Document:

EX-10.4

 Exhibit 10.4 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of September 6, 2016, by and among
Smith Micro Software, Inc., a Delaware corporation (the “Company”), and the purchasers signatory hereto (each, a “Purchaser” and collectively, the “Purchasers”). This Agreement is made pursuant to
the Note and Warrant Purchase Agreement, dated as of the date hereof, by and among the Company and the Purchasers (the “Purchase Agreement”). 

1. Definitions. 

Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms
in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 

“Advice” shall have the meaning set forth in Section 6(d). 

“Effectiveness Date” means, with respect to the Initial Registration Statement required to be filed hereunder,
the 90th calendar day following the Filing Date and with respect to any additional Registration Statements which may be required pursuant to Section 2(d), the 60th calendar day following the date on which an additional Registration Statement is required to be filed hereunder (or, in the event of a “full review” by the Commission, the 120th calendar day following the date such additional Registration Statement is required to be filed hereunder); provided, however, that in the event the Company is notified by the
Commission that one or more of the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth (5th) Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided, further, if such Effectiveness Date falls on a day that
is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading Day. 
 “Effectiveness
Period” shall have the meaning set forth in Section 2(a). 
 “Filing Date” means, with respect
to the Initial Registration Statement required hereunder, the 30th calendar day following the Closing Date and, with respect to any additional Registration Statements which may be required
pursuant to Section 2(d), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities. 

“Holder” or “Holders” means the holder or holders, as the case may be, from time to time of
Registrable Securities. 
 “Indemnified Party” shall have the meaning set forth in Section 5(c). 

“Indemnifying Party” shall have the meaning set forth in Section 5(c). 

  
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 “Initial Registration Statement” means the initial Registration
Statement filed pursuant to this Agreement. 
 “Losses” shall have the meaning set forth in
Section 5(a). 
 “Plan of Distribution” shall have the meaning set forth in Section 2(a). 

“Proceeding(s)” means any writ, injunction, decree, order, judgment, lawsuit, claim, action, arbitration,
proceeding, investigation, summons, audit or hearing (in each case, whether civil, criminal, administrative, investigative or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any governmental authority. 

“Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a
prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the Commission pursuant to the Securities Act), as amended or supplemented
by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Registrable Securities” means, as of any date of determination, (a) this Warrant, (b) all Warrant
Shares then issuable upon exercise of the Warrants (assuming on such date the Warrants are exercised in full without regard to any exercise limitations therein), (c) all shares of Common Stock issued or issuable as interest pursuant to the
terms of the Notes issued pursuant to the Purchase Agreement (the “Interest Shares”), and (d) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with
respect to the foregoing; provided, however, that the Holder has completed and delivered to the Company a Selling Stockholder Questionnaire and that any such Registrable Securities shall cease to be Registrable Securities (and the
Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is
declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, or (b) such Registrable Securities have been previously
sold in accordance with Rule 144. 
 “Registration Statement” means any registration statement required to
be filed hereunder pursuant to Section 2(a) and any additional registration statements contemplated by Section 2(d), including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement. 

  
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 “Rule 415” means Rule 415 promulgated by the Commission pursuant
to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“Selling Stockholder Questionnaire” means a questionnaire in the form attached as Annex B hereto, or
such other form of questionnaire as may reasonably be adopted by the Company from time to time. 
 “SEC
Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission staff and (ii) the Securities Act. 

2. Resale Registration. 

(a) On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering
the resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form
S-3 (or other applicable form in the event the Company is not eligible to use Form S-3) and shall contain substantially the “Plan of Distribution” attached hereto as Annex A. Subject to the terms of this Agreement, the
Company shall use its commercially reasonable efforts to cause a Registration Statement filed under this Agreement to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the
applicable Effectiveness Date, and shall use its commercially reasonable efforts to keep such Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement
(i) have been sold thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public
information requirement under Rule 144, as determined by counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness
Period”). The Company shall promptly notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement. The Company shall file a final Prospectus with the Commission as required by Rule 424. 

(b) If the Registration Statement has not been either (i) filed with the Commission on or before the Filing Date, or
(ii) declared effective by the Commission on or before the Effectiveness Date, the Company shall, on the business day immediately 

  
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following either the Filing Date or the Effective Date, as applicable, and each 30th day thereafter, make a payment to the Purchasers as
partial liquidated damages for such delay (together, the “Late Registration Payments”) equal to one percent (1.0%) of the aggregate exercise price payable upon exercise of the Warrants then held by the Holders, until the
Registration Statement is declared effective by the Commission. Late Registration Payments will be prorated on a daily basis during each 30 day period and will be paid to the Holders by wire transfer or check within five business days after the
earlier of (i) the end of each 30 day period following the Filing Date or the Effective Date, as applicable or (ii) the effective date of the Registration Statement. If the Company fails to pay any liquidated damages pursuant to this
section in full within ten days after the date payable, the Company will pay interest thereon at a rate of 5% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Purchasers, accruing daily from the
date such liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. Notwithstanding the foregoing, the aggregate liquidated damages payable pursuant to this paragraph shall not exceed 10% of the aggregate
exercise price payable upon exercise of the Warrants then held by the Purchasers. 
 (c) Notwithstanding the registration
obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of
Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(d). 

(d) Notwithstanding any other provision of this Agreement, if the Commission or any SEC Guidance sets forth a limitation on the
number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used commercially reasonable efforts to advocate with the Commission for the
registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be
reduced as follows: 
  

	 	a.	First, the Company shall reduce or eliminate any securities to be included by any Person other than a Holder; and 

  

	 	b.	Second, the Company shall reduce the number of Registrable Securities represented by the Warrant Shares (applied, in the case that some Warrant Shares may be registered, to the Holders on a pro rata basis based on the
total number of unregistered Warrant Shares, as applicable, held by such Holders). 

  
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 In the event of a cutback hereunder, the Company shall give the Holder at least two
(2) Trading Days prior written notice along with the calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will use its commercially
reasonable efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or such other form available to
register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended. 

