Document:

Ohr Pharmaceutical, Inc. S-4

 

 Exhibit
10.20 

 

OHR
PHARMACEUTICAL INC.

 

STOCK
OPTION AGREEMENT

 

THIS
AGREEMENT, made and entered into as of [_______________] (the “Date of Grant”) between OHR PHARMACEUTICAL, INC., a
Delaware corporation (herein called the “Corporation”), and [_____________] (herein called the “Optionee”).

 

W
I T N E S S E T H:

 

WHEREAS,
under the terms and conditions hereinafter stated and subject to the terms of the Corporation’s 2014 Stock Incentive Plan
(the “Plan”), the Corporation hereby grants to the Optionee an option (the “Option” or the “Options”)
to purchase up to [__________] shares of the Corporation’s common stock, $0.0001 par value per share (“Common Stock”),
at an exercise price of [_____________] per share, subject to adjustment as provided in Section 8 hereof (the “Option Price”);

 

NOW,
THEREFORE, the Corporation and the Optionee agree as follows:

 

1.            Term.
The term of the Option shall commence on [____________] and shall terminate at 5:00 P.M., E.S.T., on [___________].

 

2.            Exercise.
This Option to purchase up to [______________] shares of Common Stock may be exercised in whole or in part in accordance with
the following schedule: up to [____________] shares upon and after the date hereof and thereafter in accordance with the following
schedule, if and only if as of each date set forth below the Optionee is employed by, retained as a consultant to or otherwise
affiliated with the Corporation:

 

	Date	Additional Shares of Common Stock for

                                                                                which the Option May be Exercised

	 	 
	[_________]	[_________]
	 	 
	[_________]	[_________]
	 	 
	[_________]	[_________]

 

;
provided that (x) all of the Options are granted subject to stockholder approval of the Corporation’s proposed increase
in the Plan, submitted for approval at the March 10, 2015 Annual Meeting of Stockholders of the Corporation and shall be void
absent such approval; and (y) in the event of a Change in Control (as defined below), all of the Options (subject to clause (x)
of this proviso) will become immediately exercisable.

 

The
method for exercise described in this Section 2 shall be the sole method of such exercise. The Optionee may exercise the Option
by delivery to the Corporation of written notice providing: (i) the name of the Optionee; (ii) the address to which Common Stock
certificates are to be mailed; (iii) an identification of the Option being exercised by reference to the date first written above
and the number of shares with respect to which the Options is being exercised; and (iv) payment in the amount of the product of
the Option Price times the number of shares with respect to which the Option is being exercised, delivered in person or sent by
first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by regular, certified
or overnight mail, addressed or telecopied, as the case may be, to the Treasurer of the Corporation. Such payment shall be in
the form of (a) a check (acceptable to the Corporation in accordance with guidelines established for this purpose) payable to
the order of the Corporation, (b) through the delivery of shares of Common Stock which have been outstanding for at least six
months (unless the Corporation approves a shorter period) and which have a Fair Market Value (as defined below) equal to the exercise
price, (c) by surrendering a number of Options (as determined below) as payment of the aggregate exercise price of the Options
to be exercised, or (d) by any combination of the foregoing permissible forms of payment. The number of Options to be surrendered
in payment of the aggregate exercise price of the Options to be exercised shall be determined by multiplying the number of Options
to be exercised by the exercise price per share, and then dividing the product thereof by an amount equal to the Fair Market Value
per share of Common Stock on the date that all documents and instruments required to be delivered or surrendered to the Corporation
for exercise of the Options have been so delivered or surrendered. “Fair Market Value” shall be equal to (a) the average
of the closing sale price of the Common Stock on the Nasdaq Capital Market (or other national securities exchange where the Common
Stock is primarily traded) during the five (5) trading days immediately preceding the date of the event which requires the determination
of Fair Market Value, or (b), if the Common Stock is not listed on a national securities exchange, the fair market value of a
share of Common Stock as of a given date as determined by the Committee (as defined in the Plan) in its good faith discretion.

 

    

     

    

 

A
“Change in Control” shall mean the occurrence of any one of the following events:

 

(i)           An
acquisition (other than directly from the Corporation) of any voting securities of the Corporation (the “Voting Securities”)
by any person (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”))(each such person, a “Person”), immediately after which such Person, or a “group”
including such Person, has “Beneficial Ownership” (within the meaning of Rule 13d-1 or 13d-3 promulgated under the
Exchange Act) of fifteen percent (15%) or more of the combined voting power of the Corporation’s then outstanding Voting
Securities; provided, however, in determining whether a Change in Control has occurred, Voting Securities which are acquired in
a “Non-Control Acquisition” (as hereinafter defined) shall not constitute an acquisition which would cause a Change
in Control. A “Non-Control Acquisition” shall mean an acquisition by (A) an employee benefit plan (or a trust forming
a part thereof) maintained by (1) the Corporation or (2) any corporation or other Person of which a majority of its voting power
or its voting equity securities or equity interest is owned, directly or indirectly, by the Corporation (for purposes of this
definition, a “Subsidiary”), (B) the Corporation or its Subsidiaries, or (C) any Person in connection with a “Non-Control
Transaction” (as hereinafter defined);

 

(ii)          The
individuals who, as of the Change in Control Date are members of the Board (the “Incumbent Board”), cease for any
reason to constitute at least two-thirds of the members of the board of directors of the Corporation (the “Board”);
provided, however, that if the election, or nomination for election by the holders of the Corporation’s Common Stock, of
any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of
this Agreement, be considered as a member of the Incumbent Board; provided, however, that in the event of a Change in Control
which has been approved by the Incumbent Board, the members of the Board immediately after such Change in Control shall be deemed
to be the Incumbent Board thereafter; provided further, however, that, notwithstanding anything to the contrary contained herein,
no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either
an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the Exchange Act) or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”)
including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or

 

(iii)         Approval
by stockholders of the Corporation of:

 

		(A)	A
                                         merger, consolidation or reorganization involving the Corporation, unless such merger,
                                         consolidation or reorganization is a “Non-Control Transaction”. A “Non-Control
                                         Transaction” shall mean a merger, consolidation or reorganization of the Corporation
                                         where:

 

		(1)	the
                                         stockholders of the Corporation, immediately before such merger, consolidation or reorganization,
                                         own directly or indirectly immediately following such merger, consolidation or reorganization,
                                         at least seventy percent (70%) of the combined voting power of the outstanding voting
                                         securities of the corporation resulting from such merger, consolidation or reorganization
                                         (the “Surviving Corporation”) in substantially the same proportion as their
                                         ownership of the Voting Securities immediately before such merger, consolidation or reorganization,

