Document:

EX-10.1

 Exhibit 10.1 

DARÉ BIOSCIENCE, INC. 

COMMON STOCK 

SALES AGREEMENT 

January 4, 2018 
 H.C. Wainwright &
Co., LLC 
 430 Park Avenue 
 New York, NY 10022 

Ladies and Gentlemen: 
 Daré Bioscience,
Inc. (the “Company”), confirms its agreement (this “Agreement”) with H.C. Wainwright & Co., LLC (“HCW”), as follows: 

1.    Issuance and Sale of Placement Shares. The Company agrees that, from time to time during the term of this
Agreement, on the terms and subject to the conditions set forth herein, and in its sole discretion, it may issue and sell through HCW, shares (the “Placement Shares”) of the Company’s common stock, $0.0001 par
value per share (the “Common Stock”); provided however, that in no event shall the Company issue or sell through HCW such number of Placement Shares that (a) exceeds the number of shares or dollar amount of Common
Stock registered on the effective Registration Statement (as defined below) pursuant to which the offering is being made, (b) exceeds the number of shares or dollar amount registered on the Prospectus Supplement (as defined below), or
(c) would cause the Company to exceed the share amount limitations set forth in General Instruction I.B.6 of Form S-3 (the lesser of (a), (b) or (c), the “Maximum Amount”).
Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section 1 on the number of Placement Shares issued and sold under this Agreement
shall be the sole responsibility of the Company and that HCW shall have no obligation in connection with such compliance. The issuance and sale of Placement Shares through HCW will be effected pursuant to the Registration Statement (as defined
below), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue any Placement Shares. 

The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder
(the “Securities Act”), with the Securities and Exchange Commission (the “Commission”), a registration statement on Form S-3 (File
No. 333-206396), including a base prospectus, relating to certain securities, including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents
that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations thereunder. The Company has prepared a
prospectus supplement to the base prospectus included as part of the registration statement, which prospectus supplement relates to the Placement Shares to be issued from time to time by the Company pursuant to this Agreement (the
“Prospectus Supplement”). The Company will furnish to HCW, for use by HCW, copies of the base prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement
Shares to be issued from time to time by the Company. The Company may file, if necessary, one or more additional registration statements from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if
applicable (which shall be a Prospectus Supplement), with respect to the Placement Shares. Except where the context otherwise requires, such registration statement(s), including all documents filed as part thereof or incorporated by reference
therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement(s) pursuant to Rule
430B of the Securities Act, is herein called the “Registration Statement.” The base prospectus or base prospectuses, including all documents incorporated or deemed incorporated therein by reference, included in the
Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus or prospectuses and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to
Rule 424(b) under the Securities Act, together with the then issued Issuer Free Writing Prospectus(es), is herein called the “Prospectus.” 

 Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement
thereto shall be deemed to refer to and include any documents deemed incorporated by reference therein (pursuant to the Securities Act or the Exchange Act) (the “Incorporated Documents”), and any reference herein to the terms
“amend,” “amendment” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any Incorporated Document. For purposes
of this Agreement, all references to the Registration Statement, to the Prospectus, to the Incorporated Documents or to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its
Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, “EDGAR”). 

2.    Placements. Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a
“Placement”), it will notify HCW by email notice from a person identified on Schedule 2 (or other method mutually agreed to in writing by the parties) (a “Placement Notice”) containing
the parameters in accordance with which it desires the Placement Shares to be sold, which shall at a minimum include the number of Placement Shares to be issued, the time period during which sales are requested to be made, any limitation on the
number of Placement Shares that may be sold in any one Trading Day (as defined in Section 3) and any minimum price below which sales may not be made, a form of which containing such minimum sales parameters necessary is
attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 2 (with a copy to each of the other individuals from the Company listed on such
schedule), and shall be addressed to each of the individuals from HCW set forth on Schedule 2, as such Schedule 2 may be amended from time to time. The receipt of each Placement Notice shall promptly be acknowledged by
HCW by providing email notice to the Company to a person designated on Schedule 2. The Placement Notice shall be effective upon receipt by HCW unless and until (i) in accordance with the notice requirements set forth in
Section 4, HCW declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares included in the Placement Notice have been sold thereunder,
(iii) in accordance with the notice requirements set forth in Section 4, the Company suspends or terminates the Placement Notice, (iv) the Company issues a subsequent Placement Notice with parameters superseding
those on the earlier dated Placement Notice, or (v) this Agreement has been terminated under the provisions of Section 11. The amount of any commission to be paid by the Company to HCW in connection with the sale of
the Placement Shares shall be calculated in accordance with the terms set forth in Schedule 3. It is expressly acknowledged and agreed that neither the Company nor HCW will have any obligation whatsoever with respect to a
Placement or any Placement Shares unless and until the Company delivers a Placement Notice to HCW and HCW does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the
event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control. 

3.    Sale of Placement Shares by HCW. 

(a)    Subject to the terms and conditions herein set forth, upon the Company’s delivery of a Placement Notice, and
unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, HCW, for the period specified in the Placement Notice, will use its commercially
reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq Capital Market (“Exchange”) to sell such Placement Shares up
to the amount specified, and otherwise in accordance with the terms of such Placement Notice. HCW will provide written confirmation to the Company (including by email correspondence to each of the individuals of the Company set forth on
Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no later than the opening of the Trading Day (as defined below) immediately
following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Company to HCW pursuant to Section 2 with
respect to such sales and the Net Proceeds (as defined below) payable to the Company. HCW may sell Placement Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act,
including without limitation sales made through Exchange, on any other existing trading market for the Common Stock or to or through a market maker. If expressly authorized by the Company in a Placement Notice, HCW may also sell Placement Shares in
negotiated transactions. HCW 

  
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shall not purchase Placement Shares for its own account as principal unless expressly authorized to do so by the Company in a Placement Notice. The Company acknowledges and agrees that
(i) there can be no assurance that HCW will be successful in selling Placement Shares, and (ii) HCW will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason
other than a failure by HCW to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required under this Section 3. For the purposes hereof,
“Trading Day” means any day on which the Company’s Common Stock is purchased and sold on the principal market on which the Common Stock is listed or quoted. 

(b)    Limitations on Offering Size. Under no circumstances shall the Company request the offer or sale of any
Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate number of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this
Agreement, the Maximum Amount, and (B) the amount authorized from time to time to be issued and sold under this Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive committee,
and notified to HCW in writing. Under no circumstances shall the Company request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company’s board of
directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to HCW in writing. Further, under no circumstances shall the Company request the sale of Placement Shares pursuant to this Agreement in an
aggregate offering amount that would exceed the Maximum Amount. 
 4.    Suspension of Sales. 

(a)    The Company or HCW may, upon notice to the other party in writing (including by email correspondence to each of the
individuals of the other party set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately
by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Placement Shares; provided, however, that such suspension shall not affect
or impair either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective
against the other unless it is made to one of the individuals named on Schedule 2 hereto, as such schedule may be amended from time to time and in accordance with the notice delivery requirements of this
Section 4. While a suspension is in effect, any obligation under Sections 7(m), 7(n), and 7(o) with respect to the delivery of certificates, opinions, or comfort letters to HCW shall be deemed waived.

 (b)    Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession
of material non-public information, the Company and HCW agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of any Placement Shares, and
(iii) HCW shall not be obligated to sell or offer to sell any Placement Shares. 
 5.    Settlement. 

(a)    Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for
sales of Placement Shares will occur on the third (3rd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date
on which such sales are made (each, a “Settlement Date” and the first such settlement date, the “First Delivery Date”). The amount of proceeds to be delivered to the Company on a Settlement Date
against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by HCW at which such Placement Shares were sold, after deduction for (i) HCW’s commission for
such sales set forth on Schedule 3, (ii) any other amounts due and payable by the Company to HCW hereunder pursuant to Section 7(g) (Expenses) hereof, and (iii) any transaction fees imposed by any
governmental or self-regulatory organization in respect of such sales. 
 (b)    Delivery of Placement Shares. On
or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting HCW’s or its designee’s account (provided HCW shall have given the Company written
notice of such designee at least one Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at 

  
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Custodian System (“DWAC”) or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement Date, HCW will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if
the Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Placement Shares on a Settlement Date through no fault of HCW, in addition to and in no way limiting the rights and obligations set forth in
Section 9(a) (Company Indemnification) hereto, it will (i) hold HCW harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and expenses), as
incurred, arising out of or in connection with such default by the Company, and (ii) pay to HCW any commission to which it would otherwise have been entitled absent such default. 

6.    Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, HCW
that, as of the effective date of the Registration Statement, each Representation Date (as defined in Section 7(m)), each date on which a Placement Notice is given, and any date on which Placement Shares are sold hereunder:

 (a)    Compliance with Registration Requirements. The Registration Statement and any Rule 462(b) Registration
Statement have been declared effective by the Commission under the Securities Act. The Company has complied to the Commission’s satisfaction with all requests of the Commission for additional or supplemental information related to the
Registration Statement or the Prospectus. No stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending
or, to the best knowledge of the Company, are contemplated or threatened by the Commission. 
 (b)    No Misstatement
or Omission. The Prospectus when filed complied and, as amended or supplemented, if applicable, will comply in all material respects with the Securities Act. Each of the Registration Statement, any Rule 462(b) Registration Statement, the
Prospectus and any post-effective amendments or supplements thereto, at the time it became effective or its date, as applicable, and as of each of the Settlement Dates, if any, complied in all material respects with the Securities Act and did not
and, as of each Settlement Date, if any, did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or with respect to the Prospectus, necessary to make the statements therein
in the light of the circumstances under which they were made, not misleading. The Prospectus, as amended or supplemented, as of its date, and as of each of the Settlement Dates, if any, will not contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do
not apply to statements in or omissions from the Registration Statement, any Rule 462(b) Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in
conformity with information relating to HCW furnished to the Company in writing by HCW expressly for use therein. There are no contracts or other documents required to be described in the Prospectus or to be filed as exhibits to the Registration
Statement which have not been described or filed as required. 
 (c)    Not an Ineligible Issuer. The Company
currently is not an “ineligible issuer,” as defined in Rule 405 of the rules and regulation of the Commission. The Company agrees to notify HCW promptly upon the Company becoming an “ineligible issuer.” 

(d)    Distribution of Offering Material by the Company. The Company has not distributed and will not distribute,
prior to the completion of HCW’s distribution of the Placement Shares, any offering material in connection with the offering and sale of the Placement Shares other than the Prospectus or the Registration Statement. 

(e)    The Sales Agreement. This Agreement has been duly authorized, executed and delivered by, and is a valid and
binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification and contribution hereunder may be limited by applicable law and public policy considerations and except as the enforcement hereof may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles. 

  
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 (f)    S-3 Eligibility.
(i) At the time of filing the Registration Statement and (ii) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective
amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), the Company met the then applicable requirements for use of Form S-3 under the Securities
Act, including compliance with General Instruction I.B.6 of Form S-3. As of the close of trading on the Nasdaq Global Market on March 17, 2017 (a date within 60 days of the date of filing of the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, or the “Determination Date”), the aggregate market value of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by persons other than affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly, or indirectly through one or
more intermediaries, control, or are controlled by, or are under common control with, the Company) (the “Non-Affiliate Shares”), was approximately $79.2 million (calculated by
multiplying (x) the price at which the common equity of the Company was last sold on the Nasdaq Global Market on the Determination Date times (y) the number of Non-Affiliate Shares). The Company is
not a shell company (as defined in Rule 405) and has not been a shell company for at least 12 calendar months previously and if it has been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction
I.B.6 of Form S-3) with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell company. 

(g)    Authorization of the Placement Shares. The Placement Shares, when issued and delivered, will be duly
authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable. 

(h)    No Applicable Registration or Other Similar Rights. Except as otherwise disclosed in the Prospectus, there
are no persons with registration or other similar rights to have any equity or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly
waived. 
 (i)    No Material Adverse Change. Except as otherwise disclosed in the Prospectus, subsequent to the
respective dates as of which information is given in the Prospectus: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or
otherwise, or in the earnings, business, operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its subsidiaries, considered as one entity (any such change is called a
“Material Adverse Change”); (ii) the Company and its subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business
nor entered into any material transaction or agreement not in the ordinary course of business: and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company or, except for regular quarterly dividends
publicly announced by the Company or dividends paid to the Company or other subsidiaries, by any of its subsidiaries on any class of capital stock or repurchase or redemption by the Company or any of its subsidiaries of any class of capital stock.

 (j)    Independent Accountants. Each of Deloitte & Touche LLP and Mayer Hoffman McCann, P.C., who
have expressed their opinions with respect to the financial statements (which term as used in this Agreement includes the related notes thereto) and supporting schedules filed with the Commission or incorporated by reference as a part of the
Registration Statement and included in the Prospectus, are each independent registered public accounting firms with respect to the Company as required by the Securities Act and the Exchange Act. 

(k)    Preparation of the Financial Statements. The financial statements, together with related notes and
schedules, filed with the Commission as a part of or incorporated by reference in the Registration Statement and included in the Prospectus present fairly, in all material respects, the consolidated financial position of the Company and its
subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the periods specified. The supporting schedules included in or incorporated in the Registration Statement present fairly the information required to
be stated therein. Such financial statements and supporting schedules have been prepared in accordance with generally accepted accounting principles as applied in the United States (“U.S. GAAP”) applied on a consistent basis
throughout the periods involved, except as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be included in or incorporated in the Registration Statement. The financial data
set forth or incorporated in the Prospectus Supplement under the caption “EXPERTS” present fairly, in all material respects, the information set forth therein on a basis consistent with that of the audited financial statements contained,
incorporated or deemed to be incorporated in the Registration Statement. 