(e) Each Holder agrees to furnish to the Company a completed Selling Stockholder Questionnaire not more than ten
(10) business days following the date of this Agreement. Each Holder further agrees that it shall not be entitled to be named as a selling security holder in the Registration Statement or use the Prospectus for offers and resales of Registrable
Securities at any time, unless such Holder has returned to the Company a completed and signed Selling Stockholder Questionnaire. If a Holder of Registrable Securities returns a Selling Stockholder Questionnaire after the deadline specified in the
previous sentence, the Company shall use its commercially reasonable efforts to take such actions as are required to name such Holder as a selling security holder in the Registration Statement or any pre-effective or post-effective amendment thereto
and to include (to the extent not theretofor included) in the Registration Statement the Registrable Securities identified in such late Selling Stockholder Questionnaire; provided that the Company shall not be required to file an additional
Registration Statement solely for such shares. Each Holder acknowledges and agrees that the information in the Selling Stockholder Questionnaire will be used by the Company in the preparation of the Registration Statement and hereby consents to the
inclusion of such information in the Registration Statement. 
 3. Registration Procedures. 

In connection with the Company’s registration obligations hereunder, the Company shall: 

(a) Not less than two (2) Trading Days prior to the filing of each Registration Statement and not less than one
(1) Trading Day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to
each Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the reasonable review of such Holders, and (ii) use its commercially
reasonable efforts to cause its officers and directors, counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable
investigation within the meaning of the Securities Act. Notwithstanding the above, the Company shall not be obligated to provide the Holders advance copies of any universal shelf registration 

  
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statement registering securities in addition to those required hereunder, or any Prospectus prepared thereto. 

(b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such
additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the
terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably practicable to any comments received from the Commission with respect to a Registration Statement or any
amendment thereto and provide as promptly as reasonably practicable to the Holders true and complete copies of all correspondence from and to the Commission related to and/or applicable to a Holder in the reasonable opinion of the Company relating
to a Registration Statement (provided that, the Company shall excise any information contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material
respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during the Effectiveness Period in accordance (subject to the terms
of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented. 

(c) Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through
(vi) hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to
such filing) and (if requested by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement
is proposed to be filed, (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with
respect to a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration
Statement or Prospectus or for additional information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any or all
of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration
Statement ineligible for 

  
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inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or
that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any 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 light of the circumstances under which they were made, not misleading, and (vi) of the occurrence or existence of any pending corporate
development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or
Prospectus, provided, however, in no event shall any such notice contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries. 

(d) Use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any
order stopping or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest
practicable moment. 
 (e) Furnish to each Holder, without charge, at least one conformed copy of each such Registration
Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such
Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available on the EDGAR system (or successor thereto) need not be
furnished in physical form. 
 (f) Subject to the terms of this Agreement, the Company hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of
any notice pursuant to Section 3(c). 
 (g) Prior to any resale of Registrable Securities by a Holder, use its
commercially reasonable efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the resale by
the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness
Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the Company shall not be required to qualify
generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such 

  
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jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction. 

(h) If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement (solely with respect to Holders a party thereto) and
applicable securities laws, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may reasonably request. 

(i) Upon the occurrence of any event contemplated by Section 3(c), as promptly as reasonably practicable under the
circumstances taking into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective
amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a
Registration Statement nor such Prospectus will 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 statements therein, in light of the circumstances under which they
were made, not misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(c) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made,
then the Holders shall suspend use of such Prospectus. The Company will use its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. In addition, if (i) there is material
non-public information regarding the Company which the Company’s Board of Directors (the “Board”) determines not to be in the Company’s best interest to disclose and which the Company is not otherwise required to disclose,
or (ii) there is a significant business opportunity (including, but not limited to, the acquisition or disposition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer or other similar
transaction) available to the Company which the Board determines not to be in the Company’s best interest to disclose, then the Company may (x) postpone or suspend filing of a registration statement for a period not to exceed forty-five
(45) consecutive days or (y) postpone or suspend effectiveness of a registration statement for a period not to exceed forty-five (45) consecutive days; provided that the Company may not postpone or suspend effectiveness of a
registration statement under this Section for more than ninety (90) days in the aggregate during any three hundred sixty (360) day period; provided, however, that no such postponement or suspension shall be permitted for
consecutive twenty (20) day periods arising out of the same set of facts, circumstances or transactions. 
 (j) Comply
in all material respects with all applicable rules and regulations of the Commission. 

  
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 (k) The Company shall require each selling Holder to furnish to the Company a
certified statement as to the number of shares of Common Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the shares, pursuant to the Selling
Stockholder Questionnaire. 
 4. Registration Expenses. All fees and expenses incident to the performance of or compliance with, this
Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation,
(i) all registration and filing fees (including, without limitation, fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the Commission, (B) with respect
to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without
limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities) and (D) if not previously paid by the Company in connection with an issuer filing, with
respect to any filing that may be required to be made by any broker through which a Holder intends to make sales of Registrable Securities with FINRA pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage
commission in connection with such sale, (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the
transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the
Holders. 
 5. Indemnification. 

(a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and
hold harmless each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock),
investment advisors and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and any other Persons with a functionally equivalent role

  
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of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any
and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged
untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any
violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the
extent, that (i) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such
Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement
thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(vi), the use by such Holder of an outdated, defective
or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated
in Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. 

(b) Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company,
its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such
controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s failure to comply with any applicable prospectus
delivery requirements of the Securities Act through no fault of the Company or (y) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or
in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company
expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the 

  
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extent, but only to the extent, that such information relates to such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by
such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence of an
event of the type specified in Section 3(c)(iii)-(vi), to the extent, but only to the extent, related to the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing
that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d), but only if and to the extent that following the receipt of the
Advice the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder under this Section 5(b) be greater in amount than the dollar amount of the net proceeds received by
such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (c) Conduct of
Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of
all fees and expenses incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except
(and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying
Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in
the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party
shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to any such Proceeding (including any impleaded
parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified
Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right
to assume the defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected
without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, 

  
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without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 

(d) Contribution. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or
insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party
shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a
party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such party in connection with any Proceeding to the extent such
party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were
determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no
Holder shall be required to contribute pursuant to this Section 5(d), in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of the Registrable Securities subject to the
Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by a Holder. 

The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying
Parties may have to the Indemnified Parties. 
 6. Miscellaneous. 

(a) Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this
Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under
this Agreement. Each of the Company and each Holder agrees that 

  
 12 

 
monetary damages may not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event
of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate. 

