Document:

THIS WARRANT AND THE COMMON SHARES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS. THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS
OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO BIOVIE INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

Right to Purchase up to [___________]
Shares of Common Stock of

BioVie Inc.

(subject to adjustment as provided herein)

COMMON STOCK PURCHASE WARRANT

No. B-[___]Issue Date: [___], 2019

BIOVIE
INC., a Nevada corporation (the “Company”), hereby certifies that, for value received, [________], or assigns
(the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company (as defined herein)
from and after the Exercisability Date of this Warrant and at any time, up to [______] fully paid and nonassessable shares of Common
Stock (as hereinafter defined), par value of $0.0001 per share, at the applicable Exercise Price per share (as defined below).
The number and character of such shares of Common Stock and the applicable Exercise Price per share are subject to adjustment as
provided herein.

This Warrant has
been issued pursuant to the terms of that certain Securities Purchase Agreement, dated as of September 20, 2019 (the “Purchase
Agreement”), by and among the Company and Holder and the other Purchasers party thereto. Capitalized terms not defined herein
shall have the meanings given to them in the Purchase Agreement. As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

(a)              
“Aggregate Exercise Price” means an amount equal to the product of (i) the number of shares of Common Stock
in respect of which this Warrant is being exercised pursuant to Section 2 hereof, multiplied by (ii) the then-current Exercise
Price.

(b)              
“Business Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the
city of New York, New York are authorized or obligated by law or executive order to close.

(c)              
The term “Company” shall mean BioVie Inc. and any person or entity which shall succeed, or assume the obligations
of, BioVie Inc. hereunder.

(d)              
The term “Common Stock” shall mean (i) the Company’s common shares, $0.001 par value per share; and (ii)
any other securities into which or for which any of the

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securities described in the preceding
clause (i) may be converted or exchanged pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

(e)              
The term “Exercisability Date” shall mean the earlier of (i) December 1, 2019 and (ii) the effectiveness of
the Reverse Stock Split (as defined in Purchase Agreement).

(f)               
The term “Exercise Price” shall mean an amount equal to lower of (i) $0.032 and (ii) 80% of the IPO Offering
Price (as defined in Purchase Agreement), subject to adjustments as provided herein and therein.

(g)              
The term “Other Securities” shall mean any stock (other than Common Stock) and other securities of the Company
or any other person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall
have received, on the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable
or shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 or otherwise.

(h)              
“Trading Day” means a day on which the principal Trading Market is open for trading.

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

1.                 
Term of Warrant. Subject to the terms and conditions hereof, at any time or from time to time after the Exercisability
Date and prior to 5:00 p.m., New York time, on the fifth (5th) anniversary of the date hereof or, if such day is not a Business
Day, on the next preceding Business Day (the “Exercise Period”) the Holder of this Warrant may exercise this Warrant
in whole or in part, of the Common Stock purchasable upon exercise hereof (subject to adjustment as provided herein).

2.                 
Exercise of Warrant.

2.1             
Number of Shares Issuable upon Exercise. From and after the Exercisability Date hereof, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, upon surrender of this Warrant to the Company at its principal executive
office (or an indemnification undertaking with respect to this Warrant in the case of loss, theft, or destruction), or by delivery
of an original or fax copy of an exercise notice in the form attached hereto as Exhibit A (the “Exercise Notice”),
duly completed, and payment to the Company of the Aggregate Exercise Price, the Holder shall be entitled to receive, shares of
Common Stock of the Company, subject to adjustment pursuant to Section 5.

2.2             
Fair Market Value. For purposes hereof, the “Fair Market Value” of a share of Common Stock as of a particular
date (the “Determination Date”) shall mean:

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(a)              
If the Company’s Common Stock is traded on a national exchange, then the closing or last sale price, respectively,
reported for the last Business Day immediately preceding the Determination Date.

(b)              
If the Company’s Common Stock is not traded on a national exchange but is traded on the OTCQX or OTCQB, then the mean
of the average of the closing bid and asked prices reported for the last Business Day immediately preceding the Determination Date.

(c)              
Except as provided in clause (d) below, if the Company’s Common Stock is not publicly traded, then as the Holder and
the Board of Directors of the Company jointly agree or in the absence of agreement by arbitration in accordance with the rules
then in effect of the American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified
by education and training to pass on the matter to be decided.

(d)              
If the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation,
dissolution or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common
Stock pursuant to the charter in the event of such liquidation, dissolution or winding up, plus all other amounts to be payable
per share in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all
of the shares of Common Stock then issuable upon exercise of the Warrant are outstanding at the Determination Date.

2.3             
Company Acknowledgment. The Company will, at the time of the exercise of this Warrant, upon the request of the Holder
acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be
entitled after such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford to such Holder any such rights.

2.4             
Trustee for Warrant Holders. In the event that a bank or trust company shall have been appointed as trustee for the
holders of this Warrant pursuant to Subsection 3.2, such bank or trust company shall have all the powers and duties of a warrant
agent (as hereinafter described) and shall accept, in its own name for the account of the Company or such successor person as may
be entitled thereto, all amounts otherwise payable to the Company or such successor, as the case may be, on exercise of this Warrant
pursuant to this Section 1.

3.                 
Procedure for Exercise.

3.1             
Delivery of Stock Certificates, Etc., on Exercise. The Company agrees that the shares of Common Stock purchased upon
exercise of this Warrant shall be deemed to be issued to the Holder as the record owner of such shares as of the close of business
on the date on which this Warrant shall have been surrendered and payment made for such shares in accordance herewith. Not later
than two (2) Trading Days after such date (the “Share Delivery Date”), the Company shall deliver, or cause to
be delivered, to the holder (A) a certificate or certificates

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representing the shares of Common Stock
purchased upon exercise of this Warrant which, on or after the six month anniversary of the Issue Date, provided the Holder is
not an Affiliate, shall be free of restrictive legends and trading restrictions representing the number of shares of Common Stock
purchased upon exercise of this Warrant. On or after the six month anniversary of the Issue Date, provided the Holder is not an
Affiliate, the Company shall use its best efforts to deliver any certificate or certificates required to be delivered by the Company
under this Section 3.1 electronically through the Depository Trust Company or another established clearing corporation performing
similar functions.

3.2             
Failure to Deliver Certificates. If, in the case of any Exercise Notice, such certificate or certificates are not
delivered to or as directed by the applicable holder by the Share Delivery Date, the holder shall be entitled to elect by written
notice to the Company at any time on or before its receipt of such certificate or certificates, to rescind such Exercise Notice,
in which event the Company shall promptly return to the holder any original Warrant delivered to the Company and the holder shall
promptly return to the Company the Common Stock certificates issued to such holder pursuant to the rescinded Exercise Notice.

