Document:

Exhibit 10.03

 

FORM OF SUPPORT AGREEMENT

 

This SUPPORT AGREEMENT (this
“Agreement”), dated as of June 17, 2021, is made and entered into by and among Rafael Holdings, Inc., a Delaware corporation
(“Parent”), Rafael Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the equityholder
of the Company party hereto (“Equityholder” and together with other equityholders of the Company, “Equityholders”).
Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement (as defined
below).

 

RECITALS

 

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

 

WHEREAS, (i) Equityholder
and Equityholder’s Affiliates and Family Members (each as defined below) own beneficially and of record: (A) the number and class
of shares of Company Capital Stock set forth on Exhibit C hereto (such Company Capital Stock, together with any other Company Capital
Stock now beneficially owned or acquired (whether by purchase, gift, distribution, exercise of options or warrants, conversion of notes
or otherwise) by Equityholder after the date hereof, being collectively referred to herein as the “Equityholder Shares”);
(B) to the extent applicable, the number of Options set forth on Exhibit C hereto (the “Equityholder Options”); (C)
to the extent applicable, the number of shares of Company Common Stock issuable pursuant to the Bonus Shares Agreement set forth on Exhibit
C hereto, (D) to the extent applicable, the number of shares of Company Common Stock issuable pursuant to the Line of Credit set forth
on Exhibit C hereto ((C) and (D) together the “Equityholder Contingent Rights”), and (E) to the extent applicable,
the number and class of Company Warrants set forth under his, her or its name on the signature page hereto (the “Equityholder
Warrants” and, together with the Equityholder Shares, Equityholder Options, Equityholder Contingent Rights and Equityholder
Warrants, the “Equityholder Securities”); and (ii) Equityholder is the promisee of the number of promised options set
forth under his, her or its name on Exhibit C hereto (the “Equityholder Promised Options”);

 

WHEREAS, the entitlement to
shares of Parent Class B Common Stock in respect of any Equityholder Contingent Rights or Equityholder Warrants is to be calculated based
on accrued interest and application of any and all anti-dilution rights through September 30, 2021; and

 

WHEREAS, in connection with
the Merger Agreement and the consummation of the transactions contemplated thereby, the Company, Parent and Merger Subs have requested
that Equityholder, and Equityholder has agreed to, enter into this Agreement.

 

     

     

    

 

NOW THEREFORE, in consideration
of the foregoing and the mutual representations, warranties, covenants, agreements, terms and conditions contained herein, the parties
hereto do hereby agree as follows:

 

ARTICLE
I

VOTING AGREEMENT; RELEASE; WAIVER

 

1.1 Voting
Agreement.

 

(a) Equityholder,
who is a holder of Equityholder Securities, hereby agrees, from and after the date hereof and until the earlier of the Effective Time
and the Termination Date (as defined below), at any meeting of the stockholders of the Company, however called, at any adjournment or
postponement thereof, and in connection with any Company Stockholder Written Consent (as defined below) of the stockholders of the Company,
in each case called or provided with respect to any of the matters described in the following clause (ii): (i) to appear at each
such meeting in person or by proxy or otherwise cause the Company Capital Stock that Equityholder is entitled to vote to be counted as
present thereat for purposes of establishing a quorum; and (ii) to vote in person or by proxy or otherwise cause the Company Capital
Stock that Equityholder is entitled to vote to be voted (or deliver a duly executed Company Stockholder Written Consent in lieu thereof)
all of the Company Capital Stock that Equityholder is entitled to vote at the time of any vote or Company Stockholder Written Consent
(A) to adopt the (I) Merger Agreement and approve the Merger and (II) the Certificate of Amendment to the Amended and Restated Certificate
of Incorporation of the Company in substantially the form of Exhibit F to the Merger Agreement, in each case as and when submitted
for the consideration and vote of the stockholders of the Company (not including any amendment or supplement), (B) against any action
that would reasonably be expected to result in any of the conditions set forth in Section 6, Section 7 or Section 8 of the Merger Agreement
not being satisfied, (C) against any transaction described or contemplated in Section 4.4 of the Merger Agreement or any other
competing or alternative acquisition proposal for the Company or any of its subsidiaries or any other proposal, action or transaction
involving the Company or any of its subsidiaries, which proposal, action or transaction would impede, frustrate, prevent or materially
delay the consummation of the transactions contemplated by the Merger Agreement and the Transaction Documents or this Agreement and (D)
against any other action that is intended or reasonably expected to materially impair, prevent or delay the Merger.

 

(b) Nothing
in this Agreement, including Section 1.1(a), shall limit or restrict Equityholder, or any Affiliate or designee of Equityholder,
who serves as a member of the Board of Directors of the Company or as an officer of the Company in acting in his or her capacity as a
director or officer of the Company and exercising his or her fiduciary duties and responsibilities in such capacity, it being understood
that this Agreement shall apply to Equityholder solely in such Equityholder’s capacity as a stockholder of the Company and shall
not apply to Equityholder’s, its Affiliate’s or its designee’s actions, judgments or decisions as a director or officer
of the Company.

 

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(c) In
furtherance of, and without limiting the generality of, the foregoing, within two days following the effectiveness of the Registration
Statement, Equityholder shall execute and deliver to the Company (with a copy thereof to Parent) an action by written consent of the Company’s
stockholders in substantially the form attached hereto as Exhibit A (the “Company Stockholder Written Consent”),
which Company Stockholder Written Consent shall be irrevocable in accordance with its terms. Equityholder shall use Equityholder’s
reasonable best efforts to procure that its Affiliates and Family Members who hold Company Capital Stock (including in each case Affiliates
and Family Members as listed on Exhibit C) shall execute and deliver to the Company (with a copy thereof to Parent) the Company
Stockholder Written Consent. For purposes of this Agreement, “Family Members” shall mean an Equityholder’s spouse,
parents, children, grandchildren, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, anyone
(other than domestic employees) who shares Equityholder’s home and any trust established for the benefit of any of the foregoing.

 

(d) Equityholder
hereby covenants and agrees that, except for this Agreement, the Company Stockholder Written Consent, and, if applicable, the agreement
to which the undersigned is a party listed on Exhibit B hereto, Equityholder (i) has not entered into, and shall not enter into
at any time while this Agreement remains in effect, any voting agreement or voting trust with respect to the Company Capital Stock owned
beneficially or of record by Equityholder, (ii) has not granted, and shall not grant at any time while this Agreement remains in effect,
a proxy, a consent or power of attorney with respect to the Company Capital Stock owned beneficially or of record by Equityholder, with
any such proxy, consent or power of attorney purported to be granted by Equityholder being void from the outset, and (iii) has not entered
into any agreement or taken any action (and shall not enter into any agreement or take any action) that would make any representation
or warranty of Equityholder contained herein untrue or incorrect in any material respect or have the effect of preventing Equityholder
from performing any of its material obligations under this Agreement.

 

(e) Except
as set forth in Section 1.1(a), Equityholder shall not be restricted from voting in favor of, against or abstaining with respect
to any matter presented to the Equityholders. Without limiting the generality of the foregoing, nothing in this Agreement shall preclude
Equityholder from exercising full power and authority to vote in Equityholder's sole discretion for or against any proposal submitted
to a vote of the Equityholders to approve any payment that would, in the absence of such approval, constitute a parachute payment under
Section 280G of the Internal Revenue Code of 1986, as amended.

 

(f) Equityholder
shall use reasonable best efforts to cause its Affiliates and Family Members who hold Company Capital Stock (in each case as listed on
Exhibit C) at any meeting of the stockholders of the Company, however called, at any adjournment or postponement thereof, and in
connection with any Company Stockholder Written Consent (as defined below), in each case called or provided with respect to any of the
matters described in the following clause (ii): (i) to appear at each such meeting in person or by proxy or otherwise cause the Company
Capital Stock that such person is entitled to vote to be counted as present thereat for purposes of establishing a quorum; and (ii) to
vote in person or by proxy or otherwise cause the all Company Capital Stock that such person is entitled to vote to be voted (or deliver
a duly executed Company Stockholder Written Consent in lieu thereof) (A) to adopt the (I) Merger Agreement and approve the Merger
and the other transactions contemplated by the Merger Agreement, and (II) the Certificate of Amendment to the Amended and Restated Certificate
of Incorporation of the Company in substantially the form of Exhibit F to the Merger Agreement, in each case as and when submitted
for the consideration and vote of the stockholders of the Company (not including any amendment or supplement), (B) against any action
that would reasonably be expected to result in any of the conditions set forth in Section 6, Section 7 or Section 8 of the Merger Agreement
not being satisfied, (C) against any transaction described or contemplated in Section 4.4 of the Merger Agreement or any other
competing or alternative acquisition proposal for the Company or any of its subsidiaries or any other proposal, action or transaction
involving the Company or any of its subsidiaries, which proposal, action or transaction would impede, frustrate, prevent or materially
delay the consummation of the transactions contemplated by the Merger Agreement and the Transaction Documents or this Agreement and (D)
against any other action that is intended or reasonably expected to materially impair, prevent or delay the Merger.

 

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1.2 Release.