 

    2

     

    

 

		(2)	the
                                         individuals who were members of the Incumbent Board immediately prior to the execution
                                         of the agreement providing for such merger, consolidation or reorganization constitute
                                         at least two-thirds of the members of the board of directors of the Surviving Corporation,
                                         or a corporation beneficially directly or indirectly owning a majority of the Voting
                                         Securities of the Surviving Corporation, and

 

		(3)	no
                                         Person other than (a) the Corporation, (b) any Subsidiary, (c) any employee benefit plan
                                         (or any trust forming a part thereof) maintained by the Corporation, the Surviving Corporation,
                                         or any Subsidiary, or (d) any Person who, immediately prior to such merger, consolidation
                                         or reorganization had Beneficial Ownership of fifteen percent (15%) or more of the then
                                         outstanding Voting Securities), has Beneficial Ownership of fifteen percent (15%) or
                                         more of the combined voting power of the Surviving Corporation’s then outstanding
                                         voting securities.

 

		(B)	A
                                         complete liquidation or dissolution of the Corporation; or

 

		(C)	An
                                         agreement for the sale or other disposition of all or substantially all of the assets
                                         of the Corporation to any Person (other than a transfer to a Subsidiary).

 

Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired
Beneficial Ownership of more than the permitted amount of the then outstanding Voting Securities as a result of the acquisition
of Voting Securities by the Company which, by reducing the number of Voting Securities then outstanding, increases the proportional
number of shares Beneficially Owned by the Subject Person; provided that if a Change in Control would occur (but for the operation
of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such acquisition by the Company,
the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then
outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.

 

“Change
in Control Date” shall mean the date on which a Change in Control is effectuated.

 

The
Option shall be considered exercised on the date the notice and appropriate payment are delivered to the Corporation. As promptly
as practicable after receipt of such notice and payment, the Corporation shall deliver to the Optionee a certificate or certificates
for the number of shares of Common Stock with respect to which the Option has been so executed, issued in the Optionee’s
name. Such delivery shall be deemed effected for all purposes when a stock transfer agent of the Corporation shall have deposited
such certificate or certificates in the United States mail, addressed to the Optionee, at the address specified in the notice.

 

3.            Transferability
of Options. The Option shall not be transferable by the Optionee otherwise than by will or under the laws of descent and distribution.
The Option shall be exercisable during the lifetime of the Optionee only by the Optionee, the Optionee’s guardian or the
Optionee’s legal representative.

 

    3

     

    

 

4.            Termination
of Affiliation. If the Optionee’s employment, retention as a consultant or other association with the Corporation and
any corporation, partnership, limited liability company, business trust or other entity controlling, controlled by or under common
control with the Corporation (“Affiliate”) ends for any reason, including because of the Optionee’s employer
or other retaining entity ceasing to be an Affiliate of the Corporation, any outstanding Option of the Optionee shall cease to
be exercisable in any respect not later than ninety (90) days following that event (or not later than the remainder of the original
Option term, if less) and, for the period it remains exercisable following that event, shall be exercisable only to the extent
exercisable at the date of that event; provided, that if any such employment, retention or association is terminated due to the
Optionee’s discharge for cause which, in the opinion of the Corporation, casts such discredit on the Optionee as to justify
immediate termination of the Option, the Option may be terminated immediately. Military or sick leave or other bona fide leave
shall not be deemed a termination of employment, retention or other association, provided that it does not exceed the longer
of ninety (90) days or the period during which the absent Optionee’s reemployment rights, if any, are guaranteed by statute
or by contract. In the event of the death of the Optionee, the executors, administrators or any person or persons to whom the
Option may be transferred by will or by the laws of descent and distribution shall have the right to exercise the Option only
within the period of one year next succeeding the Optionee’s death.

 

5.            Requirements
of Law. The Corporation shall not be required to sell or issue Common Stock under the Option if the issuance of such Common
Stock would constitute a violation by the Optionee or the Corporation of any provisions of any state or federal law, rule or regulation.
In addition, in connection with the Securities Act of 1933 (as now in effect or hereafter amended, the “Securities Act”),
upon exercise of the Option, the Corporation shall not be required to issue such Common Stock unless the Corporation has received
evidence satisfactory to it to the effect that the Optionee will not transfer such shares except pursuant to a registration statement
in effect under the Securities Act, or unless an opinion of counsel to the Corporation has been received by the Corporation to
the effect that such registration is not required. Any determination in this connection by the Corporation shall be final, binding
and conclusive. In the event the shares issuable on exercise of the Option are not registered under the Securities Act, the Corporation
may imprint the following legend or any other legend which counsel for the Corporation considers necessary or advisable to comply
with the Securities Act:

 

“The
shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the securities
laws of any state and may not be sold or transferred except upon such registration or upon receipt by the Corporation of an opinion
of counsel satisfactory to the Corporation, in form and substance satisfactory to the Corporation, that registration is not required
for such sale or transfer.”

 

The
Corporation may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act;
and in the event any shares are so registered the Corporation may remove any legend on certificates representing such shares.
The Corporation shall not be obligated to take any other affirmative action in order to cause the exercise of the Option or the
issuance of shares pursuant thereto to comply with any state or federal law, rule or regulation.

 

6.            No
Rights as Stockholder. The Optionee shall have no rights as a stockholder with respect to Common Stock covered by the Option
until the date of issuance to the Optionee of a stock certificate for such Common Stock; and, except as otherwise provided in
Section 8 hereof, no adjustment for dividends or otherwise shall be made if the record date thereof is prior to the date of issuance
of such certificate.

 

7.            Retention
Obligation. The granting of the Option shall not impose upon the Corporation any obligation to employ, retain or become affiliated
with or continue to employ, retain or be affiliated with the Optionee. The right of the Corporation to terminate the employment
of, retention of or its affiliation with the Optionee or any other person shall not be diminished or affected by reason of the
fact that the Option has been granted to the Optionee.

 

8.            Changes
in the Corporation’s Capital Structure. The existence of the Option shall not affect in any way the right or power of
the Corporation or its stockholders to make or authorize any or all adjustments, recapitalization, reorganizations or other changes
in the Corporation’s capital structure or its business, or any merger or consolidation of the Corporation, or any issue
of bonds, debentures, preferred or prior preference stock ahead of or affecting Common Stock or the rights thereof, or the dissolution
or liquidation of the Corporation, or any sale or transfer of all or any part of its assets or business or any other corporate
act or proceeding, whether of a similar character or otherwise. Except as hereinafter expressly provided, the issuance by the
Corporation of shares of Common Stock of any class, for cash or property, or for labor or services, either upon direct sale or
upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Corporation
convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect
to, the number, class or price of shares of Common Stock then subject to the Option.