3.3             
Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the shares
of Common Stock purchased upon exercise of this Warrant upon exercise of this Warrant in accordance with the terms hereof are absolute
and unconditional, irrespective of any action or inaction by the holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the holder or any other person of any obligation to the
Company or any violation or alleged violation of law by the holder or any other person, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of such shares of Common
Stock purchased upon exercise of this Warrant; provided, however, that such delivery shall not operate as a waiver
by the Company of any such action the Company may have against the holder. In the event the holder of this Warrant shall elect
to exercise any or all portion hereof, the Company may not refuse exercise based on any claim that the holder or anyone associated
or affiliated with the holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction
from a court, on notice to holder, restraining and or enjoining exercise of all or part of this Warrant shall have been sought
and obtained, and the Company posts a surety bond for the benefit of the holder in the amount of 150% of the value of the shares
of Common Stock to be purchased upon exercise of this Warrant, which is subject to the injunction, which bond shall remain in effect
until the completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to the holder
to the extent it obtains judgment. In the absence of such injunction, the Company shall issue the shares of Common Stock purchased
upon exercise of this Warrant, upon a properly noticed exercise. If the Company fails for any reason to deliver to the holder such
certificate or certificates pursuant to Section 3.1 by the Share Delivery Date, the Company shall pay to the holder, in cash, as
liquidated damages and not as a penalty, for each $1,000 of Fair Market Value of the shares of Common Stock to be purchased upon
exercise of this Warrant, $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after
such liquidated damages begin to accrue) for each Trading Day after such Share Delivery Date until such certificates are delivered
or holder rescinds such exercise. Nothing herein shall limit a holder’s right to pursue actual damages for the Company’s
failure to

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deliver the shares of Common Stock purchased
upon exercise of this Warrant within the period specified herein and the holder shall have the right to pursue all remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.
The exercise of any such rights shall not prohibit the holder from seeking to enforce damages pursuant to any other Section hereof
or under applicable law.

3.4             
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights
available to the holder, if the Company fails for any reason to deliver to the holder such certificate or certificates by the Share
Delivery Date pursuant to Section 3.1, and if after such Share Delivery Date the holder is required by its brokerage firm to purchase
(in an open market transaction or otherwise), or the holder’s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by the holder of the shares of Common Stock purchased upon exercise of this Warrant which
the Holder was entitled to receive upon the exercise relating to such Share Delivery Date (a “Buy-In”), then
the Company shall (A) pay in cash to the holder (in addition to any other remedies available to or elected by the holder) the amount,
if any, by which (x) the holder’s total purchase price (including any brokerage commissions) for the Common Stock so purchased
exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the Holder was entitled to receive from the
exercise at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed
(including any brokerage commissions) and (B) at the option of the holder, either reissue (if surrendered) this Warrant representing
that number of shares of Common Stock which it represented prior to such exercise (in which case such exercise shall be deemed
rescinded) or deliver to the holder the number of shares of Common Stock that would have been issued if the Company had timely
complied with its delivery requirements under Section 3.1. For example, if the holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant with respect to which the actual sale
price of the shares of Common Stock purchased upon exercise of this Warrant (including any brokerage commissions) giving rise to
such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required
to pay the holder $1,000. The holder shall provide the Company written notice indicating the amounts payable to the holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares
of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.

3.5             
Exercise.

(a)              
Payment may be made in cash by wire transfer of immediately available funds to an account designated in writing by the Company,
or by certified or official bank check payable to the order of the Company equal to the Aggregate Exercise Price for the number
of Common Shares specified in such Exercise Notice (as such exercise number shall be adjusted to reflect any adjustment in the
total number of shares of Common Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be
entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other
Securities) determined as provided herein.

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(b)              
Notwithstanding the provisions of subsection (a) above to the contrary, if at the time the Holder exercises this Warrant
a registration statement covering the Common Stock issuable to the Holder upon exercise of this Warrant shall not be effective
under the Securities Act (as hereafter defined) in respect of such Common Stock, payment may be made, in the Holder’s discretion,
either (i) in cash by wire transfer of immediately available funds to an account designated in writing by the Company or by certified
or official bank check payable to the order of the Company equal to the applicable Aggregate Exercise Price, (ii) by delivery of
this Warrant, or shares of Common Stock and/or Common Stock receivable upon exercise of this Warrant in accordance with the formula
set forth in subsection (c) below, or (iii) by a combination of any of the foregoing methods, for the number of Common Shares specified
in such Exercise Notice (as such exercise number shall be adjusted to reflect any adjustment in the total number of shares of Common
Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be entitled to receive the number of
duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other Securities) determined as provided
herein.

(c)              
In accordance with subsection (b) above, if the Fair Market Value of one share of Common Stock is greater than the Exercise
Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive
shares equal to the value (as determined below) of this Warrant (or the portion thereof being exercised) by surrender of this Warrant
at the principal office of the Company together with the properly endorsed Exercise Notice in which event the Company shall issue
to the Holder a number of shares of Common Stock computed using the following formula:

		X=	_Y(A-B)_

A

Where X =the
number of shares of Common Stock to be issued to the Holder

		Y =	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of this
Warrant is being exercised, the portion of this Warrant being exercised (at the date of such calculation)

		A =	the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)

		B =	the Exercise Price per share (as adjusted to the date of such calculation)

4.                 
Effect of Reorganization, Etc.; Adjustment of Exercise Price.

4.1             
Reorganization, Consolidation, Merger, Etc. In case at any time or from time to time the Company shall (a) effect
a reorganization, (b) consolidate with or merge into any other person, or (c) transfer all or substantially all of its properties
or assets to any other person under any plan or arrangement contemplating the dissolution of the Company, then, in each such case,
as a condition to the consummation of such a transaction, proper and adequate provision shall be made by the Company whereby the
Holder, on the exercise hereof as provided

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in Section 1 at any time after the consummation
of such reorganization, consolidation or merger or the effective date of such dissolution, as the case may be, upon closing date
of any such reorganization, consolidation, merger or sale or transfer of assets, shall receive, in lieu of the Common Stock (or
Other Securities) issuable on such exercise prior to such consummation or such effective date, the stock and other securities and
property (including cash) to which such Holder would have been entitled upon such consummation or in connection with such dissolution,
as the case may be, if such Holder had so exercised this Warrant, immediately prior thereto, all subject to further adjustment
thereafter as provided in Section 5.

4.2             
Dissolution. In the event of any dissolution of the Company following the transfer of all or substantially all of
its properties or assets, the Company, concurrently with any distributions made to holders of its Common Stock, shall at its expense
deliver or cause to be delivered to the Holder the stock and other securities and property (including cash, where applicable) receivable
by the Holder pursuant to Section 4.1, or, if the Holder shall so instruct the Company, to a bank or trust company specified by
the Holder and having its principal office in New York, NY as trustee for the Holder (the “Trustee”).

4.3             
Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following
any transfer) referred to in this Section 4, this Warrant shall continue in full force and effect and the terms hereof shall be
applicable to the shares of stock and other securities and property receivable on the exercise of this Warrant after the consummation
of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may
be, and shall be binding upon the issuer of any such stock or other securities, including, in the case of any such transfer, the
person acquiring all or substantially all of the properties or assets of the Company, whether or not such person shall have expressly
assumed the terms of this Warrant as provided in Section 5. In the event this Warrant does not continue in full force and effect
after the consummation of the transactions described in this Section 4, then the Company’s securities and property (including
cash, where applicable) receivable by the Holder will be delivered to the Holder or the Trustee as contemplated by Section 4.2.

5.                 
Extraordinary Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of the
Common Stock as a dividend or other distribution on outstanding Common Stock or any preferred stock issued by the Company, (b)
subdivide its outstanding shares of Common Stock, or (c) combine its outstanding shares of the Common Stock into a smaller number
of shares of the Common Stock, then, in each such event, the Exercise Price shall, simultaneously with the happening of such event,
be adjusted by multiplying the then Exercise Price by a fraction, the numerator of which shall be the number of shares of Common
Stock outstanding immediately prior to such event and the denominator of which shall be the number of shares of Common Stock outstanding
immediately after such event, and the product so obtained shall thereafter be the Exercise Price then in effect. The Exercise Price,
as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein in
this Section 5. The number of shares of Common Stock that the Holder shall thereafter, on the exercise hereof as provided in Section
2, be entitled to receive shall be adjusted to a number determined by multiplying the number of shares of Common Stock that would
otherwise (but for the provisions of this Section 5) be issuable on such exercise by a fraction of which (a) the numerator is the
Exercise Price that would otherwise

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(but for the provisions of this Section
4) be in effect, and (b) the denominator is the Exercise Price in effect on the date of such exercise (taking into account the
provisions of this Section 5). Notwithstanding the foregoing, in no event shall the Exercise Price be less than the par value of
the Common Stock.