 

(a) Equityholder,
for himself, herself or itself and on behalf of his, her or its Affiliates, and any of their respective officers, directors, employees,
agents, representatives, successors, members, managers, partners and permitted assigns (each a “Waiving Party”), acknowledges
and agrees that, as of the Effective Time, to the fullest extent permitted under applicable Law, any and all rights, claims and causes
of action he, she or it may have as of the Effective Time against Parent, Merger Subs, or any of their respective Affiliates (including
but not limited to the Company), or any of their respective officers, directors, employees, agents, representatives, successors and permitted
assigns (the “Parent Group”) relating to the business of the Company, the operation of the Company, or its businesses
or relating to the subject matter of the Merger Agreement or any Exhibit or the Schedules thereto, or any ancillary agreement, certificate
or other document entered into, made, delivered, or made available in connection therewith, or as a result of any of the transactions
contemplated thereby, whether arising under, or based upon, any federal, state, local or foreign statute, Law, ordinance, rule or regulation
or otherwise (including any right, whether arising at law or in equity, to seek indemnification, contribution, cost recovery, damages
or any other recourse or remedy, including as may arise under common law) are hereby irrevocably waived by the Waiving Parties (the “Waived
Claims”); provided, however, this Section 1.2 shall not apply to, and “Waived Claims”
shall not include, (i) any rights explicitly set forth in the Merger Agreement (including any equity award or rollover agreement), this
Agreement or any ancillary agreement, certificate or other document entered into in connection with the Merger Agreement, or as a result
of any of the transactions contemplated thereby, to which the Equityholder is a party, (ii) any rights to indemnification, exculpation
or advancement of expenses and insurance as an officer or director of the Company, including in accordance with Section 5.4 of
the Merger Agreement or as provided in any indemnification agreement entered into with an officer or director or in the Company Charter
and the Company’s bylaws, (iii) in the case of an Equityholder who is also an employee of the Company, any rights provided for under
any employment agreement, offer letter or other compensation arrangement or benefit plan with the Company or Parent, (iv) in the case
of an Equityholder who is also an employee of, or consultant to, the Company, in respect of claims for accrued and unpaid compensation
and/or benefits or other vested rights under any employee benefit programs or policies of the Company at or prior to the Effective Time,
(v) any claims first arising (and based solely on facts and circumstances) after the Effective Time and (vi) any claims which may not
be waived as a matter of Law, including, but not limited to, any Waiving Party’s right to file a charge with or participate in a
charge by any Governmental Body that is authorized to enforce or administer Laws related to employment (in the case of an Equityholder
who is also an employee). Moreover, nothing in this Agreement waives any Waiving Party’s right or otherwise prohibits any Waiving
Party from reporting violations of law or regulation to any Governmental Body or from otherwise participating, to the extent requested
by a Governmental Body, in any investigation or proceeding that may be conducted by an any Governmental Body, including providing documents
or other information to the extent requested by a Governmental Body. No Waiving Party needs the prior authorization of the Parent Group
to make any such reports or disclosures to any Governmental Body or to participate in any such investigation or proceeding that may be
conducted by any Governmental Body, and no Waiving Party is required to notify the Parent Group that such Waiving Party has made such
reports or disclosures or has participated or is participating in any such investigation or proceeding. This Agreement also does not limit
any Waiving Party’s right to file a charge or complaint with any Governmental Body related to such Equityholder’s employment
with the Company or receive an award for information provided to any Governmental Body. Furthermore, without limiting the generality of
this Section 1.2, no claim will be brought or maintained by, or on behalf of, Equityholder or any other Waiving Party against any
member of the Parent Group, and no recourse will be sought or granted against any of them, by virtue of, or based upon, any alleged misrepresentation
or inaccuracy in, or breach of, any of the representations, warranties or covenants of any Person set forth or contained in the Merger
Agreement or any Exhibit or Schedules thereto, or any ancillary agreement, certificate or other document entered into, made, delivered,
or made available in connection therewith, or as a result of any of the transactions contemplated thereby, in each case except as set
forth in clauses (i) through (vi) of the first sentence of this Section 1.2(a). Equityholder acknowledges and agrees that the Waiving
Parties may not avoid such limitation on liability by (A) seeking damages for breach of contract, tort (other than claims based on gross
negligence, recklessness or fraud) or pursuant to any other theory of liability, all of which are hereby waived or (B) asserting or threatening
any claim against any Person that is not a party hereto or to the Merger Agreement (or a successor to a party thereto) for breaches of
the representations, warranties, covenants or agreements contained in this Agreement or the Merger Agreement. The parties hereto acknowledge
and agree that the limits imposed on the Waiving Parties’ remedies with respect to this Agreement and the Merger Agreement and the
transactions contemplated hereby and thereby were bargained for between sophisticated parties and were specifically taken into account
in the determination of the amounts to be paid by Parent and Merger Subs under the Merger Agreement.

 

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(b) EQUITYHOLDER,
ON BEHALF OF THE WAIVING PARTIES, EXPRESSLY IRREVOCABLY WAIVES ALL RIGHTS AFFORDED BY ANY STATUTE OR COMMON LAW PRINCIPLES WHICH LIMITS
THE EFFECT OF A RELEASE WITH RESPECT TO UNKNOWN CLAIMS. EQUITYHOLDER ON BEHALF OF THE WAIVING PARTIES, ACKNOWLEDGES THAT HE, SHE OR IT
UNDERSTANDS THE SIGNIFICANCE OF THIS RELEASE OF UNKNOWN CLAIMS AND WAIVER OF ANY STATUTORY PROTECTION AGAINST A RELEASE OF UNKNOWN CLAIMS.
EQUITYHOLDER, ON BEHALF OF THE WAIVING PARTIES, ACKNOWLEDGES AND AGREES THAT THIS WAIVER IS AN ESSENTIAL AND MATERIAL TERM OF THIS AGREEMENT.

 

IN ADDITION, EQUITYHOLDER AND
EACH WAIVING PARTY SPECIFICALLY WAIVES THE BENEFIT OF ANY AND ALL PROVISIONS, RIGHTS AND BENEFITS CONFERRED BY ANY LAW OF ANY STATE OR
TERRITORY OF THE UNITED STATES, OR PRINCIPLE OF COMMON LAW, WHICH IS SIMILAR, COMPARABLE OR EQUIVALENT TO CALIFORNIA CIVIL CODE SECTION
1542, AS WELL AS THE RIGHTS AND BENEFITS CONFERRED BY CALIFORNIA CIVIL CODE SECTION 1542 ITSELF, WHICH READS AS FOLLOWS: A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH DEBTOR OR RELEASED PARTY.

 

(c) This
release shall become effective only upon the consummation of the Merger at the Effective Time pursuant to the terms and conditions of
the Merger Agreement.

 

1.3 Waiver
of Rights.

 

(a) Equityholder,
on behalf of his, her or itself and its Affiliates, hereby waives any and all preemptive rights, anti-dilution rights (except to the limited
extent such rights are reflected in the share numbers on Exhibit C), rights of first refusal, rights of first offer or other similar rights
that Equityholder and its Affiliates may have, or ever have had, with respect to any Company Capital Stock and waives any right Equityholder
and its Affiliates may have, or ever have had, under the Equityholder Agreements (as defined below) or otherwise to acquire any Company
Capital Stock being exchanged pursuant to, or as contemplated by, the Merger Agreement or any transfer that occurred prior to the Effective
Time.

 

(b) EQUITYHOLDER,
BY EXECUTING AND DELIVERING THIS AGREEMENT AND BY ACCEPTING THE APPLICABLE MERGER CONSIDERATION PAYABLE TO EQUITYHOLDER UNDER THE MERGER
AGREEMENT WAIVES AND AGREES NOT TO ASSERT HIS, HER OR ITS RIGHTS, IF ANY, TO DISSENT OR SEEK STATUTORY APPRAISAL IN RESPECT
OF EQUITYHOLDER’S EQUITY INTERESTS IN THE COMPANY PURSUANT TO APPLICABLE LAW (INCLUDING SECTION 262 OF THE DELAWARE GENERAL CORPORATION
LAW).

 

(c) The
waivers set forth in this Section 1.3 shall become effective only upon the consummation of the Merger pursuant to the terms and
conditions of the Merger Agreement.

 

1.4 Prior
Proxies. Equityholder hereby revokes (or agrees to cause to be revoked) any proxies that Equityholder has heretofore granted with
respect to the Company Capital Stock owned by Equityholder.

 

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1.5 No
Transfer. Other than pursuant to the terms of this Agreement or the Merger Agreement (including without limitation pursuant to Section
8.6 of the Merger Agreement (Dissolution of Subsidiaries)), without the prior written consent of Parent, during the term of this Agreement,
Equityholder agrees not to, directly or indirectly, sell, assign, transfer, pledge, encumber or otherwise dispose of (including, without
limitation, by merger, consolidation, sale, liquidation, dissolution, dividend, distribution or otherwise by operation of law), or enter
into any contract, option or other arrangement or understanding with respect to the direct or indirect assignment, transfer, encumbrance
or other disposition of (including, without limitation, by merger, consolidation or otherwise by operation of law), any share of Company
Capital Stock or any right, option or warrant with respect to Company Capital Stock (each, a “Transfer”). Any action
taken in violation of the foregoing sentence shall be null and void ab initio. If any involuntary Transfer of any of the Company
Capital Stock or any right, option or warrant with respect to Company Capital Stock shall occur (including, but not limited to, a sale
by Equityholder’s trustee in any bankruptcy, or a sale to a purchaser at any creditor's or court sale), the transferee (which term,
as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold such Company
Capital Stock and/or any right, option or warrant with respect to Company Capital Stock subject to all of the restrictions, liabilities
and rights under this Agreement, which shall continue in full force and effect until the termination of this Agreement.

 

1.6 Merger
Consideration Acknowledgement.

 

(a) General.
The Equityholder for himself, herself and itself, , hereby acknowledges and agrees that all Equityholder Securities that it holds, in
each case calculated based on accrued interest and application of anti-dilution rights through September 30, 2021 (which aggregate amounts
are attached to this Agreement) shall, at the Effective Time, convert into the number of shares of Parent Class B Common Stock calculated
by applying the Per Share Merger Consideration ratio applicable to the class (or classes) of Company Capital Stock (or any rights therefor)
held by Equityholder, in each case as set forth in the Merger Agreement, a copy of which Equityholder has received and had the opportunity
to review. In accordance with Section 3.4 below, the Equityholder hereby undertakes to use reasonable best efforts to ensure that its
Affiliates and Family Members accept and assert no claim otherwise that the Company Capital Stock, as calculated based on accrued interest
and anti-dilution through September 30, 2021 (which aggregate amounts are set forth in Exhibit C attached to this Agreement) shall, at
the Effective Time, convert into the number of shares of Parent Class B Common Stock calculated by applying the Per Share Merger Consideration
ratio applicable to the class (or classes) of Company Capital Stock (or any rights therefor) held by such Affiliate or Family Member,
in each case as set forth in the Merger Agreement.

 

(b) Equityholder
Contingent Rights and Warrants Cancellation. Equityholder hereby irrevocably acknowledges and agrees that, notwithstanding anything
to the contrary set forth in the Bonus Shares Agreement, the Line of Credit or any Equityholder Warrant, and, effective as of immediately
prior to the Effective Time, each Equityholder Contingent Right and each Equityholder Warrant is hereby terminated and canceled and is
null and void and of no further effect. Each Equityholder further irrevocably acknowledges and agrees that from and after the Closing,
such Equityholder’s only right with respect to such Equityholder’s Contingent Rights and Equityholder Warrants is the right
to receive the consideration described in the Merger Agreement. Each Equityholder hereby irrevocably acknowledges and agrees that such
Equityholder shall be responsible for any federal, state or local income or similar taxes required to be paid by such Holder with respect
to such Equityholder’s Contingent Rights, Equityholder Warrants and this Agreement.

