Document:

Exhibit 10.1
GLYCOMIMETICS, INC.
Common Stock
(par value $0.001 per share)
SALES AGREEMENT
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April 28, 2022
Cowen and Company, LLC
599 Lexington Avenue
New York, NY 10022
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Ladies and Gentlemen:
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GlycoMimetics, Inc., a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”) with Cowen and Company, LLC (“Cowen”), as follows:
1. Issuance and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through Cowen, acting as agent and/or principal, shares (the “Placement Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), having an aggregate offering price of up to $100,000,000. Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in this Section 1 on the number of shares of Common Stock issued and sold under this Agreement shall be the sole responsibility of the Company, and Cowen shall have no obligation in connection with such compliance. The issuance and sale of Common Stock through Cowen will be effected pursuant to the Registration Statement (as defined below) filed, or to be filed, by the Company and after such Registration Statement has been declared effective by the Securities and Exchange Commission (the “Commission”), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement (as defined below) to issue the Common Stock.
The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), with the Commission a registration statement on Form S-3 (File No. 333-263297), which was declared effective on April 22, 2022, including a prospectus, relating to the Placement Shares, to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”). The Company will prepare and file a prospectus supplement specifically relating to the Placement Shares (the “Prospectus Supplement”) to the prospectus specifically relating to the Placement Shares included as part of such registration statement. The Company has furnished to Cowen, for use by Cowen, copies of the prospectus included as part of such registration statement, as supplemented by a Prospectus Supplement, relating to the Placement Shares. Except where the context otherwise requires, such registration statement, and any post-
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effective amendment thereto, as amended when it becomes effective, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B or 462(b) of the Securities Act, is herein called the “Registration Statement.” The prospectus, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented by a Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with any “issuer free writing prospectus,” as defined in Rule 433 of the Securities Act regulations (“Rule 433”), relating to the Placement Shares that (i) is required to be filed with the Commission by the Company or (ii) is exempt from filing pursuant to Rule 433(d)(5)(i), in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g), is herein called the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant via the Electronic Data Gathering Analysis and Retrieval System (“EDGAR”).
2. Placements. Each time that the Company wishes to issue and sell the Placement Shares hereunder (each, a “Placement”), it will notify Cowen by email notice (or other method mutually agreed to in writing by the parties) (a “Placement Notice”) containing the parameters in accordance with which it desires the Placement Shares to be sold, which shall at a minimum include the number of Placement Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in any one Trading Day (as defined in Section 3) and any minimum price below which sales may not be made, a form of which containing such minimum sales parameters necessary is attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 2 (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from Cowen set forth on Schedule 2, as such Schedule 2 may be amended from time to time. The Placement Notice shall be effective upon receipt by Cowen unless and until (i) in accordance with the notice requirements set forth in Section 4, Cowen declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares have been sold, (iii) in accordance with the notice requirements set forth in Section 4, the Company suspends or terminates the Placement Notice for any reason, in its sole discretion, (iv) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v) this Agreement has been terminated under the provisions of Section 11. The amount of any discount, commission or other compensation to be paid by the Company to Cowen in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in Schedule 3. It is expressly acknowledged and agreed that neither the Company nor Cowen will have any obligation whatsoever with respect to a Placement or any
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Placement Shares unless and until the Company delivers a Placement Notice to Cowen and Cowen does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.
3. Sale of Placement Shares by Cowen. Subject to the terms and conditions herein set forth, upon the Company’s delivery of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, Cowen, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq Stock Market LLC (“Nasdaq”) to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. Cowen will provide written confirmation to the Company (including by email correspondence to each of the individuals of the Company set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the volume-weighted average price of the Placement Shares, and the Net Proceeds (as defined below) payable to the Company. Cowen may sell Placement Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act, including without limitation sales made through Nasdaq, on any other existing trading market for the Common Stock or to or through a market maker. In the event the Company engages Cowen for a sale of Placement Shares that would constitute a “block” within the meaning of Rule 10b-18(a)(5) under the Exchange Act (a “Block Sale”), the Company will provide Cowen, at Cowen’s request and upon reasonable advance notice to the Company, on or prior to the Settlement Date (as defined below), the opinions of counsel, accountant’s letter and officers’ certificates set forth in Section 8 hereof, each dated the Settlement Date, and such other documents and information as Cowen shall reasonably request. If expressly authorized by the Company in a Placement Notice, Cowen may also sell Placement Shares in negotiated transactions. Notwithstanding the provisions of Section 6(jj), Cowen shall not purchase Placement Shares for its own account as principal unless expressly authorized to do so by the Company in a Placement Notice. The Company acknowledges and agrees that (i) there can be no assurance that Cowen will be successful in selling Placement Shares, and (ii) Cowen will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by Cowen to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required under this Section 3. For the purposes hereof, “Trading Day” means any day on which the Company’s Common Stock is purchased and sold on Nasdaq.
4. Suspension of Sales.
(a)The Company or Cowen may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
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facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Placement Shares; provided, however, that such suspension shall not affect or impair either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made to one of the individuals named on Schedule 2 hereto, as such schedule may be amended from time to time.
(b)Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession of material non-public information, the Company and Cowen agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of any Placement Shares, and (iii) Cowen shall not be obligated to sell or offer to sell any Placement Shares.
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(c)If either Cowen or the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are not satisfied with respect to the Common Stock, it shall promptly notify the other party, and Cowen may, at its sole discretion, suspend sales of the Placement Shares under this Agreement.
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5. Settlement.
(a) Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a “Settlement Date” and the first such settlement date, the “First Delivery Date”). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by Cowen at which such Placement Shares were sold, after deduction for (i) Cowen’s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, (ii) any other amounts due and payable by the Company to Cowen hereunder pursuant to Section 7(g) hereof, and (iii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.
(b) Delivery of Placement Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting Cowen’s or its designee’s account (provided Cowen shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradeable, transferable, registered shares in good deliverable form. On each Settlement Date, Cowen will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Placement Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Section 9(a) hereto, it will (i) hold Cowen harmless against any loss, claim, damage, or reasonable and documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with such
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default by the Company and (ii) pay to Cowen (without duplication) any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.
6. Representations and Warranties of the Company. Except as disclosed in the Registration Statement, the Prospectus or any Prospectus Supplement, the Company represents and warrants to, and agrees with, Cowen that, unless such representation, warranty or agreement specifies otherwise, as of the date of this Agreement, each Representation Date (as defined in Section 7(m)), each date on which a Placement Notice is given, and any date on which Placement Shares are sold hereunder:
(a) Compliance with Registration Requirements. The Registration Statement and any Rule 462(b) Registration Statement have been declared effective by the Commission under the Securities Act. The Company has complied to the Commission’s satisfaction with all requests of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best knowledge of the Company, contemplated or threatened by the Commission. The Company meets the requirements for use of Form S-3 under the Securities Act. The sale of the Placement Shares hereunder meets the requirements of General Instruction I.B.1 of Form S-3. Notwithstanding anything to the contrary contained in this Agreement, the representations and warranties set forth in the first three sentences of this Section 6(a) shall not be made by the Company as of the date of this Agreement.
(b) No Misstatement or Omission. The Prospectus when filed complied and, as amended or supplemented, if applicable, will comply in all material respects with the Securities Act. Each of the Registration Statement, any Rule 462(b) Registration Statement, the Prospectus and any post-effective amendments or supplements thereto, at the time it became effective or its date, as applicable, complied, and as of each of the Settlement Dates, if any, complied in all material respects with the Securities Act and did not and, as of each Settlement Date, if any, did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its date, did not and, as of each of the Settlement Dates, if any, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule 462(b) Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to Cowen furnished to the Company in writing by Cowen expressly for use therein. There are no contracts or other documents required to be described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described or filed as required. Notwithstanding anything to the contrary contained in this Agreement, the representations and warranties set forth in this Section 6(b) shall not be made by the Company as of the date of this Agreement.
(c) Offering Materials Furnished to Cowen. The Company has delivered to Cowen one complete copy of the Registration Statement and a copy of each consent and certificate of
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experts filed as a part thereof, and conformed copies of the Registration Statement (without exhibits) and the Prospectus, as amended or supplemented, in such quantities and at such places as Cowen has reasonably requested.
(d) Not an Ineligible Issuer. The Company currently is not an “ineligible issuer,” as defined in Rule 405 of the rules and regulation of the Commission. The Company agrees to notify Cowen promptly upon the Company becoming an “ineligible issuer.”
(e) Distribution of Offering Material By the Company. The Company has not distributed and will not distribute, prior to the completion of Cowen’s distribution of the Placement Shares pursuant to this Agreement, any offering material in connection with the offering and sale of the Placement Shares other than the Prospectus or the Registration Statement.
(f) The Sales Agreement. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.
(g) Authorization of the Placement Shares. The Placement Shares, when issued and delivered, will be duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be duly authorized, validly issued, fully paid and nonassessable.
(h) No Applicable Registration or Other Similar Rights. There are no persons with registration or other similar rights to have any equity or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly waived.
(i) No Material Adverse Change. Except as otherwise disclosed in the Prospectus, subsequent to the respective dates as of which information is given in the Prospectus: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Company (any such change is called a “Material Adverse Change”); (ii) the Company has not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company.
(j) Independent Accountants. Ernst & Young LLP, who has expressed its opinion with respect to the financial statements (which term as used in this Agreement includes the related notes thereto) filed with the Commission or incorporated by reference as a part of the Registration Statement and included in the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange Act.
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(k) Preparation of the Financial Statements. The financial statements filed with the Commission as a part of or incorporated by reference in the Registration Statement and included in the Prospectus present fairly, in all material respects, the financial position of the Company as of and at the dates indicated and the results of their operations and cash flows for the periods specified. Such financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be included in or incorporated in the Registration Statement. The financial data set forth or incorporated in the Prospectus under the captions “Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends” and “Selected Financial Data” fairly present, in all material respects, the information set forth therein on a basis consistent with that of the audited financial statements contained, incorporated or deemed to be incorporated in the Registration Statement.
(l) XBRL. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the each Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.
(m) Incorporation and Good Standing of the Company. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and to enter into and perform its obligations under this Agreement. The Company is duly qualified as a foreign corporation to transact business and is in good standing in the State of Maryland and each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions (other than the State of Maryland) where the failure to so qualify or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Change. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than any subsidiaries formed since the date of this Agreement.
(n) Capital Stock Matters. The Common Stock conforms in all material respects to the description thereof contained in the Prospectus. All of the issued and outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and nonassessable and have been issued in compliance with federal and state securities laws. None of the outstanding shares of Common Stock were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company other than those accurately described in all material respects in the Prospectus. The description of the Company’s stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Prospectus accurately and fairly presents in all material respects the information required to be shown with respect to such plans, arrangements, options and rights.
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(o) Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required. The Company is not in violation of its charter or by-laws or is in default (or, with the giving of notice or lapse of time, would be in default) (“Default”) under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which the Company is a party or by which it may be bound, or to which any of the property or assets of the Company is subject (each, an “Existing Instrument”), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company’s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the charter or by-laws of the Company, (ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of any other party to, any Existing Instrument, except for such conflicts, breaches, Defaults, liens, charges or encumbrances as would not, individually or in the aggregate, result in a Material Adverse Change, and (iii) will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company’s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus, except such as have been obtained or made by the Company and are in full force and effect under the Securities Act, applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority (“FINRA”).
(p) No Material Actions or Proceedings. Except as disclosed in the Prospectus, there are no legal or governmental actions, suits or proceedings pending or, to the best of the Company’s knowledge, threatened (i) against or affecting the Company, (ii) which has as the subject thereof any officer or director of, or property owned or leased by, the Company or (iii) relating to environmental or discrimination matters, where in any such case (A) there is a reasonable possibility that such action, suit or proceeding might be determined adversely to the Company and (B) any such action, suit or proceeding, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. No material labor dispute with the employees of the Company exists or, to the Company’s knowledge, is threatened or imminent.
(q) All Necessary Permits, etc. The Company possesses such valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies (including, without limitation, those administered by the U.S. Food and Drug Administration (the “FDA”) or by any foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed by the FDA) necessary to conduct its business, other than those the failure to possess or own would not result in a Material Adverse Change, and the Company has not received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Change.
(r) Tax Law Compliance. The Company has filed all necessary federal, state and foreign income, property and franchise tax returns (or has properly requested extensions thereof) and has
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paid all taxes required to be paid by it and, if due and payable, any related or similar assessment, fine or penalty levied against it except as may be being contested in good faith and by appropriate proceedings. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in Section 6(k) above in respect of all federal, state and foreign income, property and franchise taxes for all periods as to which the tax liability of the Company has not been finally determined.
