Document:

EXHIBIT 10.24

 

Consulting Agreement

 

This Consulting Agreement (“Agreement”),
effective as of March 10, 2015 (“Effective Date”) is entered into by and between Ruthigen, Inc., a Delaware
corporation (herein referred to as the “Company”) and Robert B. Prag (herein referred to as the “Consultant”).

 

RECITALS

 

WHEREAS, Company
desires to engage Consultant to assist in business development, strategic relationships and strategic planning, and assisting with
writing corporate collateral material and press releases;

 

NOW THEREFORE,
in consideration of the promises and the mutual covenants and agreements hereinafter set forth, as well as previous services rendered,
the parties hereto covenant and agree as follows:

 

1.           Term.
Company hereby agrees to retain Consultant for a period commencing on the effective date of the merger pursuant to which Pulmatrix,
Inc. (“Pulmatrix”), a Delaware corporation, becomes a wholly-owned subsidiary of the Company pursuant to a Merger Agreement
to which the Company and Pulmatrix are or will be parties (the “Commencement Date”) and ending on August 31, 2016 (such
period, the “Term”).

 

2.           Duties
of Consultant. From the commencement of this Agreement up and until termination, Consultant agrees that he will generally provide
the following specified duties:

 

		(a)	Assist the Company’s management team in developing and implementing business development
strategies and initiatives;

 

		(b)	Introduce the Company’s management to prospective customers, resellers, and strategic relationships
with respect to the Company’s products and services;

 

		(c)	Assist the Company’s management in negotiating business development and strategic relationships
with prospective customers, resellers, and strategic relationships;

 

		(d)	Assist the Company’s management with respect to presenting the Company’s products and
its business offerings to prospective customers, resellers, and strategic relationships;

 

		(e)	Upon and with the Company management's direction, conduct meetings, in person or by telephone,
with prospective customers, resellers, and strategic relationships;

 

		(f)	Review business plans, strategies, budgets, proposed transactions and other plans for the purpose
of assisting the Company’s management on matters concerning prospective customers, resellers, and strategic relationships;

 

		(g)	Assist in creating collateral material for the Company including sales presentation, powerpoints
and press releases.

 

    	 

    	 

    

  

		(h)	Assist management with respect to corporate symbols, logos, names, the presentation of such symbols,
logos and names, and other matters relating to corporate image;

 

		(i)	Perform the functions generally assigned to internal stockholder relations departments in public
corporations, including responding to telephone and written inquiries, preparing press releases for the Company with the Company
managements’ involvement and approval of press releases, reports and other communications with or to shareholders, assisting
with respect to the timing, form, distribution and other matters related to such releases, reports and communications;

 

3.           Allocation
of Time and Non-exclusive Relationship. Consultant hereby promises to perform and discharge faithfully the responsibilities
which may be assigned to Consultant from time to time by the Company’s management in connection with this Consulting Agreement.
It is understood that are no specific number of days per week or hours per day are required by this Agreement, but rather during
the Term, Consultant will perform the duties set forth herein above in a diligent and professional manner. The parties acknowledge
and agree that this Agreement does not contemplate any exclusive relationship between the parties and that Consultant currently
has consulting engagements with other companies and that during the Term, Consultant will enter into additional consulting engagements
with other companies.

 

4.           Remuneration.

 

4.1         For
entering into this Agreement to provide services after the Commencement Date, and for other good and valuable consideration, the
Company agrees to pay to Consultant a “Commencement Bonus” in the form the form of 250,000 restricted shares of the
Company's common stock (hereinafter the "Restricted Shares"). The Restricted Shares shall be issued to Consultant within
15 days of the Commencement Date. The Company understands and agrees that Consultant has foregone significant opportunities to
enter into this Agreement and that the Company derives substantial benefit from the execution of this Agreement and the ability
to announce its engagement of Consultant. Therefore, the payment of the Commencement Bonus after the Commencement Date is a non-refundable
payment for future services. Consultant acknowledges that Consultant will not be entitled to any remuneration unless and until
there is a Commencement Date.

 

4.2         The
Company warrants that the Restricted Shares issuable to Consultant under this Agreement by the Company shall be or have been validly
issued, fully paid and non-assessable and that the Company’s board of directors has or shall have duly authorized the issuance
and any transfer to Consultant.

 

4.3         The
Company has the right to terminate this Agreement at any time during the Term of this Agreement, upon providing Consultant thirty
(30) days written notice of Company’s intention to terminate. If the Company decides to terminate this Agreement for any
reason whatsoever, it is agreed and understood that Consultant will not return any portion of the Restricted Shares issuable to
Consultant. Further, if and in the event the Company is acquired during the term of this Agreement, it is agreed and understood
that Consultant will not be requested or demanded by the Company to return any of the Restricted Shares payable to him hereunder.

 

4.4         Consultant
agrees that during the Term he will not sell or transfer any of the Restricted Shares issued to him by the Company hereunder, except
to the Company; nor will he pledge or assign such Shares as collateral or as security for the performance of any obligation, or
for any other purpose, without the prior written consent of the Company.

 

    	 

    	 

    

  

4.5         Consultant
acknowledges that the Restricted Shares to be issued pursuant to this Agreement have not been registered under the Securities Act
of 1933, as amended (the “Securities Act”) and accordingly are “restricted securities” within the meaning
of Rule 144 of the Act. As such, the Restricted Shares may not be resold or transferred unless the Company has received an opinion
of counsel and in form reasonably satisfactory to the Company and its counsel that such resale or transfer is exempt from the registration
requirements of that Securities Act. The Company agrees that in the event Consultant wishes to effect a transfer in compliance
with Rule 144, Consultant will provide a Rule 144 opinion of counsel to the Company to Consultant within 5 business days of Consultant’s
request of such opinion, provided that Consultant provides such information and additional documentation as may reasonably be requested
by Company and its counsel to confirm that such transfer will be made in compliance with Rule 144 and any applicable state securities
laws. Company agrees to bear all costs and expenses associated with any such Rule 144 legal opinions and any related transfer agents’
fees. Consultant shall otherwise be responsible for all other costs, expenses and compliance requirements under federal and state
securities laws, including any other opinions of counsel reasonably required by the Company or its transfer agent.