 

    4

     

    

 

(a)            Capital
Readjustments. If the Corporation effects a subdivision or consolidation of shares or other capital readjustment, the payment
of a stock dividend, or other increase or reduction of the number of shares of Common Stock outstanding, without receiving compensation
therefor in money, services or property, the number and class of Common Stock subject to the Option hereunder and the Option Price
shall be appropriately adjusted in such a manner as to entitle the Optionee to receive upon exercise of the Option, for the same
aggregate cash consideration, the same total number and class of shares as the Optionee would have received had the Optionee exercised
the Option in full immediately prior to the event requiring the adjustment.

 

(b)            Mergers,
Etc. In the event of a Sale of the Company and in such transaction the holders of Common Stock exchange their Common Stock
for shares of stock or for other securities (the “Transaction Securities”) of the Corporation or another corporation,
receive additional Common Stock or other securities, or surrender a portion of their Common Stock, then:

 

(1)          Except
as provided in Section 8(b)(2) hereof, the Optionee shall be entitled, in lieu of the Option, to an Option or Options to purchase
Transaction Securities in an amount (if any) equal to the Transaction Securities that the Optionee would have received if the
Optionee had exercised the Option in full and held the shares of Common Stock to which the Option related at the time of such
transaction. The option price per share or other unit of such Transaction Securities shall be determined by dividing the Option
Price by the number of shares or other units (or the fraction of a share or other unit) of Transaction Securities into which each
share of Common Stock is converted or for which Common Stock is exchanged in such transaction.

 

(2)          Notwithstanding
any other provision hereof, the Board of Directors of the Corporation may cancel the Option as of the effective date of the Sale
of the Company; provided that (A) notice of such cancellation shall have been given to the Optionee at least thirty (30) days
before the effective date of such transaction, and (B) the Optionee shall have the right to exercise the Option in full during
the thirty (30) day period immediately preceding the effective date of such transaction.

 

9.            Withholding
and Reporting. The Corporation’s obligation to deliver shares of Common Stock or to make any payment upon the exercise
of the Option shall be subject to applicable federal, state and local tax withholding and reporting requirements.

 

10.          Subject
to Plan. The Option is subject to all the terms, conditions, limitations and restrictions contained in the Plan, which shall
be controlling in the event of any conflicting or inconsistent provisions.

 

11.          Interpretation
of Agreement; Governing Law. This Agreement shall be construed and enforced in accordance with, and governed by, the laws
of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Delaware. The parties hereby irrevocably submit to the exclusive jurisdiction and venue of the state or federal courts sitting
in New York County, New York for any dispute arising hereunder.

 

[signature
page follows]

 

    5

     

    

 

	 	OHR PHARMACEUTICAL, INC.
	 	 
	 	By:	 
	 	Name:	Sam Backenroth
	 	Title:	Chief Financial Officer

 

The
Optionee hereby accepts and agrees to be bound by all terms and conditions hereof.

 

 

 

 

[______]

Date: [________]

 

    6Ohr Pharmaceutical, Inc. S-4

 

 Exhibit
10.21

 

NEUBASE
THERAPEUTICS, INC.

 

RESTRICTED
STOCK PURCHASE AGREEMENT

 

This
Restricted Stock Purchase Agreement (the “Agreement”) is made as of September 6, 2018 by and between
NeuBase Therapeutics, Inc., a Delaware corporation (the “Company”), and Dietrich A. Stephan (the “Purchaser”).

 

In
consideration of the mutual covenants and representations set forth below, the Company and the Purchaser agree as follows:

 

1.       Purchase
and Sale of the Shares. Subject to the terms and conditions of this Agreement, the Company agrees to sell to the Purchaser
and the Purchaser agrees to purchase from the Company on the Closing (as defined below) 2,500,000 shares of the Company’s
Common Stock, par value $0.00001 per share (the “Shares”), at a price of $0.00001 per share (the “Purchase
Price”), for an aggregate purchase price of $25.00.

 

2.       Closing.
The purchase and sale of the Shares shall occur at a closing (the “Closing”) to be held on the date
first set forth above, or at any other time mutually agreed upon by the Company and the Purchaser. The Closing will take place
at the principal office of the Company or at such other place as shall be designated by the Company. At the Closing, the Purchaser
shall deliver the aggregate Purchase Price set forth above to the Company by wire transfer, check or any other method of payment
permissible under applicable law and approved by the Company’s board of directors (or any combination of such methods of
payment), and the Company will issue, as promptly thereafter as practicable, a stock certificate registered in the name of the
Purchaser, or a notice of issuance of uncertificated stock, as applicable, reflecting the Shares.

 

3.       Repurchase
Option.

 

A.       Option.
In the event the Purchaser ceases to be an employee, consultant, advisor, officer or director of the Company (a “Service
Provider”) for any or no reason, including, without limitation, by reason of the Purchaser’s death or disability
(as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), “Disability”),
resignation or involuntary termination, the Company shall, from such time (as determined by the Company in its discretion), have
an irrevocable, exclusive option to repurchase (the “Repurchase Option”) any Shares that have not yet
been released from the Repurchase Option (the “Unreleased Shares”), at a price per share equal to the
lesser of (x) the fair market value of the shares at the time the Repurchase Option is exercised, as determined by the Company’s
board of directors and (y) the Purchase Price (the “Repurchase Price”). The Company may exercise its
Repurchase Option as to any or all of the Unreleased Shares at any time after the Purchaser ceases to be a Service Provider; provided,
however, that without requirement of further action on the part of either party hereto, the Repurchase Option shall be deemed
to have been automatically exercised as to all Unreleased Shares at 5:00 p.m. (Eastern time) as of the date that is 60 days following
the date the Purchaser ceases to be a Service Provider, unless the Company declines in writing to exercise its Repurchase Option
prior to such time.

 

B.       Exercise.
If the Company decides not to exercise its Repurchase Option, it shall notify the Purchaser in writing within 60 days of the date
the Purchaser ceases to be a Service Provider. If the Repurchase Option is exercised or deemed exercised, within 90 days of the
date the Purchaser ceases to be a Service Provider, the Company shall deliver payment to the Purchaser, with a copy to the Escrow
Agent (as defined in Section 8 hereof), by any of the following methods, in the Company’s sole discretion: (i) delivering
to the Purchaser or the Purchaser’s executor a check in the amount of the aggregate Repurchase Price, (ii) canceling an
amount of the Purchaser’s indebtedness to the Company equal to the aggregate Repurchase Price or (iii) any combination of
(i) and (ii) such that the combined payment and cancellation of indebtedness equals the aggregate Repurchase Price.

