption provided by Rule 144.

 

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Section
4.3           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 2.1 of the
Securities Act) that could reasonably be expected to be integrated with the offer or sale of the Shares in a manner that
would require the registration under the Securities Act of the sale of the Shares to the Purchasers or 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.

 

Section 4.4           Securities
Laws Disclosure; Publicity. On or before 9:00 a.m., New York City time, on the Business Day immediately following the date
hereof, the Company shall issue a press release (the “Press Release”) reasonably acceptable to the Placement
Agent disclosing all material terms of the transactions contemplated hereby. On or before 5:30 p.m., New York City time, on the
fourth Trading Day immediately following the execution of this Agreement, the Company will file a Current Report on Form 8-K with
the Commission describing the terms of the Transaction Documents (and including as exhibits to such Current Report on Form 8-K
the material Transaction Documents (including, without limitation, this Agreement, the form of Warrant and the Registration Rights
Agreement)). Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser or an Affiliate
of any Purchaser, or include the name of any Purchaser or an Affiliate of any Purchaser in any press release or filing with the
Commission (other than the Registration Statement) or any regulatory agency or Trading Market, without the prior written consent
of such Purchaser, except (i) as required by federal securities law in connection with (A) any registration statement contemplated
by the Registration Rights Agreement and (B) the filing of final Transaction Documents (including signature pages thereto) with
the Commission and (ii) to the extent such disclosure is required by law, request of the Staff of the Commission or Trading Market
regulations, in which case the Company shall provide the Purchasers with prior written notice of such disclosure permitted under
this subclause (ii). From and after the issuance of the Press Release, no Purchaser shall be in possession of any material, non-public
information received from the Company or any of its officers, directors, employees or agents, that is not disclosed in the Press
Release. Each Purchaser, severally and not jointly with the other Purchasers, covenants that it will comply with the provisions
of any confidentiality or nondisclosure agreement executed by it and, in addition, until such time as the transactions contemplated
by this Agreement are required to be publicly disclosed by the Company as described in this Section 4.4, such Purchaser
will maintain the confidentiality of all disclosures made to it in connection with this transaction (including the existence and
terms of this transaction).

 

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Section 4.5           Indemnification
of Purchasers.

 

(a)          In
addition to the indemnity provided in the Registration Rights Agreement, the Company will indemnify and hold each Purchaser and
its directors, officers, stockholders, 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, stockholders,
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 person (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 any breach of any of the representations, warranties, covenants or agreements made by
the Company in this Agreement or in the other Transaction Documents. The Company will not be liable to any Purchaser Party under
this Agreement 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; provided that such a claim for indemnification relating to any breach of any of the representations
or warranties made by the Company in this Agreement is made within one year from the Closing

 

(b)          Promptly
after receipt by any Person (the “Indemnified Person”) of notice of any demand, claim or circumstances which
would or might give rise to a claim or the commencement of any action, proceeding or investigation in respect of which indemnity
may be sought pursuant to Section 4.5(a), such Indemnified Person shall promptly notify the Company in writing and the
Company shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Person,
and shall assume the payment of all fees and expenses; provided, however, that the failure of any Indemnified Person so
to notify the Company shall not relieve the Company of its obligations hereunder except to the extent that the Company is actually
and materially and adversely prejudiced by such failure to notify. In any such proceeding, any Indemnified Person shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person
unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention of such counsel; (ii) the Company
shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably satisfactory to such Indemnified
Person in such proceeding; or (iii) in the reasonable judgment of counsel to such Indemnified Person, representation of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not
be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld,
delayed or conditioned. Without the prior written consent of the Indemnified Person, which consent shall not be unreasonably withheld,
delayed or conditioned, the Company shall not effect any settlement of any pending or threatened proceeding in respect of which
any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party,
unless such settlement includes an unconditional release of such Indemnified Person from all liability arising out of such proceeding.

 

Section 4.6           Reservation
of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available
at all times, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to
this Agreement.

 

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Section 4.7           Listing
or Quotation of Common Stock. The Company’s common stock is currently quoted on the NYSE MKT. The Company hereby agrees
to use best efforts to maintain the listing or quotation of the Common Stock on a Trading Market, and as soon as reasonably practicable
following the Closing (but not later than the earlier of the Effective Date and the first anniversary of the Closing Date) to list
all of the Shares on such Trading Market, as may be applicable. The Company further agrees, if the Company applies to have the
Common Stock traded on any other Trading Market, it will 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 on such other Trading Market as promptly as possible. The Company
will 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.

 

Section 4.8           Equal
Treatment of Purchasers. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification
of any provision of any of the Transaction Documents unless the same consideration is also offered to all of the parties to the
Transaction Documents. 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.