 

4.6         In
connection with the acquisition of the Restricted Shares, Consultant represents and warrants to Company as follows:

 

(a)        Consultant has been afforded
the opportunity to ask questions of and receive answers from duly authorized officers or other representatives of the Company concerning
an investment in the Restricted Shares, and any additional information that Consultant has requested.

 

(b)         Consultant has had an
opportunity to review or has had access to the EDGAR Website of the Securities and Exchange Commission (the “Commission”)
to the Company filings made with the Commission available at the EDGAR website.

 

(c)        Consultant’s investment
in restricted securities is reasonable in relation to Consultant’s net worth, which is in excess of ten (10) times Consultant’s
cost basis in the Restricted Shares. Consultant has experience in investments in restricted and publicly traded securities, and
Consultant has experience in investments in speculative securities and other investments that involve the risk of loss of investment.
Consultant acknowledges that an investment in the Restricted Shares is speculative and involves the risk of loss. Consultant has
the requisite knowledge to assess the relative merits and risks of this investment without the necessity of relying upon other
advisors, and Consultant can afford the risk of loss of his entire investment in the Restricted Shares. Consultant is an accredited
investor, as that term is defined in Regulation D promulgated under the Securities Act, and has provided a form of questionnaire
regarding such status annexed hereto as Exhibit A.

 

(d)        Consultant is acquiring
the Restricted Shares for Consultant’s own account for long-term investment and not with a view toward resale or distribution
thereof except in accordance with applicable securities laws.

 

(e)        Consultant is not
subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act
(a "Disqualification Event").

 

    	 

    	 

    

  

5.           Non-Assignability
of Services. Consultant’s services under this Agreement are offered to Company only and may not be assigned by Company
except to any entity with which Company merges with or which acquires the Company or substantially all of its assets. In the event
of such merger or acquisition, all compensation to Consultant herein under the schedules set forth herein shall remain due and
payable. Consultant shall not assign his rights or delegate his duties hereunder without the prior written consent of Company.

 

6.           Independent
Contractor. Consultant is an independent contractor and is not an employee, partner, or co-venturer of, or in any other service
relationship with the Company. The manner in which Consultant’s services are rendered shall be within Consultant’s
sole control and discretion. Consultant is not authorized to speak for, represent, or obligate the Company in any manner without
the prior express written authorization from an officer of the Company. Consultant shall be responsible for all taxes arising from
compensation and other amounts paid under this Agreement. Neither federal, nor state, nor local income tax, nor payroll tax of
any kind, shall be withheld or paid by the Company on behalf of Consultant. Consultant understands that he is responsible to pay,
according to law, Consultant’s taxes and Consultant shall, when requested by the Company, properly document to the Company
that any and all federal and state taxes have been paid. Consultant will not be eligible for and shall not participate in any employee
pension, health, welfare, or other fringe benefit plan, of the Company. No workers' compensation insurance shall be obtained by
Company covering Consultant.

 

7.           Expenses.
Consultant will be reimbursed for extraordinary expenses he incurs (like travel required by/or specifically requested by the Company),
as long as such expenses have been approved by the Company in writing prior to its incurring an obligation for reimbursement.

 

8.           Indemnification.
The Company warrants and represents that all oral communications, written documents or materials furnished to Consultant or the
public by the Company with respect to its products and services are accurate in all material respects and Consultant may rely upon
the accuracy thereof without independent investigation. The Company will protect, indemnify and hold harmless Consultant against
any claims or litigation including any damages, liability, cost and reasonable attorney's fees as incurred with respect thereto
resulting from Consultant's communication or dissemination of any said information, documents or materials unless resulting from
Consultant's communication or dissemination of information not provided by the Company or in a manner not authorized by the Company.
Consultant will indemnify and hold Company harmless against any claims or litigation, including any damages, liability, cost and
reasonable attorney’s fees as incurred with respect thereto resulting from (i) Consultant’s communication or dissemination
of any false or inaccurate information, unless resulting from Consultant's communication or dissemination of information provided
by the Company or in a manner authorized by the Company, and (ii) any breach of Consultant’s representations, warrants and
covenants under this Agreement. Notwithstanding anything to the contrary set forth in this Agreement, the Company shall not be
obligated to indemnify Consultant for any such losses, claims, damages, liabilities or expenses incurred by Consultant which have
resulted solely from Consultant’s bad faith, gross negligence or willful misconduct.

 

    	 

    	 

    

  

9.           Representations.
Consultant represents that he is not required to maintain any licenses and registrations under federal or any state regulations
necessary to perform the services set forth herein. Consultant acknowledges that, to the best of his knowledge, the performance
of the services set forth under this Agreement will not violate any rule or provision of any regulatory agency having jurisdiction
over Consultant.

 

10.         Legal
Representation. Each of Company and Consultant represents that they have consulted with independent legal counsel and/or tax,
financial and business advisors, to the extent that they deemed necessary.

 

11.         Attorney's
Fee. If any legal action or any arbitration or other proceeding is brought for the enforcement or interpretation of this Agreement,
or because of an alleged dispute, breach, default or misrepresentation in connection with or related to this Agreement, the successful
or prevailing party shall be entitled to recover reasonable attorneys' fees and other costs in connection with that action or proceeding,
in addition to any other relief to which it or they may be entitled.

 

12.         Waiver.
The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed
as a waiver of any subsequent breach by such other party.

 

13.         Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be:

 

To the Company:

Hojabr
Alimi, CEO

Ruthigen,
Inc.