 

     

     

    

 

C.       Rights
upon Exercise. In the event that the Repurchase Option is exercised or deemed exercised, the sole right and remedy
of the Purchaser thereafter shall be to receive the Repurchase Price, and in no case shall the Purchaser have any claim of ownership
as to any of the Unreleased Shares.

 

D.       Assignability.
The Company in its sole discretion may assign all or part of the Repurchase Option to one or more employees, officers, directors
or stockholders of the Company or other persons or organizations.

 

4.       Release
of Shares from Repurchase Option; Vesting.

 

A.       Vesting.
As of the date hereof, twenty-five percent (25%) of the total number of Shares shall immediately be released from the Repurchase
Option. So long as the Purchaser’s continuous status as a Service Provider has not yet terminated, the remaining seventy-five
percent (75%) of the total number of Shares shall be released from the Repurchase Option in equal monthly installments over the
next thirty-six (36) months on the corresponding day of each relevant month (or if there is no corresponding day in any such month,
on the last day of such month).

 

B.       Acceleration
upon a Change of Control. In the event of a Change of Control (as defined below), 100% of the total number of Shares
that have not been released from the Repurchase Option shall be immediately released from the Repurchase Option, provided
that the Purchaser’s continuous status as a Service Provider has not been terminated prior to such time.

 

C.       “Change
of Control” Definition. For purposes of this Agreement, a “Change of Control” means
either:

 

(1)       the
acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without
limitation, any reorganization, merger or consolidation or stock transfer, but excluding any such transaction effected primarily
for the purpose of changing the domicile of the Company), unless the Company’s stockholders of record immediately prior
to such transaction or series of related transactions hold, immediately after such transaction or series of related transactions,
at least 50% of the voting power of the surviving or acquiring entity (provided that the sale by the Company of its securities
for the purposes of raising additional funds shall not constitute a Change of Control hereunder); or

 

(2)       a
sale of all or substantially all of the assets of the Company.

 

D.       Delivery
of Released Shares. Subject to the provisions of Section 8, the Shares that have been released from the Company’s
Repurchase Option shall be delivered to the Purchaser at the Purchaser’s request.

 

5.       Limitation
on Payments.

 

A.       Payments
Limitation. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to
the Purchaser (i) constitute “parachute payments” within the meaning of Section 280G of the Code and
(ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then
the Purchaser’s benefits under this Agreement shall be either:

 

    2 

     

    

 

(1)       delivered
in full, or

 

(2)       delivered
as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax,

 

whichever
of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results
in the receipt by the Purchaser on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion
of such benefits may be taxable under Section 4999 of the Code. Any reduction in payments and/or benefits required by this Section
5 will occur in the following order: (1) reduction of cash payments; (2) reduction of vesting acceleration of equity awards;
and (3) reduction of other benefits paid or provided to Purchaser. In the event that acceleration of vesting of equity awards
is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant for Purchaser’s
equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis.
In no event will Purchaser exercise any discretion with respect to the ordering of any reductions of payments or benefits under
this Section 5.

 

B.       Determination.
Unless the Company and the Purchaser otherwise agree in writing, any determination required under this Section 5 shall
be made in writing by the Company’s independent public accountants or a national “Big Four” accounting firm
selected by the Company (the “Accountants’’), whose determination shall be conclusive and binding
upon the Purchaser and the Company for all purposes. For purposes of making the calculations required by this Section 5,
the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good
faith interpretations concerning the application of Section 280G and 4999 of the Code. The Company and the Purchaser shall furnish
to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under
this Section 5. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations
contemplated by this Section 5.

 

6.       Restrictions
on Transfer.

 

A.       Investment
Representations and Legend Requirements. The Purchaser hereby makes the investment representations listed on Exhibit
A to the Company as of the date of this Agreement and as of the date of the Closing, and agrees that such representations are
incorporated into this Agreement by this reference, such that the Company may rely on them in issuing the Shares and for any other
lawful purpose. The Purchaser understands and agrees that the Company shall cause the legends set forth below, or substantially
equivalent legends, to be placed upon any certificate(s) evidencing ownership of the Shares (or upon a notice of issuance of uncertificated
stock, as applicable), together with any other legends that may be required by the Company or by applicable state or federal securities
laws:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”)
AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN
THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE
COMPLIES WITH THE ACT.

 

    3 

     

    

 

THE
SHARES REPRESENTED HEREBY ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, A RIGHT OF FIRST REFUSAL, A LOCK-UP PERIOD IN THE EVENT
OF A PUBLIC OFFERING AND A REPURCHASE OPTION HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE RESTRICTED STOCK PURCHASE
AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE
OF THE ISSUER. SUCH TRANSFER RESTRICTIONS, RIGHT OF FIRST REFUSAL, LOCK-UP PERIOD AND REPURCHASE OPTION ARE BINDING ON TRANSFEREES
OF THESE SHARES. 

 

B.       Stop-Transfer
Notices. The Purchaser agrees that to ensure compliance with the restrictions referred to herein, the Company may issue
appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own
securities, it may make appropriate notations to the same effect in its own records.

 

C.       Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the
right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

D.       Lock-Up
Period. The Purchaser hereby agrees that the Purchaser shall not sell, offer, pledge, contract to sell, grant any option
or contract to purchase, purchase any option or contract to sell, grant any right or warrant to purchase, lend or otherwise transfer
or encumber, directly or indirectly, any Shares or other securities of the Company, nor shall the Purchaser enter into any swap,
hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any Shares or other securities of the Company, during the period from the filing of the first registration statement of the Company
filed under the Securities Act of 1933, as amended (the “Securities Act”), that includes securities
to be sold on behalf of the Company to the public in an underwritten public offering under the Securities Act through the end
of the 180-day period following the effective date of such registration statement (or such other period as may be requested by
the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research
reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NYSE Rule
472(f)(4), or any successor provisions or amendments thereto). The obligations described in this section shall not apply to a
registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the
future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future.
The Purchaser further agrees, if so requested by the Company or any representative of its underwriters, to enter into such underwriter’s
standard form of “lock-up” or “market-standoff’ agreement in a form satisfactory to the Company and such
underwriter. In the event that the Purchaser refuses to execute any such agreement, the Purchaser hereby agrees to comply with
all of the transfer restrictions set forth above in this section for an additional 30 days beyond each 180-day (or other) period
otherwise called for above. The Purchaser agrees that the Company may assign any or all of its rights under this section to the
managing underwriter for any registered offering described in this section, and that such managing underwriter shall be able to
further assign such rights in its sole discretion, in each case without any notice to or consent from the Purchaser being required.
The Purchaser further agrees that any assignee of the Company’s rights under this section shall not be subject to any obligation
of the Company set forth in this Agreement. The Company may impose stop-transfer instructions with respect to securities subject
to the foregoing restrictions until the end of any such restriction period. 

