Document:

Exhibit 4.2

 

 

Form of Representative’s Warrant to
Purchase Ordinary Shares

 

THE REGISTERED HOLDER OF THIS REPRESENTATIVE’S
WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS REPRESENTATIVE’S WARRANT EXCEPT AS
HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS REPRESENTATIVE’S WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN,
PLEDGE OR HYPOTHECATE THIS REPRESENTATIVE’S WARRANT OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE,
PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS REPRESENTATIVE’S WARRANT BY ANY
PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING (DEFINED BELOW)
TO ANYONE OTHER THAN (I) VIEWTRADE SECURITIES, INC. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR
(II) A BONA FIDE OFFICER OR PARTNER OF VIEWTRADE SECURITIES, INC. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE
WITH FINRA RULE 5110(E)(2).

 

THIS WARRANT IS VOID AFTER 5:00 P.M., EASTERN
TIME, [●].1

 

REPRESENTATIVE’S WARRANT

 

For the Purchase of [●] Ordinary Shares

of

INFOBIRD CO., LTD

 

1. Representative’s Warrant.
THIS CERTIFIES THAT, pursuant to that certain Underwriting Agreement, dated [●] (the “Underwriting Agreement”),
by and between INFOBIRD CO., LTD (the “Company”), and ViewTrade Securities, Inc., as representative of
the underwriters named on Annex A thereto, providing for the initial public offering (the “Offering”)
of ordinary shares, par value $0.001 per share, of the Company (the “Ordinary Shares”), ViewTrade Securities,
Inc. or its assigns (“Holder”), as registered owner of this Representative’s Warrant, is entitled, at
any time or from time to time on or after [●] (the “Commencement Date”)2,
and at or before 5:00 p.m., Eastern time, [●]3 (the “Expiration
Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [●]4
Ordinary Shares (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration
Date is a day on which banking institutions are authorized by law or executive order to close, then this Representative’s
Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period
commencing on the date hereof and ending on the Expiration Date, the Company agrees not to take any action that would terminate
this Representative’s Warrant. This Representative’s Warrant is initially exercisable at $[●] per Share5;
provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted
by this Representative’s Warrant, including the exercise price per Share and the number of Shares to be received upon such
exercise, shall be adjusted as therein specified. This Representative’s Warrant is being issued pursuant to the terms of
the Underwriting Agreement providing for the Offering. The term “Effective Date” shall mean the effective date
of the registration statement in connection with the Offering. The term “Exercise Price” shall mean the initial
exercise price or the adjusted exercise price, depending on the context.

 

 

2. Exercise.

 

2.1 Exercise Form.
In order to exercise this Representative’s Warrant, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Representative’s Warrant and payment of the Exercise Price for the Shares
being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by
certified check or official bank check to the order of the Company. If the subscription rights represented hereby shall not be
exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Representative’s Warrant shall become and be
void without further force or effect, and all rights represented hereby shall cease and expire.

 

1
Date that is five years from the Effective Date.

2
Applicable Closing Date.

3
Date that is five years from the Effective Date.

4
10% of the Shares sold in the Offering at the Applicable
Closing Date.

5
125% of the price of the Shares sold in the Offering at
the Applicable Closing Date.

 

 

    1

     

    

 

2.2 Cashless Exercise.
At any time after the Commencement Date, in lieu of exercising this Representative’s Warrant by payment of cash or check
payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal
to the value of this Representative’s Warrant (or the portion thereof being exercised) by surrender of this Representative’s
Warrant to the Company, together with the exercise form attached hereto, in which event the Company shall issue to Holder Shares
in accordance with the following formula:

 

Y(A-B)

X = A

 

Where,

 

X = The number of Shares
to be issued to Holder;

Y = The number of Shares that would
be issuable upon exercise of this Representative’s Warrant if such exercise were by means of a cash exercise pursuant to
Section 2.1 rather than a cashless exercise pursuant to this Section 2.2;

A = The fair market value of one
Share, as determined in accordance with the provisions of this Section 2; and

B = The Exercise Price in effect
under this Representative’s Warrant at the time the election to exercise this Representative’s Warrant on a cashless
basis is made pursuant to this Section 2.

 

For purposes of this Section
2.2, the fair market value of a Share is defined as follows:

 

(i) if the Ordinary
Shares are traded on a national securities exchange, the fair market value shall be deemed to be the closing sales price on such
exchange on the Trading Day immediately prior to the date the exercise form is submitted to the Company in connection with the
exercise of this Representative’s Warrant; or

 

(ii) if the Ordinary
Shares are traded over-the-counter (i.e., on the OTCQB or OTCQX Markets operated by OTC Markets Group, Inc., or any similar over-the-counter
market), the fair market value shall be deemed to be the closing bid price on the Trading Day immediately prior to the date the
exercise form is submitted to the Company in connection with the exercise of this Representative’s Warrant; or

  

(iii) if there is no
active public market for the Ordinary Shares, the value shall be the fair market value thereof, as determined in good faith by
the Company’s Board of Directors.

 

“Trading Day”
means a date on which the Ordinary Shares are traded on the NYSE, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing).

 

For the avoidance of doubt,
if there is no effective registration statement registering, or no current prospectus available for, the resale of the Shares underlying
this Representative’s Warrant by the Holder, then this Representative’s Warrant may be exercised, in whole or in part,
at such time by means of a cashless exercise in accordance with the provisions of this Representative’s Warrant.

 

2.3 Mechanics of
Exercise.

 

(i) Delivery of Shares
Upon Exercise. The Company shall use commercially reasonable efforts to cause the Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such
system and either (A) there is an effective registration statement permitting the issuance of the Shares or resale of the Shares
or (B) this Representative’s Warrant is being exercised via cashless exercise, and otherwise by delivery to the address specified
by the Holder in the Notice of Exercise by the date that is two Trading Days after the latest of (A) the delivery to the Company
of the Notice of Exercise, (B) surrender of this Representative’s Warrant (if required) and (C) receipt by the Company of
the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Share
Delivery Date”). The Shares shall be deemed to have been issued, and the Holder or any other person so designated to
be named therein shall be deemed to have become a holder of record of such Shares for all purposes, as of the date the Representative’s
Warrant has been exercised and payment to the Company of the aggregate Exercise Price (or by cashless exercise, if permitted) has
been received by the Company and all taxes required to be paid by the Holder, if any, pursuant to Section 2.3(vi) prior
to the issuance of such Shares have been paid.

 

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(ii) Delivery of
New Warrants Upon Exercise. If this Representative’s Warrant shall have been exercised in part, the Company shall, at
the written request of the Holder and upon surrender of this Representative’s Warrant, at the time of delivery of the Shares,
deliver to the Holder a new Representative’s Warrant evidencing the rights of the Holder to purchase the unpurchased Shares
called for by this Representative’s Warrant, which new Representative’s Warrant shall in all other respects be identical
with this Representative’s Warrant.

 

(iii) Rescission
Rights. If the Company fails to cause its transfer agent to transmit to the Holder the Shares pursuant to Section 2.3(i)
by the Share Delivery Date, unless such failure was not caused by the fault or negligence of the Company, then the Holder will
have the right to rescind such exercise upon written notice to the Company within one Trading Day after the Share Delivery Date.