2455
Bennett Valley Rd.; #C116

Santa
Rosa, CA 95404 

halimi@ruthigen.com

 

To Consultant:

Robert B. Prag, President

The Del Mar Consulting Group,
Inc.

2455 El Amigo Road

Del Mar, CA 92014

bprag@delmarconsulting.com

 

It is understood that either party may
change the address to which notices for it shall be addressed by providing notice of such change to the other party in the manner
set forth in this paragraph.

 

    	 

    	 

    

  

14.        
Choice of Law and Severability.  This Agreement shall be interpreted in accordance
with the laws of the State of Delaware without giving effect to provisions governing the choice of law.  If any provision
of this Agreement becomes or is deemed invalid, illegal or unenforceable in any applicable jurisdiction by reason of the scope,
extent or duration of its coverage, then such provision shall be deemed amended to the minimum extent necessary to conform to applicable
law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the
parties, then such provision shall be stricken and the remainder of this Agreement shall continue in full force and effect. 
If any provision of this Agreement is rendered illegal by any present or future statute, law, ordinance or regulation (collectively,
the "Law") then that provision shall be curtailed or limited only to the minimum extent necessary to bring the provision
into compliance with the Law.  All the other terms and provisions of this Agreement shall continue in full force and effect
without impairment or limitation. 

 

15.         Survival. Any
provision of this Agreement which imposes an obligation after termination or expiration of this Agreement shall survive the termination
or expiration of this Agreement. 

 

16.         Complete
Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter hereof. This Agreement
and its terms may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any
waiver, change, modification, extension or discharge is sought. This Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original and all of which shall constitute one agreement. A telefacsimile or email of this Agreement
may be relied upon as full and sufficient evidence as an original.

 

IN WITNESS WHEREOF, the parties have executed this Agreement
as of the day and year first above written.

 

AGREED TO:

 

	Company:  Ruthigen, Inc.
	 	 
	By:	 
	Name: 	Hojabr Alimi
	Title:	CEO and its Duly Authorized Agent
	 	 
	Consultant:
	 	 
	 	 
	Robert B. Prag

 

    	 

    	 

    

 

EXHIBIT A

 

ACCREDITED INVESTOR QUESTIONNAIRE

 

INSTRUCTIONS

 

PLEASE ANSWER ALL QUESTIONS.
If the appropriate answer is “None” or “Not Applicable”, so state. Please print or type your answers to
all questions. Attach additional sheets if necessary to complete your answers to any item.

 

Your answers will be
kept strictly confidential at all times. However, the Company may present this Questionnaire to such parties as it deems appropriate
in order to assure itself that the offer and sale of securities of the Company will not result in a violation of the registration
provisions of the Securities Act of 1933, as amended, or a violation of the securities laws of any state.

 

1.         Please
provide the following information:

 

	Name:	 

 

	Name of additional purchaser:	 

(Please complete information in Question 5)

 

Date of birth, or if other than an individual, year of organization
or incorporation:

 

	 
	 
	 

 

2.         Residence
address, or if other than an individual, principal office address:

 

	 
	 
	 
	 
	 

 

	Telephone number:	 

 

	Social Security Number:	 

 

	Taxpayer Identification Number:	 

 

	3.  Business address:	 

 

	 
	 
	 

 

	Business telephone number:	 

 

	4.  Send mail to:	Residence ☐	Business ☐

 

    	 

    	 

    

 

5.         With
respect to tenants in common, joint tenants and tenants by the entirety, complete only if information differs from that above:

 

	Residence address:	 

 

	 
	 
	 

 

	Telephone number:	 

 

	Social Security Number:	 

 

	Taxpayer Identification Number:	 

 

	Business address:	 

 

	 
	 
	 

 

	Business telephone number:	 

 

	Send Mail to:	Residence ☐	Business ☐

 

6.         Please
describe your present or most recent business or occupation and indicate such information as the nature of your employment, how
long you have been employed there, the principal business of your employer, the principal activities under your management or supervision
and the scope (e.g. dollar volume, industry rank, etc.) of such activities:

 

	 
	 
	 
	 
	 

 

7.         Please
state whether you (i) are associated with or affiliated with a member of the Financial Industry Regulatory Association, Inc. (“FINRA”),
(ii) are an owner of stock or other securities of FINRA member (other than stock or other securities purchased on the open market),
or (iii) have made a subordinated loan to any FINRA member: 

	 		
	 	Yes ☐	No ☐

 

    	 

    	 

    

 

If you answered yes to any of (i) –
(iii) above, please indicate the applicable answer and briefly describe the facts below:

 

	 
	 
	 
	 
	 

 

8A.         Applicable
to Individuals ONLY. Please answer the following questions concerning your financial condition as an “accredited investor”
(within the meaning of Rule 501 of Regulation D). If the purchaser is more than one individual, each individual must initial an
answer where the question indicates a “yes” or “no” response and must answer any other question fully,
indicating to which individual such answer applies. If the purchaser is purchasing jointly with his or her spouse, one answer may
be indicated for the couple as a whole:

 

8.1         Does
your net worth* (or joint net worth with your spouse) exceed $1,000,000? 

	 		
	 	Yes ☐	No ☐

 

8.2         Did
you have an individual income** in excess of $200,000 or joint income together with your spouse in excess of $300,000 in each
of the two most recent years and do you reasonably expect to reach the same income level in the current year? 

	 		
	 	Yes	No ☐

 

8.3         Are
you an executive officer of the Company? 

	 		
	 	Yes ☐	No ☐

 

* For purposes hereof, net worth shall
be deemed to include ALL of your assets, liquid or illiquid MINUS any liabilities.

 

** For purposes hereof, the term “income”
is not limited to “adjusted gross income” as that term is defined for federal income tax purposes, but rather includes
certain items of income which are deducted in computing “adjusted gross income”. For investors who are salaried employees,
the gross salary of such investor, minus any significant expenses personally incurred by such investor in connection with earning
the salary, plus any income from any other source including unearned income, is a fair measure of “income” for purposes
hereof. For investors who are self-employed, “income” is generally construed to mean total revenues received during
the calendar year minus significant expenses incurred in connection with earning such revenues.