6.                 
Subsequent Equity Sales. If the Company, at any time while this Warrant is outstanding, shall issue shares of Common
Stock or securities or rights convertible or exchangeable into shares of Common Stock (“Common Stock Equivalents”)
entitling any person to acquire shares of Common Stock, at a price per share less than the then current Exercise Price (such issuances,
collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall
at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights issued in connection with such issuance, be entitled to receive shares of Common
Stock at a price less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price),
then, the Exercise Price shall be reduced to such lower price per share. Such adjustment shall be made whenever such Common Stock
or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustment will be made under this Section 6 in respect
of an Exempt Issuance. If the Company enters into a Variable Rate Transaction, despite the prohibition set forth in the Purchase
Agreement, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion
price at which such securities may be converted or exercised. The Company shall notify the holder in writing, no later than the
third trading day following the issuance of any Common Stock or Common Stock Equivalent subject to this section, indicating therein
the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms.

For purposes of
this Section 6, the following subsections (1) to (5) shall also be applicable, other than in the case of an Exempt Issuance:

(1)              
Issuance of Rights or Options. In case at any time the Company shall in any manner grant (directly and not by assumption
in a merger or otherwise) any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Common
Stock or any stock or security convertible into or exchangeable for Common Stock (such warrants, rights or options being called
“Options” and such convertible or exchangeable stock or securities being called “Convertible
Securities”) whether or not such Options or the right to convert or exchange any such Convertible Securities are immediately
exercisable, and the price per share for which Common Stock is issuable upon the exercise of such Options or upon the conversion
or exchange of such Convertible Securities (determined by dividing (i) the sum (which sum shall constitute the applicable consideration)
of (x) the total amount, if any, received or receivable by the Company as consideration for the granting of such Options, plus
(y) the aggregate amount of additional consideration payable to the Company upon the exercise of all such Options, plus (z), in
the case of such Options which relate to Convertible Securities, the aggregate amount of additional consideration, if any, payable
upon the issue or sale of such Convertible Securities and upon the conversion or exchange thereof, by (ii) the total maximum number
of shares of Common Stock issuable upon the exercise of such Options or upon the conversion or exchange of all such Convertible
Securities issuable upon the exercise of such Options) shall be less than the Exercise Price in effect

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immediately prior to the time
of the granting of such Options, then the total number of shares of Common Stock issuable upon the exercise of such Options or
upon conversion or exchange of the total amount of such Convertible Securities issuable upon the exercise of such Options shall
be deemed to have been issued for such price per share as of the date of granting of such Options or the issuance of such Convertible
Securities and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price. Except as otherwise provided
below, no adjustment of the Exercise Price shall be made upon the actual issue of such Common Stock or of such Convertible Securities
upon exercise of such Options or upon the actual issue of such Common Stock upon conversion or exchange of such Convertible Securities.

(2)              
Issuance of Convertible Securities. In case the Company shall in any manner issue (directly and not by assumption
in a merger or otherwise) or sell any Convertible Securities, whether or not the rights to exchange or convert any such Convertible
Securities are immediately exercisable, and the price per share for which Common Stock is issuable upon such conversion or exchange
(determined by dividing (i) the sum (which sum shall constitute the applicable consideration) of (x) the total amount received
or receivable by the Company as consideration for the issue or sale of such Convertible Securities, plus (y) the aggregate amount
of additional consideration, if any, payable to the Company upon the conversion or exchange thereof, by (ii) the total number of
shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities) shall be less than the Exercise
Price in effect immediately prior to the time of such issue or sale, then the total maximum number of shares of Common Stock issuable
upon conversion or exchange of all such Convertible Securities shall be deemed to have been issued for such price per share as
of the date of the issue or sale of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes of
adjusting the Exercise Price, provided that (a) except as otherwise provided in subsection (iii) below, no adjustment of the Exercise
Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities and
(b) no further adjustment of the Exercise Price shall be made by reason of the issue or sale of Convertible Securities upon exercise
of any Options to purchase any such Convertible Securities for which adjustments of the Exercise Price have been made pursuant
to the other provisions of this Section 6.

(3)              
Change in Option Price or Conversion Rate. Upon the happening of any of the following events, namely, if the purchase
price provided for in any Option referred to above, the additional consideration, if any, payable upon the conversion or exchange
of any Convertible Securities referred to above, or the rate at which Convertible Securities referred to above are convertible
into or exchangeable for Common Stock shall change at any time (including, but not limited to, changes under or by reason of provisions
designed to protect against dilution), the Exercise Price in effect at the time of such event shall forthwith be readjusted to
the Exercise Price which would have been in effect at such time had such Options or Convertible Securities still outstanding provided
for such changed purchase price, additional consideration or conversion rate, as the case may be, at the time initially granted,
issued or sold. On the termination of any Option for which any adjustment was made pursuant to this Section 6 or any right to convert
or exchange Convertible Securities for which any adjustment was

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made pursuant to this Section
6 (including without limitation upon the redemption or purchase for consideration of such Convertible Securities by the Company),
the Exercise Price then in effect hereunder shall forthwith be changed to the Exercise Price which would have been in effect at
the time of such termination had such Option or Convertible Securities, to the extent outstanding immediately prior to such termination,
never been issued.

(4)              
Consideration for Stock. In case any shares of Common Stock, Options or Convertible Securities shall be issued or
sold for cash, the consideration received therefor shall be deemed to be the gross amount received by the Company therefor, before
any deduction therefrom of any expenses incurred or any underwriting commissions or concessions paid or allowed by the Company
in connection therewith. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for a consideration
other than cash, the amount of the consideration other than cash received by the Company shall be deemed to be the fair value of
such consideration as determined in good faith by the Board of Directors of the Company, after deduction of any expenses incurred
or any underwriting commissions or concessions paid or allowed by the Company in connection therewith. In case any Options shall
be issued in connection with the issue and sale of other securities of the Company, together comprising one integral transaction
in which no specific consideration is allocated to such Options by the parties thereto, such Options shall be deemed to have been
issued for such consideration as determined in good faith by the Board of Directors of the Company. If Common Stock, Options or
Convertible Securities shall be issued or sold by the Company and, in connection therewith, other Options or Convertible Securities
(the “Additional Rights”) are issued, then the consideration received or deemed to be received by the
Company shall be reduced by the fair market value of the Additional Rights (as determined using a method mutually agreed to by
the Company and the Holder). The Board of Directors of the Company shall respond promptly, in writing, to an inquiry by the Holders
as to the fair market value of the Additional Rights. In the event that the Board of Directors of the Company and the Holders are
unable to agree upon the fair market value of the Additional Rights, the Company and the Holders shall jointly select an appraiser,
who is experienced in such matters. The decision of such appraiser shall be final and conclusive, and the cost of such appraiser
shall be borne evenly by the Company and the Holder.

(5)              
Record Date. In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling
them (i) to receive a dividend or other distribution payable in Common Stock, Options or Convertible Securities or (ii) to subscribe
for or purchase Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the date of the issue
or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of
such other distribution or the date of the granting of such right of subscription or purchase, as the case may be.