 

(iv) Compensation
for Buy-In on Failure to Timely Deliver Shares Upon Exercise. In addition to any other rights available to the Holder, if the
Holder has taken all actions necessary under the terms of this Representative’s Warrant for such Holder to receive the Shares,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Shares pursuant to an exercise on or before the
Share Delivery Date, unless such failure was not caused by the fault or negligence of the Company, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, Ordinary Shares to deliver in satisfaction of a sale by the Holder of the which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which
(x) the Holder’s total purchase price (including brokerage commissions and any other applicable fees, if any) for the Ordinary
Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Shares that the Company was required to deliver
to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Representative’s Warrant
and equivalent number of Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
or deliver to the Holder the number of Ordinary Shares that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of Shares with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver Ordinary Shares upon exercise of the Representative’s
Warrant as required pursuant to the terms hereof.

 

(v) No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Representative’s
Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

(vi) Charges, Taxes
and Expenses. Issuance of Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Shares, all of which taxes and expenses shall be paid by the Company, and such Shares
shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event Shares are to be issued in a name other than the name of the Holder, this Representative’s Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company
may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The
Company shall pay all transfer agent fees required for same-day processing of any Notice of Exercise.

 

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3. Transfer - General Restrictions.
The Holder agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or hypothecate
this Representative’s Warrant or the securities issuable hereunder for a period of one hundred eighty (180) days beginning
on the date of commencement of sales of the Offering to anyone other than: (i) ViewTrade Securities, Inc. or another underwriter
or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of ViewTrade Securities, Inc. or of
any such underwriter or selected dealer, in each case in accordance with FINRA Rule 5110(e)(1) and subject to the exceptions set
forth in FINRA Rule 5110(e)(2), or (b) cause this Representative’s Warrant or the securities issuable hereunder to be the
subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Representative’s Warrant or the securities hereunder, in accordance with FINRA Rule 5110(e)(1) and except as provided
for in FINRA Rule 5110(e)(2). One hundred eighty (180) days after the date of commencement of sales of the Offering, transfers
to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted
assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with
this Representative’s Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall
within five (5) business days transfer this Representative’s Warrant on the books of the Company and shall execute and deliver
a new Representative’s Warrant or Representative’s Warrants of like tenor to the appropriate assignee(s) expressly
evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be
contemplated by any such assignment. The Company shall register this Representative’s Warrant, upon records to be maintained
by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time
to time. The Company may deem and treat the registered Holder of this Representative’s Warrant as the absolute owner hereof
for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the
contrary.

 

4. Registration. The Company shall
be required to keep a registration statement effective on Form F-1 (or Form F-3, if the Company is eligible to use such form) until
such date that is the earlier of the date when all of the Shares underlying this Representative’s Warrant have been publicly
sold by the Holder or such time as Rule 144 or another similar exemption under the Securities Act of 1933, as amended, is available
for the sale of all of such Holder’s Shares underlying this Representative’s Warrant without limitation during a three-month
period without registration.

 

5. New Representative’s Warrants
to be Issued.

 

5.1 Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this Representative’s Warrant may be exercised or
assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Representative’s
Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise
Price and/or transfer tax if exercised pursuant to Section 2 hereto, the Company shall cause to be delivered to the Holder
without charge a new Representative’s Warrant of like tenor to this Representative’s Warrant in the name of the Holder
evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Representative’s
Warrant has not been exercised or assigned.

 

5.2 Replacement
on Loss. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
of this Representative’s Warrant, the Company, at its own expense, shall execute and deliver a new Representative’s
Warrant of like tenor and date. Any such new Representative’s Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

6.1 Adjustments
to Exercise Price and Number of Shares. The Exercise Price and the number of Shares underlying this Representative’s
Warrant shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 Share Dividends;
Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is increased by a share dividend payable in Ordinary Shares or by a split up of Ordinary Shares, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction, then, on the effective day thereof, the number of
Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Ordinary Shares, and the Exercise
Price shall be proportionately decreased. Any adjustment made pursuant to this Section 6.1.1 shall become effective immediately
after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    4

     

    

 

6.1.2 Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 6.1.1 above, if at any time during which this Representative’s
Warrant is outstanding the Company grants, issues or sells any securities of the Company which by their terms are convertible into
or exercisable for Ordinary Shares (“Ordinary Share Equivalents”) or other rights to purchase shares, warrants,
securities or other property, pro rata to all of the record holders of the Ordinary Shares (the “Purchase Rights”),
and not the Holder, then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete
exercise of this Representative’s Warrant immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are
to be determined for the grant, issue or sale of such Purchase Rights. The provisions of this Section 6.1.2 will not apply
to any grant, issuance or sale of Ordinary Share Equivalents or other rights to purchase shares, warrants, securities or other
property of the Company which is not made pro rata to all of the record holders of Ordinary Shares.

 

6.1.3 Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then,
on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in
outstanding Shares, and the Exercise Price shall be proportionately increased.

 

6.1.4 Replacement
of Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares other
than a change covered by Section 6.1.1, 6.1.2 or 6.1.3 hereof or that solely affects the par value of such Ordinary
Shares, or in the case of any share reconstruction or amalgamation or merger or consolidation of the Company with or into another
corporation or other entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case
of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an
entirety, or in the case any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, or in the
case the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or
exchanged for other securities, cash or property, or (in the case the Company, directly or indirectly, in one or more related transactions
consummates a share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another person or group of persons, whereby such other Person or group acquires more than
50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party
to, or associated or affiliated with the other Persons making or party to, such share purchase agreement or other business combination),
then the Holder of this Representative’s Warrant shall have the right thereafter (until the expiration of the right of exercise
of this Representative’s Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder
immediately prior to such event, the kind and amount of shares or other securities or property (including cash) receivable upon
such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following
any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Representative’s
Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1,
6.1.2 or 6.1.3, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 or 6.1.3 and
this Section 6.1.4. The provisions of this Section 6.1.4 shall similarly apply to successive reclassifications, reorganizations,
share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.5 Changes in
Form of Representative’s Warrant. This form of Representative’s Warrant need not be changed because of any change
pursuant to this Section 6.1, and any Representative’s Warrant issued after such change may state the same Exercise
Price and the same number of Shares as are stated in the initial Representative’s Warrant. The acceptance by the Holder of
the issuance of a new Representative’s Warrant reflecting a required or permissive change shall not be deemed to waive any
rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

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6.2 Substitute
Representative’s Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of
the Company with or into, another corporation or other entity (other than a consolidation or share reconstruction or amalgamation
which does not result in any reclassification or change of the outstanding Ordinary Shares), the corporation or other entity formed
by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Representative’s
Warrant providing that the holder of each Representative’s Warrant then outstanding or to be outstanding shall have the right
thereafter (until the stated expiration of such Representative’s Warrant) to receive, upon exercise of such Representative’s
Warrant, the kind and amount of shares and other securities and property receivable upon such consolidation or share reconstruction
or amalgamation, by a holder of the number of Shares of the Company for which such Representative’s Warrant might have been
exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Representative’s
Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above
provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3 Elimination
of Fractional Interests. The Company shall not be required to issue fractions of Shares upon the exercise of this Representative’s
Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole
number of Shares or other securities, properties or rights.

 

6.4 Notice to Holder.

 

6.4.1 Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 6, the Company
shall promptly provide the Holder with a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Shares and setting forth a brief statement of the facts requiring such adjustment.

