Document:

Exhibit 10.5

 

MASTER LOAN SALE AGREEMENT

 

by and among

 

Golub
Capital BDC 3, Inc.,

as the Seller,

 

GOLUB CAPITAL BDC 3 ABS 2022-1 DEPOSITOR LLC,

as the Intermediate Seller,

 

GOLUB CAPITAL BDC 3 ABS 2022-1 LLC,

as the Buyer

 

and

 

GBDC
3 Funding LLC,

as Warehouse Borrower

 

Dated as of January 25, 2022

 

    

     

    

 

	Table of Contents
	 	 	 	 
		 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS	1
	Section 1.01	 	Definitions	1
	Section 1.02	 	Other Terms	4
	Section 1.03	 	Computation of Time Periods	4
	Section 1.04	 	Interpretation	5
	Section 1.05	 	References	5
	Section 1.06	 	Calculations	5
	ARTICLE II TRANSFER OF LOAN ASSETS	6
	Section 2.01	 	Sale, Transfer and Assignment	6
	Section 2.02	 	Purchase Price	10
	Section 2.03	 	Payment of Purchase Price	10
	Section 2.04	 	[Reserved]	11
	Section 2.05	 	[Reserved]	11
	Section 2.06	 	Limitation on Sales to Seller and Affiliates	11
	ARTICLE III CONDITIONS PRECEDENT	12
	Section 3.01	 	Conditions Precedent	12
	Section 3.02	 	Conditions Precedent to all Purchases	12
	Section 3.03	 	Release of Excluded Amounts	13
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	13
	Section 4.01	 	Representations and Warranties Regarding the Seller	13
	Section 4.02	 	Representations and Warranties of the Seller Relating to the Agreement and the Collateral	16
	Section 4.03	 	Representations and Warranties Regarding the Intermediate Seller	17
	Section 4.04	 	Representations and Warranties of the Intermediate Seller Relating to the Agreement and the Collateral	19
	Section 4.05	 	Representations and Warranties Regarding the Buyer	20
	ARTICLE V MISCELLANEOUS	21
	Section 5.01	 	Amendments and Waivers	21
	Section 5.02	 	Notices, Etc.	22
	Section 5.03	 	Severability of Provisions	23
	Section 5.04	 	GOVERNING LAW; JURY WAIVER	23

  

    -i-

     

    

 

 

	 	 	Table of Contents
 (continued) 	
	 	 	 	 
	 	 	 	Page
	 	 	 	 
	Section 5.05	 	Electronic Signatures; Counterparts	23
	Section 5.06	 	Bankruptcy Non-Petition and Limited Recourse; Claims	23
	Section 5.07	 	Binding Effect; Assignability	24
	Section 5.08	 	Headings and Exhibits	24

 

    -ii-

     

    

 

EXHIBITS AND SCHEDULES

 

Exhibit A                  Form of
Assignment (Schedule 2)

Schedule 1               Collateral
Obligations

 

    -iii-

     

    

  

MASTER LOAN SALE AGREEMENT

 

THIS MASTER LOAN SALE AGREEMENT,
dated as of January 25, 2022 (as amended, modified, supplemented or restated from time to time, this “Agreement”),
is among GOLUB CAPITAL BDC 3, INC., a Maryland corporation (in its capacity as seller
hereunder, together with its successors and assigns, the “Seller”), GOLUB CAPITAL BDC 3 ABS 2022-1 DEPOSITOR LLC, a
Delaware limited liability company (together with its successors and assigns in its capacity as the intermediate seller hereunder, the
 “Intermediate Seller”), GOLUB CAPITAL BDC 3 ABS 2022-1 LLC, a Delaware
limited liability company (together with its successors and assigns, the “Buyer”), and GBDC 3 Funding LLC, a Delaware
limited liability company (together with its successors and assigns, the “Warehouse Borrower”).

 

WHEREAS, in the regular
course of its business, the Seller originates and/or otherwise acquires Collateral Obligations; and

 

WHEREAS, (i) contemporaneously
on the Closing Date, the Seller desires to acquire from the Warehouse Borrower, the Intermediate Seller desires to acquire from the Seller
and the Buyer desires to acquire from the Intermediate Seller the Collateral Obligations, as listed on Schedule 1 hereto; and (ii) from
time to time after the Closing Date, the Intermediate Seller may acquire from the Seller and the Buyer may acquire from the Intermediate
Seller certain additional Collateral Obligations hereunder, together in each case under clause (i) or clause (ii) with certain
related property as more fully described herein and included as part of the “Assets” in the Indenture, dated as of January 25,
2022 (as amended, modified, restated or supplemented from time to time, the “Indenture”), among the Buyer, as issuer,
and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”).

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01         Definitions.

 

Capitalized terms used but
not defined in this Agreement shall have the meanings attributed to such terms in the Indenture, unless the context otherwise requires.
As used herein, the following defined terms shall have the following meanings:

 

“Agreement”
has the meaning provided in the first paragraph of this Agreement.

 

“Authority”
means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory
body, public body, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of government, including the FINRA, the SEC,
the stock exchanges, any Federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board,
body, branch, bureau, commission, court, department, instrumentality, master, mediator, panel, referee, system or other political unit
or subdivision or other entity of any of the foregoing, whether domestic or foreign.

 

    

     

    

 

“Authorized Officer”
means, with respect to the Seller or the Intermediate Seller, as applicable, any Person who is authorized to act for the Seller or the
Intermediate Seller, as applicable, in matters relating thereto, and binding thereupon, in connection with the transactions contemplated
by this Agreement and the other Transaction Documents to which such Person is a party.

 

“Buyer”
has the meaning provided in the first paragraph of this Agreement.

 

“Collateral”
has the meaning provided in Section 2.01.

 

“Dodd-Frank”
means the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

“Excluded Amounts”
means (a) any amount received by, on or with respect to any Collateral Obligation in the Collateral, which amount is attributable
to the payment of any tax, fee or other charge imposed by any Authority on such Collateral Obligation, (b) any amount representing
escrows relating to taxes, insurance and other amounts in connection with any Collateral Obligation which is held in an escrow account
for the benefit of the related Obligor and the secured party (other than the Seller in its capacity as lender with respect to such Collateral
Obligation) pursuant to escrow arrangements, (c) any Retained Fee retained by the Person(s) entitled thereto in connection with
the origination of any Collateral Obligation and (d) any Equity Security related to any Collateral Obligation that the Seller determines
will not be transferred by the Seller in connection with the sale of any related Collateral Obligation hereunder.

 

“Governmental Authorizations”
means all franchises, permits, licenses, approvals, consents, orders and other authorizations of all Authorities.

 

“Governmental Filings”
means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated
with such fillings with all Authorities.

 

“Income Collections”
has the meaning set forth in Section 2.01(c).

 

“Indenture”
has the meaning provided in the Preamble to this Agreement.

 

“Intermediate Seller”
has the meaning provided in the first paragraph of this Agreement.

 

“Lien”
means any grant of a security interest in, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever,
including, without limitation, any conditional sale or other title retention agreement, and any financing lease having substantially the
same economic effect as any of the foregoing (including any UCC financing statement or any similar instrument filed against a Person’s
assets or properties).

 

     -2- 

     

    

 

“Loan List”
means the list of Collateral Obligations set forth on Schedule 1, as such list may be amended, supplemented or modified from time
to time in accordance with this Agreement.

 

“Material Adverse
Effect” means, with respect to the Person making the related representation and warranty or agreeing to the related covenant,
any event that has, or could reasonably be expected to have, a material adverse effect on (a) the business, assets, financial condition
or operations of such Person (b) the ability of such Person to perform its obligations under the Transaction Documents to which it
is a party or (c) the rights, interests, remedies or benefits (taken as a whole) available to the Trustee under the Transaction Documents.

 

“Net Purchased Loan
Balance” means, as of any date of determination, an amount equal to (a) the sum of (i) the Aggregate Principal Balance
of all Collateral Obligations sold and/or contributed to the Buyer by the Seller (directly or indirectly) hereunder prior to such date,
calculated as of the respective Cutoff Dates of such Collateral Obligations plus (ii) the Aggregate Principal Balance of all
Collateral Obligations acquired by the Buyer other than from the Seller prior to such date, in each case calculated as of the date of
the Buyer’s acquisition thereof minus (b) the Aggregate Principal Balance of all Collateral Obligations sold to, or
otherwise transferred to, the Seller prior to such date.

 

“Payment in Full”
means payment in full of the Notes and of all other obligations then due and payable by the Buyer pursuant to and in accordance with the
Indenture.

 

“Payment in Full
Date” means the date on which a Payment in Full occurs or the Indenture is otherwise satisfied and discharged in accordance
with its terms.

 

“Permitted Liens”
means, with respect to the interest of the Seller, the Intermediate Seller and the Buyer in the Collateral Obligations, as applicable:
(i) security interests, liens and other encumbrances in favor of the Intermediate Seller or of the Buyer, as applicable, pursuant
to this Agreement, (ii) security interests, liens and other encumbrances in favor of the Trustee created pursuant to the Indenture
and/or this Agreement, (iii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in
favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the related
facility, (iv) with respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security
to secure indebtedness of the related Obligor and/or any security interests, liens and other rights or encumbrances granted under any
governing documents or other agreement between or among or binding upon the Buyer as the holder of equity in such Obligor and (v) security
interests, liens and other encumbrances for taxes, assessments or governmental charges or claims that are not yet delinquent or that are
being contested in good faith by appropriate proceedings promptly instituted and diligently concluded (provided that any reserve
or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor).

 

“Purchase”
means, as applicable, (i) a purchase or other acquisition of Collateral by the Buyer from the Intermediate Seller and by the Intermediate
Seller from the Seller or (ii) a purchase or other acquisition of Collateral by the Buyer from or as directed or referred by the
Seller, in each case under clause (i) or clause (ii) pursuant to Section 2.01, as applicable.

 

     -3- 

     

    

 

“Purchase Date”
means (i) the Closing Date with respect to any Collateral Obligation acquired by the Buyer from the Intermediate Seller and by the
Intermediate Seller from the Seller pursuant to the terms of this Agreement and (ii) the Closing Date or any day thereafter on which
any Collateral Obligation is acquired by the Buyer from the Seller pursuant to the terms of this Agreement and including, for the avoidance
of doubt, any date on which any Collateral Obligation is acquired by the Buyer in a secondary market transaction entered into by the
Buyer as provided herein.

 

“Purchase Price”
has the meaning provided in Section 2.02.

 

“Related Contracts”
means all credit agreements, indentures, notes, security agreements, leases, financing statements, guaranties, and other contracts, agreements,
instruments and other papers evidencing, securing, guaranteeing or otherwise relating to any Collateral Obligation or Eligible Investment
or other investment with respect to any Collateral or proceeds thereof (including the related Underlying Instruments), together with all
of the Seller’s or the Intermediate Seller’s, as applicable right, title and interest in, to and under all property or assets
securing or otherwise relating to any Collateral Obligation or Eligible Investment or other investment with respect to any Collateral
or proceeds thereof or of any Related Contract.

 

“Retained Fee”
means any reasonable origination, structuring or similar closing fee charged by the Person originating a loan on behalf of its lenders
for services it has performed in connection with such origination, which is not customarily made available to the lenders as part of their
return with respect to such loan, and provided such Person is entitled to retain the same in accordance with applicable law.

 

“Securities Act”
means the United States Securities Act of 1933, as amended.

 

“Seller”
has the meaning provided in the first paragraph of this Agreement.

 

“Trustee”
has the meaning provided in the Preamble to this Agreement.

 

“Warehouse Borrower”
has the meaning provided in the first paragraph of this Agreement.

 

Section 1.02         Other
Terms.

 

All accounting terms used
but not specifically defined herein shall be construed in accordance with generally accepted accounting principles in the United States.
The symbol “$” shall mean the lawful currency of the United States of America. All terms used in Article 9 of the UCC
in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9.

 

Section 1.03         Computation
of Time Periods.

 

Unless otherwise stated in
this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means
 “from and including,” the words “to” and “until” each mean “to but excluding”.

 

     -4- 

     

    

 

Section 1.04         Interpretation.

 

In this Agreement, unless
a contrary intention appears:

 

		(i)	the singular number includes the plural number and vice versa;

 

		(ii)	reference to any Person includes such Person’s successors and assigns but, if applicable, only if
such successors and assigns are permitted by the Transaction Documents;

 

		(iii)	references
to “including” means “including, without limitation”;

 

(iv)          reference
to day or days without further qualification means calendar days;

 

(v)           unless
otherwise stated, reference to any time means New York, New York time;

 

(vi)          references
to “writing” include printing, typing, lithography, electronic or other means of reproducing words in a visible form;

 

(vii)         reference
to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as amended,
modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and,
if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note that is
an extension or renewal thereof or a substitute or replacement therefore;

 

(viii)        reference
to any applicable law means such applicable law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect
from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of
any applicable law means that provision of such applicable law from time to time in effect and constituting the substantive amendment,
modification, codification, replacement or reenactment of such Section or other provision; and

 

(ix)           reference
to any gender includes each other gender.

 

Section 1.05         References.

 

All section references (including
references to the preamble), unless otherwise indicated, shall be to Sections (and the preamble) in this Agreement.

 

Section 1.06         Calculations.

 

Except as otherwise provided
herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360-day year and the actual days elapsed
in the relevant period and will be carried out to at least three decimal places.

 

     -5- 

     

    

 

ARTICLE II

 

TRANSFER
OF LOAN ASSETS

 

Section 2.01         Sale,
Transfer and Assignment.

 

(a)            Transfer
from the Seller to the Intermediate Seller on the Closing Date. Subject to and upon the terms and conditions set forth in this Agreement
(including the conditions to purchase set forth in Article III), on the Closing Date, the Seller hereby sells, transfers,
assigns, sets over and otherwise conveys to the Intermediate Seller and the Intermediate Seller hereby purchases and takes from the Seller
all right, title and interest (whether now owned or hereafter acquired or arising and wherever located) of the Seller (including all obligations
of the Seller as lender to fund any Revolving Loan or Delayed Draw Loan conveyed by the Seller to the Intermediate Seller hereunder which
obligations the Intermediate Seller hereby assumes) in the property identified in clauses (i)-(v) below and all accounts,
cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights, copyright licenses, equipment, fixtures,
general intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment property, letter-of-credit rights, accessions,
proceeds and other property consisting of, arising out of, or related to any of the following (in each case excluding the Excluded Amounts)
(collectively, together with any of the following relating to any Collateral Obligation conveyed pursuant to Section 2.01(d) below,
the “Collateral”):

 

(i)            the
Collateral Obligations listed on the Loan List delivered on the Closing Date by the Seller to the Intermediate Seller (as set forth on
Schedule 1), and all monies due, to become due or paid in respect of such Collateral Obligations on and after the related Purchase
Date, including but not limited to all collections on such Collateral Obligations and other recoveries thereon, in each case as they arise
after the related Purchase Date;

 

(ii)           all
Liens with respect to the Collateral Obligations referred to in clause (i) above;

 

(iii)          all
Related Contracts with respect to the Collateral Obligations referred to in clause (i) above;

 

(iv)          all
collateral security granted under any Related Contracts; and

 

(v)           all
income and proceeds of the foregoing.

 

(b)            Transfers
from the Intermediate Seller to the Buyer on the Closing Date. Subject to and upon the terms and conditions set forth in this Agreement
(including the conditions to purchase set forth in Article III), on the Closing Date, with respect to the Collateral conveyed
by the Seller to the Intermediate Seller as set forth on Schedule 1, the Intermediate Seller hereby sells, transfers, assigns,
sets over and otherwise conveys to the Buyer, and the Buyer hereby purchases and takes from the Intermediate Seller all right, title
and interest (whether now owned or hereafter acquired or arising and wherever located) of the Intermediate Seller (including all obligations
of the Intermediate Seller as lender to fund any Revolving Loan or Delayed Draw Loan conveyed by the Intermediate Seller to Buyer hereunder
which obligations Buyer hereby assumes) in such Collateral.

 

     -6- 

     

    

 

(c)            [Reserved].

 

(d)            Transfer
from the Seller to the Intermediate Seller and from the Intermediate Seller to the Buyer on each Purchase Date after the Closing Date.

 

(i)            Subject
to and upon the terms and conditions set forth in this Agreement (including the conditions to purchase set forth in Article III),
on each Purchase Date occurring after the Closing Date, with respect to the items of Collateral conveyed on such Purchase Date by the
Seller to the Intermediate Seller hereunder, the Seller hereby sells, transfers, assigns, sets over and otherwise conveys to the Intermediate
Seller, and the Intermediate Seller hereby purchases and takes from the Seller all right, title and interest (whether now owned or hereafter
acquired or arising and wherever located) of the Seller (including all obligations of the Seller as lender to fund any Revolving Loan
or Delayed Draw Loan conveyed by the Seller to the Intermediate Seller hereunder which obligations the Intermediate Seller hereby assumes)
in such Collateral.

 

(ii)           Subject
to and upon the terms and conditions set forth in this Agreement (including the conditions to purchase set forth in Article III),
on each Purchase Date occurring after the Closing Date, with respect to the items of Collateral conveyed on such Purchase Date by the
Intermediate Seller to the Buyer hereunder, the Intermediate Seller hereby sells, transfers, assigns, sets over and otherwise conveys
to the Buyer, and the Buyer hereby purchases and takes from the Intermediate Seller all right, title and interest (whether now owned or
hereafter acquired or arising and wherever located) of the Intermediate Seller (including all obligations of the Intermediate Seller as
lender to fund any Revolving Loan or Delayed Draw Loan conveyed by the Intermediate Seller to the Buyer hereunder which obligations the
Buyer hereby assumes) in such Collateral.

 

(e)            From
and after each Purchase Date, the Collateral listed on the relevant Loan List shall be deemed to be Collateral hereunder.

