Document:

Exhibit 10.1 
EXECUTION VERSION

STANDBY EQUITY PURCHASE AGREEMENT
THIS STANDBY EQUITY PURCHASE AGREEMENT (this “Agreement”) dated as of October 13, 2022 is made by and between YA II PN, LTD., a Cayman Islands exempt limited partnership (the “Investor”), and KIROMIC BIOPHARMA, INC., a company incorporated under the laws of the State of Delaware (the “Company”).
WHEREAS, the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall have the right to issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to $5 million of the Company’s shares of common stock, par value $0.001 per share (the “Common Shares”), plus, at the Company’s election, an additional $3 million of Common Shares, for an aggregate of $8 million of Common Shares; and
WHEREAS, the Common Shares are listed for trading on the Nasdaq Stock Market under the symbol “KRBP;” and
WHEREAS, the offer and sale of the Common Shares issuable hereunder will be made in reliance upon Section 4(a)(2) under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), or upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the transactions to be made hereunder.
NOW, THEREFORE, the parties hereto agree as follows:
Article I. Certain Definitions
“Additional Shares” shall have the meaning set forth in Section 2.01(d)(ii).
“Adjusted Advance Amount” shall have the meaning set forth in Section 2.01(d)(i).
“Advance” shall mean any issuance and sale of Advance Shares from the Company to the Investor pursuant to Article II hereof.
“Advance Date” shall mean the 1st Trading Day after expiration of the applicable Pricing Period for each Advance.
“Advance Notice” shall mean a written notice in the form of Exhibit A attached hereto to the Investor executed by an officer of the Company and setting forth the amount of an Advance the Company desires to issue and sell to the Investor.
“Advance Notice Date” shall mean each date the Company is deemed to have delivered (in accordance with Section 2.01(b) of this Agreement) an Advance Notice to the Investor, subject to the terms of this Agreement. 
“Advance Shares” shall mean the Common Shares that the Company shall issue and sell to the Investor. 

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“Affiliate” shall have the meaning set forth in Section 3.07. 
“Agreement” shall have the meaning set forth in the preamble of this Agreement.
“Applicable Laws” shall mean all applicable laws, statutes, rules, regulations, orders, executive orders, directives, policies, guidelines and codes having the force of law, whether local, national, or international, as amended from time to time, including without limitation (i) all applicable laws that relate to money laundering, terrorist financing, financial record keeping and reporting, (ii) all applicable laws that relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States Foreign Corrupt Practices Act of 1977, and (iii) any Sanctions laws.
“Black Out Period” shall have the meaning set forth in Section 6.01(e).
“Closing” shall have the meaning set forth in Section 2.02.
“Commitment Amount” shall mean $5,000,000 of Common Shares, subject to increase by the Commitment Increase at the Company’s election pursuant to the terms of this Agreement, provided that, the Company shall not affect any sales under this Agreement and the Investor shall not have the obligation to purchase Common Shares under this Agreement to the extent (but only to the extent) that after giving effect to such purchase and sale the aggregate number of Common Shares issued under this Agreement would exceed 19.99% of the outstanding Common Shares as of the date of this Agreement (the “Exchange Cap”) provided further that, the Exchange Cap will not apply if (a) the Company’s stockholders have approved issuances in excess of the Exchange Cap in accordance with the rules of the Principal Market or (b) the average price of all applicable sales of Common Shares hereunder (including any Commitment Shares in the number of shares sold for these purposes and sales covered by an Advance Notice that has been delivered prior to the determination of whether this clause (b) applies) equals or exceeds $0.3111 per share (which represents the lower of (i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com) immediately preceding the date of this Agreement; or (ii) the average Nasdaq Official Closing Price for the five Trading Days immediately preceding the date of this Agreement). 
“Commitment Increase” shall mean $3,000,000 of Common Shares. 
“Commitment Shares” shall have the meaning set forth in Section 12.04
“Commitment Period” shall mean the period commencing on the date hereof and expiring upon the date of termination of this Agreement in accordance with Section 10.01.
“Common Shares” shall have the meaning set forth in the recitals of this Agreement.
“Company” shall have the meaning set forth in the preamble of this Agreement.
“Company Indemnitees” shall have the meaning set forth in Section 5.02.
“Condition Satisfaction Date” shall have the meaning set forth in Section 7.01.

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“Daily Traded Amount” shall mean the product obtained by multiplying the daily trading volume of the Company’s Common Shares on the Principal Market during regular trading hours as reported by Bloomberg L.P., by the VWAP for such Trading Day. 
“Environmental Laws” shall have the meaning set forth in Section 4.13.
“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Exchange Cap” shall have the meaning set forth in Section 1.
“Excluded Day” shall have the meaning set forth in Section 2.01(d)(i). 
“Hazardous Materials” shall have the meaning set forth in Section 4.13.
“Indemnified Liabilities” shall have the meaning set forth in Section 5.01.
“Investor” shall have the meaning set forth in the preamble of this Agreement.
“Investor Indemnitees” shall have the meaning set forth in Section 5.01.
“Market Price” shall mean the lowest of the daily VWAPs of the Common Shares during the relevant Pricing Period, other than the daily VWAP on any Excluded Days. 
“Material Adverse Effect” shall mean any event, occurrence or condition that has had or would reasonably be expected to have (i) a material adverse effect on the legality, validity or enforceability of this Agreement or the transactions contemplated herein, (ii) a material adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under this Agreement.
“Material Outside Event” shall have the meaning set forth in Section 6.08.
“Maximum Advance Amount” in respect of each Advance Notice means the greater of: (i) an amount equal to 100% of the average of the Daily Traded Amount during each of the 5 Trading Days immediately preceding an Advance Notice, or (ii) $1,000,000.  
“Minimum Acceptable Price” or “MAP” shall mean the minimum price notified by the Company to the Investor in each Advance Notice, if applicable.
“OFAC” shall have the meaning set forth in Section 4.30.
“Ownership Limitation” shall have the meaning set forth in Section 2.01(c)(i).
“Person” shall mean an individual, a corporation, a partnership, a limited liability company, a trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

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“Plan of Distribution” shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares.  
“Pricing Period” shall mean the three (3) consecutive Trading Days commencing on the Advance Notice Date. 
“Principal Market” shall mean the Nasdaq Stock Market; provided however, that in the event the Company’s Common Shares are ever listed or traded on the New York Stock Exchange, or the NYSE American, then the “Principal Market” shall mean such other market or exchange on which the Company’s Common Shares are then listed or traded to the extent such other market or exchange is the principal trading  market or exchange for the Common Shares.
“Prospectus” shall mean any prospectus (including, without limitation, all amendments and supplements thereto) used by the Company in connection with a Registration Statement.  
“Prospectus Supplement” shall mean any prospectus supplement to a Prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act, including, without limitation, any prospectus supplement to be filed in accordance with Section 6.01 hereof.
“Purchase Price” shall mean the price per Advance Share obtained by multiplying the Market Price by 95%.
“Registrable Securities” shall mean (i) the Shares issuable pursuant to this Agreement, and (ii) any securities issued or issuable with respect to any of the foregoing by way of exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise.
“Registration Limitation” shall have the meaning set forth in Section 2.01(c)(ii).  
“Registration Statement” shall mean a registration statement on Form S-1 or Form S-3 or on such other form promulgated by the SEC for which the Company then qualifies and which counsel for the Company shall deem appropriate, and which form shall be available for the registration of the resale by the Investor of the Registrable Securities under the Securities Act, which registration statement provides for the resale from time to time of the Shares as provided herein.
“Regulation D” shall mean the provisions of Regulation D promulgated under the Securities Act.  
“Sanctions” shall have the meaning set forth in Section 4.30.    
“Sanctioned Countries” shall have the meaning set forth in Section 4.30. 
“SEC” shall mean the U.S. Securities and Exchange Commission.
“SEC Documents” shall have the meaning set forth in Section 4.05.
“Securities Act” shall have the meaning set forth in the recitals of this Agreement.

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“Settlement Document” shall have the meaning set forth in Section 2.02(a).
“Shares” shall mean the Commitment Shares and the Common Shares to be issued from time to time hereunder pursuant to an Advance.
“Subsidiaries” shall mean any Person in which the Company, directly or indirectly, (x) owns a majority of the outstanding capital stock or holds a majority of the equity or similar interest of such Person or (y) controls or operates all or substantially all of the business, operations or administration of such Person, and the foregoing are collectively referred to herein as “Subsidiaries.”
“Trading Day” shall mean any day during which the Principal Market shall be open for business.
“Transaction Documents” shall have the meaning set forth in Section 4.02.
“VWAP” shall mean for any Trading Day, the daily volume weighted average price of the Common Shares for such Trading Day on the Principal Market during regular trading hours as reported by Bloomberg L.P.
Article II. Advances
Section 2.01Advances; Mechanics. Upon the terms and subject to the conditions of this Agreement, during the Commitment Period, the Company, at its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor shall purchase from the Company, Advance Shares by the delivery to the Investor of Advance Notices on the following terms:
		(a)	Advance Notice.  At any time during the Commitment Period the Company may require the Investor to purchase Shares by delivering an Advance Notice to the Investor, subject to the satisfaction or waiver by the Investor of the conditions set forth in Section 7.01, and in accordance with the following provisions: 

(i)The Company shall, in its sole discretion, select the amount of the Advance, not to exceed the Maximum Advance Amount, it desires to issue and sell to the Investor in each Advance Notice and the time it desires to deliver each Advance Notice.   
(ii)There shall be no mandatory minimum Advances and no non-usages fee for not utilizing the Commitment Amount or any part thereof. 
		(b)	Date of Delivery of Advance Notice. Advance Notices shall be delivered in accordance with the instructions set forth on the bottom of Exhibit A attached hereto. An Advance Notice shall be deemed delivered on (i) the day it is received by the Investor if such notice is received by email prior at or before 8:30 a.m. Eastern Time (or later if waived by the Investor in its sole discretion), or (ii) the immediately succeeding day if it is received by email after 8:30 a.m. Eastern Time.  

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(c)Advance Limitations. Regardless of the amount of an Advance requested by the Company in the Advance Notice, the final number of Shares to be issued and sold pursuant to an Advance Notice shall be reduced (if at all) in accordance with each of the following limitations:  
(i)Ownership Limitation; Commitment Amount. At the request of the Company, the Investor will inform the Company of the amount of shares the Investor currently beneficially owns. Notwithstanding anything to the contrary contained in this Agreement, the Investor shall not be obligated to purchase or acquire, and shall not purchase or acquire, any Common Shares under this Agreement which, when aggregated with all other Common Shares beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its affiliates (on an aggregated basis) to exceed 9.99% of the outstanding voting power or number of Common Shares (the “Ownership Limitation”). Upon the written request of the Investor, the Company shall promptly (but no later than the next business day on which the transfer agent for the Common Shares is open for business) confirm orally or in writing to the Investor the number of Common Shares then outstanding. In connection with each Advance Notice delivered by the Company, any portion of the Advance that would (i) cause the Investor to exceed the Ownership Limitation or (ii) cause the aggregate number of Shares issued and sold to the Investor hereunder to exceed the Commitment Amount shall automatically be withdrawn with no further action required by the Company, and such Advance Notice shall be deemed automatically modified to reduce the amount of the Advance requested by an amount equal to such withdrawn portion; provided that in the event of any such automatic withdrawal and automatic modification, the Investor will promptly notify the Company of such event.  
(ii)Registration Limitation and Exchange Cap. In no event shall an Advance exceed the amount registered under the Registration Statement then in effect (the “Registration Limitation”) or the Exchange Cap, to the extent applicable. In connection with each Advance Notice, any portion of an Advance that would exceed the Registration Limitation or the Exchange Cap shall automatically be withdrawn with no further action required by the Company and such Advance Notice shall be deemed automatically modified to reduce the aggregate amount of the requested Advance by an amount equal to such withdrawn portion in respect of each Advance Notice; provided that in the event of any such automatic withdrawal and automatic modification, Investor will promptly notify the Company of such event.  
		(d)	  Minimum Acceptable Price. 