  
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 (l)    XBRL. The interactive data in eXtensible Business Reporting
Language included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 (m)    Incorporation and Good Standing of the Company and its Subsidiaries. The Company has been duly
incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus
and to enter into and perform its obligations under this Agreement. Each subsidiary of the Company has been duly organized and is validly existing as a corporation in good standing under the laws of the jurisdiction of its organization and has the
requisite power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus. Each of the Company and the subsidiaries is duly qualified as a foreign corporation or foreign partnership to transact
business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions where the failure to so qualify or to
be in good standing would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. Except as described in the Prospectus, all of the issued and outstanding capital stock or other equity interests of the
subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company free and clear of any security interest, mortgage, pledge, lien, encumbrance or adverse claim. The Company does not own or
control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit 21.1 to the Company’s Annual Report on Form 10-K for the most recently
ended fiscal year and other than (i) those subsidiaries not required to be listed on Exhibit 21.1 by Item 601 of Regulation S-K under the Exchange Act and (ii) those subsidiaries formed or
acquired since the last day of the most recently ended fiscal year. 
 (n)    Capital Stock Matters. Since the
most recent date such information was included in the Prospectus, there has been no material change in the authorized, issued and outstanding capital stock of the Company (other than for subsequent issuances, if any, pursuant to employee benefit
plans described in the Prospectus, upon the exercise of outstanding options or warrants described in the Prospectus, as a result of sales of Placement Shares hereunder or as otherwise described in any document incorporated by reference in the
Prospectus). The shares of the Common Stock conform in all material respects to the description thereof contained in the Prospectus. All of the issued and outstanding shares of Common Stock have been duly authorized and validly issued, are fully
paid and nonassessable and have been issued in compliance with federal and state securities laws. None of the outstanding shares of Common Stock were issued in violation of any preemptive rights, rights of first refusal or other similar rights to
subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or
exercisable for, any capital stock of the Company or any of its subsidiaries other than those accurately described in all material respects in the Prospectus. The description of the Company’s stock option, stock bonus and other stock plans or
arrangements, and the options or other rights granted thereunder, set forth in the Prospectus accurately and fairly presents in all material respects the information required to be shown with respect to such plans, arrangements, options and rights
under the Exchange Act or the Securities Act, as applicable. 

(o)    Non-Contravention of Existing Instruments; No Further Authorizations or
Approvals Required. Neither the Company nor any of its subsidiaries is in violation of its charter or by-laws or is in default (or, with the giving of notice or lapse of time, would be in default)
(“Default”) under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which the Company or any of its subsidiaries is a party or by which it or any of them may be bound,
or to which any of the property or assets of the Company or any of its subsidiaries is subject (each, an “Existing Instrument”), except for such Defaults as would not, individually or in the aggregate, result in a Material
Adverse Change. The Company’s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus (i) have been duly authorized by all necessary corporate action and will not
result in any violation of the provisions of the charter or by-laws of the Company or any subsidiary, (ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument, except for

  
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such conflicts, breaches, Defaults, liens, charges or encumbrances as would not, individually or in the aggregate, result in a Material Adverse Change and (iii) will not result in any
violation of any law, administrative regulation or administrative or court decree applicable to the Company or any subsidiary. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or
regulatory authority or agency, is required for the Company’s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Prospectus, except such as have been obtained or made by the
Company and are in full force and effect under the Securities Act, or that may be required under applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority (“FINRA”) or Exchange. 

(p)    No Material Actions or Proceedings. Except as disclosed in the Prospectus, there are no legal or
governmental actions, suits or proceedings pending or, to the best of the Company’s knowledge, threatened (i) against or affecting the Company or any of its subsidiaries, (ii) which has as the subject thereof any officer or director
of, or property owned or leased by, the Company or any of its subsidiaries or (iii) relating to environmental or discrimination matters, where in any such case (A) there is a reasonable possibility that such action, suit or proceeding
might be determined adversely to the Company or such subsidiary and (B) any such action, suit or proceeding, if so determined adversely, would result in a Material Adverse Change or adversely affect the consummation of the transactions
contemplated by this Agreement. No material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the Company’s knowledge, is threatened or imminent. 

(q)    All Necessary Permits, etc. The Company and each subsidiary possess such valid and current certificates,
authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses as currently conducted and described in the Prospectus, other than those the failure to
possess or own would not result in a Material Adverse Change, and neither the Company nor any subsidiary has received any notice of proceedings relating to the revocation or modification of, or non-compliance
with, any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material Adverse Change. 

(r)    Title to Properties. The Company and the subsidiaries have good and marketable title to all of the real and
personal property and other assets owned by them, in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, adverse claims and other defects, except such as are described in the Prospectus or as do not
materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company or a subsidiary. To the Company’s knowledge, the real property, improvements,
equipment and personal property held under lease by the Company or the subsidiaries are held under valid and enforceable leases, with such exceptions as are described in the Prospectus or are not material and do not materially interfere with the use
made or proposed to be made of such real property, improvements, equipment or personal property by the Company or the subsidiaries. 

(s)    Tax Law Compliance. Subject to any permitted extensions, the Company and its consolidated subsidiaries have
filed all necessary federal, state and foreign income, property and franchise tax returns (or have properly requested extensions thereof) and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar
assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate proceedings. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in
Section 6(k) above in respect of all federal, state and foreign income, property and franchise taxes for all periods as to which the tax liability of the Company or any of its consolidated subsidiaries has not been finally
determined. 
 (t)    Company Not an “Investment Company”. The Company has been advised of the rules
and requirements under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company is not, and after receipt of payment for the Placement Shares will not be, an “investment
company” within the meaning of Investment Company Act and will conduct its business in a manner so that it will not become subject to the Investment Company Act. 

(u)    Insurance. Except as otherwise described in the Prospectus, each of the Company and its subsidiaries are
insured by insurers of recognized financial responsibility with policies in such amounts and with such deductibles and covering such risks as are generally deemed prudent and customary for their respective businesses as currently conducted and
described in the Prospectus. The Company has no reason to believe that it or 

  
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any subsidiary will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be
necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Change. 

(v)    No Price Stabilization or Manipulation. The Company has not taken and will not take, directly or indirectly,
any action designed to or that might be reasonably expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares or otherwise, and has taken no
action which would directly or indirectly violate Regulation M. 
 (w)    Related Party Transactions. There are
no business relationships or related-party transactions, as defined in Item 404 of Regulation S-K under the Exchange Act, involving the Company or any subsidiary or any other person required to be described in
the Prospectus which have not been described as required. 
 (x)    Exchange Act Compliance. The Incorporated
Documents, at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the other information in the Prospectus, at the
Settlement Dates, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading. 
 (y)    No Unlawful Contributions or Other
Payments. Neither the Company nor any of its subsidiaries nor, to the Company’s knowledge, any employee or agent of the Company or any subsidiary, has made any contribution or other payment to any official of, or candidate for, any federal,
state or foreign office in violation of any law or of the character required to be disclosed in the Registration Statement and the Prospectus. Neither the Company nor any of its subsidiaries nor, to the Company’s knowledge, any director,
officer, employee or agent of the Company or any subsidiary acting on behalf of the Company or any of its subsidiaries has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices
Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an
offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or
any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and, to the knowledge of the Company, its controlled affiliates have conducted their businesses in compliance
with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

(z)    Compliance with Money Laundering Laws. The operations of the Company and its subsidiaries are and have been
conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by
or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, the knowledge of the Company, threatened. 

(aa)    Compliance with OFAC. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any
director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Office Control of the U.S. Department of the Treasury
(“OFAC”); and the Company will not, directly or indirectly, use the proceeds of the offering of the Placement Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(bb)    Company’s Accounting System. The Company maintains a system of “internal control
over financial reporting” (as such term is defined in Rule 13a-15(f) of the General Rules and Regulations under the Exchange Act (the “Exchange Act Rules”)) that complies with the
requirements of the Exchange Act and has been 

  
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designed by its principal executive and principal financial officers, or under their supervision, to provide reasonable assurances that (i) transactions are executed in accordance with
management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets; (iii) access to assets
is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. Except as described in the Prospectus, since the end of the Company’s most recent audited fiscal year, there has been (A) no material weakness in the Company’s internal control over financial reporting (whether or not
remediated) and (B) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 

(cc)    Disclosure Controls. The Company maintains disclosure controls and procedures (as such is defined in Rule 13a-15(e) of the Exchange Act Rules) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that information required to be disclosed by the
Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that
such information is accumulated and communicated to the Company’s management to allow timely decisions regarding disclosures. To the extent required by the Exchange Act Rules, the Company has conducted evaluations of the effectiveness of its
disclosure controls as required by Rule 13a-15 of the Exchange Act. 

(dd)    Compliance with Environmental Laws. Except as otherwise described in the Prospectus, and except as would
not, individually or in the aggregate, result in a Material Adverse Change (i) to the Company’s knowledge, neither the Company nor any of its subsidiaries is in violation of any federal, state, local or foreign law or regulation relating
to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including without limitation, laws and regulations relating to
emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products (collectively, “Materials of Environmental
Concern”), or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, “Environmental Laws”),
which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations required for the operation of the business of the Company or its subsidiaries under applicable Environmental Laws, or noncompliance
with the terms and conditions thereof, nor has the Company or any of its subsidiaries received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges that the Company or any of its
subsidiaries is in violation of any Environmental Law; (ii) there is no claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company has received written notice, and no
written notice by any person or entity alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries, attorneys’ fees or penalties arising out
of, based on or resulting from the presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Company or any of its subsidiaries, now or in the past (collectively,
“Environmental Claims”), pending or, to the Company’s knowledge, threatened against the Company or any of its subsidiaries or any person or entity whose liability for any Environmental Claim the Company or any of its
subsidiaries has retained or assumed either contractually or by operation of law; and (iii) to the best of the Company’s knowledge, there are no past or present actions, activities, circumstances, conditions, events or incidents,
including, without limitation, the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably could result in a violation of any Environmental Law or form the basis of a potential Environmental Claim
against the Company or any of its subsidiaries or against any person or entity whose liability for any Environmental Claim the Company or any of its subsidiaries has retained or assumed either contractually or by operation of law. 

(ee)     Intellectual Property. Except as disclosed in the Registration Statement or the Prospectus, the Company
and its subsidiaries own or possess the valid right to use all (i) valid and enforceable patents, patent applications, trademarks, trademark registrations, service marks, service mark registrations, Internet domain name registrations,
copyrights, copyright registrations, licenses and trade secret rights (“Intellectual Property Rights”) and (ii) inventions, software, works of authorships, trademarks, service marks, trade names, databases, formulae,
know how, Internet domain names and other intellectual property (including trade secrets and other unpatented 

  
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and/or unpatentable proprietary confidential information, systems, or procedures) (collectively, “Intellectual Property Assets”) necessary to conduct their respective
businesses as currently conducted, except to the extent that the failure to own, possess, license or have other rights to use such Intellectual Property Rights or Intellectual Property Assets would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Change. The Company and its subsidiaries have not received any opinion from their legal counsel concluding that any activities of their respective businesses infringe, misappropriate, or otherwise violate,
valid and enforceable Intellectual Property Rights of any other person, and have not received written notice of any challenge, which is to their knowledge still pending, by any other person to the rights of the Company and its subsidiaries with
respect to any Intellectual Property Rights or Intellectual Property Assets owned or used by the Company or its subsidiaries. To the knowledge of the Company, the Company and its subsidiaries’ respective businesses as now conducted do not
constitute infringement of, misappropriation of, or other violation of, any valid and enforceable Intellectual Property Rights of any other person. All licenses for the use of the Intellectual Property Rights described in the Prospectus to which the
Company is a party are, to the Company’s knowledge, valid, binding upon, and enforceable by or against the parties thereto in accordance with their terms. The Company has complied in all material respects with, and is not in material breach nor
has received any written notice of any asserted or threatened claim of breach of, any license agreement pursuant to which Intellectual Property Rights have been licensed to or by the Company (the “Intellectual Property Licensed
Agreements”), and the Company has no knowledge of any material breach by any other person to any Intellectual Property License Agreement. Except as described in the Prospectus, no claim has been made in writing against the Company
alleging the infringement by the Company of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other intellectual property right or franchise right of any person. The Company has taken all reasonable steps to
protect, maintain and safeguard its Intellectual Property Rights, including the execution of appropriate nondisclosure and confidentiality agreements. The consummation of the transactions contemplated by this Agreement will not result in the loss or
impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, the Company’s right to own, use, or hold for use any of the Intellectual Property Rights as owned, used or held by
the Company for use in the conduct of the business as currently conducted. 
 (ff)    Compliance with Applicable
Laws. The Company and the subsidiaries: (A) are and at all times have been in material compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use,
distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product under development, manufactured or distributed by the Company or the subsidiaries (“Applicable Laws”), (B)
have not received any Form 483 from the United States Food and Drug Administration (“FDA”), notice of adverse finding, warning letter, or other written correspondence or notice from the FDA, European Medicines Agency
(“EMA”), or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance with any Applicable Laws or with any licenses, certificates, approvals, clearances,
authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”), which would, individually or in the aggregate, result in a Material Adverse Change; (C) possess all
material Authorizations and such Authorizations are valid and in full force and effect and neither the Company nor the subsidiaries is in material violation of any term of any such Authorizations; (D) have not received written notice of any
claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA, the EMA, or any other federal, state, local or foreign governmental or regulatory authority or third party alleging that any Company
product, operation or activity is in material violation of any Applicable Laws or Authorizations and have no knowledge that the FDA, the EMA, or any other any federal, state, local or foreign governmental or regulatory authority or third party is
considering any such claim, litigation, arbitration, action, suit, investigation or proceeding against the Company; (E) have not received notice that the FDA, the EMA, or any other federal, state, local or foreign governmental or regulatory
authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations and have no knowledge that the FDA, the EMA, or any other federal, state, local or foreign governmental or regulatory authority
is considering such action; and (F) have filed, obtained, maintained or submitted all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or
Authorizations except where the failure to file such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments would not result in a Material Adverse Change, and that all such reports, documents,
forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent submission).

  
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 (gg)    Clinical Studies. All animal and other preclinical studies and
clinical trials conducted by the Company or on behalf of the Company were, and, if still pending are, to the Company’s knowledge, being conducted in all material respects in compliance with all Applicable Laws and in accordance with
experimental protocols, procedures and controls generally used by qualified experts in the preclinical study and clinical trials of new drugs, biologics, medical devices and drug-device combination products as applied to comparable products to those
being developed by the Company; the descriptions of the results of such preclinical studies and clinical trials contained in the Registration Statement and the Prospectus are accurate in all material respects, and, except as set forth in the
Registration Statement and the Prospectus, the Company has no knowledge of any other clinical trials or preclinical studies, the results of which reasonably call into question the clinical trial or preclinical study results described or referred to
in the Registration Statement and the Prospectus when viewed in the context in which such results are described; and the Company has not received any written notices or correspondence from any domestic or foreign governmental agency requiring the
termination or suspension of any preclinical studies or clinical trials conducted by or on behalf of the Company that are described in the Registration Statement and the Prospectus or the results of which are referred to in the Registration
Statement and the Prospectus. 
 (hh)    Compliance Programs. The Company has established and administers a
compliance program applicable to the Company, to assist the Company and the officers and employees of the Company in complying with applicable regulatory guidelines (including, without limitation, those administered by the FDA, the EMA, and any
other foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed by the FDA or EMA); except where such noncompliance would not reasonably be expected to result in a Material Adverse Change.