 

E.       Unreleased
Shares. No Unreleased Shares subject to the Repurchase Option contained in Section 3 of this Agreement, nor any
beneficial interest in such Shares, shall be sold, gifted, transferred, encumbered or otherwise disposed of in any way (whether
by operation of law or otherwise) by the Purchaser, other than as expressly permitted or required by Section 3.

 

    4 

     

    

 

F.       Released
Shares. No Shares purchased pursuant to this Agreement, nor any beneficial interest in such Shares, shall be sold, gifted,
transferred, encumbered or otherwise disposed of in any way (whether by operation of law or otherwise) by the Purchaser or any
subsequent transferee, other than in compliance with the Company’s right of first refusal provisions contained in Section
7 of this Agreement.

 

G.       No
Transfers to Bad Actors. The Purchaser agrees not to sell, assign, transfer, pledge, encumber or otherwise dispose of
any securities of the Company, or any beneficial interest therein, to any person (other than the Company) unless and until the
proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee nor any of its
directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general
partners or managing members nor any person that would be deemed a beneficial owner of those securities (in accordance with Rule
506(d) of the Securities Act) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act (“Bad Actor Disqualifications”), except as set forth in Rule
506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer, in writing in
reasonable detail to the Company. The Purchaser will promptly notify the Company in writing if the Purchaser or, to the Purchaser’s
knowledge, any person specified in Rule 506(d)(1) under the Securities Act becomes subject to any Bad Actor Disqualification.

 

H.       Restrictions
Binding on Transferees. All transferees of Shares or any interest therein shall receive and hold such Shares or interest
subject to all of the provisions of this Agreement, and there shall be no further transfer of such Shares except in accordance
with the terms of this Agreement.

 

7.       Company’s
Right of First Refusal. Before any Shares acquired by the Purchaser pursuant to this Agreement (or any beneficial interest
in such Shares) may be sold, gifted, transferred, encumbered or otherwise disposed of in any way (whether by operation of law
or otherwise) by the Purchaser or any subsequent transferee (each a “Holder”), such Holder must first
offer such Shares or beneficial interest to the Company and/or its assignee(s) as follows:

 

A.       Notice
of Proposed Transfer. The Holder shall deliver to the Company a written notice stating: (i) the Holder’s bona
fide intention to sell or otherwise transfer the Shares; (ii) the name of each proposed transferee; (iii) the number of Shares
to be transferred to each proposed transferee; (iv) the bona fide cash price or other consideration for which the Holder
proposes to transfer the Shares; and (v) that by delivering the notice, the Holder offers all such Shares to the Company and/or
its assignee(s) pursuant to this section and, subject to Section 7.C, on the same terms described in the notice.

 

B.       Exercise
of Right of First Refusal. At any time within 30 days after receipt of the Holder’s notice, the Company and/or its
assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed
to be transferred to any one or more of the proposed transferees, at the purchase price determined in accordance with Section
7.C.

 

C.       Purchase
Price. The purchase price for the Shares purchased by the Company and/or its assignee(s) under this section shall be the
price listed in the Holder’s notice; provided that if the price listed in the Holder’s notice consists of no
legal consideration (as, for example, in the case of a transfer by gift), the purchase price shall be the fair market value of
the Shares as determined by the board of directors of the Company in its sole discretion. If the price listed in the Holder’s
notice includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by
the board of directors of the Company in its sole discretion.

 

    5 

     

    

 

D.       Payment.
Payment of the purchase price shall be made, at the option of the Company and/or its assignee(s), in cash (or by check), by cancellation
of all or a portion of any outstanding indebtedness of the Holder to the Company and/or its assignee(s), or by any combination
thereof within 30 days after receipt by the Company of the Holder’s notice (or at such later date as is called for by such
notice).

 

E.       Holder’s
Right to Transfer. If all of the Shares proposed in the notice to be transferred to a given proposed transferee are not
purchased by the Company and/or its assignee(s) as provided in this section, then the Holder may sell or otherwise transfer such
Shares to that proposed transferee; provided that: (i) the transfer is made only on the terms provided for in the notice,
with the exception of the purchase price, which may be either the price listed in the notice or any higher price; (ii) such transfer
is consummated within 60 days after the date the notice is delivered to the Company; (iii) the transfer is effected in accordance
with any applicable securities laws, and if requested by the Company, the Holder shall have delivered an opinion of counsel acceptable
to the Company to that effect; (iv) prior to the transfer, the proposed transferee confirms to the reasonable satisfaction of
the Company that neither the proposed transferee nor any of its directors, executive officers, other officers that may serve as
a director or officer of any company in which it invests, general partners or managing members nor any person that would be deemed
a beneficial owner of those Shares (in accordance with Rule 506(d) of the Securities Act) is subject to any Bad Actor Disqualification,
except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of
the transfer, in writing in reasonable detail to the Company; and (v) the proposed transferee agrees in writing to receive and
hold the Shares so transferred subject to all of the provisions of this Agreement, including but not limited to this section,
and there shall be no further transfer of such Shares except in accordance with the terms of this section. If any Shares described
in a notice are not transferred to the proposed transferee within the period provided above, then before any such Shares may be
transferred, a new notice shall be given to the Company, and the Company and/or its assignees shall again be offered the right
of first refusal described in this section.

 

F.       Involuntary
Transfers. Subject to the other provisions of this Section 7, in the event, at any time after the date of this
Agreement, of any transfer by operation of law or other involuntary transfer (including, but not limited to, transfers by operation
of law or other involuntary transfers in connection with a divorce, dissolution, legal separation or annulment) of all or a portion
of the Shares by the record holder thereof that does not occur in accordance with the other provisions of this Section 7,
the Company shall have the right to purchase all of the Shares transferred at the greater of the purchase price paid by Purchaser
pursuant to this Agreement or the fair market value of the Shares on the date of transfer (as determined by the board of directors
of the Company). Upon such a transfer, the persons transferring or acquiring the Shares shall promptly notify the Secretary of
the Company in writing of such transfer. The right to purchase such Shares shall be provided to the Company for a period of 30
days following receipt by the Company of written notice of the transfer.