 

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(c) Tax
Indemnification. Each Equityholder shall indemnify and hold the Parent Group (as defined below) harmless from and against any claim,
demand, action, cause of action, loss, liability, damage, cost, penalty or expense whatsoever, including reasonable and documented legal
fees, suffered or incurred by the Parent Group by reason of such Equityholder’s failure to pay or discharge any federal, state or
local income or similar taxes required to be paid by such Equityholder resulting from any amount paid or deemed to be paid to such Equityholder.

 

(d) Anti-Dilution.
Without limiting Section 1.6(a) or (b), Equityholder hereby (i) acknowledges and agrees that the Equityholder Shares listed on Exhibit
C hereto reflect all shares issuable as a result anti-dilution rights of such Equityholder through September 30, 2021 and Equityholder
hereby waives receipt of anti-dilution rights that would have accrued after September 30, 2021 (such waiver to become effective only upon
the consummation of the Merger pursuant to the terms and conditions of the Merger Agreement); (ii) acknowledges and agrees that the maximum
number of shares issuable to Equityholder in connection with such Equityholder’s Contingent Rights and Equityholder Warrants is
set forth on Exhibit C hereto; and (iii) acknowledges and agrees that effective upon the Effective Time, without any further action required
by the Company or such Equityholder, such Equityholder’s Contingent Rights and Equityholder Warrants and all obligations of the
Company set forth thereunder shall be immediately deemed satisfied in full and extinguished in their entirety, and any rights of such
Equityholder pursuant to such Equityholder’s Contingent Rights and Equityholder Warrants shall be terminated and be of no further
force or effect, other than the right to receive the consideration set forth in the Merger Agreement.

 

(e) Merger
Consideration. Equityholder acknowledges and agrees that the amount of consideration to be paid to Equityholder in connection with
the Merger pursuant and subject to the terms of the Merger Agreement is the sole amount owed to Equityholder by Parent and Merger Subs
as consideration for any and all Equityholder Securities of Equityholder.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES OF EQUITYHOLDER

 

Equityholder hereby represents
and warrants to Parent, Merger Subs, the Company, and the Surviving Company that the following representations and warranties are true
and accurate on the date hereof and as of the Closing Date as if made as of the Closing Date, and acknowledges that such Persons may rely
on such representations and warranties as if each such Person was a party to this Agreement and each shall have the rights, remedies and
benefits under this Agreement as if such Person was a party hereto:

 

2.1 Organization.
If Equityholder is not a natural person, Equityholder is validly existing and in good standing under the Laws of the jurisdiction of its
organization.

 

2.2 Authorization;
Enforceability. Equityholder has requisite power and authority or, if Equityholder is an individual, legal capacity, to execute and
deliver this Agreement and each other agreement contemplated hereby to which Equityholder is a party and to perform Equityholder’s
obligations hereunder and thereunder. If Equityholder is not a natural person, the execution and delivery of this Agreement by Equityholder
and each other agreement contemplated hereby to which Equityholder is a party and the consummation by Equityholder of the transactions
contemplated hereby and thereby have been duly authorized by all necessary action and no other proceedings on the part of Equityholder
and no stockholder votes are necessary to authorize this Agreement or the other agreements contemplated hereby to which Equityholder is
a party or to consummate the transactions contemplated hereby and thereby. This Agreement has been duly executed and delivered by Equityholder
and, assuming the due authorization, execution and delivery by the other parties hereto, constitutes the valid and legally binding obligation
of Equityholder, enforceable in accordance with its terms and conditions, subject to Laws of general application relating to public policy,
bankruptcy, insolvency and the relief of debtors and rules of Law governing specific performance, injunctive relief and other equitable
remedies.

 

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2.3 Non-Contravention.

 

(a) Neither
the execution and delivery of this Agreement or any other agreement contemplated hereby to which Equityholder is a party, nor the consummation
of the transactions contemplated hereby or thereby, will (i) violate any Laws to which Equityholder is subject, (ii) if Equityholder is
not a natural person, violate any provision of Equityholder’s formation documents and bylaws or other similar document, or (iii)
conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any Person the right to accelerate,
terminate, modify or cancel or require any notice or consent under, or result in the imposition of any Lien (other than Permitted Liens)
upon any of the assets of Equityholder under, any agreement, contract, lease, license, instrument or other arrangement to which Equityholder
is a party or by which Equityholder is bound or to which any of Equityholder’s assets is subject, except in each case of clause
(i) or (iii) where the violation, conflict, breach, default, acceleration, termination, modification, cancellation, failure to give notice
or obtain consent or Lien would not adversely affect or delay Equityholder’s performance under this Agreement or any other agreement
contemplated hereby to which Equityholder is a party or the consummation of the transactions contemplated by this Agreement or such other
agreements.

 

(b) Equityholder
does not need to give any notice to, make any filing with or obtain any authorization, consent or approval of any Governmental Body for
the parties to consummate the transactions contemplated by this Agreement.

 

2.4 Litigation.
There are no Legal Proceedings pending against, or, to the knowledge of Equityholder, threatened against, Equityholder that would adversely
affect or delay Equityholder’s performance under this Agreement or the consummation of the transactions contemplated by this Agreement.

 

2.5 Ownership
of Equityholder Shares. Equityholder is the sole (subject to any community property laws, if applicable) record and beneficial owner
of the Equityholder Securities and Equityholder’s Affiliates and Family Members are the sole (subject to any community property
laws, if applicable) record and beneficial owners of the Company Capital Stock set forth on Exhibit C. The Equityholder Securities constitute
Equityholder’s entire interest in Company Capital Stock. Except for the Equityholder Securities set forth on Exhibit C, Equityholder
does not own or hold any other Company Capital Stock or any options, warrants, rights or other securities to purchase or otherwise acquire
Company Capital Stock. The Equityholder Securities are not subject to any Liens (other than securities law restrictions of general applicability
or pursuant to the Equityholder Agreements). Equityholder’s principal residence or place of business is set forth on the signature
page hereto.

 

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ARTICLE
III

COVENANTS OF EQUITYHOLDER

 

3.1 Confidentiality.
Except with the prior written consent of Parent, Equityholder agrees to at all times keep confidential and not disclose (other than to
his, her or its spouse, family members, officers, directors, employees, members, partners, Affiliates, attorneys and other advisors or
representatives; provided, that such Persons are directed to keep confidential and not disclose consistent with the confidentiality
restrictions contained herein and Equityholder will be directly responsible for any breach of this Section 3.1 by any such Persons):
(a) the existence, terms and conditions of the Merger Agreement and the transactions contemplated thereby; (b) matters regarding the interpretation,
performance, breach or termination hereof or thereof; and (c) all confidential, proprietary or non-public information any the Company
of any kind or nature, including, without limitation, Intellectual Property developed, used or owned by the Company, obtained by Equityholder
or its directors, officers, employees, agents or representatives prior to the Closing, except in each such case to the extent that (i)
such information is used in connection with Equityholder’s employment with or engagement by the Company or Parent and only to the
extent required to perform Equityholder’s duties as an employee or in connection with such engagement, (ii) such information has
otherwise been made public or is publicly available through no fault or action of Equityholder, (iii) Equityholder receives such information
from a third party that, to Equityholder’s knowledge, owes no duty of confidentiality to the Company with respect to such information,
(iv) such information is independently developed by Equityholder without use of or reference to any confidential, proprietary or non-public
information of the Company, (v) Equityholder is required by applicable Law or legal or judicial process to divulge or disclose any such
information, in which case Equityholder shall, to the extent legally permissible, promptly notify Parent in writing in advance of disclosing
such information and use commercially reasonable efforts to cooperate with Parent (at Parent’s sole expense) to limit such disclosure
to the extent so required by applicable Law or legal or judicial process, or (vi) such information as is reasonably necessary for enforcing
Equityholder’s rights hereunder or thereunder; provided; however, if Equityholder is not a natural person
and is an investment fund, Equityholder may disclose the terms and conditions regarding the transactions contemplated by the Merger Agreement
and the nature of Equityholder’s investment in the Company, including, but not limited to the fact that it sold its interest in
the Company, the amount of Equityholder’s investment in the Company, co-investors in the Company, the identity of Parent and its
proceeds in the sale of its interest in the Company to its stockholders, members, limited partners, investors and prospective stockholders,
members, limited partners and investors so long as such Persons are informed by Equityholder of the confidential nature of such information
and agree or have agreed to treat such information confidentially. Nothing in this Section 3.1 shall limit or restrict Equityholder
who serves as a member of the Board of Directors, an officer, or employee of the Company, the Company or the Surviving Company in acting
in his or her capacity as a director, officer, or employee to perform his or her employment duties in the ordinary course, and/or exercising
his or her fiduciary duties and responsibilities in such capacity as required by applicable Law.

 

    9

     

    

 

3.2 Termination
of the Equityholder Agreements. Equityholder and the Company consent, effective as of and contingent upon the Effective Time, to the
termination of the agreements listed on Exhibit B hereto, in accordance with their respective terms.

 

3.3 [Included
for certain holders] Actions in Connection with Initial Public Offering.

 

(a) In
the event that the Parent Stockholder Approval is sought but not obtained following the setting of a record date and tabulation of votes
therefor at a stockholder meeting prior to the termination of this Agreement, Equityholder hereby covenants and agrees (and covenants
and agrees to cause its subsidiaries and Affiliates to): (i) vote for all amendments to the Certificate of Incorporation of the Company
recommended by the Company Board in connection with the public offering of the Company Common Stock pursuant to the Securities Act of
1933, as amended (the “IPO”), including without limitation the increase of the authorized shares of Company Common Stock and
reverse stock-splits, as applicable; (ii) immediately prior to the IPO and, subject to the requirements under the Certificate of Incorporation
of the Company, contingent upon the conversion of all other outstanding Company Preferred Stock to Company Common Stock (except that of
Parent and its Affiliates), convert all of the Company Preferred Stock held directly or indirectly by Equityholder into Company Common
Stock in accordance with the applicable conversion terms and conditions applicable to the conversion and conversion ratio of the Preferred
Stock; and (iii) not to, without the prior written consent of the managing underwriter for the IPO and solely to the same extent as all
officers, directors, holders of in excess of 3% of the outstanding Company Capital Stock on a fully diluted basis are so bound on terms
equivalent to those of this clause (iii), during the period commencing on the date of the final prospectus relating to the Company’s
IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days)
(x) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Company Common Stock
(or securities convertible into Company Common Stock) held immediately prior to the effectiveness of the registration statement for the
IPO, or (y) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Company Common Stock (or securities convertible into Company Common Stock), whether any such transaction described
in subclauses (x) or (y) above is to be settled by delivery of securities, in cash or otherwise.