 (ii)    Statistical and Market-Related Data. The statistical, demographic and market-related data included in
the Registration Statement and the Prospectus, as of the date or dates to which they speak, are based on or derived from sources that the Company believes to be reliable and accurate or represent the Company’s good faith estimates that are made
on the basis of data derived from such sources. 
 (jj)    ERISA Compliance. The Company and its subsidiaries and
any “employee benefit plan” (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, “ERISA”)) established
or maintained by the Company, its subsidiaries or their “ERISA Affiliates” (as defined below) are, to their knowledge, in compliance in all material respects with ERISA. “ERISA Affiliate” means, with respect to the
Company or a subsidiary, any member of any group of organizations described in Sections 414(b), (c),(m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the
“Code”) of which the Company or such subsidiary is a member. Except as described in the Prospectus, no “reportable event” (as defined under ERISA) has occurred or is reasonably expected to occur with respect
to any “employee benefit plan” established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates. Except as described in the Prospectus, no “employee benefit plan” established or maintained
by the Company, its subsidiaries or any of their ERISA Affiliates, if such “employee benefit plan” were terminated, would have any “amount of unfunded benefit liabilities” (as defined under ERISA). Except as
described in the Prospectus, neither the Company, its subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any
“employee benefit plan” or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each “employee benefit plan” established or maintained by the Company, its subsidiaries or any of their ERISA Affiliates that is
intended to be qualified under Section 401(a) of the Code is so qualified and, except as described in the Prospectus, nothing has occurred, whether by action or failure to act, which would reasonably be expected to result in the loss of such
qualification. 
 (kk)    Listing. The Company is subject to and in compliance in all material respects with the
reporting requirements of Section 13 or Section 15(d) of the Exchange Act. The Common Stock is registered pursuant to Section 12(b) or Section 12(g) of the Exchange Act and is listed on the Exchange, and the Company has taken no
action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Exchange, nor, except as disclosed in the Registration Statement and
Prospectus, has the Company received any notification that the Commission or Exchange is contemplating terminating such registration or listing. 

  
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 (ll)    Brokers. Except for HCW, there is no broker, finder or other
party that is entitled to receive from the Company any brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement. 

(mm)    No Outstanding Loans or Other Indebtedness. Except as described in the Prospectus, there are no outstanding
loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of the immediate family
members of any of them. 
 (nn)    FINRA Matters. All of the information provided to HCW or to counsel for HCW by
the Company, its officers and, to the Company’s knowledge, directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with letters, filings or other supplemental information
provided to FINRA pursuant to FINRA Rule 5110 is true, complete and correct in all material respects. 
 (oo)    No
Reliance. The Company has not relied upon HCW or legal counsel for HCW for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares. 

Any certificate signed by an authorized officer of the Company and required to be delivered to HCW or to counsel for HCW in connection with this Agreement
shall be deemed to be a representation and warranty by the Company to HCW as to the matters set forth therein. 
 The Company acknowledges that HCW and, for
purposes of the opinions to be delivered pursuant to Section 7 hereof, counsel to the Company and counsel to HCW, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such
reliance. 
 7.    Covenants of the Company. The Company covenants and agrees with HCW that: 

(a)    Registration Statement Amendments. After the date of this Agreement and during any period in which a
Prospectus relating to any Placement Shares is required to be delivered by HCW under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will notify
HCW promptly of the time when any subsequent amendment to the Registration Statement, other than any Incorporated Documents or amendments not related to any Placement Shares, has been filed with the Commission and/or has become effective or any
subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus related to any Placement Shares or for additional information related to any
Placement Shares, (ii) the Company will prepare and file with the Commission, promptly upon HCW’s reasonable request, any amendments or supplements to the Registration Statement or Prospectus that, in HCW’s reasonable opinion and upon
the advice of the Company’s legal counsel, may be necessary or advisable in connection with the distribution of the Placement Shares by HCW (provided, however, that the failure of HCW to make such request shall not relieve the Company of
any obligation or liability hereunder, or affect HCW’s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy HCW shall have with respect to the failure to make such
filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by
reference, relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to HCW within a reasonable period of time before the filing and HCW has not reasonably objected thereto
(provided, however, that (A) the failure of HCW to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect HCW’s right to rely on the representations and warranties made by the Company
in this Agreement, (B) the Company has no obligation to provide HCW any advance copy of such filing or to provide HCW an opportunity to object to such filing if the filing does not name HCW or does not relate to the transaction herein provided,
and (C) the only remedy HCW shall have with respect to the failure by the Company to provide HCW with such copy or the filing of such amendment or supplement despite HCW’s objection shall be to cease making sales under this Agreement) and
the Company will furnish to HCW at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and
(iv) the Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act.

  
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 (b)    Notice of Commission Stop Orders. The Company will advise HCW,
promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of
the Prospectus, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose or of any request by the Commission for the amending
or supplementing of the Registration Statement or the Prospectus; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or of any order preventing or suspending the use of the Prospectus or suspending
any such qualification, or, to obtain its withdrawal if such a stop order should be issued. 
 (c)    Delivery of
Prospectus; Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is required to be delivered by HCW under the Securities Act with respect to a pending sale of the Placement Shares, (including in
circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act, as from time to
time in force, and to file on or before their respective due dates (taking into account any extensions available under the Exchange Act) all reports and any definitive proxy or information statements required to be filed by the Company with the
Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the
Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify HCW to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement
or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. 

(d)    Listing of Placement Shares. During any period in which the Prospectus relating to the Placement Shares is
required to be delivered by HCW under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use
its commercially reasonable efforts to cause the Placement Shares to be listed on Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions as HCW reasonably designates and to continue such qualifications
in effect so long as required for the distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities or file a general
consent to service of process in any jurisdiction. 
 (e)    Delivery of Registration Statement and Prospectus.
The Company will furnish to HCW and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all Incorporated Documents) and all amendments and supplements to the Registration Statement or
Prospectus that are filed with the Commission during any period in which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all Incorporated Documents), in each case as soon as reasonably
practicable and in such quantities as HCW may from time to time reasonably request and, at HCW’s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided,
however, that the Company shall not be required to furnish any document (other than the Prospectus) to HCW to the extent such document is available on EDGAR. 

(f)    Earnings Statement. The Company will make generally available to its security holders as soon as
practicable, but in any event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of
Section 11(a) and Rule 158 of the Securities Act. For the avoidance of doubt, the Company’s compliance with the reporting requirements of the Exchange Act shall be deemed to satisfy the requirements of this
Section 7(f). 
 (g)    Expenses. The Company, whether or not the transactions
contemplated hereunder are consummated or this Agreement is terminated, in accordance with the provisions of Section 11 hereunder, will pay all of its own expenses incident to the performance of its obligations under this
Agreement, including (i) 

  
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the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of each
amendment and supplement thereto and each Free Writing Prospectus, in such number as HCW shall deem reasonably necessary, (ii) the printing and delivery to HCW of this Agreement and such other documents as may be required by HCW in connection
with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to HCW, including any stock or other transfer taxes and any
capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to HCW, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the legal
fees of counsel to HCW reasonably incurred in connection with entering into the transactions contemplated by this Agreement in an amount not to exceed $50,000 in the aggregate, and the quarterly legal fees of counsel to HCW reasonably incurred in
connection with HCW’s ongoing diligence, drafting and other filing requirements arising from the transactions contemplated by this Agreement in an amount not to exceed $2,500 in the aggregate per calendar quarter; (vi) the fees and
expenses of the transfer agent and registrar for the Common Stock, (vii) the filing fees incident to any review by FINRA of the terms of the sale of the Placement Shares, (viii) the fees and expenses incurred in connection with the listing
of the Placement Shares on the Exchange, and (ix) all trading, execution, settlement, or wiring fees incurred by HCW in connection with the sale of the Placement Shares. 

(h)    Use of Proceeds. The Company will use the Net Proceeds as described in the Prospectus in the section
entitled “Use of Proceeds.” 
 (i)    Notice of Other Sales. During the pendency of any Placement
Notice given hereunder, and for 5 Trading Days following the termination of any Placement Notice given hereunder, the Company shall provide HCW notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any
option to sell or otherwise disposes of any shares of Common Stock (other than Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase
or acquire Common Stock; provided, that such notice shall not be required in connection with (i) the issuance, grant or sale of Common Stock, options to purchase shares of Common Stock or any other equity awards, or Common Stock issuable
upon the exercise of options or other equity awards pursuant to any stock option, stock bonus, employee stock purchase or other stock plan or arrangement described in the Prospectus, (ii) the issuance, grant or sale of Common Stock, or
securities convertible into or exercisable for Common Stock, in connection with any joint venture, commercial, strategic or collaborative relationship, or the acquisition or license by the Company of the securities, businesses, property or other
assets of another person or entity, (iii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time to time provided the implementation of such is disclosed to HCW in advance or
(iv) any shares of Common Stock issuable upon the exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or other rights in effect or outstanding. Notwithstanding the foregoing provisions, nothing
herein shall be construed to restrict the Company’s ability to file a registration statement under the Securities Act, including another prospectus supplement in connection with the Registration Statement for the issuance of shares other than
the Placement Shares. 
 (j)    Change of Circumstances. The Company will, at any time during a fiscal quarter in
which the Company intends to tender a Placement Notice or sell Placement Shares, advise HCW promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any
opinion, certificate, letter or other document required to be provided to HCW pursuant to this Agreement. 

(k)    Due Diligence Cooperation. During the term of this Agreement, the Company will cooperate with any reasonable
due diligence review conducted by HCW or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business
hours and at the Company’s principal offices, as HCW may reasonably request. 
 (l)    Required Filings Relating
to Placement of Placement Shares. To the extent that the filing of a prospectus supplement with the Commission with respect to a placement of Placement Shares is required under Rule 424(b) under the Securities Act, the Company agrees that on or
before such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) 

  
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under the Securities Act (each and every filing under Rule 424(b), a “Filing Date”), which prospectus supplement will set forth, to the extent required, within
the relevant period, the amount of Placement Shares sold through HCW, the Net Proceeds to the Company and the compensation payable by the Company to HCW with respect to such Placement Shares (provided that the Company may satisfy its obligations
under this Section 7(l)(i) by effecting a filing in accordance with the Exchange Act with respect to such information), and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such
sales were effected as may be required by the rules or regulations of such exchange or market. 

(m)    Representation Dates; Certificate. On or prior to the First Delivery Date and each time the Company
(i) amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other than a prospectus supplement filed in accordance with Section 7(l) of this Agreement) by means of a post-effective amendment,
sticker, or supplement but not by means of incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the Placement Shares; (ii) files an annual report on Form
10-K under the Exchange Act; (iii) files its quarterly reports on Form 10-Q under the Exchange Act; or (iv) files a current report on Form 8-K under the Exchange Act containing amended audited financial information (other than information “furnished” pursuant to Items 2.02 or 7.01 of Form 8-K or to
provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No. 144 under the Exchange Act) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation Date”); the Company shall furnish HCW
with a certificate, in the form attached hereto as Exhibit 7(m) within five (5) Trading Days of any Representation Date if requested by HCW. The requirement to provide a certificate under this Section 7(m) shall be automatically
waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter
shall be considered a Representation Date, including for purposes of Sections 7(n) and 7(o) hereof) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which
the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such
waiver and did not provide HCW with a certificate under this Section 7(m), then before the Company delivers the Placement Notice or HCW sells any Placement Shares, the Company shall provide HCW with a certificate, in the
form attached hereto as Exhibit 7(m), dated the date of the Placement Notice. 
 (n)    Legal Opinion.
(i) On or prior to the First Delivery Date, the Company shall cause to be furnished to HCW a written opinion and negative assurance letter in substantially the forms attached hereto as Exhibits 7(n)(i) and 7(n)(ii), respectively
of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., or other counsel reasonably satisfactory to HCW (“Company Counsel”), dated the date that such opinion and negative assurance letter are required to be delivered and
(ii) within the later of (A) five (5) Trading Days of each Representation Date following the First Delivery Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(m) and
(B) the date a Placement Notice is first delivered by the Company following a Representation Date, but in any event not more than once per calendar quarter, the Company shall cause to be furnished to HCW a written opinion and negative assurance
letter of Company Counsel in substantially the forms attached hereto as Exhibits 7(n)(i) and 7(n)(ii), respectively, dated the date of delivery of such Placement Notice (the “Opinion Date”), respectively,
modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; provided, however, that in lieu of such negative assurance letters for subsequent Representation Dates, counsel may
furnish HCW with a letter (a “Reliance Letter”) to the effect that HCW may rely on a prior negative assurance letter delivered under this Section 7(n) to the same extent as if it were dated the date
of such Reliance Letter (except that statements in such prior negative assurance letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date). 

(o)    Comfort Letter. On or prior to the First Delivery Date and within five (5) Trading Days of each
subsequent Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(m), other than pursuant to Section 7(m)(iii), the Company shall cause
its independent accountants to furnish HCW letters (the “Comfort Letters”), dated the date the Comfort Letter is delivered, in form and substance reasonably satisfactory to HCW, (i) confirming that they are an
independent registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial
information and other 

  
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matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection with registered public offerings (the first such letter, the “Initial Comfort
Letter”) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration
Statement and the Prospectus, as amended and supplemented to the date of such letter. 
 (p)    Market
Activities. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of the Placement Shares or (ii) sell, bid for, or purchase the Placement Shares to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the
Placement Shares other than HCW; provided, however, that the Company may bid for and purchase shares of its Common Stock in accordance with Rule 10b-18 under the Exchange Act. 

(q)    Insurance. The Company and its subsidiaries shall maintain, or cause to be maintained, insurance in such
amounts and covering such risks as is reasonable and customary for the business for which it is engaged. 

(r)    Compliance with Laws. The Company and each of its subsidiaries will use commercially reasonable efforts to
maintain, or cause to be maintained, all material environmental permits, licenses and other authorizations required by federal, state and local law in order to conduct their businesses as described in the Prospectus, and the Company and each of its
subsidiaries shall conduct their businesses, or cause their businesses to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable environmental laws, except where the failure to maintain or be in
compliance with such permits, licenses and authorizations could not reasonably be expected to result in a Material Adverse Change. 