 

(f)             On
any Purchase Date with respect to the Collateral to be acquired by the Buyer on that date, the Seller shall be deemed to, and hereby does,
certify to the Buyer and to the Trustee, on behalf of the Secured Parties, as of such Purchase Date, that each of the representations
and warranties in Section 4.02 is true and correct in all material respects as of such Purchase Date.

 

(g)            Except
as specifically provided in this Agreement, the sale and purchase of Collateral under this Agreement shall be without recourse to the
Seller or the Intermediate Seller; it being understood that the Seller and the Intermediate Seller shall be liable (individually and not
jointly) to the Buyer for all representations and warranties made by the Seller and the Intermediate Seller, respectively, pursuant to
the terms of this Agreement, all of which obligations are limited so as not to constitute recourse to the Seller or the Intermediate Seller
for the credit risk of the Obligors.

 

     -7- 

     

    

 

(h)            In
connection with each Purchase of Collateral from the Intermediate Seller to the Buyer on and after the Closing Date as contemplated by
this Agreement, the Buyer hereby directs the Intermediate Seller to, and the Intermediate Seller hereby directs the Seller to, and the
Seller agrees that it will, Deliver in accordance with the Indenture, or cause to be Delivered in accordance with the Indenture (on behalf
of the Buyer), to the Custodian (with a copy to the Trustee), each Collateral Obligation being transferred to the Buyer on such Purchase
Date in accordance with the applicable provisions of the Indenture.

 

(i)       
      The Seller and/or the Intermediate Seller, as applicable, shall
take such action requested by the Buyer, from time to time hereafter, that may be necessary or appropriate to ensure that the Buyer
has an enforceable ownership interest and its assigns under the Indenture have an enforceable and perfected security interest in the
Collateral purchased by the Buyer as contemplated by this Agreement.

 

(j)             In connection with the Purchase by the Buyer of the Collateral as
contemplated by this Agreement, (i) with respect to the Collateral Purchased on the Closing Date in accordance with this
Agreement, each of the Seller and the Intermediate Seller, as applicable, agrees that it will, at its own expense, indicate clearly
and unambiguously in its computer files on and after the Closing Date that such Collateral has been purchased by the Intermediate
Seller and/or the Buyer, as applicable, (ii) with respect to the Collateral purchased on and after the Closing Date from the
Intermediate Seller to the Buyer in accordance with this Agreement, each of the Seller and the Intermediate Seller, as applicable,
agrees that it will, at its own expense, indicate clearly and unambiguously in its computer files on and after each such Purchase
that such Collateral has been purchased by the Intermediate Seller and/or the Buyer, as applicable, and in each case under clause
(i) or clause (ii), the Seller agrees that it will indicate clearly and unambiguously on and after the related Purchase Date in
its financial statements that such Collateral is owned by the Buyer and is not available to pay creditors of the Seller.

 

(k)            The
Seller agrees to deliver to the Intermediate Seller and the Buyer on or before the Closing Date and to the Intermediate Seller and the
Buyer on or before each Purchase Date after the Closing Date a computer file containing a true, complete and correct Loan List (which
shall contain the related Principal Balance, outstanding principal balance, loan number and Obligor name for each Collateral Obligation)
as of the Closing Date or related Purchase Date, as applicable. Such file or list shall be marked as Schedule 1 or Schedule 2,
as applicable, to this Agreement, shall be delivered to the Intermediate Seller and/or the Buyer, as applicable, as confidential and proprietary,
and is hereby incorporated into and made a part of this Agreement, as such Schedule 1 or Schedule 2 may be supplemented
and amended from time to time. In addition, with respect to each Collateral Obligation sold by the Seller to the Buyer hereunder after
the Closing Date (through the Intermediate Seller and in accordance with the various steps described in this Agreement), the Seller shall
deliver to the Buyer (through the Intermediate Seller) an assignment of such Collateral Obligation substantially in the form of Exhibit A
hereto.

 

(l)             In
a series of contemporaneous transactions on the Closing Date (i) the Warehouse Borrower shall, subject to the terms of the appliable
credit facility, if any, sell and/or distribute the Collateral Obligations owned by the Warehouse Borrower listed on Schedule 1
to the Seller (with respect to any distribution, in its capacity as sole member of the Warehouse Borrower), (ii) the Seller shall
transfer the Collateral Obligations (as set forth on Schedule 1) to the Intermediate Seller, (iii) the Intermediate Seller
shall transfer the Collateral Obligations listed on Schedule 1 to the Buyer and (iv) as consideration for its acquisition
of the Collateral Obligations listed on Schedule 1 from the Intermediate Seller, the Buyer shall distribute to the Intermediate
Seller a portion of the Subordinated Notes and the proceeds from the issuance of the other classes of Secured Notes.

 

     -8- 

     

    

 

(m)           For
administrative convenience, (i) Collateral Obligations being transferred from the Seller to the Intermediate Seller and from the
Intermediate Seller to the Buyer may settle directly from the Seller to the Buyer, (ii) Collateral Obligations being transferred
first from the Warehouse Borrower to the Seller, second from the Seller to the Intermediate Seller, and third from the Intermediate Seller
to the Buyer may settle directly from the Warehouse Borrower to the Buyer, (iii) Collateral Obligations being acquired by the Seller
from any seller and then sold first by such seller to the Seller and second by the Seller to the Intermediate Seller and third from the
Intermediate Seller to the Buyer may settle directly from such seller to the Buyer and (iv) any of the steps or transfers of cash
or assets described in this clause (m) that take place on the same day may be made on a net basis (any amounts owing by one party
may be offset by amounts owed to such party, and vice versa).

 

(n)            It
is the intention of the parties hereto that the conveyance of all right, title and interest in and to the Collateral to the Buyer by the
Intermediate Seller and to the Intermediate Seller by the Seller as provided in this Section 2.01 is intended and shall, in
each and every case, constitute an absolute sale, assignment, conveyance and transfer of ownership of such Collateral conveying good title,
free and clear of any Lien (other than Permitted Liens) and that the Collateral shall not be part of the Seller’s or the Intermediate
Seller’s, as applicable, bankruptcy estate in the event of any bankruptcy or insolvency proceedings with respect to the Seller or
the Intermediate Seller, as applicable. Furthermore, it is not intended that any such conveyance be deemed a pledge of the Collateral
Obligations and the other Collateral to the Intermediate Seller or the Buyer, as applicable, to secure a debt or other obligation of the
Intermediate Seller or the Seller, as applicable.

 

(o)            If,
however, notwithstanding the intention of the parties set forth in Section 2.01(n), any of the conveyances provided for in
this Section 2.01 by the Seller or the Intermediate Seller, as applicable, are determined to be a transfer to secure indebtedness,
then this Agreement shall also be deemed to be, and hereby is, a “security agreement” within the meaning of Article 9
of the UCC. With respect to the Collateral related to Schedule 1 hereunder, (A) the Seller hereby grants to the Intermediate
Seller (and the Intermediate Seller hereby assigns to the Buyer), and the Intermediate Seller hereby grants to the Buyer, as the case
may be, a duly perfected, first priority “security interest” within the meaning of Article 9 of the UCC in all of its
right, title and interest in and to such Collateral, now existing and hereafter created, to secure the prompt and complete payment of
a loan deemed to have been made in an amount equal to the aggregate Purchase Price of such Collateral, (B) the Buyer shall have,
in addition to the rights and remedies which it may have under this Agreement, all other rights and remedies provided to a secured creditor
under the UCC and other applicable law with respect thereto, which rights and remedies shall be cumulative, and (C) the Seller authorizes
the Buyer, the Intermediate Seller authorizes the Buyer, and, so long as the Payment in Full Date has not occurred, each of the Seller
and Intermediate Seller authorize the Trustee on behalf of the Secured Parties to file UCC financing statements and amendments, as necessary,
naming the Seller as “debtor,” the Intermediate Seller as “debtor” or “assignor secured party,” as
applicable, the Buyer as “assignor secured party” or “assignee secured party” and the Trustee as “assignee
secured party” or similar applicable designations, each describing such Collateral, in each jurisdiction that the Buyer deems necessary
in order to protect the security interests in the Collateral granted under this Section 2.01(o).

 

     -9- 

     

    

 

Section 2.02  
       Purchase Price.

 

The purchase price for each
Collateral Obligation sold pursuant to this Master Loan Sale Agreement shall be a dollar amount equal to the fair market value thereof
as determined by the Seller, the Intermediate Seller and/or the Buyer, as applicable, and shall be on terms no less favorable to the buyer
than such buyer would then obtain in a comparable arm’s length transaction with a person that is not an Affiliate (in each case,
the “Purchase Price”).

 

Section 2.03         Payment
of Purchase Price.

 

(a)            The
Purchase Price for any Collateral related to Schedule 1 acquired by the Buyer from the Intermediate Seller on the Closing Date
shall be paid by a combination of cash and the issuance of a portion of the Subordinated Notes by the Buyer to the Intermediate Seller
and by subsequent transfer of such cash from the Intermediate Seller to the Seller. With respect to any Purchase Date after the Closing
Date, to the extent the value of the Collateral transferred by the Seller to the Intermediate Seller and from the Intermediate Seller
to the Buyer exceeds the value of the cash and a portion of the Subordinated Notes received by the Intermediate Seller or Seller (as applicable)
for such assets, such excess shall be deemed to constitute a capital contribution from the Seller to the Intermediate Seller and from
the Intermediate Seller to the Buyer. To the extent the value of the cash and a portion of the Subordinated Notes received by the Intermediate
Seller or Seller (as applicable) from the Buyer exceeds the value of the assets transferred by the Seller to the Intermediate Seller and
by the Intermediate Seller to the Buyer, such excess shall be deemed to constitute a dividend from the Buyer to the Intermediate Seller
and the Intermediate Seller to the Seller. The Purchase Price for any Collateral acquired by the Buyer from the Intermediate Seller on
any Purchase Date after the Closing Date pursuant to this Agreement shall be paid in a combination of (A) immediately available funds
in cash and by subsequent transfer of such cash from the Intermediate Seller to the Seller and (B) if the Buyer does not have sufficient
funds in cash to pay the full amount of the Purchase Price, by means of a capital contribution by the Seller to the Intermediate Seller
and by a subsequent capital contribution by the Intermediate Seller to the Buyer.

 

(b)            The
Purchase Price for any Collateral purchased by the Buyer to be settled directly with a subsidiary of the Seller on any Purchase Date after
the Closing Date shall be paid in immediately available funds, which may comprise, if the Buyer does not have sufficient funds in cash
to pay the full amount of the Purchase Price, amounts contributed by the Seller to Intermediate Seller and by the Intermediate Seller
to the Buyer.

 

(c)            Notwithstanding
any provision herein to the contrary, the Seller may on any Purchase Date occurring after the Closing Date elect to designate all or
a portion of the Collateral proposed to be transferred to the Buyer on such date as a capital contribution to the Intermediate Seller
and in turn a capital contribution by the Intermediate Seller to the Buyer. In such event, the cash portion of the Purchase Price payable
with respect to such transfer shall be reduced by that portion of the Purchase Price of the Collateral that was so contributed; provided
that Collateral contributed to the Buyer as capital shall constitute Collateral for all purposes of this Agreement.

 

     -10- 

     

    

 

(d)            The
Seller, in connection with each Purchase hereunder relating to any Collateral, shall be deemed to have certified, and hereby does certify,
with respect to the Collateral to be purchased by the Buyer on such day, that its representations and warranties contained in Article IV
are true and correct on and as of such day, with the same effect as though made on and as of such day.

 

(e)            Upon
the payment of the Purchase Price for any Purchase, title to the Collateral included in such Purchase shall vest in the case of Collateral
related to Schedule 1 initially in the Intermediate Seller and then in the Buyer as provided herein, whether or not the conditions
precedent to such Purchase and the other covenants and agreements contained herein were in fact satisfied; provided that the Intermediate
Seller and the Buyer, as applicable, shall not be deemed to have waived any claim it may have under this Agreement for the failure by
the Seller or the Intermediate Seller, as applicable, in fact to satisfy any such condition precedent, covenant or agreement.

 

(f)             Collateral Obligations may be purchased or acquired from time to time by
the Buyer from the Seller or any of its Affiliates hereunder only if (i) the terms and conditions thereof are no less favorable
to the Buyer than the terms it would obtain in a comparable, timely purchase or acquisition with a non-Affiliate and (ii) the
transactions are effected in accordance with all applicable laws.

 

Section 2.04         [Reserved].

 

Section 2.05         [Reserved].

 

Section 2.06         Limitation
on Sales to Seller and Affiliates.

 

At any time after the Closing
Date, the Buyer may sell any Collateral Obligation to the Seller or any affiliate thereof; provided that such transaction is conducted
in an arm’s length transaction in the ordinary course of business and the value of any such transferred Collateral Obligation shall
be the mid-point between the “bid” and “ask” prices provided by a nationally recognized independent pricing service
or, if unavailable or determined by the Collateral Manager to be unreliable, the fair market value of such Collateral Obligation as reasonably
determined by the Collateral Manager, and such Affiliate shall acquire such Collateral Obligation for a price equal to the value so determined;
provided further that an aggregate amount of Collateral Obligations not exceeding 20% of the Net Purchased Loan Balance may be
sold or otherwise transferred to the Seller or an affiliate of the Seller that is not a bankruptcy remote special purpose entity.

 

     -11- 

     

    

 

ARTICLE III

 

CONDITIONS
PRECEDENT

 

Section 3.01         Conditions
Precedent

 

This Agreement is subject
to the conditions precedent that on or prior to the Closing Date each of the conditions precedent to the execution, delivery and effectiveness
of each other Transaction Document (other than a condition precedent in any such other Transaction Document relating to the effectiveness
of this Agreement) shall have been fulfilled, and:

 

(a)            Counterparts
of this Agreement shall have been executed and delivered by or on behalf of the Warehouse Borrower, the Seller, the Intermediate Seller
and the Buyer; and

 

(b)            The
Seller shall have delivered to the Buyer filed UCC-1 financing statements as required by Section 2.01(o) describing the
applicable Collateral and meeting the requirements of the laws of each jurisdiction in which it is necessary or reasonably desirable,
or in which the Seller is required by applicable law, and in such manner as is necessary or reasonably desirable, to perfect the back-up
security interest granted under Section 2.01(o).

 

Section 3.02         Conditions
Precedent to all Purchases.

 

(a)            The
obligation of the Intermediate Seller to purchase the Collateral from the Seller and the obligation of the Buyer to purchase the Collateral
from the Intermediate Seller, in each case on the Closing Date, shall be subject to the satisfaction of the following conditions precedent
that:

 

(i)            all
representations and warranties (A) of the Seller contained in Sections 4.01 and 4.02 and (B) of the Intermediate
Seller contained in Sections 4.03 and 4.04, as applicable, shall be true and correct in all material respects on and as
the Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and
correct in all material respects as of such earlier date); and

 

(ii)           the
Seller shall have delivered to the Intermediate Seller and the Buyer duly completed Loan Lists that are true, accurate and complete in
all respects as of the Closing Date, which lists are made a part of this Agreement.

 

(b)            The
obligation of the Intermediate Seller to purchase the Collateral from the Seller and the obligation of the Buyer to purchase the Collateral
from the Intermediate Seller on any Purchase Date after the Closing Date shall be subject to the satisfaction of the following conditions
precedent that:

 

(i)            all
representations and warranties (A) of the Seller contained in Sections 4.01 and 4.02 and (B) of the Intermediate
Seller contained in Sections 4.03 and 4.04, as applicable, shall be true and correct in all material respects on and as
of such date as though made on and as of such date and shall be deemed to have been made on and as of such date (unless stated to relate
solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of
such earlier date); and

 

     -12- 

     

    

 

(ii)           the
Seller shall have delivered to the Intermediate Seller and the Buyer a duly completed Loan List that is true, accurate and complete in
all respects as of the related Purchase Date, which list shall be as of such date incorporated into and made a part of this Agreement
and an assignment substantially in the form of Exhibit A hereto, as applicable.

 

Section 3.03         Release
of Excluded Amounts.

 

The parties acknowledge and
agree that each of the Intermediate Seller and the Buyer has no interest in the Excluded Amounts. Promptly upon the receipt by or release
to the Intermediate Seller or the Buyer, as applicable, of any Excluded Amounts, each of the Intermediate Seller and the Buyer hereby
irrevocably agrees to deliver and release to (or as directed by) the Seller such Excluded Amounts, which release shall be automatic and
shall require no further act by the Intermediate Seller or the Buyer, as applicable; provided that each of the Intermediate Seller
and the Buyer respectively agrees that it will execute and deliver such instruments of release and assignment or other documents, or otherwise
confirm the foregoing release of such Excluded Amounts, as may be reasonably requested by the Seller in writing.

 

ARTICLE IV

 

REPRESENTATIONS
AND WARRANTIES

 

Section 4.01         Representations
and Warranties Regarding the Seller.

 

The Seller makes the following
representations and warranties, on which each of the Intermediate Seller and the Buyer relies in acquiring the Collateral purchased hereunder
and each of the Secured Parties relies upon in entering into the Indenture or purchasing the Notes. As of the Closing Date and each Purchase
Date (unless a specific date is specified below), the Seller represents and warrants to the Intermediate Seller and the Buyer for the
benefit of the Intermediate Seller and the Buyer and each of their successors and assigns that:

 

(a)            Organization
and Good Standing. The Seller has been duly organized and is validly existing as a corporation in good standing under the laws of
its jurisdiction of incorporation, with all requisite corporate power and authority to own or lease its properties and to conduct its
business as such business is presently conducted, and had at all relevant times, and now has, all necessary power, authority and legal
right to acquire and own each Collateral Obligation and to sell or contribute such Collateral Obligation to the Intermediate Seller hereunder.