(s) Company Not an “Investment Company.” The Company is not, and after receipt of payment for the Common Stock will not be, an “investment company” within the meaning of Investment Company Act of 1940, as amended.
(t) Insurance. Except as otherwise described in the Prospectus, the Company is insured by insurers of recognized financial responsibility with policies in such amounts and with such deductibles and covering such risks as are generally deemed prudent and customary for the business for which it is engaged. The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Change.
(u) No Price Stabilization or Manipulation. The Company has not taken and will not take, directly or indirectly, any action designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares.
(v) Related Party Transactions. There are no business relationships or related-party transactions involving the Company or any other person required to be described in the Prospectus which have not been described as required.
(w) Exchange Act Compliance. The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the other information in the Prospectus, at the Settlement Dates, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
(x) No Unlawful Contributions or Other Payments. Neither the Company nor, to the best of the Company’s knowledge, any director, officer, employee or agent of the Company has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.
(y) Compliance with Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and
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reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.
(z) Compliance with OFAC. Neither the Company nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the Company will not, directly or indirectly, use the proceeds of the offering of the Placement Shares hereunder, or lend, contribute or otherwise make available such proceeds to any joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.
(aa) Company’s Accounting System. The Company maintains a system of “internal control over financial reporting” (as such term is defined in Rule 13a-15(f) of the General Rules and Regulations under the Exchange Act (the “Exchange Act Rules”)) that complies with the requirements of the Exchange Act and has been designed by their respective principal executive and principal financial officers, or under their supervision, to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company’s system of internal control over financial reporting is effective in all material respects to perform the functions for which it was established. Except as described in the Prospectus, since the end of the Company’s most recent audited fiscal year, there has been (A) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (B) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
(bb) Disclosure Controls. The Company maintains disclosure controls and procedures (as such is defined in Rule 13a-15(e) of the Exchange Act Rules) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company in reports that it files or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company’s management to allow timely decisions regarding disclosures. The Company has conducted evaluations of the effectiveness of their disclosure controls as required by Rule 13a-15 of the Exchange Act.
(cc) Regulatory Matters. The studies, tests and preclinical or clinical trials conducted by or on behalf of the Company that are described in the Prospectus (the “Company Studies and
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Trials”) were and, if still pending, are being, conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant to, where applicable, accepted professional scientific standards; the descriptions of the results of the Company Studies and Trials contained in the Prospectus are accurate in all material respects; the Company has no knowledge of any other studies or trials not described in the Prospectus, the results of which are inconsistent with or call into question the results described or referred to in the Prospectus; and the Company has not received any notices or correspondence with the FDA or any foreign, state or local governmental body exercising comparable authority requiring the termination, suspension or material modification of any Company Studies or Trials that termination, suspension or material modification would reasonably be expected to have a Material Adverse Change and, to the Company’s knowledge, there are no reasonable grounds for the same. The Company has obtained informed consent by or on behalf of each human subject who participated in the Company Studies and Trials. In using or disclosing patient information received by the Company in connection with the Company Studies and Trials, the Company has complied in all material respects with all applicable laws and regulatory rules or requirements, including, without limitation, the Health Insurance Portability and Accountability Act of 1996 and the rules and regulations thereunder. To the Company’s knowledge, none of the Company Studies and Trials involved any investigator who has been disqualified as a clinical investigator or has been found by the FDA to have engaged in scientific misconduct. To the Company’s knowledge, the manufacturing facilities and operations of its suppliers are operated in compliance in all material respects with all applicable statutes, rules, regulations and policies of the FDA and comparable regulatory agencies outside of the United States to which the Company is subject, to the extent such parties are subject to the statures, rules regulation and policies of the FDA or comparable regulatory agency outside of the United States.
(dd) Compliance with Environmental Laws. Except as otherwise described in the Prospectus, and except as would not, individually or in the aggregate, result in a Material Adverse Change (i) the Company is not in violation of any federal, state, local or foreign law or regulation relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively, “Materials of Environmental Concern”), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, “Environmental Laws”), which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations required for the operation of the business of the Company under applicable Environmental Laws, or noncompliance with the terms and conditions thereof, nor has the Company received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company is in violation of any Environmental Law; (ii) there is no claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company has received written notice, and no written notice by any person or entity alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries, attorneys’ fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Company, now or in
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the past (collectively, “Environmental Claims”), pending or, to the Company’s knowledge, threatened against the Company or any person or entity whose liability for any Environmental Claim the Company has retained or assumed either contractually or by operation of law; and (iii) to the best of the Company’s knowledge, there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably could result in a violation of any Environmental Law or form the basis of a potential Environmental Claim against the Company or against any person or entity whose liability for any Environmental Claim the Company has retained or assumed either contractually or by operation of law.
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(ee) Intellectual Property. The Company owns or possesses the valid right to use all (i) patents, patent applications, trademarks, trademark registrations, service marks, service mark registrations, Internet domain name registrations, copyrights, copyright registrations, licenses, trade secret rights (“Intellectual Property Rights”) and (ii) inventions, software, works of authorships, trademarks, service marks, trade names, databases, formulae, know how, Internet domain names and other intellectual property (including trade secrets and other unpatented and/or unpatentable proprietary confidential information, systems, or procedures) (collectively, “Intellectual Property Assets”) necessary to conduct its business as currently conducted, and as proposed to be conducted and described in the Prospectus. The Company has not received any opinion from their legal counsel concluding that any activities of its business infringes, misappropriates, or otherwise violates, valid and enforceable Intellectual Property Rights of any other person, and have not received written notice of any challenge, which is to its knowledge still pending, by any other person to the rights of the Company with respect to any Intellectual Property Rights or Intellectual Property Assets owned or used by the Company. To the knowledge of the Company, the Company’s business as now conducted does not give rise to any infringement of, any misappropriation of, or other violation of, any valid and enforceable Intellectual Property Rights of any other person. All licenses for the use of the Intellectual Property Rights described in the Prospectus are valid, binding upon, and enforceable by or against the parties thereto in accordance to its terms. The Company has complied in all material respects with, and is not in breach nor has received any asserted or threatened claim of breach of any Intellectual Property license, and the Company has no knowledge of any breach or anticipated breach by any other person to any Intellectual Property license. Except as described in the Prospectus, no claim has been made against the Company alleging the infringement by the Company of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other intellectual property right or franchise right of any person. The Company has taken all reasonable steps to protect, maintain and safeguard its Intellectual Property Rights, including the execution of appropriate nondisclosure and confidentiality agreements. The consummation of the transactions contemplated by this Agreement will not result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, the Company's right to own, use, or hold for use any of the Intellectual Property Rights as owned, used or held for use in the conduct of the business as currently conducted.
(ff) Listing. The Company is subject to and in compliance in all material respects with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act. The shares of Common Stock are registered pursuant to Section 12(b) of the Exchange Act and are listed on
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Nasdaq, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from Nasdaq, nor has the Company received any notification that the Commission or Nasdaq is contemplating terminating such registration or listing.
(gg) Brokers. Except for Cowen, there is no broker, finder or other party that is entitled to receive from the Company any brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement.
(hh) No Outstanding Loans or Other Indebtedness. Except as described in the Prospectus, there are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of the immediate family members of any of them.
(ii) No Reliance. The Company has not relied upon Cowen or legal counsel for Cowen for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares.
(jj) Cowen Purchases. The Company acknowledges and agrees that Cowen has informed the Company that Cowen may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement is in effect, provided, that (i) no such purchase or sales shall take place while a Placement Notice is in effect (except to the extent Cowen may engage in sales of Placement Shares purchased or deemed purchased from the Company as a “riskless principal” or in a similar capacity) and (ii) the Company shall not be deemed to have authorized or consented to any such purchases or sales by Cowen.
(kk) Compliance with Laws. The Company has not been advised, and has no reason to believe, that it is not conducting business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business, except where failure to be so in compliance would not reasonably be expected to result in a Material Adverse Change.
(ll) IT Systems.  (i)(x)There has been no security breach or attack or other compromise of or relating to any of the Company’s information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (“IT Systems and Data”), and (y) the Company has not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in any security breach, attack or compromise to their IT Systems and Data, (ii) the Company has  complied, and are presently in compliance with, all applicable laws, statutes or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority and all industry guidelines, standards, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except where failure to be so in compliance would not reasonably be expected to result in a Material Adverse Change, and (iii)
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the Company has implemented backup and disaster recovery technology consistent with industry standards and practice.
Any certificate signed by an officer of the Company and delivered to Cowen or to counsel for Cowen in connection with this Agreement shall be deemed to be a representation and warranty by the Company to Cowen as to the matters set forth therein.
The Company acknowledges that Cowen and, for purposes of the opinions to be delivered pursuant to Section 7 hereof, counsel to the Company and counsel to Cowen, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.
7. Covenants of the Company. The Company covenants and agrees with Cowen that:
(a) Registration Statement Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required to be delivered by Cowen under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will notify Cowen promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information (insofar as it relates to the transactions contemplated hereby); (ii) the Company will prepare and file with the Commission, promptly upon Cowen’s request, any amendments or supplements to the Registration Statement or Prospectus that, in Cowen’s reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement Shares by Cowen (provided, however, that the failure of Cowen to make such request shall not relieve the Company of any obligation or liability hereunder, or affect Cowen’s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy Cowen shall have with respect to the failure to make such filing will be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by reference, relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to Cowen within a reasonable period of time before the filing and Cowen has not reasonably objected thereto (provided, however, that the failure of Cowen to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect Cowen’s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy Cowen shall have with respect to the failure to make such filing will be to cease making sales under this Agreement) and the Company will furnish to Cowen at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act.
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(b) Notice of Commission Stop Orders. The Company will advise Cowen, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.
(c) Delivery of Prospectus; Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is required to be delivered by Cowen under the Securities Act with respect to a pending sale of the Placement Shares, (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates (taking into account any extensions available under the Exchange Act) all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify Cowen to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance; provided, however, that the Company may delay the filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.
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(d) Listing of Placement Shares. During any period in which the Prospectus relating to the Placement Shares is required to be delivered by Cowen under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on Nasdaq and to qualify the Placement Shares for sale under the securities laws of such jurisdictions as Cowen reasonably designates and to continue such qualifications in effect so long as required for the distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction.
(e) Delivery of Registration Statement and Prospectus. The Company will furnish to Cowen and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all documents filed with the Commission during
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such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as Cowen may from time to time reasonably request and, at Cowen’s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall not be required to furnish any document (other than the Prospectus) to Cowen or its counsel to the extent such document is available on EDGAR.
(f) Earnings Statement. The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.
(g) Expenses. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, in accordance with the provisions of Section 11 hereunder, will pay the following expenses all incident to the performance of its obligations hereunder, including, but not limited to, expenses relating to (i) the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of each Prospectus and of each amendment and supplement thereto, (ii) the preparation, issuance and delivery of the Placement Shares, (iii) the qualification of the Placement Shares under securities laws in accordance with the provisions of Section 7(d) of this Agreement, including filing fees (provided, however, that any fees or disbursements of counsel for Cowen in connection therewith shall be paid by Cowen except as set forth in (vii) below), (iv) the printing and delivery to Cowen of copies of the Prospectus and any amendments or supplements thereto, and of this Agreement, (v) the fees and expenses incurred in connection with the listing or qualification of the Placement Shares for trading on Nasdaq, (vi) the filing fees and expenses, if any, of the Commission and the filing fees and reasonable associated legal expenses of Cowen’s outside counsel for filings with the FINRA Corporate Financing Department, such legal expense reimbursement not to exceed $12,500, and (viii) the reasonable fees and disbursements of Cowen’s counsel in an amount not to exceed $50,000.
(h) Use of Proceeds. The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.”
(i) Notice of Other Sales. During the pendency of any Placement Notice given hereunder, and for three trading days following the termination of any Placement Notice given hereunder, the Company shall provide Cowen notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares of Common Stock (other than Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; provided, that such notice shall not be required in connection with the (i) issuance, grant or sale of Common Stock, options or warrants to purchase shares of Common Stock, restricted shares of Common Stock, restricted stock units or other equity awards, or Common Stock issuable upon the exercise of options or other equity awards pursuant to any stock option, stock bonus or other stock plan or arrangement described in the Prospectus, (ii) the issuance of securities in connection with an acquisition, merger or sale or purchase of assets, (iii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time to time provided the implementation
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of such is disclosed to Cowen in advance, (iv) any shares of Common Stock issuable upon the exchange, conversion or redemption of securities or the exercise of warrants, options or other rights in effect or outstanding or (v) the issuance or sale of Common Stock, or securities convertible into or exercisable for Common Stock, offered and sold in a privately negotiated transaction to vendors, customers, strategic partners or potential strategic partners conducted in a manner so as not to be integrated with the offering of Common Stock hereby. Notwithstanding the foregoing provisions, nothing herein shall be construed to restrict the Company’s ability, or require the Company to provide notice to Cowen, to file a registration statement under the Securities Act.