7.                 
Pro Rata Distributions. If the Company, at any time prior to the Expiration Date, shall distribute to all holders
of Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends)
or rights or warrants to

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subscribe for or purchase any security),
then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the
record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator
shall be the Fair Market Value determined as of the record date mentioned above, and of which the numerator shall be such Fair
Market Value on such record date less the then per share Fair Market Value at such record date of the portion of such assets or
evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors
in good faith. In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets
or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment
shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

8.                 
Certificate as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other
Securities) issuable on the exercise of this Warrant, the Company at its expense will promptly cause its Chief Financial Officer
or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment
is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common
Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or
Other Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price and the number of shares of Common Stock
to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder and any warrant
agent of the Company (appointed pursuant to Section 12 hereof).

9.                 
Reservation of Stock, Etc., Issuable on Exercise of Warrant. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of this Warrant, shares of Common Stock (or Other Securities) from time to time
issuable on the exercise of this Warrant.

10.             
Assignment; Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights
evidenced hereby, may be transferred by any registered holder hereof (a “Transferor”) in whole or in part. On the surrender
for exchange of this Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor
Endorsement Form”) and together with evidence reasonably satisfactory to the Company demonstrating compliance with applicable
securities laws, which shall include, without limitation, a legal opinion from the Transferor’s counsel (at the Transferor’s
expense) that such transfer is exempt from the registration requirements of applicable securities laws, the Company at its expense
(but with payment by the Transferor of any applicable transfer taxes) will issue and deliver to or on the order of the Transferor
thereof a new Warrant of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a “Transferee”), calling in the aggregate on the face or faces thereof for the number of shares of Common
Stock called for on the face or faces of the Warrant so surrendered by the Transferor.

    11

    

    

11.             
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity
agreement or security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

12.             
Reserved.

13.             
Warrant Agent. The Company may, by written notice to the Holder of the Warrant, appoint an agent for the purpose
of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 2, exchanging this Warrant pursuant
to Section 9, and replacing this Warrant pursuant to Section 11, or any of the foregoing, and thereafter any such issuance, exchange
or replacement, as the case may be, shall be made at such office by such agent.

14.             
Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company
may treat the registered holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

15.             
Notices, Etc. All notices and other communications from the Company to the Holder shall be mailed by first class
registered or certified mail, postage prepaid, at such address as may have been furnished to the Company in writing by such Holder
or, until any such Holder furnishes to the Company an address, then to, and at the address of, the last Holder who has so furnished
an address to the Company.

16.             
Holder Not Deemed a Stockholder; Limitations on Liability. Except as otherwise specifically provided herein, prior
to the issuance to the Holder of the Common Stock to which the Holder is then entitled to receive upon the due exercise of this
Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the
rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization,
issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive
dividends or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any
liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the Company.

17.             
Compliance with the Securities Act. The Holder, by acceptance of this Warrant, agrees to comply in all respects with
the provisions of this Section 17 and the restrictive legend requirements set forth on the face of this warrant and further agrees
that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Common Stock to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the “Securities
Act”).

    12

    

    

18.             
Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument
in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. THIS WARRANT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT SHALL BE BROUGHT ONLY IN THE STATE COURTS
OF NEW YORK OR IN THE FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY CHOOSE TO WAIVE THIS
PROVISION AND BRING AN ACTION OUTSIDE THE STATE OF NEW YORK. The individuals executing this Warrant on behalf of the Company agree
to submit to the jurisdiction of such courts and waive trial by jury. The prevailing party shall be entitled to recover from the
other party its reasonable attorneys’ fees and costs. In the event that any provision of this Warrant is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Warrant. The headings
in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity
or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision hereof.
The Company acknowledges that legal counsel participated in the preparation of this Warrant and, therefore, stipulates that the
rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation
of this Warrant to favor any party against the other party.

[BALANCE OF PAGE INTENTIONALLY LEFT
BLANK;

SIGNATURE PAGE FOLLOWS]

 

 

 

 

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IN WITNESS WHEREOF,
the Company has executed this Warrant as of the date first written above.

	 	BIOVIE INC.
	WITNESS:	 
	 	By:	
 

	 	Name:	
 

	
 

	Title:	
 

	 	 	 	 	 

 

 

    

    

    

EXHIBIT A

EXERCISE NOTICE

(To Be Signed Only On Exercise Of Warrant)

		TO:	BioVie Inc.

 

Attention:Chief Financial Officer

The undersigned,
pursuant to the provisions set forth in the attached Warrant (No.____) (as amended, restated or otherwise modified from time to
time, the “Warrant”; capitalized terms used but not defined in this notice shall have the meanings ascribed thereto
in the Warrant), hereby irrevocably elects to purchase (check applicable box):

		________	________ shares of the common stock covered by such warrant; or

		________	the maximum number of shares of common stock covered by such warrant pursuant to the cashless exercise
procedure set forth in Section 3.5.

The undersigned
herewith makes payment of the full Exercise Price for such shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

		________	$__________ in lawful money of the United States; and/or

		________	the cancellation of such portion of the attached Warrant as is exercisable for a total of _______
shares of Common Stock (using a Fair Market Value of $_______ per share for purposes of this calculation); and/or

		________	the cancellation of such number of shares of Common Stock as is necessary, in accordance with the
formula set forth in Section 3.5(c), to exercise this Warrant with respect to the maximum number of shares of Common Stock purchasable
pursuant to the cashless exercise procedure set forth in Section 3.5.

The undersigned
requests that the certificates for such shares be issued in the name of, and delivered to ______________________________________________
whose address is ___________________________________________________________________________.

The undersigned
is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the
within Warrant shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities
Act”), or pursuant to an exemption from registration under the Securities Act.

	Dated:	
 

	
 

	 	 	(Signature must conform to name of holder as specified on the face of the Warrant)
	 	 	Address:	
 

	 	 	 	
 

    

    

    

EXHIBIT B

FORM OF TRANSFEROR ENDORSEMENT

(To Be Signed Only On Transfer Of Warrant)

For value received,
the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees”
the right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of BioVie Inc. into
which the within Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on
the books of BioVie Inc. with full power of substitution in the premises.

	Transferees	Address	Percentage Transferred	Number 

Transferred
	 	 	 	 
	 	 	 	 
	Dated:	
 

	
 

	 	 	(Signature must conform to name of holder as specified on the face of the Warrant)
	 	 	Address:	
 

	 	 	 	
 

	 	 	SIGNED
IN THE PRESENCE OF:

                                                                                 

	 	 	
 

	 	 	(Name)
	 	 	 	 	 	 	 

ACCEPTED AND AGREED:

[TRANSFEREE]

___________________________

(Name)

 

NOTE: The signature to this Assignment Form must correspond with
the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed
by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file
proper evidence of authority to assign the foregoing Warrant.SECURITIES
PURCHASE AGREEMENT

This Securities
Purchase Agreement (this “Agreement”) is dated as of September 24, 2019, between BioVie Inc., a Nevada corporation
(the “Company”) and Acuitas Group Holdings, LLC (“Acuitas” or the “Purchaser”).

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements of Section
5 of the Securities Act of 1933, as amended (the “Securities Act”) contained in Section 4(a)(2) thereof and/or
Regulation D thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the
Company, securities of the Company as more fully described in this Agreement.

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

ARTICLE I.