 

8.B        Applicable
to Corporations, Partnerships, Trusts, Limited Liability Companies and other Entities ONLY:

 

The purchaser is an accredited investor
because the purchaser falls within at least one of the following categories (Check all appropriate lines):

 

		☐	(i) a bank as defined in Section 3(a)(2) of the Act or a savings and loan association or other
institution as defined in Section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity;

 

    	 

    	 

    

 

		☐	(ii) a broker-dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934,
as amended;

 

		☐	(iii) an insurance company as defined in Section 2(13) of the Act;

 

		☐	(iv) an investment company registered under the Investment Company Act of 1940, as amended (the
“Investment Act”) or a business development company as defined in Section 2(a)(48) of the Investment Act;

 

		☐	(v) a Small Business Investment Company licensed by the U.S. Small Business Administration under
Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended;

 

		☐	(vi) a plan established and maintained by a state, its political subdivisions, or any agency or
instrumentality of a state or its political subdivisions, for the benefit of its employees, where such plan has total assets in
excess of $5,000,000;

 

		☐	(vii) an employee benefit plan within the meaning of Title 1 of the Employee Retirement Income
Security Act of 1974, as amended (the “Employee Act”), where the investment decision is made by a plan fiduciary, as
defined in Section 3(21) of the Employee Act, which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or an employee benefit plan that has total assets in excess of $5,000,000, or a self-directed plan the investment
decisions of which are made solely by persons that are accredited investors;

 

		☐	(viii) a private business development company, as defined in Section 202(a)(22) of the Investment
Advisers Act of 1940, as amended;

 

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

 

		☐	(x) a trust, with total assets in excess of $5,000,000, not formed for the specific purpose of
acquiring the securities offered, whose purchase is directed by a “sophisticated” person, as described in Rule 506(b)(2)(ii)
promulgated under the Act, who has such knowledge and experience in financial and business matters that he or she is capable of
evaluating the merits and risks of the prospective investment;

 

		☐	(xi) an entity in which all of the equity investors are persons or entities described above (“accredited
investors”). ALL EQUITY OWNERS MUST COMPLETE “EXHIBIT A” ATTACHED HERETO.

 

9.A        Do
you have sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and
risks associated with investing in the Company?  

	 		
	 	Yes ☐	No ☐

 

    	 

    	 

    

 

ANSWER QUESTION 9B ONLY IF THE ANSWER TO QUESTION 9A WAS “NO.”

 

9.B         If
the answer to Question 9A was “NO,” do you have a financial or investment adviser (a) that is acting in the capacity
as a purchaser representative and (b) who has sufficient knowledge and experience in financial and business matters so as to be
capable of evaluating the merits and risks associated with investing in the Company? 

	 		
	 	Yes ☐	No ☐

 

If you have a financial or investment adviser(s),
please identify each such person and indicate his or her business address and telephone number in the space below. (Each such person
must complete, and you must review and acknowledge, a separate Purchaser Representative Questionnaire which will be supplied at
your request).

 

	 
	 
	 

 

10.         You
have the right, will be afforded an opportunity, and are encouraged to investigate the Company and review relevant factors and
documents pertaining to the officers of the Company, and the Company and its business and to ask questions of a qualified representative
of the Company regarding this investment and the properties, operations, and methods of doing business of the Company.

 

Have you or has your purchaser representative,
if any, conducted any such investigation, sought such documents or asked questions of a qualified representative of the Company
regarding this investment and the properties, operations, and methods of doing business of the Company? 

	 		
	 	Yes ☐	No ☐

 

	If so, briefly describe:	 

 

	 	 

 

If so, have you completed your investigation
and/or received satisfactory answers to your questions? 

	 		
	 	Yes ☐	No ☐

 

11.         Do
you understand the nature of an investment in the Company and the risks associated with such an investment? 

	 		
	 	Yes ☐	No ☐

 

    	 

    	 

    

 

12.         Do
you understand that there is no guarantee of any financial return on this investment and that you will be exposed to the risk
of losing your entire investment? 

	 		
	 	Yes ☐	No ☐

 

13.         Do
you understand that this investment is not liquid? 

	 		
	 	Yes ☐	No ☐

 

14.         Do
you have adequate means of providing for your current needs and personal contingencies in view of the fact that this is not a
liquid investment? 

	 		
	 	Yes ☐	No ☐

 

15.         Are
you aware of the Company’s business affairs and financial condition, and have you acquired all such information about the
Company as you deem necessary and appropriate to enable you to reach an informed and knowledgeable decision to acquire the Interests? 

	 		
	 	Yes ☐	No ☐

 

16.         Do
you have a “pre-existing relationship” with the Company or any of the officers of the Company? 

	 		
	 	Yes ☐	No ☐

 

(For purposes hereof, “pre-existing
relationship” means any relationship consisting of personal or business contacts of a nature and duration such as would enable
a reasonably prudent investor to be aware of the character, business acumen, and general business and financial circumstances of
the person with whom such relationship exists.)