(j) Change of Circumstances. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice or sell Placement Shares, advise Cowen promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document provided to Cowen pursuant to this Agreement.
(k) Due Diligence Cooperation. During the term of this Agreement, the Company will cooperate with any reasonable due diligence review conducted by Cowen or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business hours and at the Company’s principal offices, as Cowen may reasonably request.
(l) Required Filings Relating to Placement of Placement Shares. The Company agrees that on such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every filing under Rule 424(b), a “Filing Date”), which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold through Cowen, the Net Proceeds to the Company and the compensation payable by the Company to Cowen with respect to such Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.
(m) Representation Dates; Certificate. On or prior to the First Delivery Date and thereafter, during the term of this Agreement, each time the Company (i) files the Prospectus relating to the Placement Shares or amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other than a prospectus supplement filed in accordance with Section 7(l) of this Agreement) by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the Placement Shares; (ii) files an annual report on Form 10-K under the Exchange Act; (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or (iv) files a report on Form 8-K containing amended financial information (other than information “furnished” pursuant to Items 2.02 or 7.01 of Form 8-K) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation Date”); the Company shall furnish Cowen with a certificate, in the form attached hereto as Exhibit 7(m) within two (2) Trading Days of any Representation Date if requested by Cowen. The requirement to provide a certificate under this
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Section 7(m) shall be automatically waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide Cowen with a certificate under this Section 7(m), then before the Company delivers the Placement Notice or Cowen sells any Placement Shares, the Company shall provide Cowen with a certificate, in the form attached hereto as Exhibit 7(m), dated the date of the Placement Notice.
(n) Legal Opinion. On or prior to the First Delivery Date and within three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(m) for which no waiver is applicable, the Company shall cause to be furnished to Cowen a written opinion of Cooley LLP (“Company Counsel”), or other counsel satisfactory to Cowen, in form and substance satisfactory to Cowen and its counsel, dated the date that the opinion is required to be delivered, respectively, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; provided, however, that in lieu of such opinions for subsequent Representation Dates, Company Counsel may furnish Cowen with a letter (a “Reliance Letter”) to the effect that Cowen may rely on a prior opinion delivered under this Section 7(n) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).
(o) Comfort Letter. On or prior to the First Delivery Date and within three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(m) for which no waiver is applicable, the Company shall cause its independent accountants to furnish Cowen letters (the “Comfort Letters”), dated the date the Comfort Letter is delivered, in form and substance satisfactory to Cowen, (i) confirming that they are an independent registered public accounting firm within the meaning of the Securities Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’ “comfort letters” to Cowen in connection with registered public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.
(p) Market Activities. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares or (ii) sell, bid for, or purchase the Common Stock to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Placement Shares other than Cowen; provided, however, that the Company may bid for and purchase shares of its Common Stock in accordance with Rule 10b-18 under the Exchange Act.
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(q) Insurance. The Company shall maintain insurance in such amounts and covering such risks as is reasonable and customary for the business for which it is engaged.
(r) Compliance with Laws. The Company will use commercially reasonable efforts to maintain all material environmental permits, licenses and other authorizations required by federal, state and local law in order to conduct its business as described in the Prospectus, and the Company shall conduct its business, or cause its business to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable environmental laws, except where the failure to maintain or be in compliance with such permits, licenses and authorizations could not reasonably be expected to result in a Material Adverse Change.
(s) Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that it will not be or become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined in the Investment Company Act, assuming no change in the Commission’s current interpretation as to entities that are not considered an investment company.
(t) Securities Act and Exchange Act. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus.
(u) No Offer to Sell. Other than the Prospectus or a free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance by the Company and Cowen in its capacity as principal or agent hereunder, neither Cowen nor the Company (including its agents and representatives, other than Cowen in its capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Common Stock hereunder.
(v) Sarbanes-Oxley Act. The Company will use its best efforts to comply with all effective applicable provisions of the Sarbanes-Oxley Act.
8. Conditions to Cowen’s Obligations. The obligations of Cowen hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by Cowen of a due diligence review satisfactory to Cowen in its reasonable judgment, and to the continuing satisfaction (or waiver by Cowen in its sole discretion) of the following additional conditions:
(a) Registration Statement Effective. The Registration Statement shall be effective and shall be available for the sale of all Placement Shares contemplated to be issued by any Placement Notice.
(b) No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request for additional information from the Commission or any other federal or state governmental authority during the period of
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effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or such documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
(c) No Misstatement or Material Omission. Cowen shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in Cowen’s reasonable opinion is material, or omits to state a fact that in Cowen’s reasonable opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading.
(d) Material Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have been any Material Adverse Change or any development that could reasonably be expected to result in a Material Adverse Change.
(e) Company Counsel Legal Opinion. Cowen shall have received an opinion of Company Counsel required to be delivered pursuant to Section 7(n) on or before the date on which such delivery of such opinion is required pursuant to Section 7(n).
(f) Cowen Counsel Legal Opinion. Cowen shall have received from Goodwin Procter LLP, counsel for Cowen, such opinion or opinions, on or before the date on which the delivery of the Company Counsel legal opinion is required pursuant to Section 7(n), with respect to such matters as Cowen may reasonably require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters.
(g) Comfort Letter. Cowen shall have received the Comfort Letter required to be delivered pursuant to Section 7(o) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(o).
(h) Representation Certificate. Cowen shall have received the certificate required to be delivered pursuant to Section 7(m) on or before the date on which delivery of such certificate is required pursuant to Section 7(m).
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(i) Secretary’s Certificate. On or prior to the First Delivery Date, Cowen shall have received a certificate, signed on behalf of the Company by its corporate Secretary, in form and substance satisfactory to Cowen and its counsel.
(j) No Suspension. Trading in the Common Stock shall not have been suspended on Nasdaq.
(k) Other Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(m), the Company shall have furnished to Cowen such appropriate further information, certificates and documents as Cowen may have reasonably requested. All such opinions, certificates, letters and other documents shall have been in compliance with the provisions hereof. The Company will furnish Cowen with such conformed copies of such opinions, certificates, letters and other documents as Cowen shall have reasonably requested.
(l) Securities Act Filings Made. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.
(m) Approval for Listing. The Placement Shares shall either have been (i) approved for listing on Nasdaq, subject only to notice of issuance, or (ii) the Company shall have filed an application for listing of the Placement Shares on Nasdaq at, or prior to, the issuance of any Placement Notice.
(n) No Termination Event. There shall not have occurred any event that would permit Cowen to terminate this Agreement pursuant to Section 11(a).
9. Indemnification and Contribution.
(a) Company Indemnification. The Company agrees to indemnify and hold harmless Cowen, the directors, officers, partners, employees and agents of Cowen and each person, if any, who (i) controls Cowen within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled by or is under common control with Cowen (a “Cowen Affiliate”) from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section 9(c)) of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred, to which Cowen, or any such person, may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based on (x) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or supplement to the Registration Statement or the Prospectus or in any free writing prospectus based, directly or indirectly, on written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Common Stock under the securities laws thereof or filed with
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the Commission, (y) the omission or alleged omission to state in any such document a material fact required to be stated in it or necessary to make the statements in it, in light of the circumstances under which they were made, not misleading; provided, however, that this indemnity agreement shall not apply to the extent that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused directly or indirectly by an untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information relating to Cowen and furnished to the Company by Cowen expressly for inclusion in the Registration Statement or Prospectus. This indemnity agreement will be in addition to any liability that the Company might otherwise have.
(b) Cowen Indemnification. Cowen agrees to indemnify and hold harmless the Company and its directors and each officer of the Company that signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 9(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) or in any free writing prospectus in reliance upon and in conformity with written information relating to Cowen and furnished to the Company by Cowen expressly for inclusion in the Registration Statement or Prospectus.
(c) Procedure. Any party that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 9, notify each such indemnifying party in writing of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the
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indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating to fees, disbursements and other charges. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation claim, action or proceeding and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.
(d) Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or Cowen, the Company and Cowen will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than Cowen, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and Cowen may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and Cowen on the other. The relative benefits received by the Company on the one hand and Cowen on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by Cowen (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and Cowen, on the other, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or Cowen, the intent of the parties and their relative
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knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and Cowen agree that it would not be just and equitable if contributions pursuant to this Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for the purpose of this Section 9(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions of this Section 9(d), Cowen shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(d), any person who controls a party to this Agreement within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of Cowen, will have the same rights to contribution as that party, and each officer and director of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 9(d), will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 9(d) except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 9(c) hereof.
10. Representations and Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 9 of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of Cowen, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.
11. Termination.
(a) Cowen shall have the right by giving written notice as hereinafter specified at any time to terminate this Agreement if (i) any Material Adverse Change, or any development that would reasonably be expected to result in a Material Adverse Change has occurred that, in the reasonable judgment of Cowen, may materially impair the ability of Cowen to sell the Placement Shares hereunder, (ii) the Company shall have failed, refused or been unable to perform any agreement on its part to be performed hereunder; provided, however, in the case of any failure of the Company to deliver (or cause another person to deliver) any certification, opinion, or letter required under Sections 7(m), 7(n), or 7(o), Cowen’s right to terminate shall not arise unless such failure to deliver (or cause to be delivered) continues for more than thirty (30) days from the date
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such delivery was required, or (iii) any other condition of Cowen’s obligations hereunder is not fulfilled, or (iv) any suspension or limitation of trading in the Placement Shares or in securities generally on Nasdaq shall have occurred. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination. If Cowen elects to terminate this Agreement as provided in this Section 11(a), Cowen shall provide the required written notice as specified in Section 12).
(b) The Company shall have the right, by giving ten (10) days’ notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.
(c) Cowen shall have the right, by giving ten (10) days’ notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.
(d) Unless earlier terminated pursuant to this Section 11, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares through Cowen on the terms and subject to the conditions set forth herein; provided that the provisions of Section 7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.
(e) This Agreement shall remain in full force and effect unless terminated pursuant to Sections 11(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases be deemed to provide that Section 7(g), Section 9, Section 10, Section 16 and Section 17 shall remain in full force and effect.
(f) Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however, that such termination shall not be effective until the close of business on the date of receipt of such notice by Cowen or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.
(g) Subject to the additional limitations set forth in Section 7 of this Agreement, in the event of termination of this Agreement prior to the sale of any Placement Shares, Cowen will only be entitled to reimbursement of its out of pocket expenses actually incurred.
12. Notices. All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified in this Agreement, and if sent to Cowen, shall be delivered to Cowen at Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, fax no. 646-562-1124, Attention: General Counsel with a copy to Goodwin Procter LLP fax no. 212-355-3333,
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Attention: Seo Salimi; or if sent to the Company, shall be delivered to GlycoMimetics, Inc., 9708 Medical Center Drive, Rockville, Maryland 20850, fax no. 240-243-1018, attention: Chief Executive Officer with a copy to Cooley LLP, 11951 Freedom Drive, Reston, VA 20190-5640. fax no. 703-456-8100, Attention: Brian Leaf. Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day (as defined below), or, if such day is not a Business Day on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, “Business Day” shall mean any day on which Nasdaq and commercial banks in the City of New York are open for business.
13. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and Cowen and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 9 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party; provided, however, that Cowen may assign its rights and obligations hereunder to an affiliate of Cowen without obtaining the Company’s consent so long as such affiliate is a registered broker dealer.
14. Adjustments for Share Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any share split, share dividend or similar event effected with respect to the Common Stock.
15. Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and Cowen. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.
16. Applicable Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive
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jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
17. Waiver of Jury Trial. The Company and Cowen each hereby irrevocably waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby.
18. Absence of Fiduciary Relationship. The Company acknowledges and agrees that:
(a) Cowen has been retained solely to act as sales agent in connection with the sale of the Common Stock and that no fiduciary, advisory or agency relationship between the Company and Cowen has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether Cowen has advised or is advising the Company on other matters;
(b) the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement;
(c) the Company has been advised that Cowen and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that Cowen has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and
(d) the Company waives, to the fullest extent permitted by law, any claims it may have against Cowen, for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement, and agrees that Cowen shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders, partners, employees or creditors of the Company.
19. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or other electronic transmission.
[Remainder of Page Intentionally Blank]
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If the foregoing correctly sets forth the understanding between the Company and Cowen, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and Cowen.
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		Very truly yours,