 

6.4.2 Notice to Allow
Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company
shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of
capital equity of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection
with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall provide the Holder with, at least 10 days prior
to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken
for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall
be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein or in the
provision thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall
remain entitled to exercise this Representative’s Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice except as may otherwise be expressly set forth herein. Notwithstanding the foregoing,
no notice need be given to the Holder if the Company makes a public announcement of the applicable event via nationally distributed
press release or via a publicly available and legally compliant filing with the U.S. Securities and Exchange Commission.

 

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7. Reservation and Listing; Registration
Rights.

 

7.1 The Company shall
at all times reserve and keep available out of its authorized Ordinary Shares, solely for the purpose of issuance upon exercise
of this Representative’s Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon
the exercise thereof. The Company covenants and agrees that, upon exercise of this Representative’s Warrant and payment of
the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall
be duly and validly issued, fully paid and non-assessable and not subject to preemptive or similar rights of any shareholder and
free and clear of all liens, taxes and charges. As long as this Representative’s Warrant shall be outstanding, the Company
shall use commercially reasonable efforts to cause all Shares issuable upon exercise of this Representative’s Warrant to
be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTCQB or OTCQX
Markets operated by OTC Markets Group, Inc., or any similar over-the-counter market) on which the Shares issued to the public in
the Offering may then be listed and/or quoted.

 

7.2 To the extent
the Company does not maintain an effective registration statement for the Shares and cashless exercise is unavailable to any Holder
under Section 2.2 hereof pursuant to which all of the Shares issuable upon exercise of this Representative’s Warrant
under Section 2.2 would be tradable upon exercise of this Representative’s Warrant upon issuance, and in the further
event that the Company files a registration statement with the Securities and Exchange Commission to register its Ordinary Shares
(other than a registration statement on Form F-4 or S-8, or on another form, or in another context, in which such “piggyback”
registration would be inappropriate (including, without limitation, a “universal shelf” registration statement or any
prospectus supplement related thereto)), then, for the term of this Representative’s Warrant, the Company shall give written
notice of such proposed filing to the Holder as soon as practicable but in no event less than 20 days before the anticipated filing
date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the Holder
in such notice the opportunity to register the sale of such number of Shares as such Holder may request in writing within five
days following receipt of such notice (a “Piggyback Registration”). The Company shall use commercially reasonable
efforts to cause such Shares to be included in such registration and shall use commercially reasonable efforts to cause the managing
underwriter or underwriters of a proposed underwritten offering to permit the Shares requested to be included in a Piggyback Registration
on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Shares
in accordance with the intended method(s) of distribution thereof. All Holders proposing to distribute their securities through
a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such Piggyback Registration. Notwithstanding the provisions of this Section 7.2,
such right to request Piggyback Registration shall terminate on the fifth anniversary of the Effective Date, in accordance with
FINRA Rule 5110(g)(8)(D).

   

8. Certain Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of this Representative’s Warrant and its exercise, any of
the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice
of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books (the
“Notice Date”) for the determination of the shareholders entitled to such dividend, distribution, conversion
or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or
sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding
the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at
the same time and in the same manner that such notice is given to the shareholders; provided, however, that the Company shall not
be obligated to provide any written notice under this Section 8 if it makes a public announcement of the applicable event
via nationally distributed press release or via a publicly available and legally compliant filing with the U.S. Securities and
Exchange Commission.

 

8.2 Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its shares for the purpose of entitling them to receive a dividend
or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its shares any additional shares of capital equity of the Company or securities convertible into or exchangeable
for shares of capital equity of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

 

    7

     

    

 

8.3 Notice of Change
in Exercise Price; Notice of Exercise Price. The Company shall, within five (5) business days after an event requiring a change
in the Exercise Price pursuant to Section 6 hereof, send notice to the Holder of such event and change (“Price
Notice”). The Price Notice shall describe the event causing the change and the method of calculating the same and shall
be certified as being true and accurate by the Company’s Chief Executive Officer and Chief Financial Officer. The Company
shall, within five (5) business days after receipt by the Company of a written request by the Holder, send notice to the Holder
of the Exercise Price then in effect and the number of Shares or the amount, if any, of other shares, securities or assets then
issuable upon exercise of this Representative’s Warrant and shall be certified as being true and accurate by the Company’s
Chief Executive Officer and Chief Financial Officer.

 

 

8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Representative’s Warrant shall be in
writing and shall be deemed to have been duly made when (1) hand delivered, (2) mailed by express mail or private courier service,
or (3) if sent by electronic mail, on the day the notice was sent if during regular business hours and, if sent outside of regular
business hours, on the following business day, to following addresses or to such other addresses as the Company or Holder may designate
by notice to the other party:

 

If to the Holder:

 

ViewTrade Securities, Inc.

7280 West Palmetto Park Road, Suite 310

Boca Raton, FL 33433

Attention: Douglas Aguililla

Email: dougagui@viewtrade.com

 

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

 

Loeb & Loeb LLP

21st Floor, CCB Tower

3 Connaught Road Central

Hong Kong SAR

Attention: Lawrence S. Venick, Esq.

Email: lvenick@loeb.com

 

If to the Company:

 

Infobird Co., Ltd

Room 12A05, Block A, Boya International Center,
Building 2, No. 1 Courtyard

Lize Zhongyi Road

Chaoyang District

Beijing, China 100102

Attention: Yimin Wu, Chief Executive Officer

Email: wuym@infobird.com

 

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

 

K&L Gates LLP

Southeast Financial Center, Suite 3900

200 South Biscayne Boulevard

Miami, Florida 33131-2399

Attention: Clayton E. Parker, Esq.

Email: Clayton.Parker@klgates.com

 

    8

     

    

 

9. Miscellaneous.

 

9.1 Amendments.
The Company and the Holder may from time to time supplement, modify or amend this Representative’s Warrant by a written agreement
signed by the Company and the Holder. All modifications or amendments shall require the written consent of and be signed by the
party against whom enforcement of the modification or amendment is sought.

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Representative’s Warrant.

 

9.3 Entire Agreement.
This Representative’s Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Representative’s Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
hereof.

 

9.4 Binding Effect.
This Representative’s Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Representative’s Warrant
or any provisions herein contained.

 

9.5 Governing Law;
Submission to Jurisdiction; Trial by Jury. This Representative’s Warrant shall be governed by and construed and enforced
in accordance with the internal laws of the State of Florida, without giving effect to conflict of laws principles thereof. The
Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Representative’s
Warrant shall be brought and enforced in the U.S. federal and state courts in the Seventeenth Judicial Circuit Court in and for
Palm Beach County, Florida or the United States District Court for the Southern District of Florida, Fort Lauderdale Division,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8.4 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and the Holder hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Representative’s Warrant or the transactions contemplated hereby.

 

9.6 Waiver, etc.
The failure of the Company or the Holder to at any time enforce any of the provisions of this Representative’s Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Representative’s
Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this
Representative’s Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Representative’s
Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement
of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be
a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7 Successors
and Assigns. Subject to applicable securities laws, this Representative’s Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Representative’s Warrant are intended to be for the benefit of any
Holder from time to time of this Representative’s Warrant and shall be enforceable by the Holder or holder of this Representative’s
Warrant.

 

    9

     

    

 

9.8 Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Representative’s Warrant or any share certificate relating to
the Shares, if share certificates are issued, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which, in the case of the Representative’s Warrant, shall not include the posting of any bond), and upon surrender
and cancellation of such Representative’s Warrant or share certificate, if share certificates are issued, if mutilated, the
Company will make and deliver a new Representative’s Warrant or share certificate, if share certificates are issued, of like
tenor and dated as of such cancellation, in lieu of such Representative’s Warrant or share certificate, if share certificates
are issued.