 

G.       Exception
for Certain Family Transfers. Notwithstanding anything to the contrary contained elsewhere in this Section 7, the
transfer of any or all of the Shares during the Holder’s lifetime (except in connection with a divorce, dissolution, legal
separation or annulment), or on the Holder’s death by will or intestacy, to the Holder’s spouse, child, father, mother,
brother, sister, father-in-law, mother-in-law, brother-in-law, sister-in-law, grandfather, grandmother, grandchild, cousin, aunt,
uncle, niece, nephew, stepchild, or to a trust or other similar estate planning vehicle for the benefit of the Holder or any such
person, shall be exempt from the provisions of this Section 7; provided that, in each such case, the transferee
agrees in writing to receive and hold the Shares so transferred subject to all of the provisions of this Agreement, including
but not limited to this Section 7, and there shall be no further transfer of such Shares except in accordance with the
terms of this Agreement; and provided further, that without the prior written consent of the Company, which may be withheld
in the sole discretion of the Company, no more than three transfers may be made pursuant to this Section 7, including all
transfers by the Holder and all transfers by any transferee.

 

    6 

     

    

 

H.       Termination
of Right of First Refusal. The rights contained in this section shall terminate as to all Shares purchased hereunder upon
the earlier of: (i) the closing date of the first sale of Common Stock of the Company to the general public pursuant to a registration
statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, and (ii) the closing
date of a Change of Control pursuant to which the holders of the outstanding voting securities of the Company receive securities
of a class registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

 

8.       Escrow.

 

A.       Deposit.
As security for the faithful performance of this Agreement, the Purchaser agrees, immediately upon receipt of any certificate(s)
evidencing the Shares, to deliver any such certificate(s), together with a stock power in the form of Exhibit B attached to this
Agreement, executed by the Purchaser and by the Purchaser’s spouse, if any (with the date and number of Shares left blank),
to the Secretary of the Company or to another designee of the Company (the “Escrow Agent”). These documents
shall be held by the Escrow Agent pursuant to the Joint Escrow Instructions of the Company and the Purchaser set forth in Exhibit
C attached to this Agreement, which instructions are incorporated into this Agreement by this reference, and which instructions
shall also be delivered to the Escrow Agent after the Closing.

 

B.       Rights
in Escrow Shares. Subject to the terms hereof, the Purchaser shall have all the rights of a stockholder with respect
to such Shares while they are held in escrow, including without limitation, the right to vote the Shares. If, from time to time
during the term of the Company’s Repurchase Option, there is (i) any stock dividend, stock split or other change in the
Shares, (ii) any dividend of cash or other property on the Shares, or (iii) any merger or sale of all or substantially all of
the assets or other acquisition of the Company, any and all new, substituted or additional securities or cash or other consideration
to which the Purchaser is entitled by reason of the Purchaser’s ownership of the Shares shall immediately become subject
to this escrow, deposited with the Escrow Agent and included thereafter as “Shares” for purposes of
this Agreement and the Company’s Repurchase Option.

 

9.       Tax
Consequences. The Purchaser has reviewed with the Purchaser’s own tax advisors the federal, state, local and foreign
tax consequences of this investment and the transactions contemplated by this Agreement. The Purchaser is relying solely on such
advisors and not on any statements or representations of the Company or any of its agents. The Purchaser understands that the
Purchaser (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated
by this Agreement. The Purchaser understands that Section 83 of the Code taxes as ordinary income the difference between the purchase
price for the Shares and the fair market value of the Shares as of the date any restrictions on the Shares lapse. In this context,
“restriction” includes the right of the Company to buy back the Shares pursuant to the Repurchase Option.
The Purchaser understands that the Purchaser may elect to be taxed at the time the Shares are purchased rather than when and as
the Repurchase Option expires by filing an election under Section 83(b) of the Code with the Internal Revenue Service within 30
days from the date of purchase. THE FORM FOR MAKING THIS SECTION 83(B) ELECTION IS ATTACHED TO THIS AGREEMENT AS EXHIBIT D
AND THE PURCHASER (AND NOT THE COMPANY OR ANY OF ITS AGENTS) SHALL BE SOLELY RESPONSIBLE FOR APPROPRIATELY FILING SUCH FORM, EVEN
IF THE PURCHASER REQUESTS THE COMPANY OR ITS AGENTS TO MAKE THIS FILING ON THE PURCHASER’S BEHALF.

 

    7 

     

    

 

10.       General
Provisions.

 

A.       Choice
of Law. This Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of
Delaware.

 

B.       Integration.
This Agreement, including all exhibits hereto, represents the entire agreement between the parties with respect to the purchase
of the Shares by the Purchaser and supersedes and replaces any and all prior written or oral agreements regarding the subject
matter of this Agreement including, but not limited to, any representations made during any interviews, relocation discussions
or negotiations whether written or oral.

 

C.       Notices.
Any notice, demand, offer, request or other communication required or permitted to be given by either the Company or the Purchaser
pursuant to the terms of this Agreement shall be in writing and shall be deemed effectively given the earlier of (i) when received,
(ii) when delivered personally, (iii) one business day after being delivered by facsimile (with receipt of appropriate confirmation),
(iv) one business day after being deposited with an overnight courier service or (v) four days after being deposited in the U.S.
mail, First Class with postage prepaid and return receipt requested, and addressed to the parties at the addresses provided to
the Company (which the Company agrees to disclose to the other parties upon request) or such other address as a party may request
by notifying the other in writing.

 

Subject
to the limitations set forth in Section 232(e) of the Delaware General Corporation Law, the Purchaser consents to the delivery
of any notice to stockholders given by the Company under the Delaware General Corporation Law or the Company’s certificate
of incorporation or bylaws by (i) facsimile telecommunication to the facsimile number set forth on the signature page (or to any
other facsimile number for the Purchaser in the Company’s records), (ii) electronic mail to the electronic mail address
set forth on the signature page (or to any other electronic mail address for the Purchaser in the Company’s records), (iii)
posting on an electronic network together with separate notice to the Purchaser of such specific posting or (iv) any other form
of electronic transmission (as defined in the Delaware General Corporation Law) directed to the Purchaser. This consent may be
revoked by the Purchaser by written notice to the Company and may be deemed revoked in the circumstances specified in Section
232 of the Delaware General Corporation Law.