 

If so, please name the individual or other
person with whom you have a pre-existing relationship and describe the relationship:

 

	 
	 
	 

 

17.         Exceptions
to the representations and warranties made in Section 3.2 of the Securities Purchase Agreement (if no exceptions, write “none”
– if left blank, the response will be deemed to be “none”): ___________________________________________________

 

	 

 

Dated: _______________, 20___

 

    	 

    	 

    

 

If purchaser is one or more individuals (all individuals must
sign):

 

	 
	(Type or print name of prospective purchaser)
	 
	 
	Signature of prospective purchaser
	 
	 
	Social Security Number
	 
	 
	(Type or print name of additional purchaser)
	 
	 
	Signature of spouse, joint tenant, tenant in common or other signature, if required
	 
	 
	Social Security Number

 

    	 

    	 

    

 

Annex A

 

Definition of Accredited Investor

 

The securities will
only be sold to investors who represent in writing in the Securities Purchase Agreement that they are accredited investors, as
defined in Regulation D, Rule 501 under the Act which definition is set forth below:

 

1.           A
natural person whose net worth, or joint net worth with spouse, at the time of purchase exceeds $1 million (excluding home); or

 

2.           A
natural person whose individual gross income exceeded $200,000 or whose joint income with that person’s spouse exceeded $300,000
in each of the last two years, and who reasonably expects to exceed such income level in the current year; or

 

3.           A
trust with total assets in excess of $5 million, not formed for the specific purpose of acquiring the securities offered, whose
purchase is directed by a sophisticated person described in Regulation D; or

 

4.           A
director or executive officer of the Company; or

 

5.           The
investor is an entity, all of the owners of which are accredited investors; or

 

6.           (a)
bank as defined in Section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A)
of the Act, (b) any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, (c) an insurance
Company as defined in Section 2(13) of the Act, (d) an investment Company registered under the Investment Company Act of 1940 or
a business development Company as defined in Section 2(a)(48) of such Act, (e) a Small Business Investment Company licensed by
the United States Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, (f) an
employee benefit plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a
state or its political subdivisions, if such plan has total assets in excess of $5 million, (g) an employee benefit plan within
the meaning of Title I of the Employee Retirement Income Securities Act of 1974, and the employee benefit plan has assets in excess
of $5 million, or the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, that is either
a bank, savings and loan institution, insurance Company, or registered investment advisor, or, if a self-directed plan, with an
investment decisions made solely by persons that are accredited investors, (h) a private business development company as defined
in Section 202(a)(22) of the Investment Advisers Act of 1940, or (i) an organization described in Section 501(c)(3) of the Internal
Revenue code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring
the securities offered, with assets in excess of $5 million.

 

    	 

    	 

    

 

EXHIBIT “A” TO ACCREDITED INVESTOR
QUESTIONNAIRE

 

ACCREDITED CORPORATIONS, PARTNERSHIPS,
LIMITED LIABILITY COMPANIES, TRUSTS OR OTHER ENTITIES INITIALING QUESTION 8B(xi) MUST PROVIDE THE FOLLOWING INFORMATION.

 

I hereby certify that set forth below is
a complete list of all equity owners in __________________ [NAME OF ENTITY], a                                               
[TYPE OF ENTITY] formed pursuant to the laws of the State of                                    
. I also certify that EACH SUCH OWNER HAS INITIALED THE SPACE OPPOSITE HIS OR HER NAME and that each such owner understands
that by initialing that space he or she is representing that he or she is an accredited individual investor satisfying the test
for accredited individual investors indicated under “Type of Accredited Investor.”

 

	 
	signature of authorized corporate officer, general partner or trustee

 

	Name of Equity Owner	 	Type of Accredited Investor1

 

	1.	 
	 	 
	2.	 
	 	 
	3.	 
	 	 
	4.	 
	 	 
	5.	 
	 	 
	6.	 
	 	 
	7.	 
	 	 
	8.	 
	 	 
	9.	 
	 	 
	10.	 

 

 

1Indicate which
Subparagraph of 8.1 - 8.3 the equity owner satisfies.EXHIBIT 10.25

 

 

 

May 7, 2015

 

CONFIDENTIAL

 

Mr. Hojabr Alimi

Chief Executive Officer

Ruthigen, Inc.

2455 Bennett Valley Rd., Suite C116

Santa Rosa, California 95404

 

Re:           PIPE Offering

 

Dear Hojabr:

 

The purpose of this engagement
letter is to outline our agreement pursuant to which Dawson James Securities, Inc. (“Dawson”) will
act as the lead or managing placement agent on a best efforts, agency basis in connection with the proposed PIPE (Private Placement
Into Public Equity) offering (the “Offering”) pursuant to Rule 506 of Regulation D primulgated under
the Securities Act of 1933 (the “Securities Act”) and limited to “accredited investors” (as
that term is defined under Rule 501 of Regulation D by Ruthigen, Inc. (collectively, with its subsidiaries and affiliates, the
“Company”) of its equity or equity-linked securities. This engagement letter (this “Agreement”)
sets forth certain conditions and assumptions upon which the Offering is premised. However, except as expressly provided herein,
this engagement letter is not intended to be a binding legal document, as the agreement between the parties hereto on the matters
relating to the Offering will be embodied in the Placement Agency Agreement (as defined below). The terms of the Offering and the
Securities (as defined below) shall be mutually agreed upon by the Company and the investors and nothing herein implies that Dawson
would have the power or authority to bind the Company or an obligation for the Company to issue any Securities or complete the
Offering. The Company expressly acknowledges and agrees that the execution of this Agreement does not constitute a commitment by
Dawson to purchase the Securities and does not ensure the successful placement of the Securities or any portion thereof or the
success of Dawson with respect to securing any other financing on behalf of the Company.

 

The terms of our agreement in principle are as follows:

 

1.          Engagement.
The Company hereby engages Dawson, for the period beginning on the date hereof and ending five business days before the closing
of the merger described in the Company’s S-4 Registration Statement filed with the Securities and Exchange Commission on
April 15, 2015 (the “S-4”) (“Merger”), unless sooner terminated pursuant to
the terms of this engagement letter (the “Engagement Period”), to act as the Company’s exclusive
financial advisor, lead or managing placement agent and/or book runner and investment banker in connection with the proposed Offering
or any other financing. During the Engagement Period or until the consummation of the Offering, and as long as Dawson is proceeding
in good faith with preparations for the Offering, the Company agrees not to solicit, negotiate with or enter into any agreement
with any other source of financing (whether equity, debt or otherwise; whether private or public), any underwriter, potential underwriter,
placement agent, financial advisor, investment banking firm or any other person or entity in connection with an offering of the
Company’s debt or equity securities or any other financing by the Company.