(s)    Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure
that neither it nor its subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined in the Investment Company Act, assuming no change in the Commission’s
current interpretation as to entities that are not considered an investment company. 
 (t)    Securities Act and
Exchange Act. The Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of
sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus. 

(u)    No Offer to Sell. Other than any free writing prospectus (as defined in Rule 405 under the Securities Act)
approved in advance by the Company and HCW in its capacity as principal or agent hereunder, neither HCW nor the Company (including its agents and representatives, other than HCW in its capacity as such) will make, use, prepare, authorize, approve or
refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder. 

(v)    Sarbanes-Oxley Act. The Company and its subsidiaries will use their best efforts to comply with all
effective provisions of the Sarbanes-Oxley Act applicable to the Company. 
 8.    Conditions to HCW’s
Obligations. The obligations of HCW hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its
obligations hereunder, to the completion by HCW of a due diligence review satisfactory to HCW in its reasonable judgment, and to the continuing satisfaction (or waiver by HCW in its sole discretion) of the following additional conditions: 

(a)    Registration Statement Effective. The Registration Statement shall be effective and shall be available for
(i) all sales of Placement Shares issued pursuant to all prior Placement Notices and (ii) the sale of all Placement Shares contemplated to be issued by any Placement Notice. 

(b)    No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by
the Company or any of its subsidiaries of any request for additional information from the Commission or 

  
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any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or
supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation
of any proceedings for that purpose; (iii) receipt by the Company of any notification from the Commission or any other federal or state governmental authority with respect to the suspension of the qualification or exemption from qualification
of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the
Prospectus or any Incorporated Document untrue in any material respect or that requires the making of any changes in the Registration Statement, the related Prospectus or such documents so that, in the case of the Registration Statement, it will not
contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain any
materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(c)    No Misstatement or Material Omission. HCW shall not have advised the Company that the Registration Statement
or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in HCW’s reasonable opinion is material, or omits to state a fact that in HCW’s reasonable opinion is material and is required to be stated
therein or is necessary to make the statements therein not misleading. 
 (d)    Material Changes. Except as
contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have been any Material Adverse Change or any development that could reasonably be expected to result in a Material Adverse Change.

 (e)    Company Counsel Legal Opinion. HCW shall have received the opinion and negative assurance letters or
Reliance Letters of Company Counsel required to be delivered pursuant to Section 7(n) on or before the date on which such delivery of such opinion and negative assurance letter is required pursuant to
Section 7(n). 
 (f)    HCW Counsel Legal Opinion. HCW shall have received from HCW
Counsel, such opinion or opinions, on or before the date on which the delivery of the Company Counsel legal opinion is required pursuant to Section 7(n), with respect to such matters as HCW may reasonably require, and the
Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters. 

(g)    Comfort Letter. HCW shall have received the Comfort Letter required to be delivered pursuant to
Section 7(o) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(o). 

(h)    Representation Certificate. HCW shall have received the certificate required to be delivered pursuant to
Section 7(m) on or before the date on which delivery of such certificate is required pursuant to Section 7(m). 

(i)    Secretary’s Certificate. On or prior to the First Delivery Date, HCW shall have received a certificate,
signed on behalf of the Company by its corporate Secretary, in form and substance satisfactory to HCW and its counsel. 

(j)    No Suspension. Trading in the Common Stock shall not have been suspended on Exchange. 

(k)    Other Materials. On each date on which the Company is required to deliver a certificate pursuant to
Section 7(m), the Company shall have furnished to HCW such appropriate further information, certificates and documents as HCW may have reasonably requested in furtherance of the transactions contemplated hereby, in form and
substance reasonably satisfactory to HCW and its counsel. 
 (l)    Securities Act Filings Made. All filings with
the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424. 

  
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 (m)    Approval for Listing. The Placement Shares shall either have
been (i) approved for listing on Exchange, subject only to notice of issuance, or (ii) the Company shall have filed a notification of listing of additional shares with respect to the Placement Shares on Exchange at, or prior to, the
issuance of any Placement Notice. 
 (n)    No Termination Event. There shall not have occurred any event that
would permit HCW to terminate this Agreement pursuant to Section 11(a). 

9.    Indemnification and Contribution. 

(a)    Company Indemnification. The Company agrees to indemnify and hold harmless HCW, the directors, officers,
partners, employees and agents of HCW and each person, if any, who (i) controls HCW within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled by or is under common control
with HCW (a “HCW Affiliate”) from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other expenses incurred in connection
with, and any and all amounts paid in settlement (in accordance with Section 9(c)) of, any action, suit or proceeding between any of the indemnified parties or between any indemnified party and any third party, or
otherwise, or any claim asserted), as and when incurred, to which HCW, or any such person, may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as
such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus or any
amendment or supplement to the Registration Statement or the Prospectus or in any free writing prospectus or based on written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Common Stock under
the securities laws thereof or filed with the Commission, (y) the omission or alleged omission to state in any such document a material fact required to be stated in it or necessary to make the statements in it, not misleading; provided,
however, that this indemnity agreement shall not apply to the extent that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused directly or indirectly by an untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to HCW and furnished to the Company in writing by HCW expressly for use therein. This indemnity agreement will be in
addition to any liability that the Company might otherwise have. 
 (b)    HCW Indemnification. HCW agrees to
indemnify and hold harmless the Company and its directors, officers, employees and agents of the Company and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, or (ii) is controlled by or is under common control with the Company (each, a “Daré Affiliate”) from and against any and all losses, claims, liabilities, expenses and damages (including, but not
limited to, any and all reasonably investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section 9(a)) of, any action, suit or proceeding between
any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred, to which the Company, or any Daré Affiliate, may become subject under the Securities Act, the Exchange Act or other federal or state
statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on untrue statements or omissions, or alleged untrue statements or
omissions, made in the Registration Statement (or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to HCW and furnished to the Company in writing by HCW
expressly for use therein. 
 (c)    Procedure. Any party that proposes to assert the right to be indemnified
under this Section 9 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this
Section 9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from
(i) any liability that it might have to any indemnified party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this
Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies
the indemnifying party of its commencement, the indemnifying party will be 

  
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entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the
indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified
party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by
the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party
unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses
available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict of interest exists (based on advice of counsel to the indemnified party)
between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact
employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees and documented out-of-pocket disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or
parties. All such reasonable fees and documented out-of-pocket disbursements and other charges will be promptly reimbursed by the indemnifying party following the
receipt of reasonably detailed documentation with respect to the incurrence of such fees, disbursements and other charges. So long as the indemnifying party is conducting the defense of the claim for liability in accordance with this Section, the
indemnified party will reasonably cooperate with the indemnifying party’s defense of such claim. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No
indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this
Section 9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising or that may
arise out of such claim, action or proceeding and (ii) does not include any statement or admission as to fault, culpability or a failure to act on the part of any indemnified party. 

(d)    Contribution. In order to provide for just and equitable contribution in circumstances in which the
indemnification provided for in the foregoing paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or HCW, the Company and HCW will contribute
to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted,
but after deducting any contribution received by the Company from persons other than HCW, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration Statement and directors
of the Company, who also may be liable for contribution) to which the Company and HCW may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and HCW on the other hand. The
relative benefits received by the Company on the one hand and HCW on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear
to the total compensation received by HCW (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation
of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and HCW, on the other, with respect to
the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or HCW, the intent of the parties and
their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and HCW agree that it would not be just and equitable if contributions pursuant to this
Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The

  
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amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this
Section 9(c) shall be deemed to include, for the purpose of this Section 9(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions of this Section 9(d), HCW shall not be required to contribute any
amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(d), any person who controls a party to this Agreement within the meaning of the Securities Act, and any officers, directors, partners,
employees or agents of HCW, will have the same rights to contribution as that party, and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the
provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 9(d), will
notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this
Section 9(d) except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into
pursuant to the last sentence of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to
Section 9(c) hereof. 
 10.    Representations and Agreements to Survive Delivery. The
indemnity and contribution agreements contained in Section 9 of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective
dates, regardless of (i) any investigation made by or on behalf of HCW, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and
payment therefor or (iii) any termination of this Agreement. 
 11.    Termination. 

(a)    HCW shall have the right by giving written notice as hereinafter specified at any time to terminate this Agreement
if (i) since the date of this Agreement, any Material Adverse Change, or any development that would reasonably be expected to result in a Material Adverse Change has occurred that, in the reasonable judgment of HCW, may materially impair the
ability of HCW to sell the Placement Shares hereunder, (ii) the Company shall have failed, refused or been unable to perform any agreement on its part to be performed hereunder (through no fault of HCW); provided, however, in the case of
any failure of the Company to deliver (or cause another person to deliver) any certification, opinion, or letter required under Sections 7(m), 7(n), or 7(o), HCW’s right to terminate shall not arise unless such
failure to deliver (or cause to be delivered) continues for more than thirty (30) days from the date such delivery was required; (iii) any other condition of HCW’s obligations hereunder is not fulfilled; or (iv), any suspension of
trading in the Common Stock shall have occurred. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g) (Expenses), Section 9
(Indemnification and Contribution), Section 10 (Representations and Agreements to Survive Delivery), Section 16 (Applicable Law; Consent to Jurisdiction) and Section 17
(Waiver of Jury Trial) hereof shall remain in full force and effect notwithstanding such termination. If HCW elects to terminate this Agreement as provided in this Section 11(a), HCW shall provide the required written
notice as specified in Section 12 (Notices). 
 (b)    The Company shall have the right, by
giving five (5) days’ notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party
except that the provisions of Section 7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination. 

(c)    HCW shall have the right, by giving ten (10) days’ notice as hereinafter specified to terminate this
Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g), Section 9,
Section 10, Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination. 

  
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 (d)    Unless earlier terminated pursuant to this
Section 11, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares through HCW on the terms and subject to the conditions set forth herein; provided that the provisions
of Section 7(g), Section 9, Section 10, Section 16 and Section 17 hereof shall remain in full force and effect
notwithstanding such termination. 
 (e)    This Agreement shall remain in full force and effect unless terminated
pursuant to Sections 11(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases be deemed to provide that
Section 7(g), Section 9, Section 10, Section 16 and Section 17 shall remain in full force and effect. 

(f)    Any termination of this Agreement shall be effective on the date specified in such notice of termination;
provided, however, that such termination shall not be effective until the close of business on the date of receipt of such notice by HCW or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any
sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement. 

12.    Notices. All notices or other communications required or permitted to be given by any party to any other
party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified in this Agreement, and if sent to HCW, shall be delivered to HCW at H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, email:
atm@hcwco.com, Attention: Head of Investment Banking with a copy to Duane Morris LLP, 1037 Raymond Boulevard, Newark, NJ 07102, attention: Dean M. Colucci, e-mail: dmcolucci@duanemorris.com; or if sent
to the Company, shall be delivered to Daré Bioscience, Inc., 11119 North Torrey Pines Road, Suite 200, La Jolla, CA 92037, attention: Sabrina Martucci Johnson, e-mail: sjohnson@darebioscience.com, with
a copy to Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., 3580 Carmel Mountain Road, Suite 300, San Diego, CA 92130, attention: Jeremy D. Glaser, Esq., e-mail: JDGlaser@mintz.com. Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally, by email or
by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day (as defined below), or, if such day is not a Business Day on the next succeeding Business Day, (ii) on the next
Business Day after timely delivery to a nationally-recognized overnight courier, (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid) and
(iv) if sent by e-mail, on the Business Day on which receipt is confirmed by the individual to whom the notice is sent, other than via auto-reply. For purposes of this Agreement, “Business
Day” shall mean any day on which the Exchange and commercial banks in the City of New York are open for business. 
 An
electronic communication (“Electronic Notice”) shall be deemed written notice for purpose of this Section 12 if sent to the electronic mail address specified by the receiving party under separate
cover. Electronic Notice shall be deemed to be received at the time the party sending Electronic Notice receives confirmation of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the
notice on paper, in a non-electronic form (“Non-electronic Notice”) which shall be sent to the requesting party within ten (10) days of
receipt of the written request for Non-electronic Notice. 

13.    Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and HCW
and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 9 hereof. References to any of the parties contained in this Agreement shall be deemed to include the
successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party. 

14.    Adjustments for Share Splits. The parties acknowledge and agree that all share-related numbers contained in
this Agreement shall be adjusted to take into account any share split, share dividend or similar event effected with respect to the Common Stock occurring after the date hereof. 

  
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 15.    Entire Agreement; Amendment; Severability. This Agreement
(including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the
parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and HCW. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is
valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such
provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. 

16.    Applicable Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts
sitting in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such party at the address in
effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. 
 17.    Waiver of Jury Trial. The Company and HCW each hereby irrevocably waives any
right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby. 

18.    Absence of Fiduciary Relationship. The Company acknowledges and agrees that: 

(a)    HCW has been retained solely to act as sales agent in connection with the sale of the Placement Shares and that no
fiduciary relationship between the Company and HCW has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether HCW has advised or is advising the Company on other matters; 

(b)    the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions
of the transactions contemplated by this Agreement; 
 (c)    the Company has been advised that HCW and its affiliates
are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that HCW has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency
relationship; and 
 (d)    the Company waives, to the fullest extent permitted by law, any claims it may have against
HCW, for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement, and agrees that HCW shall have no liability (whether direct or indirect) to the Company in respect of such a
fiduciary claim. 
 19.    Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or other electronic transmission. 

[Remainder of Page Intentionally Blank] 

  
 - 22 - 

 If the foregoing correctly sets forth the understanding between the Company and HCW, please so
indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and HCW. 
  

			
	Very truly yours,
	
	DARÉ BIOSCIENCE, INC.
		
	By:	 	 /s/ Sabrina Martucci Johnson

	Name:	 	Sabrina Martucci Johnson
	Title:	 	Chief Executive Officer
	
	 ACCEPTED as of the date

first-above written:

	
	H.C. WAINWRIGHT & CO., LLC
		
	By:	 	 /s/ Edward D. Silvera

	Name:	 	Edward D. Silvera
	Title:	 	Chief Operating Officer

  
 [SIGNATURE PAGE TO COMMON
STOCK SALES AGREEMENT] 

 SCHEDULE 1 

FORM OF PLACEMENT NOTICE 
  

			
	From:	  	Daré Bioscience, Inc.
	To:	  	H.C. Wainwright & Co., LLC
	Subject: At the Market Offering—Placement Notice
	Date:	  	            , 20    

 Gentlemen: 

Pursuant to the terms and subject to the conditions contained in the Common Stock Sales Agreement between Daré Bioscience, Inc. (the
“Company”), and H.C. Wainwright & Co., LLC (“HCW”) dated January 4, 2018 (the “Agreement”), I hereby request on behalf of the Company that HCW sell up to
[                    ] shares of the Company’s common stock, par value $0.0001 per share, at a minimum market price of
$         per share. Sales should begin on the date of this Notice and shall continue until [DATE] [all shares are sold][the aggregate sales price of the shares reaches
$[        ]]. 