 

D.       Successors.
Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise)
to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and
agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would
be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company”
shall include any successor to the Company’s business and/or assets that executes and delivers the assumption agreement
described in this section or which becomes bound by the terms of this Agreement by operation of law. Subject to the restrictions
on transfer set forth in this Agreement, this Agreement shall be binding upon the Purchaser and his or her heirs, executors, administrators,
successors and assigns.

 

E.       Assignment;
Transfers. Except as set forth in this Agreement, this Agreement, and any and all rights, duties and obligations
hereunder, shall not be assigned, transferred, delegated or sublicensed by the Purchaser without the prior written consent of
the Company. Any attempt by the Purchaser without such consent to assign, transfer, delegate or sublicense any rights, duties
or obligations that arise under this Agreement shall be void. Except as set forth in this Agreement, any transfers in violation
of any restriction upon transfer contained in any section of this Agreement shall be void, unless such restriction is waived in
accordance with the terms of this Agreement.

 

    8 

     

    

 

F.       Amendment;
Waiver. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived,
discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company and the Purchaser.
Either party’s failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such
provision, nor prevent that party from thereafter enforcing any other provision of this Agreement. The rights granted both parties
hereunder are cumulative and shall not constitute a waiver of either party’s right to assert any other legal remedy available
to it.

 

G.       Purchaser
Investment Representations and Further Documents. The Purchaser agrees upon request to execute any further documents or
instruments necessary or reasonably desirable in the view of the Company to carry out the purposes or intent of this Agreement,
including (but not limited to) the applicable exhibits and attachments to this Agreement.

 

H.       Severability.
Should any provision of this Agreement be found to be illegal or unenforceable, the other provisions shall nevertheless remain
effective and shall remain enforceable to the greatest extent permitted by law.

 

I.       Rights
as Stockholder. Subject to the terms and conditions of this Agreement, the Purchaser shall have all of the rights
of a stockholder of the Company with respect to the Shares from and after the date that the Purchaser delivers a fully executed
copy of this Agreement (including the applicable exhibits and attachments to this Agreement) and full payment for the Shares to
the Company, and until such time as the Purchaser disposes of the Shares in accordance with this Agreement. Upon such transfer,
the Purchaser shall have no further rights as a holder of the Shares so purchased except (in the case of a transfer to the Company)
the right to receive payment for the Shares so purchased in accordance with the provisions of this Agreement, and the Purchaser
shall forthwith cause any certificate(s) evidencing the Shares so purchased to be surrendered to the Company for transfer or cancellation.

 

J.       Adjustment
for Stock Split. All references to the number of Shares and the purchase price of the Shares in this Agreement
shall be adjusted to reflect any stock split, stock dividend or other change in the Shares which may be made after the date of
this Agreement.

 

K.       Employment
at Will. THE PURCHASER ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THIS AGREEMENT IS EARNED
ONLY BY CONTINUING SERVICE AS A SERVICE PROVIDER AT WILL (AND NOT THROUGH THE ACT OF BEING HIRED OR PURCHASING SHARES HEREUNDER).
THE PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE
SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING
PERIOD, OR FOR ANY PERIOD AT ALL, AND SHALL NOT INTERFERE WITH THE PURCHASER’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE
THE PURCHASER’S RELATIONSHIP WITH THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE OR NOTICE.

 

    9 

     

    

 

L.       Arbitration
and Equitable Relief.

 

(1)       Arbitration.
IN CONSIDERATION OF THE PROMISES IN THIS AGREEMENT, THE PURCHASER AGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES
WITH ANYONE (INCLUDING THE COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR, SHAREHOLDER OR BENEFIT PLAN OF THE COMPANY IN THEIR CAPACITY
AS SUCH OR OTHERWISE) ARISING OUT OF, RELATING TO, OR RESULTING FROM THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER
THE ARBITRATION RULES SET FORTH IN PENNSYLVANIA UNIFORM ARBITRATION ACT (THE “RULES”) AND PURSUANT TO
DELAWARE LAW. DISPUTES WHICH THE PURCHASER AGREES TO ARBITRATE, AND THEREBY AGREES TO WAIVE ANY RIGHT TO A TRIAL BY JURY, INCLUDE
ANY STATUTORY CLAIMS UNDER STATE OR FEDERAL LAW, INCLUDING, BUT NOT LIMITED TO, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT
OF 1964, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE OLDER WORKERS BENEFIT
PROTECTION ACT, THE WORKER ADJUSTMENT AND RETRAINING NOTIFICATION ACT, THE FAMILY AND MEDICAL LEAVE ACT, CLAIMS OF HARASSMENT,
DISCRIMINATION OR WRONGFUL TERMINATION AND ANY STATUTORY CLAIMS. THE PURCHASER FURTHER UNDERSTANDS THAT THIS AGREEMENT TO ARBITRATE
ALSO APPLIES TO ANY DISPUTES THAT THE COMPANY MAY HAVE WITH THE PURCHASER. 

 

(2)       Procedure.
THE PURCHASER AGREES THAT ANY ARBITRATION WILL BE ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION (“AAA”)
AND THAT THE NEUTRAL ARBITRATOR WILL BE SELECTED IN A MANNER CONSISTENT WITH ITS NATIONAL RULES FOR THE RESOLUTION OF EMPLOYMENT
DISPUTES. THE PURCHASER AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION,
INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION AND MOTIONS TO DISMISS AND DEMURRERS, PRIOR TO ANY ARBITRATION HEARING.
THE PURCHASER ALSO AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES, INCLUDING ATTORNEYS’ FEES AND
COSTS, AVAILABLE UNDER APPLICABLE LAW. THE PURCHASER UNDERSTANDS THAT THE COMPANY WILL PAY FOR ANY ADMINISTRATIVE OR HEARING FEES
CHARGED BY THE ARBITRATOR OR AAA EXCEPT THAT THE PURCHASER SHALL PAY THE FIRST $125.00 OF ANY FILING FEES ASSOCIATED WITH ANY
ARBITRATION THE PURCHASER INITIATES. THE PURCHASER AGREES THAT THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN
A MANNER CONSISTENT WITH THE RULES AND THAT TO THE EXTENT THAT THE AAA’S NATIONAL RULES FOR THE RESOLUTION OF EMPLOYMENT
DISPUTES CONFLICT WITH THE RULES, THE RULES SHALL TAKE PRECEDENCE. THE PURCHASER AGREES THAT THE DECISION OF THE ARBITRATOR SHALL
BE IN WRITING.