 

9.9 Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Representative’s Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Representative’s
Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance or other equitable remedy
that a remedy at law would be adequate.

 

9.10 Severability.
Wherever possible, each provision of this Representative’s Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Representative’s Warrant shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder
of such provision or the remaining provisions of this Representative’s Warrant.

 

9.11 Execution
in Counterparts. This Representative’s Warrant may be executed in one or more counterparts, and by the different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic
transmission.

 

[Signature Page Follows]

 

 

    10

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Representative’s Warrant to be signed by its duly authorized officer as of the _______ day of                           .

 

	INFOBIRD CO., LTD	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Acknowledged and Agreed

 

	VIEWTRADE SECURITIES, INC.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

    11

     

    

 

Form of Exercise

 

The
undersigned holder hereby exercises the right to purchase _________________ ordinary shares (“Warrant Shares”)
of INFOBIRD CO., LTD (the “Company”), evidenced by the attached
Representative’s Warrant (the “Representative’s Warrant”). Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Representative’s Warrant. Please issue the Warrant
Shares as to which the Representative’s Warrant is exercised in accordance with the instructions given below and, if applicable,
a new Representative’s Warrant representing the number of Warrant Shares for which the Representative’s Warrant has
not been exercised.

 

1. Form of Exercise
Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________
a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________
a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2. Payment of Exercise
Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued
pursuant hereto, the holder shall pay the aggregate Exercise Price in the sum of $________ to the Company in accordance with the
terms of the Representative’s Warrant.

 

3. Delivery of Warrant
Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Representative’s
Warrant. Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

  

The Warrant Shares shall
be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

Date: _______________ __, ______

 

	Name of Registered Holder	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

    12

     

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print in Block Letters)	 
	 	 	 
	Address:   	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE: The signature to
this form must correspond with the name as written upon the face of the Representative’s Warrant without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having
membership on a registered national securities exchange.

 

 

 

    13

     

    

 

FORM OF ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned registered owner of this Representative’s Warrant to which this form is attached, hereby
sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned to purchase ordinary shares, par
value $0.001 per share, of INFOBIRD CO., LTD (the “Company”), evidenced
by this Representative’s Warrant, with respect to the number of ordinary shares set forth below.

 

	Name of Assignee	 	Address and Phone Number	 	No. of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

The undersigned also represents that, by assignment
hereof, the Assignee acknowledges that this Representative’s Warrant and the ordinary shares to be issued upon exercise hereof
or conversion thereof are being acquired for investment and that the Assignee will not offer, sell or otherwise dispose of this
Representative’s Warrant or any ordinary shares to be issued upon exercise hereof or conversion thereof except under circumstances
which will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. Further, the Assignee
has acknowledged that upon exercise of this Representative’s Warrant, the Assignee shall, if requested by the Company, confirm
in writing, in a form satisfactory to the Company, that the ordinary shares so purchased are being acquired for investment and
not with a view toward distribution or resale.

 

	 
	Signature of Holder
	 
	Date

 

The undersigned assignee agrees to be bound
by all of the terms and conditions of this Representative’s Warrant.

 

	 
	Signature of Assignee
	 
	Date

 

 

    14

    

 

e.EXHIBIT 10.1

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”)
is dated as of January 28, 2021, by and among Catabasis Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and each purchaser identified on Annex A hereto (each, including its successors and assigns, a “Purchaser”
and collectively, the “Purchasers”).

 

BACKGROUND:

 

A.            The
Company and each Purchaser is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act (as defined below), and Rule 506 of Regulation D (“Regulation
D”) as promulgated by the United States Securities and Exchange Commission (the “Commission”) under
the Securities Act.

 

B.            The
Purchasers, severally and not jointly, wish to purchase, and the Company wishes to issue and sell, upon the terms and conditions
stated in this Agreement, an aggregate of 35,573 shares (the “Shares”) of Series X Convertible Preferred
Stock, par value $0.001 per share (the “Series X Preferred Stock”), of the Company, having the designation,
preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and
conditions as specified in the Certificate of Designation, substantially in the form attached hereto as Exhibit A (the
 “Certificate of Designation”), which will be convertible into shares (the “Conversion Shares”)
of the Company’s common stock, par value $0.001 per share (“Common Stock”), in accordance with the terms
set forth in the Certificate of Designation.

 

C.            Pursuant
to the terms and conditions of the Certificate of Designation, the conversion of the Series X Preferred Stock shall
be subject to receipt of the Requisite Stockholder Approval (as defined therein).

 

D.            The
Company has engaged Jefferies LLC as its exclusive placement agent (the “Placement Agent”) for the offering
of the Shares on a “best efforts” basis.

 

E.             Prior
to the Closing (as defined below): (i) the parties hereto shall execute and deliver a Registration Rights Agreement, substantially
in the form attached hereto as Exhibit B (the “Registration Rights Agreement”), pursuant
to which, among other things, the Company will agree to provide certain registration rights with respect to the Conversion Shares
under the Securities Act and the rules and regulations promulgated thereunder and applicable state securities laws and (ii) the
Company shall file with the Delaware Secretary of State the Certificate of Designation, duly executed by an officer of the Company.

 

F.             Concurrently
with the execution and delivery of this Agreement, the Company is entering into an Agreement and Plan of Merger by and among the
Company, Cabo Merger Sub I, Inc., Cabo Merger Sub II, LLC, and Quellis Biosciences, Inc. (“Quellis”),
in substantially the form attached hereto as Exhibit D (the “Merger Agreement”), pursuant
to which Quellis will become a wholly-owned subsidiary of the Company by way of merger (the “Merger”).

 

NOW, THEREFORE, IN CONSIDERATION of
the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and each Purchaser, severally and not jointly, hereby agree as follows:

 

     

     

    

 

ARTICLE I

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms shall have
the meanings indicated in this Section 1.1:

 

“Affiliate” means, with
respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls, is controlled
by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities
Act. With respect to a Purchaser, any investment fund or managed account that is managed on a discretionary basis by the same
investment manager as such Purchaser will be deemed to be an Affiliate of such Purchaser.

 

“Board of Directors”
means the board of directors of the Company.

 

“Business Day” means
any day except Saturday, Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions
in the State of New York are authorized or required by law or other governmental action to close; provided, however, for clarification,
commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental
authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the State of
New York are generally are open for use by customers on such day.

 

“Closing Date” means
the Trading Day when all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and
all of the conditions set forth in Sections 2.1, 2.2, 5.1 and 5.2 hereof
are satisfied or waived, as the case may be, or such other date as the parties may agree.

 

“Company Counsel” means
Wilmer Cutler Pickering Hale and Dorr LLP.

 

“Company’s Knowledge”
means with respect to any statement made to the Company’s Knowledge, that the statement is based upon the actual knowledge,
or the knowledge that would have been acquired after reasonable investigation, of the executive officers of the Company having
responsibility for the matter or matters that are the subject of the statement. With respect to any matters relating to intellectual
property, such awareness or reasonable expectation to have knowledge does not require any such individual to conduct or have conducted
or obtain or have obtained any freedom to operate opinions of counsel or any intellectual property rights clearance searches.