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		COWEN AND COMPANY, LLC

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		By:
	/s/ Michael Murphy

			Name: 
	Michael Murphy

			Title: 
	Managing Director

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		ACCEPTED as of the date

		first-above written:

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		GLYCOMIMETICS, INC.

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		By:
	/s/ Brian M. Hahn

			Name: 
	Brian M. Hahn

			Title: 
	Chief Financial Officer

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SCHEDULE 1
FORM OF PLACEMENT NOTICE
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From:[       ]
Cc:[              ]
To: [                               ]
Subject: Cowen at the Market Offering-Placement Notice
Gentlemen:
Pursuant to the terms and subject to the conditions contained in the Sales Agreement between GlycoMimetics, Inc., a Delaware corporation (the “Company”), and Cowen and Company, LLC (“Cowen”) dated April 28, 2022 (the “Agreement”), I hereby request on behalf of the Company that Cowen sell up to [ ] shares of the Company’s common stock, par value $0.001 per share, at a minimum market price of $0.001 per share. Sales should begin on the date of this Notice and shall continue until [DATE] [all shares are sold].
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SCHEDULE 2
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GlycoMimetics, Inc.
Harout Semerjian
Brian M. Hahn
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Cowen and Company, LLC
Michael Murphy
Connor Leahey
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SCHEDULE 3
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Compensation
Cowen shall be paid compensation equal to 3.0% of the gross proceeds from the sales of Common Stock pursuant to the terms of this Agreement.
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Exhibit 7(m)
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OFFICER CERTIFICATE
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The undersigned, the duly qualified and elected _______________________, of GlycoMimetics, Inc. (“Company”), a Delaware corporation, does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement dated April [28], 2022 (the “Sales Agreement”) between the Company and Cowen and Company, LLC, that to the best of the knowledge of the undersigned.
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(i)The representations and warranties of the Company in Section 6 of the Sales Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Change, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; and
(ii)The Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof.
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		By:
	
			Name:

			Title:

		
	Date:
		

​EX-4.72

 Exhibit 4.72 

Capital Increase Agreement 

on 
 Beijing Xiao
Benniao Information Technology Co., Ltd. 
 [        ] (month) [    ]
(day), 2021 

 Capital Increase Agreement 

This Capital Increase Agreement (this “Agreement”) was entered into on [        ]
[    ], 2021 in [Beijing] by and among: 
  

	(1)	 Beijing Xiao Benniao Information Technology Co., Ltd., a limited liability company registered in Beijing in
accordance with the laws of China (“Company”), having its registered address at: Room 206, 2/F, Building 3, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code: 91110115MA001HGK4U;

  

	(2)	 Xu Danxia, a natural person of PRC holding the identity card No.: 110105196901022929; 

 

	(3)	 Zheng Yu, a natural person of PRC holding the identity card No.: 110224198610200055; 

 

	(4)	 Liu Feng, a natural person of PRC holding the identity card No.: 440203197111021837; 

 

	(5)	 Shi Haonan, a natural person of PRC holding the identity card No.: 110111199603060370; 

 

	(6)	 Lv Yin, a natural person of PRC holding the identity card No.: 65220119770527168X; 

 

	(7)	 [Sky City (Beijing) Technology Co., Ltd.], a limited liability company registered in Beijing in accordance with
the laws of China (“Pintec”), having its registered address at: 3009, 3/F Bowangyuan Podium, Yangfangdian Subdistrict, Haidian District, Beijing; unified social credit code: 91110108MA00AL746N. 

The parties above and the Group Companies are hereinafter referred to as the “Parties” collectively and a “Party”
individually. Xu Danxia and Zheng Yu are collectively referred to as the “Founders” or “Founding Shareholders.” Liu Feng, Lv Yin, and Shi Haonan are collectively referred to as the “Other Existing
Shareholders.” Pintec is also referred to as the “Investor of this Round.” All shareholders prior to this Capital Increase, i.e., all shareholders listed in Article 1.1 hereof, are collectively referred to as
“Existing Shareholders.” The Company, all subsidiaries/branches under the direct or indirect control of the Company and the Founders, and any other subordinate enterprises, are collectively referred to as the “Group
Companies,” which include but are not limited to the companies listed in Appendix VII hereto (for the definition of the Group Companies, refer to Appendix VII hereto). 

  
 2 

 Whereas: 
  

	1.	 The Company, currently a limited liability company established in accordance with the laws of China, mainly
engages in the business of [foreign trade general services and cross-border e-commerce services] (“Main Business”). 

 

	2.	 The Parties approve the Investor of this Round to make additional capital investment in the Company in
accordance with the terms and conditions provided herein. 

 The Parties hereto reached the following agreement through friendly
negotiation on the principles of equality and mutual benefits: 
 Article 1 Capital increase 

 

	1.1	 Existing shareholding structure 

As of the execution date of this Agreement, the Company’s registered capital is RMB 16.111111 million. The shareholding structure
registered with the administration for industry and commerce is as follows: 
  

									
	 Name of shareholder
	  	Registered capital
(RMB ’0,000)	 	  	Shareholding
ratio	 
	 Xu Danxia
	  	 	1087.7852	 	  	 	67.5177	% 
	 Zheng Yu
	  	 	362.5951	 	  	 	22.5059	% 
	 Lv Yin
	  	 	68.9539	 	  	 	4.2799	% 
	 Liu Feng
	  	 	68.7928	 	  	 	4.2699	% 
	 Shi Haonan
	  	 	22.9841	 	  	 	1.4266	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	1611.1111	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

  
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	1.2	 Capital increase of this round 

Based on the terms and conditions provided in this Agreement, the Investor of this Round invests RMB [100] million (“Investment
Amount” or “Pintec Investment Amount”) in the Company, in which RMB [1.1373] million is included in the registered capital of the Company, and the remaining amount is included in the capital reserve of the Company, to
obtain [6]% equity interests in the Company after the Capital Increase (corresponding to the registered capital of RMB [1.1373] million (“Capital Increase”). 

Article 2 Closing and delivery 
  

	2.1	 Closing 

Within [fifteen (15) working days] from the Closing Conditions Satisfaction Date (as defined below) or other period agreed among the
Parties, the Investor of this Round shall remit the corresponding Investment Amount in currency to the corporate account stated in Appendix VI hereto (“Closing”, the date of closing being referred to as the “Closing
Date”). 
 The Parties agree that, after the Investor of this Round pays its Investment Amount as provided in this Article, the
Investor of this Round shall be deemed to have completed its obligations hereunder, hence becoming a shareholder of the Company, holding equity interests in the Company, and being entitled to the shareholder’s rights and rights of the Investor
of this Round as provided in this Agreement, the Shareholders’ Agreement, and the Articles of Association. 
  

	2.2	 The Company shall deliver the following to the Investor of this Round on the Closing Date:

  

	 	(1)	 The shareholder register and capital contribution certificate of the Company that have been affixed with the
stamp of the Company and signed by the legal representative of the Company; and 

  

	 	(2)	 Other documents reasonably requested by the Investor of this Round in accordance with this Agreement and
relevant laws and regulations. 

 Article 3 Representations and warranties 

 

	3.1	 Representations and warranties of the Group Companies and Founding Shareholders 

With respect to the matters listed in Appendix I, except for the information disclosed in the Disclosure Letter (refer to Appendix V for
details), the representations and warranties made jointly and severally by the Group Companies and Founding Shareholders (“Warrantors”) to the Investor of this Round are true, accurate, and complete on the execution date of this
Agreement until the Closing Date (in this Article and the following content in Appendix I, “Company” includes each of the Group Companies and all of their subsidiaries, branches (if any)), and the representations and warranties made
in Appendix I are made separately, and are subject to no limit due to any other provisions or any matters of this Agreement mentioned in such representations and warranties. 

  
 4 

	3.2	 Representations and warranties of the Existing Shareholders 

With respect to the following matters, the representations and warranties below made severally by the Existing Shareholders to the Investor of
this Round are true, accurate, and complete on the execution date of this Agreement until the Closing Date: 
  

	 	(1)	 They are natural persons with full capacity for civil conduct; 

 

	 	(2)	 They are the lawful and valid owners of the equity interests in the Company they hold (if any), and they are
not involved in any dispute, ownership issue, and other circumstances that may cause material adverse effects to the initial public offering (defined in the Shareholders’ Agreement, the same below) of the Company concerning the equity interests
in the Company; 

  

	 	(3)	 They have paid their capital contributions in full and do not have any act of withdrawing the registered
capital; 

  

	 	(4)	 They, on a voluntary basis, have the full power and authorities to enter into and perform this Agreement and
complete the transaction contemplated hereunder. They have been lawfully and validly authorized (if necessary) to enter into this Agreement. This Agreement constitutes their lawful, valid, and binding obligations; 

 

	 	(5)	 There are no misrepresentations, material omissions, or misleading statements in the representations and
warranties they made during the negotiation and execution of this Agreement. 

  

	3.3	 Representations and warranties of the Investor of this Round 

The Investor of this round makes the following representations and warranties to the Company: 

 

	 	(1)	 It is an entity duly established and validly existing under the laws of its place of domicile;

  
 5 

	 	(2)	 It, on a voluntary basis, has the full power and authorities to enter into and perform this Agreement and
complete the transaction contemplated hereunder. It has been lawfully and validly authorized (if necessary) to enter into this Agreement. This Agreement, once signed, constitutes its lawful, valid, and binding obligations; 

 

	 	(3)	 If the Company has a plan for initial public offering, it will cooperate to perform shareholder’s
obligations of a company to be listed, such as pass-through verification. 

 Article 4 Prerequisites 

 

	4.1	 Closing prerequisites 

The Closing obligations of the Investor of this Round in this Agreement are subject to the satisfaction of, or exempting, in writing, by the
Investor of this Round of, all the following prerequisites on or prior to the Closing Date (“Prerequisites”): 
  

	 	(1)	 The representations and warranties made by the Warrantors in this Agreement and in any document submitted in
accordance with this Agreement are true, accurate, and complete in all aspects at the time of making such representations and warranties and until the Closing Date. The Warrantors have properly performed or complied with the undertakings,
obligations, and provisions to be performed or complied with on or prior to the Closing Date under this Agreement. 

  

	 	(2)	 Relevant parties have signed the Shareholders’ Agreement in Appendix III hereto, new Articles of
Association in Appendix IV hereto (“New Articles of Association”), and other documents related to the transaction hereunder (collectively, “Transaction Documents”). For the purpose of this Agreement, the
“Articles of Association” refers to the articles of association of the Company signed on [        ] (month) [    ] (day), 2021 and amended from time to time afterwards, and the
“Shareholders’ Agreement” refers to the Shareholders’ Agreement of the Company signed on [        ] (month) [    ] (day), 2021 and amended from time to time afterwards.

  
 6 

	 	(3)	 The shareholders’ meeting and executive director of the Company have approved: (a) the Capital
Increase, for which the Existing Shareholders of the Company waive their right of first refusal with respect to the Capital Increase; (b) the execution of all documents related to Capital Increase; and (c) the adoption of the New Articles
of Association. 

  

	 	(4)	 The shareholders’ meetings and executive directors (or board of directors) of all Group Companies have
approved the execution of all documents related to the Capital Increase. 

  

	 	(5)	 The Founders, and the senior executives and core employees of the Company (hereinafter collectively referred to
as “Core Staff,” refer to Appendix II for the list) have joined the Company as full-time employees. As of the Closing Date, none of the Core Staff has resigned or terminated their services, and all of them have signed with the
Company and provided to the Investor of this Round a labor contract and confidentiality, non-competition, and intellectual property protection agreements in a lawful manner, in which the labor term provided in
the labor contract shall be no less than Two (2) years from the Closing Date. 

  

	 	(6)	 From the execution date of this Agreement to the Closing Date, there is no change in the assets, financial
conditions, business operation, technologies, and legal matters of the Company that may cause material adverse effects to the Company. 

  

	 	(7)	 The Company has sent a Remittance Notice, containing the information about the Company’s bank account, to
the Investor of this Round. 

  

	 	(8)	 On the Closing Date, the Warrantors deliver a notice indicating the satisfaction of closing conditions to the
Investor of this Round, confirming that the Prerequisites provided in Article 4 hereof have been satisfied, and declaring that there are no matters causing material adverse effects to the equity interests, assets, business, and operation of the
Company from the execution date of this Agreement to the Closing Date. 

  

	 	(9)	 The investment committee or another decision-making body of the Investor of this Round has approved the
transaction under this Agreement. 

  
 7 

	 	(10)	 The Investor of this Round has completed the legal, financial, and business due diligence investigation on the
Company; and a law firm and accounting firm having corresponding qualifications have issued to the Investor of this Round a due diligence report on Chinese laws and a financial and tax due diligence report under the Accounting Standard for
Business Enterprises in the form and content satisfactory to the Investor of this Round with respect to the Capital Increase. 

  

	 	(11)	 The Group Companies have performed the notification obligations and provided relevant written documents to
lenders (including but not limited to China Construction Bank Corporation Daxing Branch, Bank of Beijing Co., Ltd. Daxing Branch, Hua Xia Bank Co., Ltd. Daxing Branch, Beijing Rural Commercial Bank Co., Ltd. Daxing Branch, Industrial and Commercial
Bank of China Limited Beijing Economy and Technology Development Zone Branch) with respect to the Capital Increase. 

  

	4.2	 Satisfaction and exemption 

 

	 	(1)	 Subject to applicable laws, the Investor of this Round may confirm the exemption of any Prerequisites in
writing at its discretion, and state the duration for completing the obligations involved in the Prerequisites exempted in such written confirmation. 