 SCHEDULE 2 

Notice Parties 
 The Company

 Sabrina Martucci Johnson sjohnson@darebioscience.com 
  

			
	Lisa Walters-Hoffert	 	          lwalters@darebioscience.com
		
	HCW	 	
		
	Michael Vasinkevich	 	          mv@hcwco.com
		
	Craig Schwabe	 	cs@hcwco.com
		
	Peter Fry	 	          pfry@hcwco.com
		
	Charles Worthman	 	          csworthman@hcwco.com
		
	Norman Yun	 	          nyun@hcwco.com

 With a copy to atm@hcwco.com 

 SCHEDULE 3 

Compensation 
 HCW shall be paid
compensation equal to 3.0% of the gross proceeds from the sales of Placement Shares pursuant to the terms of this Agreement. 

 Exhibit 7(m) 

OFFICER CERTIFICATE 
 The
undersigned, the duly qualified and elected                     , of Daré Bioscience, Inc. (“Company”), a Delaware
corporation, does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Common Stock Sales Agreement dated January 4, 2018 (the “Sales Agreement”) between
the Company and H.C. Wainwright & Co., LLC, that to the best of the knowledge of the undersigned: 
 (i)    The
representations and warranties of the Company in Section 6 of the Sales Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to
materiality or Material Adverse Change, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a
specific date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as
if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such
date; and 
 (ii)    The Company has complied with all agreements and satisfied all conditions on its part to be
performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. 
 Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Sales Agreement. 
  

			
	DARÉ BIOSCIENCE, INC.
		
	By:	 	
                     
                                         
                   

		 	Name:
		 	Title:

 Date:Exhibit 10.1

 

 

 

 

 

EQUITY PURCHASE AGREEMENT

 

 

BY AND BETWEEN

 

 

CONSORTEUM HOLDINGS,
INC.

 

 

AND

 

 

OSCALETA PARTNERS
LLC

 

 

Dated as of

 

 

September 22, 2017

 

 

 

 

 

 

    	 	 	 

     

    

 

THIS EQUITY PURCHASE
AGREEMENT entered into as of the 22nd day of September, 2017 (this “AGREEMENT”), by and between OSCALETA PARTNERS
LLC, a Connecticut limited liability company ("INVESTOR"), and CONSORTEUM HOLDINGS, INC., a Nevada corporation
(the "COMPANY").

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to Investor,
from time to time as provided herein, and Investor shall purchase up to Five Million Dollars ($5,000,000) of the Company's Common
Stock (as defined below).

 

NOW, THEREFORE, the parties hereto agree as follows:

 

ARTICLE I

CERTAIN DEFINITIONS

 

Section
1.1DEFINED TERMS. As used in this Agreement, the following terms shall have the following meanings specified or indicated
(such meanings to be equally applicable to both the singular and plural forms of the terms defined):

 

"AGREEMENT"
shall have the meaning specified in the preamble hereof. "CLAIM NOTICE" shall have the meaning specified in Section
9.3(a).

"CLEARING
DATE" shall be the date in which the Estimated Put Shares (as defined in Section 2.2(a}) have been deposited into the Investor's
brokerage account.

 

"CLOSING"
shall mean one of the closings of a purchase and sale of shares of Common Stock pursuant to Section 2.3.

 

"CLOSING
CERTIFICATE" shall mean the closing certificate of the Company in the form of Exhibit B hereto.

 

"CLOSING
PRICE" shall mean the closing bid price for the Common Stock on the Principal Market on a Trading Day as reported by Bloomberg
Finance L.P.

 

"COMMITMENT
PERIOD" shall mean the period commencing on the Effective Date, and ending on the earlier of (i) the date on which Investor
shall have purchased Put Shares pursuant to this Agreement for an aggregate Purchase Price of the Maximum Commitment Amount, or
(ii) the date occurring twenty four (24) months from the Effective Date.

 

"COMMON
STOCK" shall mean the Company's common stock, $0.001 par value per share, and any shares of any other class of common stock
whether now or hereafter authorized, having the right to participate in the distribution of dividends (as and when declared) and
assets (upon liquidation of the Company).

 

"COMMON
STOCK EQUIVALENTS" shall mean any securities that are convertible into or exchangeable for Common Stock or any options or
other rights to subscribe for or purchase Common Stock or any such convertible or exchangeable securities.

 

"COMPANY"
shall have the meaning specified in the preamble to this Agreement.

 

"DAMAGES"
shall mean any loss, claim, damage, liability, cost and expense (including, without limitation, reasonable attorneys' fees and
disbursements and costs and expenses of expert witnesses and investigation).

 

"DISPUTE
PERIOD" shall have the meaning specified in Section 9.3(a).

 

 

 

 

    	 	1	 

     

    

 

"DOLLAR
VOLUME" shall mean the product of (a) the Closing Price multiplied by (b) the trading volume on the Principal Market on a
Trading Day.

 

"DTC"
shall have the meaning specified in Section 2.3. "DWAC" shall have the meaning specified in Section 2.3.

 

"EFFECTIVE
DATE" shall mean the date that the Registration Statement is declared effective by the SEC.

 

"ESTIMATED
PUT SHARES" shall have the meaning specified in Section 2.2(a)

 

"EXCHANGE
ACT" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

"FAST"
shall have the meaning specified in Section 2.3.

 

"FINRA"
shall mean the Financial Industry Regulatory Authority, Inc.

 

"FLOOR
PRICE" shall mean seventy five percent (75%) of the average of the Closing Prices for the ten (IO)
Trading Days immediately preceding the date of the Company's Put Notice.

 

"INDEMNIFIED
PARTY" shall have the meaning specified in Section 9.2.

 

"INDEMNIFYING PARTY" shall have the meaning specified in
Section 9.2. "INDEMNITY NOTICE" shall have the meaning specified in Section 9.3(b).

 

"INVESTMENT
AMOUNT" shall mean the dollar amount to be invested by Investor to purchase Put Shares with respect to any Put as notified
by the Company to Investor in accordance with Section 2.2.

 

"INVESTOR"
shall have the meaning specified in the preamble to this Agreement.

 

"MARKET
PRICE" shall mean the lowest Closing Price on the Principal Market for any Trading Day during the Valuation Period, as reported
by Bloomberg Finance L.P.

 

"MATERIAL
ADVERSE EFFECT" shall mean any effect on the business, operations, properties, or financial condition of the Company that
is material and adverse to the Company and/or any condition, circumstance, or situation that would prohibit or otherwise materially
interfere with the ability of the Company to enter into and perform its obligations under this Agreement.

 

"MAXIMUM
COMMITMENT AMOUNT" shall mean Five Million Dollars ($5,000,000). "PAR VALUE PAYMENT" shall have the meaning specified
in Section 2.2(a).

 

"PERSON"
shall mean an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

"PRINCIPAL
MARKET" shall mean any of the national exchanges (i.e. NYSE, NYSE AMEX, Nasdaq), OTCQX, OTCQB, OTC Pink Sheets, or other
principal exchange which is at the time the principal trading exchange or market for the Common Stock.

 

 

 

 

 

    	 	2	 

     

    

 

"PURCHASE
PRICE" shall mean 88% of the Market Price on such date on which the Purchase Price is calculated in accordance with the terms
and conditions of this Agreement.

 

"PUT"
shall mean the right of the Company to require the Investor to purchase shares of Common Stock, subject to the terms and conditions
of this Agreement.

 

"PUT
DATE" shall mean any Trading Day during the Commitment Period that a Put Notice is deemed delivered pursuant to Section 2.2(b).

 

"PUT
NOTICE" shall mean a written notice, substantially in the form of Exhibit A hereto, from the Company to Investor setting
forth the Investment Amount with respect to which the Company intends to require Investor to purchase shares of Common Stock pursuant
to the terms of this Agreement.

 

"PUT
SHARES" shall mean all shares of Common Stock issued or issuable pursuant to a Put that has been exercised or may be exercised
in accordance with the terms and conditions of this Agreement.

 

"REGISTERED
SECURITIES" shall mean the (a) Put Shares, and (b) any securities issued or issuable with respect to any of the foregoing
by way of exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization or otherwise. As to any particular Registered Securities, once issued such securities shall cease to be
Registrable Securities when (i) a Registration Statement has been declared effective by the SEC and such Registrable Securities
have been disposed of pursuant to such Registration Statement, (ii) such Registrable Securities have been sold under circumstances
under which all of the applicable conditions of Rule 144 are met, (iii) such time as such Registrable Securities have been otherwise
transferred to holders who may trade such shares without restriction under the Securities Act or (iv) in the opinion of counsel
to the Company, which counsel shall be reasonably acceptable to Investor, such Registrable Securities may be sold without registration
under the Securities Act or the need for an exemption from any such registration requirements and without any time, volume or
manner limitations pursuant to Rule 144(b)(i) (or any similar provision then in effect) under the Securities Act.

 

"REGISTRATION
STATEMENT" shall mean the Company's effective registration statement on file with the SEC, and any follow up registration
statement or amendment thereto, relating to the Registered Securities.

 

"REGULATION
D" shall mean Regulation D promulgated under the Securities Act.

 

"RULE
144" shall mean Rule 144 under the Securities Act or any similar provision then in force under the Securities Act.

 

"SEC"
shall mean the Securities and Exchange Commission.

 

"SECURITIES
ACT" shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

"SEC
DOCUMENTS" shall mean, as of a particular date, all reports and other documents filed by the Company pursuant to Section
I3(a) or lS(d) of the Exchange Act since the end of the Company's then most recently completed and reported fiscal year as of
the time in question (provided that if the date in question is within ninety days of the beginning of the Company's fiscal year,
the term shall include all documents filed since the beginning of the preceding fiscal year).

 

"SHORT
SALES" shall mean all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

 

 

 

 

    	 	3	 

     

    

 

 

"SUBSCRIPTION
DATE" shall mean the date on which this Agreement is executed and delivered by the Company and Investor.

 

"THIRD
PARTY CLAIM" shall have the meaning specified in Section 9.3(a).

 

"TRADING
DAY" shall mean a day on which the Principal Market shall be open for business.

 

"TRANSACTION
DOCUMENTS" shall mean this Agreement and the Registration Rights Agreement. "TRANSFER AGENT" shall mean the transfer
agent for the Common Stock (and to any substitute or replacement transfer agent for the Common Stock upon the Company's appointment
of any such substitute or replacement transfer agent).

 

"UNDERWRITER"
shall mean any underwriter participating in any disposition of the Registered Securities on behalf of Investor pursuant to the
Registration Statement.

 

"VALUATION
EVENT" shall mean an event in which the Company at any time during a Valuation Period takes any of the following actions:

 

(a)               
subdivides or combines the Common Stock;

 

(b)                
pays a dividend in shares of Common Stock or makes any other distribution of shares of Common Stock, except for dividends
paid with respect to any series of preferred stock authorized by the Company, whether existing now or in the future;

 

(c)               
issues any options or other rights to subscribe for or purchase shares of Common Stock other than pursuant to this Agreement,
and other than options or stock grants issued or issuable to directors, officers and employees pursuant to a stock option program,
whereby the price per share for which shares of Common Stock may at any time thereafter be issuable pursuant to such options or
other rights shall be less than the Closing Price in effect immediately prior to such issuance;

 

(d)               
issues any securities convertible into or exchangeable for shares of Common Stock and the consideration per share for which
shares of Common Stock may at any time thereafter be issuable pursuant to the terms of such convertible or exchangeable securities
shall be less than the Closing Price in effect immediately prior to such issuance;

 

(e)               
issues shares of Common Stock otherwise than as provided in the foregoing subsections (a) through (d), at a price per share
less, or for other consideration lower, than the Closing Price in effect immediately prior to such issuance, or without consideration;
or

 

(f)           
makes a distribution of its assets or evidences of indebtedness to the holders of Common Stock as a dividend in liquidation
or by way of return of capital or other than as a dividend payable out of earnings or surplus legally available for dividends
under applicable law or any distribution to such holders made in respect of the sale of all or substantially all of the Company's
assets (other than under the circumstances provided for in the foregoing subsections (a) through (e).

 

"VALUATION
PERIOD" shall mean the period of ten (10) Trading Days immediately following the Clearing Date associated with the
applicable Put Notice during which the Purchase Price of the Common Stock is valued; provided, however, that if a Valuation
Event occurs during any Valuation Period, a new Valuation Period shall begin on the Trading Day immediately after the
occurrence of such Valuation Event and end on the tenth (10th) Trading Day thereafter. Investor shall notify the Company in
writing of the occurrence of the Clearing Date associated with a Put Notice. The Valuation Period shall begin the first
Trading Day following such written notice from Investor.

 

 

 

 

    	 	4	 

     

    

 

ARTICLE II

PURCHASE AND SALE OF
COMMON STOCK

 

Section
2.1INVESTMENTS.

 

(a)               
PUTS. Upon the terms and conditions set forth herein (including, without limitation, the provisions of Article VII), on
any Put Date the Company may exercise a Put by the delivery of a Put Notice. The number of Put Shares that Investor shall purchase
pursuant to such Put shall be determined by dividing the Investment Amount specified in the Put Notice by the Purchase Price with
respect to such Put Notice.

 

(b)               
PROMISSORY NOTE. As a condition for the execution of this Agreement by the Investor, the Company shall issue to the Investor
a promissory note in the principal amount equal to $50,000.00 (the "NOTE") on the Subscription Date representing payment
by the Company of its commitment fee. The Note shall have no registration rights.

 

Section
2.2MECHANICS.

 

(a)               
PUT NOTICE. At any time and from time to time during the Commitment Period, the Company may deliver a Put Notice to Investor,
subject to the conditions set forth in Section 7.2; provided, however, that the Investment Amount identified in the applicable
Put Notice, when taken together with all prior Put Notices, shall not exceed the Maximum Commitment Amount. On the Put Date the
Company shall deliver to Investor's brokerage account estimated put shares equal to the Investment Amount indicated in the Put
Notice divided by the Closing Price on the Trading Day immediately preceding the Put Date, multiplied by one hundred twenty five
percent (125%) (the "ESTIMATED PUT SHARES"). On the Trading Date immediately following delivery of the Estimated Put
Shares, Investor shall deliver payment by check or wire transfer to the Company in an amount equal lo the par value of the Estimated
Put Shares ("PAR VALUE PAYMENT").