 

“Contract” means, with
respect to any Person, any written agreement, contract, subcontract, lease (whether for real or personal property), mortgage,
license, or other legally binding commitment or undertaking of any nature to which such Person is a party or by which such Person
or any of its assets are bound or affected under applicable Law.

 

    2 

     

    

 

“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.

 

“Effect” means any effect,
change, event, circumstance or development.

 

“Effective Date” means
the date on which the initial Registration Statement required by Section 2(a) of the Registration Rights Agreement is
first declared effective by the Commission.

 

“Employee Plan” means
any Employee Plan that the Company or any of its Subsidiaries (i) sponsors, maintains, administers, or contributes to, or
(ii) provides benefits under or through, or (iii) has any obligation to contribute to or provide benefits under or through,
or (iv) with respect to which have any liability, or (v) utilizes to provide benefits to or otherwise cover any current
or former employee, officer, director or other service provider of the Company or any of its Subsidiaries (or their spouses, dependents,
or beneficiaries).

 

“Encumbrance” means
any lien, pledge, hypothecation, charge, mortgage, security interest, lease, exclusive license, option, easement, reservation,
servitude, adverse title, claim, infringement, interference, option, right of first refusal, preemptive right, community property
interest or restriction or encumbrance of any nature (including any restriction on the voting of any security, any restriction
on the transfer of any security or other asset, any restriction on the receipt of any income derived from any asset, any restriction
on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute of ownership of any
asset).

 

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

 

“GAAP” means United
States generally accepted accounting principles.

 

“Governmental Authority”
means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of
any nature, (b) federal, state, local, municipal, foreign, supra-national or other government, (c) governmental or quasi-governmental
authority of any nature (including any governmental division, department, agency, commission, bureau, instrumentality, official,
ministry, fund, foundation, center, organization, unit, body or entity and any court or other tribunal, and for the avoidance
of doubt, any taxing authority) or (d) self-regulatory organization (including Nasdaq).

 

“Law” means any federal,
state, national, supra-national, foreign, local or municipal or other law, statute, constitution, principle of common law, resolution,
ordinance, code, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or
otherwise put into effect by or under the authority of any Governmental Authority (including under the authority of Nasdaq or
the Financial Industry Regulatory Authority).

 

    3 

     

    

 

“Material Adverse Effect”
means any Effect, individually or together with any other Effect, that has had, has, or would reasonably be expected to have a
material adverse effect on the business, financial condition, assets, liabilities or results of operations of the Company or its
subsidiaries, taken as a whole; provided, however, that Effects arising or resulting from the following
shall not be taken into account in determining whether there has been a Material Adverse Effect: (a) the announcement or
disclosure of the sale of the Shares or other transactions contemplated by this Agreement and the Merger Agreement, (b) the
taking of any action, or the failure to take any action, by the Company that is required to comply with the terms of this Agreement
and the Merger Agreement, (c) any natural disaster or epidemics, pandemics (including the COVID-19 virus) or other force
majeure events, or any act or threat of terrorism or war, any armed hostilities or terrorist activities (including any escalation
or general worsening of any of the foregoing) anywhere in the world or any governmental or other response or reaction to any of
the foregoing, (d) any change in GAAP or applicable Law or the interpretation thereof or (e) general economic or political
conditions or conditions generally affecting the industries in which the Company and its subsidiaries operate; except in each
case with respect to clauses (c), (d) and (e), to the extent disproportionately affecting the Company and its subsidiaries,
taken as a whole, relative to other similarly situated companies in the industries in which the Company and its subsidiaries operate.

 

“Nasdaq” means The Nasdaq
Stock Market.

 

“New York Courts” means
the state and federal courts sitting in the City of New York, Borough of Manhattan.

 

“Outside Date” means
the thirtieth day following the date of this Agreement.

 

“Permitted Encumbrances”
means (i) Encumbrances for current taxes and assessments not yet past due or the amount or validity of which is being contested
in good faith by appropriate proceedings, (ii) mechanics’, workmen’s, repairmen’s, warehousemen’s
and carriers’ Encumbrances arising in the ordinary course of business of the Company consistent with past practice, (iii) non-exclusive
licenses of intellectual property rights granted by the Company or any of its Subsidiaries in the ordinary course of business
and that do not (in any case or in the aggregate) materially detract from the value of the intellectual property rights subject
thereto, and (iv) any such matters of record, Encumbrances and other imperfections of title that do not, individually or
in the aggregate, materially impair the continued ownership, use and operation of the assets to which they relate in the business
of the Company as currently conducted.

 

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

 

“Principal Trading Market”
means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of the date of this
Agreement and the Closing Date, shall be the Nasdaq Global Market.

 

    4 

     

    

 

“Proceeding” means an
action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such
as a deposition), whether commenced or threatened.

 

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

 

“Registration Statement”
means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering the resale
by the Purchasers of the Registrable Securities.

 

“Reporting Period” means
the period commencing on the Closing Date and ending with respect to each Purchaser on the earliest of: (i) the date as of
which such Purchaser may sell all of the Shares purchased hereunder (or the corresponding underlying Conversion Shares) under
Rule 144 without volume or manner-of-sale restrictions and without the requirement for the Company to be in compliance
with the current public information requirements under Rule 144(c)(1) (or any successor thereto) promulgated under the
Securities Act; (ii) the second anniversary of the Closing Date, or (iii) the date on which such Purchaser shall have
sold all of the Shares purchased hereunder (or the corresponding underlying Conversion Shares).

 

“Rule 144” means
Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

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

 

“Series X Preferred
Stock” has the meaning set forth in the Recitals, and also includes any other class of securities into which the Series X Preferred
Stock may hereafter be reclassified or changed into.

 

“Short Sales” include,
without limitation, (i) all “short sales” as defined in Rule 200 promulgated under Regulation SHO
under the Exchange Act, whether or not against the box, and all types of direct and indirect stock pledges, forward sale contracts,
options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under
the Exchange Act) and similar arrangements (including on a total return basis), and (ii) sales and other transactions through non-U.S. broker
dealers or non-U.S. regulated brokers (but shall not be deemed to include the location and/or reservation of borrowable
shares of Common Stock).

 

“Subscription Amount”
means, with respect to each Purchaser, the aggregate amount to be paid for the Shares purchased hereunder as indicated on Annex
A opposite such Purchaser’s name, in United States dollars and in immediately available funds.

 

“Subsidiary” means any
subsidiary of the Company, and shall, where applicable, include any subsidiary of the Company formed or acquired after the date
hereof, including, for avoidance of doubt, Quellis.

 

“Trading Day” means
a day on which the Principal Trading Market is open for business.

 

    5 

     

    

 

“Trading Market” means
any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange
(or any successors to any of the foregoing).

 

“Transaction Documents”
means this Agreement, the schedules and exhibits attached hereto, the Registration Rights Agreement and any other documents or
agreements explicitly contemplated hereunder.

 

“Transfer Agent” means
American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company, or any successor transfer agent
for the Company.

 

ARTICLE II

PURCHASE AND SALE

 

2.1           Purchase
and Sale. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company will issue and sell
to each Purchaser, and each Purchaser will purchase, severally and not jointly, the number of Shares set forth opposite the name
of such Purchaser under the heading “Number of Shares Purchased” on Annex A attached hereto at a price of $3,092.53
per Share, for an aggregate purchase price to be paid by all Purchasers of $110,010,569.69 (the “Purchase Price”).