  

	 	(2)	 The Warrantors shall, when considering that all Prerequisites are satisfied (except for those exempted in
Article 4.2(1)), send a written confirmation letter to the Investor of this Round that has been signed by the Warrantors and in the form and content satisfactory to the Investor of this Round (hereinafter referred to as “Confirmation Letter
for Prerequisites”), confirming that all the conditions in Article 4.1 have been satisfied, and declaring that there are no matters causing material adverse effects to the equity interests, assets, business, and operation of the Company
from the execution date of this Agreement to the date when the Confirmation Letter for Prerequisites is issued. The Warrantors shall, when or before sending the Confirmation Letter for Prerequisites, provide various corresponding documents that may
prove the satisfaction of each of the Prerequisites (except for those exempted in Article 4.2(1) or to be independently completed by the Investor of this Round) (in principle, such documents shall be originals ones, and may be duplicates affixed
with the relevant parties’ stamps to confirm the consistency with the originals with the permission of the Investor of this Round), and other documents reasonably requested by the Investor of this Round. 

  
 8 

	 	(3)	 Closing Conditions Satisfaction Date 

 

	 	(a)	 If the Investor of this Round has any objection to the Confirmation Letter for Prerequisites (no objection
shall be raised unreasonably), the Investor of this Round has the right to, within ten (10) working days after receiving the Confirmation Letter for Prerequisites, require the Warrantors to take further actions or provide further documents to
the reasonable satisfaction of the Investor of this Round; in such cases, the Warrantors shall send a Confirmation Letter for Prerequisites to the Investor of this Round again, and the date when the Investor of this Round receives such Confirmation
Letter for Prerequisites shall be the “Closing Conditions Satisfaction Date.” 

  

	 	(b)	 If the Investor of this Round has no objection to the Confirmation Letter for Prerequisites, or makes no reply
within ten (10) working days after receiving the Confirmation Letter for Prerequisites, the date when the Investor of this Round receives the Confirmation Letter for Prerequisites shall be the “Closing Conditions Satisfaction
Date.” 

  

	 	(c)	 The Warrantors shall notify the Investor of this Round in a timely manner in the event of any change in the
Prerequisites stated in the Confirmation Letter for Prerequisites after the Closing Conditions Satisfaction Date and prior to the Closing Date. 

Article 5 Undertakings of the Parties 
  

	5.1	 The Warrantors jointly and severally make the following undertakings to the Investor of this Round (in the
following content of this Article, the “Company”) includes each of the Group Companies and all of its subsidiaries and branches (if any)): 

  

	 	(1)	 From the execution date of this Agreement to the Closing Date, the Warrantors shall make best efforts to cause
the transaction contemplated under this Agreement to be completed in accordance with the provisions of this Agreement. 

  
 9 

	 	(2)	 From the execution date of this Agreement to the Closing Date, unless notified and confirmed by the Parties in
writing, without the consent of the Investor of this Round, the Warrantors shall not engage in any communication, discussion, or negotiation or sign any document with any other investor or investment company or institution on matters of making
investment in the Company. 

  

	 	(3)	 From the execution date of this Agreement to the Closing Date, without the consent of the Investor of this
Round, the Warrantors shall not engage in matters listed in Article 11 of Appendix I hereto. 

  

	 	(4)	 If the Investor of this Round exempts any Prerequisites provided in Article 4 of this Agreement on the basis of
the Warrantors’ undertakings, the Warrantors shall abide by such undertakings, and continue to perform the obligations they have undertaken during the period approved in writing by the Investor of this Round. 

 

	 	(5)	 If the absence of historical change documents causes an obstacle to the future financing or listing of the
Group Companies, the Group Companies shall take all necessary measures to make rectification at the request of intermediary institutions. 

  

	 	(6)	 From the execution date of this Agreement, unless with the prior written consent of the Investor of this Round,
the Company shall operate its existing business as a going concern during normal operation without making any substantial changes to the nature, scope, or manner of such operation while keeping the principles of operation unchanged.

  

	 	(7)	 After the Closing Date, the Pintec Investment Amount (including any shareholder loans provided by Pintec to the
Company, if any) shall be fully used for the day-to-day operation of the Company or other purposes agreed among the Parties in a manner to the satisfaction of Pintec;
the Pintec Investment Amount shall not be used for other purposes not related to the foregoing without the consent of Pintec. 

  
 10 

	 	(8)	 The Group Companies shall comply with the provisions of laws and regulations and abide by various industry
standards in its operating activities. If, under relevant applicable laws or the requirements of competent authorities, a relevant business permit is required for the Company’s main business or any matter or act involved in the business
operation related to its main business, the Company shall take all necessary measures and acts to apply for and renew such business permit no later than one year from the Closing Date in accordance with the provisions of laws and regulations, and
the Warrantors shall cause the Company to apply and make best efforts to obtain such business permit without delay, including but not limited to Internet data center (IDC) business permit (if applicable), corporate credit business filing (if
applicable), individual credit business permit (if applicable), and submit relevant written certificate documents to the Investor of this Round. 

  

	 	(9)	 After the Closing Date, the Company shall establish and maintain accounting policies and financial regulations
in compliance with applicable laws and regulations, so that the Company is in compliance with the requirements in Chinese laws and regulations on financial and accounting in its financial regulations and the management of books, vouchers, and
invoices. 

  

	 	(10)	 The Company shall pay taxes in strict compliance with the requirements of relevant tax laws and regulations of
China. 

  

	 	(11)	 Unless with the prior written consent of the Investor of this Round, (i) from the Closing Date to the first (1)
anniversary of the Company’s initial public offering, the Founding Shareholders shall work on a full-time basis for the Group Companies, devote all their working time and energy to the business development of the Group Companies, and make best
efforts for the benefits of the Group Companies without holding positions, making investments, or providing services outside of the Group Companies; and (ii) from the execution date of this Agreement to the later of the following
(“Restricted Period”): (A) the first (1) anniversary of the Company’s initial public offering; or (B) the second (2) anniversary of the date when the labor (service) relationship between the Founders and the Company is
terminated; or (C) the second (2) anniversary of the date when the Founding Shareholders do not hold, directly or indirectly, any equity interests in the Company, the Founding Shareholders and their affiliates shall not conduct, directly or
indirectly, the following competing activities: 

  

	 	(a)	 To directly or indirectly invest, participate in, assist, or engage in a business or entity (“Competing
Entity”) in competition with the business of the Company by any means; 

  
 11 

	 	(b)	 To persuade persons who are the Company’s clients or customers by any means for the purpose of providing
them with goods or services similar to or in competition with those of the Company; 

  

	 	(c)	 To persuade or induce the Company’s core employees or senior executives to leave the Company and joint or
otherwise participate in a Competing Entity, except for employees or managers dismissed by the Company in accordance with relevant provisions for violating the labor contract of the Company’s regulations; 

 

	 	(d)	 To disclose to others or use the Company’s commercial, accounting, financial, transaction, or intellectual
property information, or any trade secrets or confidential information related to the Company for purposes not related to the Company at any time (including but not limited to the Restricted Period), except for information that is available from
public channels. 

 If a Founding Shareholder engages in any competing activities in violation of the provisions of this
article, the Founding Shareholder shall compensate the Company for direct economic losses, and all the shareholder’s rights (including but not limited to the rights to attend the Company’s shareholders’ meetings, designate directors
and senior executives, and all shareholder voting rights provided under Chinese laws, the Shareholders’ Agreement, and Articles of Association) corresponding to the equity interests (if any) in the Company held, directly or indirectly, by the
Founding Shareholder shall not be exercised, directly or indirectly through another entity, by such Founding Shareholder, but should be unconditionally entrusted to another person designated by the board of directors (with the consent of the
director designated by Pintec); if the Founding Shareholder is a director of the Company at that time, the Founding Shareholder must resign from director, which vacancy shall be filled by an appointment made by other shareholders of the Company
excluding the Founding Shareholder. For the avoidance of doubt, the shareholder’s rights entrusted to another person designated by the board of directors do not include economic rights in dividends, liquidation, etc. 

  
 12 

 For the purpose of this Agreement, an “affiliate” of a Party refers to any
company, partnership, joint venture, or another entity that controls, is controlled by, or is under common control with the Party other than the Company; or refers to any direct relatives of the Party if the Party is an individual. An entity
“controls” another entity if it is capable of deciding, or caused to be decided, the operation and decision making of the other entity by holding voting securities, contract, or otherwise. A “direct relative” refers
to the spouse, children, parents, grandparents, and siblings. 
  

	 	(12)	 The Founding Shareholders undertake that, their investments or positions held (if any) outside the Company
shall be in compliance with Chinese laws and regulations and the requirements of China Securities Regulatory Commission (“CSRC”) or other relevant competent authorities on the review of initial public offering, and will not cause
any legal obstacles to the initial public offering of the Company. During the application process for initial public offering of the Company, if CSRC or another competent authority raises any question on the external investment or position held by
the Founding Shareholders, or if the external investment or position held by the Founding Shareholders is not in compliance with the policies of CSRC or other competent authorities on the review of initial public offering, the Founding Shareholders
shall actively make adjustment to ensure that the initial public offering of the Company shall not be hindered. Notwithstanding the foregoing, at any time after the Closing, the Investor of this Round has the right to request the Founding
Shareholders to terminate their external investment or position based on reasonable commercial purposes for the development of the Company, and the Founding Shareholders shall cooperate with such request. 

  
 13 

	 	(13)	 The Founding Shareholders undertake to pay all the registered capitals subscribed in a full and timely manner
in accordance with the Articles of Association. Notwithstanding the foregoing, at any time after the Closing, if the Company intends to apply for initial public offering, and the relevant competent authority and the listing rules applicable at that
time request full payment of all registered capitals of the Company, the Warrantors shall cause the Founding Shareholders to make full payment for the registered capitals they subscribed. 

 

	 	(14)	 The Warrantors shall make their best to protect the Company’s intangible assets, and take effective
measures to prevent and stop acts infringing the Company’s intangible assets. Within three (3) months from the Closing Date, the Warrantors shall cause the intangible assets (if any, including but not limited to business operation
qualifications, trademarks, domain names, source code and server accounts for mobile Internet applications, WeChat official accounts and similar SNS website/application accounts, patents, and software copyrights) held by all employees (including the
Founders) of the Company in connection with the Company’s main business to be transferred to the Company with lawful ownership being held by the Company, regardless of whether such intangible assets are obtained before or after the execution
date of this Agreement. Without the written consent of the Investor of this Round, none of the Warrantors and the Company’s employees may dispose of such intangible assets or use such intangible assets for activities beyond the Company’s
main business without permission. 

  

	 	(15)	 The Warrantors undertake to take all necessary measures and acts to submit registration or filing applications
to government authorities within three (3) months when the conditions are satisfied for obtaining title certificates for the intangible assets (including but not limited to trademarks, patents, software copyrights, and domain names) required in
the Company’s main business. 

  

	 	(16)	 The Warrantors shall take all necessary measures to prevent any acts infringing the intellectual property
rights, trade secrets, proprietary information, or other similar rights of others, and shall promptly notify the Investor of this Round of possible claims, disputes, or litigation proceedings requiring the Company to make compensation for infringing
the intellectual property rights, trade secrets, proprietary information, or other similar rights of any third party. 

  
 14 

	 	(17)	 The Warrantors undertake that the Company will continue to abide by all laws and regulations related to labor
and taxation (including but not limited to making full payment for relevant social insurance premiums and contributions of housing funds for all employees in accordance with applicable laws and regulations, and reporting and promptly paying due
taxes in accordance with applicable laws and regulations and the requirements of relevant tax authorities). 

  

	 	(18)	 At the request of Pintec, the Company shall, within thirty (30) working days from receiving a written
notice from Pintec, obtain a business license issued by an operation registration authority and provide the Investor of this Round with a duplicate of such business license, in which the shareholders registered by the Company with the operation
registration authority shall be changed to those listed in Article 1.3 hereof. The Company shall, within [thirty (30)] working days from obtaining the new business license, provide the Investor of this Round with one original of the Articles of
Association retrieved from the operation registration authority and affixed with the query stamp of the operation registration authority. 

  

	 	(19)	 The Investor of this Round shall be automatically entitled to all conditions, shareholder’s rights, or
protection provisions that are more preferential and offered by the Company to other investors before and after the Capital Increase is completed. 

  

	 	(20)	 The Company shall de-register Hong Kong XBN Ecommerce within eight
(8) months from the Closing Date. 

  

	 	(21)	 Within six (6) months from the Closing Date, the Company shall go through all necessary domestic
registration or filing formalities for external investment to be made by the Company in Hong Kong XBN Information Technology (including but not limited to overseas investment project filing and foreign exchange registration with the Development and
Reform Commission). 

  

	 	(22)	 The Company shall de-register Xiao Benniao Zhonghan within six
(6) months from the Closing Date. 

  
 15 

	 	(23)	 Prior to the initial public offering of the Company, the employee share/option pool planned by the Company
shall not dilute the shareholding ratio of Pintec in the Company. 