 

(b)            Due
Qualification. The Seller is duly qualified to do business and has obtained all necessary licenses and approvals, in all jurisdictions
in which the ownership or lease of its property or the conduct of its business requires such qualification, licenses and/or approvals
as required in each jurisdiction in which the failure to be so qualified or obtain such license or approval, is likely to have a Material
Adverse Effect.

 

     -13- 

     

    

 

(c)            Power
and Authority; Due Authorization; Execution and Delivery. The Seller (i) has all necessary corporate power, authority and legal
right to (a) execute and deliver this Agreement and (b) carry out the terms of this Agreement and (ii) has duly authorized
by all necessary corporate action the execution, delivery and performance of this Agreement and the sale and assignment of an ownership
interest in each Collateral Obligation on the terms and conditions herein provided. This Agreement has been duly executed and delivered
by the Seller.

 

(d)            Valid
Conveyance; Binding Obligations. This Agreement will be duly executed and delivered by the Seller, and this Agreement, other than
for accounting and tax purposes, shall effect valid sales of each Collateral Obligation, enforceable against the Seller and creditors
of and purchasers from the Seller, and this Agreement shall constitute legal, valid and binding obligations of the Seller enforceable
against the Seller in accordance with their respective terms, except as enforceability may be limited by the Bankruptcy Code and all other
applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of
payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally and general principles
of equity (whether such enforceability is considered in a suit at law or in equity).

 

(e)            No
Violation. The execution, delivery and performance of this Agreement and all other agreements and instruments executed and delivered
or to be executed and delivered by the Seller pursuant hereto or thereto in connection with the sale of any Collateral Obligation will
not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse
of time or both) a default under, the Seller’s organizational documentation or any contractual obligation of the Seller, (ii) result
in the creation or imposition of any Lien (other than Permitted Liens) upon any of the Seller’s properties pursuant to the terms
of any such contractual obligation, other than this Agreement, or (iii) violate any applicable law in any material respect.

 

(f)            No
Proceedings. There is no litigation, proceeding or investigation pending or, to the knowledge of the Seller, threatened against the
Seller, before any Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any
of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that could reasonably be expected
to have a Material Adverse Effect.

 

(g)            All
Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Authority (if
any) required for the due execution, delivery, performance, validity or enforceability of this Agreement to which the Seller is a party
have been obtained.

 

(h)            State
of Organization, Etc. The Seller will not change its name, identity or corporate structure or relocate its chief executive office
or the location of the Seller’s records regarding the Collateral Obligations (other than those delivered to the Custodian) except
after advance notice to the Intermediate Seller and the Buyer and the delivery to the Intermediate Seller and the Buyer of all financing
statements, instruments and other documents reasonably requested by the Intermediate Seller or the Buyer.

 

     -14- 

     

    

 

(i)         
    Solvency. The Seller is not the subject of any bankruptcy proceedings. The
Seller is solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement and the other
Transaction Documents. The Seller, after giving effect to the transactions contemplated by this Agreement and the other Transaction Documents,
will have an adequate amount of capital to conduct its business.

 

(j)      
       Compliance with Laws. The Seller has complied in all
material respects with all applicable law to which it may be subject.

 

(k)            Taxes.
The Seller has filed or caused to be filed all tax returns that are required to be filed by it (subject to any extensions to file properly
obtained by the same). The Seller has paid or made adequate provisions for the payment of all Taxes and all assessments made against it
or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which reserves in accordance with GAAP have been provided on the books of the Seller), and no tax lien has been filed
and, to the Seller’s knowledge, no claim is being asserted, with respect to any such Tax, assessment or other charge.

 

(l)        
     Exchange Act Compliance; Regulations T, U and X. None of the
transactions contemplated herein or in the other Transaction Documents (including, without limitation, the use of the proceeds from
the sale of any Collateral Obligation) will violate or result in a violation of Section 7 of the Exchange Act, or any
regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal
Reserve System, 12 C.F.R., Chapter II. The Seller does not own or intend to carry or purchase, and no proceeds from the sale of the
Collateral Obligations will be used to carry or purchase, any Margin Stock or to extend “purpose credit” within the
meaning of Regulation U.

 

(m)            No
Liens, Etc. Each Collateral Obligation or participation interest therein to be acquired by the Intermediate Seller or the Buyer, as
applicable, hereunder is owned by the Seller free and clear of any Lien, security interest, charge or encumbrance (subject only to Permitted
Liens), and the Seller has the full right, corporate power and lawful authority to sell the same and interests therein and, upon the sale
thereof hereunder, the Buyer will have acquired good and marketable title to and a valid and perfected ownership interest in such Collateral
Obligation or participation interests therein, free and clear of any Lien, security interest, charge or encumbrance (subject only to Permitted
Liens).

 

(n)            Information
True and Correct. All written information (other than projections, other forward-looking information, information of a general economic
or general industry nature and pro forma financial information) heretofore (as of each date when this representation and warranty is
made) furnished by or on behalf of the Seller to the Intermediate Seller or the Buyer, as applicable, or any assignee thereof in connection
with this Agreement or any transaction contemplated hereby is true and accurate in all material respects (to the best knowledge of the
Seller, in the case of information obtained by the Seller from Obligors or other unaffiliated third parties), and, taken as a whole,
contained as of the date of delivery thereof no untrue statement of a material fact (to the best knowledge of the Seller, in the case
of information obtained by the Seller from Obligors or other unaffiliated third parties) and did not omit to state a material fact necessary
in order to make the statements contained herein or therein not misleading in light of the circumstances under which such information
was furnished (to the best knowledge of the Seller, in the case of information obtained by the Seller from Obligors or other unaffiliated
third parties) as of the date such information was furnished. The projections and pro forma financial information contained in the materials
referenced above are based upon good faith estimates and assumptions believed by management of the Seller to be reasonable at the time
made, it being recognized by the Intermediate Seller and the Buyer that such projections and pro forma financial information as it relates
to future events are not to be viewed as fact and that actual results during the period or periods covered by such projections and pro
forma financial information may differ from the projected and pro forma results set forth therein by a material amount.

 

     -15- 

     

    

 

(o)            Intent
of the Seller. The Seller has not sold, contributed, transferred, assigned or otherwise conveyed any interest in any Collateral Obligation
or participation interest therein to the Intermediate Seller or the Buyer, as applicable, with any intent to hinder, delay or defraud
any of the Seller’s creditors.

 

(p)            Value
Given. The Seller has received reasonably equivalent value from the Intermediate Seller or the Buyer, as applicable, in exchange for
the sale of such Collateral Obligations sold hereunder. No such sale has been made for or on account of an antecedent debt owed by the
Seller and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

 

Section 4.02         Representations
and Warranties of the Seller Relating to the Agreement and the Collateral.

 

The Seller makes the following
representations and warranties, on which each of the Intermediate Seller and the Buyer relies in acquiring each Collateral Obligation
purchased hereunder and each of the Secured Parties relies upon in entering into the Indenture or purchasing the Notes. As of the Closing
Date and each Purchase Date, the Seller represents and warrants to the Intermediate Seller and the Buyer, as applicable, for the benefit
of the Intermediate Seller and the Buyer and each of their successors and assigns that:

 

(a)            Valid
Transfer and Security Interest. This Agreement constitutes a valid transfer to the Intermediate Seller or Buyer, as applicable, of
all right, title and interest in, to and under each Collateral Obligation, free and clear of any Lien of any Person claiming through or
under the Seller or its Affiliates, except for Permitted Liens. If the conveyances contemplated by this Agreement are determined to be
a transfer for security, then this Agreement constitutes a grant of a security interest in each Collateral Obligation to the Intermediate
Seller or Buyer, as applicable, which upon the delivery of the Collateral Obligation, in accordance with the definition of “Deliver”
under the Indenture, to the Intermediate Seller or Buyer, as applicable (or to the Custodian on behalf of the Trustee, for the benefit
of the Secured Parties) and the filing of the financing statements shall be a first priority perfected security interest in each such
Collateral Obligation, subject only to Permitted Liens.

 

     -16- 

     

    

 

(b)            Eligibility
of Sale Portfolio. (i) Schedule 1 is an accurate and complete listing of each Collateral Obligation transferred to the
Intermediate Seller as of the Closing Date and the information contained therein with respect to the identity of such Collateral Obligations
and the amounts owing thereunder is true and correct as of the Closing Date and (ii) with respect to each Collateral Obligation,
all consents, licenses, approvals or authorizations of or registrations or declarations of any governmental authority or any Person required
to be obtained, effected or given by the Seller in connection with the transfer of an ownership interest or security interest in each
Collateral Obligation to the Intermediate Seller or the Buyer, as applicable, have been duly obtained, effected or given and are in full
force and effect.

 

It is understood and agreed
that the representations and warranties provided in this Section 4.02 shall survive (x) the sale of the Collateral Obligations
to the Intermediate Seller or the Buyer, as applicable, (y) the grant of a first priority perfected security interest in, to and
under each Collateral Obligation pursuant to the Indenture by the Buyer and (z) the termination of this Agreement and the Indenture.
Upon discovery by the Seller, the Intermediate Seller or the Buyer of a breach of any of the foregoing representations and warranties,
the party discovering such breach shall give prompt written notice thereof to the other and to the Trustee immediately upon obtaining
knowledge of such breach.

 

Section 4.03         Representations
and Warranties Regarding the Intermediate Seller.

 

As of the Closing Date, the
Intermediate Seller represents and warrants to the Buyer for the benefit of the Buyer and each of its successors and assigns that:

 

(a)            Due
Organization. The Intermediate Seller is a limited liability company duly formed and validly existing under the laws of the State
of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged
and to execute and deliver and perform its obligations under this Agreement.

 

(b)            Due
Qualification and Good Standing. The Intermediate Seller is in good standing in the State of Delaware. The Intermediate Seller is
duly qualified to do business and, to the extent applicable, is in good standing and has obtained all material governmental licenses and
approvals as required in Delaware and each other jurisdiction in which the failure to be so qualified, maintain good standing or obtain
such license or approval, is likely to have a Material Adverse Effect.

 

(c)            Due
Authorization; Execution and Delivery; Legal, Value and Binding; Enforceability; Valid Sale. The execution and delivery by the Intermediate
Seller of, and the performance of its obligations under this Agreement and the other instruments, certificates and agreements contemplated
hereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by
it and constitute its legal, valid and binding obligations enforceable against it in accordance with its terms, subject, as to enforcement,
(A) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such
laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Intermediate Seller and
(B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity).
This Agreement shall effect a valid sale, transfer and assignment of each of the Intermediate Seller to the Buyer of its right, title
and interest in the Collateral Obligations sold by the Intermediate Seller to the Buyer on or after the Closing Date as set forth herein,
enforceable against each of the Intermediate Seller, its creditors and purchasers from the Intermediate Seller, subject, as to enforcement,
(A) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such
laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Intermediate Seller and
(B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity).

 

     -17- 

     

    

 

(d)            Non-Contravention.
None of the execution and delivery by each of the Intermediate Seller of this Agreement, the consummation of the transactions herein contemplated,
or performance and compliance by it with the terms, conditions and provisions hereof, will (i) contravene in any material respect
the terms of the certificate of formation of each of the Intermediate Seller or its limited liability company operating agreement, or
any amendment of either thereof, (ii) (A) contravene in any material respect any applicable law, (B) conflict in any material
respect, with or result in any breach of, any of the terms and provisions of, or constitute a default under, any indenture, loan, agreement,
mortgage, deed of trust or other contractual restriction binding on or affecting it or any of its assets, or (C) contravene in any
material respect any order, writ, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result
in a breach or violation of, or constitute a default under, any contractual obligation or any agreement or document to which it is a party
or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates), in each case under this
clause (d) which would have a Material Adverse Effect.

 

(e)            Governmental
Authorizations; Governmental Filings. The Intermediate Seller has obtained, maintained and kept in full force and effect all Governmental
Authorizations which are necessary for the execution and delivery by it of this Agreement and the performance by it of its obligations
under this Agreement, and no Governmental Authorization or Governmental Filing which has not been obtained or made is required to be obtained
or made by it in connection with the execution and delivery by it of this Agreement or the performance of its obligations under this Agreement.

 

(f)        
     Solvency. The Intermediate Seller, after giving effect to the
conveyance by the Intermediate Seller of Collateral Obligations hereunder to the Buyer on or after the Closing Date and after giving
effect to the transactions contemplated hereunder and under the other Transaction Documents on such date, is solvent on and as of
the Closing Date or the Purchase Date.

 

(g)            Investment
Company Status. The Intermediate Seller is not required to be registered as an “investment company” within the meaning
of the Investment Company Act.

 

(h)            Sale
Treatment. The Intermediate Seller has treated the transfer of Collateral Obligations by the Intermediate Seller to the Buyer hereunder
on the Closing Date for all purposes as a sale by the Intermediate Seller and purchase by the Buyer on all of its relevant books and records
(other than for tax and accounting purposes).

 

(i)        
     Value Given. The cash payments, if any, received by the Intermediate
Seller and Subordinated Notes issued by the Buyer to the Intermediate Seller in respect of the Purchase Price of the Collateral Obligations
sold hereunder by the Intermediate Seller to the Buyer on the Closing Date or any Purchase Date constitute reasonably equivalent value
in consideration for the transfer by the Intermediate Seller to the Buyer of such Collateral Obligations under this Agreement, such transfer
was not made for or on account of an antecedent debt owed by the Intermediate Seller to the Buyer and such transfer was not and is not
voidable or subject to avoidance under any applicable bankruptcy laws.

 

     -18- 

     

    

 

(j)       
      Lack of Intent to Hinder, Delay or Defraud. The Intermediate
Seller has not sold any interest in any Collateral Obligations conveyed by the Intermediate Seller to the Buyer on the Closing Date
hereunder with any intent to hinder, delay or defraud its creditors.

 

(k)            No
Proceedings. There is no action, suit or proceeding pending against or, to the actual knowledge of an Authorized Officer of the Intermediate
Seller, after due inquiry, threatened against or adversely affecting (i) the Intermediate Seller or (ii) the transactions contemplated
by this Agreement, before any court, arbitrator or any governmental body, agency or official, in each case, which has had or would reasonably
be expected to have a Material Adverse Effect.

 

The representations and warranties
set forth in this Section 4.03 shall survive the sale, transfer and assignment of the Collateral Obligations by the Intermediate
Seller to the Buyer on or after the Closing Date.

 

Section 4.04         Representations
and Warranties of the Intermediate Seller Relating to the Agreement and the Collateral.

 

The Intermediate Seller hereby
represents and warrants to the Buyer, as of the Closing Date that:

 

(a)            Valid
Transfer. This Agreement constitutes a valid transfer to the Buyer of all right, title and interest of the Intermediate Seller in,
to and under all of the Collateral transferred by the Intermediate Seller to the Buyer on or after the Closing Date, free and clear of
any Lien of any Person claiming through or under the Intermediate Seller or any of its Affiliates, except for Permitted Liens.

 

(b)            No
Fraud. Each Collateral Obligation sold by the Intermediate Seller to the Buyer on or after the Closing Date hereunder, to the best
of the Intermediate Seller’s knowledge, was originated without any fraud or material misrepresentation by the Seller or on the part
of the Obligor.

 

(c)            Ordinary
Course of Business. Any sale of Collateral Obligations by the Intermediate Seller to the Buyer on or after the Closing Date pursuant
to this Agreement is in the ordinary course of business and financial affairs of the Intermediate Seller. Each remittance of collections
on such Collateral Obligations by the Intermediate Seller to the Buyer as transferee under this Agreement, will have been made in the
ordinary course of business or financial affairs of the Intermediate Seller and the Buyer.

 

     -19- 

     

    

 

Section 4.05         Representations
and Warranties Regarding the Buyer.

 

By its execution of this Agreement,
the Buyer represents and warrants to the Intermediate Seller and the Seller that:

 

(a)            Due
Organization. The Buyer is a limited liability company duly formed and validly existing under the laws of the State of Delaware, with
full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute
and deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a party.

 

(b)            Due
Qualification and Good Standing. The Buyer is in good standing under the laws of the State of Delaware. The Buyer is duly qualified
to do business and, to the extent applicable, is in good standing and has obtained or will obtain all material governmental licenses and
approval in Delaware and in each other jurisdiction in which the nature of its business, assets and properties, including the performance
of its obligations under this Agreement and the other Transaction Documents to which it is a party requires such qualification, except
where the failure to be so qualified, maintain good standing or obtain such license or approval would not reasonably be expected to have
a Material Adverse Effect.

 

(c)            Due
Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by the Buyer of, and the
performance of its obligations under this Agreement, the other Transaction Documents to which it is a party and the other instruments,
certificates and agreements contemplated hereby or thereby are within its powers and have been duly authorized by all requisite action
by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in
accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

(d)            Non-Contravention.
None of the execution and delivery by the Buyer of this Agreement or the other Transaction Documents to which it is a party, the consummation
of the transactions herein or therein contemplated, or performance and compliance by it with the terms, conditions and provisions hereof
or thereof, will (i) contravene in any material respect or result in any breach of, any of the terms and provisions of, its articles
of incorporation and memorandum of association, (ii) conflict with or contravene (A) any applicable law, (B) any indenture,
agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Contract, or (C) any
order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result
in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for any
requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of, or
default under, or permit any such acceleration in, any contractual obligation or any agreement or document to which it is a party or by
which it or any of its assets are bound (or to which any such obligation, agreement or document relates), in each case under this clause
(d) which would have a Material Adverse Effect.

 

     -20- 

     

    

 

(e)            Governmental
Authorizations; Private Authorizations; Governmental Filings. No order, consent, approval, license, authorization, or validation
of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof,
is required to authorize, or is required in connection with the execution, delivery and performance of any Transaction Documents to which
the Buyer is a party or the consummation of any of the transactions contemplated thereby other than those that have already been duly
made or obtained and remain in full force and effect or those recordings and filings in connection with the Liens granted to the Trustee
under the Transaction Documents, except for any order, consent, approval, license, authorization, or validation of, or filing, recording
or registration with, or exemption, that, if not obtained, would not, either individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(f)         
    Place of Business; No Changes. The Buyer’s location (within the
meaning of Article 9 of the UCC) is the State of Delaware. The Buyer has not changed its name nor its location, within the four
months preceding the Closing Date.