(b) No Piggyback on Registrations. Neither the Company nor any of its security holders (other than the Holders in such
capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the Registrable Securities. 

(c) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the
Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration Statement. 

(d) Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a
notice from the Company of the occurrence of any event of the kind described in Section 3(c)(iii) through (vi), such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised
in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its commercially reasonable efforts to ensure that the use of the
Prospectus may be resumed as promptly as is practicable. 
 (e) Piggy-Back Registrations. If, at any time during the
Effectiveness Period, there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely
in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s stock option or other employee benefit plans, then the Company shall deliver to each Holder a written notice of such
determination and, if within fifteen days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such Holder
requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144 (without volume
restrictions or current public information requirements) promulgated by the Commission pursuant to the Securities Act or that are the subject of a then effective Registration Statement. The provisions of Section 5 hereof shall apply to any
registration statement under this Section 6(e) pursuant to which a Holder may offer or sell Registrable Securities. 

(f) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and 

  
 13 

 
waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holders of at least a majority of the then
outstanding Registrable Securities (for purposes of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security). If a Registration Statement does not register all of the Registrable Securities
pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right to designate
which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of a
Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates. 

(g) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be delivered as set forth in the Purchase Agreement. 
 (h) Successors and Assigns. This Agreement shall inure
to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations hereunder without the prior
written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may assign their respective rights hereunder to any Person to whom such Purchaser assigns or transfers any Registrable Securities, provided that such
transferee agrees in writing to be bound, with respect to the transferred Registrable Securities, by the provisions of this Agreement and any other Transaction Document that applies to the Purchasers. 

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

(j) Governing Law; Consent to Jurisdiction. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement, as well as the jurisdiction in connection with any disputes arising out of or relating to this Agreement, shall be determined in accordance with the provisions of the Purchase Agreement. 

(k) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by
law. 

  
 14 

 (l) Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be
affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable. 
 (m) Headings. The headings in this Agreement are for convenience only, do
not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 (n)
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the
performance of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the
Holders as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions
contemplated by this Agreement or any other matters. Each Holder shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be
joined as an additional party in any proceeding for such purpose. It is expressly understood and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders
collectively and not between and among Holders. 
 ******************** 

(Signature Pages Follow) 

  
 15 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

					
	SMITH MICRO SOFTWARE, INC.
		
	By:	 	  

		 	Name:	 	Steven M. Yasbek
		 	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE OF HOLDERS FOLLOWS] 

  
 16 

 [SIGNATURE PAGE OF HOLDERS TO RRA] 

 

					
	Name of Holder:                                
                                         
                                    	  	
		
	Signature of Authorized Signatory of Holder:                      
                                         
 	  	
		
	Name of Authorized Signatory:                             
                                         
               	  	
		
	Title of Authorized Signatory:                            
                                         
                  	  	

 [SIGNATURE PAGES CONTINUE] 

  
 17 

 Annex A 

Plan of Distribution 

Each Selling Stockholder (the “Selling Stockholders”) of the securities and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market or trading facility on which the securities are traded or in private transactions.
These sales may be at fixed or negotiated prices. A Selling Stockholder may use any one or more of the following methods when selling securities: 
  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

 

	 	•	 	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

 

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part; 

  

	 	•	 	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;

  

	 	•	 	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; 

  

	 	•	 	a combination of any such methods of sale; or 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 The Selling Stockholders may also sell
securities under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), if available, rather than under this prospectus. 

Broker-dealers engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Stockholders (or, if any
broker-dealer acts as agent for the 

  
 A-1 

 
purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a
customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440. 

In connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with
broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Stockholders may also sell securities short and deliver these securities to
close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option or other transactions with broker-dealers or other financial institutions
or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell
pursuant to this prospectus (as supplemented or amended to reflect such transaction). 
 The Selling Stockholders and any broker-dealers or
agents that are involved in selling the securities may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any
profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or
understanding, directly or indirectly, with any person to distribute the securities. 
 The Company is required to pay certain fees and
expenses incurred by the Company incident to the registration of the securities. The Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

 Because Selling Stockholders may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject
to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144
rather than under this prospectus. The Selling Stockholders have advised us that there is no underwriter or coordinating broker acting in connection with the proposed sale of the resale securities by the Selling Stockholders. 

We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling
Stockholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information under Rule 144 under the
Securities Act or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the 

  
 A-2 

 
Securities Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.
In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and
is complied with. 
 Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale
securities may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling
Stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of securities of the common stock by the Selling
Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act). 

  
 A-3 

 Annex B 

SMITH MICRO SOFTWARE, INC. 

Selling Stockholder Notice and Questionnaire 

The undersigned beneficial owner of common stock (the “Registrable Securities”) of SMITH MICRO SOFTWARE, INC., a Delaware
corporation (the “Company”), understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration
Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement
(the “Registration Rights Agreement”) to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 
 In order to sell or otherwise dispose of
any Registrable Securities pursuant to the Registration Statement, a holder of Registrable Securities generally will be required to be named as a selling stockholder in the related prospectus or a supplement thereto (as so supplemented, the
“Prospectus”), deliver the Prospectus to purchasers of Registrable Securities (including pursuant to Rule 172 under the Securities Act) and be bound by the provisions of the Registration Rights Agreement (including certain
indemnification provisions, as described below). Holders must complete and deliver this Notice and Questionnaire in order to be named as selling stockholders in the Prospectus. Holders of Registrable Securities who do not complete, execute and
return this Notice and Questionnaire within ten (10) business days following the date of the Agreement (1) will not be named as selling stockholders in the Resale Registration Statement or the Prospectus and (2) may not use the
Prospectus for resales of Registrable Securities.
 Certain legal consequences arise from being named as a selling stockholder in the
Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling
stockholder in the Registration Statement and the related prospectus. 
 NOTICE 

The undersigned beneficial owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the
Registrable Securities owned by it in the Registration Statement. 