 

(b) In
the event that the Parent Stockholder Approval is sought but not obtained following the setting of a record date and tabulation of votes
therefor at a stockholder meeting prior to the termination of this Agreement, Equityholder agrees (and covenants and agrees to cause its
subsidiaries and Affiliates to): (i) to execute such agreements as may be reasonably requested by the underwriters in the IPO that are
consistent with Section 3.3(a) above or that are necessary to give further effect thereto; and (ii) that, in order to enforce the foregoing
covenants in Section 3.3(a) above, the Company may impose stop-transfer instructions with respect to the shares of Company Common Stock
of Equityholder (and transferees and assignees thereof) until the end of the lock-up period described in Section 3.3(a)(iii). Equityholder
further hereby constitutes and appoints as the proxies of Equityholder and hereby grants a power of attorney to the Chief Executive Officer
of the Company and designees with full power of substitution, with respect to the matters set forth in Section 3.3(a) above and hereby
authorizes each of them to represent and vote in favor of the matters set forth in Section 3.3(a) above. Each of the proxy and power of
attorney granted pursuant to this Section 3.3(b) is given in consideration of the agreements and covenants of the Company in connection
with the transactions contemplated by the Merger Agreement and, as such, each is coupled with an interest and shall be irrevocable following
any termination of the Merger Agreement. Equityholder hereby revokes any and all previous proxies or powers of attorney with respect to
the Company Common Stock and shall not hereafter purport to grant any other proxy or power of attorney with respect to any of the Company
Common Stock, deposit any of the Company Common Stock into a voting trust or enter into any agreement (other than this Agreement), arrangement
or understanding with any person, directly or indirectly, to vote, grant any proxy or give instructions with respect to the voting of
any of the Company Common Stock, in each case, with respect to any of the matters set forth in Section 3.3 above.

 

    10

     

    

 

(c) In
the event that the Parent Stockholder Approval is sought but not obtained following the setting of a record date and tabulation of votes
therefor at a stockholder meeting prior to the termination of this Agreement, the Company agrees that Parent and Howard Jonas or any Affiliate
of any of the foregoing who holds rights, directly or indirectly, under the 56% Warrant shall be permitted (prior to effecting the conversion
of its Company Preferred Stock in accordance with Section 5.2(c)(ii)) to exercise on a cashless basis upon customary terms the 56% Warrant
at an implied price per share no greater than the price of Company Common Stock to be issued in the IPO.

 

(d) Notwithstanding
anything to the contrary in the Merger Agreement, this Agreement or otherwise, the provisions of this Section 3.3 shall survive any termination
of the Merger Agreement and/or this Agreement.

 

3.4 Joinder
of Affiliates and Family Members. The Equityholder will use reasonable best efforts to cause each of its Affiliates and Family Members
who hold Company Capital Stock (whether directly or indirectly, as listed on Exhibit C) to execute and deliver a joinder to this
Agreement within five days of the date hereof affirming such person’s agreement to be bound by the covenants, agreements and acknowledgments
of this Agreement as an Equityholder and agreeing to be bound by the terms of that certain Lockup Agreement executed by the Equityholder
on the date hereof.

 

ARTICLE
IV

 

AGREEMENT TO BE BOUND BY CERTAIN

PROVISIONS OF THE MERGER AGREEMENT

 

4.1 Agreement
to be Bound.

 

(a) Equityholder
has received the Merger Agreement and the other agreements, instruments, exhibits, schedules, certificates and other documents referenced
in the Merger Agreement or in the foregoing agreements and documents (collectively, the “Transaction Documents”) to
which it is a party or is bound, and hereby acknowledges having had sufficient opportunity to review the Merger Agreement and the applicable
Transaction Documents and agrees that Equityholder is a Company Stockholder for purposes of the Merger Agreement and, accordingly, agrees
to be bound by, solely in Equityholder’s capacity as such Company Stockholder and as fully as though Equityholder were a signatory
thereto, the terms and conditions of the Merger Agreement in relation to the Company Stockholders.

 

    11

     

    

 

(b) Equityholder
acknowledges, approves of and agrees to be bound by the provisions set forth in the Merger Agreement related to Tax withholding (as set
forth in Section 1.9(d) of the Merger Agreement, to the extent applicable).

 

(c) Contingent
upon the Closing, Parent acknowledges and agrees that Equityholder is entitled to receive the consideration required to be paid to Equityholder
pursuant to the terms of the Merger Agreement as though the Equityholder were a signatory thereto, including without limitation, Section
1.6.

 

ARTICLE
V

MISCELLANEOUS

 

5.1 Governing
Law.

 

(a) This
Agreement and any Legal Proceeding of any kind or nature (whether at law or in equity, based upon contract, tort or otherwise) that is
in any way related to this Agreement or any of the transactions related hereto (including the interpretation, construction, validity and
enforcement of this Agreement, or the negotiation, execution or performance of any of the transactions related hereto (including any Legal
Proceeding based upon, arising out of, or related to any representation or warranty expressly made in this Agreement)) shall be governed
by and construed in accordance with the domestic Laws of the State of Delaware, including its statutes of limitations, without giving
effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the Laws of any jurisdiction other than the State of Delaware and without regard to any borrowing statute that would
result in the application of the statute of limitations of any other jurisdictions. In furtherance of the foregoing, the laws of the State
of Delaware will control even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some
other jurisdiction would ordinarily or necessarily apply.

 

(b) The
parties hereto submit to the exclusive jurisdiction of the Chancery Court of the State of Delaware and any state appellate court therefrom
within the State of Delaware (or if the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter,
any federal court sitting in the State of Delaware and any federal appellate court therefrom) in respect of the interpretation and enforcement
of the provisions of this Agreement and any related agreement, certificate or other document delivered in connection herewith and by this
Agreement waive, and agree not to assert, any defense in any action for the interpretation or enforcement of this Agreement and any related
agreement, certificate or other document delivered in connection herewith that they are not subject to such jurisdiction or that such
action may not be brought or is not maintainable in such courts or that this Agreement may not be enforced in or by such courts, that
the action is brought in an inconvenient forum, or that the venue of the action is improper.

 

    12

     

    

 

(c) Each
party hereto agrees that service in person or by certified or by nationally recognized overnight courier to its address set forth in Section
5.7 shall constitute valid in personam service upon such party and its successors and assigns in any arbitration proceeding commenced
pursuant to this Section 5.1. Each party hereto hereby acknowledges that this is a commercial transaction, that the foregoing provisions
for consent to arbitration, service of process and waiver of jury trial have been read, understood and voluntarily agreed to by each party
hereto and that by agreeing to such provisions each party hereto is waiving important legal rights.

 

5.2 Succession
and Assignment. This Agreement shall be binding upon and inure to the benefit of the parties named herein and their respective successors
and permitted assigns. No party hereto may assign either this Agreement or any of its rights, interests or obligations hereunder without
the prior written approval of the other parties hereto.

 

5.3 Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law by
which this Agreement is governed, such invalidity, illegality or unenforceability shall not affect any other provision; provided,
that such provision shall be construed to give effect to the parties’ intent regarding such provision to the maximum extent permitted
by applicable Law.

 

5.4 Specific
Performance. Equityholder agrees that irreparable damage would occur in the event any of the provisions of this Agreement were not
performed by the parties hereto in accordance with their specific terms or were otherwise breached. It is accordingly agreed that Parent,
on the one hand, and Equityholder, on the other hand, shall be entitled to seek an injunction or injunctions to prevent breaches of this
Agreement by the other (as applicable) and to enforce specifically the terms and provisions of this Agreement and to thereafter cause
the transactions contemplated by this Agreement to be consummated on the terms and subject to the conditions thereto set forth in this
Agreement. The foregoing rights are in addition to and without limitation of any other remedy to which the parties hereto may be entitled
at law or in equity. The parties hereto further agree not to assert that a remedy of specific performance is unenforceable, invalid, contrary
to law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy. Each of the parties
hereto hereby waives: (a) any defenses in any action for specific performance, including the defense that a remedy at law would be adequate’
and (b) any requirement under any Law to post a bond or other security as a prerequisite to obtaining equitable relief.

 

5.5 Amendments
and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by Parent
and Equityholder. No waiver by Parent or Equityholder of any provision of this Agreement or any default, misrepresentation or breach of
warranty or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing and signed by the party
hereto making such waiver, nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation or breach of
warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

    13

     

    

 

5.6 Expenses.
Each party hereto will bear his, her or its own costs and expenses (including legal fees and expenses) incurred in connection with this
Agreement and the transactions contemplated hereby.

 

5.7 Notices.
All notices, requests, demands, claims and other communications hereunder will be in writing. Any notice, request, demand, claim or other
communication hereunder shall be deemed duly given: (a) when delivered personally to the recipient; (b) one (1) Business Day after being
sent to the recipient on a priority basis by reputable overnight courier service (charges prepaid); or (c) if sent by electronic mail,
when received if received before 5:00 p.m. local time of the recipient on a Business Day, and otherwise on the next following Business
Day, in each case addressed to the intended recipient as set forth below:

 

(a) If
to Parent to:

 

Rafael Holdings, Inc.

520 Broad Street

Newark, NJ 07102

Attention: Chief Financial Officer 

E-mail: david.polinsky@rafaelholdings.com

 

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

 

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, NY 10019

Attention: Mitchell Raab

E-mail: mraab@olshanlaw.com

 

and:

 

Schwell Wimpfheimer & Associates

37 West 39th Street, Suite 505

New York, NY 10018

E-mail: dov.schwell@swalegal.com

 

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

 

Rafael Pharmaceuticals, Inc.

1 Duncan Drive

Cranbury, NJ 08512

Attention: Sanjeev Luther, Chief Executive Officer

E-mail: sanjeev.luther@rafaelpharma.com

 

    14

     

    

 

With a copy (which shall not constitute notice) to

 

Orrick Herrington & Sutcliffe LLP

1152 15th Street, N.W.