 

(g)            Sale
Treatment. Other than for accounting and tax purposes, the Buyer has treated the transfer of Collateral Obligations hereunder to the
Buyer for all purposes as a sale by the Seller or the Intermediate Seller, as applicable, and purchase by the Buyer on all of its relevant
books and records and other applicable documents.

 

ARTICLE V

 

MISCELLANEOUS

 

Section 5.01         Amendments
and Waivers.

 

(a)            This
Agreement may be amended or waived from time to time by the parties hereto by written agreement, with prior written notice to the Trustee;
provided that no such amendment or waiver shall reduce the amount of, or delay the timing of, any amounts received on Collateral
Obligations which are required to be distributed with respect to any Class of Notes without the consent of the Holders of each Class materially
and adversely affected thereby, or change the rights or obligations of any other party hereto without the consent of such party. Failure
to object within ten Business Days of notice being given of any proposed amendment shall constitute consent for all purposes hereunder.
Notwithstanding the foregoing, the Loan Lists may be amended and modified by the Seller at any time in accordance with this Agreement
by providing updated Loan Lists to the Buyer and the Trustee.

 

(b)            Prior
to the execution of any such amendment or waiver, the Buyer shall furnish to the Trustee (and the Trustee shall furnish to the Rating
Agency and each Holder) written notification of the substance of such proposed amendment or waiver, together with a copy thereof.

 

(c)            Promptly
after the execution of any such amendment or waiver, the Buyer shall furnish (or cause the Trustee to furnish) a copy of such amendment
or waiver to the Rating Agency and to each Holder. It shall not be necessary for the consent of any Holders pursuant to Section 5.01(a) to
approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance
thereof.

 

     -21- 

     

    

 

(d)            Prior
to the execution of any amendment to this Agreement, the Buyer and the Trustee shall be entitled to receive and rely upon an Opinion of
Counsel (which Opinion of Counsel may rely upon one or more certificates from an Authorized Officer of the Seller, the Intermediate Seller,
the Buyer and/or the Collateral Manager with respect to factual matters and of the Buyer and/or the Collateral Manager with respect to
the effect of any such amendment or waiver on the economic interests of the Buyer or the Holders) stating that the execution of such amendment
is authorized or permitted by this Agreement.

 

Section 5.02         Notices,
Etc.

 

All demands, notices and other
communications hereunder shall, unless otherwise stated herein, be in writing (which shall include facsimile communication and communication
by e-mail in portable document format (.pdf)) and faxed, e-mailed or delivered, to each party hereto, at its address set forth below or
at such other address as shall be designated by such party in a written notice to the other parties hereto, and to the Trustee or the
Rating Agency, at its address set forth in the Indenture or at such other address as shall be designated by such Person in a written notice
to the other parties hereto. Notices and communications by facsimile and e-mail shall be effective when sent (and shall be followed by
hard copy sent by regular mail), and notices and communications sent by other means shall be effective when received. Notices and other
communications relating to this Agreement to be delivered by the Buyer (or the Trustee on its behalf) to any Holder shall be delivered
as provided in the Indenture.

 

The address for the Seller
is the following:

 

Golub Capital BDC 3, Inc. 

200 Park Avenue, 25th Floor

New York, New York 10166

 

The address for the Intermediate
Seller is the following:

 

Golub Capital BDC 3 ABS 2022-1 Depositor LLC

c/o Golub Capital BDC 3, Inc.

200 Park Avenue, 25th Floor

New York, New York 10166

 

The address for the Buyer
is the following:

 

Golub Capital BDC 3 ABS 2022-1 LLC

c/o Golub Capital BDC 3, Inc.

200 Park Avenue, 25th Floor

New York, New York 10166

 

     -22- 

     

    

 

with a copy to:

 

GC Advisors LLC

200 Park Avenue, 25th Floor

New York, New York 10166

 

Section 5.03         Severability
of Provisions.

 

If any one or more of the
covenants, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms
shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement.

 

Section 5.04         GOVERNING
LAW; JURY WAIVER.

 

THIS AGREEMENT SHALL, IN
ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREUNDER.

 

Section 5.05         Electronic
Signatures; Counterparts.This Agreement shall be valid, binding, and enforceable against
a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature;
(ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic
Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant
electronic signatures law, including any relevant provisions of the UCC (collectively, “Signature Law”), in each case
to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes
have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled
to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other
electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution
or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

 

Section 5.06         Bankruptcy
Non-Petition and Limited Recourse; Claims.

 

Each of the parties hereto
hereby agrees that it will not institute against, or join any other Person in instituting against, the other party hereto any bankruptcy
proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect
and one day) after payment in full of all Notes. In addition, none of the parties hereto shall have any recourse for any amounts payable
or any other obligations arising under this Agreement against any officer, member, director, employee, partner, Affiliate or security
holder of the other party or any of its successors or assigns. The terms of this Section 5.06 shall survive termination of
this Agreement.

 

     -23- 

     

    

 

Section 5.07         Binding
Effect; Assignability.

 

This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. No third party (other than
the Trustee and the other Secured Parties) shall be third-party beneficiaries of this Agreement.

 

Section 5.08         Headings
and Exhibits.

 

The headings herein are for
purposes of references only and shall not otherwise affect the meaning or interpretation of any provision hereof. The schedules and exhibits
attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes.

 

[Remainder of Page Intentionally Left
Blank.]

 

     -24- 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their respective officers as of the day and year first above written.

 

		GOLUB CAPITAL BDC 3, INC.,
	 	 	as the Seller
	 	 
	 	 
	 	By:	/s/ Christopher
C. Ericson 
	 	Name:	Christopher C. Ericson 
	 	Title:	Chief Financial Officer

 

    

     

    

 

		GOLUB CAPITAL BDC 3 ABS 2022-1
	 	 	DEPOSITOR LLC,
	 	 	as the Intermediate Seller
	 	 
	 	 
	 	By:	Golub Capital BDC 3, Inc.,
its designated manager
	 	 
	 	 
	 	By:	/s/ Christopher
C. Ericson
	 	Name:	Christopher C. Ericson 
	 	Title:	Chief Financial Officer

 

    

     

    

 

		GOLUB CAPITAL BDC 3 ABS 2022-1 LLC,
	 	 	as the Buyer
	 	 
	 	 
	 	By:	Golub Capital BDC 3, Inc.,
its designated manager
	 	 
	 	 
	 	By:	/s/
Christopher C. Ericson
	 	Name:	Christopher C. Ericson
	 	Title:	Chief Financial Officer

 

    

     

    

 

		GBDC 3 FUNDING
                                  LLC,
	 	 	as Warehouse Borrower
	 	 
	 	 
	 	By:	Golub Capital BDC 3, Inc.,
its designated manager
	 	 
	 	 
	 	By:	/s/
Christopher C. Ericson
	 	Name:	Christopher C. Ericson
	 	Title:	Chief Financial Officer

 

    

     

    

Exhibit A

 

Form of Assignment (Schedule 2)

 

[Date]

 

In accordance with the Master
Loan Sale Agreement (together with all amendments and modifications from time to time thereto, the “Agreement”), dated
as of January 25, 2022, made by and among the undersigned, GOLUB CAPITAL BDC 3, INC., as the Seller (together with its successors
and permitted assigns, the “Seller”), Golub Capital BDC 3 ABS 2022-1 Depositor
LLC, as the Intermediate Seller (together with its successors and permitted assigns, the “Intermediate Seller”),
and GOLUB CAPITAL BDC 3 ABS 2022-1 LLC, as the Buyer (together with its successors and
permitted assigns, the “Buyer”), the Seller does hereby sell, transfer, convey and assign, set over and otherwise convey
to the Intermediate Seller, all of the Seller’s right, title and interest in and to the following (including, without limitation,
all obligations of the lender to fund any Revolving Loan or Delayed Draw Loan conveyed by the undersigned to the Intermediate Seller hereunder
which obligations the Intermediate Seller hereby assumes), and the Intermediate Seller does hereby sell, transfer, convey and assign,
set over and otherwise convey to the Buyer, all of the Intermediate Seller’s right, title and interest in and to the following (including,
without limitation, all obligations of the lender to fund any Revolving Loan or Delayed Draw Loan conveyed by the undersigned to the Buyer
hereunder which obligations the Buyer hereby assumes):

 

(i)            the
Collateral Obligations listed on Schedule 2 attached hereto (which Schedule 2 is hereby incorporated by reference in and
shall become part of the Loan List referred to as Schedule 1 in the Agreement), all payments paid in respect thereof and all monies due,
to become due or paid in respect thereof accruing on and after the Purchase Date and all collections on the Collateral Obligations and
other recoveries thereon, in each case as they arise after the Purchase Date;

 

(ii)           all
Liens with respect to the Collateral Obligations referred to in clause (i) above;

 

(iii)          all
Related Contracts with respect to the Collateral Obligations referred to in clause (i) above;

 

(iv)          all
collateral security granted under any Related Contracts; and

 

(v)           all
income, payments, proceeds and other benefits of any and all of the foregoing, including but not limited to, all accounts, cash and currency,
chattel paper, electronic chattel paper, tangible chattel paper, copyrights, copyright licenses, equipment, fixtures, general intangibles,
instruments, commercial tort claims, deposit accounts, inventory, investment property, letter of credit rights, software, supporting obligations,
accessions, proceeds and other property consisting of, arising out of, or related to the foregoing, but excluding any Excluded Amount
with respect thereto.

 

Capitalized terms used herein
have the meaning given such terms in the Agreement.

 

    Ex. A-1

     

    

 

This assignment is made pursuant
to and in reliance upon the representations and warranties on the part of the undersigned contained in Article IV of the Agreement
and no others.

 

THIS ASSIGNMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

    Ex. A-2

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Assignment to be duly executed on the date written above.

 

		GOLUB CAPITAL BDC 3, INC.,
	 	 	as the Seller
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	 
	 	GOLUB CAPITAL BDC 3 ABS 2022-1
	 	 	DEPOSITOR LLC,
	 	 	as the Intermediate Seller
	 	 
	 	 
	 	By:	Golub Capital BDC 3, Inc.,
its designated manager
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	 
	 	GOLUB CAPITAL BDC 3 ABS 2022-1 LLC,
	 	 	as the Buyer
	 	 
	 	 
	 	By:	Golub Capital BDC 3, Inc.,
its designated manager
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Ex. A-3

     

    

 

Schedule 2

 

Loan List

 

[To be attached]

 

    Ex. A-4

     

    

 

Schedule 1

 

Collateral Obligations

 

Loan ListExhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of January __, 2022 by and among Advaxis,
Inc., a Delaware corporation (the “Company”), and the Investors identified on the Schedule of Investors attached hereto
as Exhibit A (each an “Investor” and collectively the “Investors”).

 

Recitals

 

A.
The Company and the Investors are executing and delivering this Agreement in reliance upon the exemption
from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”)
and/or Rule 506 of Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission
(the “SEC”) under the 1933 Act; and; 

 

B.
The Investors wish to purchase from the Company, and the Company wishes to sell and issue to the Investors,
upon the terms and subject to the conditions stated in this Agreement, shares (the “Shares”) of the Company’s
Series D convertible redeemable preferred stock, par value $0.001 per share (the “Series D Stock”), that are convertible
into shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”); and

 

C.
Contemporaneously with the sale of the Shares hereunder, the parties hereto will execute and deliver a Registration
Rights Agreement, in the form attached hereto as Exhibit B (the “Registration Rights Agreement”), pursuant
to which the Company will agree to provide certain registration rights, in respect of the shares of Common Stock issuable upon conversion
of the Shares, under the 1933 Act, and the rules and regulations promulgated thereunder, and applicable state securities laws. 

 

In
consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.
Definitions. For the purposes of this Agreement, the following terms shall have the meanings set
forth below: 

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is controlled
by, or is under common Control with, such Person.

 

“Agreement”
has the meaning set forth in the Recitals.

 

“Business
Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of
business.

 

“Closing”
has the meaning set forth in Section 3.1.

 

“Closing
Date” has the meaning set forth in Section 3.1.

 

    	 

     

    

 

“Code”
has the meaning set forth in Section 4.21.

 

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

 

“Company”
has the meaning set forth in the Recitals.

 

“Company’s
Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company
and any executive officers of the Company’s Subsidiaries.

 

“Company
Stock Plans” has the meaning set forth in Section 4.3.

 

“Control”
(including the terms “controlling,” “controlled by” or “under common control with”) means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract or otherwise.

 

“Disclosure
Schedules” has the meaning set forth in Section 4.

 

“EDGAR
system” has the meaning set forth in Section 4.8.

 

“Environmental
Laws” has the meaning set forth in Section 4.20.

 

“ERISA”
has the meaning set forth in Section 4.21.

 

“Escrow
Agent” means Wilmington Trust, National Association.

 

“Escrow
Agreement” means the escrow agreement to be entered into prior to Closing, by and between the Company, the Escrow Agent and
the Investors party thereto, pursuant to which the Investors’ Subscription Amounts will be held in escrow in accordance with the
terms thereof.

 

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

 

“Financial
Advisor” means A.G.P./Alliance Global Partners.

 

“GAAP”
has the meaning set forth in Section 4.23.

 

“Intellectual
Property” has the meaning set forth in Section 4.19.

 

“Investor”
and “Investors” have the meanings set forth in the Recitals.

 

“Investor
Questionnaire” has the meaning set forth in Section 3.1.

 

    	2

     

    

 

“Material
Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial
or otherwise) or business of the Company and its Subsidiaries taken as a whole, (ii) the legality or enforceability of any of the Transaction
Documents or (iii) the ability of the Company to perform its obligations under the Transaction Documents; provided, however, that in
no event shall any of the following occurring after the date hereof, alone or in combination, be deemed to constitute, or be taken into
account in determining whether a Material Adverse Effect has occurred: (1) any adverse effect resulting directly or indirectly from general
business or economic conditions, except to the extent such general business or economic conditions have a materially disproportionate
effect on the Company as compared to companies in the Company’s industry, (2) any change in the Company’s stock price or
trading volume, or (3) any effect caused by the announcement or pendency of the transactions contemplated by the Transaction Documents,
or the identity of any Investor or any of its Affiliates as the purchaser in connection with the transactions contemplated by this Agreement
or the Registration Rights Agreement.

 

“Material
Contract” means any contract, instrument or other agreement to which the Company is a party or by which it is bound which is
material to the business of the Company, and which has been filed an exhibit to the SEC Filings pursuant to Item 601(b)(10) of Regulation
S-K.

 

“Nasdaq”
means the Nasdaq Stock Market, LLC.

 

“Options”
has the meaning set forth in Section 4.3.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint
venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed
herein.

 

“Press
Release” has the meaning set forth in Section 9.7.

 

“Q3
2021 Form 10-Q” has the meaning set forth in Section 4.3.

 

“Registration
Rights Agreement” has the meaning set forth in the Recitals.

 

“Regulation
D” has the meaning set forth in the Recitals.

 

“Required
Investors” has the meaning set forth in the Registration Rights Agreement.

 

“Required
Minimum” means, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable
in the future pursuant to the Transaction Documents, including the conversion in full of all shares of Series D Stock, ignoring any conversion
or exercise limits set forth therein.

 

“Reverse
Stock Split” means a reverse stock split of the outstanding shares of Common Stock that is effected by the Company’s
filing of an amendment to its certificate of incorporation with the Secretary of State of the State of Delaware and the acceptance thereof.

 

“Reverse
Stock Split Amendment” means the amendment to the Company’s certificate of incorporation that effects the Reverse Stock
Split.

 

    	3

     

    

 

“Reverse
Stock Split Date” means the date on which the Reverse Stock Split is consummated and becomes effective.

 

“Schedule
of Investors” shall mean the Schedule of Investors attached hereto as Exhibit A.

 

“SEC”
has the meaning set forth in the Recitals.

 

“SEC
Filings” means the filings made by the Company pursuant to the 1933 Act or the 1934 Act.

 

“Series
D Stock” has the meaning set forth in the Recitals.

 

“Share
Cap” has the meaning set forth in Section 2.2.

 

“Shares”
has the meaning set forth in the Recitals.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the 1934 Act.

 

“Stockholder
Approval” means the Company’s stockholders’ adoption and approval of the Reverse Stock Split, pursuant to the General
Corporation Law of the State of Delaware.

 

“Subscription
Amount” means, as to an Investor, the aggregate amount to be paid for the Shares purchased hereunder as specified opposite
such Investor’s name on the Schedule of Investors, under the column entitled “Aggregate Purchase Price of Shares,”
in U.S. Dollars and in immediately available funds.

 

“Subsidiaries”
has the meaning set forth in Section 4.1.

 

“Trading
Day” means a day on which Nasdaq is open for trading.

 

“Transaction
Documents” means this Agreement and the Registration Rights Agreement.

 

“Transfer
Agent” has the meaning set forth in Section 7.7.

 

“USPTO”
has the meaning set forth in Section 4.19.

 

“1933
Act” has the meaning set forth in the Recitals.

 

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

 

2.
Purchase and Sale of the Shares. 

 

2.1.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company will issue
and sell, and the Investors will purchase, severally and not jointly, the number of Shares of Series D Stock set forth opposite the name
of such Investor under the heading “Number of Shares to be Purchased” on the Schedule of Investors (subject to adjustment
pursuant to Section 2.2 hereof) at a price per Share equal to $4.75.