  
 B-1 

 The undersigned hereby provides the following information to the Company and represents and warrants that such
information is accurate: 
 QUESTIONNAIRE 
  

	1.	Name. 

					
			
		  	(a)	  	Full Legal Name of Selling Stockholder
			
		  		  	  

			
		  	(b)	  	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
			
		  		  	  

			
		  	(c)	  	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):
			
		  		  	  

  

	2.	Address for Notices to Selling Stockholder: 

  

			
	  

	  

	  

	Telephone:	 	  

			
	Fax:	 	  

			
	Contact Person:	 	  

  

	3.	Broker-Dealer Status: 

					
			
		  	(a)	  	Are you a broker-dealer?
			
		  		  	Yes   ̈                
No   ̈
			
		  	(b)	  	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?
			
		  		  	Yes   ̈                
No   ̈
			
		  	Note:	  	If “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

  
 B-2 

					
		 	 (c)
	  	Are you an affiliate of a broker-dealer?
			
		 		  	Yes   ̈                
No   ̈
			
		 	(d)	  	If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no
agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?
			
		 		  	Yes   ̈                
No   ̈
			
		 	Note:	  	If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.
		
	 4.      
	 	Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder. 
		
		 	Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities issuable pursuant to the Purchase Agreement.

			
		 	(a)	  	Type and Amount of other securities beneficially owned by the Selling Stockholder:
			
		 		  	  

		 		  	  

			
		 	(b)	  	Number of shares of Common Stock to be registered pursuant to this Notice for resale:
			
		 		  	  

		 		  	  

		
	 5.      
	 	Relationships with the Company:
		
		 	Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or
office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
		
		 	 State any exceptions here:

		
		 	  

		 	  

  
 B-3 

 The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the
information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective. 

By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the
inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation
or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto. 
 IN WITNESS WHEREOF the
undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

							
	Date:
                                        
	 		 	Beneficial Owner:                               
                                         
     
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 B-4Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase
Agreement (“Agreement”) is made and entered into on September 6, 2016 (“Effective Date”),
by and between Immune Pharmaceuticals Inc., a Delaware corporation
(“Company”), and the investor whose name appears on the signature page hereto (“Investor”).

 

Recitals

 

A.The parties
desire that, upon the terms and subject to the conditions herein, Investor will purchase $2 million in shares of Common Stock at
$0.50 per share; and

 

B.The offer
and sale of the Shares provided for herein are being made pursuant to an effective Registration Statement on Form S-3 under the
Act, File No. 333-198647.

 

Agreement

 

In consideration of
the foregoing, the receipt and adequacy of which are hereby acknowledged, Company and Investor agree as follows:

 

I.Definitions.
In addition to the terms defined elsewhere in this Agreement and the Transaction Documents, capitalized terms that are not otherwise
defined have the meanings set forth in the Glossary of Defined Terms attached hereto as Exhibit 1.

 

II.Purchase
and Sale.

 

A.Purchase
Amount. Subject to the terms and conditions herein and the satisfaction of the conditions
to Closing set forth below, Investor hereby irrevocably agrees to purchase 4,000,000 Shares of Common Stock of Company at $0.50
per share for the sum of $2,000,000.00 (“Purchase Amount”) in cash.

 

B.Deliveries.
The following documents will be fully executed and delivered at the Closing:

 

		1.	Legal Opinion, in the form attached hereto as Exhibit
2;

		 	 

		2.	Officer’s Certificate, in the form attached
hereto as Exhibit 3; and

		 	 

		3.	Secretary’s Certificate, in the form attached
hereto as Exhibit 4.

 

C.Closing
Conditions. The consummation of the transactions contemplated by this Agreement (“Closing”)
is subject to the satisfaction of each of the following conditions:

 

1.All documents,
instruments and other writings required to be delivered by Company to Investor pursuant to any provision of this Agreement or in
order to implement and effect the transactions contemplated herein have been fully executed and delivered, including without limitation
those enumerated in Section II.B above;

 

    	 	 

     

    

 

3.The representations
and warranties of Company and Investor set forth in this Agreement are true and correct in all material respects as if made on
such date (except for representations and warranties expressly made as of a specified date, which shall be true as of such date);

 

4.No material
breach or default has occurred under any Transaction Document;

 

5.Company
has the number of duly authorized shares of Common Stock
reserved for issuance as required pursuant to the terms of this Agreement;

 

6.There is
not then in effect any law, rule or regulation prohibiting or restricting the transactions contemplated in any Transaction Document,
or requiring any consent or approval which will not have been obtained except for the Approval, nor is there any pending or, to
Company’s knowledge threatened, proceeding or investigation which may have the effect of prohibiting or adversely affecting
any of the transactions contemplated by this Agreement; no statute, rule, regulation, executive order, decree, ruling or injunction
will have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction that prohibits
the transactions contemplated by this Agreement, and no actions, suits or proceedings will be in progress, pending or, to Company’s
knowledge threatened, by any person other than Investor or any Affiliate of Investor, that seek to enjoin or prohibit the transactions
contemplated by this Agreement;

 

7.Any
rights of first refusal, preemptive rights, rights of participation, or any similar right to participate in the transactions contemplated
by this Agreement, if any, have been waived in writing; and

 

8.The Registration
Statement is current and effective, and a Prospectus Supplement with regard to the offer and sale of all Shares pursuant to this
Agreement has been timely filed with the Commission.

 

D.Closing.
Immediately when all conditions set forth in Section II.C have been fully satisfied, Company
will sell 4,000,000 Shares to Investor by issuing and delivering the Shares to a DTC account designated by Investor, and Investor
will purchase the Shares by payment to Company of $2,000,000.00 in cash, by wire transfer of immediately available funds to an
account designated by Company.

 

III.Representations
and Warranties.

 

A.Representations
of Company. Except as set forth under the corresponding section of the Disclosure Schedules,
if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:

 

1.Organization
and Qualification. Company and each Subsidiary is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, as applicable, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither Company
nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents, except as would not reasonably be expected to result in a Material Adverse
Effect. Each of Company and each Subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected
to result in a Material Adverse Effect and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing
or seeking to revoke, limit or curtail such power and authority or qualification.

 

    	 	 2	 

     

    

 

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

 

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

 

4.Litigation.
 There is no action, suit, inquiry, notice of violation,
proceeding or investigation pending or, to the knowledge of Company, threatened against or affecting Company, any Subsidiary or
any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority
(federal, state, county, local or foreign) (collectively, an “Action”), which would reasonably be expected to
adversely affect or challenge the legality, validity or enforceability of any of the Transaction Documents or the issuance of any
Shares hereunder. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by Company or any Subsidiary under the Exchange Act or the Act.