Washington, DC 20005 – 1706

Attention: David E. Schulman

E-mail: dschulman@orrick.com

 

(c) If
to Equityholder, at the address set forth on the signature page hereto, or if no address is set forth therein, at the last address of
Equityholder in the Company’s or the Surviving Company’s records.

 

Any party hereto may change
the address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other parties
hereto notice in the manner set forth in this Section 5.7.

 

5.8 Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER AGREEMENTS CONTEMPLATED HEREBY
OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 5.8.

 

5.9 Interpretation;
Rules of Construction. Unless otherwise expressly provided or unless the context requires otherwise: (a) all references in this Agreement
to Articles, Sections, Schedules and Exhibits shall mean and refer to Articles, Sections, Schedules and Exhibits of this Agreement; (b)
all references to statutes and related regulations shall include all amendments of the same and any successor or replacement statutes
and regulations; (c) words using the singular or plural number also shall include the plural or singular number, respectively; (d) references
to “hereof,” “herein,” “hereby” and similar terms shall refer to this entire Agreement (including
the Schedules and Exhibits hereto); (e) references to any Person shall be deemed to mean and include the successors and permitted assigns
of such Person (or, in the case of a Governmental Body, Persons succeeding to the relevant functions of such Person); (f) the term “including”
shall be deemed to mean “including, without limitation”; (g) words of any gender shall include each other gender; (h) whenever
this Agreement refers to a number of days, such number shall refer to calendar days, unless such reference is specifically to “Business
Days”; and (i) the term “or” has the inclusive meaning represented by the phrase “and/or.” The Article and
Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and
shall not in any way affect the meaning or interpretation of this Agreement. When calculating the period before which, within which or
following which, any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such
period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding
Business Day. This Agreement is the product of negotiations among the parties hereto, each of which is represented by legal counsel, and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 
Rules of construction relating to interpretation against the drafter of an agreement shall not apply to this Agreement and are expressly
waived by each party hereto. As used in this Agreement, an Equityholder’s undertaking to use “reasonable best efforts”
to cause any trust to take any action or to refrain from taking any action shall specifically mean recommending such course of action
to the trustee(s) of such trust as being in the best interest of the trust and its beneficiaries, recognizing that whether or not a trustee
determines to adopt such course of action remains a decision to be made by such trustee in the exercise of its fiduciary duties to the
applicable trust. Any covenant of the undersigned Equityholder in this Agreement requiring the undersigned Equityholder to use its reasonable
best efforts to cause or procure, or to otherwise cause or procure, that any of its Affiliates take any action hereunder in their capacity
as Equityholders shall not apply to the undersigned Equityholder with respect to an Affiliate if such Affiliate has entered into, with,
inter alia, the Company, a support agreement in substantially the form of this Agreement in its own right as an “Equityholder.”

 

    15

     

    

 

5.10 Third-Party
Beneficiary. The parties hereto hereby acknowledge and agree that (a) the execution and delivery of this Agreement is a condition
precedent, and a material inducement, to the consummation by Parent of the transactions under the Merger Agreement and (b) each of the
Non-Party Affiliates shall be an express third party beneficiary of Section 5.14 of this Agreement and that each of them shall
be entitled to enforce all rights set forth in Section 5.14 of this Agreement.

 

5.11 Entire
Agreement. This Agreement, the Merger Agreement and the other documents referred to herein: (a) constitute the entire agreement among
the parties hereto and supersede any prior understandings, agreements or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof; and (b) are not intended to confer, and shall not be construed as conferring,
upon any Person other than the Company and Parent any rights or remedies hereunder, except as set forth in Section 5.10. If the
provisions of this Agreement conflict in any way with the provisions of the Merger Agreement, the provisions of the Merger Agreement shall
control.

 

5.12 Counterparts.
This Agreement may be executed (a) in one or more partially or fully executed counterparts, each of which will be deemed an original and
will bind the signatory, but all of which together will constitute the same instrument, and (b) by electronic means, PDF or facsimile.

 

5.13 Termination.
This Agreement shall terminate upon the earliest of (a) the termination of the Merger Agreement in accordance with its terms and (b) the
election of Equityholder in its sole discretion to terminate this Agreement following any amendment, supplement, waiver or other modification
of any material term or provision of the Merger Agreement which is materially adverse to Equityholder (the earliest such date under clause
(a) and (b), being referred to herein as the “Termination Date”); provided, that (i) the provisions set
forth in Sections 3.5, 5.1 to 5.3 and Section 5.5 to this Section 5.13 shall survive the termination
of this Agreement and (ii) the termination of this Agreement will not relieve any party hereto from liability arising in respect of any
breach prior to such termination.

 

5.14 Non-Recourse.
All claims or causes of action (whether in contract or in tort, in law or in equity) that may be based upon, arise out of or relate to
this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in
connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly
identified as parties hereto. No Person who is not a named party to this Agreement, including any past, present or future director, officer,
employee, incorporator, member, partner, equityholder, Affiliate, agent, attorney or representative of any named party to this Agreement
(“Non-Party Affiliates”), shall have any liability (whether in contract or in tort, in law or in equity, or based upon
any theory that seeks to impose liability of an entity party against its owners or affiliates) for any obligations or liabilities arising
under, in connection with or related to this Agreement or for any claim based on, in respect of, or by reason of this Agreement or its
negotiation or execution; and each party hereto waives and releases all such liabilities, claims and obligations against any such Non-Party
Affiliate.

 

*****

 

    16

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written:

 

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

 

[Signature Page to Support Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written:

 

		EQUITYHOLDER:

 

	 	(Print Name of Holder)
	 
	(Signature)
	 
	(Print name if signing on behalf of an entity)
	 
	(Print title if signing on behalf of an entity)

 

	 	Address:   	 
	 	 	 
	 	 	 
	 	Email:	 
	 	Phone:	 

 

     

     

    

 

EXHIBIT A

 

Company Stockholder Written Consent

 

See attached.

 

     

     

    

 

EXHIBIT B

 

Terminating Agreements

 

     

     

    

 

EXHIBIT C

 

Equityholder Name:Exhibit 10.04

 

FORM
OF CONVERTIBLE NOTE CANCELLATION AGREEMENT

 

This
CONVERTIBLE NOTE CANCELLATION AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into
by and among Rafael Holdings, Inc., a Delaware corporation (“Parent”), Rafael Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and the holder of an outstanding Company Convertible Note (as defined below) party hereto (“Holder”
and together with other holders of note of the Company, “Holders”). Capitalized terms used and not otherwise defined
herein shall have the meanings ascribed to such terms in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS,
the Company issued 3.5% Series C Company Convertible Notes (each, as amended, a “Company Convertible Note” and together
the “Company Convertible Notes”) for an aggregate amount equal to $15,442,102 to the Holders between February 26,
2013 and September 19, 2016 in the amount set forth opposite the Holder’s name on Annex A hereto pursuant to the form of
Subscription Agreement between the Company and the applicable Holder.

 

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

 

WHEREAS,
in connection with the Merger Agreement and the consummation of the transactions contemplated thereby, the Company and each Holder agrees
to terminate and cancel the Company Convertible Notes, effective as of immediately prior to the Effective Time, and the Company, Parent
and each Holder have agreed to enter into this Agreement regarding the terms of the termination and cancellation of the Company Convertible
Notes.

 

WHEREAS,
notwithstanding anything to the contrary set forth in the Company Convertible Note, pursuant to the terms of the Merger Agreement and
this Agreement, each Company Convertible Note, together with interest thereon through September 30, 2021, will be cancelled and extinguished
and converted into the applicable Note Conversion Shares (as defined below), subject to the execution and delivery of this Agreement
by each Holder, and each Holder shall be entitled to receive in consideration of each Note Conversion Share, at the Closing, subject
to Section 1.6(c) of the Merger Agreement, a number of shares of Parent Class B Common Stock calculated in accordance with Section 1.5(c)
of the Merger Agreement.

 

     

     

    

 

NOW
THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants, agreements, terms and conditions
contained herein, the parties hereto do hereby agree as follows:

 

ARTICLE
I

CONVERSION; RELEASE; WAIVER

 

1.1 Conversion
of Company Convertible Notes.

 

(a) Note
Conversion Shares. Immediately prior to the Effective Time, (a) the outstanding principal and any accrued but unpaid interest on
each Company Convertible Note through September 30, 2021 (the “Outstanding Amount”) is set forth next to the Holder’s
name on Annex A hereto and (b) the Outstanding Amount under each Company Convertible Note shall convert into (the “Conversion”)
a number of shares of Company Series C Preferred Stock equal to the quotient of (i) the Outstanding Amount divided by (ii) $1.25
(such number of shares of Company Series C Preferred Stock, the “Note Conversion Shares”). The number of Note Conversion
Shares into which the Outstanding Amount of each Company Convertible Note shall be converted is set forth next to each Holder’s
name on Annex A hereto.

 

(b) Company
Convertible Note Cancellation. Each Holder hereby irrevocably acknowledges and agrees that, notwithstanding anything to the contrary
set forth in any Company Convertible Note, effective as of immediately prior to the Effective Time, each Company Convertible Note is
hereby terminated and canceled and is null and void and of no further effect. Each Holder further irrevocably acknowledges and agrees
that from and after the Closing, such Holder’s only right with respect to such Holder’s Company Convertible Note is the right
to receive the consideration described in Section 3.1 below. Each Holder hereby irrevocably acknowledges and agrees that such Holder
shall be responsible for any federal, state or local income or similar taxes required to be paid by such Holder with respect to the Company
Convertible Note, the Note Conversion Shares and this Agreement. Each Holder shall indemnify and hold the Released Parties (as defined
below) harmless from and against any claim, demand, action, cause of action, loss, liability, damage, cost, penalty or expense whatsoever,
including reasonable and documented legal fees, suffered or incurred by the Released Parties by reason of such Holder’s failure
to pay or discharge any federal, state or local income or similar taxes required to be paid by such Holder resulting from any amount
paid or deemed to be paid to such Holder.