 

    	4

     

    

 

2.2.
The Company shall not issue or sell, pursuant to this Agreement and the Securities Purchase Agreements being
entered into on the date hereof with other investors, an aggregate number of shares of Series D Stock that are convertible into shares
of Common Stock representing more than 19.99% of the outstanding shares of Common Stock or the voting power of the Company on a post-transaction
as of the date of such issuances (the “Share Cap”). If the aggregate number of shares of the Common Stock that would
otherwise be sold pursuant to this Agreement and the Securities Purchase Agreements being entered into on the date hereof with other
investors would exceed the Share Cap, then the number of shares of Common Stock saleable pursuant to this Agreement and all other such
agreements shall be reduced proportionately such that the total number of shares of Common Stock to be so sold shall equal the Share
Cap. 

 

3.
Closing. 

 

3.1.
The closing of the purchase and sale of the Shares (which Shares are set forth in the Schedule of Investors)
pursuant to this Agreement (the “Closing”) shall occur remotely via exchange of documents and signatures at a time
to be agreed to by the Company and the Investors (the “Closing Date”), but in no event later than the second Trading
Day after the date hereof, and of which the Investors will be notified in advance by the Financial Advisor. At or prior to the Closing,
each Investor shall execute any related agreements or other documents required to be executed hereunder, dated on or before the Closing
Date, including but not limited to the Investor Questionnaire in the form attached hereto as Exhibit C (the “Investor
Questionnaire”). 

 

3.2.
On the Closing Date, each Investor shall deliver or cause to be delivered to the Escrow Agent the Subscription
Amount via wire transfer of immediately available funds pursuant to the wire instructions delivered to such Investor by the Company on
or prior to the Closing Date.

 

3.3.
At or before the Closing, the Company shall deliver or cause to be delivered to each Investor a number of
Shares, registered in the name of the Investor, in the amount set forth opposite the name of such Investor under the heading “Number
of Shares to be Purchased” on the Schedule of Investors. The Shares shall be issued in book entry form, unless certificates evidencing
the Shares are requested by the Investors. 

 

4.
Representations and Warranties of the Company. The Company hereby represents and warrants to the
Investors that, except as set forth in the schedules delivered herewith (collectively, the “Disclosure Schedules”)
and except as otherwise described in the SEC Filings, which qualify these representations and warranties in their entirety: 

 

4.1.
Organization, Good Standing and Qualification. The Company is an entity duly incorporated, validly
existing and in good standing under the laws of the State of Delaware, with the requisite corporate power and authority to own or lease
and use its properties and assets, to execute and deliver the Transaction Documents, to carry out the provisions of the Transaction Documents,
to issue and sell the Shares and to carry on its business as presently conducted as described in the SEC Filings. Each Person of which
the Company owns, directly or indirectly, an amount of the voting securities, other voting ownership or voting partnership interests
which is sufficient to elect at least a majority of such Person’s Board of Directors or other governing body (or, if there are
no such voting interests, 50% or more of the equity interests of which) identified in the Disclosure Schedules (all such Persons, the
“Subsidiaries”) is an entity duly incorporated or otherwise organized, validly existing and in good standing (to the
extent such concept exists in the relevant jurisdiction) under the laws of the jurisdiction of its incorporation or organization, as
applicable, and has all requisite power and authority to carry on its business to own and use its properties. Neither the Company nor
any of its Subsidiaries is in violation or default in any material respect of any of the provisions of its respective articles of association,
charter, certificate of incorporation, bylaws, limited partnership agreement or other organizational or constitutive documents. Each
of the Company and its Subsidiaries is duly qualified to do business as a foreign entity and is in good standing (to the extent such
concept exists in the relevant jurisdiction) in each jurisdiction in which the conduct of its business or its ownership or leasing of
property makes such qualification necessary, except to the extent any failure to so qualify has not had and would not reasonably be expected
to have a Material Adverse Effect.

 

    	5

     

    

 

4.2.
Authorization. The Company has the requisite corporate power and authority and has taken all requisite
corporate action necessary for, and, other than the filing with the Secretary of State of the State of Delaware of the Certificate of
Designation establishing the Series D Stock, no further action on the part of the Company, its officers, directors and stockholders is
necessary for, (i) the authorization, execution and delivery of the Transaction Documents, (ii) the authorization of the performance
of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance and delivery of the Shares. Each of
the Transaction Documents has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery
by the Investors, constitute valid and binding obligations of the Company enforceable in accordance with their terms, except (a) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’
rights, (b) general principles of equity that restrict the availability of equitable remedies and (c) to the extent that the enforceability
of indemnification provisions may be limited by applicable laws. 

 

4.3.
Capitalization. The Company has an authorized and outstanding capitalization as set forth in its
Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2021 (the “Q3 2021 Form 10-Q”) as of the dates
set forth therein. The shares of Common Stock outstanding prior to the issuance of the Shares have been duly authorized and are validly
issued, fully paid and non-assessable. Except as described in the Q3 2021 Form 10-Q, there are no options, warrants, agreements, contracts
or other rights in existence to purchase or acquire from the Company or any Subsidiary of the Company any shares of the capital stock
of the Company or any Subsidiary of the Company, subject to the grant of options consistent with past practices. The description of the
Company’s stock option, stock bonus and other stock plans or arrangements (the “Company Stock Plans”), and the
options (the “Options”) or other rights granted thereunder, set forth in the SEC Filings accurately and fairly presents
in all material respects the information required to be shown with respect to such plans, arrangements, options and rights. Each grant
of an Option (A) was duly authorized no later than the date on which the grant of such Option was by its terms to be effective by all
necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized
committee thereof) and any required shareholder approval by the necessary number of votes or written consents, and the award agreement
governing such grant (if any) was duly executed and delivered by each party thereto and (B) was made in accordance with the terms of
the applicable Company Stock Plan, and all applicable laws and regulatory rules or requirements, including all applicable federal securities
laws. 

 

    	6

     

    

 

4.4.
Valid Issuance. The Shares have been duly and validly authorized and, when issued and paid for pursuant
to this Agreement, and will be validly issued, fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions
(other than those created by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by
applicable securities laws.

 

4.5.
No Transfer Taxes or Duties. No stamp, documentary, issuance, registration, transfer, withholding,
capital gains, income or other taxes or duties are payable by or on behalf of the Investors, the Company or any of its Subsidiaries to
any taxing authority thereof or therein in connection with (i) the execution, delivery or consummation of this Agreement, (ii) the creation,
allotment and issuance of the Shares, or (iii) the sale and delivery of the Shares to the Investors.

 

4.6.
Other Registration Rights. Neither the offering or sale of the Shares as contemplated by this Agreement
nor the filing of the Registration Statement contemplated by the Registration Rights Agreement gives rise to any rights for or relating
to the registration of any shares of Common Stock or other securities of the Company, that have not been waived. Except as described
in the SEC filings and except as provided in the Registration Rights Agreement, no Person has the right to require the Company to register
any securities of the Company under the 1933 Act, whether on a demand basis or in connection with the registration of securities of the
Company for its own account or for the account of any other Person. 

 

4.7.
Consents. The execution, delivery and performance by the Company of the Transaction Documents and
the offer, issuance and sale of the Shares require no consent of, action by or in respect of, or filing with, any Person, governmental
body, agency, or official other than filings that have been made pursuant to applicable state securities laws, the filing of the Certificate
of Designation establishing the Series D Stock, and post-sale filings pursuant to applicable state and federal securities laws, which
the Company undertakes to file within the applicable time periods, and other than the registration statement required to be filed by
the Registration Rights Agreement.

 

4.8.
Delivery of SEC Filings. True and complete copies of the SEC Filings have been made available by
the Company to the Investors through the Electronic Data Gathering, Analysis, and Retrieval system (the “EDGAR system”)
(other than any information for which the Company has received confidential treatment from the SEC). 

 

4.9.
No Material Adverse Change. Since July 31, 2021, except as specifically set forth in a subsequent
SEC Filing, there has not been: 

 

(i)
any change in the assets, liabilities, financial condition or operating results of the Company from that
reflected in the financial statements included in the Q3 2021 Form 10-Q, except for changes in the ordinary course of business which
have not had and would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; 

 

    	7

     

    

 

(ii)
any declaration or payment by the Company of any dividend, or any authorization or payment by the Company
of any distribution, on any of the capital stock of the Company, or any redemption or repurchase by the Company of any securities of
the Company; 

 

(iii)
any material damage, destruction or loss, whether or not covered by insurance, to any assets or properties
of the Company; 

 

(iv)
any waiver, not in the ordinary course of business, by the Company of a material right or of a material
debt owed to it; 

 

(v)
any satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation by the Company,
except in the ordinary course of business; 

 

(vi)
any change or amendment to the Company’s Certificate of Incorporation or Bylaws, or termination of
or material amendment to any contract of the Company that the Company is required to file with the SEC pursuant to Item 601(b)(10) of
Regulation S-K; 

 

(vii)
any material labor difficulties or, to the Company’s Knowledge, labor union organizing activities
with respect to employees of the Company; 

 

(viii)
any material transaction entered into by the Company other than in the ordinary course of business; 

 

(ix)
the loss of the services of any executive officer (as defined in Rule 405 under the 1933 Act) of the Company;
or

 

(x)
any other event or condition that, to the Company’s Knowledge, has had or would reasonably be expected
to have a Material Adverse Effect. 

 

4.10.
SEC Filings. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under 1933 Act and the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, 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). At the
time of filing thereof, the SEC Filings complied as to form in all material respects with the requirements of the 1933 Act or 1934 Act,
as applicable, and did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.

 

4.11.
No Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction
Documents by the Company and the issuance and sale of the Shares in accordance with the provisions thereof will not (i) conflict with
or result in a breach or violation of (a) any of the terms and provisions of, or constitute a default under, the Company’s Certificate
of Incorporation or Bylaws, both as in effect on the date hereof (true and complete copies of which have been made available to the Investors
through the EDGAR system), or (b) assuming the accuracy of the representations and warranties in Section 5, any applicable statute, rule,
regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or its
Subsidiaries, or any of their assets or properties, or (ii) conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, result in the creation of any lien, encumbrance or other adverse claim upon any of the
properties or assets of the Company or its Subsidiaries or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any Material Contract except, in the case of clauses (i)(b) and (ii) only, for such
conflicts, breaches, violations and defaults as have not and would not reasonably be expected to have a Material Adverse Effect. This
Section does not relate to matters with respect to tax status, which are the subject of Section 4.13, labor matters, which are the subject
of Section 4.16, intellectual property, which are the subject of Section 4.19, environmental laws, which are the subject of Section 4.20,
and ERISA matters, which are the subject of Section 4.21.

 

    	8

     

    

 

4.12.
Compliance. The Company and each of its Subsidiaries is not (i) in default under or in violation
of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company
under), nor has the Company received notice of a claim that it is in default under or that it is in violation of, any indenture, loan
or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether
or not such default or violation has been waived) or (ii) in violation of any statute, rule, ordinance or regulation of any governmental
authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational
health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be
expected to result in a Material Adverse Effect. The Company and each of its Subsidiaries has operated and currently is in compliance
in all material respects with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business. The
Company and each of its Subsidiaries: (i) is and at all times has been in material compliance with all statutes, rules or regulations
applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion,
sale, offer for sale, storage, import, export or disposal of any product under development, manufactured or distributed by the Company
(“Applicable Laws”); (ii) has not received any FDA Form 483, notice of adverse finding, warning letter, untitled letter
or other written correspondence or notice from the U.S. Food and Drug Administration (the “FDA”) or any other federal,
state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance with any Applicable Laws or
any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any Applicable
Laws to conduct the Company’s business as described in the SEC Filings (“Authorizations”); (iii) possesses all
material Authorizations and such Authorizations are valid and in full force and effect and the Company is not in material violation of
any such Authorizations; (iv) has not received notice of any pending or completed claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action from the FDA or any other federal, state, local or foreign governmental or regulatory authority
or third party alleging that any product operation or activity is in material violation of any Applicable Laws or Authorizations and
the Company has no knowledge that the FDA or any other federal, state, local or foreign governmental or regulatory authority or third
party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (v) has not received notice
that the FDA or any other federal, state, local or foreign governmental or regulatory authority has taken, is taking or intends to take
action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that the FDA or any other federal, state,
local or foreign governmental or regulatory authority is considering such action; and (vi) has filed, obtained, maintained or submitted
all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required
by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent
submission); (vii) neither the Company nor, to the Company’s Knowledge, any of its officers, directors or managing employees (as
defined in 42 U.S.C. § 1320a-5(b)) is or has been excluded, suspended or debarred from participation in any state or federal health
care program, or made subject to any pending or, to the Company’s Knowledge, threatened or contemplated action which could reasonably
be expected to result in such exclusion, suspension or debarment and (viii) has not, either voluntarily or involuntarily, initiated,
conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert, “dear
doctor” letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product
defect or violation and, to the Company’s Knowledge, no third party has initiated, conducted or intends to initiate any such notice
or action.

 

    	9

     

    

 

4.13.
Tax Matters. The Company and its Subsidiaries have filed all tax returns required to have been filed
by the Company or its Subsidiaries with all appropriate governmental agencies and have paid all taxes shown thereon or otherwise owed
by them. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in Section 4.23
below in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company
or its Subsidiaries has not been finally determined, except to the extent of any inadequacy that would not reasonably be expected to
result in a Material Adverse Effect. There are no material tax liens or claims pending or, to the Company’s Knowledge, threatened
against the Company or any of its Subsidiaries or any of their respective material assets or property. 

 

4.14.
Title to Properties. The Company and its Subsidiaries have good and marketable title to all real
properties and all other tangible properties and assets owned by them, in each case free from liens, encumbrances and defects, except
such as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and the Company and its
Subsidiaries hold any leased real or personal property under valid, subsisting and enforceable leases with which the Company are in compliance
and with no exceptions, except such as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect. 

 

4.15.
Certificates, Authorities and Permits. The Company and its Subsidiaries possess all certificates,
authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective
businesses, except where failure to obtain such certificates, authorizations and permits would not reasonably be expected to have a Material
Adverse Effect, and neither the Company nor its Subsidiaries has received any notice of proceedings relating to the revocation or modification
of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling
or finding, would have a Material Adverse Effect. 

 

4.16.
Labor Matters. No material labor dispute with the employees of the Company or any of its Subsidiaries
exists, or, to the Company’s Knowledge, is imminent; and the Company is not aware of any existing, threatened or imminent labor
disturbance by the employees of any of its principal suppliers, manufacturers or contractors that would be reasonably likely to have
a Material Adverse Effect.

 

    	10

     

    

 

4.17.
Foreign Corrupt Practices. (i) None of the Company or any of its Subsidiaries or Affiliates, or any
director or officer thereof, or, to the Company’s Knowledge, any employee, agent or representative of the Company or any of its
Subsidiaries or Affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or
approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any government
official (including any officer or employee of a government or government-owned or controlled entity or of a public international organization,
or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office) (“Government Official”) in order to influence official action, or to any person in violation
of any applicable anti-corruption laws; (ii) the Company and its subsidiaries and their respective Affiliates have conducted their businesses
in compliance with applicable anti-corruption laws and have instituted and maintained and will continue to maintain policies and procedures
reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; and
(iii) neither the Company nor its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of
any applicable anti-corruption laws.

 

4.18.
Anti-Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted
at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank
Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company
and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and
no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

4.19.
Intellectual Property. 

 

(a)
The Company and its Subsidiaries own or have existing licenses under all patents, patent applications, patent
rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures), trademarks, service marks, trade names and other intellectual property used in or necessary for
the conduct of the business of the Company and its Subsidiaries, in the manner described in the SEC Filings (collectively, the “Intellectual
Property”), and such licenses are enforceable against the Company and, to the Company’s Knowledge, enforceable against
the counterparties to the license agreements under which such licenses were granted to the Company, except as certain rights under any
licenses may be limited by bankruptcy and other similar laws affecting the rights of creditors generally and general principles of equity;
to the Company’s Knowledge, the patents, trademarks, and copyrights, if any, included within the Intellectual Property are valid,
enforceable, and subsisting. 

 

    	11

     

    

 

(b)
Except as set forth in the SEC Filings, (i) neither the Company nor any of its Subsidiaries is obligated
to pay a material royalty, grant a license to, or provide other material consideration to any third party in connection with the Intellectual
Property, (ii) neither the Company nor any of its Subsidiaries has received any written notice of any claim of infringement, misappropriation
of or conflict with asserted rights of others with respect to any of the Company’s or its Subsidiaries’ product candidates,
processes or Intellectual Property, (iii) to the Company’s Knowledge, with the exception of the review of pending applications
in the United States Patent and Trademark Office (“USPTO”) or corresponding foreign patent offices, no action, suit,
claim or other proceeding is pending or, to the Company’s Knowledge, is threatened, challenging the Company’s or any of its
Subsidiaries’ rights in or to any Intellectual Property, or challenging the validity, enforceability or scope of any Intellectual
Property, (iv) to the Company’s Knowledge, none of the development, manufacture, sale or use of any of the discoveries, inventions,
product candidates or processes of the Company in the manner presently contemplated by the Company and referred to in the SEC Filings
do or will infringe, or violate any right or issued patent claim of any third party in any material respect, (v) to the Company’s
Knowledge, no third party has any ownership right in or to any Intellectual Property that is owned by the Company, other than any co-owner
of any patent constituting Intellectual Property who is listed on the records of the USPTO and any co-owner of any patent application
constituting Intellectual Property who is named in such patent application, (vi) except as would not, individually or in the aggregate,
have a Material Adverse Effect, the Intellectual Property owned by the Company and its Subsidiaries is free and clear of all liens or
encumbrances, (vii) to the Company’s Knowledge, none of the Intellectual Property employed by the Company or its Subsidiaries in
the conduct of the business in the manner described in the SEC Filings has been obtained or is being used by the Company or its Subsidiaries
in material violation of any contractual obligation binding on the Company or, to the Company’s Knowledge, upon any of its officers,
consultants, directors or employees, and (viii) the Company has taken reasonable measures to protect its confidential information and
trade secrets and to maintain and safeguard the Intellectual Property. 