 

2.2           Closing.

 

(a)            Closing.
Upon the satisfaction of the conditions set forth in Article V, the closing of the purchase and sale of the Shares
(the “Closing”) shall take place remotely via exchange of executed documents and funds on the third Business
Day after the date hereof, or at such other time and place as the Company may designate by notice (which notice may be communicated
through the Placement Agent) to the Purchasers.

 

(b)            Payment.
On or prior to the Closing Date, each Purchaser shall deliver to the Company the Subscription Amount via wire transfer of immediately
available funds to an account designated in writing by the Company or by other means approved by the Company on or prior to the
Closing Date. At the Closing, following the receipt by the Company of the entire portion of the Subscription Amount payable by
a Purchaser, the Company shall issue to such Purchaser book entry shares (or certificates if requested by such Purchaser) representing
the number of Shares set forth opposite such Purchaser’s name on Annex A, registered in the name of such Purchaser.

 

2.3            Closing
Deliverables.

 

(a)            On
or prior to the Closing, the Company shall issue, deliver or cause to be delivered to each Purchaser the following (the “Company
Deliverables”):

 

(i)            this
Agreement, duly executed by the Company;

 

(ii)           the
Registration Rights Agreement, duly executed by the Company;

 

    6 

     

    

 

(iii)          evidence
of the issuance of the Shares in the name of the Purchasers by book entry on the stock ledger of the Company (or, if the Shares
are to be represented in certificated form, a certificate representing the Shares in the name of such Purchaser as set forth on
the Stock Certificate Questionnaire included as Exhibit C hereto (the “Stock Certificate”));

 

(iv)          a
legal opinion of Company Counsel, dated as of the Closing Date and in form and substance reasonably satisfactory to the Purchasers,
executed by such counsel and addressed to the Purchasers; and

 

(v)           evidence
of filing of the Certificate of Designations with the Secretary of State of the State of Delaware.

 

(b)            On
or prior to the Closing, each Purchaser shall deliver or cause to be delivered to the Company the following (the “Purchaser
Deliverables”):

 

(i)            this
Agreement, duly executed by such Purchaser;

 

(ii)           the
Registration Rights Agreement, duly executed by such Purchaser;

 

(iii)          its
Subscription Amount, in United States dollars and in immediately available funds, in the amount set forth in the “Subscription
Amount” column opposite each Purchaser’s name in the table set forth on Annex A by wire transfer
to the Company;

 

(iv)          a
fully completed and duly executed Selling Stockholder Questionnaire in the form attached as Exhibit B to
the Registration Rights Agreement; and

 

(v)           a
fully completed and duly executed Stock Certificate Questionnaire in the form attached hereto as Exhibit C if
such Purchaser has requested Stock Certificates.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties of the Company. Except as previously disclosed in the SEC Reports (as defined below), the Company hereby represents
and warrants the following as of the date hereof and the Closing Date (except for the representations and warranties that speak
as of a specific date, which shall be made as of such date) to each of the Purchasers and the Placement Agent:

 

(a)            Due
Organization; Subsidiaries. The Company is a Delaware corporation duly incorporated, validly existing and in good
standing under the Laws of the jurisdiction of its incorporation and has all necessary corporate power and authority: (i) to
conduct its business in the manner in which its business is currently being conducted, (ii) to own or lease and use its property
and assets in the manner in which its property and assets are currently owned or leased and used and (iii) to perform its
obligations under all Contracts by which it is bound. All of the Company’s Subsidiaries are wholly owned by the Company.
Each of the Company and its Subsidiaries is licensed and qualified to do business, and is in good standing (to the extent applicable
in such jurisdiction), under the Laws of all jurisdictions where the nature of its business in the manner in which its business
is currently being conducted requires such licensing or qualification other than in jurisdictions where the failure to be so qualified
individually or in the aggregate would not be reasonably expected to have a Material Adverse Effect.

 

    7 

     

    

 

(b)            Authorization;
Enforcement; Validity. The Company has the requisite corporate power and authority to enter into this Agreement and the other
Transaction Documents and, subject to receipt of the Requisite Stockholder Approval, to consummate the transactions contemplated
hereby or thereby. Subject to the receipt of the Requisite Stockholder Approval, all corporate action on the part of the Company,
its directors and stockholders necessary for the authorization, execution, sale, issuance and delivery of the Shares and the Conversion
Shares contemplated herein has been taken. Each of the Transaction Documents to which the Company is a party have been (or upon
delivery will have been) duly executed and delivered by the Company and is, or when delivered in accordance with the terms hereof
or thereof, will constitute the legal, valid and binding obligation of the Company enforceable against the Company in accordance
with its respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, examinership, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general application, (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

 

(c)            No
Conflicts. The execution, delivery and performance by the Company of the Transaction Documents to which it is a party and
the issuance, sale and delivery of the Shares to be sold by the Company under the Transaction Documents (including, subject to
the Company obtaining Requisite Stockholder Approval, the issuance of Conversion Shares upon the conversion of the Shares), the
performance by the Company of its obligations under this Agreement and the other Transaction Documents and the consummation of
the transactions contemplated hereby or thereby (including without limitation, the issuance of the Shares and the reservation
for issuance of the Conversion Shares) do not and will not conflict with, result in the breach or violation of, or constitute
(with or without the giving of notice or the passage of time or both) a violation of, or default under, (i) any bond, debenture,
note or other evidence of indebtedness, or under any lease, license, franchise, permit, indenture, mortgage, deed of trust, loan
agreement, joint venture or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which
it or its properties may be bound or affected, (ii) the Company’s restated certificate of incorporation, as amended
and as in effect on the date hereof (the “Certificate of Incorporation”), the Company’s bylaws, as amended
and as in effect on the date hereof (the “Bylaws”), or the equivalent document with respect to any of the Company’s
Subsidiaries, as amended and as in effect on the date hereof, or (iii) subject to the Requisite Stockholder Approval, any
statute or law, judgment, decree, rule, regulation, ordinance or order of any court or governmental or regulatory body (including
Nasdaq), Governmental Authority applicable to the Company, any of its Subsidiaries or their respective properties, except in the
case of clauses (i) and (iii) for such conflicts, breaches, violations or defaults that would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

    8 

     

    

 

(d)            Filings,
Consents and Approvals. Except for any Current Report on Form 8-K, Notice of Exempt Offering of Securities on Form D
to be filed by the Company in connection with the transaction contemplated hereby, any required filing with Nasdaq and the Requisite
Stockholder Approval, the filing of the Certificate of Designation and the Registration Statement required to be filed by the
Registration Rights Agreement, neither the Company nor any of its Subsidiaries is required to give any notice to, or make any
filings with, or obtain any authorization, consent, or approval of any government or governmental agency in order to consummate
the transactions contemplated by the Transaction Documents. Assuming the accuracy of the representations of the Purchasers in Section 3.2,
no consent, approval, authorization or other order of, or registration, qualification or filing with, any Governmental Authority
is required for the execution and delivery of the Transaction Documents, the valid issuance, sale and delivery of the Shares to
be sold pursuant to the Transaction Documents (including, subject to the Company obtaining the Requisite Stockholder Approval,
the issuance of Conversion Shares upon conversion of the Shares) other than such as have been or will be made or obtained, or
for any securities filings required to be made under federal or state securities laws applicable to the offering of the Shares
or the issuance of Conversion Shares upon conversion of the Shares (other than the Requisite Stockholder Approval and filings
that have been made, or will be made, pursuant to the rules and regulations of Nasdaq). The Company and its Subsidiaries
are unaware of any facts or circumstances that might prevent the Company from obtaining or effecting any of the registration,
application or filings pursuant to this Section 3.1(d).