DEFINITIONS

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

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

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

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

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

“Bridge
Warrants” means the Common Stock purchase warrants delivered to the Purchaser in accordance with Section 2.4 hereof,
which Bridge Warrants shall be in the form of Exhibit A attached hereto, and which Bridge Warrants shall be exercisable commencing
upon the earlier of (i) December 1, 2019 or (ii) the effectiveness of the Reverse Stock Split.

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

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

    1

    

    

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to deliver $500,000 relating to the first
Draw (as defined in the Debenture) and (ii) the Company’s obligations to deliver the Securities, in each case, have been
satisfied or waived.

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

“Commitment
Shares” means the 140,625,000 Shares delivered to the Purchaser at the Closing in accordance with Section 2.2(a)(iv)
hereof

“Commitment
Warrants” means the Common Stock purchase warrants delivered to the Purchaser at the Closing in accordance with Section
2.2(a) hereof, which Commitment Warrants shall be in the form of Exhibit A attached, and which Commitment Warrants shall be exercisable
commencing upon the earlier of (i) December 1, 2019 or (ii) the effectiveness of the Reverse Stock Split.

“Common
Stock” means the common stock of the Company, $0.0001 par value, and any other class of securities into which such securities
may hereafter be reclassified or changed.

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

“Company
Counsel” means Brown Gee & Wenger LLP.

“Debenture”
means the 10% OID Convertible Delayed Draw Debenture of the Company in the form of Exhibit B attached hereto.

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

“Disqualification
Event” shall have the meaning ascribed to such term in Section 3.1(nn).

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

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

“Exempt
Issuance” means the issuance of (a) Common Stock and/or warrants in the Uplisting Offering, (b) Common Stock or options
to employees, officers or directors of the Company pursuant to any share or option plan duly adopted for such purpose, by a majority
of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established
for such purpose for

    2

    

    

services rendered to the Company,
(c) securities issued hereunder and/or securities upon the exercise or exchange of or conversion of any Securities issued hereunder
and/or other securities exercisable or exchangeable for or convertible into Common Stock issued and outstanding on the date of
this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of
such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection
with share splits or combinations) or to extend the term of such securities, and (d) securities issued pursuant to acquisitions
or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are
issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit
the filing of any registration statement in connection therewith, and provided that any such issuance shall only be to a Person
(or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to
the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities.

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

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

“Green
Shoe Shares” shall have the meaning ascribed to such term in Section 2.5.

“Green
Shoe Warrants” shall have the meaning ascribed to such term in Section 2.5.

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

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

“IPO
Offering Price” means the price per share of Common Stock to the public investors in the Uplisting Offering.

“Issuer
Covered Person” shall have the meaning ascribed to such term in Section 3.1(nn).

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

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

“Loeb”
means Loeb & Loeb LLP, with offices located at 345 Park Avenue, New York, New York 10154.

    3

    

    

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

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

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

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

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

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

“Reverse
Stock Split” shall have the meaning ascribed to such term in the Definitive Information Statement on Schedule 14C of the
Company dated May 8, 2019.

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

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

“Securities”
means collectively, the Debenture, the Shares, the Bridge Warrants, the Commitment Warrants, any Green Shoe Warrants and the Warrant
Shares.

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

“Shares”
means the shares of Common Stock issued or issuable to the Purchaser upon the conversion of the Debentures, exercise of the Warrants
or otherwise pursuant to this Agreement (including the Commitment Shares and any Green Shoe Shares).

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

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof.

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

    4

    

    

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

“Transaction
Documents” means this Agreement, the Debenture, the Warrants, all exhibits and schedules hereto and thereto and any other
documents or agreements executed in connection with the transactions contemplated hereunder.

“Transfer
Agent” means West Coast Stock Transfer, Inc., the current transfer agent of the Company, with a mailing address of Attention:
Frank Brickell, 721 N. Vulcan Drive, Suite 205, Encinitas, CA 92024, and any successor transfer agent of the Company.

“Uplisting
Offering” means the public offering of securities of the Company registered with the SEC on Form S-1 (File No. 333-231136).

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.10.

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or
quoted for trading on a Trading Market and if prices for the Common Stock are then reported in the “Pink Sheets” published
by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of the Common Stock so reported, or (c) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Purchaser and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

“Warrants”
means collectively the Bridge Warrants, the Commitment Warrants and any Green Shoe Warrants.

“Warrant
Shares” means, collectively, the shares of Common Stock issuable upon exercise of the Warrants.

ARTICLE II.

PURCHASE AND SALE

2.1 
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to
sell, and the Purchaser agrees to purchase, the Debenture. The Company shall deliver to the Purchaser the Debenture, the Commitment
Shares and the Commitment Warrants as determined pursuant to Section 2.2(a), and the Company and the Purchaser shall deliver the
other items set forth in Section 2.2

    5

    

    

deliverable at the Closing.
Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of
Loeb or such other location as the parties shall mutually agree.

2.2 
Deliveries.

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

(i)                
this Agreement and the Debenture duly executed by the Company;

(ii)             
a legal opinion of Company Counsel, in a form satisfactory to Acuitas;

(iii)           
a certificate representing the Commitment Shares registered in the name of Purchaser; and

(iv)            
a Commitment Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal
to the number of Commitment Shares, in the form of Exhibit A attached hereto.

(v)              
a Bridge Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to
the number of Shares into which the initial Draw shall be convertible at the then applicable conversion price, in the form of Exhibit
A attached hereto.

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

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

(ii)             
$500,000 relating to the first Draw (as defined in the Debenture).

2.3 
Closing Conditions.

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

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

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

    6

    

    

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

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

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

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

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

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

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

2.4 
Bridge Warrants. Upon the delivery of each future Draw Notice (as defined in the Debenture), excluding the Draw Notice
deemed delivered on the Closing Date, the Company shall issue and deliver to Purchaser a Bridge Warrant registered in the name
of such Purchaser to purchase up to a number of shares of Common Stock equal to the number of Shares issuable upon conversion of
such principal amount to be incurred in connection with such Draw, in the form of Exhibit A attached hereto.

2.5 
Green Shoe Adjustment Units. Following the closing of the Uplisting Offering, in the event the underwriters exercise
their option to purchase additional units, shares and/or warrants and the issuance of such securities would result in Acuitas beneficially
owning less than 60% of the fully diluted shares of Common Stock outstanding, then at any closing relating to such exercise the
Company shall issue to Acuitas that number of additional fully diluted shares of Common Stock (the “Green Shoe Shares”)
equal to the result of (x) 60% of the number of fully diluted shares of

    7

    

    

Common Stock to be issued in
connection with such exercise, less the total fully diluted shares of Common Stock then beneficially owned by Acuitas, divided
by (y) 40%. Such fully diluted shares of Common Stock shall be issued in the form of Shares of Common Stock and/or Warrants in
the form of Exhibit A (the “Green Shoe Warrants”) attached hereto in the same proportion as such securities shall
be issued to the underwriters at such closing.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

3.1       
Representations and Warranties of the Company. Except as disclosed in (i) the SEC Reports prior to the date of this
Agreement (excluding any risk factor disclosure and disclosure of risks included in any “forward-looking statements”
disclaimer or other statements included in such SEC Reports to the extent that they are predictive, forward-looking or primarily
cautionary in nature, in each case other than any specific factual information contained therein, and excluding any supplement,
modification or amendment thereto made after the date hereof) or (ii) the Disclosure Schedules, which Disclosure Schedules shall
be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained
therein, the Company hereby makes the following representations and warranties to the Purchaser:

(a)              
Subsidiaries. All of the direct and indirect Subsidiaries of the Company and their respective jurisdictions of incorporation
are set forth on Schedule 3.1(a). The Company owns, directly or indirectly, all of the share capital or other equity interests
of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of share capital of each Subsidiary
are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

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

    8

    

    

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

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

(e)              
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents,
other than: (i) the filings required pursuant to Sections 4.4 of this Agreement, (ii) application(s) to each applicable Trading
Market for the listing of the Shares and the Warrant Shares for trading thereon in the time and manner required thereby, and (iii)
the filing of a Form D with the Commission and such filings as are

    9

    

    

required to be made under applicable
state securities laws (collectively, the “Required Approvals”).