(i)With respect to each Advance Notice, the Company may notify the Investor of the MAP with respect to such Advance by indicating a MAP on such 

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Advance Notice. If no MAP is specified in an Advance Notice, then no MAP shall be in effect in connection with such Advance. Each Trading Day during a Pricing Period for which (A) with respect to each Advance Notice with a MAP, the VWAP of the Common Shares is below the MAP in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded Day”), shall result in an automatic reduction to the amount of the Advance set forth in such Advance Notice by one-third (the resulting amount of each Advance being the “Adjusted Advance Amount”), and each Excluded Day shall be excluded from the Pricing Period for purposes of determining the Market Price.
(ii)The total Advance Shares in respect of each Advance (after reductions have been made to arrive at the Adjusted Advance Amount, if any) shall be automatically increased by such number of Common Shares (the “Additional Shares”) equal to the number of Common Shares sold by the Investor on such Excluded Day, if any, and the price paid per share for each Additional Share shall be equal to the MAP in effect with respect to such Advance Notice (without any further discount), provided that this increase shall not cause the total Advance to exceed the amount set forth in the original Advance Notice or any limitations set forth in Section 2.01(c).  
		(e)	Unconditional Contract. Notwithstanding any other provision in this Agreement, the Company and the Investor acknowledge and agree that upon the Investor’s receipt of a valid Advance Notice the parties shall be deemed to have entered into an unconditional contract binding on both parties for the purchase and sale of Advance Shares pursuant to such Advance Notice in accordance with the terms of this Agreement and (i) subject to Applicable Laws and (ii) subject to Section 3.08 (Trading Activities), the Investor may sell Common Shares during the Pricing Period.

Section 2.02Closings. The closing of each Advance and each sale and purchase of Advance Shares (each, a “Closing”) shall take place as soon as practicable on or after each Advance Date in accordance with the procedures set forth below.  The parties acknowledge that the Purchase Price is not known at the time the Advance Notice is delivered (at which time the Investor is irrevocably bound) but shall be determined on each Closing based on the daily prices of the Common Shares that are the inputs to the determination of the Purchase Price as set forth further below. In connection with each Closing, the Company and the Investor shall fulfill each of its obligations as set forth below: 
		(a)	On each Advance Date, the Investor shall deliver to the Company a written document, in the form attached hereto as Exhibit B (each a “Settlement Document”), setting forth the final number of Shares to be purchased by the Investor (taking into account any adjustments pursuant to Section 2.01), the Market Price, the Purchase Price, the aggregate proceeds to be paid by the Investor to the Company, and a report by Bloomberg, L.P. indicating the VWAP for each of the Trading Days during the Pricing Period (or, if not reported on Bloomberg, L.P., another reporting service reasonably agreed to by the parties), in each case in accordance with the terms and conditions of this Agreement.

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		(b)	Promptly after receipt of the Settlement Document with respect to each Advance (and, in any event, not later than one Trading Day after such receipt), the Company will, or will cause its transfer agent to, electronically transfer such number of Advance Shares to be purchased by the Investor (as set forth in the Settlement Document) by crediting the Investor’s account or its designee’s account at the Depository Trust Company through its Deposit Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto, and transmit notification to the Investor that such share transfer has been requested. Promptly upon receipt of such notification, the Investor shall pay to the Company the aggregate purchase price of the Shares (as set forth in the Settlement Document) in cash in immediately available funds to an account designated by the Company in writing and transmit notification to the Company that such funds transfer has been requested. No fractional shares shall be issued, and any fractional amounts shall be rounded to the next higher whole number of shares. To facilitate the transfer of the Common Shares by the Investor, the Common Shares will not bear any restrictive legends so long as there is an effective Registration Statement covering the resale of such Common Shares (it being understood and agreed by the Investor that notwithstanding the lack of restrictive legends, the Investor may only sell such Common Shares pursuant to the Plan of Distribution set forth in the Prospectus included in the Registration Statement and otherwise in compliance with the requirements of the Securities Act (including any applicable prospectus delivery requirements) or pursuant to an available exemption).

		(c)	On or prior to the Advance Date, each of the Company and the Investor shall deliver to the other all documents, instruments and writings expressly required to be delivered by either of them pursuant to this Agreement in order to implement and effect the transactions contemplated herein. 

		(d)	Notwithstanding anything to the contrary in this Agreement, if on any day during the Pricing Period (i) the Company notifies Investor that a Material Outside Event has occurred, or (ii) the Company notifies the Investor of a Black Out Period, the parties agree that the pending Advance shall end and the final number of Advance Shares to be purchased by the Investor at the Closing for such Advance shall be equal to the number of Common Shares sold by the Investor during the applicable Pricing Period prior to the notification from the Company of a Material Outside Event or Black Out Period.

Section 2.03Hardship. 
		(a)	In the event the Investor sells Common Shares after receipt of an Advance Notice and the Company fails to perform its obligations as mandated in Section 2.02, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Investor is entitled at law or in equity, including, without limitation, specific performance, it will hold the Investor harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Investor shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to specifically enforce (subject to Applicable 

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			Laws and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of this Agreement.

		(b)	In the event the Company provides an Advance Notice and the Investor fails to perform its obligations as mandated in Section 2.02, the Investor agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Company is entitled at law or in equity, including, without limitation, specific performance, it will hold the Company harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Investor and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Company shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to specifically enforce (subject to the Securities Act and other rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of this Agreement.

Section 2.04Completion of Resale Pursuant to the Registration Statement.  After the Investor has purchased the full Commitment Amount and has completed the subsequent resale of the full Commitment Amount pursuant to the Registration Statement, Investor will notify the Company that all subsequent resales are completed and the Company will be under no further obligation to maintain the effectiveness of the Registration Statement.
Section 2.05Increase to Commitment Amount.  The Commitment Amount will be increased to include the Commitment Increase by written notice to the Investor from the Company that the Company is electing to make such increase, provided that the Company may only make such election in whole, and not in part, and may not make such election after such time as it has delivered an Advance Notice that covers the remaining shares of the then unsold Commitment Amount.
Article III. Representations and Warranties of Investor
The Investor represents and warrants to the Company, as of the date hereof, as of each Advance Notice Date and each Advance Date that:
Section 3.01Organization and Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the Cayman Islands and has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and to purchase or acquire Shares in accordance with the terms hereof. The decision to invest and the execution and delivery of this Agreement by the Investor, the performance by the Investor of its obligations hereunder and the consummation by the Investor of the transactions contemplated hereby have been duly authorized and require no other proceedings on the part of the Investor. The undersigned has the right, power and authority to execute and deliver this Agreement and all other instruments on behalf of the Investor or its shareholders. This Agreement has been duly executed and delivered by the Investor and, assuming the execution and delivery hereof and acceptance thereof by the Company, will constitute the legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance with its terms.

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Section 3.02Evaluation of Risks. The Investor has such knowledge and experience in financial, tax and business matters as to be capable of evaluating the merits and risks of, and bearing the economic risks entailed by, an investment in the Common Shares of the Company and of protecting its interests in connection with the transactions contemplated hereby. The Investor acknowledges and agrees that its investment in the Company involves a high degree of risk, and that the Investor may lose all or a part of its investment. 
Section 3.03No Legal, Investment or Tax Advice from the Company. The Investor acknowledges that it had the opportunity to review this Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of the Company’s representatives or agents for legal, tax, investment or other advice with respect to the Investor’s acquisition of Common Shares hereunder, the transactions contemplated by this Agreement or the laws of any jurisdiction, and the Investor acknowledges that the Investor may lose all or a part of its investment. 
Section 3.04Investment Purpose. The Investor is acquiring the Common Shares for its own account, for investment purposes and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt from the registration requirements of the Securities Act; provided, however, that by making the representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Shares for any minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with, or pursuant to, a Registration Statement filed pursuant to this Agreement or an applicable exemption under the Securities Act. The Investor does not presently have any agreement or understanding, directly or indirectly, with any Person to sell or distribute any of the Shares. The Investor acknowledges that it will be disclosed as an “underwriter” and a “selling stockholder” in each Registration Statement and in any prospectus contained therein related to the resale of Registrable Securities.     
Section 3.05Accredited Investor. The Investor is an “Accredited Investor” as that term is defined in Rule 501(a)(3) of Regulation D.
Section 3.06Information. The Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances and operations of the Company and information the Investor deemed material to making an informed investment decision. The Investor and its advisors (and its counsel), if any, have been afforded the opportunity to ask questions of the Company and its management and have received answers to such questions. Neither such inquiries nor any other due diligence investigations conducted by such Investor or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations and warranties contained in this Agreement. The Investor acknowledges and agrees that the Company has not made to the Investor, and the Investor acknowledges and agrees it has not relied upon, any representations and warranties of the Company, its employees or any third party other than the representations and warranties of the Company contained in this Agreement.  The Investor understands that its investment involves a high degree of risk.  The Investor has sought such accounting, legal and tax advice, as it has considered necessary to make an informed investment decision with respect to the transactions contemplated hereby.  

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Section 3.07Not an Affiliate. The Investor is not an officer, director or a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with the Company or any “Affiliate” of the Company (as that term is defined in Rule 405 promulgated under the Securities Act). 
Section 3.08No Prior Short Sales. At no time prior to the date of this Agreement has the Investor, its sole member, any of their respective officers, or any entity managed or controlled by the Investor or its sole member, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own principal account, any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) hedging transaction, which establishes a net short position with respect to the Common Shares that remains in effect as of the date of this Agreement.
Section 3.09Resale of Shares. The Investor represents, warrants and covenants that it will resell the Shares only pursuant to the Registration Statement in which the resale of such Shares is registered under the Securities Act, in a manner described under the caption “Plan of Distribution” in such Registration Statement, and in a manner in compliance with all applicable federal and state securities laws, rules and regulations, or pursuant to an exception from the registration provisions of the Securities Act, if applicable.
Section 3.10General Solicitation.  Neither the Investor, nor any of its affiliates, nor any person acting on its or their behalf, has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Common Shares by the Investor.
Article IV. Representations and Warranties of the Company
Except as set forth in the SEC Documents and the disclosure schedules attached hereto, the Company represents and warrants to the Investor that, as of the date hereof, each Advance Notice Date and each Advance Date (other than representations and warranties which address matters only as of a certain date, which shall be true and correct as written as of such certain date):
Section 4.01Organization and Qualification. Each of the Company and its Subsidiaries is an entity duly organized and validly existing under the laws of their respective jurisdiction of organization, and has the requisite power and authority to own its properties and to carry on its business as now being conducted.  Each of the Company and its Subsidiaries is duly qualified to do business and is in good standing (to the extent applicable) in every jurisdiction in which the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect.  
Section 4.02Authorization, Enforcement, Compliance with Other Instruments. The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Shares in accordance with the terms hereof and thereof. The execution and delivery by the Company of this Agreement and the other Transaction Documents, and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) have been or (with respect to consummation) will be duly authorized by the Company’s 