 

(e)            Issuance
of the Shares. The issuance of the Shares has been duly authorized and the Shares, when issued and paid for in accordance
with the terms of this Agreement, will be duly and validly issued, fully paid and nonassessable and free and clear of any Encumbrances,
preemptive rights or restrictions (other than as provided in this Agreement or any restrictions on transfer generally imposed
under applicable securities laws). Subject to receipt of the Requisite Stockholder Approval, the Conversion Shares, when issued
in accordance with the terms of the Certificate of Designation, will be duly authorized, validly issued, fully paid and non-assessable, and
shall be free and clear of any encumbrances, preemptive rights or restrictions (other than as provided in this Agreement or any
restrictions on transfer generally imposed under applicable securities laws). The Company shall have reserved such number of shares
of Common Stock sufficient to enable the full conversion of all of the Shares, subject to receiving the Requisite Stockholder
Approval.

 

(f)            Capitalization.

 

(i)            As
of January 28, 2021 (the “Capitalization Date”), before giving effect to the Merger and the issuance of
the Shares, the authorized capital stock of the Company consisted of (x) 5,000,000 shares of preferred stock, par value $0.001
per share (the “Preferred Stock”), 91,380 of which were designated as Series X Preferred Stock, none of
which were issued and outstanding and convertible into shares of Common Stock, and (y) 150,000,000 shares of Common Stock,
20,084,337 shares of which were issued and outstanding. The Preferred Stock and the Common Stock are collectively referred to
herein as the “Capital Stock.” All of the issued and outstanding shares of Capital Stock have been duly authorized
and validly issued, and are fully paid and nonassessable and are free of any Encumbrances. As of the Capitalization Date, before
giving effect to the Merger, the Company has 1,332,726 shares of Common Stock reserved for issuance upon the exercise of outstanding
options and 6,193,749 shares of Common Stock reserved for issuance upon the exercise of outstanding warrants.

 

    9 

     

    

 

(ii)           Schedule
3.1(f) sets forth the pro forma capitalization of the Company (on a treasury stock method basis) immediately following
the Merger and assuming the issuance of all Shares offered hereby.

 

(iii)          None
of the outstanding shares of Capital Stock or outstanding options or warrants to purchase Capital Stock of the Company were issued
in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities
of the Company. Except as otherwise set forth in this Agreement or in the Merger Agreement, as of the date hereof there are no
outstanding options, warrants, rights (including conversion or preemptive rights), agreements, arrangements or commitments of
any character, whether or not contingent, relating to the issued or unissued Capital Stock of the Company or obligating the Company
to issue or sell any share of Capital Stock of, or other equity interest in, the Company. Neither the issuance and sale of the
Shares nor the issuance of the Conversion Shares will obligate the Company to issue shares of Common Stock or other securities
to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities.

 

(iv)          Effective
as of the consummation of the Merger, Quellis will be a wholly-owned subsidiary of the Company.

 

(g)            SEC
Reports; Disclosure Materials. The Company has filed or furnished, as applicable, on a timely basis all forms, statements,
certifications, reports and documents required to be filed or furnished by it with the Commission under the Exchange Act or the
Securities Act since January 1, 2020 (the “SEC Reports”). As of the time it was filed with the Commission
(or, if amended or superseded by a filing prior to the date of this Agreement, then on the date of such filing), each of the SEC
Reports complied in all material respects with the applicable requirements of the Securities Act or the Exchange Act (as the case
may be) and as of the time they were filed, none of the SEC Reports contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

(h)            Financial
Statements. As of their respective filing dates, the financial statements (including any related notes) contained or incorporated
by reference in the SEC Reports (i) complied as to form in all material respects with the Securities Act and the Exchange
Act, as applicable, (ii) were prepared in accordance with GAAP (except as may be indicated in the notes to such financial
statements or, in the case of unaudited financial statements, as permitted by Form 10-Q of the Commission, and except
that the unaudited financial statements may not contain footnotes and are subject to normal and recurring year-end adjustments
that are not reasonably expected to be material in amount) applied on a consistent basis unless otherwise noted therein throughout
the periods indicated and (iii) fairly present, in all material respects, the consolidated financial position of the Company
as of the respective dates thereof and the results of operations and cash flows of the Company for the periods covered thereby.
Other than as expressly disclosed in the SEC Reports filed prior to the date hereof, there has been no material change in the
Company’s accounting methods or principles that would be required to be disclosed in the Company’s financial statements
in accordance with GAAP. Except as set forth in the consolidated financial statements of the Company included in the SEC Reports
filed prior to the date hereof, the Company has not incurred any liabilities, contingent or otherwise, except those incurred in
the ordinary course of business, consistent (as to amount and nature) with past practices since the date of such financial statements,
none of which, individually or in the aggregate, have had or would reasonably be expected to have a Material Adverse Effect. The
books of account and other financial records of the Company and each of its Subsidiaries are true and complete in all material
respects.

 

    10 

     

    

 

(i)             Independent
Accountants. Ernst & Young LLP, who have certified certain financial statements of the Company and delivered their
report with respect to the audited financial statements included in the SEC Reports, has at all times since September 2010,
the date of their engagement by the Company, been (i) a registered public accounting firm (as defined in Section 2(a)(12)
of the Sarbanes-Oxley Act), (ii) to the Company’s Knowledge, “independent” with respect to the Company
within the meaning of Regulation S-X under the Exchange Act and (iii) to the Company’s Knowledge, in compliance
with subsections (g) through (l) of Section 10A of the Exchange Act and the rules and regulations promulgated
by the Commission and the Public Accounting Oversight Board thereunder.

 

(j)             Absence
of Certain Changes. Since September 30, 2020, except as set forth in the SEC Reports and the consummation of the transactions
contemplated by the Merger Agreement and this Agreement, there has been no material adverse change to, and no material adverse
development in, the business, properties, operations, condition (financial or otherwise), results of operations or prospects of
the Company or its Subsidiaries. Except in connection with the execution of the Merger Agreement and the consummation of the transactions
contemplated thereby, since September 30, 2020, neither the Company nor any of its Subsidiaries has (i) declared or
paid any dividends, (ii) sold any material assets, individually or in the aggregate, outside of the ordinary course of business
or (iii) had material capital expenditures, individually or in the aggregate, outside of the ordinary course of business.
Neither the Company nor any of its Subsidiaries has taken any steps to seek protection pursuant to any bankruptcy law nor does
the Company have any knowledge or reason to believe that its creditors intend to initiate involuntary bankruptcy proceedings or
any actual knowledge of any fact that would reasonably lead any such creditor to do so. The Company and its Subsidiaries, individually
and on a consolidated basis, after giving effect to the transactions contemplated hereby to occur at the Closing, will not be
Insolvent (as defined below). For purposes of this Section 3.1(j), “Insolvent” means, with
respect to any Person, (i) the present fair saleable value of such Person’s assets is less than the amount required
to pay such Person’s total indebtedness, (ii) such Person is unable to pay its debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured, (iii) such Person intends to incur or
believes that it will incur debts that would be beyond its ability to pay as such debts mature or (iv) such Person has unreasonably
small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be
conducted.