 

    	 	 3	 

     

    

 

5.Filings,
Consents and Approvals. Neither Company nor any Subsidiary is required to obtain any consent, waiver, authorization or
order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by Company of the Transaction Documents, other
than the Approval and required federal and state securities filings and such filings and approvals as are required to be made or
obtained under the applicable Trading Market rules in connection with the transactions contemplated hereby, each of which has been,
or if not yet required to be filed will be, timely filed.

 

6.Issuance
of Shares. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents,
will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens. Company has reserved and will continue
to reserve from its duly authorized capital stock sufficient shares of its Common Stock for issuance pursuant to the Transaction
Documents.

 

7.Disclosure;
Non-Public Information. Company will issue a press release and file a current report on Form 8-K by 8:30 am on the Trading
Day immediately after the Effective Date describing the material terms and conditions of this Agreement, each in the form provided
to Investor prior to the Effective Date. Notwithstanding any other provision, except with respect to information that must be,
and only to the extent that it actually is, timely publicly disclosed by Company pursuant to the foregoing sentence, neither Company
nor any other Person acting on its behalf has provided Investor or its representatives, agents or attorneys with any information
that constitutes or might constitute material, non-public information, including without limitation this Agreement and the Exhibits
and Disclosure Schedules hereto. No information contained in the Disclosure Schedules constitutes material non-public information.
There is no adverse material information regarding Company that has not been publicly disclosed prior to the Effective Date. Company
understands and confirms that Investor will rely on the foregoing representations and covenants in effecting transactions in securities
of Company. All disclosure provided to Investor regarding Company, its business and the transactions contemplated hereby, including
without limitation the Prospectus Supplement and Disclosure Schedules, taken as a whole, furnished by or on behalf of Company with
respect to the representations and warranties made herein are true and correct in all material respects and do not contain any
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading.

 

8.No Integrated
Offering. Neither Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this
offering to be integrated with prior offerings by Company that cause a violation of the Act or any applicable stockholder approval
provisions, including, without limitation, under the rules and regulations of the Trading Market.

 

    	 	 4	 

     

    

 

9.  Financial
Condition. Based on the financial condition of Company and its projected operating and capital requirements,
effective as of the Effective Date, the Company will require additional capital to carry on its business as now conducted and as
proposed to be conducted. Company does not incur debts beyond its ability to pay such debts as they mature, taking into account
the timing and amounts of cash to be payable on or in respect of its debt. The Public Reports set forth as of the dates thereof
all outstanding secured and unsecured Indebtedness of Company or any Subsidiary, or for which Company or any Subsidiary has commitments,
and any material default with respect to any Indebtedness.

 

 10.Section
5 Compliance. No representation or warranty or other statement made by Company in
the Transaction Documents contains any untrue statement or omits to state a material fact necessary to make any of them, in light
of the circumstances in which it was made, not misleading. Company is not aware of any facts or circumstances that would cause
the transactions contemplated by the Transaction Documents, when consummated, to violate Section 5 of the Act or other federal
or state securities laws or regulations.

 

11.Investment
Company. Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Preferred Shares,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. Company will conduct its business in a manner so that it will not become subject to the Investment Company Act.

 

12.Acknowledgments
Regarding Investor. Company’s decision to enter into this Agreement has been based solely on the independent evaluation
of Company and its representatives, and Company acknowledges and agrees that:

 

a.Investor
is not, has never been, and as a result of the transactions contemplated by the Transaction Documents will not become an officer,
director, insider, control person, to Company’s knowledge 10% or greater shareholder, or otherwise an affiliate of Company
as defined under Rule 12b-2 of the Exchange Act;

 

b.Investor
does not make or has not made any representations, warranties or agreements with respect to the Shares, this Agreement, or the
transactions contemplated hereby other than those specifically set forth in Section III.C below; and

 

c.Investor
is acting solely in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated
hereby; neither Investor nor any of its Affiliates, agents or representatives has or is acting as a legal, financial, investment,
accounting, tax or other advisor to Company, or fiduciary of Company, or in any similar capacity; neither Investor nor any of its
Affiliates, agents or representatives has provided any legal, financial, investment, accounting, tax or other advice to Company;
any statement made in connection with this Agreement or the transactions contemplated hereby is not advice or a recommendation,
and is merely incidental to Investor’s purchase of the Shares.

 

    	 	 5	 

     

    

 

13.Registration
Statement. The Registration Statement is current and effective, and a Prospectus Supplement with regard to the offer and
sale of all Shares pursuant to this Agreement will be filed with the Commission within two Trading Days of the Effective Date.

 

14.Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement.
Notwithstanding any other provision, Investor will have no obligation with respect to any fees or with respect to any claims made
by or on behalf of other Persons for fees of a type contemplated in this section that may be due in connection with the transactions
contemplated by this Agreement or the other Transaction Documents.

 

15.Powers of
Attorney. There are no outstanding powers of attorney executed on behalf of the Company or any Subsidiary.

 

C.Representations
and Warranties of Investor. Investor hereby represents and warrants to Company as of the
Closing as follows:

 

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

 

2.Investor
Status.  At the time Investor was offered the Shares, it was, and at the Effective Date it is: (a) an accredited investor
as defined in Rule 501(a) under the Act; and (b) not a registered broker-dealer, member of FINRA, or an affiliate thereof.

 

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

 

4.Ownership.
 Investor is acquiring the Preferred Shares as principal for its own account. Investor will not engage in hedging transactions
with regard to the Shares unless in compliance with the Act, and will resell the Shares only pursuant to registration under the
Act or an available exemption therefrom.

 

5.No Short
Sales. Neither Investor nor any Affiliate holds any short position in, nor has engaged in any Short Sales of the Common
Stock, or engaged in any hedging transactions with regard to the Shares prior to the Effective Date.  

 

    	 	 6	 

     

    

 

IV.Securities
and Other Provisions.

 

A.Investor
Due Diligence. Investor will have the right and opportunity to conduct customary due diligence
with respect to any Registration Statement or Prospectus in which the name of Investor or any Affiliate of Investor appears.