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board of directors and no further consent or authorization will be required by the Company, its board of directors or its shareholders.  This Agreement and the other Transaction Documents to which it the Company a party have been (or, when executed and delivered, will be) duly executed and delivered by the Company and, assuming the execution and delivery thereof and acceptance by the Investor, constitute (or, when duly executed and delivered, will be) the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. “Transaction Documents” means, collectively, this Agreement and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.
Section 4.03Authorization of the Shares. The Shares to be issued under this Agreement have been, or with respect to Shares to be purchased by the Investor pursuant to an Advance Notice, will be, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a duly authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, duly and validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Shares, when issued, will conform to the description thereof set forth in or incorporated into the Prospectus.
Section 4.04No Conflict. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) will not (i) result in a violation of the articles of incorporation or other organizational documents of the Company or its Subsidiaries (with respect to consummation, as the same may be amended prior to the date on which any of the transactions contemplated hereby are consummated), (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or its Subsidiaries or by which any property or asset of the Company or its Subsidiaries is bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that would not reasonably be expected to have a Material Adverse Effect.
Section 4.05SEC Documents; Financial Statements. The Company has timely filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the Exchange Act for the one year preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (all of the foregoing filed within one year preceding the date hereof or amended after the date hereof, or filed after the date hereof, and all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein, and all registration statements filed by the Company 

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under the Securities Act (including any Registration Statements filed hereunder), being hereinafter referred to as the “SEC Documents”). The Company has delivered or made available to the Investor through the SEC’s website at http://www.sec.gov, true and complete copies of the SEC Documents. As of their respective dates (or, with respect to any filing that has been amended or superseded, the date of such amendment or superseding filing), the SEC Documents complied in all material respects with the requirements of the Exchange Act or the Securities Act, as applicable, and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and did not contain any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  
Section 4.06Financial Statements. The consolidated financial statements of the Company included or incorporated by reference in the SEC Documents, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders’ equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity with generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis (except for (i) such adjustments to accounting standards and practices as are noted therein, (ii) in the case of unaudited interim financial statements, to the extent such financial statements may not include footnotes required by GAAP or may be condensed or summary statements and (iii) such adjustments which are not material, either individually or in the aggregate) during the periods involved; the other financial and statistical data with respect to the Company and the Subsidiaries contained or incorporated by reference in the SEC Documents are accurately and fairly presented and prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the SEC Documents that are not included or incorporated by reference as required; the Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the SEC Documents (excluding the exhibits thereto); and all disclosures contained or incorporated by reference in the SEC Documents regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in extensible Business Reporting Language included or incorporated by reference in the SEC Documents fairly presents the information called for in all material respects and has been prepared in accordance with the SEC’s rules and guidelines applicable thereto. 
Section 4.07Registration Statement and Prospectus.  Each Registration Statement and the offer and sale of Shares as contemplated hereby will meet the requirements of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be described in a Registration Statement or a Prospectus, or to be filed as exhibits to a Registration Statement have been so described or filed. Copies of each Registration Statement, any Prospectus, and any such amendments or supplements thereto and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Investor and its counsel. The Company has not distributed and, prior to the later to occur of 

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each Settlement Date and completion of the distribution of the Shares, will not distribute any offering material in connection with the offering or sale of the Shares other than a Registration Statement and the Prospectus to which the Investor has consented.   
Section 4.08No Misstatement or Omission. Each Registration Statement, when it became or becomes effective, and any Prospectus, on the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each Advance Date, the Registration Statement, and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act. Each Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. Each Prospectus did not, or will not, include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The documents incorporated by reference in a Prospectus or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not, when filed with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the Company by the Investor specifically for use in the preparation thereof.
Section 4.09Conformity with Securities Act and Exchange Act. Each Registration Statement, each Prospectus, or any amendment or supplement thereto, and the documents incorporated by reference in each Registration Statement, Prospectus or any amendment or supplement thereto, when such documents were or are filed with the SEC under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable. 
Section 4.10Equity Capitalization.  As of the date hereof, the authorized capital of the Company consists of 360,000,000 shares of capital stock, of which 300,000,000 shares are designated common stock, par value $0.001 per share, and 60,000,000 shares are undesignated preferred stock.  As of the date hereof, the Company had 15,843,191 shares of common stock outstanding and no shares of preferred stock outstanding.
The Common Shares are registered pursuant to Section 12(b) of the Exchange Act and is currently listed on a Principal Market under the trading symbol “KRBP.” The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act, delisting the Common Shares from the Principal Market, nor has the Company received any notification that the Commission or the Principal Market is contemplating terminating such registration or listing. To the Company’s knowledge, it is in compliance with all applicable listing requirements of the Principal Market.
Section 4.11Intellectual Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all material trademarks, trade names, service marks, service mark 

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registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and rights, if any, necessary to conduct their respective businesses as now conducted, except as would not cause a Material Adverse Effect. The Company and its Subsidiaries have not received written notice of any infringement by the Company or its Subsidiaries of trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, or trade secrets, except as would not cause a Material Adverse Effect. To the knowledge of the Company, there is no claim, action or proceeding being made or brought against, or to the Company’s knowledge, being threatened against the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret or other infringement except as would not cause a Material Adverse Effect; and, except as would not cause a Material Adverse Effect, the Company is not aware of any facts or circumstances which might give rise to any of the foregoing. 
Section 4.12Employee Relations. Neither the Company nor any of its Subsidiaries is involved in any labor dispute nor, to the knowledge of the Company or any of its Subsidiaries, is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse Effect.  
Section 4.13Environmental Laws.  To the Company’s knowledge, the Company and its Subsidiaries (i) have not received written notice alleging any failure to comply in all material respects with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) have not received written notice alleging any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii), the failure to so comply would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.  The term “Environmental Laws” means all applicable federal, state and local laws relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder. 
Section 4.14Title. Except as would not cause a Material Adverse Effect, the Company (or its Subsidiaries) has indefeasible fee simple or leasehold title to its properties and material assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other than such as are not material to the business of the Company. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries.
Section 4.15Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as 

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management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged. The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.
Section 4.16Regulatory Permits. Except as would not cause a Material Adverse Effect, the Company and its Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to own their respective businesses, and neither the Company nor any such Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or permits.  
Section 4.17Internal Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and management is not aware of any material weaknesses that are not disclosed in the SEC Documents as and when required.
Section 4.18Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending against or affecting the Company, the Common Shares or any of the Company’s Subsidiaries, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect.
Section 4.19Subsidiaries. The Company does not presently own or control, directly or indirectly, any interest in any other corporation, partnership, association or other business entity.
Section 4.20Tax Status.  Each of the Company and its Subsidiaries (i) has timely made or filed all foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has timely paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. The Company has not received written notification of any unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim where failure to pay would cause a Material Adverse Effect.
Section 4.21Certain Transactions. Except as not required to be disclosed pursuant to Applicable Laws, none of the officers or directors of the Company is presently a party to any transaction with the Company (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for 

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rental of real or personal property to or from, or otherwise requiring payments to or from any officer or director, or to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer or director has a substantial interest or is an officer, director, trustee or partner.
Section 4.22Rights of First Refusal. The Company is not obligated to offer the Common Shares offered hereunder on a right of first refusal basis to any third parties including, but not limited to, current or former shareholders of the Company, underwriters, brokers, agents or other third parties. 
Section 4.23Dilution. The Company is aware and acknowledges that issuance of Common Shares hereunder could cause dilution to existing shareholders and could significantly increase the outstanding number of Common Shares.   
Section 4.24Acknowledgment Regarding Investor’s Purchase of Shares. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length investor with respect to this Agreement and the transactions contemplated hereunder. The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereunder and any advice given by the Investor or any of its representatives or agents in connection with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s purchase of the Shares hereunder. The Company is aware and acknowledges that it shall not be able to request Advances under this Agreement if the Registration Statement is not effective or if any issuances of Common Shares pursuant to any Advances would violate any rules of the Principal Market. The Company acknowledged and agrees that it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement. 
Section 4.25Finder’s Fees. Neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s fees, brokerage commissions or similar payments in connection with the transactions herein contemplated. 
Section 4.26Relationship of the Parties. Neither the Company, nor any of its subsidiaries, affiliates, nor any person acting on its or their behalf is a client or customer of the Investor or any of its affiliates and neither the Investor nor any of its affiliates has provided, or will provide, any services to the Company or any of its affiliates, its subsidiaries, or any person acting on its or their behalf. The Investor’s relationship to Company is solely as investor as provided for in the Transaction Documents. 
Section 4.27Operations. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with and  neither the Company nor the Subsidiaries, nor any director, officer, or employee of the Company or any Subsidiary nor, to the Company’s knowledge, any agent, affiliate or other person acting on behalf of the Company or any Subsidiary has, not complied with Applicable Law; and no action, suit or proceeding by or before any governmental authority involving the Company or any of its Subsidiaries with respect to Applicable Laws is pending or, to the knowledge of the Company, threatened.

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Section 4.28Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement or a Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.  
Section 4.29Compliance with Laws. The Company and each of its Subsidiaries are in compliance with Applicable Laws; the Company has not received a notice of non-compliance, nor knows of, nor has reasonable grounds to know of, any facts that any director, officer, or employee of the Company or any Subsidiary nor, to the Company’s knowledge, any agent, affiliate or other person acting on behalf of the Company or any Subsidiary has, not complied with Applicable Laws, or could give rise to a notice of non-compliance with Applicable Laws, and is not aware of any pending change or contemplated change to any applicable law or regulation or governmental position; in each case that would have a Material Adverse Effect.
Section 4.30Sanctions Matters.  Neither the Company nor any of its Subsidiaries or, to the knowledge of the Company, any director, officer or controlled affiliate of the Company or any director or officer of any Subsidiary, is a Person that is, or is owned or controlled by a Person that is (i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Asset Control (“OFAC”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authorities, including, without limitation, designation on OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s Foreign Sanctions Evaders List or other relevant sanctions authority (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory (including, without limitation, the Crimea region, the Donetsk People’s Republic and Luhansk People’s Republic in Ukraine, Cuba, Iran, North Korea, Sudan and Syria (the “Sanctioned Countries”)). Neither the Company nor any of its Subsidiaries will, directly or indirectly, use the proceeds from the sale of Advance Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (a) for the purpose of funding or facilitating any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country, or (b) in any other manner that will result in a violation of Sanctions or Applicable Laws by any Person (including any Person participating in the transactions contemplated by this Agreement, whether as underwriter, advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries has engaged in, and is now not engaged in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or was a Sanctioned Country.
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Article V.  Indemnification
The Investor and the Company represent to the other the following with respect to itself:
Section 5.01Indemnification by the Company. In consideration of the Investor’s execution and delivery of this Agreement and acquiring the Shares hereunder, and in addition to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify 

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and hold harmless the Investor and its investment manager, Yorkville Advisors Global, LP, and each of their respective officers, directors, managers, members, partners, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Investor Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and reasonable and documented expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by the Investor Indemnitees or any of them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Investor specifically for inclusion therein; (b) any material misrepresentation or breach of any material representation or material warranty made by the Company in this Agreement or any other certificate, instrument or document contemplated hereby or thereby; or (c) any material breach of any material covenant, material agreement or material obligation of the Company contained in this Agreement or any other certificate, instrument or document contemplated hereby or thereby. To the extent that the foregoing undertaking by the Company may be unenforceable under Applicable Law, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Law.
Section 5.02Indemnification by the Investor. In consideration of the Company’s execution and delivery of this Agreement, and in addition to all of the Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the Company and all of its officers, directors, shareholders, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Company Indemnitees”) from and against any and all Indemnified Liabilities incurred by the Company Indemnitees or any of them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Investor will only be liable for written information relating to the Investor furnished to the Company by or on behalf of the Investor specifically for inclusion in the documents referred to in the foregoing indemnity, and will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Investor by or on behalf of the 

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Company specifically for inclusion therein; (b) any misrepresentation or breach of any representation or warranty made by the Investor in this Agreement or any instrument or document contemplated hereby or thereby executed by the Investor; or (c) any breach of any covenant, agreement or obligation of the Investor contained in this Agreement or any other certificate, instrument or document contemplated hereby or thereby executed by the Investor. To the extent that the foregoing undertaking by the Investor may be unenforceable under Applicable Laws, the Investor shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Laws.
Section 5.03Notice of Claim. Promptly after receipt by an Investor Indemnitee or Company Indemnitee of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or Company Indemnitee, as applicable, shall, if a claim for an Indemnified Liability in respect thereof is to be made against any indemnifying party under this Article V, deliver to the indemnifying party a written notice of the commencement thereof; but the failure to so notify the indemnifying party will not relieve it of liability under this Article V except to the extent the indemnifying party is prejudiced by such failure. The indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually reasonably satisfactory to the indemnifying party and the Investor Indemnitee or Company Indemnitee, as the case may be; provided, however, that an Investor Indemnitee or Company Indemnitee shall have the right to retain its own counsel with the actual and reasonable third party fees and expenses of not more than one counsel for such Investor Indemnitee or Company Indemnitee to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Investor Indemnitee or Company Indemnitee and the indemnifying party would be inappropriate due to actual or potential differing interests between such Investor Indemnitee or Company Indemnitee and any other party represented by such counsel in such proceeding. The Investor Indemnitee or Company Indemnitee shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Investor Indemnitee or Company Indemnitee which relates to such action or claim. The indemnifying party shall keep the Investor Indemnitee or Company Indemnitee reasonably apprised as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Investor Indemnitee or Company Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Investor Indemnitee or Company Indemnitee of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Investor Indemnitee or Company Indemnitee with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The indemnification required by this Article V shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received and payment therefor is due.