 

(b)               
DATE OF DELIVERY Or PUT NOTICE. A Put Notice shall be deemed delivered on (i) the Trading Day it is received by facsimile
or otherwise by Investor if such notice is received Oil or prior to 12:00 noon New York time, or (ii) the immediately succeeding
Trading Day if it is received by facsimile or otherwise after 12:00 noon New York time on a Trading Day or at any time on a day
which is not a Trading Day.

 

(c)               
FLOOR PRICE. In the event that, during a Valuation Period, the Closing Price oil any Trading Day is less than the Floor
Price (a "LOW PRICE"), for each such Trading Day, the parties shall have no right to sell and shall be under no obligation
to purchase one tenth (1110th) of the Investment Amount specified in the Put Notice, and the Investment Amount shall accordingly
be deemed reduced by such amount. In the event that during a Valuation Period there exists a Low Price for any three (3) Trading
Days--not necessarily consecutive then the balance of each party's right and obligation to sell and purchase the Investment Amount
under such Put Notice shall terminate on such third Trading Day ("TERMINATION DAY"), and the Investment Amount shall
be adjusted to include only one-tenth ( l/ 10111) of the initial Investment Amount for each
Trading Day during the Valuation Period prior to the Termination Day that the Closing Price equals or exceeds the Floor Price.

 

Section
2.3CLOSINGS. At the end of the Valuation Period the Purchase Price shall be established and the number of Put Shares
shall be determined for a particular Put. If the number of Estimated Put Shares initially delivered to Investor is greater
than the Put Shares purchased by Investor pursuant to such Put, then immediately after the Valuation Period the Investor
shall deliver to Company or its transfer agent any excess Estimated Put Shares associated with such Put, and the Par Value
Payment associated with such excess Estimated Put Shares shall be returned to Investor. If the number of Estimated Put Shares
delivered to Investor is less than the Put Shares purchased by Investor pursuant to a Put, then immediately after the
Valuation Period the Company shall deliver to Investor the difference between the Estimated Put Shares and the Put Shares
issuable pursuant to such Put. The Closing of a Put shall occur upon the first Trading Day following the completion of the
Valuation Period, whereby Investor shall deliver the Investment Amount specified in the Put Notice, less the Par Value
Payment, by wire transfer of immediately available funds to an account designated by the Company. In lieu of delivering
physical certificates representing the Common Stock issuable in accordance with this Section 2.3, and provided that the
Transfer Agent then is participating in the Depository Trust Company ("DTC") Fast Automated Securities Transfer
("FAST") program, upon request of Investor made no earlier than October 31, 2017, but subject to the applicable
provisions of Article VIII hereof, the Company shall use its commercially reasonable efforts to cause the Transfer Agent to
electronically transmit, prior to the applicable Closing Date, the applicable Put Shares by crediting the account of the
Investor's prime broker with DTC through its Deposit/Withdrawal at Custodian ("DWAC") system, and provide proof
satisfactory to the Investor of such delivery. In addition, on or prior to such Closing Date, each of the Company and
Investor shall deliver to each other all documents, instruments and writings required to be delivered or reasonably
requested by either of them pursuant to this Agreement in order to implement and effect the transactions contemplated
herein.

 

 

    	 	5	 

     

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES
OF INVESTOR

 

Investor
represents and warrants to the Company that:

 

Section
3.1INTENT. Investor is entering into this Agreement for its own account and Investor has no present arrangement (whether or
not legally binding) at any time to sell the Registered Securities to or through any person or entity; provided, however, that
Investor reserves the right to dispose of the Registered Securities at any time in accordance with federal and state securities
laws applicable to such disposition.

 

Section
3.2NO LEGAL ADVICE FROM THE COMPANY. The Investor acknowledges that it has had the opportunity to review this Agreement and
the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying
solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives
or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement
or the securities laws of any jurisdiction.

 

Section
3.3SOPHISTICATED INVESTOR. Investor is a sophisticated investor (as described in Rule 506(b)(2)(ii) of Regulation D) and an
accredited investor (as defined in Rule 501 of Regulation D), and Investor has such experience in business and financial matters
that it is capable of evaluating the merits and risks of an investment in the Registered Securities. Investor acknowledges that
an investment in the Registered Securities is speculative and involves a high degree of risk.

 

Section
3.4AUTHORITY. (a) Investor has the requisite power and authority to enter into and perform its obligations under this Agreement
and the transactions contemplated hereby in accordance with its terms; (b)  
the execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby have been
duly authorized by all necessary action and no further consent or authorization of Investor or its members is required; and (c)
this Agreement has been duly authorized and validly executed and delivered by Investor and constitutes a valid and binding obligation
of Investor enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, or similar laws
relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general
application.

 

Section
3.5NOT AN AFFILIATE. Investor is not an officer, director or "affiliate" (as that term is defined in Rule 405 of
the Securities Act) of the Company.

 

Section
3.6ORGANIZATION AND STANDING. Investor is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Connecticut and has all requisite power and authority to own, lease and operate its properties
and to carry on its business as now being conducted. Investor is duly qualified and in good standing in every jurisdiction in
which the nature of the business conducted or property owned by it makes such qualification necessary, other than those in which
the failure so to qualify would not have a material adverse effect on Investor.

 

 

 

 

    	 	6	 

     

    

 

Section
3.7ABSENCE OF CONFLICTS. The execution and delivery of this Agreement and any other document or instrument contemplated hereby,
and the consummation of the transactions contemplated hereby and thereby, and compliance with the requirements hereof and thereof,
will not (a) violate any Jaw, rule, regulation, order, writ, judgment, injunction, decree or award binding on Investor, (b) violate
any provision of any indenture, instrument or agreement to which Investor is a party or is subject, or by which Investor or any
of its assets is bound, or conflict with or constitute a default thereunder, (c) result in the creation or imposition of any lien
pursuant to the terms of any such indenture, instrument or agreement, or constitute a breach of any fiduciary duty owed by Investor
to any third party, or (d) require the approval of any third-party (that has not been obtained) pursuant to any contract, instrument,
agreement, relationship or legal obligation to which Investor is subject or to which any of its assets, operations or management
may be subject.

 

Section
3.8DISCLOSURE; ACCESS TO INFORMATION. Investor had an opportunity to review copies of the SEC Documents filed on behalf of
the Company and has had access to all publicly available information with respect to the Company.

 

Section 3.9MANNER OF SALE.
At no time was Investor presented with or solicited by or through any leaflet, public promotional meeting, television advertisement
or any other form of general solicitation or advertising.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES
OF THE COMPANY

 

The
Company represents and warrants to Investor that, except as disclosed in the SEC Documents:

 

Section
4.1ORGANIZATION OF THE COMPANY. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Nevada and has all requisite power and authority to own, lease and operate its properties and to carry on
its business as now being conducted. The Company is duly qualified as a foreign corporation to do business and is in good standing
in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
other than those in which the failure so to qualify would not have a Material Adverse Effect or where the Company is in the process
of qualifying (GA).

 

Section
4.2AUTHORITY. (a) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and to issue the Put Shares; (b) the execution and delivery of this Agreement by the Company and the consummation
by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action and no further consent
or authorization of the Company or its Board of Directors or stockholders is required; and (c) this Agreement has been duly executed
and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws
relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general
application.

 

Section
4.3CAPITALIZATION. As of the date hereof, the authorized capital stock of the Company consists of 500,000,000 shares of Common
Stock, $0.00 I par value per share, of which 471,150,864 shares were issued and outstanding as of September 14, 2017, and 100,000,000
shares of preferred stock, including 5,000,000 shares of Series A Preferred Stock, 15,000,000 shares of Series B Preferred Stock
and 40,000,000 shares of Series C Preferred Stock authorized, of which 5,000,000 shares of Series A Preferred Stock, 6,000,000
shares of Series B Preferred Stock and no shares of Series C Preferred Stock were issued and outstanding at September 14, 2017.

 

Except
as otherwise disclosed in the SEC Documents or on Schedule 4.3, there arc no outstanding securities which arc convertible
into shares of Common Stock, whether such conversion is currently exercisable or exercisable only upon some future date or the
occurrence of some event in the future.

 

 

 

 

    	 	7	 

     

    

 

All
of the outstanding shares of Common Stock of the Company have been duly and validly authorized and issued and arc fully paid and
non-assessable.

 

Section
4.4COMMON STOCK. Except as otherwise disclosed on Schedule 4.4, the Company is in full compliance with all reporting
requirements of the Exchange Act, and the Company has maintained all requirements for the continued listing or quotation of the
Common Stock, and such Common Stock is currently listed or quoted on the Principal Market which is presently the OTCQB Pink Sheets.

 

Section
4.5SEC DOCUMENTS. The Company may make available to investor true and complete copies of the SEC Documents (including, without
limitation, proxy information and solicitation materials). As of their respective dates, the SEC Documents complied in all material
respects with the requirements of the Exchange Act, and other federal laws, rules and regulations applicable to such SEC Documents,
and none of the SEC Documents 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 light of the circumstances under which they were made,
not misleading. The financial statements of the Company included in the SEC Documents comply as to form and substance in all material
respects with applicable accounting requirements and the published rules and regulations of the SEC or other applicable rules
and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting
principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial
statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes
or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as
of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal year-end audit adjustments).

 

Section
4.6VALID ISSUANCES. When issued and paid for as herein provided, the Put Shares shall be duly and validly issued, fully paid,
and non-assessable. The sales of the Put Shares pursuant to this Agreement, and the Company's performance of its obligations hereunder,
shall not (a) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Put Shares, or
any of the assets of the Company, or (b) entitle the holders of outstanding shares of Common Stock to preemptive or other rights
to subscribe to or acquire the Common Stock or other securities of the Company. The Put Shares shall not subject Investor to personal
liability, in excess of the subscription price by reason of the ownership thereof.

 

Section
4.7NO CONFLICTS. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby, including without limitation the issuance of the Put Shares, do not and will not (a)
result in a violation of the Company's Articles of Incorporation or By-Laws or (b) conflict with, or constitute a material default
(or an event that with notice or lapse of time or both would become a material default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any material agreement, indenture, instrument or any "lock-up"
or similar provision of any underwriting or similar agreement to which the Company is a party, or (c) result in a violation of
any federal, state or local law, rule, regulation, order, judgment or decree (including federal and state securities laws and
regulations) applicable to the Company or by which any property or asset of the Company is bound or affected (except for such
conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the
aggregate, have a Material Adverse Effect) nor is the Company otherwise in violation of, conflict with or in default under any
of the foregoing. The business of the Company is not being conducted in violation of any law, ordinance or regulation of any governmental
entity, except for possible violations that either singly or in the aggregate do not and will not have a Material Adverse Effect.
The Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order
of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any
of its obligations under this Agreement or issue and sell the Common Stock in accordance with the terms hereof (other than any
SEC, FINRA or state securities filings that may be required to be made by the Company subsequent to any Closing, and any registration
statement that may be filed pursuant hereto); provided that, for purposes of the representation made in this sentence, the Company
is assuming and relying upon the accuracy of the relevant representations and agreements of Investor herein.

 

 

 

 

 

 

    	 	8	 

     

    

 

Section
4.8NO MATERIAL ADVERSE CHANGE. Since August 31, 2017 no event has occurred that would have a Material Adverse Effect on the
Company.

 

Section
4.9LITIGATION AND OTHER PROCEEDINGS. Except as disclosed on Schedule 4.9 and in the Company's SEC filings, there are no lawsuits
or proceedings pending or to the knowledge of the Company threatened, against the Company, nor has the Company received any written
or oral notice of any such action, suit, proceeding or investigation, which would have a Material Adverse Effect. No judgment,
order, writ, injunction or decree or award has been issued by or, so far as is known by the Company, requested by any court, arbitrator
or governmental agency which would have a Material Adverse Effect.

 

Section 4.10     DILUTION. The number of shares of Common Stock
issuable as Put Shares may increase substantially in certain circumstances, including, but not necessarily limited to, the circumstance
wherein the trading price of the Common Stock declines during the period between the Effective Date and the end of the Commitment
Period. The Company's executive officers and directors have studied and fully understand the nature of the transactions contemplated
by this Agreement and recognize that they have a potential dilutive effect. The board of directors of the Company has concluded
in its good faith business judgment that such issuance is in the best interests of the Company. The Company specifically acknowledges
that, subject to Section 2.2(c), its obligation to issue the Put Shares is binding upon the Company and enforceable regardless
of the dilution such issuance may have on the ownership interests of other shareholders of the Company.

 

ARTICLE V

COVENANTS
OF INVESTOR

 

Section
5.1COMPLIANCE WITH LAW; TRADING IN SECURITIES. Investor's trading activities with respect to shares of the Common Stock will
be in compliance with all applicable state and federal securities laws, rules and regulations and the rules and regulations of
FINRA and the Principal Market on which the Common Stock is listed or quoted.

 

Section
5.2SHORT SALES AND CONFIDENTIALITY. Neither Investor nor any affiliate of the Investor acting on its behalf or pursuant to
any understanding with it will execute any Short Sales during the period from the date hereof to the end of the Commitment Period.
For the purposes hereof, and in accordance with Regulation SHO, the sale after delivery of a Put Notice of such number of shares
of Common Stock reasonably expected to be purchased under a Put Notice shall not be deemed a Short Sale.

 

Other than to other Persons
party to this Agreement, Investor has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction).

 

ARTICLE VI

COVENANTS OF
THE COMPANY

 

Section
6.1RESERVATION OF COMMON STOCK. The Company will, from time to time as needed in advance of a Closing Date, reserve and keep
available until the consummation of such Closing, free of preemptive rights sufficient shares of Common Stock for the purpose
of enabling the Company to satisfy its obligation to issue the Put Shares to be issued in connection therewith. The number of
shares so reserved from time to time, as theretofore increased or reduced as hereinafter provided, may be reduced by the number
of shares actually delivered hereunder.