 

B.Integration.
Company will not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security, as defined in
Section 2 of the Act, that would be integrated with the offer or sale of the Shares to Investor for purposes of the rules and regulations
of any Trading Market such that it would require stockholder approval prior to the closing of such other transaction unless stockholder
approval is obtained before the closing of such subsequent transaction.

 

C.Disclosure
and Publicity. Company will notify Investor prior to issuing any current report, press release,
public statement or communication with respect to the transactions contemplated hereby.

 

D.Shareholders
Rights Plan.  No claim will be made or enforced by Company or, to the knowledge of Company,
any other Person that Investor is an “Acquiring Person” under any shareholders rights plan or similar plan or arrangement
in effect or hereafter adopted by Company, or that Investor could be deemed to trigger the provisions of any such plan or arrangement,
in either such case, by virtue of receiving Shares under the Transaction Documents or under any other agreement between Company
and Investor. Company will conduct its business in a manner so that it will not become subject to the Investment Company Act of
1940, as amended.

 

E.No Non-Public
Information. Company covenants and agrees that neither it nor any other Person acting on
its behalf will, provide Investor or its agents or counsel with any information that Company believes or reasonably should believe
will constitute material non-public information after Closing. On and after Closing, neither Investor nor any Affiliate of Investor
will have any duty of trust or confidence that is owed directly, indirectly, or derivatively, to Company or the stockholders of
Company, or to any other Person who is the source of material non-public information regarding Company. Company understands and
confirms that Investor will be relying on the foregoing in effecting transactions in securities of Company, including without limitation
sales of the Shares.

 

    	 	 7	 

     

    

 

F.Indemnification
of Investor.

 

1.Obligation
to Indemnify. Subject to the provisions of this Section IV.G,
Company will indemnify and hold Investor, its Affiliates, managers and advisors, and each of their officers, directors, shareholders,
partners, employees, representatives, agents and attorneys, and any person who controls Investor within the meaning of Section
15 of the Act or Section 20 of the Exchange Act (collectively, “Investor Parties”
and each a “Investor Party”), harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, reasonable costs and expenses, including all judgments, amounts paid in settlements,
court costs and reasonable attorneys’ fees and costs of investigation (collectively, “Losses”)
that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by Company in this Agreement or in the other Transaction Documents, (b) any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement, Prospectus, Prospectus Supplement,
or any information incorporated by reference therein, or arising
out of or based upon any omission or alleged omission 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, or (c) any action by a creditor or stockholder of
Company who is not an Affiliate of an Investor Party, challenging the transactions contemplated by the Transaction Documents; provided,
however, that Company will not be obligated to indemnify any Investor Party for any Losses finally adjudicated to be caused solely
by (i) a false statement of material fact contained within written information provided by such Investor Party expressly for the
purpose of including it in the applicable Registration Statement, Prospectus, Prospectus Supplement, or (ii) such Investor Party’s
unexcused material breach of an express provision of this Agreement or another Transaction Document.

 

2.Procedure
for Indemnification. If any action will be brought against an Investor Party in respect of which indemnity may be sought
pursuant to this Agreement, such Investor Party will promptly notify Company in writing, and Company will have the right to assume
the defense thereof with counsel of its own choosing. Investor Parties will have the right to employ separate counsel in any such
action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be at the expense of Investor
Parties except to the extent that (a) the employment thereof has been specifically authorized by Company in writing, (b) Company
has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such action there is, in the
reasonable opinion of such separate counsel, a material conflict with
respect to the dispute in question on any material issue between the position of Company and the position of
Investor Parties such that it would be inappropriate for one counsel to represent Company and Investor Parties. Company
will not be liable to Investor Parties under this Agreement (i) for any settlement by an Investor Party effected without Company’s
prior written consent, which will not be unreasonably withheld or delayed; or (ii) to the extent, but only to the extent that a
loss, claim, damage or liability is either attributable to
Investor’s breach of any of the representations, warranties, covenants or agreements made by Investor in this Agreement or
in the other Transaction Documents. In no event will the Company be liable for the reasonable fees and expenses for more than one
separate firm of attorneys (plus local counsel as applicable) to represent all Investor Parties.

 

3.Other
than the liability of Investor to Company for uncured material breach of the express provisions of this Agreement,
no Investor Party will have any liability to Company or any Person asserting claims on behalf of or in right of Company as a result
of acquiring the Shares under this Agreement.

 

H.No Shorting.
For so long as Investor holds any Shares, neither Investor nor any of its Affiliates will engage in or effect, directly or indirectly,
any Short Sale of Common Stock. For the avoidance of doubt, selling against delivery of Shares is not a Short Sale. There will
be no restriction or limitation of any kind on Investor’s right or ability to sell or transfer any or all of the Shares at
any time, in its sole and absolute discretion. 

 

    	 	 8	 

     

    

 

I.Stock
Splits. If Company at any time on or after the Effective Date subdivides (by any stock split,
stock dividend, recapitalization or otherwise) or combines (by combination, reverse stock split or otherwise) one or more classes
of its outstanding shares of Common Stock into a greater or lesser number of shares, the share numbers, prices and other amounts
set forth in this Agreement, as in effect immediately prior to such subdivision or combination, will be proportionately reduced
or increased, as applicable, effective at the close of business on the date the subdivision or combination becomes effective. 

 

J.Issuance
Limitation. Notwithstanding any other provision, at no time may Company issue Shares to Investor
which, when aggregated with all other shares of Common Stock then deemed beneficially owned by Investor, would result in Investor
owning more than 4.99% of all Common Stock outstanding immediately after giving effect to such issuance, as determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. No provision of this paragraph may
be waived by Investor or Company.

 

V.General Provisions.

 

A.Notice.
Unless a different time of day or method of delivery is specifically provided in the Transaction Documents, any and all notices
or other communications or deliveries required or permitted to be provided hereunder will be in writing and will be deemed given
and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile or electronic
mail prior to 5:00 p.m. Eastern time on a Trading Day and an electronic confirmation of delivery is received by the sender, (b)
the next Trading Day after the date of transmission, if such notice or communication is delivered later than 5:00 p.m. Eastern
time or on a day that is not a Trading Day, (c) the next Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The
addresses for such notices and communications are such other address as may be designated in writing, in the same manner, by such
Person.