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Section 5.04Remedies. The remedies provided for in this Article V are not exclusive and shall not limit any right or remedy which may be available to any indemnified person at law or equity. The obligations of the parties to indemnify or make contribution under this Article V shall survive expiration or termination of this Agreement. 
Section 5.05Limitation of liability. Notwithstanding the foregoing, no party shall be entitled to recover from the other party for punitive, indirect, incidental or consequential damages.
Article VI. ​
Covenants
The Company covenants with the Investor, and the Investor covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Commitment Period:
Section 6.01Registration Statement.  
		(a)	Filing of a Registration Statement. The Company shall prepare and file with the SEC a Registration Statement, or multiple Registration Statements for the resale by the Investor of the Registrable Securities. The Company in its sole discretion may choose when to file such Registration Statements; provided, however, that the Company shall not have the ability to request any Advances until the effectiveness of a Registration Statement.

		(b)	Maintaining a Registration Statement. The Company shall maintain the effectiveness of any Registration Statement that has been declared effective at all times during the Commitment Period, provided, however, that if the Company has received notification pursuant to Section 2.04 that the Investor has completed resales pursuant to the Registration Statement for the full Commitment Amount, then the Company shall be under no further obligation to maintain the effectiveness of the Registration Statement. Notwithstanding anything to the contrary contained in this Agreement, the Company shall ensure that, when filed, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such Registration Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. During the Commitment Period, the Company shall notify the Investor promptly if (i) the Registration Statement shall cease to be effective under the Securities Act, (ii) the Common Shares shall cease to be authorized for listing on the Principal Market, (iii) the Common Shares cease to be registered under Section 12(b) or Section 12(g) of the Exchange Act or (iv) the Company fails to file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act.

		(c)	Filing Procedures. The Company shall (A) permit counsel to the Investor an opportunity to review and comment upon (i) each Registration Statement at least three (3) Trading Days prior to its filing with the SEC and (ii) all amendments and supplements to each Registration Statement (including, without limitation, the Prospectus contained therein) 

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			(except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports or Prospectus Supplements the contents of which is limited to that set forth in such reports) within a reasonable number of days prior to their filing with the SEC, and (B) shall reasonably consider any comments of the Investor and its counsel on any such Registration Statement or amendment or supplement thereto or to any Prospectus contained therein. The Company shall promptly furnish to the Investor, without charge, (i) electronic copies of any correspondence from the SEC or the Staff to the Company or its representatives relating to each Registration Statement (which correspondence shall be redacted to exclude any material, non-public information regarding the Company or any of its Subsidiaries), (ii) after the same is prepared and filed with the SEC, one (1) electronic copy of each Registration Statement and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested by the Investor, and all exhibits and (iii) upon the effectiveness of each Registration Statement, one (1) electronic copy of the Prospectus included in such Registration Statement and all amendments and supplements thereto; provided, however, the Company shall not be required to furnish any document to the extent such document is available on EDGAR).

		(d)	Amendments and Other Filings. The Company shall (i) prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the related prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Commitment Period, and prepare and file with the SEC 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 promulgated under the Securities Act; (iii) provide the Investor copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company may excise any information contained therein which would constitute material non-public information, and (iv) comply with the provisions of the Securities Act with respect to the Registration Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 6.01(d) by reason of the Company’s filing a report on Form 10-K, Form 10-Q, or Form 8-K or any analogous report under the Exchange Act, the Company shall file such report in a prospectus supplement filed pursuant to Rule 424 promulgated under the Securities Act to incorporate such filing into the Registration Statement, if applicable, or shall file such amendments or supplements with the SEC either on the day on which the Exchange Act report is filed which created the requirement for the Company to amend or supplement the Registration Statement, if feasible, or otherwise promptly thereafter.

		(e)	Blue-Sky. The Company shall use its commercially reasonable efforts to, if required by Applicable Laws, (i) register and qualify the Common Shares covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such 

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			amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Commitment Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Commitment Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Common Shares for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its Articles of Incorporation or Bylaws or any other organizational documents of the Company or any of its Subsidiaries, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this 0, (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Common Shares for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

Section 6.02Suspension of Registration Statement. 
		(a)	Establishment of a Black Out Period.  During the Commitment Period, the Company from time to time may suspend the use of the Registration Statement by written notice to the Investor in the event that the Company determines in its sole discretion in good faith that such suspension is necessary to (A) delay the disclosure of material nonpublic information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or supplement the Registration Statement or Prospectus so that such Registration Statement or Prospectus shall not include 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 (a “Black Out Period”).  

		(b)	No Sales by Investor During the Black Out Period.  During such Black Out Period, the Investor agrees not to sell any Common Shares of the Company pursuant to such Registration Statement, but may sell shares pursuant to an exemption from registration, if available, subject to the Investor’s compliance with Applicable Laws. 

		(c)	Limitations on the Black Out Period.  The Company shall not impose any Black Out Period that is longer than 30 days or in a manner that is more restrictive (including, without limitation, as to duration) than the comparable restrictions that the Company may impose on transfers of the Company’s equity securities by its directors and senior executive officers. In addition, the Company shall not deliver any Advance Notice during any Black Out Period. If the public announcement of such material, nonpublic information is made during a Black Out Period, the Black Out Period shall terminate immediately after such announcement, and the Company shall immediately notify the Investor of the termination of the Black Out Period.

Section 6.03Listing of Common Shares. As of each Advance Date, the Shares to be sold by the Company from time to time hereunder will have been registered under Section 12(b) of the 

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Exchange Act and approved for listing on the Principal Market, subject to official notice of issuance. 
Section 6.04Opinion of Counsel. Prior to the date of the delivery by the Company of the first Advance Notice, the Investor shall have received an opinion letter from counsel to the Company in form and substance reasonably satisfactory to the Investor.
Section 6.05Exchange Act Registration. The Company will file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act and will not take any action or file any document (whether or not permitted by Exchange Act or the rules thereunder) to terminate or suspend its reporting and filing obligations under the Exchange Act.
Section 6.06Transfer Agent Instructions. For any time while there is a Registration Statement in effect for this transaction, the Company shall (if required by the transfer agent for the Common Shares) cause legal counsel for the Company to deliver to the transfer agent for the Common Shares (with a copy to the Investor) instructions to issue Common Shares to the Investor free of restrictive legends upon each Advance if the delivery of such instructions are consistent with Applicable Law.
Section 6.07Corporate Existence. The Company will use commercially reasonable efforts to preserve and continue the corporate existence of the Company during the Commitment Period.
Section 6.08Notice of Certain Events Affecting Registration; Suspension of Right to Make an Advance. The Company will promptly notify the Investor, and confirm in writing, upon its becoming aware of the occurrence of any of the following events in respect of a Registration Statement or related Prospectus (in each of which cases the information provided to Investor will be kept strictly confidential): (i) except for requests made in connection with SEC investigations disclosed in the SEC Documents, receipt of any request for additional information by the SEC or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement or any request for amendments or supplements to the Registration Statement or related Prospectus; (ii) the issuance by the SEC or any other Federal governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Common Shares for sale in any jurisdiction or the initiation or written threat of any proceeding for such purpose; (iv) the happening of any event that makes any statement made in the Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus or documents so that, in the case of the Registration Statement, 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 not misleading, and that in the case of the related Prospectus, 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 the light of the circumstances under which they were made, not misleading, or of the necessity to amend the Registration Statement or supplement a related Prospectus to comply with the Securities Act or any other law (and the Company will promptly make available to the Investor any such supplement or amendment to the related Prospectus); (v) the Company’s reasonable determination 

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that a post-effective amendment to the Registration Statement would be required under Applicable Law; or (vi) the Common Shares shall cease to be authorized for listing on the Principal Market. The Company shall not deliver to the Investor any Advance Notice, and the Company shall not sell any Shares pursuant to any pending Advance Notice (other than as required pursuant to Section 2.02(d)), during the continuation of any of the foregoing events (each of the events described in the immediately preceding clauses (i) through (vii), inclusive, a “Material Outside Event”).  
Section 6.09Consolidation. If an Advance Notice has been delivered to the Investor, then the Company shall not effect any consolidation of the Company with or into, or a transfer of all or substantially all the assets of the Company to another entity before the transaction contemplated in such Advance Notice has been closed in accordance with Section 2.02 hereof, and all Shares in connection with such Advance have been received by the Investor.
Section 6.10Issuance of the Company’s Common Shares. The issuance and sale of the Common Shares hereunder shall be made in accordance with the provisions and requirements of Section 4(a)(2) of the Securities Act and any applicable state securities law.
Section 6.11Expenses. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay all expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of each prospectus and of each amendment and supplement thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant to this Agreement, (iii) all fees and disbursements of the Company’s counsel, accountants and other advisors (but not, for the avoidance doubt, the fees and disbursements of Investor’s counsel, accountants and other advisors), (iv) the qualification of the Shares under securities laws in accordance with the provisions of this Agreement, including filing fees in connection therewith, (v) the printing and delivery of copies of any prospectus and any amendments or supplements thereto requested by the Investor, (vi) the fees and expenses incurred in connection with the listing or qualification of the Shares for trading on the Principal Market, or (vii) filing fees of the SEC and the Principal Market. 
Section 6.12Current Report.  The Company shall, not later than 5:30 p.m., New York City time, on the fourth business day after the date of this Agreement, file with the SEC a Current Report on Form 8-K disclosing the execution of this Agreement by the Company and the Investor (including any exhibits thereto, the “Current Report”). The Company shall provide the Investor and its legal counsel a reasonable opportunity to comment on a draft of the Current Report prior to filing the Current Report with the SEC and shall give due consideration to all such comments. Prior to the delivery of the first Advance Notice, the Company shall have publicly disclosed all material, nonpublic information delivered to the Investor (or the Investor’s representatives or agents) by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees, agents or representatives (if any) in connection with the transactions contemplated by the Transaction Documents. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide the Investor with any material, non-public information regarding the Company or any of its Subsidiaries without the express prior written consent of the Investor (which may be granted or withheld in the Investor’s sole discretion); it being understood that the mere notification of Investor required pursuant to Section 6.08(iv) hereof shall not in and of itself be deemed to be material non-public 