 

	1 North Federal Highway • Suite
                                                         500 • Boca Raton, FL 33432 • Toll Free 866.928.0928 • Main
                                                         561.391.5555 • Fax 561.391.5757 • www.dawsonjames.com  Member
                                                         FINRA/SIPC

                            

 

    	 

    	 

    

 

2.          The
Offering. The Offering, the closing of which is not contingent on the closing of the Merger, will consist of the
offer for sale of up to 948,555 shares of common stock at not less than $2.75 pre share (the
“Securities”). The purpose of the Offering is to enable the Company to satisfy its net cash
requirements as described in a certain Merger Agreement filed as an exhibit to the S-4. It is understood that the net
proceeds to the Company after deduction and payment of all offering and related expenses must be not less than $2,100,000.
The Offering proceeds will be held in escrow and will be released contemporaneously with the closing of the Merger (as
described in the Merger Agreement). Dawson will act as the lead or managing placement agent for the Offering, subject to,
among other matters referred to herein and additional customary conditions, completion of Dawson’s due diligence
examination of the Company and its affiliates, and the execution of a Placement Agency Agreement between the Company and
Dawson in connection with the Offering (the “Placement Agency Agreement”). Dawson may: (i) with the
Company’s approval (not to be unreasonably withheld, conditioned or delayed), create selling group for the
Offering comprised of broker-dealers who are members of the Financial Industry Regulatory Authority (“FINRA”), (ii)
rely on soliciting dealers who are FINRA members to participate in placing a portion of the Offering, and/or (iii) offer
Securities in foreign jurisdictions. The actual size of the Offering, the precise number of Securities to be offered by the
Company and the offering price will be the subject of continuing negotiations between the Company and Dawson and will depend
upon, among other factors: (i) the capitalization of the Company at the time of the Offering, (ii) market and general
economic conditions and changes in the prospects and/or forecasts of the Company, (iii) the preparation and Dawson’s
review of the Company’s financial statements, (iv) Dawson’s determination of the Company’s pre-money
valuation (based upon the information provided to Dawson by the Company) and (v) other factors determined by Dawson. The
Company shall be responsible for any and all compliance with the securities laws applicable to it, including Regulation D and
the Securities Act, and Rule 506 promulgated thereunder, and unless otherwise agreed in writing, all state securities
(“blue sky”) laws. Dawson agrees to cooperate with counsel to the Company in that regard.

 

3.          Placement
Agent Compensation. The Company will pay to Dawson a placement agent fee of 8% of the gross proceeds received in the Offering.
Dawson will also be entitled to a non-accountable expense allowance equal to 1% of the gross proceeds received in the Offering.

 

    	2

    	 

    

 

4.          Private
Placement Memorandum. The Company will, as soon as practicable following the date of this Agreement, prepare a private
placement memorandum (the “Private Placement Memorandum”) covering the private offer and sale of the
Securities to be offered and sold in the Offering. The Private Placement Memorandum, and all amendments and supplements thereto,
will be in form reasonably satisfactory to Dawson and counsel to Dawson and will contain: (i) all audited financial statements
of the Company and such interim and other financial statements and schedules as may be required by the Securities Act and rules
and regulations promulgated thereunder, including without limitation Regulation D, and (ii) a description of the business of the
Company and such other disclosures regarding the Company and its officers and directors as may be required by the Securities Act
and rules and regulations of the Securities and Exchange Commission (the “Commission”) thereunder. The
Company will be solely responsible for the contents of its Private Placement Memorandum and any and all other written or oral communications
provided by or on behalf of the Company to any actual or prospective investor of the Securities, and the Company represents and
warrants that such materials and such other communications will not, as of the date of the offer or sale of the Securities, 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. If at any time prior to
the completion of the offer and sale of the Securities an event occurs which would cause the Private Placement Memorandum (as supplemented
or amended) to contain an untrue statement of a material fact or to omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading, the Company will notify Dawson immediately
of such event and Dawson will suspend solicitations of the prospective purchasers of the Securities until such time as the Company
shall prepare a supplement or amendment to the Private Placement Memorandum which corrects such statement or omission. The Private
Placement Memorandum will include a description of the Placement Agency Agreement. The Placement Agency Agreement will be in form
satisfactory to Dawson and will include indemnification provisions and other terms and conditions customarily found in placement
agency agreements for PIPE offerings.

 

5.          Left
Blank Intentionally 

 

6.          Left
Blank Intentionally

 

6.          Expenses.
The Company will be responsible for and will pay all expenses relating to the Offering, including, without limitation, (a) all
filing fees and expenses relating to the registration of the Securities with the Commission; (b) all fees and expenses relating
to the listing of the Company’s common stock on the Nasdaq Stock Market or the NYSE MKT or on such other stock exchanges
as the Company and Dawson together determine; (c) all fees, expenses and disbursements relating to background checks of the Company’s
officers and directors; (d) all fees, expenses and disbursements required under the “blue sky” securities laws of such
states and other jurisdictions as Dawson may reasonably designate; (e) all fees, expenses and disbursements relating to the registration,
qualification or exemption of the Securities under the securities laws of such foreign jurisdictions as Dawson may reasonably designate;
(f) the costs of all mailing and printing of the Offering documents; (g) the costs associated with bound volumes of the offering
materials as well as commemorative mementos and lucite tombstones, each of which the Company or its designee will provide within
a reasonable time after the Closing in such quantities as Dawson may reasonably request; (h) the fees and expenses of the Company’s
accountants; (i) the fees and expenses of the Company’s legal counsel and other agents and representatives; and (j) up to
$25,000 of Dawson’s legal and additional diligence expenses not covered by the provisions and terms of this Section 6 herein.