 

Section 4.9           Confidentiality
After The Date Hereof. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time
as the transactions contemplated by this Agreement and such other material non-public information related to the Company in possession
of the Purchaser are publicly disclosed by the Company as described in Section 4.4, such Purchaser will maintain the confidentiality
of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

 

Section 4.10         Delivery
of Shares After Closing. The Company shall deliver, or cause to be delivered, the respective Shares purchased by each Purchaser
to such Purchaser within three Trading Days of the date approval has been received by the NYSE MKT which approval shall be requested
immediately after execution of this Agreement (unless such Purchaser has specified to the Company at the time of execution of this
Agreement that it shall settle “delivery versus payment” in which case such Shares shall be delivered on or prior to
the Closing Date).

 

Section 4.11         Form
D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Shares as required under Regulation D and
to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for, or to qualify the Shares for, sale to the Purchasers at the Closing
under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such
actions promptly upon request of any Purchaser.

 

Section 4.12         Use
of Proceeds. The Company intends to use the net proceeds of this offering after payment of placement agent commissions and
other expenses of the offering for the funding of: general research and development activities including the Exclusive Channel
Collaboration with Intrexon Corporation and the Company’s clinical trial programs; and, general corporate purposes and shall
not use such proceeds for the satisfaction of any portion of the Company’s debt (other than trade payables in the ordinary
course of the Company’s business and prior practices), or to redeem any Common Stock or Common Stock Equivalents.

 

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Article
V

MISCELLANEOUS

 

Section 5.1           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. The Company shall pay all Transfer Agent
fees, stamp taxes and other taxes and duties levied in connection with the delivery of the Shares to the Purchasers.

 

Section 5.2           Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of
the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with
respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules. At or after
the Closing, and without further consideration, the Company and the Purchasers will execute and deliver to the other such further
documents as may be reasonably requested in order to give practical effect to the intention of the parties under the Transaction
Documents.

 

Section 5.3           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time)
on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30
p.m. (New York City time) on any Trading Day, (c) the 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.

 

Section 5.4           Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment,
by the Company and each Purchaser. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right. No consideration shall be offered or paid to any Purchaser to amend or consent to a waiver
or modification of any provision of any Transaction Document unless the same consideration is also offered to all Purchasers who
then hold Securities.

 

Section 5.5           Headings
and Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen
by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. This Agreement
shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any provisions of this Agreement or any of the Transaction Documents.

 

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Section 5.6           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 such transferee agrees in writing to be bound, with respect to the
transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

Section 5.7           No
Third-Party Beneficiaries. 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.

 

Section 5.8           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 (including Sections 5-1401
and 5-1402 of the New York General Obligations Law but excluding all other choice of law and conflicts of law rules). Each party
agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this
Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, 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 suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law.

 

Section 5.9           Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

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Section 5.10         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 the other party, it being
understood that both 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.

 

Section 5.11         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.

 

Section 5.12         Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely and materially perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

Section 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, or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company and the Transfer Agent
of such loss, theft or destruction and the execution by the holder thereof of a customary lost certificate affidavit of that fact
and an agreement to indemnify and hold harmless the Company and the Transfer Agent for any losses in connection therewith or, if
required by the Transfer Agent, a bond in such form and amount as is required by the Transfer Agent. The applicants for a new certificate
or instrument under such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement
Shares. If a replacement certificate or instrument evidencing any Shares is requested due to a mutilation thereof, the Company
may require delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement.

 

Section 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 agrees 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.

 

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Section 5.15         Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

Section 5.16         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 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 their review and negotiation of the Transaction Documents. 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 the Purchasers.

 

Section 5.17         Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

 

Section 5.18         Massachusetts
Business Trust. A copy of the Declaration of Trust of each Purchaser that is a Massachusetts Business Trust, as applicable,
or any affiliate thereof, is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given
that this Agreement is executed on behalf of the trustees of such Purchaser or any affiliate thereof as trustees and not individually
and that the obligations of this Agreement are not binding on any of the trustees, officers or stockholders of such Purchaser or
any affiliate thereof individually but are binding only upon such Purchaser or any affiliate thereof and its assets and property.

 

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Section 5.19         No
Promotion. The Company agrees that it will not, and shall cause each of its Subsidiaries to not, without the prior written
consent of a Purchaser, use in advertising, publicity, or otherwise the name of such Purchaser, or any partner or employee of such
Purchaser, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof
owned by such Purchaser or any of their respective affiliates. The Company further agrees that it shall obtain the written consent
of such Purchaser prior to the Company’s or any of its Subsidiaries’ issuance of any public statement detailing the
purchase of Shares by Purchasers pursuant to this Agreement.

 

Section 5.20         Construction.
The parties agree that each of them and/or their respective counsel has 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 hereto.