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information. Notwithstanding anything contained in this Agreement to the contrary, the Company expressly agrees that it shall publicly disclose prior to the delivery of the first Advance Notice any information communicated to the Investor by or, to the knowledge of the Company, on behalf of the Company in connection with the transactions contemplated herein, which, following the date hereof would, if not so disclosed, constitute material, non-public information regarding the Company or its Subsidiaries. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting resales of Shares. 
Section 6.13Advance Notice Limitation. The Company shall not deliver an Advance Notice if a shareholder meeting or corporate action date, or the record date for any shareholder meeting or any corporate action, would fall during the period beginning two Trading Days prior to the date of delivery of such Advance Notice and ending two Trading Days following the Closing of such Advance. 
Section 6.14Use of Proceeds.  The proceeds from the sale of the Shares by the Company to Investor shall be used by the Company in the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant to this Agreement.  
Section 6.15Compliance with Laws.  The Company shall comply in all material respects with all Applicable Laws. 
Section 6.16Market Activities. Neither the Company, nor any Subsidiary, nor any of their respective officers, directors or controlling persons will, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute or result, in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Shares or (ii) sell, bid for, or purchase Common Shares in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Shares.
Section 6.17Trading Information. Upon the Company’s request, the Investor agrees to provide the Company with trading reports setting forth the number and average sales prices of shares of Common Stock sold by the Investor during the prior trading week. 
Section 6.18Selling Restrictions. (i) Except as expressly set forth below, the Investor covenants that from and after the date hereof through and including the Trading Day next following the expiration or termination of this Agreement as provided in Section 10.01 (the “Restricted Period”), none of the Investor any of its officers, or any entity managed or controlled by the Investor (collectively, the “Restricted Persons” and each of the foregoing is referred to herein as a “Restricted Person”) shall, directly or indirectly, (i) engage in any “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) engage in any hedging transaction, which establishes a net short position with respect to the Common Shares, with respect to each of clauses (i) and (ii) hereof, either for its own principal account or for the principal account of any other Restricted Person. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein shall (without implication that the contrary would otherwise be true) prohibit any Restricted Person during the Restricted Period from: (1) selling “long” (as defined under Rule 200 promulgated under Regulation SHO) the Shares; or (2) selling a number of Common Shares equal to the number of Advance Shares that 

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such Restricted Person is unconditionally obligated to purchase under a pending Advance Notice but has not yet received from the Company or the transfer agent pursuant to this Agreement.
Section 6.19Assignment. Neither this Agreement nor any rights or obligations of the parties hereto may be assigned to any other Person. 
Article VII. ​
Conditions for Delivery of Advance Notice
Section 7.01Conditions Precedent to the Right of the Company to Deliver an Advance Notice. The right of the Company to deliver an Advance Notice and the obligations of the Investor hereunder with respect to an Advance are subject to the satisfaction or waiver, on each Advance Notice Date (a “Condition Satisfaction Date”), of each of the following conditions:
		(a)	Accuracy of the Company’s Representations and Warranties. The representations and warranties of the Company in this Agreement shall be true and correct in all material respects as of the Advance Notice Date (other than representations and warranties which address matters only as of a certain date, which shall be true and correct as written as of such certain date).

		(b)	Registration of the Common Shares with the SEC. There is an effective Registration Statement pursuant to which the Investor is permitted to utilize the prospectus thereunder to resell all of the Common Shares issuable pursuant to such Advance Notice.

		(c)	Authority. The Company shall have obtained all permits and qualifications required by any applicable state for the offer and sale of all the Common Shares issuable pursuant to such Advance Notice, or shall have the availability of exemptions therefrom. The sale and issuance of such Common Shares shall be legally permitted by all laws and regulations to which the Company is subject.

		(d)	No Material Outside Event. No Material Outside Event shall have occurred and be continuing. 

		(e)	Performance by the Company. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior the applicable Condition Satisfaction Date.

		(f)	No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits or directly, materially and adversely affects any of the transactions contemplated by this Agreement.

		(g)	No Suspension of Trading in or Delisting of Common Shares. The Common Shares are quoted for trading on the Principal Market and all of the Shares issuable pursuant to such Advance Notice will be listed or quoted for trading on the Principal Market. The issuance of Common Shares with respect to the applicable Advance Notice will not violate the shareholder approval requirements of the Principal Market. The Company shall not have 

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			received any written notice that is then still pending threatening the continued quotation of the Common Shares on the Principal Market.

		(h)	Authorized. There shall be a sufficient number of authorized but unissued and otherwise unreserved Common Shares for the issuance of all of the Shares issuable pursuant to such Advance Notice. 

		(i)	Executed Advance Notice. The representations contained in the applicable Advance Notice shall be true and correct in all material respects as of the applicable Condition Satisfaction Date.

		(j)	Consecutive Advance Notices. Except with respect to the first Advance Notice, the Company shall have delivered all Shares relating to all prior Advances, and at least 5 Trading Days shall have elapsed from the immediately preceding Advance Date.  

Article VIII. ​
Non Exclusive Agreement
Notwithstanding anything contained herein, this Agreement  and  the  rights  awarded  to  the  Investor  hereunder  are  non-exclusive,  and the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake to issue and allot, any shares and/or securities and/or convertible notes, bonds, debentures, options to acquire shares or other securities and/or other facilities which may be converted into or replaced by Common Shares or other securities of the Company, and to extend, renew and/or recycle any bonds and/or debentures, and/or grant any rights with respect to its existing and/or future share capital.
Article IX. ​
Choice of Law/Jurisdiction
This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of conflict of laws. The parties further agree that any action between them shall be heard in New York County, New York, and expressly consent to the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the United States District Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted pursuant to this Agreement. 
Article X. Termination
Section 10.01Termination. 
		(a)	Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earliest of (i) the first day of the month next following the 24-month anniversary of the date hereof or (ii) the date on which the Investor shall have made payment of Advances pursuant to this Agreement for Common Shares equal to the Commitment Amount. 

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		(b)	The Company may terminate this Agreement effective upon five Trading Days’ prior written notice to the Investor; provided that (i) there are no outstanding Advance Notices, the Common Shares under which have yet to be issued, and (ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement. This Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent.    

		(c)	Nothing in this Section 10.01 shall be deemed to release the Company or the Investor from any liability for any breach under this Agreement, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its obligations under this Agreement. The indemnification provisions contained in Article V shall survive termination hereunder. 

Article XI. Notices
Other than with respect to Advance Notices, which must be in writing and will be deemed delivered on the day set forth in Section 2.01(b), any notices, consents, waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered  (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by e-mail if sent on a Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) 5 days after being sent by U.S. certified mail, return receipt requested, (iv) 1 day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such communications (except for Advance Notices which shall be delivered in accordance with Exhibit A hereof) shall be:
	If to the Company, to:
	Kiromic BioPharma, Inc.
7707 Fannin Street, Suite 140
Houston, TX 77054

	​
	Attention: 

	​
	Telephone: 832-968-4888
Email: 
​

	​
With a copy to (which shall not
constitute notice or delivery of process) to:
	​

	​
	​
Hogan Lovells US LLP
609 Main St Suite 4200 
Houston, TX 77002
Attention:  Andrew L. Strong, Esq.
                   William I. Intner, Esq.
Telephone: (713) 632-1456
Email:  andrew.strong@​hoganlovells.com
             william.intner@​hoganlovells.com   

	​
	​
​

	If to the Investor(s):
	YA II PN, Ltd.

	​
	1012 Springfield Avenue

	​
	Mountainside, NJ 07092

	​
	Attention:Mark Angelo

	​
	Portfolio Manager

	​
	Telephone:(201) 985-8300 

	​
	Email:mangelo@yorkvilleadvisors.com
​

	​
	​

	With a Copy (which shall not
constitute notice or delivery of process) to:
	David Fine, Esq.
1012 Springfield Avenue
Mountainside, NJ 07092

	​
	Telephone:(201) 985-8300

	​
	Email: legal@yorkvilleadvisors.com

	​
	​

	​
	​

	​
	​

	​
	​

or at such other address and/or e-mail and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender’s email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service shall be rebuttable evidence of personal service in accordance with clause (i), (ii) or (iii) above, respectively.

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Article XII. Miscellaneous
Section 12.01Counterparts. This Agreement may be executed in identical counterparts, both which 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.  Facsimile or other electronically scanned and delivered signatures (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), including by e-mail attachment, shall be deemed to have been duly and validly delivered and be valid and effective for all purposes of this Agreement. 
Section 12.02Entire Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Investor, the Company, their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement contains the entire understanding of the parties with respect to the matters covered herein and, except as specifically set forth herein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties to this Agreement.
Section 12.03Reporting Entity for the Common Shares. The reporting entity relied upon for the determination of the trading price or trading volume of the Common Shares on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or any successor thereto. The written mutual consent of the Investor and the Company shall be required to employ any other reporting entity.
Section 12.04Commitment and Structuring Fee. Each of the parties shall pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except that the Company has paid YA Global II SPV, LLC, a subsidiary of the Investor, a structuring fee in the amount of $10,000 and, on the date hereof, the Company will issue to the Investor an aggregate of 603,318 Common Shares (the “Commitment Shares”) as a commitment fee, which was determined by dividing $200,000 by the average of the daily VWAPs for the 5 Trading Days prior to the date of this Agreement, and if the Company exercises its election to increase the Commitment Amount by the Commitment Increase, the Company will issue to the Investor an aggregate number of shares determined by dividing $120,000 by the average of the daily VWAPs for the 5 Trading Days prior to the date of delivery by the Company of written notice of the Commitment Increase.  
Section 12.05Brokerage. Each of the parties hereto represents that it has had no dealings in connection with this transaction with any finder or broker who will demand payment of any fee or commission from the other party. The Company on the one hand, and the Investor, on the other hand, agree to indemnify the other against and hold the other harmless from any and all liabilities to any person claiming brokerage commissions or finder’s fees on account of services purported to have been rendered on behalf of the indemnifying party in connection with this Agreement or the transactions contemplated hereby.

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[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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IN WITNESS WHEREOF, the parties hereto have caused this Standby Equity Purchase Agreement to be executed by the undersigned, thereunto duly authorized, as of the date first set forth above.
	​
	COMPANY:

	​
	Kiromic BioPharma, Inc. 

	​
	​

	​
	By:​ ​/s/ Pietro Bersani​ ​​ ​

	​
	Name: Pietro Bersani

	​
	Title: CEO

	​
	​

	​
	​

	​
	​

	​
	​

	​
	INVESTOR:

	​
	YA II PN, Ltd.