 

(3)       Remedy.
EXCEPT AS PROVIDED BY THE RULES AND THIS AGREEMENT, ARBITRATION SHALL BE THE SOLE, EXCLUSIVE AND FINAL REMEDY FOR ANY DISPUTE
BETWEEN THE PURCHASER AND THE COMPANY. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THE RULES AND THIS AGREEMENT, NEITHER THE PURCHASER
NOR THE COMPANY WILL BE PERMITTED TO PURSUE COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION. NOTWITHSTANDING, THE
ARBITRATOR WILL NOT HAVE THE AUTHORITY TO DISREGARD OR REFUSE TO ENFORCE ANY LAWFUL COMPANY POLICY, AND THE ARBITRATOR SHALL NOT
ORDER OR REQUIRE THE COMPANY TO ADOPT A POLICY NOT OTHERWISE REQUIRED BY LAW WHICH THE COMPANY HAS NOT ADOPTED.

 

    10 

     

    

 

(4)       Availability
of Injunctive Relief. BOTH PARTIES AGREE THAT ANY PARTY MAY PETITION A COURT FOR INJUNCTIVE RELIEF AS PERMITTED BY THE RULES
INCLUDING, BUT NOT LIMITED TO, WHERE EITHER PARTY ALLEGES OR CLAIMS A VIOLATION OF ANY CONFIDENTIAL INFORMATION OR INVENTION ASSIGNMENT
AGREEMENT BETWEEN THE PURCHASER AND THE COMPANY OR ANY OTHER AGREEMENT REGARDING TRADE SECRETS, CONFIDENTIAL INFORMATION, NONSOLICITATION
OR LABOR CODE §2870. BOTH PARTIES UNDERSTAND THAT ANY BREACH OR THREATENED BREACH OF SUCH AN AGREEMENT WILL CAUSE IRREPARABLE
INJURY AND THAT MONEY DAMAGES WILL NOT PROVIDE AN ADEQUATE REMEDY THEREFOR AND BOTH PARTIES HEREBY CONSENT TO THE ISSUANCE OF
AN INJUNCTION. IN THE EVENT EITHER PARTY SEEKS INJUNCTIVE RELIEF, THE PREVAILING PARTY SHALL BE ENTITLED TO RECOVER REASONABLE
COSTS AND ATTORNEYS’ FEES. 

 

(5)       Administrative
Relief. THE PURCHASER UNDERSTANDS THAT THIS AGREEMENT DOES NOT PROHIBIT THE PURCHASER FROM PURSUING AN ADMINISTRATIVE CLAIM
WITH A LOCAL, STATE OR FEDERAL ADMINISTRATIVE BODY SUCH AS THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT
OPPORTUNITY COMMISSION OR THE WORKERS’ COMPENSATION BOARD. THIS AGREEMENT DOES, HOWEVER, PRECLUDE THE PURCHASER FROM PURSUING
COURT ACTION REGARDING ANY SUCH CLAIM.

 

(6)       Voluntary
Nature of Agreement. THE PURCHASER ACKNOWLEDGES AND AGREES THAT THE PURCHASER IS EXECUTING THIS AGREEMENT VOLUNTARILY AND
WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE. THE PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THE PURCHASER
HAS CAREFULLY READ THIS AGREEMENT AND THAT THE PURCHASER HAS ASKED ANY QUESTIONS NEEDED FOR THE PURCHASER TO UNDERSTAND THE TERMS,
CONSEQUENCES AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTANDS IT, INCLUDING THAT THE PURCHASER IS WAIVING THE
PURCHASER’S RIGHT TO A JURY TRIAL. FINALLY, THE PURCHASER AGREES THAT THE PURCHASER HAS BEEN PROVIDED AN
OPPORTUNITY TO SEEK THE ADVICE OF AN ATTORNEY OF THE PURCHASER’S CHOICE BEFORE SIGNING THIS AGREEMENT.

 

M.       Reliance
on Counsel and Advisors. The Purchaser acknowledges that Wilson Sonsini Goodrich & Rosati, Professional Corporation,
is representing only the Company in this transaction. The Purchaser acknowledges that he or she has had the opportunity to review
this Agreement, including all attachments hereto, and the transactions contemplated by this Agreement with his or her own legal
counsel, tax advisors and other advisors. The Purchaser is relying solely on his or her own counsel and advisors and not on any
statements or representations of the Company or its agents for legal or other advice with respect to this investment or the transactions
contemplated by this Agreement.

 

N.       Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same agreement. Facsimile copies of signed signature pages shall be binding originals.

 

(signature
page follows)

 

    11 

     

    

 

The
parties represent that they have read this Agreement in its entirety, have had an opportunity to obtain the advice of counsel
prior to executing this Agreement and fully understand this Agreement. The Purchaser agrees to notify the Company of any change
in his or her contact information below. The parties are signing this Agreement as of the date stated in the introductory clause.

 

	DIETRICH
    A. STEPHAN	 
	 	 
	/s/
    Dietrich A. Stephan	 
	Signature	 
	 	 
	Dietrich
    A. Stephan, PhD	 
	Print Name	 
	 	 
	2730 Sidney Street Suite
    300	 
	Pittsburgh, PA 15203	 
	 	 
	Email	 
	 	 
	Fax	 
	 	 
	NEUBASE THERAPEUTICS,
    INC.	 
	 	 
	Signature	 
	 	 
	Print Name	 
	 	 
	Print Title	 
	 	 
	2730 Sidney Street Suite
    300	 
	Pittsburgh, PA 15203	 

 

     

     

    

 

The
parties represent that they have read this Agreement in its entirety, have had an opportunity to obtain the advice of counsel
prior to executing this Agreement and fully understand this Agreement. The Purchaser agrees to notify the Company of any change
in his or her contact information below.

 

	DIETRICH
    A. STEPHAN	 
	 	 
	Signature	 
	 	 
	Print Name	 
	 	 
	2730 Sidney Street	 
	Suite 300	 
	Pittsburgh, Pennsylvania
    15203	 
	 	 
	Email	 
	 	 
	Fax	 
	 	 
	NEUBASE THERAPEUTICS,
    INC.	 
	 	 
	/s/
    Colleen M. Cassidy	 
	Signature	 
	 	 
	Colleen M. Cassidy	 
	Print Name	 
	 	 
	President	 
	Print Title	 
	 	 
	2730 Sidney Street	 
	Suite 300	 
	Pittsburgh, Pennsylvania
    15203

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