(f)               
Issuance of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance
with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all
Liens imposed by the Company. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued,
fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized
share capital the maximum number of Common Stock issuable pursuant to this Agreement, the conversion of the Debenture, and the
Warrants.

(g)              
Capitalization. The Company has not issued any shares of Common Stock of its available share capital since its most
recently filed periodic report under the Exchange Act, other than pursuant to (i) the exercise of employee share options under
the Company’s share option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee
share purchase plans, (ii) the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most
recently filed periodic report under the Exchange Act, and (iii) as set forth in Schedule 3.1(g)(i). No Person has
any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents. Except as set forth on Schedule 3.1(g)(ii), there are no outstanding options, warrants, scrip
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock
or the share capital of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary
is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or share capital of any Subsidiary.
The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue shares of Common Stock or other
securities to any Person (other than the Purchaser) and will not result in a right of any holder of Company securities to adjust
the exercise, conversion, exchange or reset price under any of such securities. There are no outstanding securities or instruments
of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings
or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary.
The Company does not have any share appreciation rights or “phantom share” plans or agreements or any similar plan
or agreement. All of the outstanding shares of share capital of the Company are duly authorized, validly issued, fully paid and
nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was
issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or
authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities. There
are no shareholders agreements, voting agreements or other similar agreements with respect to the Company’s share capital
to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s shareholders.

    10

    

    

(h)              
SEC Reports; Financial Statements. To its knowledge, the Company has filed all reports, schedules, forms, statements
and other documents required to be filed by the Company under the Securities Act and the Exchange Act (other than any filings pursuant
to Section 16 of the Exchange Act), including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date
hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein being collectively referred to herein as the “SEC
Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports
prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects
with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements
of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules
and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods
involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and
except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects
the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments.

(i)                
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the SEC Reports, except as set forth on Schedule 3.1(i) or specifically disclosed in a subsequent SEC
Report filed prior to the date hereof, (i) there has been no event, occurrence or development that has had or that could reasonably
be expected to result in a Material Adverse Effect, (ii) neither the Company nor any Subsidiary has incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed
in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared
or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements
to purchase or redeem any shares of its share capital and (v) the Company has not issued any equity securities to any officer,
director or Affiliate, except pursuant to existing Company share option plans, as set forth on Schedule 3.1(i) or as contemplated
by this Agreement. The Company does not have pending before the Commission any request for confidential treatment of information.
Except for the issuance of the Securities contemplated by this Agreement or as disclosed in the SEC Reports, no event, liability,
fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to
the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition
that would be required to be disclosed by the Company under

    11

    

    

applicable securities laws at
the time this representation is made or deemed made that has not been publicly disclosed at least one (1) Trading Day prior to
the date that this representation is made.

(j)                
Litigation. Except as set forth on Schedule 3.1(j), there is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company or any Subsidiary or
any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority
(federal, state, county, local or foreign) (collectively, an “Action”). None of the Actions set forth on Schedule
3.1(j), (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the
Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse
Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving
a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not
been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving
the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other
order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act
or the Securities Act.

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

(l)                
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has
occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of
its properties is

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bound (whether or not such default
or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental
authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including
without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health
and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be
expected to result in a Material Adverse Effect.

(m)            
Environmental Laws.The Company and its Subsidiaries (i) are in compliance with all federal, state, local and
foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater,
land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into
the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder
(“Environmental Laws”); (ii) have received all permits, licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such
permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect.

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

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

(p)              
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service

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marks, trade names, trade secrets,
inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection
with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse
Effect (collectively, the “Intellectual Property Rights”). None of the Company or any Subsidiary has received
a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is
expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor
any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written
notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any
Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company,
all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual
Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality
and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

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

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

(s)               
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in material compliance with any
and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable
rules and regulations promulgated by the Commission thereunder that are

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

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

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

(v)              
Registration Rights. Except as set forth on Schedule 3.1(v), no Person has any right to cause the Company or any
Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

(w)            
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the

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registration of the Common Stock
under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.
The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock
is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be,
in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer
through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees
to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

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

(y)              
Disclosure. All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding the Company
and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules
to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not
misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken
as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made and when made,
not misleading. The Company acknowledges and agrees that the Purchaser does not make and has not made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

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

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(aa)           
Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect
to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital
to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(aa) sets forth
as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company
or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for
borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business),
(y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same
are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present
value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither the
Company nor any Subsidiary is in default with respect to any Indebtedness

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

(cc)           
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign

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or domestic political activity,
(ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political
parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary
(or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any
material respect any provision of FCPA.

(dd)          
Accountants. The Company’s independent registered public accounting firm is Eisner Amper LLP. To the knowledge
and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and
(ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report for
the fiscal year ending June 30, 2019.

(ee)           
 Acknowledgment Regarding Purchaser’s Purchase of Securities. The Company acknowledges that Acuitas is not
acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents
and the transactions contemplated thereby and any advice given by Acuitas or any of its representatives or agents in connection
with the Transaction Documents and the transactions contemplated thereby is merely incidental to Acuitas’ purchase of the
Securities. The Company further represents to the Purchaser that the Company’s decision to enter into this Agreement and
the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by
the Company and its representatives.

(ff)             
[RESERVED].

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

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

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

(jj)              
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries, or Affiliates (other than Purchaser, as
to which no representation is made) is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”)
and to

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regulation by the Board of Governors
of the Federal Reserve System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates
(other than Purchaser, as to which no representation is made) owns or controls, directly or indirectly, five percent (5%) or more
of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any
entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or
Affiliates (other than Purchaser, as to which no representation is made) exercises a controlling influence over the management
or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

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

(ll)              
Private Placement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section
3.2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchaser
as contemplated hereby.

(mm)      
No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or
sold any of the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for
sale only to the Purchaser.

(nn)          
No Disqualification Events. With respect to the Warrants and Warrant Shares to be offered and sold hereunder
in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director,
executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of
the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term
is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer
Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to
(viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by
Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to
a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e),
and has furnished to the Purchaser a copy of any disclosures provided thereunder.

(oo)          
Other Covered Persons. The Company is not aware of any person (other than any Issuer Covered Person) that
has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any
Securities.

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(pp)          
Notice of Disqualification Events. The Company will notify the Purchaser in writing, prior to the Closing
Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of
time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case of which it
is aware.

The Purchaser acknowledges
and agrees that the representations contained in Section 3.1 shall not modify, amend or affect the Company’s right to rely
on the Purchaser’s representations and warranties contained in this Agreement or any representation and warranties contained
in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transactions contemplated hereby.