 

 

 

 

 

 

 

 

 

    	 	9	 

     

    

 

Section
6.2LISTING OF COMMON STOCK. If the Company applies to have the Common Stock traded on
any other Principal Market, it shall include in such application the Put Shares, and shall take such other action as is necessary
or desirable in the reasonable opinion of Investor to cause the Common Stock to be listed on such other Principal Market as promptly
as possible. The Company shall use its commercially reasonable efforts to continue the listing and trading of the Common Stock
on the Principal Market (including, without limitation, maintaining sufficient net tangible assets) and will comply in all respects
with the Company's reporting, filing and other obligations under the bylaws or rules of the FINRA and the Principal Market.

 

Section
6.3CERTAIN AGREEMENTS. So long as this Agreement remains in effect, the Company covenants and agrees that it will not, without
the prior written consent of the Investor, enter into any other equity line of credit agreement with a third party during the
Commitment Period having terms and conditions substantially comparable to this Agreement. For the avoidance of doubt, nothing
contained in the Transaction Documents shall restrict, or require the Investor's consent for, any agreement providing for the
issuance or distribution of (or the issuance or distribution of) any equity securities pursuant to any agreement or arrangement
that is not commonly understood to be an "equity line of credit."

 

ARTICLE VII

CONDITIONS TO DELIVERY
OF

PUT NOTICES AND CONDITIONS TO CLOSING

 

Section
7.1CONDITIONS PRECEDENT TO THE OBLIGATION OF THE COMPANY TO ISSUE AND SELL COMMON STOCK.
The obligation hereunder of the Company to issue and sell the Put Shares to Investor is subject to the satisfaction of each of
the conditions set forth below.

 

(a)               
ACCURACY OF INVESTOR'S REPRESENTATIONS AND WARRANTIES. The representations and warranties of Investor shall be true and
correct in all material respects as of the date of this Agreement and as of the date of each such Closing as though made at each
such time.

 

(b)               
PERFORMANCE BY INVESTOR. Investor shall have performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by Investor at or prior to such Closing.

 

(c)               
PRINCIPAL MARKET REGULATION. The Company shall not issue any Put Shares, and the Investor shall not have the right to receive
any Put Shares, if the issuance of such shares would exceed the aggregate number of shares of Common Stock which the Company may
issue without breaching the Company's obligations under the rules or regulations of the Principal Market (the "EXCHANGE CAP").

 

Section
7.2CONDITIONS PRECEDENT TO THE RIGHT OF THE COMPANY TO DELIVER A PUT NOTICE AND THE OBLIGATION OF INVESTOR TO PURCHASE PUT
SHARES. The right of the Company to deliver a Put Notice and the obligation of Investor hereunder to acquire and pay for the Put
Shares is subject to the satisfaction of each of the following conditions:

 

(a)               
EFFECTIVE REGISTRATION STATEMENT. The Registration Statement, and any amendment or supplement thereto, shall remain effective
for the sale by Investor of the Registered Securities subject to such Put Notice, and (i)
neither the Company nor Investor shall have received notice that the SEC has issued or intends to issue a stop order with
respect to such Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of such Registration
Statement, either temporarily or permanently, or intends or has threatened to do so, and (ii) no other suspension of the use or
withdrawal of the effectiveness of such Registration Statement or related prospectus shall exist.

 

(b)               
ACCURACY OF THE COMPANY'S REPRESENTATIONS AND WARRANTIES. The representations and warranties of the Company shall be true
and correct in all material respects (except for representations and warranties specifically made as of a particular date), except
for any conditions which have temporarily caused any representations or warranties herein to be incorrect and which have been
corrected with no continuing impairment to the Company or Investor.

 

 

 

 

 

 

 

    	 	10	 

     

    

 

(c)               
PERFORMANCE BY THE COMPANY. The Company shall have performed, satisfied and complied in all material respects with all
covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company.

 

(d)               
NO INJUNCTION. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially
adversely affects any of the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may
have the effect of prohibiting or materially adversely affecting any of the transactions contemplated by this Agreement.

 

(e)                
ADVERSE CHANGES. Since the date of filing of the Company's most recent SEC Document, no event that had or is reasonably
likely to have a Material Adverse Effect has occurred.

 

(f)       NO
SUSPENSION OF TRADING IN OR DELISTING OF COMMON STOCK. The trading of the Common Stock shall not have been suspended by the SEC,
the Principal Market or the FINRA and the Common Stock shall have been approved for listing or quotation on and shall not have
been delisted from the Principal Market.

 

(g)              
[INTENTIONALLY OMITTED]

 

(h)               
TEN PERCENT LIMITATION. On each Closing Date, the number of Put Shares then to be purchased by Investor shall not exceed
the number of such shares that, when aggregated with all other shares of Common Stock then owned by Investor beneficially or deemed
beneficially owned by Investor, would result in Investor owning more than 9.99% of all of such Common Stock as would be outstanding
on such Closing Date, as determined in accordance with Section 16 of
the Exchange Act and the regulations promulgated thereunder. For purposes of this Section, in the event that the amount of Common
Stock outstanding as determined in accordance with Section 16 of
the Exchange Act and the regulations promulgated thereunder is greater on a Closing Date than on the date upon which the Put Notice
associated with such Closing Date is given, the amount of Common Stock outstanding on such Closing Date shall govern for purposes
of determining whether Investor, when aggregating all purchases of Common Stock made pursuant to this Agreement, would own more
than 9.99% of the Common Stock following such Closing Date.

 

(i)                
PRINCIPAL MARKET REGULATION. The Company shall not issue any Put Shares, and the Investor shall not have the right to receive
any Put Shares, if the issuance of such shares would exceed the Exchange Cap.

 

(j)
NO KNOWLEDGE. The Company shall have no knowledge of any event more likely than not to have the effect of causing such
Registration Statement to be suspended or otherwise ineffective (which event is more likely than not to occur within the fifteen
(15) Trading Days following the Trading Day on which such Put Notice is deemed delivered).

 

(k)               
NO VIOLATION OF SHAREHOLDER APPROVAL REQUIREMENT. The issuance of shares of Common Stock with respect to the applicable
Closing, if any, shall not violate the shareholder approval requirements of the Principal Market.

 

(i)
NO VALUATION EVENT. No Valuation Event shall have occurred since the Put Date.

 

(m)
OTHER. On the date of delivery of each Put Notice, Investor shall have received a ce1iificate in substantially the form and
substance of Exhibit B hereto, executed by an
executive officer of the Company and to the effect that all the conditions to such Closing shall have been satisfied as at
the date of each such certificate.

 

 

    	 	11	 

     

    

 

ARTICLE VIII

LEGENDS

 

Section
8.1      NO STOCK LEGEND OR STOCK TRANSFER RESTRICTIONS. No legend shall be placed on the share certificates
representing the Put Shares.

 

Section 8.2INVESTOR'S COMPLIANCE. Nothing in this Article VIII shall affect in any way Investor's
obligations under any agreement to comply with all applicable securities laws upon the sale of the Common Stock.

 

ARTICLE IX

NOTICES; INDEMNIFICATION

 

Section 9.1NOTICES.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (a)   personally
served, (b) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (c) delivered by
reputable air courier service with charges prepaid, or (d) transmitted by hand delivery, facsimile, or email as a PDF,
addressed as set forth below or to such other address as such party shall have specified most recently by written notice
given in accordance herewith. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (i) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, or email as a PDF, at the address or number designated below (if delivered on a business day during normal business
hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received) or (ii) on the second business day following
the date of mailing by express courier service or on the fifth business day after deposited in the mail, in each case, fully
prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	12	 

     

    

 

The
addresses for such communications shall be:

 

If
to the Company:

 

Consorteum Holdings, Inc.

1870
The Exchange, Suite 230

Atlanta, GA 30339-2021

Attn: Patrick Shuster

Chief Operating Officer

Tel:
888-603-5161

Fax:
_________________________

Email:
patrick@consorteum.com

 

Copy to (which shall not constitute notice):

Schnader Harrison Segal & Lewis LLP

140
Broadway, Suite 3100

New
York, NY 10005-1101

Attn: Sarah Hewitt

Tel:
212-973-8123

Fax:
212-972-8798

Email: shewitt@schnader.com

 

If
to Investor:

 

Oscaleta Partners LLC

90
Grove Street

Ridgefield,
CT 06877

Tel:
203-431-8300

Fax:
203-431-8301

Email:

 

Either
party hereto may from time to time change its address, facsimile number, or email for notices under this Section 9.1
by giving at least ten (10) days' prior written notice of such changed address, facsimile number, or email to the other
party hereto.

 

Section
9.2INDEMNIFICATION. Each party (an "INDEMNJFYING PARTY") agrees to indemnify and hold harmless the other party along
with its officers, directors, employees, and authorized agents, and each Person or entity, if any, who controls such party within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (an "INDEMNIFIED PARTY") from and
against any Damages, joint or several, and any action in respect thereof to which the Indemnified Party becomes subject to, resulting
from, arising out of or relating to (i) any misrepresentation, breach of warranty or nonfulfillment of or failure to perform any
covenant or agreement on the part of Indemnifying Party contained in this Agreement, (ii)
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective
amendment thereof or supplement thereto, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of
a material fact contained in any preliminary prospectus or contained in the final prospectus (as amended or supplemented, if the
Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any
material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein
were made, not misleading, or (iv) any violation or alleged violation by the Company of the Securities Act, the Exchange Act,
any state securities law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law, as
such Damages are incurred, except to the extent such Damages result primarily from the Indemnified Party's failure to perform
any covenant or agreement contained in this Agreement or Indemnified Party's negligence, recklessness or bad faith in performing
its obligations under this Agreement; provided, however, that the foregoing indemnity agreement shall not apply to any Damages
of an Indemnified Party to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue
statement or omission or alleged omission of a material fact made by an Indemnifying Party in reliance upon and in conformity
with written information furnished to the Indemnifying Party by the Indemnified Party expressly for use in the Registration Statement,
any post-effective amendment thereof or supplement thereto, or any preliminary prospectus or final prospectus (as amended or supplemented).

 

 

 

 

 

 

    	 	13	 

     

    

 

Section
9.3METHOD OF ASSERTINGINDEMNIFICATION CLAIMS. All claims for indemnification by any Indemnified Party (as defined above)
under Section 9.2 shall be asserted and resolved as follows:

 

(a)               
In the event any claim or demand in respect of which an Indemnified Party might seek indemnity under Section 9.2 is asserted
against or sought to be collected from such Indemnified Party by a person other than a party hereto or an affiliate thereof(a
"THIRD PARTY CLAIM"), the Indemnified Party shall deliver a written notification, enclosing a copy of all papers served,
if any, and specifying the nature of and basis for such Third Party Claim and for the Indemnified Party's claim for indemnification
that is being asserted under any provision of Section 9.2 against an Indemnifying Party, together with the amount or, if not then
reasonably ascertainable, the estimated amount, determined in good faith, of such Third Party Claim (a "CLAIM NOTICE")
with reasonable promptness to the Indemnifying Party. If the Indemnified Party fails to provide the Claim Notice with reasonable
promptness after the Indemnified Party receives notice of such Third Party Claim, the Indemnifying Party shall not be obligated
to indemnify the Indemnified Party with respect to such Third Party Claim to the extent that the Indemnifying Party's ability
to defend has been materially prejudiced by such failure of the Indemnified Party. The Indemnifying Party shall notify the Indemnified
Party as soon as practicable within the period ending thirty (30) calendar days following receipt by the Indemnifying Party of
either a Claim Notice or an Indemnity Notice (as defined below) (the "DISPUTE PERIOD") whether the Indemnifying Party
disputes its liability or the amount of its liability to the Indemnified Party under Section 9.2 and whether the Indemnifying
Party desires, at its sole cost and expense, to defend the Indemnified Party against such Third Party Claim.

 

(i)                
ff the Indemnifying Party notifies the Indemnified Party within the Dispute Period that the Indemnifying Party desires
to defend the Indemnified Party with respect to the Third Party Claim pursuant to this Section 9.3(a), then the Indemnifying Party
shall have the right to defend, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of
the Indemnifying Party, such Third Party Claim by all appropriate proceedings, which proceedings shall be vigorously and diligently
prosecuted by the Indemnifying Party to a final conclusion or will be settled at the discretion of the Indemnifying Party (but
only with the consent of the Indemnified Party in the case of any settlement that provides for any relief other than the payment
of monetary damages or that provides for the payment of monetary damages as to which the Indemnified Party shall not be indemnified
in full pursuant to Section 9.2). The Indemnifying Party shall have full control of such defense and proceedings, including any
compromise or settlement thereof; provided, however, that the Indemnified Party may, at the sole cost and expense of the Indemnified
Party, at any time prior to the Indemnifying Party's delivery of the notice referred to in the first sentence of this clause (i),
file any motion, answer or other pleadings or take any other action that the Indemnified Party reasonably believes to be necessary
or appropriate to protect its interests; and provided further, that if requested by the Indemnifying Patty, the Indemnified Party
will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnifying Party in contesting
any Third Party Claim that the Indemnifying Party elects to contest. The Indemnified Party may participate in, but not control,
any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant to this clause (i), and except
as provided in the preceding sentence, the Indemnified Party shall bear its own costs and expenses with respect to such participation.
Notwithstanding the foregoing, the Indemnified Party may take over the control of the defense or settlement of a Third Party Claim
at any time if it irrevocably waives its right to indemnity under Section 9.2 with respect to such Third Party Claim.

 

 

 

 

    	 	14	 

     

    

 

(ii)              
If the Indemnifying Party fails to notify the Indemnified Party within the Dispute Period that the Indemnifying Party desires
to defend the Third Party Claim pursuant to Section 9.3(a), or if the Indemnifying Party gives such notice but fails to prosecute
vigorously and diligently or settle the Third Party Claim, or if the Indemnifying Party fails to give any notice whatsoever within
the Dispute Period, then the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying
Party, the Third Party Claim by all appropriate proceedings, which proceedings shall be prosecuted by the Indemnified Party in
a reasonable manner and in good faith or will be settled at the discretion of the Indemnified Party (with the consent of the Indemnifying
Party, which consent will not be unreasonably withheld). The Indemnified Party will have full control of such defense and proceedings,
including any compromise or settlement thereof; provided, however, that if requested by the Indemnified Party, the Indemnifying
Party will, at the sole cost and expense of the Indemnifying Party, provide reasonable cooperation to the Indemnified Party and
its counsel in contesting any Third Party Claim which the Indemnified Party is contesting. Notwithstanding the foregoing provisions
of this clause (ii), if the Indemnifying Party has notified the Indemnified Party within the Dispute Period that the Indemnifying
Party disputes its liability or the amount of its liability hereunder to the Indemnified Party with respect to such Third Party
Claim and if such dispute is resolved in favor of the Indemnifying Party in the manner provided in clause (iii) below, the Indemnifying
Party will not be required to bear the costs and expenses of the Indemnified Party's defense pursuant to this clause (ii)
or of the Indemnifying Party's participation therein at the Indemnified Party's request, and the Indemnified Party shall
reimburse the Indemnifying Party in full for all reasonable costs and expenses incurred by the Indemnifying Party in connection
with such litigation. The Indemnifying Party may participate in, but not control, any defense or settlement controlled by the
Indemnified Party pursuant to this clause (ii), and the Indemnifying Party shall bear its own costs and expenses with respect
to such participation.