 

7.          Left
Blank Intentionally

 

8.          Left
Blank Intentionally 

 

9.          Survival.
Except as provided in Paragraphs 1, 9, 10, 11, 13, 14, 15, and 16 hereof (which Paragraphs are intended to be legally binding
and enforceable on and against the Company and Dawson), this engagement letter is not intended to be a binding legal document nor
a legal commitment on the part of Dawson to provide any financing to the Company, as the agreement between the parties hereto on
these matters will be embodied in the Placement Agency Agreement. Until the Placement Agency Agreement has been finally negotiated
and signed, the Company or Dawson may at any time terminate their further participation in the proposed transactions contemplated
hereby and the engagement by the Company of Dawson, and the party so terminating will have no liability to the other on account
of any matters provided for herein, except as provided for in this Agreement.

 

    	3

    	 

    

 

10.         Termination.
Regardless of which party elects to terminate their further participation in the proposed transactions contemplated hereby
and the engagement by the Company of Dawson, upon such termination, the Company will reimburse Dawson for, or otherwise pay and
bear, the expenses and fees to be paid and borne by the Company as provided for in Paragraph 6 above and to reimburse Dawson for
the full amount of its actual accountable expenses incurred to such date for all such expenses (which expenses will include, but
will not be limited to, all reasonable fees and disbursements of Dawson’s counsel, travel, lodging and other “road
show” expenses, mailing, printing and reproduction expenses, and any expenses incurred by Dawson in conducting its due diligence,
including background checks of the Company’s officers and directors), less amounts, if any, previously paid to Dawson in
reimbursement for such expenses.

 

11.         No
Other Agreements. The Company represents and warrants to Dawson that the entry into this engagement letter or any other
action of the Company in connection with the proposed Offering will not violate any agreement between the Company and any other
broker-dealer, underwriter or financial advisor.

 

12.         Publicity.
The Company agrees that it will not issue press releases or engage in any other publicity, without Dawson’s prior written
consent (which shall not be unreasonably withheld), commencing on the date hereof and continuing for a period of thirty (30) days
from final Closing of the Offering.

 

13.         Information.
During the Engagement Period or until the final Closing, the Company agrees to cooperate with Dawson and to furnish, or
cause to be furnished, to Dawson, any and all information and data concerning the Company, and the Offering that Dawson deems
appropriate (the “Information”). The Company will provide Dawson reasonable access during normal
business hours from and after the date of execution of this engagement letter until the date of the Closing to all of the
Company’s assets, properties, books, contracts, commitments and records and to the Company’s officers, directors,
employees, appraisers, independent accountants, legal counsel and other consultants and advisors. Except as contemplated by
the terms hereof or as required by applicable law, Dawson will keep strictly confidential all non-public Information
concerning the Company provided to Dawson. No obligation of confidentiality will apply to Information that: (a) is in the
public domain as of the date hereof or hereafter enters the public domain without a breach by Dawson, (b) was known or became
known by Dawson prior to the Company’s disclosure thereof to Dawson as demonstrated by the existence of its written
records, (c) becomes known to Dawson from a source other than the Company, and other than by the breach of an obligation of
confidentiality owed to the Company, (d) is disclosed by the Company to a third party without restrictions on its disclosure
or (e) is independently developed by Dawson.

 

    	4

    	 

    

 

14.         No
Third Party Beneficiaries; No Fiduciary Obligations. This engagement letter does not create, and shall not be construed
as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the indemnification
provisions hereof. The Company acknowledges and agrees that: (i) Dawson is not and shall not be construed as a fiduciary of the
Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue
of this engagement letter or the retention of Dawson hereunder, all of which are hereby expressly waived; and (ii) Dawson is a
full service securities firm engaged in a wide range of businesses and from time to time, in the ordinary course of its business,
Dawson or its affiliates may hold long or short positions and trade or otherwise effect transactions for its own account or the
account of its customers in debt or equity securities or loans of the companies which may be the subject of the transactions contemplated
by this Agreement. During the course of Dawson engagement with the Company, Dawson may have in its possession material, non-public
information regarding other companies that could potentially be relevant to the Company or the transactions contemplated herein
but which cannot be shared due to an obligation of confidence to such other companies. 

 

15.         Indemnification,
Advancement & Contribution. 

 

(a) Indemnification.
The Company agrees to indemnify and hold harmless Dawson, its affiliates and each person controlling Dawson (within the meaning
of Section 15 of the Securities Act), and the directors, officers, agents and employees of Dawson, its affiliates and each such
controlling person (Dawson, and each such entity or person hereafter is referred to as an “Indemnified Person”)
from and against any losses, claims, damages, judgments, assessments, costs and other liabilities (collectively, the “Liabilities”),
and shall reimburse each Indemnified Person for all fees and expenses (including the reasonable fees and expenses of counsel for
the Indemnified Persons) (collectively, the “Expenses”) and agrees to advance payment of such Expenses
as they are incurred by an Indemnified Person in investigating, preparing, pursuing or defending any actions, whether or not any
Indemnified Person is a party thereto, arising out of the Offering or based upon or arising out of alleged any untrue statement
or alleged untrue statement of a material fact contained in (i) the Private Placement Memorandum, or any other offering documents
(as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with
the approval of, the Company in connection with the marketing of the Offering, including any “road show” or investor
presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document
or written communication (collectively called “application”) executed by the Company or based upon written information
furnished by the Company in any jurisdiction in order to qualify the Securities under the securities laws thereof or to file for
an exemption from such requirement or filed with the Commission, any state securities commission or agency, any national securities
exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, unless such statement or omission
was made in reliance upon, and in conformity with, information provided to the Company by Dawson in writing specifically for use
in the Private Placement Memorandum, or any other offering documents. The Company also agrees to advance and to reimburse each
Indemnified Person for all Expenses as they are incurred in connection with such Indemnified Person’s enforcement of his
or its rights under this Section 15.