3.2 
Representations and Warranties of the Purchaser. Purchaser hereby represents and warrants as of the date hereof and
as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as
of such date):

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

(b)              
Understandings or Arrangements. Purchaser is acquiring the Securities as principal for its own account and has no
direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities
(this representation and warranty not limiting Purchaser’s right to sell the Securities in compliance with applicable federal
and state securities laws). Purchaser is acquiring the Shares hereunder in the ordinary course of its business. Purchaser understands
that the Warrants and the Warrant Shares are “restricted securities” and have not been registered under the Securities
Act or any applicable state securities law and is acquiring such Securities as principal for its own account and not with a view
to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state
securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable
state securities law and has

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no direct or indirect arrangement
or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities
Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell
such Securities pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws).

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

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

(e)              
Access to Information. Purchaser acknowledges that it has had the opportunity to review the Transaction Documents
(including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the
Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 

(f)               
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time
that Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of Purchaser’s assets, the representation set forth above
shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and

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Affiliates, Purchaser has maintained
the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this
transaction).

The Company acknowledges
and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect Purchaser’s right to
rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained
in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transactions contemplated hereby.

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

4.1 
Removal of Legends.

(a)              
The Debenture, Shares, the Warrants and Warrant Shares may only be disposed of in compliance with state and federal securities
laws. In connection with any transfer of the Debenture, Shares, the Warrants or Warrant Shares other than pursuant to an effective
registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated
in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the
transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to
the Company, to the effect that such transfer does not require registration of such transferred Debentures, Warrants or Warrant
Shares under the Securities Act.

(b)              
Purchaser agrees to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Debenture, Shares,
Warrants or Warrant Shares in the following form:

“[NEITHER ]THIS SECURITY
[NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS SECURITY ]MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER
LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT
OR OTHER LOAN SECURED BY SUCH SECURITIES.”

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(c)              
The Company acknowledges and agrees that Purchaser may from time to time pledge pursuant to a bona fide margin agreement
with a registered broker-dealer or grant a security interest in some or all of the Debenture, Shares, Warrants or Warrant Shares
to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act, and
if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Shares, Warrants or Warrant Shares
to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion
of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be
required of such pledge. At Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a
pledgee or secured party of the Debenture, Shares, Warrants and Warrant Shares may reasonably request in connection with a pledge
or transfer of the Debenture, Shares, Warrants or Warrant Shares.

(d)              
Certificates evidencing the Shares or Warrant Shares shall not contain any legend (including the legend set forth in Section
4.1(b) hereof): (i) while a registration statement covering the resale of such security is effective under the Securities Act,
or (ii) following any sale of such Shares or Warrant Shares pursuant to Rule 144 (assuming, in the case of the Warrant Shares,
cashless exercise of the Warrants), or (iii) if such Shares or Warrant Shares are eligible for sale under Rule 144 (assuming, in
the case of the Warrant Shares, cashless exercise of the Warrants), or (iv) if such legend is not required under applicable requirements
of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company
shall cause its counsel to issue a legal opinion to the Transfer Agent or Purchaser promptly if required by the Transfer Agent
to effect the removal of the legend hereunder, or if requested by Purchaser. If all or any portion of a Warrant is exercised at
a time when there is an effective registration statement to cover the resale of the Warrant Shares, or if such Shares or Warrant
Shares may be sold under Rule 144 (assuming, in the case of the Warrant Shares, cashless exercise of the Warrants) or if such legend
is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission) then such Warrant Shares shall be issued free of all legends. The Company agrees that following
such time as such legend is no longer required under this Section 4.1(d), the Company will, no later than the earlier of (i) two
(2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the
delivery by Purchaser to the Company or the Transfer Agent of a certificate representing Shares or Warrant Shares and such representations
and warranties relating to the “Affiliate” status of Purchaser and the holding period of the Shares or Warrants issued
with a restrictive legend (such date, the “Legend Removal Date”), deliver or cause to be delivered to Purchaser
a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation
on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.
Shares or Warrant Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting
the account of Purchaser’s prime broker with the Depository Trust Company System as directed by Purchaser. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the

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date of delivery of a certificate
representing Shares or Warrant Shares issued with a restrictive legend.

(e)              
In addition to Acuitas’ other available remedies, the Company shall pay to Acuitas, in cash, (i) as partial liquidated
damages and not as a penalty, for each $1,000 of Shares or Warrant Shares (based on the volume weighted average price or VWAP of
the Common Stock on the date such securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend
and subject to Section 4.1(d), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages
have begun to accrue) for each Trading Day after the Legend Removal Date until such certificate is delivered without a legend and
(ii) if the Company fails to (a) issue and deliver (or cause to be delivered) to Acuitas by the Legend Removal Date a certificate
representing the securities so delivered to the Company by Acuitas that is free from all restrictive and other legends and (b)
if after the Legend Removal Date Acuitas purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in satisfaction of a sale by Acuitas of all or any portion of the number of shares of Common Stock, or a sale of a number of shares
of Common Stock equal to all or any portion of the number of shares of Common Stock, that Acuitas anticipated receiving from the
Company without any restrictive legend, then an amount equal to the excess of Acuitas’ total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions
and other out-of-pocket expenses, if any) (the “Buy-In Price”) over the product of (A) such number of Shares
or Warrant Shares that the Company was required to deliver to Acuitas by the Legend Removal Date multiplied by (B) the lowest closing
sale price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by Acuitas to the Company
of the applicable Shares or Warrant Shares (as the case may be) and ending on the date of such delivery and payment under this
Section 4.1(e).

4.2 
Furnishing of Information. 

(a)              
Until the earlier of (i) the time that Acuitas owns no Securities or (ii) all of the Warrants have expired, the Company
covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

(b)              
At any time during the period commencing from the date hereof and ending at such time that all of the Shares or Warrant
Shares (assuming, in the case of the Warrant Shares, cashless exercise) may be sold without the requirement for the Company to
be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall
fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) fail to satisfy any condition
set forth in Rule 144(i)(2) (a “Public Information Failure”) then, in addition to Acuitas’ other available
remedies, the Company shall pay to Acuitas, in cash, as partial liquidated damages and not as a penalty, by reason of any such
delay in or reduction of its ability to sell the Shares or Warrant Shares, an amount in cash equal to two percent (2.0%) of the
aggregate Exercise Price of Acuitas’ Warrants on the day of a Public Information Failure and on every thirtieth

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(30th) day (pro rated for periods
totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such
time that such public information is no longer required for the Purchaser to transfer the Warrant Shares pursuant to Rule 144.
The payments to which Acuitas shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information
Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month
during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure
giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure
Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated
for partial months) until paid in full. Nothing herein shall limit Acuitas’ right to pursue actual damages for the Public
Information Failure, and Acuitas shall have the right to pursue all remedies available to it at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief.

4.3 
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that could reasonably be integrated with the offer or sale of the
Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior
to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

4.4 
Securities Laws Disclosure; Publicity. The Company shall file a Current Report on Form 8-K, including the Transaction
Documents as exhibits thereto, with the Commission after 5:00pm Eastern Daylight Time on the date hereof. The Company and Purchaser
shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither
the Company nor Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent
of the Company, with respect to any press release of Purchaser, or without the prior consent of Purchaser, with respect to any
press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required
by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or
communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of Purchaser, or include the name
of a Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent
of Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with
the Commission or as required under Rule 404 of Regulation S-K and (b) to the extent such disclosure is required by law or Trading
Market or FINRA regulations, in which case the Company shall provide the Purchaser with prior notice of such disclosure permitted
under this clause (b).

4.5 
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any
other Person, that Purchaser is an “Acquiring Person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that Purchaser could be deemed to

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trigger the provisions of any
such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between
the Company and the Purchaser, except as otherwise required by law.