 

Section 5.21         Exculpation
Among Purchasers. Each Purchaser acknowledges that it is not relying upon any person, firm or corporation (including without
limitation any other Purchaser), other than the Company and its officers and directors (acting in their capacity as representatives
of the Company), in deciding to invest and in making its investment in the Company. Each Purchaser agrees that no other Purchaser
nor the respective controlling persons, officers, directors, partners, agents or employees of any other Purchaser shall be liable
to such Purchaser for any losses incurred by such Purchaser in connection with its investment in the Company.

 

Section 5.22         Company
Acknowledgement. The Company acknowledges and agrees that (i) each of the Purchasers is participating in the transactions contemplated
by this Agreement and the other Transaction Documents at the Company’s request and the Company has concluded that such participation
is in the Company’s best interest and is consistent with the Company’s objectives and (ii) each of the Purchasers is
acting solely in the capacity of an arm’s length purchaser. The Company further acknowledges that no Purchaser is acting
or has acted as an advisor, agent or fiduciary of the Company (or in any similar capacity) with respect to this Agreement or the
other Transaction Documents and any advice given by any Purchaser or any of its respective representatives in connection with this
Agreement or the other Transaction Documents is merely incidental to the Purchasers’ purchase of Shares. The Company further
represents to each Purchaser that the Company’s decision to enter into this Agreement has been based solely on the independent
evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(Signature Pages Follow)

 

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

 

SYNTHETIC BIOLOGICS, INC.

 

	By	 	 
	 	Name:	 
	 	Title:	 

 

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

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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IN WITNESS WHEREOF,
the undersigned have caused this Stock 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:	 

 

Total Subscription Amount: $____________________________

 

Address for Notice of Purchaser:

 

Address for Delivery of Shares for Purchaser (if not same as
above):

 

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Exhibit A

 

Registration Rights Agreement

 

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Exhibit B

 

Form of Legal Opinion of Company Counsel

 

Based upon and subject to the foregoing, it is our opinion as
of this date that:

 

1.          Based
solely upon the certificate of good standing, dated October [        ], 2012, issued by the State of Nevada, the Company is a corporation
validly existing and in good standing under the laws of the State of Nevada.

 

2.          The
Company has the corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents,
including, without limitation, to issue and deliver the Shares as contemplated by the Agreement. Each of the Transaction Documents
has been duly authorized by all necessary corporate action and each has been duly executed and delivered on behalf of the Company,
and each is a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

3.          The
execution and delivery by the Company of the Transaction Documents, and the performance by the Company of its obligations thereunder
as of the date hereof, do not violate the Company’s Articles of Incorporation or Bylaws, do not constitute a default under
or a material breach of any material agreement of the Company that has not otherwise been waived and, to our knowledge, do not
(a) violate any U. S. Federal or state statute, rule or regulation applicable to the transactions contemplated by the Transaction
Documents or (b) violate any order, writ, judgment, injunction, decree, determination or award which has been entered against the
Company and of which such counsel is aware, except, with respect to clauses (a) and (b), where such violation would not materially
and adversely affect the Company.

 

4.          The
Company has the authorized capital stock as set forth in the SEC Documents. The Shares have been duly authorized, and when issued
and sold in accordance with the Stock Purchase Agreement, will be validly issued and non-assessable.

 

5.          No
approval, authorization or other action by, or notice to or filing with, any governmental authority is required in connection with
the execution, delivery and performance by the Company of the Transaction Documents, except (a) those that have been obtained or
made and are in full force and effect, and (b) any filings required by Regulation D promulgated under the Securities Act of 1933,
as amended, or by state securities laws.

 

6.          To
our knowledge, there is no action, proceeding or investigation pending or overtly threatened against the Company before any court
or administrative agency that questions the validity of the Transaction Documents or that could reasonably be expected to result,
either individually or in the aggregate, in a material adverse effect on the Company.

 

7.          Assuming
the truth and accuracy of the representations made by the Company and the Purchasers in the Stock Purchase Agreement, the sale
and issuance of the Shares in conformity with the terms of the Transaction Documents constitute transactions that are exempt from
the registration requirements of the Securities Act of 1933, as amended, subject to the timely filing of a Form D pursuant to Regulation
D.

 

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8.          The
Company is not, after giving effect to the issuance of the Shares, an “investment company” as defined in the Investment
Company Act of 1940, as amended.

 

9.          To
our knowledge and except as set forth in the SEC Documents with respect to Intrexon Corporation, there are no written contracts,
agreements or understandings between the Company and any person granting such person the right (other than rights which have been
waived in writing or otherwise satisfied) to require the Company to include any securities of the Company in any registration statement.

 

    	35

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