 

    	5

    	 

    

 

(b)          Procedure.
Upon receipt by an Indemnified Person of actual notice of an action against such Indemnified Person with respect to which indemnity
may reasonably be expected to be sought under this Section 15, such Indemnified Person shall promptly notify the Company in writing;
provided that failure by any Indemnified Person so to notify the Company shall not relieve the Company from any obligation or liability
which the Company may have on account of this Section 15 or otherwise to such Indemnified Person. The Company shall, if requested
by Dawson, assume the defense of any such action (including the employment of counsel designated by Dawson and reasonably satisfactory
to the Company). Any Indemnified Person shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company
has failed promptly to assume the defense and employ separate counsel designated by Dawson for the benefit of Dawson and the other
Indemnified Persons or (ii) such Indemnified Person shall have been advised that in the opinion of counsel that there is an actual
or potential conflict of interest that prevents (or makes it imprudent for) the counsel designated by Dawson and engaged by the
Company for the purpose of representing the Indemnified Person, to represent both such Indemnified Person and any other person
represented or proposed to be represented by such counsel. The Company shall not be liable for any settlement of any action effected
without its written consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the prior written
consent of Dawson, settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending or
threatened action in respect of which advancement, reimbursement, indemnification or contribution may be sought hereunder (whether
or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional
release of each Indemnified Person, acceptable to such Indemnified Party, from all Liabilities arising out of such action for which
indemnification or contribution may be sought hereunder and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any Indemnified Person. The advancement, reimbursement, indemnification and contribution
obligations of the Company required hereby shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as every Liability and Expense is incurred and is due and payable, and in such amounts as fully satisfy each and every
Liability and Expense as it is incurred (and in no event later than 30 days following the date of any invoice therefore).

 

(c)          Contribution.
In the event that a court of competent jurisdiction makes a finding that indemnity is unavailable to an Indemnified Person, the
Company shall contribute to the Liabilities and Expenses paid or payable by such Indemnified Person in such proportion as is appropriate
to reflect (i) the relative benefits to the Company, on the one hand, and to Dawson and any other Indemnified Person, on the other
hand, of the matters contemplated by this Section 15 or (ii) if the allocation provided by the immediately preceding clause is
not permitted by applicable law, not only such relative benefits but also the relative fault of the Company, on the one hand, and
Dawson and any other Indemnified Person, on the other hand, in connection with the matters as to which such Liabilities or Expenses
relate, as well as any other relevant equitable considerations; provided that in no event shall the Company contribute less than
the amount necessary to ensure that all Indemnified Persons, in the aggregate, are not liable for any Liabilities and Expenses
in excess of the amount of commissions actually received by Dawson in the Offering. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company on the one hand or Dawson on the other and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company
and Dawson agree that it would not be just and equitable if contributions pursuant to this subsection (c) were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above
in this subsection (c). For purposes of this paragraph, the relative benefits to the Company, on the one hand, and to Dawson on
the other hand, of the matters contemplated by this Section 15 shall be deemed to be in the same proportion as: (a) the total value
received by the Company in the Offering, whether or not such Offering is consummated, bears to (b) the commissions paid to Dawson
under this Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section
11(f) of the Securities Act shall be entitled to contribution from a party who was not guilty of fraudulent misrepresentation.

 

    	6

    	 

    

 

(d)          Limitation.
The Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or
otherwise) to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant
to this engagement letter, the transactions contemplated thereby or any Indemnified Person’s actions or inactions in connection
with any such advice, services or transactions, except to the extent that a court of competent jurisdiction has made a finding
that Liabilities (and related Expenses) of the Company have resulted exclusively from such Indemnified Person’s gross negligence
or willful misconduct in connection with any such advice, actions, inactions or services.

 

16.         Governing
Law; Venue. This engagement letter will be deemed to have been made and delivered in the State of Florida and both
the binding provisions of this Agreement and the transactions contemplated hereby and by the Underwriting Agreement will be
governed as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of
Florida, without regard to the conflict of laws principles thereof. Each of Dawson and the Company: (i) agrees that any legal
suit, action or proceeding arising out of or relating to this engagement letter and/or the transactions contemplated hereby
will be instituted exclusively in the courts located in the county of Palm Beach, Florida (ii) waives any objection which it
may have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction
of the courts located in the county of Palm Beach, Florida, in any such suit, action or proceeding. Each of Dawson and the
Company further agrees to accept and acknowledge service of any and all process which may be served in any such suit, action
or proceeding in such courts and agrees that service of process upon the Company mailed by certified mail to the
Company’s address will be deemed in every respect effective service of process upon the Company, in any such suit,
action or proceeding, and service of process upon Dawson mailed by certified mail to Dawson’s address will be deemed in
every respect effective service process upon Dawson, in any such suit, action or proceeding. Notwithstanding any provision of
this engagement letter to the contrary, the Company agrees that neither Dawson nor its affiliates, and the respective
officers, directors, employees, agents and representatives of Dawson, its affiliates and each other person, if any,
controlling Dawson or any of its affiliates, will have any liability (whether direct or indirect, in contract or tort or
otherwise) to the Company for or in connection with the engagement and transaction described herein except for any such
liability for losses, claims, damages or liabilities incurred by the Company that are finally judicially determined to have
resulted from the bad faith or gross negligence of such individuals or entities. Dawson will act under this engagement letter
as an independent contractor with duties to the Company. 

 

If you are in agreement
with the foregoing, please sign and return to us one copy of this engagement letter together with a payment to Dawson James Securities,
Inc. in the amount of the Advance. This engagement letter may be executed in counterparts (including facsimile or .pdf counterparts),
each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

	 	Very truly yours,
	 	 
	 	DAWSON JAMES SECURITIES, INC.

 

	 	By 	 
	 	 	Name:
	 	 	 
	 	 	Title:

 

	Accepted and agreed as of	 
	the date first written above:	 
	 	 
	RUTHIGEN, Inc.	 

 

	By 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	7

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