 

(c) Interest.
Without limiting Section 1.1(b), Holder hereby (i) acknowledges and agrees that the principal and accrued interest set forth on Annex
A hereto accurately reflect all principal and accrued interest owed through September 30, 2021 and that such Holder waives receipt
of interest that would have accrued after September 30, 2021; (ii) acknowledges and agrees that the entire amount owed to such Holder
under the Company Convertible Note(s), including all accrued interest thereunder, shall automatically convert at the Effective Time into
the number of Note Conversion Shares set forth opposite such Holder’s name on Annex A hereto without the requirement of
any further action on the part of Holder; (iii) waives in connection with such conversion any and all notices required by the terms of
such Company Convertible Note(s) or any related subscription agreement, note purchase agreement or similar agreement (“Note
Purchase Agreement”); (iv) acknowledges and agrees that the number of Note Conversion Shares set forth opposite Holder’s
name on Annex A hereto correctly reflects any conversion rate discounts contemplated by such Company Convertible Note(s) or the
Note Purchase Agreement (or is as agreed by the Company and such Holder as a result of an agreed amendment of the applicable Company
Convertible Note(s)); (v) waives as of the Effective Time any rights to receive payment pursuant to the Company Convertible Notes; and
(vi) acknowledges and agrees that effective upon the Effective Time, without any further action required by the Company or such Holder,
such Company Convertible Note(s) and all obligations of the Company set forth thereunder shall be immediately deemed satisfied in full
and extinguished in their entirety, and any rights of such Holder pursuant to such Company Convertible Note(s) and Note Purchase Agreement
shall be terminated and be of no further force or effect, including the right to payment with respect to any residual principal or interest
under the Company Convertible Note(s) not converted into whole Note Conversion Shares at the Effective Time. The Company and the Holder
acknowledge and agree that the terms of the Company Convertible Notes are amended and restated to provide that the Company Convertible
Notes convert into the shares set forth on Annex A hereto and to give effect to the foregoing provisions of this Section 1.1(c).

 

    2

     

    

 

(d) Approval
of Mergers. Holder hereby approves the Merger Agreement and the Mergers for all purposes, including for purposes of any and all voting
or approval rights associated with ownership of a Company Convertible Note.

 

1.2 Release.

 

(a) Holder,
for himself, herself or itself and on behalf of his, her or its Affiliates, and any of their respective officers, directors, employees,
agents, representatives, successors, members, managers, partners and permitted assigns (each a “Waiving Party”), acknowledges
and agrees that, as of the Effective Time, to the fullest extent permitted under applicable Law, any and all rights, claims and causes
of action he, she or it may have as of the Effective Time against Parent, Merger Subs, or any of their respective Affiliates, or any
of their respective officers, directors, employees, agents, representatives, successors and permitted assigns (the “Parent Group”)
relating to the business of the Company, the operation of the Company, or its businesses or relating to the subject matter of the Merger
Agreement or any Exhibit or the Schedules thereto, or any ancillary agreement, certificate or other document entered into, made, delivered,
or made available in connection therewith, or as a result of any of the transactions contemplated thereby, whether arising under, or
based upon, any federal, state, local or foreign statute, Law, ordinance, rule or regulation or otherwise (including any right, whether
arising at law or in equity, to seek indemnification, contribution, cost recovery, damages or any other recourse or remedy, including
as may arise under common law) are hereby irrevocably waived by the Waiving Parties (the “Waived Claims”); provided,
however, this Section 1.2 shall not apply to, and “Waived Claims” shall not include, (i) any rights
explicitly set forth in the Merger Agreement (including any equity award or rollover agreement), this Agreement or any ancillary agreement,
certificate or other document entered into in connection with the Merger Agreement, or as a result of any of the transactions contemplated
thereby, to which the Holder is a party, (ii) any rights to indemnification, exculpation or advancement of expenses and insurance as
an officer or director of the Company, including in accordance with Section 5.4 of the Merger Agreement or as provided in any
indemnification agreement entered into with an officer or director or in the Company Charter and the Company’s bylaws, (iii) in
the case of an Holder who is also an employee of the Company, any rights provided for under any employment agreement, offer letter or
other compensation arrangement or benefit plan with the Company or Parent, (iv) in the case of an Holder who is also an employee of,
or consultant to, the Company, in respect of claims for accrued and unpaid compensation and/or benefits or other vested rights under
any employee benefit programs or policies of the Company at or prior to the Effective Time, (v) any claims first arising (and based solely
on facts and circumstances) after the Effective Time and (vi) any claims which may not be waived as a matter of Law, including, but not
limited to, any Waiving Party’s right to file a charge with or participate in a charge by any Governmental Body that is authorized
to enforce or administer Laws related to employment (in the case of an Holder who is also an employee). Moreover, nothing in this Agreement
waives any Waiving Party’s right or otherwise prohibits any Waiving Party from reporting violations of law or regulation to any
Governmental Body or from otherwise participating, to the extent requested by a Governmental Body, in any investigation or proceeding
that may be conducted by an any Governmental Body, including providing documents or other information to the extent requested by a Governmental
Body. No Waiving Party needs the prior authorization of the Parent Group to make any such reports or disclosures to any Governmental
Body or to participate in any such investigation or proceeding that may be conducted by any Governmental Body, and no Waiving Party is
required to notify the Parent Group that such Waiving Party has made such reports or disclosures or has participated or is participating
in any such investigation or proceeding. This Agreement also does not limit any Waiving Party’s right to file a charge or complaint
with any Governmental Body related to such Holder’s employment with the Company or receive an award for information provided to
any Governmental Body. Furthermore, without limiting the generality of this Section 1.2, no claim will be brought or maintained
by, or on behalf of, Holder or any other Waiving Party against any member of the Parent Group, and no recourse will be sought or granted
against any of them, by virtue of, or based upon, any alleged misrepresentation or inaccuracy in, or breach of, any of the representations,
warranties or covenants of any Person set forth or contained in the Merger Agreement or any Exhibit or Schedules thereto, or any ancillary
agreement, certificate or other document entered into, made, delivered, or made available in connection therewith, or as a result of
any of the transactions contemplated thereby, in each case except as set forth in clauses (i) through (vi) of the first sentence of this
Section 1.2(a). Holder acknowledges and agrees that the Waiving Parties may not avoid such limitation on liability by (A) seeking
damages for breach of contract, tort (other than claims based on gross negligence, recklessness or fraud) or pursuant to any other theory
of liability, all of which are hereby waived or (B) asserting or threatening any claim against any Person that is not a party hereto
or to the Merger Agreement (or a successor to a party thereto) for breaches of the representations, warranties, covenants or agreements
contained in this Agreement or the Merger Agreement. The parties hereto acknowledge and agree that the limits imposed on the Waiving
Parties’ remedies with respect to this Agreement and the Merger Agreement and the transactions contemplated hereby and thereby
were bargained for between sophisticated parties and were specifically taken into account in the determination of the amounts to be paid
by Parent and Merger Subs under the Merger Agreement.

 

    3

     

    

 

(b) HOLDER,
ON BEHALF OF THE WAIVING PARTIES, EXPRESSLY IRREVOCABLY WAIVES ALL RIGHTS AFFORDED BY ANY STATUTE OR COMMON LAW PRINCIPLES WHICH LIMITS
THE EFFECT OF A RELEASE WITH RESPECT TO UNKNOWN CLAIMS. HOLDER ON BEHALF OF THE WAIVING PARTIES, ACKNOWLEDGES THAT HE, SHE OR IT UNDERSTANDS
THE SIGNIFICANCE OF THIS RELEASE OF UNKNOWN CLAIMS AND WAIVER OF ANY STATUTORY PROTECTION AGAINST A RELEASE OF UNKNOWN CLAIMS. HOLDER,
ON BEHALF OF THE WAIVING PARTIES, ACKNOWLEDGES AND AGREES THAT THIS WAIVER IS AN ESSENTIAL AND MATERIAL TERM OF THIS AGREEMENT.

 

IN
ADDITION, HOLDER AND EACH WAIVING PARTY SPECIFICALLY WAIVES THE BENEFIT OF ANY AND ALL PROVISIONS, RIGHTS AND BENEFITS CONFERRED BY ANY
LAW OF ANY STATE OR TERRITORY OF THE UNITED STATES, OR PRINCIPLE OF COMMON LAW, WHICH IS SIMILAR, COMPARABLE OR EQUIVALENT TO CALIFORNIA
CIVIL CODE SECTION 1542, AS WELL AS THE RIGHTS AND BENEFITS CONFERRED BY CALIFORNIA CIVIL CODE SECTION 1542 ITSELF, WHICH READS AS FOLLOWS:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR
AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH DEBTOR
OR RELEASED PARTY.

 

(c) This
release shall become effective only upon the consummation of the Merger at the Effective Time pursuant to the terms and conditions of
the Merger Agreement.

 

1.3 Waiver
of Rights.

 

(a) Holder,
on behalf of his, her or itself and its Affiliates, hereby waives any and all preemptive rights, anti-dilution rights, rights of first
refusal, rights of first offer or other similar rights that Holder and its Affiliates may have, or ever have had, with respect to any
Company Capital Stock and/or the Company Convertible Notes, and waives any right Holder and its Affiliates may have, or ever have had,
under the agreements listed on Exhibit A hereto or otherwise to acquire any Company Capital Stock being exchanged pursuant to, or as
contemplated by, the Merger Agreement or any transfer that occurred prior to the Effective Time.

 

(b) The
waivers set forth in this Section 1.3 shall become effective only upon the consummation of the Mergers pursuant to the terms and
conditions of the Merger Agreement.

 

1.4 No
Transfer. Other than pursuant to the terms of this Agreement or the Merger Agreement, without the prior written consent of Parent,
during the term of this Agreement, Holder agrees not to, directly or indirectly, sell, assign, transfer, pledge, encumber or otherwise
dispose of (including, without limitation, by merger, consolidation, sale, liquidation, dissolution, dividend, distribution or otherwise
by operation of law), or enter into any contract, option or other arrangement or understanding with respect to the direct or indirect
assignment, transfer, encumbrance or other disposition of (including, without limitation, by merger, consolidation or otherwise by operation
of law), any Company Convertible Note or the Series C Preferred Stock issuable upon conversion thereof (each, a “Transfer”).
Any action taken in violation of the foregoing sentence shall be null and void ab initio. If any involuntary Transfer of any of
Company Convertible Note or the Series C Preferred Stock issuable upon conversion thereof shall occur (including, but not limited to,
a sale by Holder’s trustee in any bankruptcy, or a sale to a purchaser at any creditor's or court sale), the transferee (which
term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold
such Company Convertible Note or the Series C Preferred Stock issuable upon conversion thereof subject to all of the restrictions, liabilities
and rights under this Agreement, which shall continue in full force and effect until the termination of this Agreement.