 

4.20.
Environmental Matters. Except as would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect, neither the Company nor any of its Subsidiaries is in violation of any statute, rule, regulation,
decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous
or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances
(collectively, “Environmental Laws”), has released any hazardous substances regulated by Environmental Law on to any
real property that it owns or operates, or has received any written notice or claim it is liable for any off-site disposal or contamination
pursuant to any Environmental Laws; and to the Company’s Knowledge, there is no pending or threatened investigation that would
reasonably be expected to lead to such a claim.

 

4.21.
ERISA. Except as would not, individually or in the aggregate, have (or reasonably be expected to
have) a Material Adverse Effect, each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) that the Company or any member of its “Controlled Group” (defined as
any organization which is under common control with the Company within the meaning of Section 414 of the Internal Revenue Code of 1986,
as amended (the “Code”)) sponsors or maintains has been maintained in compliance with its terms and the requirements
of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code.

 

    	12

     

    

 

4.22.
Legal Proceedings. There are no legal or governmental proceedings pending or, to the Company’s
Knowledge, threatened to which the Company or any of its Subsidiaries is a party or to which any of the properties of the Company or
any of its Subsidiaries is subject (i) other than proceedings accurately described in all material respects in the SEC Filings and proceedings
that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect or (ii) that are required
to be described in the SEC Filings and are not so described in all material respects; and there are no statutes, regulations, contracts
or other documents that are required to be described in the SEC Filings or to be filed as exhibits to the SEC Filings that are not described
in all material respects or filed as required. 

 

4.23.
Financial Statements. The financial statements included in each SEC Filing comply in all material
respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time
of filing (or to the extent corrected by a subsequent restatement) and present fairly, in all material respects, the financial position
of the Company as of the dates shown and its results of operations and cash flows for the periods shown, subject in the case of unaudited
financial statements to normal, immaterial year-end audit adjustments, and such financial statements have been prepared in conformity
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”)
(except as may be disclosed therein or in the notes thereto, and except that the unaudited financial statements may not contain all footnotes
required by GAAP, and, in the case of quarterly financial statements, as permitted by Form 10-Q under the 1934 Act). 

 

4.24.
Insurance Coverage. The Company and each of the Subsidiaries maintain insurance covering their respective
properties, operations, personnel and businesses as the Company reasonably deems adequate; the Company reasonably believes such insurance
insures against such losses and risks in accordance with customary industry practice to protect the Company and the Subsidiaries and
their respective businesses and which is commercially reasonably for the current conduct of its business; all such insurance is fully
in force on the date hereof. 

 

4.25.
Brokers and Finders. Other than the Financial Advisor, no Person will have, as a result of the transactions
contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company or an Investor for any commission,
fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company. No Investor
shall have any obligation with respect to any fees, or with respect to any claims made by or on behalf of other Persons for fees, in
each case of the type contemplated by this Section 4.26 that may be due in connection with the transactions contemplated by this Agreement
or the Transaction Documents.

 

4.26.
No Directed Selling Efforts or General Solicitation. Neither the Company nor any of its Subsidiaries
nor any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation
D) in connection with the offer or sale of any of the Shares. The Company has offered the Shares for sale only to the Investors and certain
other “accredited investors” within the meaning of Rule 501 under the 1933 Act.

 

    	13

     

    

 

4.27.
No Integrated Offering. Neither the Company nor any of its Subsidiaries nor any Person acting on
its behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any Company security,
under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) for the exemption from registration for the
transactions contemplated hereby or would require registration of the Shares under the 1933 Act. 

 

4.28.
Private Placement. Assuming the accuracy of the representations and warranties of the Investors set
forth in Section 5, the offer and sale of the Shares to the Investors as contemplated hereby is exempt from the registration requirements
of the 1933 Act. 

 

4.29.
Questionable Payments. Neither the Company nor any of its Subsidiaries nor, to the Company’s
Knowledge, any of the current or former directors, officers, employees, agents or other Persons acting on behalf of the Company or its
Subsidiaries, has on behalf of the Company or its Subsidiaries: (a) used any corporate funds for unlawful contributions, gifts, entertainment
or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payments to any governmental officials
or employees from corporate funds; (c) established or maintained any unlawful or unrecorded fund of corporate monies or other assets
which is in violation of law; (d) made any false or fictitious entries on the books and records of the Company; or (e) made any unlawful
rebate, payoff, influence payment, kickback, bribe or other unlawful payment of any nature or (f) violated or is in violation of any
provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

4.30.
Transactions with Affiliates. Except with respect to the purchase of shares of Common Stock substantially
concurrent with the purchase of Shares under the Transaction Documents and for a price per share no less than the purchase price per
Share set forth in Section 2 hereof, or as disclosed in the SEC Filings, none of the officers or directors of the Company and, to the
Company’s Knowledge, none of the employees of the Company is presently a party to any transaction with the Company or any Subsidiary
(other than as holders of stock options and/or warrants, and for services as employees, officers and directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to
or from, or otherwise requiring payments to or from any officer, director or such employee or, to the Company’s Knowledge, any
entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner.

 

    	14

     

    

 

4.31.
Internal Controls. The Company is in material compliance with the provisions of the Sarbanes-Oxley
Act of 2002 currently applicable to the Company. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient
to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and
(iv) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals
and appropriate action is taken with respect to any differences. The Company has established disclosure controls and procedures (as defined
in 1934 Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such disclosure controls and procedures to ensure that material
information relating to the Company, including the Subsidiaries, is made known to the certifying officers by others within those entities,
particularly during the period in which the Company’s most recently filed periodic report under the 1934 Act, as the case may be,
is being prepared. The Company has established internal control over financial reporting (as defined in 1934 Act Rules 13a-15(f) and
15d-15(f)) to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with GAAP. The Company’s certifying officers have evaluated the effectiveness of the Company’s
disclosure controls and procedures and the Company’s internal control over financial reporting (collectively, “internal
controls”) as of the end of the period covered by the most recently filed periodic report under the 1934 Act (such date, the
“Evaluation Date”). The Company presented in its most recently filed periodic report under the 1934 Act the conclusions of
the certifying officers about the effectiveness of such internal controls based on their evaluations as of the Evaluation Date. Since
the Evaluation Date, there have been no significant changes in the Company’s internal controls or, to the Company’s Knowledge,
in other factors that could significantly affect the Company’s internal controls. The Company maintains and will continue to maintain
a standard system of accounting established and administered in accordance with GAAP and the applicable requirements of the 1934 Act.

 

4.32.
Investment Company. The Company is not required to register as an “investment company”
as such term is defined in the Investment Company Act of 1940, as amended. 

 

4.33.
Tests and Preclinical and Clinical Trials. The studies, tests and preclinical and clinical trials
conducted by the Company that are described in the SEC Filings, and, to the Company’s Knowledge, those studies, tests and preclinical
and clinical trials conducted on behalf of the Company, were and, if still pending, are being conducted in all material respects in accordance
with experimental protocols, procedures and controls pursuant to accepted professional scientific standards and all Applicable Laws and
Authorizations, including, without limitation, the Federal Food, Drug and Cosmetic Act and the rules and regulations promulgated thereunder;
the descriptions of the results of such studies, tests and trials contained in the SEC Filings are accurate and complete and fairly present
the data derived from such studies, tests and trials in all material respects; the Company is not aware of any studies, tests or trials,
the results of which the Company believes are materially inconsistent with the study, test or trial results described or referred to
in the SEC Filings when viewed in the context in which such results are described and the clinical state of development; and the Company
has not received any notices or written correspondence from the FDA or any other federal, state, local or foreign governmental or regulatory
authority requiring the termination, suspension or material modification of any studies, tests or preclinical or clinical trials conducted
by or on behalf of the Company. 

 

4.34.
Manipulation of Price. The Company has not, and, to the Company’s Knowledge, no Person acting
on its behalf has taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of any of the Shares.

 

    	15

     

    

 

4.35.
Bad Actor Disqualification. None of the Company, any predecessor or affiliated issuer of the Company
nor, to the Company’s Knowledge, any director or executive officer of the Company or any promoter connected with the Company in
any capacity, is subject to any of the “bad actor” disqualifications within the meaning of Rule 506(d) under the 1933 Act,
except for a disqualification event covered by Rule 506(d)(2) or (d)(3).

 

4.36.
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated
by the Transaction Documents, the Company confirms that neither it nor, to the Company’s Knowledge, any other Person acting on
its behalf has provided any of the Investors with any information that it believes constitutes material, non-public information that
will not otherwise be disclosed in the SEC Filings on or prior to the Closing Date. The Company understands and confirms that the Investors
will rely on the foregoing representation in effecting transactions in securities of the Company.

 

4.37.
Required Filings. Except for the transactions contemplated by this Agreement, including the acquisition
of the Shares contemplated hereby and the use of proceeds contemplated hereby, no event or circumstance has occurred or information exists
with respect to the Company or its business, properties, operations or financial condition, which, under applicable law, rule or regulation,
requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed. 

 

4.38.
General. No representation or warranty by the Company in this Agreement or any certificate or other
document furnished or to be furnished to Investor pursuant to this Agreement contains any untrue statement of a material fact, or omits
to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not
misleading. To the Company’s Knowledge, there is no event or circumstance that the Company has not disclosed to Investor which
could reasonably be expected to have a Material Adverse Effect.

 

4.39.
Acknowledgement Regarding Investors’ Trading Activity. The Company acknowledges and agrees
that (i) none of the Investors has been asked to agree, nor has any Investor agreed, to desist from purchasing or selling, long and/or
short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Shares
for any specified term; (ii) any Investor, and counter-parties in “derivative” transactions to which any such Investor is
a party, directly or indirectly, presently may have a “short” position in the Shares, and (iii) each Investor shall not be
deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction.
The Company further understands and acknowledges that one or more Investors may engage in hedging and/or trading activities at various
times during the period that the Shares are outstanding and (b) such hedging and/or trading activities, if any, can reduce the value
of the existing stockholders’ equity interest in the Company both at and after the time the hedging and/or trading activities are
being conducted. The Company acknowledges that such aforementioned hedging and/or trading activities do not constitute a breach of this
Agreement or any of the documents executed in connection herewith.

 

5.
Representations and Warranties of the Investors. Each of the Investors hereby severally, and not
jointly, represents and warrants to the Company that: 

 

    	16

     

    

 

5.1.
Organization and Existence. Such Investor is a validly existing corporation, limited partnership
or limited liability company and has all requisite corporate, partnership or limited liability company power and authority to enter into
and consummate the transactions contemplated by the Transaction Documents and to carry out its obligations hereunder and thereunder,
and to invest in the Shares pursuant to this Agreement. 

 

5.2.
Authorization. The execution, delivery and performance by such Investor of the Transaction Documents
to which such Investor is a party have been duly authorized and each has been duly executed and when delivered will constitute the valid
and legally binding obligation of such Investor, enforceable against such Investor in accordance with their respective terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or
affecting creditors’ rights generally.

 

5.3.
Purchase Entirely for Own Account. The Shares to be received by such Investor hereunder will be acquired
for such Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof
in violation of the 1933 Act, and such Investor has no present intention of selling, granting any participation in, or otherwise distributing
the same in violation of the 1933 Act without prejudice, subject however, to such Investor’s right at all times to sell or otherwise
dispose of all or any part of such Shares in compliance with applicable federal and state securities laws. Nothing contained herein
shall be deemed a representation or warranty by such Investor to hold the Shares for any period of time. Such Investor is not a broker-dealer
registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered. 

 

5.4.
Investment Experience. Such Investor acknowledges that it can bear the economic risk and complete
loss of its investment in the Shares and has such knowledge and experience in financial or business matters that it is capable of evaluating
the merits and risks of the investment contemplated hereby. 

 

5.5.
Disclosure of Information. Such Investor has had an opportunity to receive, review and understand
all information related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company,
its business and the terms and conditions of the offering of the Shares, and has conducted and completed its own independent due diligence.
Such Investor acknowledges receipt of copies of the SEC Filings. Based on the information such Investor has deemed appropriate, and without
reliance upon the Financial Advisor, it has independently made its own analysis and decision to enter into the Transaction Documents.
Such Investor is relying exclusively on its own investment analysis and due diligence (including professional advice it deems appropriate)
with respect to the execution, delivery and performance of the Transaction Documents, the Shares and the business, condition (financial
and otherwise), management, operations, properties and prospects of the Company, including but not limited to all business, legal, regulatory,
accounting, credit and tax matters. Neither such inquiries nor any other due diligence investigation conducted by such Investor shall
modify, limit or otherwise affect such Investor’s right to rely on the Company’s representations and warranties contained
in this Agreement. 

 

5.6.
Restricted Securities. Such Investor understands that the Shares are characterized as “restricted
securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that under such laws and applicable regulations such securities may be resold without registration under the 1933
Act only in certain limited circumstances. 

 

    	17

     

    

 

5.7.
Legends. It is understood that, except as provided below, certificates or book entry accounts evidencing
the Shares may bear the following or any similar legend: 

 

“The
securities represented hereby have not been registered with the Securities and Exchange Commission or the securities commission of any
state in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may not be transferred
unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities may
be sold pursuant to Rule 144, or (iii) the Company has received an opinion of counsel reasonably satisfactory to it that such transfer
may lawfully be made without registration under the Securities Act of 1933, as amended. NOTWITHSTANDING THE FOREGOING, THE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

If
required by the authorities of any state in connection with the issuance of sale of the Shares, the legend required by such state authority.

 

5.8.
Accredited Investor. Such Investor is an “accredited investor” within the meaning of
Rule 501 under the 1933 Act and has executed and delivered to the Company an Investor Questionnaire with respect to such Investor, which
such Investor represents and warrants is true, correct and complete. Such investor is a sophisticated institutional investor with sufficient
knowledge and experience in investing in private equity transactions to properly evaluate the risks and merits of its purchase of the
Shares. Such Investor has determined based on its own independent review and such professional advice as it deems appropriate that its
purchase of the Shares and participation in the transactions contemplated by the Transaction Documents (i) are fully consistent with
its financial needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines and other
restrictions applicable to such Investor, (iii) have been duly authorized and approved by all necessary action, and (iv) are a fit, proper
and suitable investment for such Investor, notwithstanding the substantial risks inherent in investing in or holding the Shares. 

 

5.9.
Financial Advisor. Such Investor hereby acknowledges and agrees that (a) the Financial Advisor is
acting solely as financial advisor in connection with the execution, delivery and performance of the Transaction Documents and is not
acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for such Investor, the Company
or any other person or entity in connection with the execution, delivery and performance of the Transaction Documents, (b) the Financial
Advisor has not made nor will it make any representation or warranty, whether express or implied, of any kind or character and has not
provided any advice or recommendation in connection with the execution, delivery and performance of the Transaction Documents, (c) the
Financial Advisor will not have any responsibility with respect to (i) any representations, warranties or agreements made by any person
or entity under or in connection with the execution, delivery and performance of the Transaction Documents, or the execution, legality,
validity or enforceability (with respect to any person) thereof, or (ii) the business, affairs, financial condition, operations, properties
or prospects of, or any other matter concerning the Company, and (d) the Financial Advisor will not have any liability or obligation
(including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities,
costs, expenses or disbursements incurred by such Investor, the Company or any other person or entity), whether in contract, tort or
otherwise, to such Investor, or to any person claiming through it, in respect of the execution, delivery and performance of the Transaction
Documents.

 

    	18

     

    

 

5.10.
No General Solicitation. Such Investor did not learn of the investment in the Shares as a result
of any general solicitation or general advertising. 

 

5.11.
Brokers and Finders. No Person will have, as a result of the transactions contemplated by the Transaction
Documents, any valid right, interest or claim against or upon the Company or an Investor for any commission, fee or other compensation
pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Investor.

 

5.12.
Short Sales and Confidentiality Prior to the Date Hereof. Such Investor has not, nor has any Person
acting on behalf of or pursuant to any understanding with such Investor, directly or indirectly executed any purchases or sales, including
Short Sales, of the securities of the Company during the period commencing as of the time that such Investor was first contacted by the
Company, the Financial Advisor or any other Person regarding the transactions contemplated hereby and ending immediately prior to the
date hereof. Other than to other Persons party to this Agreement, such Investor has maintained the confidentiality of all disclosures
made to it in connection with this transaction (including the existence and terms of this transaction). 

 

5.13.
No Government Recommendation or Approval. Such Investor understands that no United States federal
or state agency, or similar agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement
of the Company or the purchase of the Shares.

 

5.14.
No Intent to Effect a Change of Control; Ownership. Such Investor has no present intent to effect
a “change of control” of the Company as such term is understood under the rules promulgated pursuant to Section 13(d) of
the 1934 Act. Except as set forth on Schedule 5.14 hereto, as of the date hereof, neither the Investor nor any of its Affiliates
is the owner of record or the beneficial owner of shares of Common Stock or securities convertible into or exchangeable for Common Stock.

 

5.15.
No Conflicts. The execution, delivery and performance by such Investor of the Transaction Documents
and the consummation by such Investor of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational
documents of such Investor or (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 such Investor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree
(including federal and state securities laws) applicable to such Investor, except in the case of clauses (ii) and (iii) above, for such
conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect on the ability of such Investor to perform its obligations hereunder.

 

    	19

     

    

 

5.16.
No Rule 506 Disqualifying Activities. Such Investor has not taken any of the actions set forth in,
and is not subject to, the disqualification provisions of Rule 506(d)(1) of the 1933 Act.

 

5.17.
Residency. Such Investor is a resident of the jurisdiction specified below its address on the Schedule
of Investors.