4.6 
 Use of Proceeds. Except as set forth on Schedule 4.6, the Company shall use the net proceeds from any draw
under the Debenture for working capital purposes, including but not limited to research and development activities, and shall not
without Acuitas’ consent use such proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than
payment of trade payables in the ordinary course of the Company’s business and prior practices), (b) for the redemption of
any shares of Common Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation
of FCPA or OFAC regulations.

4.7 
Indemnification of Purchaser. Subject to the provisions of this Section 4.7, the Company will indemnify and hold
Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any Purchaser Party
may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements
made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser
Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate
of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action
is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents
or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser
Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence, willful
misconduct or malfeasance). If any action shall be brought against a Purchaser Party in respect of which indemnity may be sought
pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right
to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically
authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and
to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue
between the position of the Company and the position of such Purchaser Party, in which case the

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Company shall be responsible
for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to Purchaser Party
under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which
shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability
is attributable to Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such
Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.7 shall
be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received
or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of Purchaser
Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

4.8 
Reverse Stock Split; Reservation of Common Stock. The Company shall effectuate the Reverse Stock Split on or before
November 30, 2019. The Company shall reserve and keep available at all times, free of preemptive rights, a sufficient number of
shares of Common Stock for the purpose of enabling the Company to issue the Shares pursuant to this Agreement, the conversion of
the Debenture and the Warrant Shares pursuant to any exercise of the Warrants, provided that the Company shall only be required
to reserve shares relating to the exercise of Warrants after the earlier of (i) December 1, 2019 and (ii) the effectiveness of
the Reverse Stock Split.

4.9 
Trading of Common Stock. The Company will take all action reasonably necessary to continue the listing and trading
of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations
under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic
transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely
payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic
transfer.

4.10   
Subsequent Equity Sales. From the date hereof until one hundred eighty (180) days after the Closing Date, neither
the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of,
any Common Stock or Common Stock Equivalents. Notwithstanding the foregoing, this Section 4.10 shall not apply in respect of an
Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance. “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable
or exercisable for, or include the right to receive additional shares of Common Stock either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common
Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange
price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the
occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the
Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line
of

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credit, whereby the Company
may issue securities at a future determined price. Acuitas shall be entitled to obtain injunctive relief against the Company to
preclude any such issuance, which remedy shall be in addition to any right to collect damages.

4.11   
Certain Transactions and Confidentiality. Purchaser covenants that neither it nor any Affiliate acting on its behalf
or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s
securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the Form 8-K described in Section 4.4. 
Each Purchaser covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed
by the Company pursuant to the Form 8-K as described in Section 4.4, Purchaser will maintain the confidentiality of the existence
and terms of this transaction and the information included in the Disclosure Schedules. 

4.12   
Exercise Procedures. The form of Notice of Conversion included in the Debenture and Notice of Exercise included in
the Warrants set forth the totality of the procedures required of the Purchaser in order to convert the Debenture or exercise such
Warrants. No additional legal opinion, other information or instructions shall be required of the Purchaser to convert its Debenture
or exercise its Warrants. Without limiting the preceding sentences, no ink original documents shall be required, nor shall any
medallion guarantee (or other type of guarantee or notarization) of any such form be required in order to convert the Debenture
or exercise the Warrants. The Company shall honor conversions of the Debenture or exercises of the Warrants and shall deliver Shares
in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

4.13   
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Debenture, the Shares, Warrants
and Warrant Shares as required under Regulation D and to provide a copy thereof, promptly upon request of Purchaser. The Company
shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify
the Shares, Warrants and Warrant Shares for, sale to the Purchaser at the Closing under applicable securities or “Blue Sky”
laws of the states of the United States, and shall provide evidence of such actions promptly upon request of Purchaser.

4.14   
Purchase Option Redemption Adjustment. Each of the Company and Acuitas have agreed that the letter agreement dated
June 24, 2019 (the “Letter Agreement”) regarding the modification of certain rights held by Acuitas shall be modified
further such that the Transaction Shares referred to in the Letter Agreement shall be twice the amount set forth therein and that
the issuance of such Transaction Shares shall be accompanied by an equal number of additional Warrants in the form of Exhibit A
attached hereto.

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ARTICLE V.

MISCELLANEOUS

5.1 
Termination.  This Agreement may be terminated by Acuitas by written notice to the Company, if the Closing has
not been consummated on or before September 30, 2019; provided, however, that no such termination will affect the
right of any party to sue for any breach by any other party (or parties).

5.2 
Fees and Expenses. The Company shall pay the fees and expenses of all advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by each party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day
processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and
other taxes and duties levied in connection with the delivery of any Securities to the Purchaser.

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

5.4 
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature
pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of
transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email
address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address
for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice
provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company
or any Subsidiaries, the Company shall reasonably promptly file such notice with the Commission pursuant to a Current Report on
Form 8-K.

5.5 
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a
written instrument signed, in the case of an amendment, by the Company and the Purchaser or, in the case of a waiver, by the party
against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition
or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent

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default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any
manner impair the exercise of any such right. Any amendment effected in accordance with this Section 5.5 shall be binding upon
the Purchaser and subsequent holders of Securities and the Company.

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

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

5.8 
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person,
except as otherwise set forth in Section 4.7, Section 5.2 and this Section 5.8.

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

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Proceeding to enforce any provisions
of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.7, the prevailing party in such
Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

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

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

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

5.13   
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any
similar provisions of) any of the other Transaction Documents, whenever Purchaser exercises a right, election, demand or option
under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided,
then Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights; provided, however, that
in the case of a rescission of an exercise of a Warrant or conversion of the Debenture, such Purchaser shall be required to return
any shares of Common Stock subject to any such rescinded exercise notice or conversion notice concurrently with the return to Purchaser
of the aggregate exercise price paid to the Company or principal amount converted for such shares and the restoration of such Purchaser’s
right to acquire such shares pursuant to such Warrant (including, issuance of a replacement warrant certificate evidencing such
restored right) or Debenture.

5.14   
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen
or destroyed, the Company shall issue or cause to be

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

5.15   
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery
of damages, each of the Purchaser and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any
such obligation the defense that a remedy at law would be adequate.

5.16   
Payment Set Aside. To the extent that the Company makes a payment or payments to Purchaser pursuant to any Transaction
Document or Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

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

5.18   
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised
on the next succeeding Business Day.

5.19   
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share pricesk and Common Stock in any Transaction Document shall be subject to
adjustment for reverse and forward share splits, share dividends, share

    32

    

    

combinations and other similar
transactions of the Common Stock that occur after the date of this Agreement.

5.20   
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY
OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY,
UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

 

 

    33

    

    

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

 

	BIOVIE INC.	Address for Notice:
	 	 
	
        By:__________________________________________

        Name:

        Title: Chief Executive Officer

         
	
        2120 Colorado Boulevard,

        Suite 230

        Los Angeles, California, 90404

        E-Mail: jadams@biovieinc.com

         

	
         

         

         
	 
	ACUITAS GROUP HOLDINGS, LLC	Address for Notice:
	 	 
	
        By:__________________________________________

        Name:

        Title:

         

         

         

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

         

        Mitchell S. Nussbaum

        Loeb & Loeb LLP

        345 Park Avenue

        New York, NY 10154

        Email: mnussbaum@loeb.com
	
        2120 Colorado Boulevard,

        Suite 230

        Los Angeles, California, 90404

        E-Mail: terren@AcuitasGH.com

         

	 	 

 

 

 

 

    34

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