 

    4

     

    

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES OF HOLDER

 

Holder
hereby represents and warrants to Parent, Merger Subs, the Company, and the Surviving Company that the following representations and
warranties are true and accurate on the date hereof and as of the Closing Date as if made as of the Closing Date, and acknowledges that
such Persons may rely on such representations and warranties as if each such Person was a party to this Agreement and each shall have
the rights, remedies and benefits under this Agreement as if such Person was a party hereto:

 

2.1 Organization.
If Holder is not a natural person, Holder is validly existing and in good standing under the Laws of the jurisdiction of its organization.

 

2.2 Authorization;
Enforceability. Holder has requisite power and authority or, if Holder is an individual, legal capacity, to execute and deliver this
Agreement and each other agreement contemplated hereby to which Holder is a party and to perform Holder’s obligations hereunder
and thereunder. If Holder is not a natural person, the execution and delivery of this Agreement by Holder and each other agreement contemplated
hereby to which Holder is a party and the consummation by Holder of the transactions contemplated hereby and thereby have been duly authorized
by all necessary action and no other proceedings on the part of Holder and no stockholder votes are necessary to authorize this Agreement
or the other agreements contemplated hereby to which Holder is a party or to consummate the transactions contemplated hereby and thereby.
This Agreement has been duly executed and delivered by Holder and, assuming the due authorization, execution and delivery by the other
parties hereto, constitutes the valid and legally binding obligation of Holder, enforceable in accordance with its terms and conditions,
subject to Laws of general application relating to public policy, bankruptcy, insolvency and the relief of debtors and rules of Law governing
specific performance, injunctive relief and other equitable remedies.

 

2.3 Non-Contravention.

 

(a) Neither
the execution and delivery of this Agreement or any other agreement contemplated hereby to which Holder is a party, nor the consummation
of the transactions contemplated hereby or thereby, will (i) violate any Laws to which Holder is subject, (ii) if Holder is not a natural
person, violate any provision of Holder’s formation documents and bylaws or other similar document, or (iii) conflict with, result
in a breach of, constitute a default under, result in the acceleration of, create in any Person the right to accelerate, terminate, modify
or cancel or require any notice or consent under, or result in the imposition of any Lien (other than Permitted Liens) upon any of the
assets of Holder under, any agreement, contract, lease, license, instrument or other arrangement to which Holder is a party or by which
Holder is bound or to which any of Holder’s assets is subject, except in each case of clause (i) or (iii) where the violation,
conflict, breach, default, acceleration, termination, modification, cancellation, failure to give notice or obtain consent or Lien would
not adversely affect or delay Holder’s performance under this Agreement or any other agreement contemplated hereby to which Holder
is a party or the consummation of the transactions contemplated by this Agreement or such other agreements.

 

    5

     

    

 

(b) Holder
does not need to give any notice to, make any filing with or obtain any authorization, consent or approval of any Governmental Body for
the parties to consummate the transactions contemplated by this Agreement.

 

2.4 Litigation.
There are no Legal Proceedings pending against, or, to the knowledge of Holder, threatened against, Holder that would adversely affect
or delay Holder’s performance under this Agreement or the consummation of the transactions contemplated by this Agreement.

 

2.5 Ownership
of Company Convertible Note and Note Conversion Shares. Such Holder is the beneficial and record owner of and has good and marketable
title to the Company Convertible Note set forth next to such Holder’s name on Annex A hereto and, as of immediately prior
to the Effective Time, will be the beneficial and record owners and have good and marketable title to the Note Conversion Shares into
which such Company Convertible Note is converted as set forth on Annex A hereto pursuant to this Agreement and such Note Conversion
Shares will be free and clear of all Liens other than (a) Liens created by Parent or any of Parent’s Affiliates and (b) Liens imposed
by securities Laws. The outstanding principal amount and all accrued interest under such Holder’s Company Convertible Note and
the number of Note Conversion Shares into which such Holder’s Company Convertible Note will be converted is set forth next to such
Holder’s name on Annex A. Except for this Agreement, there are no agreements or other rights or arrangements existing which
provide for the sale, purchase, exchange or other transfer by Holder of the Company Convertible Note or any interests therein. Other
than the Company Convertible Note and shares of Company Capital Stock set forth under the Holder’s name on the signature page hereto,
neither the Holder or any of his Affiliates owns any Company Capital Stock or rights to or securities convertible into, exercisable for,
Company Capital Stock.

 

2.6 Tax
Matters. Such Holder has had an opportunity to review with his own tax advisors the tax consequences of the termination and cancelation
of such Holder’s Company Convertible Note, the Conversion, the Merger and the other transactions contemplated by the Merger Agreement
and this Agreement. Such Holder understands that he must rely solely on its tax advisors and not on any statements or representations
regarding tax matters made by Parent, Merger Sub, the Company or any of their respective Representatives. Such Holder understands that
such Holder (and not Parent, Merger Sub, the Company or the Surviving Corporation) shall be responsible for any Tax liability for such
Holder that may arise as a result of the termination and cancelation of such Holder’s Company Convertible Note, the Conversion,
the Merger or any of the other transactions contemplated by the Merger Agreement or this Agreement.

 

2.7 Review.
Such Holder has had an opportunity to carefully read this Agreement and the Merger Agreement, and such Holder has had reasonable time
and opportunity to discuss the requirements of such agreements with such Holder’s financial, legal and other advisors, to the extent
such Holder has determined necessary, prior to executing this Agreement. Such Holder acknowledges he is relying solely on his own counsel
and not on any statements or representations of Parent, Merger Subs or the Company or their respective Representatives for legal advice
with respect to this Agreement, the Merger Agreement and the transactions contemplated hereby and thereby.

 

    6

     

    

 

ARTICLE
III

COVENANTS OF HOLDER

 

3.1 Merger
Consideration. Holder acknowledges and agrees that the amount of consideration to be paid to Holder in connection with the Merger
pursuant and subject to the terms of the Merger Agreement, including Section 1.5 (c) and Section 1.6 (c) of the Merger Agreement, is
the sole amount owed to Holder by Parent and Merger Subs as consideration for any and all Company Convertible Notes and Note Conversion
Shares.

 

3.2 Confidentiality.
Except with the prior written consent of Parent, Holder agrees to at all times keep confidential and not disclose (other than to his,
her or its spouse, family members, officers, directors, employees, members, partners, Affiliates, attorneys and other advisors or representatives;
provided, that such Persons are directed to keep confidential and not disclose consistent with the confidentiality restrictions
contained herein and Holder will be directly responsible for any breach of this Section 3.2 by any such Persons): (a) the existence,
terms and conditions of the Merger Agreement and the transactions contemplated thereby; (b) matters regarding the interpretation, performance,
breach or termination hereof or thereof; and (c) all confidential, proprietary or non-public information any the Company of any kind
or nature, including, without limitation, Intellectual Property developed, used or owned by the Company, obtained by Holder or its directors,
officers, employees, agents or representatives prior to the Closing, except in each such case to the extent that (i) such information
is used in connection with Holder’s employment with or engagement by the Company or Parent and only to the extent required to perform
Holder’s duties as an employee or in connection with such engagement, (ii) such information has otherwise been made public or is
publicly available through no fault or action of Holder, (iii) Holder receives such information from a third party that, to Holder’s
knowledge, owes no duty of confidentiality to the Company with respect to such information, (iv) such information is independently developed
by Holder without use of or reference to any confidential, proprietary or non-public information of the Company, (v) Holder is required
by applicable Law or legal or judicial process to divulge or disclose any such information, in which case Holder shall, to the extent
legally permissible, promptly notify Parent in writing in advance of disclosing such information and use commercially reasonable efforts
to cooperate with Parent (at Parent’s sole expense) to limit such disclosure to the extent so required by applicable Law or legal
or judicial process, or (vi) such information as is reasonably necessary for enforcing Holder’s rights hereunder or thereunder;
provided; however, if Holder is not a natural person and is an investment fund, Holder may disclose the terms
and conditions regarding the transactions contemplated by the Merger Agreement and the nature of Holder’s investment in the Company,
including, but not limited to the fact that it sold its interest in the Company, the amount of Holder’s investment in the Company,
co-investors in the Company, the identity of Parent and its proceeds in the sale of its interest in the Company to its stockholders,
members, limited partners, investors and prospective stockholders, members, limited partners and investors so long as such Persons are
informed by Holder of the confidential nature of such information and agree or have agreed to treat such information confidentially.
Nothing in this Section 3.2 shall limit or restrict Holder who serves as a member of the Board of Directors, an officer, or employee
of the Company, the Company or the Surviving Company in acting in his or her capacity as a director, officer, or employee to perform
his or her employment duties in the ordinary course, and/or exercising his or her fiduciary duties and responsibilities in such capacity
as required by applicable Law.

 

    7

     

    

 

3.3 Termination
of the Holder Agreements. Holder and the Company consent, effective as of and contingent upon the Effective Time, to the termination
of the agreements listed on Exhibit A hereto, in accordance with their respective terms.

 

ARTICLE
IV

AGREEMENT TO BE BOUND BY CERTAIN

PROVISIONS OF THE MERGER AGREEMENT

 

4.1 Agreement
to be Bound.

 

(a) Holder
has received the Merger Agreement and the other agreements, instruments, exhibits, schedules, certificates and other documents referenced
in the Merger Agreement or in the foregoing agreements and documents (collectively, the “Transaction Documents”) to
which it is a party or is bound, and hereby acknowledges having had sufficient opportunity to review the Merger Agreement and the applicable
Transaction Documents and agrees that Holder is a Company Stockholder for purposes of the Merger Agreement and, accordingly, agrees to
be bound by, solely in Holder’s capacity as such Company Stockholder and as fully as though Holder were a signatory thereto, the
terms and conditions of the Merger Agreement in relation to the Company Stockholders.

 

(b) Holder
acknowledges, approves of and agrees to be bound by the provisions set forth in the Merger Agreement related to Tax withholding (as set
forth in Section 1.9(d) of the Merger Agreement, to the extent applicable).

 

(c) Contingent
upon the Closing, Parent acknowledges and agrees that Holder is entitled to receive the consideration required to be paid to Holder pursuant
to the terms of the Merger Agreement as though the Holder were a signatory thereto, including without limitation, Section 1.6.