 

5.18.
ERISA. If Investor is (1) an employee benefit plan subject to Title I of ERISA, (2) a plan or account
subject to Section 4975 of the Code or (3) an entity deemed to hold “plan assets” of any such plan or account, Investor hereby
represents and warrants, solely for purposes of assisting the Financial Advisor in relying on the exception from fiduciary status under
U.S. Department of Labor Regulations set forth in Section 29 CFR 2510.3-21(c)(1), that a fiduciary acting on its behalf is causing the
Investor to enter into this Agreement and the transactions contemplated hereby and that such fiduciary:

 

(a)
is an entity specified in Section 29 CFR 2510.3-21(c)(1)(i)(A)-(E);

 

(b)
is independent (for purposes of Section 29 CFR 2510.3-21(c)(1)) of the Financial Advisor;

 

(c)
is capable of evaluating investment risks independently, both in general and with regard to particular transactions
and investment strategies, including the Investor’s transaction hereunder;

 

(d)
has been advised that, with respect to the Financial Advisor, neither the Financial Advisor nor any of its
affiliates has undertaken or will undertake to provide impartial investment advice, or has given or will give advice in a fiduciary capacity,
in connection with the Investor’s transactions contemplated hereby;

 

(e)
is a “fiduciary” under Section 3(21)(a) of ERISA or Section 4975(e)(3) of the Code, or both,
as applicable, with respect to, and is responsible for exercising independent judgment in evaluating, the Investor’s transactions
contemplated hereby; and

 

(f)
understands and acknowledges that no fees, compensation arrangements or financial interests provided for
in connection with the transactions contemplated hereby is a fee or other compensation for the provision of investment advice, and that
neither the Financial Advisor nor any of its affiliates, nor any of their respective directors, officers, members, partners, employees,
principals or agents, has received or will receive a fee or other compensation from Investor or such fiduciary for the provision of investment
advice in connection with the Investor’s transactions contemplated hereby.

 

    	20

     

    

 

6.
Conditions to Closing. 

 

6.1.
Conditions to the Investors’ Obligations. The obligation of each Investor to purchase Shares
at the Closing is subject to the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following
conditions, any of which may be waived by such Investor (as to itself only): 

 

(a)
The representations and warranties made by the Company in Section 4 hereof shall be true and correct in
all material respects (except in the case of any representation or warranty qualified by materiality or Material Adverse Effect, which
shall be true and correct in all respects) as of the date hereof and on the Closing Date, except to the extent any such representation
or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such
earlier date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed
by it on or prior to the Closing Date. 

 

(b)
The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary
for consummation of the purchase and sale of the Shares and the consummation of the other transactions contemplated by the Transaction
Documents, all of which shall be in full force and effect. 

 

(c)
The Company shall have executed and delivered the Registration Rights Agreement. 

 

(d)
The Certificate of Designation for the Series D Stock shall have been filed with the Secretary of State
of the State of Delaware.

 

(e)
No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate,
including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding
shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby
or in the other Transaction Documents. 

 

(f)
There shall have been no Material Adverse Effect with respect to the Company since the date hereof.

 

(g)
The Company shall have delivered a certificate, executed on behalf of the Company by its Chief Executive
Officer or its Chief Financial Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in subsections
(a), (b), (d), (e), (f) and (i) of this Section 6.1.

 

(h)
The Company shall have delivered a Certificate, executed on behalf of the Company by its Secretary, dated
as of the Closing Date, certifying the resolutions adopted by the Board of Directors of the Company approving the transactions contemplated
by this Agreement and the other Transaction Documents and the issuance of the Shares, certifying the current version of the certificate
of incorporation and bylaws of the Company and certifying as to the signatures and authority of persons signing the Transaction Documents
and related documents on behalf of the Company. 

 

    	21

     

    

 

(i)
The Company shall have delivered the Escrow Agreement, dated as of or prior to the Closing Date, executed
on behalf of the Company and the escrow agent party thereto, and the Company shall have delivered an amount equal to $500,000 to be delivered
to the escrow agent via wire transfer of immediately available funds pursuant to the wire instructions delivered by the escrow agent
to the Company.

 

(j)
The Investors shall have received an opinion from Morgan, Lewis & Bockius LLP, counsel for the Company,
dated as of the Closing Date, in form and substance reasonably acceptable to the Investors and addressing such legal matters as the Investors
may reasonably request. 

 

(k)
No stop order or suspension of trading shall have been imposed by the SEC or any other governmental or regulatory
body with respect to public trading in the Common Stock.

 

6.2.
Conditions to Obligations of the Company. The Company’s obligation to sell and issue Shares
at the Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions,
any of which (other than 6.2(c)) may be waived by the Company: 

 

(a)
The representations and warranties made by the Investors in Section 5 hereof shall be true and correct in
all material respects (except in the case of any representation or warranty qualified by materiality or Material Adverse Effect, which
shall be true and correct in all respects) when made, and shall be true and correct in all material respects on the Closing Date with
the same force and effect as if they had been made on and as of said date. The Investors shall have performed in all material respects
all obligations and covenants herein required to be performed by them on or prior to the Closing Date. 

 

(b)
The Investors shall have executed and delivered the Registration Rights Agreement. 

 

(c)
Any Investor purchasing Shares at the Closing shall have paid in full its Subscription Amount to the Escrow
Agent at the same time that the Company will issue the Shares to the Investor. 

 

6.3.
Termination of Obligations to Effect Closing; Effects. 

 

(a)
The obligations of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing
shall terminate as follows: 

 

(i)
Upon the mutual written consent of the Company and Investors that agreed to purchase a majority of the Shares
to be issued and sold pursuant to this Agreement; 

 

    	22

     

    

 

(ii)
By the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment,
and shall not have been waived by the Company; 

 

(iii)
By an Investor (with respect to itself only) if any of the conditions set forth in Section 6.1 shall have
become incapable of fulfillment, and shall not have been waived by the Investor;

 

provided,
however, that, except in the case of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not
then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction
Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect
the Closing.

 

(b)
In the event of termination by the Company or any Investor of its obligations to effect the Closing pursuant
to this Section 6.3, written notice thereof shall be given to the other Investors by the Company and the other Investors shall have the
right to terminate their obligations to effect the Closing upon written notice to the Company and the other Investors. Nothing in this
Section 6.3 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this
Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of
its obligations under this Agreement or the other Transaction Documents. 

 

7.
Covenants and Agreements of the Company. 

 

7.1.
Information. From the date hereof until the Closing, the Company will make reasonably available to
the Investors’ representatives, consultants and their respective counsels for inspection, such information and documents as the
Investor reasonably requests, and will make available at reasonable times and to a reasonable extent officers and employees of the Company
to discuss the business and affairs of the Company; provided, however, that in no event shall the Company be required to disclose material
nonpublic information to the Investors, or to advisors to or representatives of the Investors. 

 

7.2.
Insurance. The Company shall not materially reduce the insurance coverages described in Section 4.24.

 

7.3.
[Intentionally omitted] 

 

7.4.
Termination of Covenants. The provisions of Section 7.1 shall terminate and be of no further force
and effect on the date on which the Company’s obligations under the Registration Rights Agreement to register or maintain the effectiveness
of any registration covering the Registrable Securities (as such term is defined in the Registration Rights Agreement) shall terminate.

 

7.5.
No Conflicting Agreements. The Company will not take any action, enter into any agreement or make
any commitment that would conflict or interfere in any material respect with the Company’s obligations to the Investors under the
Transaction Documents.

 

7.6.
[Intentionally omitted] 

 

    	23

     

    

 

7.7.
Removal of Legends. 

 

(a)
In connection with any sale, assignment, transfer or other disposition of the Shares by an Investor pursuant
to Rule 144 or pursuant to any other exemption under the 1933 Act such that the purchaser acquires freely tradable shares and upon compliance
by the Investor with the requirements of this Agreement, if requested by the Investor, the Company shall cause the transfer agent for
the Common Stock (the “Transfer Agent”) to timely remove any restrictive legends related to the book entry account
holding such Shares and make a new, unlegended entry for such book entry Shares sold or disposed of without restrictive legends within
two Business Days of the request of the Investor, provided that the Company has received from the Investor customary representations
and other documentation reasonably acceptable to the Company in connection therewith.

 

(b)
Subject to receipt from the Investor by the Company and the Transfer Agent of customary representations
and other customary documentation reasonably acceptable to the Company and the Transfer Agent in connection therewith, upon the earliest
of (i) the Shares being subject to an effective registration statement covering the resale of the Shares, (ii) such time as the Shares
have been sold pursuant to Rule 144, or (iii) such time as the Shares are eligible for resale under Rule 144(b)(1) or any successor provision
(such earliest date, the “Effective Date”), the Company shall (A) deliver to the Transfer Agent irrevocable instructions
that the Transfer Agent shall make a new, unlegended entry for such book entry Shares, and (B) cause its counsel to deliver to the Transfer
Agent, no later than two Trading Days after the Effective Date, one or more opinions to the effect that the removal of such legends in
such circumstances may be effected under the 1933 Act if required by the Transfer Agent to effect the removal of the legend in accordance
with such irrevocable instructions and the other applicable provisions of this Agreement. The Company agrees that following the Effective
Date or at such time as such legend is no longer required under this Section 7.7, it will, no later than two Trading Days following the
delivery by an Investor to the Company or the Transfer Agent of a certificate representing Shares issued with a restrictive legend, deliver
or cause to be delivered to such Investor a certificate representing such shares that is free from all restrictive and other legends.
The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer
set forth in this Section 7.7. Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Investor
by crediting the account of the Investor’s prime broker with the DTC System as directed by such Investor. The Company shall be
responsible for the fees of its Transfer Agent and all DTC fees associated with such issuance. 

 

(c)
Each Investor, severally and not jointly with the other Investors, agrees with the Company (i) that such
Investor will sell any Shares pursuant to either the registration requirements of the 1933 Act, including any applicable prospectus delivery
requirements, or an exemption therefrom, (ii) that if Shares are sold pursuant to a registration statement, they will be sold in compliance
with the plan of distribution set forth therein and (iii) that if, after the effective date of the Registration Statement covering the
resale of the Shares, such Registration Statement is not then effective and the Company has provided notice to such Investor to that
effect, such Investor will sell shares only in compliance with an exemption from the registration requirements of the 1933 Act. Each
Investor acknowledges that the removal of the restrictive legend from certificates representing Shares as set forth in this Section 7.7
is predicated upon the Company’s reliance upon this understanding and that any counsel to the Company will be entitled to rely
on this acknowledgment in connection with the opinion(s) described in Section 7.7(b). 

 

    	24

     

    

 

7.8.
Subsequent Equity Sales. 

 

(a)
From the date hereof until ninety (90) days after the Closing Date, without the consent of the Required
Investors, the Company shall not issue shares of Common Stock or Common Stock Equivalents.

 

(b)
From the date hereof until the earlier of (A) the date of which all shares of the Series D Stock are redeemed
in accordance with their terms and (B) the date that is one hundred eighty (180) days following the Reverse Stock Split Date, the Company
shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of
Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable
Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible
into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion
price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for
the shares of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise
or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon
the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the
Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit,
whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against
the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

(c)
Until the Reverse Stock Split Date, neither the Company nor any Subsidiary shall make any issuance whatsoever
of Common Stock or Common Stock Equivalents. The Purchaser shall be entitled to obtain injunctive relief against the Company to preclude
any such issuance, which remedy shall be in addition to any right to collect damages.

 

(d)
Notwithstanding the foregoing, the provisions of this Section 7.8 shall not apply to (i) the issuance of
the Shares hereunder, (ii) the issuance of shares of Common Stock or Common Stock Equivalents upon the conversion or exercise of any
securities of the Company outstanding on the date hereof or outstanding pursuant to clause (iii) below, or (iii) the issuance of any
shares of Common Stock or Common Stock Equivalents pursuant to any Company stock-based compensation plans in existence on the date hereof
(each of (i), (ii) and (iii), an “Exempt Issuance”), except that no Variable Rate Transaction shall be an Exempt Issuance.

 

7.9.
Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for
the purpose set forth on Schedule 7.9 attached hereto following the Closing. Except as set forth on Schedule 7.9, the Company
shall use the net proceeds from the sale of the Shares hereunder for working capital purposes and shall not use such proceeds: (a) for
the satisfaction of any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s
business and prior practices), (b) for the redemption of any shares of Common Stock or Common Stock Equivalents, (c) for the settlement
of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

    	25

     

    

 

7.10.
Pledge of Securities. The Company acknowledges and agrees that its Shares may be pledged by an Investor
in connection with a bona fide margin agreement or other loan or financing arrangement that is secured by the Shares. The pledge of Shares
shall not be deemed to be a transfer, sale or assignment of the Shares hereunder, and no Investor effecting a pledge of Shares shall
be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or
any other Transaction Document; provided that an Investor and its pledgee shall be required to comply with the provisions of the Transaction
Documents, including Section 7.8 hereof, in order to effect a sale, transfer or assignment of Shares to such pledgee.

 

7.11.
Short Sales and Confidentiality After the Date Hereof. Each Investor covenants that neither it nor
any Affiliates acting on its behalf or pursuant to any understanding with it will execute any Short Sales during the period from the
date hereof until the earlier of such time as (i) after the transactions contemplated by this Agreement are first publicly announced
or (ii) this Agreement is terminated in full. Each Investor covenants that until such time as the transactions contemplated by this Agreement
are publicly disclosed by the Company, such Investor will maintain the confidentiality of all disclosures made to it in connection with
this transaction (including the existence and terms of this transaction). 

 

7.12.
Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or
distribution payable in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive
directly or indirectly shares of Common Stock), combination or other similar recapitalization or event occurring after the date hereof
and prior to the Closing, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to be
amended to appropriately account for such event.

 

7.13.
Reservation and Listing of Securities. 

 

(a)
On and after the Reverse Stock Split Date, the Company shall maintain a reserve from its duly authorized
shares of Common Stock for issuance pursuant to the Transaction Documents in such amount as may then be required to fulfill its obligations
in full under the Transaction Documents. If, at any date after the Reverse Stock Split Date, the number of authorized but unissued (and
otherwise unreserved) shares of Common Stock is less than the Required Minimum on such date, then the Board of Directors shall use commercially
reasonable efforts to amend the Company’s certificate of incorporation to increase the number of authorized but unissued shares
of Common Stock to at least the Required Minimum at such time, as soon as possible, and in any event not later than the 90th
day after such date; provided, that the Company shall not be obligated to hold a meeting of its stockholders to approve such an amendment
more than once in every six (6) months.

 

    	26

     

    

 

(b)
As soon as reasonably possible and, in any event, within four (4) days of the Closing Date, the Company
will file a preliminary proxy statement with the SEC for purposes of holding a special meeting of stockholders to approve the Reverse
Stock Split Amendment. Thereafter, unless the Company has received comments from the SEC to the preliminary proxy statement, the Company
shall file a definitive proxy statement for such purposes within fifteen (15) days of the Closing Date. In the event the Company receives
comments to the preliminary proxy statement from the SEC, the Company shall promptly and diligently respond to and use commercially reasonable
efforts to resolve such comments. The Company shall keep the Investors reasonably informed of any such comments and responses. If the
Company has Shares outstanding, the Company shall hold a special meeting of stockholders (which may also be at the annual meeting of
stockholders) on or prior to May 31, 2022, for the purpose of obtaining the Stockholder Approval with the recommendation of the Company’s
Board of Directors that such proposals are approved, and the Company shall solicit proxies from its stockholders in connection therewith
in the same manner as all other management proposals in such proxy statement and all management-appointed proxyholders shall vote their
proxies in favor of such proposals. The Company shall use its best efforts to obtain the Stockholder Approval. If the Company does not
obtain the Stockholder Approval at the first meeting, the Company shall call a meeting at least every one hundred twenty (120) days thereafter
to seek the Stockholder Approval until the date on which the Stockholder Approval is obtained. When the Company obtains the Stockholder
Approval, the Company shall cause the Reverse Stock Split Amendment to become effective by filing such Reverse Stock Split Amendment
with the State of Delaware as soon as practicable, but in no event later than one (1) Business Day following the Stockholder Approval.
On the Reverse Stock Split Date, the Company shall file a Form 8-K disclosing that the Reverse Stock Split Amendment has been filed with
and accepted by the State of Delaware.

 

(c)
The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare
and file with such Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal
to the Required Minimum on the date of such application, (ii) take all steps necessary to cause such shares of Common Stock to be approved
for listing or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Purchasers evidence of such listing
or quotation and (iv) maintain for two (2) years the listing or quotation of such Common Stock on any date at least equal to the Required
Minimum on such date on such Trading Market or another Trading Market. The Company agrees to maintain for two (2) years the eligibility
of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection
with such electronic transfer.

 

7.14.
Restrictions on Conversion and Voting of Series D Stock. 

 

(a)
From the date hereof up to and including the Reverse Stock Split Date, each Purchaser, severally and not
jointly with the other Purchasers, covenants that such Purchaser will not convert any shares of Series D Stock and such Purchaser will
not transfer, offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of (or enter into any transaction which is designed
to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due
to cash settlement or otherwise)) any shares of Series D Stock. 

 

    	27

     

    

 

(b)
Each Purchaser covenants to (i) vote, and shall cause its Affiliates to vote, all shares of Series D Stock
owned by such Purchaser or its Affiliates, as applicable, on any resolution presented to the stockholders of the Company for purposes
of obtaining the Stockholder Approval and agrees that such shares of Series D Stock, when cast, shall automatically and without further
action of the Purchaser be voted in a manner that “mirrors” the proportions on which the shares of Common Stock (excluding
any shares of Common Stock that are not voted) are voted on the Reverse Stock Split Amendment; and (ii) promptly upon request by the
Company, grant the Company (or its designee) an irrevocable proxy to vote all shares of Series D Stock in accordance with clause (i)
above. For the avoidance of doubt, and for illustrative purposes only, if 30% of the aggregate votes cast by Common Stock voting in connection
with the Reverse Stock Split Amendment are voted against such resolutions and 70% of the aggregate votes cast by Common Stock voting
in connection with the Reverse Stock Split Amendment are voted in favor thereof, then 30% of the votes cast by the shares of Series D
Stock voting in connection with the Reverse Stock Split Amendment shall vote against the approval of the Reverse Stock Split Amendment
and 70% of such votes shall be cast in favor of such Reverse Stock Split Amendment.