 

B.Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed, in the case of an amendment, by Company and Investor or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
will be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor will any delay or omission of either party to exercise any right hereunder in any manner impair
the exercise of any such right.

 

C.No Third-Party
Beneficiaries. Except as otherwise set forth in Section IV.G,
this Agreement and the Transaction Documents will inure solely to the benefit of the parties hereto, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person. A Person who is not a party to this Agreement shall not have
any rights under the Contracts (Rights of Third Parties) Law, 2014 of the Cayman Islands to enforce any term of this Agreement
or any Transaction Document.

 

    	 	 9	 

     

    

 

D.Fees
and Expenses. Except as otherwise provided in this Agreement, each party will pay the fees
and expenses of its own advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. Company acknowledges
and agrees that Investor’s counsel solely represents Investor, and does not represent Company or its interests in connection
with the Transaction Documents or the transactions contemplated thereby. Company will pay all stamp and other taxes and duties,
if any, levied in connection with the sale or issuance of the Shares to Investor.

 

E.Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement will not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, will incorporate
such substitute provision in this Agreement.

 

F.Governing
Law. All matters between the parties, including without limitation questions concerning the
construction, validity, enforcement and interpretation of the Transaction Documents will be governed by and construed and enforced
in accordance with the laws of the Cayman Islands, without regard to the principles of conflicts of law that would require or permit
the application of the laws of any other jurisdiction, except for corporation law matters applicable to Company which will be governed
by the corporate law of its jurisdiction of formation. The parties hereby waive all rights to a trial by jury. In any action, arbitration
or proceeding, including appeal, arising out of or relating to any of the Transaction Documents or otherwise involving the parties,
the prevailing party will be awarded its reasonable attorneys’ fees and other costs and expenses reasonably incurred in connection
with the investigation, preparation, prosecution or defense of
such action or proceeding.

 

G.Arbitration.
Any dispute, controversy, claim or action of any kind arising out of, relating to, or in connection with this Agreement, or in
any way involving Company and Investor or their respective Affiliates, including any issues of arbitrability, will be resolved
solely by final and binding arbitration in English before a retired judge at JAMS International, or its successor, in the Territory
of the Virgin Islands, pursuant to the most expedited and Streamlined Arbitration Rules and Procedures available. Any interim or
final award may be entered and enforced by any court of competent jurisdiction. The final award will include the prevailing party’s
reasonable arbitration, expert witness and attorney fees, costs and expenses.

 

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

 

    	 	 10	 

     

    

  

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

 

J.Time
of the Essence.  Time is of the essence with respect to all provisions of this Agreement.

 

K.Survival.
 The representations and warranties contained herein will survive the Closing and the delivery
of the Shares.

 

L.Construction.
 The parties agree that each of them and/or their respective counsel has reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party will not be employed in the interpretation of the Transaction Documents or any amendments
hereto. 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. All currency
references in any Transaction Document are to U.S. dollars.

 

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

 

N.Entire
Agreement. This Agreement, including the Exhibits hereto,
which are hereby incorporated herein by reference, contains the entire agreement and understanding of the parties,
and supersedes all prior and contemporaneous agreements, term sheets,
letters, discussions, communications and understandings, both oral and written,
which the parties acknowledge have been merged into this Agreement. No party, representative, advisor, attorney or agent
has relied upon any collateral contract, agreement, assurance, promise, understanding, statement or representation not expressly
set forth herein. The parties hereby absolutely, unconditionally and irrevocably waive all rights and remedies, at law and in equity,
directly or indirectly arising out of or relating to, or which may arise as a result of, any Person’s reliance on any such
statement or assurance.

 

    	 	 11	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories on the Effective Date.

  

	Company:	 
	 	 	 
	IMMUNE PHARMACEUTICALS INC.
	 	 	 
	 	 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 
	 	 	 
	 	 	 
	Investor:	 
	 	 	 
	 	 	 
	 	 
	Investor Name	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 

 

    	 	 12	 

     

    

 

Exhibit 1

 

Glossary of Defined Terms

 

“$”
means the currency of the United States of America, in which all dollar amounts in the Transaction Documents will be expressed.

 

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

 

“Action”
has the meaning set forth in Section III.A.4.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with a Person, as such terms are used in and construed under Rule 144 under the Act.

 

“Agreement”
means this Stock Purchase Agreement.

 

“Closing”
has the meaning set forth in Section II.D.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common Stock”
means the Common Stock of Company and any replacement or substitute thereof, or any share capital into which such Common Stock
will have been changed or any share capital resulting from a reclassification of such Common Stock.

 

“Company”
has the meaning set forth in the first paragraph of the Agreement.

 

“Disclosure
Schedules” means the disclosure schedules of Company delivered concurrently herewith. The Disclosure Schedules will contain
no material non-public information.

 

“DTC”
means The Depository Trust Company, or any successor performing substantially the same function for Company.

 

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

 

“Effective
Date” has the meaning set forth in the first paragraph of the Agreement.

 

“Legal Opinion”
means an opinion from Company’s independent legal counsel, in the form attached as Exhibit 2.

 

“Officer’s
Certificate” means a certificate executed by an authorized officer of Company, in the form attached as Exhibit 3.

 

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

 

    	 	 13	 

     

    

 

“Prospectus”
means the final prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to Investor.

 

“Public Reports”
includes all reports filed by Company under the Act or the Exchange
Act, including pursuant to Section 13(a) or 15(d) thereof, for the two full fiscal years preceding the Effective Date and thereafter.

 

“Purchase
Amount”has the meaning set forth in Section
II.A.1

 

“Investor”
has the meaning set forth in the first paragraph of the Agreement.

 

“Registration
Statement” means the “shelf” registration statement on Form S-3 (File No. 333-198647) filed under the Act
with the Commission, and such amendments as may have been required to the date of this Agreement, which has been declared effective
by the Commission on October 28, 2014, and, at any given time, including amendments thereto to such time, the exhibits and any
schedules thereto at such time, the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Act at
such time, and the documents and information otherwise deemed to be a part thereof or included therein by Rule 430B under the Act
or otherwise pursuant to the Act at such time.

 

“Secretary’s
Certificate” means a certificate, in the form attached as Exhibit 4, signed by the secretary of Company.

 

“Shares”
means shares of Common Stock of the Company to be issued to Investor pursuant to this Agreement.