	​
	​

	​
	By:Yorkville Advisors Global, LP

	​
	Its:Investment Manager

	​
	​
By: Yorkville Advisors Global II, LLC
Its: General Partner
​

	​
	By:​ ​/s/ Matt Beckman​ ​​ ​

	​
	Name:Matt Beckman

	​
	Title:Member

	​
	​

​
​
​
​

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​

EXHIBIT A
ADVANCE NOTICE
KIROMIC BIOPHARMA, INC.
Dated: ______________Advance Notice Number: ____
The undersigned, _______________________, hereby certifies, with respect to the sale of Common Shares of KIROMIC BIOPHARMA, INC. (the “Company”) issuable in connection with this Advance Notice, delivered pursuant to that certain Standby Equity Purchase Agreement, dated as of October ____, 2022 (the “Agreement”), as follows (with capitalized terms used herein without definition having the same meanings as given to them in the Agreement): 
1.The undersigned is the duly elected ______________ of the Company.
2.There are no fundamental changes to the information set forth in the Registration Statement which would require the Company to file a post-effective amendment to the Registration Statement. 
3. The Company has performed in all material respects all covenants and agreements to be performed by the Company contained in this Agreement on or prior to the Advance Notice Date. All conditions to the delivery of this Advance Notice are satisfied as of the date hereof.
4.The amount of the Advance the Company is requesting is $_____________________.
5.The Minimum Acceptable Price with respect to this Advance Notice is _________ (if left blank then no Minimum Acceptable Price will be applicable to this Advance). 
6.The number of Common Shares of the Company outstanding as of the date hereof is ___________.
The undersigned has executed this Advance Notice as of the date first set forth above.
KIROMIC BIOPHARMA, INC.
​
By:​ ​​ ​​ ​​ ​​ ​​ ​
​

Please deliver this Advance Notice by email to: 
Email: Trading@yorkvilleadvisors.com 
Attention: Trading Department and Compliance Officer
Confirmation Telephone Number: (201) 985-8300.
 ​

​

EXHIBIT B
FORM OF SETTLEMENT DOCUMENT
VIA EMAIL
​
KIROMIC BIOPHARMA, INC.
Attn: 
Email: 
	 
	Below please find the settlement information with respect to the Advance Notice Date of:
	 

	1.
	Amount of Advance requested in the Advance Notice
	 

	2.
	Minimum Acceptable Price for this Advance (if any)
	 

	3.
	Number of Excluded Days (if any)
	 

	4.
	Adjusted Advance Amount (after taking into account any adjustments pursuant to Section 2.01):
	 

	5.
	Market Price
	 

	6.
	Purchase Price (Market Price x 95%) per share
	 

	7.
	Number of Advance Shares due to Investor
	 

	If there were any Excluded Days then add the following (see Section 2.01(d)):

	8.
	Number of Additional Shares to be issued to Investor
	 

	9.
	Additional amount to be paid to the Company by the Investor (Additional Shares in number 8 x Minimum Acceptable Price)
	 

	10.
	Total Amount to be paid to Company (Adjusted Advance Amount in number 4 + Additional amount in number 9):
	 

	11.
	Total Shares to be issued to Investor (Shares due to Investor in number 7 + Additional Shares in number 8):
	 

​
Please issue the number of Advance Shares due to the Investor to the account of the Investor as follows:
Investor’s DTC participant #: 
ACCOUNT NAME: 
ACCOUNT NUMBER: 
ADDRESS: 
CITY: 
COUNTRY:                        
Contact person:
Number and/or email: 

 ​

​

Sincerely, 
YA II PN, LTD.
 ​
​
​
Agreed and approved By KIROMIC BIOPHARMA, INC.:
​
​
__________________________________
Name: 
Title:

 ​Exhibit 10.1

 

FORM OF STOCKHOLDER SUPPORT AGREEMENT

 

This Stockholder Support Agreement
(this “Agreement”) is made and entered into as of October 13, 2022, by and among Innovative International Acquisition
Corp., a Cayman Islands exempted company (which shall domesticate as a Delaware corporation prior to the closing of the Merger Agreement
(as defined below)) (“SPAC”), Zoomcar, Inc., a Delaware corporation (the “Company”),
and the undersigned holders of the Company’s securities (each, an “Existing Securityholder” and, collectively,
the “Existing Securityholders”). The Existing Securityholders and any person or entity who hereafter enters
into a joinder to this Agreement substantially in the form of Exhibit A hereto are referred to herein, individually, as
a “Securityholder” and collectively, as the “Securityholders.” Capitalized terms used
but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.

 

RECITALS

 

WHEREAS, on the date hereof,
SPAC, Innovative International Merger sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of SPAC (“Merger
Sub”), Greg Moran, in the capacity as the Seller Representative, and the Company, entered into an Agreement and Plan of
Merger and Reorganization (the “Merger Agreement”), pursuant to which Merger Sub will merge with and into the
Company, with the Company continuing as the surviving entity and as a wholly owned subsidiary of SPAC (the “Merger”);

 

WHEREAS, pursuant to the Merger
Agreement, (i) all of the issued and outstanding capital stock of the Company immediately prior to the Effective Time shall no longer
be outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the right for each Company Stockholder to
receive its Stockholder Pro Rata Share of the Stockholder Merger Consideration (with outstanding restricted shares of Company Common Stock
being exchanged for the right to receive shares of Purchaser Common Stock subject to equivalent restrictions); (ii) outstanding Company
Options shall be assumed by the Purchaser (with equitable adjustments to the number and exercise price of such assumed Company Options)
with the result that such assumed Company Options shall be converted into the right to receive options exercisable into shares of Purchaser
Common Stock; and (iii) outstanding Company Warrants shall be assumed by the Purchaser (with equitable adjustments to the number and exercise
price of such assumed Company Warrants) with the result that such assumed Company Warrants shall be converted into the right to receive
warrants exercisable into shares of Purchaser Common Stock, all upon the terms and subject to the conditions set forth in the Merger Agreement
and in accordance with the applicable provisions of the Delaware General Corporation Law;

 

WHEREAS, in connection with
the Merger, each of the agreements set forth on Annex A will be terminated by the parties thereto (collectively, the “Financing
Agreements”);

 

WHEREAS, each Securityholder
agrees to enter into this Agreement with respect to all Company Securities (as defined below) that such Securityholder now or hereafter
owns, beneficially (as defined in Rule 13d-3 under the Exchange Act) or of record;

 

     

     

    

 

WHEREAS, each Securityholder
is the beneficial and/or record owner of, and has the sole right to vote or direct the voting of, such number Company Securities as are
set forth on Schedule A attached hereto opposite the name of such Securityholder;

 

WHEREAS, each of SPAC, the
Company and each Securityholder has determined that it is in its best interests to enter into this Agreement;

 

WHEREAS, each Securityholder
understands and acknowledges that each of SPAC and the Company is entering into the Merger Agreement in reliance upon such Securityholder’s
execution and delivery of this Agreement; and

 

WHEREAS, following the date
hereof, SPAC intends to file with the SEC a registration statement on Form S-4 in connection with the matters set forth in Section 5.14(a)
of the Merger Agreement (the “Registration Statement”).

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby
agree as follows:

 

1.              
Definitions. When used in this Agreement, the following terms in all of their tenses, cases and correlative forms shall
have the meanings assigned to them in this Section 1 or elsewhere in this Agreement.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such
Person. For the avoidance of doubt, the Sponsor shall be deemed to be an Affiliate of the SPAC prior to the Closing.

 

“Company
Securities” means, collectively, the Company Stock, the Company Options, the Zoomcar India Stock and any other Company Convertible
Securities outstanding immediately prior to the Effective Time, whether now owned or hereafter acquired by any Securityholder hereto.

 

“Expiration
Time” means the earlier to occur of (a) the Effective Time, (b) such date as the Merger Agreement shall be validly
terminated and (c) the effective date of a written agreement of the parties hereto terminating this Agreement.

 

“Person”
means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or political
subdivision thereof, or an agency or instrumentality thereof.

 

“Transfer”
means, with respect to any security, any direct or indirect sale, assignment, tender, exchange, pledge, hypothecation, disposition,
loan, or the grant, creation or suffrage of a lien, security interest or encumbrance in or upon, or the gift, grant, or placement in
trust or other transfer of such security (including by operation of law), or any right, title, or interest therein (including any
right or power to vote to which the holder thereof may be entitled, whether such right or power is granted by proxy or otherwise),
or the record or beneficial ownership thereof, or entry into any agreement, arrangement, or understanding, whether or not in
writing, to effect any of the foregoing, excluding (a) entry into this Agreement and the Merger Agreement and the consummation
of the transactions contemplated hereby and thereby and (b) the exercise of any Company Options or Company Warrants in
accordance with their terms.

 

     

     

    

 

2.              
Agreement to Retain the Company Securities.

 

2.1           
No Transfer of Company Securities. Until the Expiration Time, each Securityholder agrees not to, other than as expressly
contemplated by the Merger Agreement (a) Transfer any Company Securities, (b) deposit any Company Securities into a voting trust
or enter into a voting agreement or any similar agreement, arrangement or understanding with respect to Company Securities or grant any
proxy (except as otherwise provided herein), consent or power of attorney with respect thereto (other than pursuant to this Agreement)
(it being understood that the fact that certain Company Securities may already be subject to the Voting Agreement shall not be deemed
a violation of this Section 2.1 or Section 3.1 below), (c) enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any Company Securities held by such Securityholder,
(d) establish or increase a put position or liquidate or decrease a call or equivalent position with respect to any Company Securities
held by such Securityholder, or (e) publicly announce any intention to effect any transaction specified in clauses (a), (b),
(c) or (d); provided, that any Securityholder may Transfer any such Company Securities to any Affiliate of such Securityholder,
or as a distribution to any Securityholder’s limited partners, members or stockholders, or if such Securityholder is a natural person,
to immediate family or a trust for the benefit of immediate family for estate planning purposes, if, and only if, the transferee of such
Company Securities evidences in a writing reasonably satisfactory to each of SPAC and the Company such transferee’s agreement to
be bound by and subject to the terms and provisions hereof to the same effect as such Securityholder.

 

2.2           
Additional Company Securities. Until the Expiration Time, each Securityholder agrees that any Company Securities that such
Securityholder purchases or otherwise hereinafter acquires (including as a result of the exercise of any Company Option) or with respect
to which such Securityholder otherwise acquires sole or shared voting power after the execution of this Agreement and prior to the Expiration
Time shall be subject to the terms and conditions of this Agreement to the same extent as if they were owned by such Securityholder as
of the date hereof.

 

2.3           
Unpermitted Transfers. Any Transfer or attempted Transfer of any Company Securities in violation of this Section 2
shall, to the fullest extent permitted by applicable Law, be null and void ab initio.

 

3.              
Agreement to Consent and Approve.

 

3.1           
Hereafter until the Expiration Time, each Securityholder agrees that, except as otherwise agreed in writing with each of SPAC and
the Company:

 

(a)             to
exercise, comply with and fully perform all of its obligations set forth in Section 4 of the Voting Agreement related to
drag-along rights (it being understood that for the purposes of this Section 3.1(b), the Merger shall be deemed to be a
 “Sale of the Company”); and

 

     

     

    

 

(b)            
at the Closing, certain of such Securityholders shall execute and deliver the A&R Registration Rights Agreement;

 

Hereafter until the Expiration
Time, and subject to Section 2 hereof, no Securityholder shall enter into any tender or voting agreement, or any similar agreement,
arrangement or understanding, or grant a proxy or power of attorney, with respect to the Company Securities that is inconsistent with
this Agreement or otherwise take any other action with respect to the Company Securities that would prevent, materially restrict, materially
limit or materially interfere with the performance of such Securityholder’s obligations hereunder or the consummation of the transactions
contemplated hereby.

 

3.2           
Hereafter until the Expiration Time, at any meeting of the stockholders of the Company, or at any postponement or adjournment thereof,
called to seek the affirmative vote, consent or approval of the holders of the outstanding shares of Company Stock, and on every action
or approval by written consent of the stockholders of the Company, each Securityholder shall (a) vote (or cause to be voted) all
shares of Company Stock currently or hereinafter owned by such Securityholder (i) in favor of the adoption of the Merger Agreement,
any amendments to the Company’s Organizational Documents, approval of the Private Financing, and the approval of the Transactions,
(ii) against any merger agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization,
dissolution, liquidation or winding up of or by the Company (other than the Merger Agreement and the Transactions), (iii) against
any proposal in opposition to approval of the Merger Agreement or in competition with or inconsistent with the Merger Agreement or the
Transactions, and (iv) against any proposal, action or agreement that is not recommended by the Company Board and that would reasonably
be expected to (A) result in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement
of the Company under the Merger Agreement, (B) result in, or contribute to, any of the conditions set forth in Article VI of
the Merger Agreement not being fulfilled, or (C) impede, frustrate, interfere with, delay, postpone or adversely affect the Transactions,
and (b) not commit or agree to take any action inconsistent with the foregoing.

 

3.3           
Hereafter until the Expiration Time, at any meeting of the stockholders of the Company or at any postponement or adjournment thereof
or in any other circumstances upon which a Securityholder’s vote, consent or other approval (including by written consent) is sought,
such Securityholder shall vote (or cause to be voted) all Company Securities (to the extent such Company Securities are then entitled
to vote thereon), currently or hereinafter owned by such Securityholder against and withhold consent with respect to any Alternative Transaction
(as defined in the Merger Agreement). No Securityholder shall commit or agree to take any action inconsistent with the foregoing that
would be effective prior to the Expiration Time.