 

8.
Survival and Indemnification. 

 

8.1.
Survival. The representations, warranties, covenants, and agreements contained in this Agreement
shall survive the Closing for a period of three hundred sixty five (365) days after the date hereof and thereafter shall have no further
force and effect; provided that, subject to Section 7.4, the terms of Section 7.7 shall survive beyond such period until such time as
no Investor holds any of the Shares. 

 

8.2.
Indemnification by the Company. The Company agrees to indemnify and hold harmless each of the Investors,
the officers, directors, partners, members, and employees of each Investor, each Person who controls any such Investor (within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act) and the officers, directors, partners, members and employees of each such
controlling Person (each, an “Investor Indemnified Party”), against any losses, claims, damages, liabilities or expenses,
joint or several, to which such Investor Indemnified Party may become subject under the 1933 Act, the 1934 Act, or any other federal
or state statutory law or regulation (including in settlement of any litigation, if such settlement is effected with the written consent
of the Company), insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated below)
arise out of or are based in whole or in part on the inaccuracy in the representations and warranties of the Company contained in this
Agreement or the failure of the Company to perform its obligations hereunder, and will reimburse each Investor Indemnified Party for
legal and other expenses reasonably incurred as such expenses are reasonably incurred by such Investor Indemnified Party in connection
with investigating, defending, settling, compromising or paying such loss, claim, damage, liability, expense or action; provided, however,
that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out
of or is based upon (i) the failure of such Investor Indemnified Party (or its related parties) to comply with the covenants and agreements
contained herein, or (ii) the inaccuracy of any representations made by such Investor Indemnified Party (or its related parties) herein.

 

    	28

     

    

 

8.3.
Indemnification Procedure. Promptly after any Investor Indemnified Party has received notice of any
indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third Person, which the Investor Indemnified
Party believes in good faith is an indemnifiable claim under this Agreement, the Investor Indemnified Party shall give the Company written
notice of such claim or the commencement of such action, suit or proceeding, but failure to so notify the Company will not relieve the
Company from any liability it may have to such Investor Indemnified Party hereunder except to the extent that the Company is materially
prejudiced by such failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Company shall
have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Investor Indemnified
Party, any such matter as long as the Company pursues the same diligently and in good faith. If the Company undertakes to defend or settle,
it shall promptly notify the Investor Indemnified Party of its intention to do so, and the Investor Indemnified Party shall cooperate
with the Company and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation
shall include, but shall not be limited to, furnishing the Company with any books, records and other information reasonably requested
by the Company and in the Investor Indemnified Party’s possession or control. Such cooperation of the Investor Indemnified Party
shall be at the cost of the Company. After the Company has notified the Investor Indemnified Party of its intention to undertake to defend
or settle any such asserted liability, and for so long as the Company diligently pursues such defense, the Company shall not be liable
for any additional legal expenses incurred by the Investor Indemnified Party in connection with any defense or settlement of such asserted
liability; provided, however, that the Investor Indemnified Party shall be entitled (a) at its expense, to participate in the defense
of such asserted liability and the negotiations of the settlement thereof and (b) if (i) the Company has failed to assume the defense
or employ counsel reasonably acceptable to the Investor Indemnified Party or (ii) if the defendants in any such action include both the
Investor Indemnified Party and the Company and counsel to the Investor Indemnified Party shall have concluded that there may be reasonable
defenses available to the Investor Indemnified Party that are different from or in addition to those available to the Company or if the
interests of the Investor Indemnified Party reasonably may be deemed to conflict with the interests of the Company, then the Investor
Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in
the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be
reimbursed by the Company as incurred. Notwithstanding any other provision of this Agreement, the Company shall not settle any indemnified
claim without the consent of the Investor Indemnified Party, unless the settlement thereof imposes no liability or obligation on, and
includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Investor Indemnified
Party.

 

9.
Miscellaneous. 

 

9.1.
Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written
consent of the Company or the Investors, as applicable, provided, however, that an Investor may assign its rights and delegate its duties
hereunder in whole or in part to an Affiliate or to a third party acquiring some or all of its Shares in a transaction complying with
applicable securities laws without the prior written consent of the Company or the other Investors, provided such assignee agrees in
writing to be bound by the provisions hereof that apply to Investors. The provisions of this Agreement shall inure to the benefit of
and be binding upon the respective permitted successors and assigns of the parties. Without limiting the generality of the foregoing,
in the event that the Company is a party to a merger, consolidation, share exchange or similar business combination transaction in which
the Common Stock are converted into the equity securities of another Person, from and after the effective time of such transaction, such
Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company”
shall be deemed to refer to such Person and the term “Shares” shall be deemed to refer to the securities received by the
Investors in connection with such transaction. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective permitted successors and assigns any rights, remedies, obligations, or liabilities under
or by reason of this Agreement, except as expressly provided in this Agreement. 

 

    	29

     

    

 

9.2.
Counterparts; Faxes; E-mail. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be
executed via facsimile or e-mail, which shall be deemed an original. 

 

9.3.
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only
and are not to be considered in construing or interpreting this Agreement. 

 

9.4.
Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be
given in writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall
be deemed given upon such delivery, (ii) if given by e-mail, then such notice shall be deemed given when directed to an electronic mail
address at which the stockholder has consented to receive notice, (iii) if given by mail, then such notice shall be deemed given upon
the earlier of (A) receipt of such notice by the recipient or (B) three days after such notice is deposited in first class mail, postage
prepaid, and (iv) if given by an internationally recognized overnight air courier, then such notice shall be deemed given one Business
Day after delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such
other address as such party may designate by ten days’ advance written notice to the other party: 

 

If
to the Company:

 

Advaxis,
Inc.

9
Deer Park Drive, Suite K-1

Monmouth
Junction, NJ 08852

 

Attn:
Kenneth A. Berlin,

President
and Chief Executive Officer

E-mail:
berlin@advaxis.com

 

and

 

Attn:
Igor Gitelman,

Vice
President Finance

E-mail:
gitelman@advaxis.com

 

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

 

Morgan,
Lewis & Bockius LLP

 

1701
Market Street

Philadelphia,
PA 19013

Attn:
Justin W. Chairman, Esq.

E-mail:
justin.chairman@morganlewis.com

 

If
to the Investors:

 

to
the addresses set forth on the signature pages hereto.

 

    	30

     

    

 

9.5.
Expenses. The parties hereto shall pay their own costs and expenses in connection herewith regardless
of whether the transactions contemplated hereby are consummated; it being understood that each of the Company and each Investor has relied
on the advice of its own respective counsel. In the event that legal proceedings are commenced by any party to this Agreement against
another party to this Agreement in connection with this Agreement or the other Transaction Documents, the party or parties which do not
prevail in such proceedings shall severally, but not jointly, pay their pro rata share of the reasonable attorneys’ fees and other
reasonable documented out-of-pocket costs and expenses incurred by the prevailing party in such proceedings. 

 

9.6.
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term
of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the
written consent of the Company and (a) prior to the Closing, Investors that agreed to purchase a majority of the Shares to be issued
and sold pursuant to this Agreement and (b) following the Closing, the Required Investors. Notwithstanding the foregoing, this Agreement
may not be amended and the observance of any term of this Agreement may not be waived with respect to (i) any Investor without the written
consent of such Investor unless such amendment or waiver applies to all Investors in the same fashion; or (ii) the Subscription amount
of an Investor without the consent of such Investor. Any amendment or waiver effected in accordance with this paragraph shall be binding
upon (i) prior to Closing, each Investor and (ii) following the Closing, each holder of any Shares purchased under this Agreement at
the time outstanding, and in each case, each future holder of all such Shares and the Company. 

 

9.7.
Publicity. Except as set forth below, no public release or announcement concerning the transactions
contemplated hereby shall be issued by the Company or the Investors without the prior written consent of the Company (in the case of
a release or announcement by the Investors) or the Required Investors (in the case of a release or announcement by the Company) (which
consents shall not be unreasonably withheld or delayed), except as such release or announcement may be required by law or the applicable
rules or regulations of any securities exchange or securities market. By 9:00 A.M. (New York City time) on the Trading Day immediately
following the date of this Agreement, the Company shall issue a press release disclosing all material terms of transactions contemplated
by this Agreement (the “Press Release”). No later than 5:30 p.m. (New York City time) on the fourth Business Day following
the date of this Agreement, the Company will file a Current Report on Form 8-K (the “8-K”) attaching the press release
described in the foregoing sentence as well as copies of the Transaction Documents. The parties acknowledge that from and after the filing
of the 8-K, no Investor shall be in possession of any material, nonpublic information received from the Company or any of its respective
officers, directors, employees or agents, regarding the transactions contemplated by the Transaction Agreements.

 

    	31

     

    

 

9.8.
Third-Party Beneficiaries. Each of the Company and each Investor acknowledges and agrees that the
Financial Advisor is a third-party beneficiary of the representations and warranties contained in Sections 4 and 5, respectively.

 

9.9.
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable
law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision
hereof prohibited or unenforceable in any respect. 

 

9.10.
Entire Agreement. This Agreement, including the signature pages, Exhibits and the Disclosure Schedules,
and the other Transaction Documents constitute the entire agreement among the parties hereof with respect to the subject matter hereof
and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject
matter hereof and thereof. 

 

9.11.
Further Assurances. The parties shall execute and deliver all such further instruments and documents
and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment
of the agreements herein contained. 

 

9.12.
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by,
and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof.
Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of York located in New York County,
and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment
relating to or arising out of this Agreement and the transactions contemplated hereby (each, a “Related Proceeding”).
Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by
the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to
the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto
irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably
waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. To the
extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction
of any court or from any legal process with respect to itself or its property, the Company irrevocably waives, to the fullest extent
permitted by law, such immunity in respect of any such suit, action or proceeding. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO
REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY
AS TO THIS WAIVER.

 

    	32

     

    

 

9.13.
Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under
any Transaction Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in
any way for the performance of the obligations of any other Investor under any Transaction Document. The decision of each Investor to
purchase Shares pursuant to the Transaction Documents has been made by such Investor independently of any other Investor. Nothing contained
herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any
way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each
Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment hereunder
and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Shares or enforcing
its rights under the Transaction Documents. Each Investor shall be entitled to independently protect and enforce its rights, including,
without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Investor to be joined as an additional party in any proceeding for such purpose. The Company acknowledges that each of
the Investors has been provided with the same Transaction Documents for the purpose of closing a transaction with multiple Investors
and not because it was required or requested to do so by any Investor. 

 

[remainder
of page intentionally left blank]

 

    	33

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the
date first above written.

 

	COMPANY:	ADVAXIS,
    INC.

	 	 
	 	By:	 
	 	Name:	        
	 	Title:	 

 

	INVESTOR:	 
	 	 
	 	

    By:
	 
	 	Name:	 

	 	Title:	 

 

[remainder
of page intentionally left blank]

 

    	34

     

    

 

	Investor Information	 
	 	 
	Entity Name: 	 
	 	 
	Contact Person: 	 
	 	 
	Address: 	 
	 	 
	City: 	 
	 	 
	State: 	 
	 	 
	Zip Code: 	 
	 	 
	Telephone: 	 
	 	 
	Facsimile: 	 
	 	 
	Email: 	 
	 	 
	Tax ID # or Social Security #: 	 
	 	 
	Name in which Shares should be issued: 	 

 

    	 

     

    

 

EXHIBIT
A

 

Schedule
of Investors

 

	Investor
    Name and Address	 	Number
    of Shares
 to be Purchased	 	 	Aggregate
    Purchase Price of Shares	 
	BPY
    Limited	 	 	80,000	 	 	$	380,000	 
	Nomis
    Bay Ltd	 	 	120,000	 	 	$	570,000	 
	3i,
    LP	 	 	200,000	 	 	$	950,000	 
	Anson
    Investments Master Fund LP	 	 	200,000	 	 	$	950,000	 
	The
    K2 Principal Fund LP	 	 	200,000	 	 	$	950,000	 
	MMCAP
    International Inc. SPC	 	 	200,000	 	 	$	950,000	 

 

    	A-1

     

    

 

EXHIBIT
B

 

Form
of Registration Rights Agreement

 

    	B-1

     

    

 

EXHIBIT
C

 

Form
of Investor Questionnaire

 

    	C-1

     

    

 

ADVAXIS,
INC.

 

ACCREDITED
INVESTOR QUALIFICATION QUESTIONNAIRE

 

This
Questionnaire is being distributed to certain individuals and entities which may be offered the opportunity to purchase securities (the
“Securities”) of Advaxis, Inc., a Delaware corporation
(the “Company”). The purpose of this Questionnaire is to assure the Company that all such offers and purchases
will meet the standards imposed by the Securities Act of 1933, as amended (the “Act”), and applicable state
securities laws.

 

All
answers will be kept confidential. However, by signing this Questionnaire, the undersigned agrees that the Company and its counsel may
rely on the information set forth in this Questionnaire for purposes of complying with all applicable securities laws and may present
this Questionnaire to such parties as it reasonably deems appropriate if called upon to establish its compliance with such securities
laws.

 

Please
complete, sign, date and return one copy of this Questionnaire to _________ of Morgan, Lewis & Bockius, LLP, the Company’s
legal counsel, via email (________). If the answer to a question is “none” or “not applicable,” please
so state.

 

    	 

     

    

 

For
Entity Investors

 

In
the case of entities, this Questionnaire should be completed by the person who will be making the investment decision on behalf of the
entity (the “Decision-Maker”). All questions should be completed with respect to the entity (i.e., “you”
means the entity), unless otherwise directed.

 

1.
Residence Information. Please provide the entity’s full legal
name, primary business address, phone number, fax number, name and e-mail address of contact person, and federal tax I.D. number.

 

	 	 
	 	 
	 	 
	 	 

 

2.
Domicile Information. Please indicate the form of the entity and
the state and date of its organization (e.g., corporation, state and date of incorporation).

 

	Form	 
	State
    of Organization	 
	Date
    of Organization	 

 

3.
Accredited Investor Certification. The undersigned makes one of
the following representations regarding its net worth and certain related matters and has checked the applicable representation:

 

	☐	(i)	The
  undersigned is a trust, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000
  whose purchase is directed by a person with such knowledge and experience in financial and business matters that such person is capable
  of evaluating the merits and risks of the prospective investment.
	 	 	 
	☐	(ii)	The
  undersigned is a bank, insurance company, investment company registered under the United States Investment Company Act of 1940, as
  amended, a broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934, as amended, a business
  development company, a Small Business Investment Company licensed by the United States Small Business Administration, a plan with total
  assets in excess of $5,000,000 established and maintained by a state for the benefit of its employees, or a private business development
  company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940, as amended.

 

    	 

     

    

 

	☐	(iii)	The
  undersigned is an employee benefit plan and either all investment decisions are made by a bank, savings and loan association,
  insurance company, or registered investment advisor, or the undersigned has total assets in excess of $5,000,000 or,
  if such plan is a self-directed plan, investment decisions are made solely by persons who are accredited investors.
	 	 	 
	☐	(iv)	The
  undersigned is an organization described in section 501(c)(3) of the Internal Revenue Code (the “Code”),
  corporation, Massachusetts or similar business trust, partnership, or limited liability company, not formed for the specific purpose
  of acquiring the securities offered, with total assets in excess of $5,000,000.
	 	 	 
	☐	(v)	The
  undersigned is an entity in which all of the equity owners (in the case of a revocable living trust, its grantor(s)) qualify
  under any of the above subparagraphs, or, if an individual, each such individual has a net worth1, either individually or
  upon a joint basis with such individual’s spouse, in excess of $1,000,000 (within the meaning of such terms as used in the definition
  of “accredited investor” contained in Rule 501 under the Securities Act), or has had an individual
  income2 in excess of $200,000 for each of the two most recent years, or a joint income with such individual’s spouse
  in excess of $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year.
	 	 	 
	☐	(vi)	The
  undersigned is an entity, of a type not listed in clause (i)-(v) above, , not formed for the specific purpose of acquiring the securities
  offered, owning investments in excess of $5,000,000.
	 	 	 
	☐	(vii)	The
  undersigned cannot make any of the representations set forth in paragraphs “i” through “vi” above.3

 

 

1
For purposes of this Questionnaire, “net worth” means the excess of total assets, excluding an individual’s
primary residence, at fair market value over total liabilities, including such individual’s mortgage or any other liability secured
by his or her primary residence only if and to the extent that it exceeds the value of the primary residence.

 

2
For purposes of this Questionnaire, “income” means adjusted gross income, as reported for federal income
tax purposes, increased by the following amounts:  (a) the amount of any tax exempt interest income received, (b) the
amount of losses claimed as a limited partner in a limited partnership, (c) any deduction claimed for depletion, (d) amounts
contributed to an IRA or Keogh retirement plan, (e) alimony paid, and (f) any amounts by which income from long-term capital
gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal Revenue Code.

 

3
See footnote 1.

 

    	 

     

    

 

The
undersigned represents that the information contained herein is complete and accurate and may be relied upon by the Company, and that
the undersigned will notify the Company of any material change in any of such information prior to the undersigned’s investment
in the Company.

 

In
Witness Whereof, the undersigned has executed this
Investor Qualification Questionnaire as of the date written below.

 

	 	 
	 	Name
  of Entity
	 	 	                
	 	By:	 
	 	 	 
	 	 
	 	Title
  or Association with Entity
	 	 	 
	 	 
	 	Date
  Signed

 

    	 

     

    

 

Schedule
5.4

 

No
Intent to Effect a Change of Control; Ownership

 

None

 

    	 

     

    

 

Schedule
7.9

 

Use
of Proceeds

 

To
fund clinical trials as well as working capital and for general corporate purposes.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]