  

	 	(24)	 Prior to the initial public offering of the Company, subject to local laws and regulations of Bahrain, the
Company shall transfer all the equity interests in Bahrain XBN Electronic and Bahrain XBN Furniture to US Bestmind Trade, and complete the shareholder register or other documents and proceedings required by competent local authorities for Bahrain
XBN Electronic and Bahrain XBN Furniture before the Closing. 

  

	 	(25)	 Within six (6) months from the Closing Date, the Company shall sign an Information Technology Service
Contract and obtain a Registration Certificate for Technology Export Contract from the commerce administration, which Contract and Certificate are contingent upon the incomes of US XBN and the needs for repatriation to
China. 

  

	 	(26)	 The Company undertakes to notify Beijing Xingxing Equity Investment Partnership (Limited Partnership)
(“Beijing Xingxing”) of this Capital Increase within ninety (90) days from the Closing, and confirm, with Beijing Xingxing, the subsequent handling of the
Debt-to-Equity Agreement on Beijing Xiao Benniao Information Technology Co., Ltd. dated July 26, 2019 (“Debt-to-Equity Agreement”): (a) if Beijing Xingxing elects the conversion of debts to equity, Beijing Xingxing shall issue a written exemption letter, confirming that the Company is exempted from
all legal liabilities for failure in fully performing obligations after the previous round of financing, that Beijing Xingxing will not take any remedy measures such as violation or claim proceedings, and shall complete change formalities with the
administration for industry and commerce for the conversion of debts to equity; or (b) if Beijing Xingxing does not elect the conversion of debts to equity, the Company and Beijing Xingxing shall terminate the Debt-to-Equity Agreement and the Supplementary Agreement to the Debt-to-Equity Agreement on Beijing Xiao Benniao Information
Technology Co., Ltd. dated May 12, 2020 (“Supplementary Agreement”), for which the violation liabilities shall be borne by Existing Shareholders; or (c) other handing method negotiated by the Parties to the satisfaction of
Pintec. 

  
 16 

	 	(27)	 The Company undertakes to transfer 66% equity interests held by the Company in Shoukong Jinxin to a third party
and complete corresponding change formalities with the administration for industry and commerce within sixty (60) day from the Closing. 

  

	 	(28)	 The Company undertakes that Xu Danxia and the Company or a wholly-owned subsidiary of the Company shall sign an
Equity Transfer Agreement and complete corresponding change formalities with the administration for industry and commerce within sixty (60) days from the Closing, under which the 1% equity interests held by Xu Danxia in Xiong’an Xianfei
Shuzhi shall be transferred to the Company or the wholly-owned subsidiary of the Company at the consideration of zero. 

  

	 	(29)	 The Company undertakes to determine its actual office place within ninety (90) days from the Closing, sign
a Property Lease Contract with the lessor of the office place, and deliver a duplicate thereof to the Investor of this Round. If the Company changes its actual office address to another address other than its registered address, the Company shall
further go through corresponding change formalities with the administration for industry and commerce. 

  

	 	(30)	 The Company undertakes that, Xu Danxia shall transfer 40% equity interests held by Xu Danxia in Yunruitian
(Beijing) Technology Co., Ltd. to a third party and complete corresponding change formalities with the administration for industry and commerce within sixty (60) day from the Closing. 

 

	 	(31)	 US Bestmind Trade becomes the sole shareholder of US XBN, for which the change registration has been completed
in California. 

  

	 	(32)	 The Group Companies have obtained a written consent document with respect to the Capital Increase from lenders
(including but not limited to China Construction Bank Corporation Daxing Branch, Bank of Beijing Co., Ltd. Daxing Branch, Hua Xia Bank Co., Ltd. Daxing Branch, Beijing Rural Commercial Bank Co., Ltd. Daxing Branch, Agricultural Bank of China Limited
Beijing Daxing Branch, Industrial and Commercial Bank of China Limited Beijing Economy and Technology Development Zone Branch). 

  
 17 

	5.2	 The Existing Shareholders undertake that: 

 

	 	(1)	 From the execution date of this Agreement to the completion of the Capital Increase, the Existing Shareholders
shall make all reasonable efforts to cause the transaction contemplated under this Agreement to be completed in accordance with the provisions of this Agreement. 

 

	 	(2)	 From the execution date of this Agreement to the completion of the Capital Increase, they shall provide
necessary documents to assist the Company in obtaining all the government approvals, consents, permits, registration, and filing required under this Agreement or required for performing this Agreement. 

 

	 	(3)	 Pintec, as the Investor of this Round, has all pre-emptive rights; in
the event of any inconsistency between the provisions in agreements with other investors and in this Agreement, the written confirmation issued by Pintec prevails. 

 

	5.3	 The Investor of this Round undertakes that: 

 

	 	(1)	 From the execution date of this Agreement to the completion of the Capital Increase, the Investor of this Round
shall make all reasonable efforts to cause the transaction contemplated under this Agreement to be completed in accordance with the provisions of this Agreement. 

 

	 	(2)	 The Investor of this Round shall provide necessary documents to assist the Company in obtaining all the
government approvals, consents, permits, registration, and filing required under this Agreement or required for performing this Agreement. 

Article 6 Effectiveness, amendment, and rescission of this Agreement 
  

	6.1	 This Agreement shall become effective and binding on the Parties from the date first written above after being
signed by the Parties or being affixed with the official stamps of the Parties. 

  

	6.2	 Any amendment to this Agreement shall be made by the Parties in writing, and constitute an integral part of
this Agreement. 

  

	6.3	 Rescission. 

This Agreement may be rescinded by any of the following means: 
  

	 	(1)	 The Parties hereto negotiate to reach a consensus and rescind this Agreement in writing; 

  
 18 

	 	(2)	 Upon the occurrence of any of the following circumstances, the Investor of this Round may notify the Company
and Founding Shareholders in writing to rescind this Agreement, which notice shall be sent at least [five (5)] working days in advance and shall state the effective date of the rescission: 

 

	 	(a)	 The representations or warranties made by the Warrantors are seriously untrue or contain material omissions,
causing the effect that the investment cannot be closed, or causing serious limits on the rights of the investor; 

  

	 	(b)	 The Warrantors seriously violate any of their undertakings, obligations, or responsibilities hereunder not due
to force majeure, and fail to make rectification within sixty (60) working days from the date of violation, causing the effect that the investment cannot be closed, or causing serious limits on the rights of the investor. 

 

	 	(3)	 If the Prerequisites provided in Article 4 hereof are not satisfied within [ninety (90) days] from the
execution date of this Agreement and not exempted by the Investor of this Round, the Investor of this Round has the right to send a written notice to unilaterally rescind this Agreement. 

 

	6.4	 Effects of rescission 

After this Agreement is rescinded in accordance with Article 6.3 above: 

 

	 	(1)	 Unless otherwise agreed by the Parties then, each Party shall return the consideration (if any) it received
from any other Party hereunder on the principle of fairness, reasonableness, honesty and good faith, to return to the original state prior to the execution of this Agreement. For the avoidance of doubt, any Party shall be liable for any losses it
caused due to violation of this Agreement prior to the rescission of this Agreement; 

  

	 	(2)	 Except for Article 7 (Confidentiality), Article 8 (Liabilities for breach of agreement and indemnity), Article
9 (Applicable law and dispute resolution), and Article 11 (Miscellaneous), this Agreement shall not be binding and effective any longer, and the rights, obligations, and responsibilities of the Parties under this Agreement shall be terminated.

  
 19 

 Article 7 Confidentiality 
  

	7.1	 Unless otherwise provided herein, the Parties hereto shall make their best efforts to keep the confidentiality
of any technical information, business information, or any non-public information and materials (including written, oral, tangible, or intangible information and materials) in any form of the other Party
obtained by negotiating, signing, or performing this Agreement or by due diligence investigation, such information including but not limited to any content hereof and other possible cooperation and transactions between the Parties, until such
information and materials are disclosed to the public by the providing party. Any Party shall restrict such information only to its directors, shareholders/partners, senior employees, employees, agents, advisors, contractors, suppliers, and customer
etc. who are required to know such information for performing the obligations hereunder. 

  

	7.2	 The restriction above is not applicable to: 

 

	 	(1)	 Information generally and lawfully available to the public at the time of disclosure; 

 

	 	(2)	 Information that becomes generally and lawfully available to the public after the disclosure not due to the
faults of the receiving party; 

  

	 	(3)	 Information proven to be in the possession of the receiving party prior to the disclosure instead of being
obtained, directly or indirectly, from the other party; 

  

	 	(4)	 Confidential information that any Party is obliged to disclose to relevant government authority or stock
exchange under laws, or that is disclosed by any Party to its legal advisers, financial advisers, and investors as required by normal business operation. 

  

	7.3	 Every Party hereto shall instruct its directors, shareholders/partners, senior employees, employees, agents,
advisors, contractors, suppliers, and customers, and the directors, shareholders/partners, senior employees, employees, agents, advisors, contractors, suppliers, and customers of its affiliates to abide by the confidentiality obligations provided in
Article 7. 

  

	7.4	 The Parties shall abide by the confidentiality obligations provided in Article 7 despite the rescission or
termination of this Agreement for any reason. 

  
 20 

 Article 8 Liabilities for breach of agreement and indemnity 

 

	8.1	 The Group Companies and Founding Shareholders (“Indemnifying Party”) shall jointly and
severally indemnify and hold the Investor of this Round (“Indemnified Party”) harmless from their acts in violation of the provisions hereof, unless exempted in writing by the Indemnified Party. 

 

	8.2	 The Indemnifying Party shall jointly and severally indemnify and hold the Indemnified Party harmless from any
damages and losses suffered, directly or indirectly, by the Indemnified Party due to any of the following circumstances, whether disclosed or not: 

  

	 	(1)	 The Group Companies fail to pay the contributions to the social insurance program (including pension, medical,
unemployment, employment injury and maternity insurances) and housing provident fund the Chinese laws require them to pay for their employees on or prior to the Closing Date; 

 

	 	(2)	 The Group Companies fail to pay any taxes due that the Chinese laws require them to pay or withhold on or prior
to the Closing Date, (including but not limited to any penalties, surcharges, fines and interest in connection with such taxes and charges); 

  

	 	(3)	 Any penalty or liability resulting from any accounting treatment made by the Group Companies;

  

	 	(4)	 The Group Companies fail to obtain relevant business certificates or licenses in accordance with legal
requirements, resulting in punishments or liabilities; 

  

	 	(5)	 The Group Companies are involved in a dispute over equity ownership; 

 

	 	(6)	 The Group Companies infringe the intellectual property rights of a third party, or the Company’s
intellectual property rights are involved in any ownership dispute; 

  

	 	(7)	 There are any pending litigation, arbitration, or other legal proceedings, in which the Group Companies are
held liable for any compensation to a third party; 

  
 21 

	 	(8)	 Any core employee of the Group Companies violates their non-competition
or confidentiality undertakings made to any third party or the Group Companies, and the Company is indolent to hold such core employee liable; 

  

	 	(9)	 Missing documents about historical changes of the Group Companies cause material adverse effects to the daily
operation and listing of the Group Companies; 

  

	 	(10)	 The Group Companies and/or Founders fail to complete the approval or filing formalities for overseas
investments (including but not limited to those for the investment made by the Group Companies and Founders in the United States, Hong Kong, Kingdom of Bahrain, etc.); 

 

	 	(11)	 Any related-party transaction of the Group Companies is unfair or involves tunneling of interests;

  

	 	(12)	 Any property leased by the Group Companies is involved in any dispute due to ownership; 

 

	 	(13)	 The founders or Core Staff of the Group Companies engage in business competing with the Company, causing losses
to the Company; 

  

	 	(14)	 The Group Companies and/or Founders violate anti-corruption and anti-bribery laws, regulations, and policies.

  

	8.3	 If the Company has any actual or potential debts that are not reflected in the financial statements dated
[December 31, 2020] as provided in the due diligence investigation, the Founding Shareholders are responsible for repaying such debts, and neither the Company nor the Investor of this Round shall be responsible for such debts; furthermore, if any
loss is caused to the Company or the Investor of this Round due to such debts, the Founding Shareholders shall indemnify the Company and the Investor of this Round in a manner satisfactory to the Investor of this Round. 

 

	8.4	 If any Party hereto violates the provisions hereof, in addition to other rights provided hereunder, the other
Parties also have the right to request specific and comprehensive performance of obligations under this Agreement by indemnifying party. 

  
 22 

 Article 9 Applicable law and dispute resolution 

 

	9.1	 Applicable law 

This Agreement is governed by the laws of China. In the absence of provisions in relevant prevailing Chinese laws on certain content in this
Agreement, common international practices shall be applicable. 
  

	9.2	 Dispute resolution 

Any disputes arising from or in connection with this Agreement shall be submitted to Beijing Arbitration Commission for arbitration in Beijing
in accordance with its then effective arbitration rules. The arbitration award shall be final, and binding on the Parties. During the dispute resolution, except for the matters in dispute, the Parties shall continue to perform other provisions
hereof. 
 Article 10 Expenses 
 If the
transaction under this Agreement is completed, or if the Closing is not achieved not due to Pintec, the Company shall bear all the expenses incurred by Pintec for this transaction for legal, financial, due diligence investigation, and drafting
documents related to this transaction. However, Pintec shall be solely responsible for such expenses if the transaction under this Agreement is terminated due to Pintec. 