 

“Short Sale”
means a “short sale” as defined in Rule 200 of Regulation SHO of the Exchange Act.

 

“Subsidiary”
means any Person Company owns or controls, or in which Company, directly or indirectly, owns a majority of the capital stock or
similar interest that would be disclosable pursuant to Regulation S-K, Item 601(b)(21).

 

“Trading
Day” means any day on which the Common Stock is traded on the Trading Market; provided
that it will not include any day on which the Common Stock is (a) scheduled to trade for less than 5 hours, or (b) suspended from
trading.

 

“Transaction
Documents” means this Agreement, the other agreements, certificates and documents referenced herein or the form of which
is attached hereto, and the exhibits, schedules and appendices hereto and thereto. 

 

    	 	 14	 

     

    

 

Exhibit 2

 

Form of Legal Opinion

 

 

1.The Company is a corporation
validly existing and in good standing under the laws of the state of its incorporation.

 

2.The Company has
the requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents, to
sell and issue shares of Common Stock under the Purchase Agreement (the “Shares”).

 

3.The Shares have
been duly authorized by the Company, and upon issuance and delivery against payment therefor in accordance with the terms of the
Purchase Agreement, the Shares will be validly issued, fully paid and nonassessable. Such issuance of the Shares will not be subject
to any statutory or, to our knowledge, contractual preemptive rights of any stockholder of the Company.

 

4.The execution,
delivery and performance of the Transaction Documents have been duly authorized by all necessary corporate action on the part of
the Company, and the Transaction Documents have been duly executed and delivered by the Company.

 

5.Each Transaction
Document constitutes a valid and binding agreement of the Company enforceable against the Company in accordance with its terms,
except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar
laws affecting creditors’ rights, and subject to general equity principles and to limitations on availability of equitable
relief, including specific performance.

 

6.The execution
and delivery of the Transaction Documents by the Company does not, and the Company’s performance of its obligations thereunder
will not (a) violate the Certificate of Incorporation or the Bylaws, each as in effect on the date hereof, (b) violate in any material
respect any federal or New York or Delaware state law, rule or regulation, or judgment, order or decree of any state or federal
court or governmental or administrative authority, in each case that, to our knowledge, is applicable to the Company or its properties
or assets (except to the extent such violation would not have a material adverse effect on the Company’s business, properties,
assets, financial condition or results of operations or prevent the performance by the Company of any material obligation under
the Transaction Documents), or (c) to our knowledge, require the authorization, consent, approval of or other action of, notice
to or filing or qualification with, any New York or Delaware state or federal governmental authority, except (i) as have been,
or will be prior to the Closing, duly obtained or made, (ii) any filings which may be required under applicable federal securities,
state securities or blue sky laws and (iii) the filing of a proxy statement with respect to the Approval, except to the extent
failure to be so obtained or made would not have a material adverse effect on the Company’s business, properties, assets,
financial condition or results of operations or its ability to consummate the transactions contemplated under the Transaction Documents.

 

     

     

    

 

7.The Company is
not, and immediately after the consummation of the transactions contemplated by the Transaction Documents will not be, an investment
company within the meaning of Investment Company Act of 1940, as amended.

 

8.To our knowledge,
there is no claim, action, suit, proceeding, arbitration, investigation or inquiry, pending or threatened, before any court or
governmental or administrative body or agency, or any private arbitration tribunal, against the Company that challenges the validity
or enforceability of, or seeks to enjoin the performance of, the Transaction Documents.

 

9.The Registration
Statement filed with the Commission, which registers the sale of the Shares to Investor is current and effective as of the date
hereof.

 

     

     

    

 

Exhibit 3

 

Form of Officer’s Certificate

  

 

IMMUNE PHARMACEUTICALS INC.

 

September 6, 2016

 

The undersigned hereby certifies that:

 

The undersigned is
the duly appointed Chief Executive Officer of Immune Pharmaceuticals Inc., a Delaware corporation (“Company”).

 

This Officer’s
Certificate (“Certificate”) is being delivered to ____________________ (“Investor”), by Company,
to fulfill the requirement under the Stock Purchase Agreement, dated September 6, 2016, between Investor and Company (“Agreement”).
Terms used and not defined in this Certificate have the meanings set forth in the Agreement.

 

The representations
and warranties of Company set forth in the Agreement are true and correct in all material respects as if made on the above date
(except for any representations and warranties that are expressly made as of a particular date, in which case such representations
and warranties will be true and correct as of such particular date), and no default has occurred under the Agreement, or any other
agreement with Investor or any Affiliate of Investor.

 

Company is not, and
will not be as a result of the Closing, in default of the Agreement, any other agreement with Investor or any Affiliate of Investor.

 

All of the conditions
to the Closing required to be satisfied by Company prior to the Closing have been satisfied in their entirety.

 

IN WITNESS WHEREOF,
the undersigned has executed this Officer’s Certificate as of the date set forth above.

 

 

	Signed:  	 	 
	Name:  	 	 
	Title: 	 	 

 

     

     

    

 

Exhibit 4

 

Form of Secretary’s Certificate

 

 

 

September 6, 2016

 

The undersigned hereby certifies that:

 

The undersigned is
the duly appointed Secretary of Immune Pharmaceuticals Inc., a Delaware corporation (the “Company”).

 

This Secretary’s
Certificate (“Certificate”) is being delivered to ____________________ (“Investor”), by Company,
to fulfill the requirement under the Stock Purchase Agreement, dated September 6, 2016, between Investor and Company (“Agreement”).
Terms used and not defined in this Certificate have the meanings set forth in the Agreement.

 

The Certificate of
Incorporation of Company, as in effect on the Effective Date, is the same as previously provided to Investor.

 

The Bylaws of Company,
as in effect on the Effective Date, are the same as previously provided to Investor.

 

Attached hereto as
Exhibit “A” is a true, correct and complete copy of the resolutions of the Board of Directors of Company authorizing
the Agreement, the Transaction Documents, and the transactions contemplated thereby. Such resolutions have not been amended or
rescinded and remain in full force and effect as of the date hereof.

 

IN WITNESS WHEREOF,
the undersigned has executed this Secretary’s Certificate as of the date set forth above.

 

 

	Signed:  	 	 
	Name:  	 	 
	Title:

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