 

ARTICLE
V

MISCELLANEOUS

 

5.1 Governing
Law.

 

(a) This
Agreement and any Legal Proceeding of any kind or nature (whether at law or in equity, based upon contract, tort or otherwise) that is
in any way related to this Agreement or any of the transactions related hereto (including the interpretation, construction, validity
and enforcement of this Agreement, or the negotiation, execution or performance of any of the transactions related hereto (including
any Legal Proceeding based upon, arising out of, or related to any representation or warranty expressly made in this Agreement)) shall
be governed by and construed in accordance with the domestic Laws of the State of Delaware, including its statutes of limitations, without
giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would
cause the application of the Laws of any jurisdiction other than the State of Delaware and without regard to any borrowing statute that
would result in the application of the statute of limitations of any other jurisdictions. In furtherance of the foregoing, the laws of
the State of Delaware will control even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive
law of some other jurisdiction would ordinarily or necessarily apply.

 

    8

     

    

 

(b) The
parties hereto submit to the exclusive jurisdiction of the Chancery Court of the State of Delaware and any state appellate court therefrom
within the State of Delaware (or if the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter,
any federal court sitting in the State of Delaware and any federal appellate court therefrom) in respect of the interpretation and enforcement
of the provisions of this Agreement and any related agreement, certificate or other document delivered in connection herewith and by
this Agreement waive, and agree not to assert, any defense in any action for the interpretation or enforcement of this Agreement and
any related agreement, certificate or other document delivered in connection herewith that they are not subject to such jurisdiction
or that such action may not be brought or is not maintainable in such courts or that this Agreement may not be enforced in or by such
courts, that the action is brought in an inconvenient forum, or that the venue of the action is improper.

 

(c) Each
party hereto agrees that service in person or by certified or by nationally recognized overnight courier to its address set forth in
Section 5.7 shall constitute valid in personam service upon such party and its successors and assigns in any arbitration proceeding
commenced pursuant to this Section 5.1. Each party hereto hereby acknowledges that this is a commercial transaction, that the
foregoing provisions for consent to arbitration, service of process and waiver of jury trial have been read, understood and voluntarily
agreed to by each party hereto and that by agreeing to such provisions each party hereto is waiving important legal rights.

 

5.2 Succession
and Assignment. This Agreement shall be binding upon and inure to the benefit of the parties named herein and their respective successors
and permitted assigns. No party hereto may assign either this Agreement or any of its rights, interests or obligations hereunder without
the prior written approval of the other parties hereto; provided, however, Parent may assign this Agreement
to any Affiliate of Parent without the prior written consent of Holder if any of Parent’s rights under the Merger Agreement are
also assigned to such Affiliate; provided, further, no such assignment shall relieve Parent of its obligations
hereunder.

 

5.3 Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law by
which this Agreement is governed, such invalidity, illegality or unenforceability shall not affect any other provision; provided,
that such provision shall be construed to give effect to the parties’ intent regarding such provision to the maximum extent permitted
by applicable Law.

 

    9

     

    

 

5.4 Specific
Performance. Holder agrees that irreparable damage would occur in the event any of the provisions of this Agreement were not performed
by the parties hereto in accordance with their specific terms or were otherwise breached. It is accordingly agreed that Parent, on the
one hand, and Holder, on the other hand, shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement
by the other (as applicable) and to enforce specifically the terms and provisions of this Agreement and to thereafter cause the transactions
contemplated by this Agreement to be consummated on the terms and subject to the conditions thereto set forth in this Agreement. The
foregoing rights are in addition to and without limitation of any other remedy to which the parties hereto may be entitled at law or
in equity. The parties hereto further agree not to assert that a remedy of specific performance is unenforceable, invalid, contrary to
law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy. Each of the parties
hereto hereby waives: (a) any defenses in any action for specific performance, including the defense that a remedy at law would be adequate’
and (b) any requirement under any Law to post a bond or other security as a prerequisite to obtaining equitable relief.

 

5.5 Amendments
and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by Parent
and Holder. No waiver by Parent or Holder of any provision of this Agreement or any default, misrepresentation or breach of warranty
or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing and signed by the party hereto
making such waiver, nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty
or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

5.6 Expenses.
Each party hereto will bear his, her or its own costs and expenses (including legal fees and expenses) incurred in connection with this
Agreement and the transactions contemplated hereby.

 

5.7 Notices.
All notices, requests, demands, claims and other communications hereunder will be in writing. Any notice, request, demand, claim or other
communication hereunder shall be deemed duly given: (a) when delivered personally to the recipient; (b) one (1) Business Day after being
sent to the recipient on a priority basis by reputable overnight courier service (charges prepaid); or (c) if sent by electronic mail,
when received if received before 5:00 p.m. local time of the recipient on a Business Day, and otherwise on the next following Business
Day, in each case addressed to the intended recipient as set forth below:

 

(a) If
to Parent to:

 

Rafael
Holdings, Inc.

520
Broad Street

Newark,
NJ 07102

Attention:
David Polinsky, Chief Financial Officer

E-mail:
david.polinsky@rafaelholdings.com

 

    10

     

    

 

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

Olshan
Frome Wolosky LLP

 

1325
Avenue of the Americas

 

New
York, NY 10019

 

Attention:
Mitchell Raab

 

E-mail:
mraab@olshanlaw.com

 

and:

 

Schwell
Wimpfheimer & Associates

 

37
West 39th Street, Suite 505

 

New
York, NY 10018

 

E-mail:
dov.schwell@swalegal.com

 

(b) If
to Holder, at the address set forth on the signature page hereto, or if no address is set forth therein, at the last address of Holder
in the Company’s or the Surviving Company’s records.

 

Any
party hereto may change the address to which notices, requests, demands, claims and other communications hereunder are to be delivered
by giving the other parties hereto notice in the manner set forth in this Section 5.7.

 

5.8 Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER AGREEMENTS CONTEMPLATED HEREBY
OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 5.8.

 

    11

     

    

 

5.9 Interpretation;
Rules of Construction. Unless otherwise expressly provided or unless the context requires otherwise: (a) all references in this Agreement
to Articles, Sections, Schedules and Exhibits shall mean and refer to Articles, Sections, Schedules and Exhibits of this Agreement; (b)
all references to statutes and related regulations shall include all amendments of the same and any successor or replacement statutes
and regulations; (c) words using the singular or plural number also shall include the plural or singular number, respectively; (d) references
to “hereof,” “herein,” “hereby” and similar terms shall refer to this entire Agreement (including
the Schedules and Exhibits hereto); (e) references to any Person shall be deemed to mean and include the successors and permitted assigns
of such Person (or, in the case of a Governmental Body, Persons succeeding to the relevant functions of such Person); (f) the term “including”
shall be deemed to mean “including, without limitation”; (g) words of any gender shall include each other gender; (h) whenever
this Agreement refers to a number of days, such number shall refer to calendar days, unless such reference is specifically to “Business
Days”; and (i) the term “or” has the inclusive meaning represented by the phrase “and/or.” The Article
and Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties
and shall not in any way affect the meaning or interpretation of this Agreement. When calculating the period before which, within which
or following which, any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating
such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding
Business Day. This Agreement is the product of negotiations among the parties hereto, each of which is represented by legal counsel,
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this
Agreement.  Rules of construction relating to interpretation against the drafter of an agreement shall not apply to this Agreement
and are expressly waived by each party hereto.

 

5.10 Third-Party
Beneficiary. The parties hereto hereby acknowledge and agree that (a) the execution and delivery of this Agreement is a condition
precedent, and a material inducement, to the consummation by Parent of the transactions under the Merger Agreement and (b) each of the
Non-Party Affiliates shall be an express third party beneficiary of Section 5.14 of this Agreement and that each of them shall
be entitled to enforce all rights set forth in Section 5.14 of this Agreement.

 

5.11 Entire
Agreement. This Agreement, the Merger Agreement and the other documents referred to herein: (a) constitute the entire agreement among
the parties hereto and supersede any prior understandings, agreements or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof; and (b) are not intended to confer, and shall not be construed as
conferring, upon any Person other than the Company and Parent any rights or remedies hereunder, except as set forth in Section 5.10.
If the provisions of this Agreement conflict in any way with the provisions of the Merger Agreement, the provisions of the Merger Agreement
shall control.

 

5.12 Counterparts.
This Agreement may be executed (a) in one or more partially or fully executed counterparts, each of which will be deemed an original
and will bind the signatory, but all of which together will constitute the same instrument, and (b) by electronic means, PDF or facsimile.

 

5.13 Termination.
This Agreement shall terminate upon the earliest of (a) the termination of the Merger Agreement in accordance with its terms and (b)
the election of Holder in its sole discretion to terminate this Agreement following any amendment, supplement, waiver or other modification
of any material term or provision of the Merger Agreement which is materially adverse to Holder (the earliest such date under clause
(a) and (b), being referred to herein as the “Termination Date”); provided, that (i) the provisions
set forth in Sections 5.1 to 5.3 and Section 5.5 to this Section 5.13 shall survive the termination of this
Agreement and (ii) the termination of this Agreement will not relieve any party hereto from liability arising in respect of any breach
prior to such termination.

 

5.14 Non-Recourse.
All claims or causes of action (whether in contract or in tort, in law or in equity) that may be based upon, arise out of or relate to
this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in
connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly
identified as parties hereto. No Person who is not a named party to this Agreement, including any past, present or future director, officer,
employee, incorporator, member, partner, Holder, Affiliate, agent, attorney or representative of any named party to this Agreement (“Non-Party
Affiliates”), shall have any liability (whether in contract or in tort, in law or in equity, or based upon any theory that
seeks to impose liability of an entity party against its owners or affiliates) for any obligations or liabilities arising under, in connection
with or related to this Agreement or for any claim based on, in respect of, or by reason of this Agreement or its negotiation or execution;
and each party hereto waives and releases all such liabilities, claims and obligations against any such Non-Party Affiliate.

 

*****

 

    12

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written:

 

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

 

[Signature Page to Convertible Note Cancellation Agreement]

 

     

    

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written:

 

	 	HOLDER:
	 	 
	 	 
	 	(Print Name of Holder)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Print name if signing on behalf of an entity)
	 	 
	 	 
	 	(Print title if signing on behalf of an entity)
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Email:	 
	 	Phone:	 

 

[Signature Page to Convertible Note Cancellation Agreement]

 

     

    

    

 

Annex
A

 

Conversion
Shares

 

	Company
    Noteholder 	Convertible
    Note Principal Amount 	Outstanding
    Principal and Accrued Interest as of September 30, 2021	Note
    Conversion Shares
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

EXHIBIT
A

 

Terminating
Agreements 

 

Company
Convertible Note in the principal amount of $_________.

 

Related
Subscription Agreement

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