Article 11 Miscellaneous 
  

	11.1	 Headings: The headings contained herein are for reference only without affecting the meanings or interpretation
of this Agreement by any means. 

  

	11.2	 Notice 

For notices sent to the Group Companies or the Founding Shareholders: 

Attention: [Xu Danxia] 
 Mailing
address: [Building 5, Huashang Creativity Center, 18 Keyuan Road, Daxing Economic Development Zone, Beijing] 
 Telephone: [13901175376]

 Email: [xdx@Xiao Benniao.com] 

  
 23 

 For notices sent to Other Existing Shareholders: 

Attention: [Zhang Ping] 

Mailing address: [Building 5, Huashang Creativity Center, 18 Keyuan Road, Daxing Economic Development Zone, Beijing] 

Telephone: [13801113373] 

Email: [zhang_ping@Xiao Benniao.com] 

For notices sent to Pintec: 

Attention: [Investor Relation Department] 

Mailing address: [9/F, No. 17, East 3 Ring Road, Chaoyang District, Beijing] 

Telephone: [010-8564 3600] 

Email: [ir@pintec.com] 
 Any
notice, demand, request, or any other communication required or permitted under this Agreement shall be made in writing, and any notice shall be deemed as delivered when sent in the following manner: 

 

	 	(1)	 sent by fax, image scanner, or other electronic communication means (provided that the sending party has
received a confirming notice email); 

  

	 	(2)	 personal delivery; 

  

	 	(3)	 upon seven (7) days after handing over to a courier service company. 

 

	11.3	 If any one or more provisions hereof, or any one or more legal documents related to the capital increase are
held invalid, illegal, or unenforceable under any relevant laws: 

  

	 	(1)	 The validity, legality, and enforceability of other provisions hereof shall not be affected or damaged but
shall be fully valid, and except for the agreements that are held as invalid, illegal, or unenforceable, the validity, legality, and enforceability of other agreements related to the capital increase shall not be affected or damaged but shall be
fully valid; 

  
 24 

	 	(2)	 The Parties shall immediately replace such invalid, illegal, or unenforceable provisions or agreements with
valid, legal, and enforceable provisions or agreements with the intention closest to that of the invalid, illegal, or unenforceable provisions or agreements. 

  

	11.4	 This Agreement is made in Chinese in [9] originals, with the Group Companies holding [8] originals and the
Investor of this Round holding one original, each original having the same legal force. 

  

	11.5	 The Parties agree that, when the Company goes through the approval/filing formalities for change registration
with a business registration authority with respect to the Capital Increase, if a relevant administrative authority requires the Parties to separately sign an capital increase agreement in a specified format, the Parties acknowledge and agree that,
such capital increase agreement in the specified format is merely for the purpose of registration, filing, or approval by the relevant administrative authority, but does not constitute the modification, supplement, or alternation to this Agreement,
and in the event of any inconsistency between such capital increase agreement in such specified format and this Agreement, this Agreement still prevails. 

—The remainder of this page contains no text, and is followed by the signature page— 

  
 25 

 [This page contains no text, but is a signature page to the Capital Increase Agreement on
Beijing Xiao Benniao Information Technology Co., Ltd.] 
 Group Companies: 

Beijing Xiao Benniao Information Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Beijing Qinliandeli International Trade Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Haiweizhen (Beijing) Network Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Beijing Yimaoxing International Trade Co., Ltd. (Stamp) 

Legal
representative:                                      
            

  
 Signature page to the
Capital Increase Agreement 

 Beijing Xiao Benniao Supply Chain Management Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Beijing Youshida International Trade Co., Ltd. (Stamp) 

Legal
representative:                                      
            

  
 Signature page to the
Capital Increase Agreement 

 [This page contains no text, but is a signature page to the Capital Increase Agreement on
Beijing Xiao Benniao Information Technology Co., Ltd.] 
 Group Companies: 

Xianfei (Hainan) International Trade Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Shenzhen Tianxia Logistics Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Beijing Hongweichuangshi Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Beijing Zhuandong Culture Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            

  
 Signature page to the
Capital Increase Agreement 

 Shoukong Jinxin (Beijing) Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            

  
 Signature page to the
Capital Increase Agreement 

 [This page contains no text, but is a signature page to the Capital Increase Agreement on
Beijing Xiao Benniao Information Technology Co., Ltd.] 
 Group Companies: 

Xiao Benniao Feishi Technology (Beijing) Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Xiao Benniao Zhonghan (Beijing) Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Xuzhou Xianfei Shuzhi Information Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            
 Hebei Xiong’an Xianfei Shuzhi Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
            

  
 Signature page to the
Capital Increase Agreement 

 Zhejiang Xianfei Shuzhi Technology Co., Ltd. (Stamp) 

Legal
representative:                                      
    
 XBN E-commerce Co., Ltd. 

Authorized
representative:                                      
    

  
 Signature page to the
Capital Increase Agreement 

 [This page contains no text, but is a signature page to the Capital Increase Agreement on
Beijing Xiao Benniao Information Technology Co., Ltd.] 
 Group Companies: 

Bestmind Trade and Service Ltd. 
 Authorized
representative:                                  

XBN Information Technology Co., Ltd. 
 Authorized
representative:                                  

XBN Ecommerce (Hong Kong) Limited 
 Authorized
representative:                                  

[Alphamic Limited] 
 Authorized
representative:                                  

  
 Signature page to the
Capital Increase Agreement 

 New & Vigorous Electronic Trading W.L.L. 

Authorized
representative:                                  

Comforyou Furniture & Kitchenware Trading W.L.L. 

Authorized
representative:                                  

  
 Signature page to the
Capital Increase Agreement 

 [This page contains no text, but is a signature page to the Capital Increase Agreement on
Beijing Xiao Benniao Information Technology Co., Ltd.] 
 Existing Shareholders: 

 

			
	Xu Danxia
		
	By:	 	  

	
	Zheng Yu
		
	By:	 	  

	
	Lv Yin
		
	By:	 	  

	
	Shi Haonan
		
	By:	 	  

  
 Signature page to the
Capital Increase Agreement 

			
	Liu Feng
		
	By:	 	  

  
 Signature page to the
Capital Increase Agreement 

 [This page contains no text, but is a signature page to the Capital Increase Agreement on
Beijing Xiao Benniao Information Technology Co., Ltd.] 
 Investor of this Round: 

 

			
	[Sky City (Beijing) Technology Co., Ltd.] (Stamp)
		
	By:	 	  

  
 Signature page to the
Capital Increase Agreement 

 Appendix I 

The Warrantors jointly and severally make the representations and warranties to the Investor of this Round with respect to the matters below:

  

	1.	 The Company is a limited liability company duly established and validly existing under the laws of the
People’s Republic of China, and the historical changes of the Company are fully in compliance with the provisions in the laws of China. The Existing Shareholders are lawful and valid owners of the Company. 

 

	2.	 None of the Founding Shareholders, the Company, or its subsidiaries and branches has promised to offer, or
actually offered, any corporate equity interests, shares, bonds, options, or rights and interests of the same or similar nature to any third person in any manner. As of the Closing Date, all the equity interests or capital contributions of the
Company are free from any pledge, other security interests, third-person rights and interests, or any other encumbrance. 

  

	3.	 Historical capital contributions or additional capital contributions made by the Company’s Existing
Shareholders to the Company, and relevant formalities thereof, are in full compliance with the prevailing laws and regulations of China at that time without any act of delaying in making payment, making false capital contribution, or withdrawing
capitals. In historical equity transfers of the Company prior to the Capital Increase, the considerations for relevant equity transfers have been paid without any dispute, and taxes have been reported and paid (if necessary) correspondingly.

  

	4.	 The Warrantors have disclosed to the Investor of this Round, in writing, all the subsidiaries and branches of
the Company and their shareholding structures. None of the shareholding structures contain shareholding on behalf of others except for those agreed by the investor. Except for the circumstances disclosed in writing to the Investor of this Round
prior to the Closing hereunder, the Company does not own or control, directly or indirectly, any rights and interests in any other companies, partnerships, trusts, joint ventures, organizations, or other entities, and does not operate any offices,
branches, or subsidiaries. Except for the circumstances disclosed in writing to the Investor of this Round prior to the Closing hereunder, the Founding Shareholders do not own or control, directly or indirectly, any rights and interests in any other
companies, partnerships, trusts, joint ventures, organizations, or other entities except for the Company. 

	5.	 The Warrantors are entities duly established and validly existing in accordance with the laws of its place of
domicile and have full capacity for civil conduct, or natural persons with full capacity for civil rights and capacity for civil conduct under applicable laws. The Warrantors, on a voluntary basis, have the full rights and authorities to enter into
and perform this Agreement and complete the transaction contemplated hereunder. The Warrantors have obtained the lawful and valid authorization for all necessary acts taken for this Agreement and all the transactions contemplated hereunder. This
Agreement, once signed, constitutes lawful, valid, and binding obligations of the Warrantors. 

  

	6.	 The execution and performance of this Agreement is not in contradiction or conflict with the Articles of
Association of the Company, the laws, regulations, and administrative orders of government authorities applicable to the Warrantors, or other contracts or legal documents to which the Warrantors are a party, and will not result in a violation of the
provisions above or constitute non-performance of or inability to perform the provision above. 

  

	7.	 The Company has all permits, authorizations, approvals, recognition, or filing from government authorities or
administration authorities required for operating its business at present. 

  

	8.	 The Company is in compliance with the provisions of relevant laws and regulations, including but not limited to
industry and commerce administration, taxation, customs, foreign exchange, environment protection, food safety, sanitation, investment in fixed assets, land, construction, safety in production, product quality, fire fighting, labor, anti-corruption,
anti-bribery, etc., in all material aspects in its production, operation, project construction, and business activities since its establishment, does not have any acts in violations of laws, and is not subject to any punishment in any form imposed
by any government authorities. 

  

	9.	 The financial statements as of [December] [31], [2020] (“Financial Statement Date”) provided
by the Company to the Investor of this Round presented the operating conditions and financial conditions of the Company during relevant periods and at the Financial Statement Date in a true, accurate, and complete manner, and the content of the
information and description reflected in such financial statements is true, accurate, and complete without omissions or concealment that may cause substantial impacts on the transaction contemplated under this Agreement. 

	10.	 The Company has disclosed, in writing, all actual and reasonably expected loans, debts, guarantees, and
liabilities of the Company as of the execution date of this Agreement to the Investor of this Round in a comprehensive, accurate, and complete manner, including but not limited to outstanding loans (borrowings) from financial institutions, and
third-party guarantees provided by the Company for any third-party debts or interests thereof; the Company does not have any actual or potential debts not disclosed by now. 

 

	11.	 From the Financial Statement Date to the Closing Date, unless otherwise provided in this Agreement, or except
for matters that have been disclosed, in writing, by the Company to and acknowledged by the Investor of this Round, none of the Founding Shareholders and the Company has the following circumstances: 

 

	 	(1)	 Offering, repurchase, changing, transferring, or other disposal of any equity interests, bonds, options, or
rights and interests of the same or similar nature; 

  

	 	(2)	 Any dividends or other distributions declared or paid; 

 

	 	(3)	 Acquisition of any equity interests or assets, combination, merger, joint investment, or other similar
transactions; 

  

	 	(4)	 Any sale, lease, transfer, or disposal of all or a substantial part of its assets; 

 

	 	(5)	 Amendment to its Articles of Association except for those made in accordance with this Agreement;

  

	 	(6)	 Except for daily operations, acquisition of assets over RMB [1] million, or entering into a contract for such
purposes; 

  

	 	(7)	 Making any arrangement or entering into any contract or agreement with an affiliate, Founding Shareholder,
director, or employee; 

  

	 	(8)	 Borrowing capital from an affiliate, Founding Shareholder, director, or employee; 

	 	(9)	 Taking loans from any party, acting as a guarantor, or making compensation for the performance or obligations
of an affiliate, Founding Shareholder, director, or employee; or providing financial assistance to any affiliate, Founding Shareholder, director, or employee in any manner except for internal capital movement made in accordance with law;

  

	 	(10)	 Any acts that may lead to the circumstances above. 

The scope of an “affiliate” shall be determined in accordance with the Company Law and the criteria implemented by
China Securities Regulatory Commission in identifying affiliates of listed companies. 
  

	12.	 The Company has reported and promptly made full payment for taxes payable in accordance with Chinese laws and
the requirements of relevant tax authorities. The Company does not owe any taxes, and is subject to no punishment imposed by tax authorities due to any tax matters. There are no assets detained due to the Company’s failing in paying taxes.
There is no dispute between the Company and tax authorities that may cause tax liabilities on the Company (including penalties collected by tax authorities). 