 

4.              
Additional Agreements.

 

4.1            Litigation.
Each Securityholder agrees, absent a claim of fraud, not to commence, join in, facilitate, assist or encourage, and agrees to take
all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against SPAC,
Merger Sub, the Company or any of their respective successors, directors or officers (a) challenging the validity of, or
seeking to enjoin the operation of, any provision of this Agreement or the Merger Agreement or (b) alleging a breach of any
fiduciary duty of any Person in connection with the evaluation, negotiation or entry into this Agreement or the Merger
Agreement.

 

     

     

    

 

4.2           
Waiver of Appraisal and Other Rights. Each Securityholder hereby irrevocably and unconditionally waives, and agrees to cause
to be waived and to prevent the exercise of, any appraisal rights and dissenters’ rights relating to the Transactions that such
Securityholder may have by virtue of, or with respect to, any and all Company Securities owned (of record or beneficially) by such Securityholder
(including without limitation those rights pursuant to Section 262 of the General Corporation Law of the State of Delaware and any other
applicable appraisal or dissenters’ or similar rights). Each Securityholder hereby waives any requirement for notice with respect
to the Transactions under each Financing Agreement.

 

4.3           
Termination of Side Letter Agreements. Each Securityholder hereby agrees and consents to the termination of any transactions,
contracts, side letters, arrangements or understandings between any Target Company, on the one hand, and such Securityholder, on the other
hand, which grant or purport to grant any board observer or management rights, effective as of the Effective Time without any further
liability or obligation to the Target Companies or SPAC.

 

4.4           
Consent to Disclosure. Each Securityholder hereby consents to the publication and disclosure in the Registration Statement
(and, as and to the extent otherwise required by applicable securities laws or the SEC or any other securities authorities, any other
documents or communications provided by SPAC or the Company to any Governmental Authority or to securityholders of SPAC) of such Securityholder’s
identity and beneficial ownership of Company Securities and the nature of such Securityholder’s commitments, arrangements and understandings
under and relating to this Agreement and, if deemed appropriate by SPAC or the Company, a copy of this Agreement; provided
that prior to disclosure of any such information with respect to a Securityholder, SPAC or the Company, as applicable, shall (to the extent
practicable) provide such Securityholder with a reasonable opportunity to review and comment upon the disclosure of the information relating
to such Securityholder in advance. Each Securityholder will promptly provide any information reasonably requested by SPAC or the
Company for any regulatory application or filing made or approval sought in connection with the Transactions (including filings with the
SEC), except for any information that is subject to attorney-client privilege (provided, that to
the extent reasonably possible, the parties shall cooperate in good faith to permit disclosure of such information
in a manner that preserves such privilege).

 

4.5            Confidentiality.
Until the Expiration Time, each Securityholder will and will cause its controlled Affiliates to keep confidential and not disclose
any non-public information relating to SPAC or the Company or any of their respective subsidiaries, including the existence or
terms of, or transactions contemplated by, this Agreement, the Merger Agreement or the Ancillary Documents, except to the extent
that such information (i) was, is or becomes generally available to the public after the date hereof other than as a result of
a disclosure by such Securityholder in breach of this Section 4.5, (ii) is, was or becomes available to such
Securityholder on a non-confidential basis from a source other than SPAC or the Company; provided that, to the knowledge
of such Securityholder, such information is not subject to a legal, fiduciary or contractual obligation of confidentiality or
secrecy to SPAC or the Company, or (iii) is or was independently developed by such Securityholder after the date hereof without
use of, or reference to any non-public information of SPAC or the Company. Notwithstanding the foregoing, such information may
be disclosed to the extent required to be disclosed in a judicial or administrative proceeding, or otherwise required to be
disclosed by applicable Law (including complying with any oral or written questions, interrogatories, requests for information or
documents, subpoena, civil investigative demand or similar process to which such disclosing party is subject), provided that
such Securityholder gives SPAC or the Company, as applicable, prompt notice of such request(s) or requirement(s), to the extent
practicable (and not prohibited by Law), so that SPAC or the Company may seek, at its expense, an appropriate protective order or
similar relief (and such Securityholder shall reasonably cooperate with such efforts).

 

     

     

    

 

4.6           
Additional Agreements. Until the Expiration Time, each Securityholder will take the actions set forth on Annex A
to this Agreement.

 

5.              
Representations and Warranties of the Securityholders. Each Securityholder hereby represents and warrants, severally and
not jointly, to SPAC and the Company as follows:

 

5.1           
Due Authority. Such Securityholder has the full power and authority to execute and deliver this Agreement and perform its
obligations hereunder. If such Securityholder is an individual, the signature to this agreement is genuine and such Securityholder has
legal competence and capacity to execute the same. This Agreement has been duly and validly executed and delivered by such Securityholder
and, assuming due execution and delivery by the other parties hereto, constitutes a legal, valid and binding obligation of such Securityholder,
enforceable against such Securityholder in accordance with its terms, except as limited by applicable Enforceability Exceptions.

 

5.2           
Ownership of the Company Securities. As of the date hereof, such Securityholder is the beneficial or record owner of the
Company Securities set forth opposite such Securityholder’s name on Schedule A and has good and marketable title to
such Company Securities, free and clear of any and all Liens, options, rights of first refusal and limitations on such Securityholder’s
voting rights, other than transfer restrictions under applicable securities laws or the certificate of incorporation or bylaws or any
equivalent organizational documents of the Company, as applicable, and restrictions set forth in the Financing Agreements. Such Securityholder
has sole voting power (including the right to control such vote as contemplated herein), power of disposition and power to issue instructions
with respect to all Company Securities currently owned by such Securityholder, and the power to agree to all of the matters applicable
to such Securityholder set forth in this Agreement. As of the date hereof, such Securityholder does not own any Company Securities other
than the Company Securities set forth opposite such Securityholder’s name on Schedule A. As of the date hereof, such
Securityholder does not own any rights to purchase or acquire any Company Securities, except for the Company Options and Company Warrants
set forth opposite such Securityholder’s name on Schedule A.

 

5.3           
No Conflict; Consents.

 

(a)             The
execution and delivery of this Agreement by such Securityholder does not, and the performance by such Securityholder of the
obligations under this Agreement and the compliance by such Securityholder with any provisions hereof do not and will not:
(i) conflict with or violate any Law applicable to such Securityholder, (ii) if such Securityholder is an entity, conflict
with or violate the certificate of incorporation or bylaws or any equivalent organizational documents of the Company or such
Securityholder, or (iii) result in any breach of, or constitute a default (or an event, which with notice or lapse of time or
both, would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, or result in the creation of a Lien on any of the Company Securities owned by such Securityholder pursuant to any note, bond,
mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which such
Securityholder is a party or by which such Securityholder is bound, except, in the case of clauses (i) and (iii),
as would not reasonably be expected, individually or in the aggregate, to materially impair the ability of such Securityholder to
perform its obligations hereunder or to consummate the transactions contemplated hereby.

 

     

     

    

 

(b)            
The execution and delivery of this Agreement by such Securityholder does not, and the performance of this Agreement by such Securityholder
will not, require any consent, approval, authorization or permit of, or filing or notification to, or expiration of any waiting period
by any Governmental Authority or any other Person with respect to such Securityholder, other than those set forth as conditions to closing
in the Merger Agreement.

 

5.4           
Absence of Litigation. As of the date hereof, there is no Action pending against, or, to the knowledge of such Securityholder
after reasonable inquiry, threatened against such Securityholder that would reasonably be expected to materially impair the ability of
such Securityholder to perform its obligations hereunder or to consummate the transactions contemplated hereby.

 

5.5           
Absence of Other Voting Agreement. Such Securityholder has not: (i) entered into any voting agreement, voting trust
or any similar agreement, arrangement or understanding, with respect to any Company Securities owned by such Securityholder (other than
as contemplated by this Agreement and the Voting Agreement), (ii) granted any proxy, consent or power of attorney with respect to
any Company Securities owned by such Securityholder (other than as contemplated by this Agreement and the Voting Agreement) or (iii) entered
into any agreement, arrangement or understanding that would prohibit or prevent it from satisfying or would materially interfere with,
or is otherwise materially inconsistent with, its obligations pursuant to this Agreement.

 

5.6           
Adequate Information. Such Securityholder is a sophisticated stockholder and has adequate information concerning the business
and financial condition of SPAC and the Company to make an informed decision regarding this Agreement and the Transactions and has independently
and without reliance upon SPAC or the Company and based on such information as such Securityholder has deemed appropriate, made its own
analysis and decision to enter into this Agreement. Such Securityholder acknowledges that SPAC and the Company have not made and do not
make any representation or warranty, whether express or implied, of any kind or character except as expressly set forth in this Agreement.
Such Securityholder acknowledges that the agreements contained herein with respect to the Company Securities held by such Securityholder
are irrevocable.

 

     

     

    

 

6.              
 Fiduciary Duties. The covenants and agreements set forth herein shall not prevent any Securityholder or designee of any
Securityholder from serving on the board of directors of the Company or from taking any action, subject to the provisions of the Merger
Agreement, while acting in such designee’s capacity as a director of the Company. Each Securityholder is entering into this Agreement
solely in its capacity as the owner of such Securityholder’s Company Securities.

 

7.              
Termination. This Agreement shall terminate and be of no further force or effect at the Expiration Time. Notwithstanding
the foregoing sentence, this Section 7 and Section 10 shall survive any termination of this Agreement. Upon termination
of this Agreement, none of the parties hereto shall have any further obligations or liabilities under this Agreement; provided,
that nothing in this Section 7 shall relieve any party hereto of liability for any willful material breach of this Agreement
prior to its termination.

 

8.              
No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in SPAC any direct or indirect ownership
or incidence of ownership of or with respect to any Securityholder’s Company Securities. All rights, ownership and economic benefits
of and relating to each Securityholder’s Company Securities shall remain fully vested in and belong to such Securityholder, and
SPAC shall have no authority to direct any Securityholder in the voting or disposition of any of Company Securities except as otherwise
provided herein.

 

9.              
Exclusivity.

 

9.1           
From the date of this Agreement and ending on the earlier of the Closing and the valid termination of the Merger Agreement, no
Securityholder shall, and each Securityholder shall cause its Representatives acting on its behalf not to, directly or indirectly, enter
into an Alternative Transaction, (2) amend or grant any waiver or release under any standstill or similar agreement to which such
Securityholder is a party with respect to any class of equity securities of any of the Target Companies in connection with any proposal
or offer that could reasonably be expected to lead to an Alternative Transaction, (3) approve, endorse or recommend, or propose publicly
to approve, endorse or recommend, any Alternative Transaction, (4) approve, endorse, recommend, execute or enter into any agreement
in principle, confidentiality agreement, letter of intent, memorandum of understanding, term sheet, acquisition agreement, merger agreement,
option agreement, joint venture agreement, partnership agreement or other written arrangement relating to any Alternative Transaction
or any proposal or offer that could reasonably be expected to lead to an Alternative Transaction, (5) commence, continue or renew
any due diligence investigation regarding any Alternative Transaction, or (6) resolve or agree to do any of the foregoing or otherwise
authorize or permit any of its Representatives acting on its behalf to take any such action. Each Securityholder shall, and shall cause
its Representatives to, immediately cease any and all existing discussions or negotiations with any person conducted heretofore with respect
to any Alternative Transaction.