 

(iii)         
If the Indemnifying Party notifies the Indemnified Party that it does not dispute its liability or the amount of its liability
to the Indemnified Party with respect to the Third Party Claim under Section 9.2 or fails to notify the Indemnified Party within
the Dispute Period whether the Indemnifying Party disputes its liability or the amount of its liability to the Indemnified Party
with respect to such Third Party Claim, the amount of Damages specified in the Claim Notice shall be conclusively deemed a liability
of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount of such Damages to the Indemnified
Party within 10 Business Days of demand. If the Indemnifying Party
has timely disputed its liability or the amount of its liability with respect to such claim, the Indemnifying Party and the Indemnified
Party shall proceed in good faith to negotiate a resolution of such dispute; provided, however, that if the dispute is not resolved
within thirty (30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it
deems appropriate.

 

(b)               
In the event any Indemnified Party should have a claim under Section 9.2 against the Indemnifying Party that does not involve
a Third Party Claim, the Indemnified Party shall deliver a written notification of a claim for indemnity under Section 9.2 specifying
the nature of and basis for such claim, together with the amount or, if not then reasonably ascertainable, the estimated amount,
determined in good faith, of such claim (an "INDEMNITY NOTICE") with reasonable promptness to the Indemnifying Party.
The failure by any Indemnified Party to give the Indemnity Notice shall not impair such party's rights hereunder except to the
extent that the Indemnifying Party demonstrates that it has been irreparably prejudiced thereby. If
the Indemnifying Party notifies the Indemnified Party that it does not dispute the claim or the amount of the claim described
in such Indemnity Notice or fails to notify the Indemnified Party within the Dispute Period whether the Indemnifying Party disputes
the claim or the amount of the claim described in such Indemnity Notice, the amount of Damages specified in the Indemnity Notice
will be conclusively deemed a liability of the Indemnifying Party under Section 9.2 and the Indemnifying Party shall pay the amount
of such Damages to the Indemnified Party within 10 Business Days of demand. If the Indemnifying Party has timely disputed its
liability or the amount of its liability with respect to such claim, the Indemnifying Party and the Indemnified Party shall proceed
in good faith to negotiate a resolution of such dispute; provided, however, that if the dispute is not resolved within thirty
(30) days after the Claim Notice, the Indemnifying Party shall be entitled to institute such legal action as it deems appropriate.

 

 

 

 

 

    	 	15	 

     

    

 

 

(c)               
The Indemnifying Party agrees to pay the Indemnified Party, promptly as such expenses are incurred and are due and payable,
for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any
such Claim.

 

(d)               
The indemnity provisions contained herein shall be in addition to (i) any cause of action or similar rights of the Indemnified
Party against the Indemnifying Party or others, and (ii) any liabilities the Indemnifying Party may be subject to.

 

ARTICLE X

MISCELLANEOUS

 

Section
10.1 GOVERNING LAW; JURISDICTION. This Agreement shall be governed by and interpreted in accordance with the laws of the State
of New York without regard to the principles of conflicts of law. Each of the Company and Investor hereby submit to the exclusive
jurisdiction of the United States Federal and state courts located in New York County, New York with respect to any dispute arising
under this Agreement, the agreements entered into in connection herewith or the transactions contemplated hereby or thereby.

 

Section
10.2 JURY TRIAL WAIVER. The Company and the Investor hereby waive a trial by jury in any action, proceeding or counterclaim brought
by either of the parties hereto against the other in respect of any matter arising out of or in connection with the Transaction
Documents.

 

Section
10.3 ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the Company and Investor and their respective
successors. Neither this Agreement nor any rights of Investor or the Company hereunder may be assigned by either party to any
other person.

 

Section
10.4 THIRD PARTY BENEFICIARIES. This Agreement is intended for the benefit of the Company and Investor and their respective successors,
and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section
10.5 TERMINATION. The Company may terminate this Agreement at any time by written notice to the Investor. Additionally, this Agreement
shall terminate at the end of Commitment Period or as otherwise provided herein; provided, however, that the provisions of Article
IX, and Sections 10.1 and 10.2 shall survive the termination of this Agreement for a period of twenty four (24) months.

 

Section
10.6 ENTIRE AGREEMENT, AMENDMENT; NO WAIVER. This Agreement and the instruments referenced herein contain the entire understanding
of the Company and Investor with respect to the matters covered herein and therein and, except as specifically set forth herein
or therein, neither the Company nor Investor makes any representation, warranty, covenant or undertaking with respect to such
matters. This Agreement may not be amended except with the written consent of both parties.

 

Section
10.7 FEES AND EXPENSES. Investor agrees to pay its own expenses in connection with the preparation and negotiation of this Agreement
and performance of its obligations hereunder. The Company agrees to pay its own expenses in connection with the review and negotiation
of this Agreement and performance of its obligations hereunder. The Company shall pay all stamp or other similar taxes and duties
levied in connection with issuance of the Put Shares pursuant hereto.

 

Section
10.8 COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which may be executed by less than all of
the parties and shall be deemed to be an original instrument which shall be enforceable against the parties actually executing
such counterparts and all of which together shall constitute one and the same instrument. This Agreement may be delivered to the
other parties hereto by facsimile transmission or email of a copy of this Agreement bearing the signature of the parties so delivering
this Agreement.

 

 

 

 

 

 

    	 	16	 

     

    

 

Section
10.9 SEVERABILITY. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided
that such severability shall be ineffective if it materially changes the economic benefit of this Agreement to any party.

 

Section
10.10 FURTHER ASSURANCES. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

Section
10.11 NO STRICT CONSTRUCTION. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

Section
10.12INTENTIONALLY OMITTED.

 

Section
10.13 TITLE AND SUBTITLES. The titles and subtitles used in this Agreement are used for the convenience of reference and arc not
to be considered in construing or interpreting this Agreement.

 

Section
10.14 REPORTING ENTITY FOR THE COMMON STOCK. The reporting entity relied upon for the determination of the Closing Price for the
Common Stock on any given Trading Day for the purposes of this Agreement shall be Bloomberg Finance L.P. or any successor thereto.
The written mutual consent of Investor and the Company shall be required to employ any other reporting entity.

 

Section 10.15 PUBLICITY.
The Company and Investor shall consult with each other in issuing any press releases or otherwise making public statements with
respect to the transactions contemplated hereby and no party shall issue any such press release or otherwise make any such public
statement without the prior written consent of the other parties, which consent shall not be unreasonably withheld or delayed,
except that no prior consent shall be required if such disclosure is required by law, in which such case the disclosing party
shall provide the other parties with prior notice of such public statement and the opportunity to comment thereon. Notwithstanding
the foregoing, the Company shall not publicly disclose the name of Investor without the prior written consent of such Investor,
except to the extent required by law. Investor acknowledges that this Agreement and all or part of the Transaction Documents may
be deemed to be "material contracts" as that term is defined by Item 601(b)(10) of Regulation S-K, and that the Company
may therefore be required to file such documents as exhibits to reports or registration statements filed under the Securities
Act or the Exchange Act. Investor further agrees that the status of such documents and materials as material contracts shall be
determined solely by the Company, in consultation with its counsel.

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	17	 

     

    

 

[SIGNATURE PAGE]

 

IN
WITNESS WHEREOF, the parties hereto have caused this Equity Purchase Agreement to be executed by the undersigned, thereunto
duly authorized, as of the date first set forth above.

 

 

 

 

	 	OSCALETA PARTNERS LLC
	 	 
	 	By: 	/s/ Stephen Hicks
	 	 	Name: Stephen Hicks
Title: Manager

 

 

 

	 	CONSORTEUM HOLDINGS, INC.
	 	 
	 	By:	/s/ Craig A. Fielding
	 	 	Name: Craig A. Fielding
Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	18	 

     

    

 

Schedule 4.3- Outstanding Convertible Securities

 

 

See attached schedule.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	19	 

     

    

 

Consorteum Holdings Inc.

 

 

 

 

 

 

 

 

 

    	 	20	 

     

    

 

 

Schedule 4.4- Reporting Requirements

 

Due
to severe capital constraints, the Company has been unable to prepare and file its required reports with the Securities and Exchange
Commission (the "SEC") under Section 13(a) of the Securities Exchange Act of 1934, as amended; specifically, it has
not filed the following required periodic reports with the SEC:

 

Annual
Report on Form 10-K for the fiscal year ended June 30, 2015

Quarterly Report on Form 10-Q for the fiscal quarter ended September
30, 2015

Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2015

Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2016

Annual
Report on Form 10-K for the fiscal year ended June 30, 2016

Quarterly Report on Form 10-Q for the fiscal quarter ended September
30, 2016

Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2016

Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 2017

Annual
Report on Form 10-K for the fiscal year ended June 30, 2017 (not yet due)

 

The
Company has recently re-engaged independent certified public accountants to audit its financial statements for the fiscal years
ended June 30, 2015, June 30, 2016 and June 30, 2017 which it reported in a Current Report on Form 8-K and intends to file a Comprehensive
Annual Report on Form 10-K for the fiscal years ended June 30, 2015, June 30, 2016 and June 30, 2017 with the SEC before the due
date for the filing with the SEC of its Annual Report on Form 10-K for the fiscal year ended June 30, 2017 to bring the Company
current in its reporting requirements.

 

The Company is also non-reporting with the OTCQB.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	21	 

     

    

 

Schedule 4.9- Legal Proceedings

 

On
or about March 17, 2017, the State of Nevada Department of Employment, Training & Rehabilitation, Employment Security Division
obtained a judgment in the First Judicial District Court of the State of Nevada in and for Carson City against Bad Rabbit, Inc.,
a Nevada corporation and a subsidiary of the Company, in the amount of $64,674.05 together with interest thereon for delinquent
payroll taxes, penalties and interest. Such amount remains unpaid and continues to accrue interest.

 

The
Company has received periodic notices from the Internal Revenue Service relating to delinquent payroll taxes, penalties and interest
for payroll issues related to its Bad Rabbit subsidiary. The IRS has notified the Company that it will assess approximately $318,000
against Bad Rabbit together with additional interest and penalties which will be followed by collection efforts by the IRS.

 

On
or about May 24, 2016, a judgment was entered in the Ontario Superior Court of Justice (Court File No. CV-15-522603) on behalf
of Merchant MPowerTec Marketing Inc. ("MPower") against Consorteum Inc., a Canadian corporation and a long inactive
subsidiary of the Company, for the balance of a loan amounting to $143,500 owing to MPower along with payment of interest at a
rate of 18% being $145,638.74 to such date payable to MPower plus court costs of approximately $2,000.00. A personal guarantor
has paid approximately $60,000 of this judgment, while the balance remains unpaid by Consorteum Inc. and continues to accrue interest.

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	22	 

     

    

 

EXHIBITS

 

 

 

 

	EXHIBIT A	Put Notice
	 	 
	EXHIBIT B	Closing Certificate
	 	 
	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	23	 

     

    

 

EXHIBIT A

 

FORM OF PUT NOTICE

 

TO:
OSCALETA PARTNERS LLC

 

I
refer to the Equity Purchase Agreement dated as of September 22, 2017 (the "Agreement") entered into by CONSORTEUM
HOLDINGS, INC. (the "Company") and you. Capitalized terms defined in the Agreement shall, unless otherwise defined,
have the same meaning when used herein.

 

On
behalf of the Company, I hereby:

 

		1.	Give you notice that the Company requires you to purchase
$____________ (the "Investment Amount") in Put Shares;

 

		2.	Determine the Floor Price for this Put, as defined in the
Agreement, to be $_______________; and

 

		3.	Certify that, as of the date hereof, to the best of my
knowledge, the conditions set forth in Section 7.2 of the Agreement are satisfied.

 

 

IN
WITNESS WHEREOF, the undersigned has hereunto affixed his hand on behalf of the Company as of the __ day of _________
201_.

 

	 	CONSORTEUM HOLDINGS, INC.
	 	 
	 	 
	 	By: ______________________
	 	Name: ____________________
	 	Title: _____________________
	 	 

 

 

 

 

 

 

 

 

 

    	 	24	 

     

    

 

EXHIBIT
B

 

 

FORM OF

 

CERTIFICATE OF
THE CHIEF EXECUTIVE OFFICER

 

OF

 

CONSORTEUM HOLDINGS, INC.

 

Pursuant
to Section 7.2(m) of that certain Equity Purchase Agreement dated as of September 22, 2017 (the "Agreement") by and
between the Company and Oscaleta Partners LLC (the "Investor"), the undersigned, Craig A. Fielding, in his capacity
as the Chief Executive Officer of CONSORTEUM HOLDINGS, INC. (the "Company"), and not in his individual capacity,
hereby certifies, as of the date hereof (such date, the "Condition Satisfaction Date"), the following:

 

1.                 
The representations and warranties of the Company set forth in Article IV of the Agreement are true and correct in all
material respects as of the Condition Satisfaction Date as though made on the Condition Satisfaction Date (except for representations
and warranties specifically made as of a particular date) with respect to all periods, and as to all events and circumstances
occurring or existing to and including the Condition Satisfaction Date, except for any conditions which have temporarily caused
any representations or warranties of the Company set forth in the Agreement to be incorrect and which have been corrected with
no continuing impairment to the Company or Investor; and

 

2.                 
All of the Company's conditions to Closing set forth in Section 7.2 of the Agreement have been satisfied as of the Condition
Satisfaction Date.

 

Capitalized
terms used herein shall have the meanings set forth in the Agreement unless otherwise defined herein.

 

IN
WITNESS WHEREOF, the undersigned has hereunto affixed his hand on behalf of the Company as of the __ day of _________ 201_.

 

 

 

	 	By: /s/ Craig A. Fielding                                   
	 	Craig A. Fielding, Chief Executive Officer
	 	 
	 	 
	 	 

 

 

 

 

 

    	 	25

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