  

	13.	 The Company is in compliance with the requirements in Chinese laws and regulations on financial and accounting
in all material aspects in its financial regulations and the management of books, vouchers, and invoices. 

  

	14.	 The Company has the legitimate title to or right to use any movable properties, real estate, and intangible
assets owned, possessed, or used by the Company, and the properties owned, possessed, or used by the Company are free from any pledge, mortgage, lien, other security interests, third-person rights and interests, or any other encumbrance (except for
those disclosed in writing by the Company to the Investor of this Round). 

  

	15.	 The Company has fully disclosed to the Investor of this Round, in writing, all the real estates owned and used
by the Company. The Company has obtained a lawful and valid title certificate for each real estate held by the Company (including the certificate of housing ownership and certificate of land use rights), and to the knowledge of the Company, there
are no records indicating that relevant land and housing administration authorities have objection to any title certificate held by the Company for real estates. The current purposes of real estates are the purposes permitted in compliance with
relevant planning and construction regulations, and to the knowledge of the Company, the real estates are subject to no adverse effects of any planning. 

	16.	 The Company has fully disclosed to the Investor of this Round, in writing, all the intellectual property rights
owned and used by the Company. The Company has lawful ownership of or rights to use all the intellectual property rights in use (including but not limited to patents, trademarks, copyrights, know-hows, domain names, and trade secrets), and has
obtained necessary authorizations or licenses for any business operation activities involving the intellectual property rights of others. The Company has not infringed the intellectual property rights, trade secrets, proprietary information, or
other similar rights of others, and there are no actual or possible claims, disputes, or litigation proceedings requiring the Company to make compensation for infringing the intellectual property rights, trade secrets, proprietary information, or
other similar rights of any third party. The trademarks, patents, software copyrights, and domain names owned by the Company have been duly registered in accordance with law, or relevant registration applications have been filed in accordance with
law. 

  

	17.	 Material contracts or agreements with the subject amount over RMB [1] million to which the Company is a party
are lawful, valid, and enforceable, and such material contracts or agreements have been properly and fully performed without any violation. Except for those disclosed in writing to the Investor of this Round, the Company has not entered into any of
the following contract or agreement: (a) not created during day-to-day operations; (b) not on a fair and justice basis; (c) related-party transactions; or
(d) may cause loss or damage to the Company’s interests according to reasonable judgement at the time of execution. 

A “related-party transaction” refers to a transaction between the Company and its affiliates, directors, supervisors, senior
executives, or a direct relative of the foregoing, including but not limited to the use of funds, provision of financing, purchase, license, and debts. 
  

	18.	 The directors, supervisors, senior executives, and Core Staff (refer to Appendix II for a list) of the Company
have no direct or indirect business activities in any other companies, enterprises, partnerships, or other entities in competition with the Company’s main business as employees (full-time and/or part-time). Except for those disclosed to the
Investor of this Round, the Founders, senior executives, and core employees do not have other investments in competition with the Company’s main business outside the Company. The Founders, senior executives, and core employees do not have
confidentiality obligations or non-competition restriction obligations to their former employers and any third party, and their duties in the Company do not constitute the violation or infringement against any
third party. 

	19.	 The Company abides by all applicable labor regulations, and is not in any labor dispute with its existing
employees. The Company does not have due but unpaid economic compensation or similar payment obligations in connection with termination of employment. The Company has made full payment and/or withheld full amount for the basic pension insurance,
basic medical insurance, unemployment insurance, work-related injury insurance, maternity insurance, and other social insurance premiums and housing funds payable under all relevant laws and regulations in accordance with relevant applicable laws
and regulations. The Company is not in any dispute related to social insurance premiums or housing funds, and there is no sign or indication that an punishment will be imposed due to failure in making full payment for social insurance premiums and
housing funds. 

  

	20.	 There are no ongoing litigation, arbitration, administrative punishment, administrative review, or other legal
proceedings against or in connection with the Company and Founding Shareholders that have not been disclosed in this Agreement, and no circumstances under which the Company will be held legally liable or responsible according to the rulings or
decisions made by courts, arbitration institutions, and other judicial or administrative authorities. 

  

	21.	 To the knowledge of the Warrantors, there are no facts related to the Company or its business that may cause
material adverse effects but are not disclosed in this Agreement or financial statements, or not otherwise disclosed in writing by the Company to the Investor of this Round. There are no misrepresentations, omissions, or misleading statements in the
representations and warranties made by the Warrantors during the negotiation and execution of this Agreement. 

  

	22.	 There are no economic disputes, creditor’s rights and debts, or possible liabilities in connection with
the Company or its business between the Founding Shareholders and the Company or other Existing Shareholders of the Company that have not been disclosed in this Agreement except for those disclosed. 

	23.	 The use of crawler technologies by the Company is not in violation of laws, regulations, and business ethics,
and there is no act of disturbing the market competition order or causing damages to the legitimate rights and interests of other entities or consumers. 

 Appendix II List of Core Staff 

 

							
	 No.
	  	 Name
	 	 Title
	 	 Contract term

				
	1.	  	Xu Danxia	 	Chairperson and President	 	Indefinite term
				
	2.	  	Wang Wei	 	Senior Vice President	 	2020-01-01 to 2023-12-31
				
	3.	  	Zhang Ge	 	Senior Vice President	 	2019-10-14 to 2022-10-14
				
	4.	  	Zhang Jiaming	 	Financial Advisor	 	2021-07-01 to 2024-06-30
				
	5.	  	Meng Qinghui	 	Department General Manager	 	2019-10-01 to 2021-09-11
				
	6.	  	Ma Hong	 	Director of Supply Chain Financial	 	2020-09-01 to 2023-09-02
				
	7.	  	Qi Yong	 	Director	 	2020-05-20 to 2022-05-19
				
	8.	  	Liu Beibei	 	Operation Manager	 	2020-02-22 to 2022-02-21
				
	9.	  	Lin Yonghui	 	Supply Chain Business Director	 	2021-01-04 to 2022-11-06
				
	10.	  	Zhang Xiaojuan	 	Department General Manager	 	2021-04-06 to 2023-04-05
				
	11.	  	Zhang Ji	 	Marketing General Manager	 	2219-01-03 to 2023-01-02
				
	12.	  	Duan Hefei	 	Department General Manager	 	2019-01-01 to 2022-01-01
				
	13.	  	Sun Shumin	 	Financial manager	 	2020-10-01 to 2023-09-30

 Appendix III Shareholders’ Agreement 

 Appendix IV Articles of Association 

 Exhibit V Disclosure Letter 

 Appendix VI Corporate Account 

 Appendix VII Group Companies 

 

	(1)	 Beijing Xiao Benniao Supply Chain Management Co., Ltd., a limited liability company registered in Beijing in
accordance with the laws of China (“Xiao Benniao Supply Chain”), having its registered address at: Room 138, 1/F, Suite A3, Building 1, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code:
91110115MA01EWY16M; 

  

	(2)	 Beijing Qinliandeli International Trade Co., Ltd., a limited liability company registered in Beijing in
accordance with the laws of China (“Beijing Qinliandeli”), having its registered address at: Room 318, 3/F, Building 5, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code: 91110115MA01Q5G99Y;

  

	(3)	 Haiweizhen (Beijing) Network Technology Co., Ltd., a limited liability company registered in Beijing in
accordance with the laws of China (“Beijing Haiweizhen”), having its registered address at: Room 521, 5/F, Building 5, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code: 91110115MA01K0HQ86;

  

	(4)	 Beijing Yimaoxing International Trade Co., Ltd., a limited liability company registered in Beijing in
accordance with the laws of China (“Beijing Yimaoxing”), having its registered address at: Room 2064, 2/F, Building 2, 12 Jinxing Road, Daxing District, Beijing; unified social credit code:9111011507857803X5; 

 

	(5)	 Beijing Youshida International Trade Co., Ltd., a limited liability company registered in Beijing in accordance
with the laws of China (“Beijing Youshida”), having its registered address at: Room 321, 3/F, Building 5, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code: 91110115MA01Q3HL8E;

  

	(6)	 Xianfei (Hainan) International Trade Co., Ltd., a limited liability company registered in Haikou in accordance
with the laws of China (“Xianfei Hainan”), having its registered address at: Room 601-2, Building B, Hainan Normal University National University Science Park, 3 Haitao Avenue, Jiangdong New
Area, Meilan District, Haikou City, Hainan Province; unified social credit code: 91469027MA5TMEDX3Q; 

	(7)	 Shenzhen Tianxia Logistics Technology Co., Ltd., a limited liability company registered in Shenzhen in
accordance with the laws of China (“Shenzhen Tianxia Logistics”), having its registered address at: 202TX, Building 27, Jinxing Materials Company, Science & Industry Park, Technology Park Community, Yuehai Subdistrict,
Nanshan District, Shenzhen City; unified social credit code: 91440300MA5FJ7NL0N; 

  

	(8)	 Beijing Hongweichuangshi Technology Co., Ltd., a limited liability company registered in Beijing in accordance
with the laws of China (“Beijing Hongweichuangshi”), having its registered address at: Room 431, 4/F, Building 3, 18 Jinxing Road, Daxing District, Beijing; unified social credit code: 91110115MA01BGM87Y; 

 

	(9)	 Beijing Zhuandong Culture Technology Co., Ltd., a limited liability company registered in Beijing in accordance
with the laws of China (“Beijing Zhuandong Culture”), having its registered address at: Room 520, 5/F, Building 5, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code: 91110115MA020E1X3M;

  

	(10)	 Shoukong Jinxin (Beijing) Technology Co., Ltd., a limited liability company registered in Beijing in accordance
with the laws of China (“Shoukong Jinxin”), having its registered address at: Room 131, 1/F, Suite A3, Building 1, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code: 91110115MA01EL220B;

  

	(11)	 Xiao Benniao Feishi Technology (Beijing) Co., Ltd., a limited liability company registered in Beijing in
accordance with the laws of China (“Xiao Benniao Feishi”), having its registered address at: Room 413, 4/F, Building 5, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code: 91110115MA01EYF7XC;

  

	(12)	 Xiao Benniao Zhonghan (Beijing) Technology Co., Ltd., a limited liability company registered in Beijing in
accordance with the laws of China (“Xiao Benniao Zhonghan”), having its registered address at: Room 155, 1/F, Suite A3, Building 1, 18 Keyuan Road, Daxing Economic Development Zone, Beijing; unified social credit code:
91110115MA01GU7D8X; 

  

	(13)	 Bestmind Trade and Service Ltd., a company incorporated in accordance with the laws of California (“US
Bestmind Trade”), having the registration No.: C4250332; 

	(14)	 XBN E-commerce Co., Ltd., a company incorporated in accordance with the
laws of California (“US XBN”), having the registration No.: C3679117; 

  

	(15)	 [Alphamic Limited], a company incorporated in accordance with the laws of Hong Kong (“Hong Kong
Alphamic”), having the registration No.: [2949175]; 

  

	(16)	 [XBN Information Technology Co., Ltd.], a company incorporated in accordance with the laws of Hong Kong
(“Hong Kong XBN Information Technology”), having the registration No.:
70543030-000-04-19-0; 

 

	(17)	 XBN Ecommerce (Hong Kong) Limited, a company incorporated in accordance with the laws of Hong Kong
(“Hong Kong XBN Ecommerce”), having the registration No.:
65816943-000-02-19-5; 

 

	(18)	 New & Vigorous Electronic Trading W.L.L., a company incorporated in accordance with the laws of the
Kingdom of Bahrain (“Bahrain XBN Electronic”); 

  

	(19)	 Comforyou Furniture & Kitchenware Trading W.L.L., a company incorporated in accordance with the laws
of the Kingdom of Bahrain (“Bahrain XBN Furniture”); 

  

	(20)	 Xuzhou Xianfei Shuzhi Information Technology Co., Ltd., a limited liability company registered in Xuzhou City
in accordance with the laws of China (“Xuzhou Xianfei Shuzhi”), having its registered address at: Room B305, Zhihe Building, Building B2, Software Park, Xuzhou Economic and Technology Development Zone; unified social credit code:
91320301MA23TJLD3Q; 

  

	(21)	 Hebei Xiong’an Xianfei Shuzhi Technology Co., Ltd., a limited liability company registered in Pilot Free
Trade Zone Xiong’an Area in accordance with the laws of China (“Xiong’an Xianfei Shuzhi”), having its registered address at: 302-00001, Enterprise Office Building F, Xiong’an
Citizen Service Center, China (Hebei) Pilot Free Trade Zone Xiong’an Area; unified social credit code: 91133100MA0FXB0L2M; 

  

	(22)	 Zhejiang Xianfei Shuzhi Technology Co., Ltd., a limited liability company registered in Yuhuan City in
accordance with the laws of China (“Zhejiang Xianfei Shuzhi”), having its registered address at: Xiaoshanwai Industry Park, Longxi Township, Yuhuan City, Zhejiang Province; unified social credit code: 91331021MA2K7X6Q8R;

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