 

9.2            From
the date of this Agreement and ending on the earlier of the Closing and the valid termination of the Merger Agreement, each
Securityholder shall notify the Company and SPAC promptly in writing after receipt by such Securityholder or any of its
Representatives of any inquiry or proposal with respect to an Alternative Transaction, any inquiry that would reasonably be expected
to lead to an Alternative Transaction or any request for non-public information relating to any of the Target Companies or for
access to the business, properties, assets, personnel, books or records of any of the Target Companies by any third party, in each
case that is related to or that would reasonably be expected to lead to an Alternative Transaction. In such notice, such
Securityholder shall identify the third party making any such inquiry, proposal, indication or request with respect to an
Alternative Transaction and provide the details of the material terms and conditions of any such inquiry, proposal, indication or
request.

 

     

     

    

 

10.           
Miscellaneous.

 

10.1        
Severability. In the event that any term, provision, covenant or restriction of this Agreement, or the application thereof,
is held to be illegal, invalid or unenforceable under any present or future Law: (a) such provision will be fully severable; (b) this
Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof; (c) the
remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom; and (d) in lieu of such illegal, invalid or unenforceable provision, there will be added
automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms of such illegal, invalid or unenforceable
provision as may be possible.

 

10.2        
Non-survival of Representations and Warranties. None of the representations, warranties, covenants or agreements in
this Agreement or in any schedule, instrument or other document delivered pursuant to this Agreement shall survive the Expiration Time.
Notwithstanding the foregoing, this Section 10.2 shall not limit any covenant or agreement contained in this Agreement that
by its terms is to be performed in whole or in part after the Effective Time or the termination of this Agreement.

 

10.3        
Assignment. No party hereto may assign, directly or indirectly, including by operation of Law, either this Agreement or
any of its rights, interests or obligations hereunder without the prior written approval of the other parties hereto, except with respect
to a Transfer completed in accordance with Section 2.1. Subject to the first sentence of this Section 10.3, this
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.
Any assignment in violation of this Section 10.3 shall be void.

 

10.4        
Amendments and Modifications. This Agreement may be amended by the parties hereto at any time by execution of an instrument
in writing signed by (i) SPAC, (ii) the Company and (iii) Securityholders constituting more than 50% of the total number of Securityholders
who have executed this Agreement (or a form of agreement substantially similar to this Agreement).

 

10.5        
Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof, and, accordingly, that the parties shall be entitled to seek an injunction or injunctions
to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in the Court of Chancery
of the State of Delaware or, if under applicable law exclusive jurisdiction over such matter is vested in the federal courts, any state
or federal court located in the State of Delaware, without proof of actual damages or otherwise, in addition to any other remedy to which
they are entitled at Law or in equity as expressly permitted in this Agreement.

 

     

     

    

 

10.6        
 Notices. All notices, consents and other communications hereunder shall be in writing and shall be deemed given if delivered
personally or by a nationally recognized courier service guaranteeing overnight delivery, or sent via email to the parties hereto at the
following addresses, and such communications, to be valid, must be addressed as follows:

 

		(i)	if to SPAC, to:

 

Innovative International Acquisition Corp.

24681 La Plaza Ste 300

Dana Point, CA 92629

Attn: Madan Menon

Telephone No.: (708) 307-6093

Email: madan@innovativeacquisitioncorp.com

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

 

McDermott Will & Emery LLP

One Vanderbilt Avenue

New York, NY 10017

Attention: Ari Edelman, Esq.

Attention: Sunyi Snow, Esq.

Telephone No.: (212) 547-5372

Email:         aedelman@mwe.com

Email:         ssnow@mwe.com

 

		(ii)	if to the Company, to:

 

Zoomcar, Inc.

40 Archer Drive

Bronxville, NY 10708

Attention: Gregory Moran

Telephone No.: (917) 693-2861

Email: Greg@zoomcar.com

 

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

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

Attn: Meredith Laitner, Esq.

Telephone No.: (212) 370-1300

Email: sneuhauser@egsllp.com

Email: mlaitner@egsllp.com

 

     

     

    

 

		(iii)	if to a Securityholder, to the address for notice set forth opposite such Securityholder’s name
on Schedule A hereto,

 

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

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

Attn: Meredith Laitner, Esq.

Telephone No.: (212) 370-1300

Email: sneuhauser@egsllp.com

Email: mlaitner@egsllp.com

 

Unless otherwise specified herein, such notices
or other communications will be deemed given (a) on the date established by the sender as having been delivered personally; (b) one
Business Day after being sent by a nationally recognized overnight courier guaranteeing overnight delivery; (c) upon transmission,
if sent by email (provided no “bounceback” or notice of non-delivery is received); or (d) on the fifth Business
Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

 

10.7        
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware
applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out of or relating to
this Agreement shall be heard and determined exclusively in any Delaware Court of Chancery; provided, that if jurisdiction is not
then available in the Delaware Court of Chancery, then any such legal Action may be brought in any federal court located in the State
of Delaware or any other Delaware state court. The parties hereto hereby (a) irrevocably submit to the exclusive jurisdiction of
the aforesaid courts for themselves and with respect to their respective properties for the purpose of any Action arising out of or relating
to this Agreement brought by any party hereto, and (b) agree not to commence any Action relating thereto except in the courts described
above in Delaware, other than Actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any
such court in Delaware as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient
service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably
and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any Action arising
out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to
the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it or its property is exempt or immune from
jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior
to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the Action in
any such court is brought in an inconvenient forum, (ii) the venue of such Action is improper or (iii) this Agreement, or the
subject matter hereof, may not be enforced in or by such courts.

 

10.8         WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHERS HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.8.

 

     

     

    

 

10.9        
Entire Agreement; Third-Party Beneficiaries. This Agreement constitutes the entire agreement among the parties hereto
with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the parties
hereto with respect to the subject matter hereof, and is not intended to confer upon any other Person other than the parties hereto any
rights or remedies.

 

10.10    
Counterparts. This Agreement and each other document executed in connection with the transactions contemplated hereby, and
the consummation thereof, may be executed in one or more counterparts, all of which shall be considered one and the same document and
shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties
hereto, it being understood that all parties hereto need not sign the same counterpart. Delivery by electronic transmission to counsel
for the other party of a counterpart executed by a party shall be deemed to meet the requirements of the previous sentence.

 

10.11    
Effect of Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement.

 

10.12    
Legal Representation. Each of the parties hereto agrees that it has been represented by independent counsel of its choice
during the negotiation and execution of this Agreement and each party hereto and its counsel cooperated in the drafting and preparation
of this Agreement and the documents referred to herein and, therefore, waive the application of any Law, regulation, holding or rule of
construction providing that ambiguities in an agreement or other document will be construed against the party hereto drafting such agreement
or document. Each Securityholder acknowledges that Ellenoff Grossman & Schole LLP is acting as counsel to the Company in connection
with the Merger Agreement and the Transactions, and that such firm is not acting as counsel to any Securityholder.

 

10.13    
Expenses. Except as otherwise set forth in this Agreement, all fees and expenses incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the party hereto incurring such expenses.

 

10.14     Further
Assurances. At the reasonable request of SPAC or the Company, in the case of any Securityholder, or at the reasonable request of
the Securityholders, in the case of SPAC or the Company, and without further consideration, each party shall execute and deliver or
cause to be executed and delivered such additional documents and instruments and take such further action as may be reasonably
necessary to consummate the transactions contemplated by this Agreement; provided, that for the avoidance of doubt, any restrictive
covenant agreements, non-interference, release or other similar instruments (or instruments containing any such similar
obligations) shall be entered into only at the applicable Securityholder’s sole discretion.

 

     

     

    

 

10.15    
Waiver. No failure or delay on the part of either party to exercise any power, right, privilege or remedy under this Agreement
shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege
or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. Neither party shall
be deemed to have waived any claim available to such party arising out of this Agreement, or any power, right, privilege or remedy under
this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly
executed and delivered on behalf of such waiving party; and any such waiver shall not be applicable or have any effect except in the specific
instance in which it is given.

 

10.16    
Several Liability. The liability of any Securityholder hereunder is several (and not joint). Notwithstanding any other provision
of this Agreement, in no event will any Securityholder be liable for any other Securityholder’s breach of such other Securityholder’s
representations, warranties, covenants, or agreements contained in this Agreement, other than such Securityholder’s Affiliates or
any person to whom such Securityholder Transfers any Company Securities in accordance with Section 2.

 

10.17    
No Recourse. Notwithstanding anything to the contrary contained herein or otherwise, but without limiting any provision
in the Merger Agreement, this Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise
out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement or the transactions contemplated hereby,
may only be made against the entities and Persons that are expressly identified as parties to this Agreement in their capacities as such
and no former, current or future stockholders, equity holders, controlling persons, directors, officers, employees, general or limited
partners, members, managers, agents or affiliates of any party hereto, or any former, current or future direct or indirect stockholder,
equity holder, controlling person, director, officer, employee, general or limited partner, member, manager, agent or affiliate of any
of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities
of the parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the
transactions contemplated hereby or in respect of any oral representations made or alleged to be made in connection herewith. Without
limiting the rights of any party against the other parties hereto, in no event shall any party or any of its Affiliates seek to enforce
this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any Non-Recourse
Party.

 

10.18    
Claims Against Trust Account. The provisions set forth in Section 8.1 of the Merger Agreement, as in effect as of the date
hereof, are hereby incorporated by reference into, and shall be deemed to apply to, this Agreement, mutatis mutandis.

 

[Signature pages follow.]

 

     

     

    

 

In witness whereof, the parties hereto have caused
this Agreement to be executed as of the date first set forth above.

 

	 	INNOVATIVE INTERNATIONAL ACQUISITION CORP.
	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

     

     

    

 

In witness whereof, the parties hereto have caused
this Agreement to be executed as of the date first set forth above.

 

	 	ZOOMCAR, INC.
	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

     

     

    

 

In witness whereof, the parties hereto have caused
this Agreement to be executed as of the date first set forth above.

 

	 	[SECURITYHOLDER]
	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Schedule A1

 

 

 

1 The exhibits
and schedules to this Exhibit have been omitted in accordance with Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish
supplementally to the SEC a copy of all omitted exhibits and schedules upon its request.

 

     

     

    

 

EXHIBIT A

 

JOINDER

 

Reference is hereby made to that certain Stockholder
Support Agreement, dated as of [ ], 2022, by and among (i) Innovative International Acquisition Corp., a Cayman Islands exempted company
(“SPAC”), (ii) Zoomcar, Inc., a Delaware corporation, and (iii) the Securityholders (as defined therein) (as
amended from time to time, the “Stockholder Support Agreement”). Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Stockholder Support Agreement.

 

The undersigned agrees that this joinder to the
Stockholder Support Agreement is being executed and delivered in favor of, and to, SPAC for good and valuable consideration.

 

The undersigned hereby agrees to and does become
party to the Stockholder Support Agreement as a Securityholder. This joinder shall serve as a counterpart signature page to the Stockholder
Support Agreement and by executing below, the undersigned is deemed to have executed the Stockholder Support Agreement with the same force
and effect as if originally named a party thereto.

 

[Remainder of Page Intentionally Left Blank.]

 

     

     

    

 

IN WITNESS
WHEREOF, the undersigned has duly executed this joinder to the Stockholder Support Agreement.

 

	 	[NEW SECURITYHOLDER PARTY]
	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

     

     

    

 

ANNEX A

 

Agreements to be Terminated in connection with the Closing:

 

		1)	Seventh Amended and Restated Right of First Refusal and Co-Sale Agreement, dated August 17, 2021 (the
 “ROFR Agreement”).

 

		2)	Seventh Amended and Restated Voting Agreement dated August 17, 2021 (the “Voting Agreement”).

 

		3)	Seventh Amended and Restated Investors’ Rights Agreement dated August 17, 2021 (the “Investors’
Rights Agreement”).

 

Actions to be taken by Securityholder:

 

		1)	Termination of Financing Agreements
		2)	Amendment to the Company’s Organizational Documents to provide for, among other items, the conversion of all shares of Company
Preferred Stock into Company Common Stock.

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