 

(k)            Litigation.
There is no action, suit, proceeding or investigation pending or, to the Company’s Knowledge, currently threatened in writing
against the Company or any of its directors and officers that questions the validity of the Transaction Documents or the right
of the Company to enter into the Transaction Documents or to consummate the transactions contemplated hereby. There is no material
action, suit, proceeding or investigation pending or, to the Company’s Knowledge, currently threatened in writing against
the Company or any Subsidiary or any of their respective directors and officers.

 

    11 

     

    

 

(l)             Conduct
of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of any term of or in default
under its Certificate of Incorporation, any certificate of designations of any outstanding series of preferred stock of the Company
or the Bylaws or their organizational charter or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in violation
of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to the Company or its Subsidiaries,
and neither the Company nor any of its Subsidiaries will conduct its business in violation of any of the foregoing, except for
possible violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Without limiting the generality of the foregoing, except as disclosed in the SEC Reports, the Company is not in violation of any
of the rules, regulations or requirements of Nasdaq and has no knowledge of any facts or circumstances that would reasonably lead
to delisting or suspension of the Common Stock by Nasdaq in the foreseeable future. The Company and its Subsidiaries possess all
certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective
businesses as currently conducted, except where the failure to possess such certificates, authorizations or permits would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and neither the Company nor any such
Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit.

 

(m)           Title
to Assets. Each of the Company and its Subsidiaries owns, and has good and marketable title to, or, in the case of leased
properties and assets, valid leasehold interests in, all tangible properties or tangible assets and equipment used or held for
use in its business or operations or purported to be owned by it, including: (i) all tangible assets reflected on the financial
statements (including the related notes and schedules thereto) included (or incorporated by reference) in the SEC Reports and
(ii) all other tangible assets reflected in the books and records of the Company as being owned by the Company. All of such
assets are owned or, in the case of leased assets, leased by the Company or any of its Subsidiaries free and clear of any Encumbrances,
other than Permitted Encumbrances.

 

(n)            Insurance.
Each of the Company and its Subsidiaries are insured by recognized, financially sound and reputable institutions with policies
in such amounts and with such deductibles and covering such risks as are generally deemed reasonable, adequate and customary for
their businesses including, but not limited to, policies covering real and personal property owned or leased by the Company and
its Subsidiaries against theft, damage, destruction, acts of vandalism and earthquakes and policies covering the Company and its
subsidiaries for product liability claims and clinical trial liability claims. The Company has no reason to believe that it or
any of its Subsidiaries will not be able to (i) renew its existing insurance coverage as and when such policies expire or
(ii) obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now
conducted and at a cost that could not be expected to result in a Material Adverse Effect. Neither the Company nor any of its
Subsidiaries has been denied any insurance coverage which it has sought or for which it has applied.

 

    12 

     

    

 

(o)            Transactions
with Affiliates and Employees. Except as set forth in the SEC Reports, since the date of the Company’s last proxy statement
filed in 2020 with the SEC, no event has occurred that would be required to be reported by the Company pursuant to Item 404 of
Regulation S-K promulgated by the SEC.

 

(p)            Internal
Controls. The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and
15d-15 under the 1934 Act), which (i) are designed to ensure that material information relating to the Company, including
its subsidiaries, is made known to the Company’s principal executive officer and its principal financial officer by others
within those entities; (ii) have been evaluated by management of the Company for effectiveness as of the end of the Company’s
most recent fiscal quarter; and (iii) are effective in all material respects to perform the functions for which they were
established. Since the end of the Company’s most recent audited fiscal year, there have been no material weaknesses in the
Company’s internal control over financial reporting (whether or not remediated) and no change in the Company’s internal
control over financial reporting that has materially affected, or would reasonably be expected to materially affect, the Company’s
internal control over financial reporting. The Company is not aware of any change in its internal controls over financial reporting
that has occurred during its most recent fiscal quarter that has materially affected, or would reasonably be expected to materially
affect, the Company’s internal control over financial reporting.

 

(q)            Sarbanes-Oxley.
The Company is in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the
rules and regulations promulgated thereunder.

 

(r)             No
Registration. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2 of
this Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the
Purchasers as contemplated hereby.

 

(s)            Certain
Fees. No person or entity will have, as a result of the transactions contemplated by this Agreement, any valid right, interest
or claim against or upon the Company or a Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of the Company, other than the Placement Agent with respect to the offer and sale
of the Shares (which placement agent fees are being paid by the Company). The Purchasers shall have no obligation with respect
to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section 3.1(s) that
may be due in connection with the transactions contemplated by the Transaction Documents. The Company shall indemnify, pay, and
hold each Purchaser harmless against, any liability, loss or expense (including, without limitation, attorneys’ fees and out-of-pocket expenses)
arising in connection with any such right, interest or claim.

 

    13 

     

    

 

 

(t)           Company
Not an “Investment Company.” The Company is not, and will not be, immediately after receipt of payment for
the Shares, required to register as an “investment company” under the Investment Company Act of 1940, as amended.

 

(u)           Registration
Rights. Other than each of the Purchasers or as set forth in the SEC Reports, no Person has any right to cause the Company
to effect the registration under the Securities Act of any securities of the Company other than those securities which are currently
registered on an effective registration statement on file with the Commission.

 

(v)           Listing
and Maintenance Requirements. The Company’s Common Stock is registered pursuant to Section 12(b) or 12(g) of
the Exchange Act, and the Company has taken no action designed to terminate the registration of the Common Stock under the Exchange
Act, nor has the Company received any notification that the Commission is contemplating terminating such registration or listing.
The Company is in compliance with all applicable listing requirements of the Principal Trading Market.

 

(w)          Disclosure.
The Company confirms that it has not provided, and to the Company’s Knowledge, none of its officers or directors nor any
other Person acting on its or their behalf has provided, and it has not authorized the Placement Agent to provide, any Purchaser
or its respective agents or counsel with any information that it believes constitutes material, non-public information
except insofar as the existence, provisions and terms of the Transaction Documents and the proposed transactions hereunder may
constitute such information, all of which will be disclosed by the Company in the Press Release as contemplated by Section 4.4 hereof.
The Company understands and confirms that the Purchasers will rely on the foregoing representations in effecting transactions
in securities of the Company.

 

(x)           No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
and except with respect to the Capital Stock to be issued pursuant to the Merger Agreement, none of the Company, its Subsidiaries
nor, to the Company’s Knowledge, any of its Affiliates or any Person acting on its behalf has, directly or indirectly, at
any time within the past six months, made any offers or sales of any Company security or solicited any offers to buy any security
under circumstances that would (i) eliminate the availability of the exemption from registration under Regulation D under
the Securities Act in connection with the offer and sale by the Company of the Shares as contemplated hereby or (ii) cause
the offering of the Shares pursuant to the Transaction Documents to be integrated with prior offerings by the Company for purposes
of any applicable law, regulation or stockholder approval provisions, including, without limitation, under the rules and
regulations of any Trading Market on which any of the securities of the Company are listed or designated.

 

(y)            Tax
Matters. Each of the Company and each of its Subsidiaries has timely filed all income tax returns and all other material tax
returns that were required to be filed by or with respect to it under applicable Law (taking into account any applicable extensions
thereof). All such tax returns were correct and complete in all material respects and have been prepared in material compliance
with all applicable Law. Subject to exceptions as would not be material, no claim has ever been made by a Governmental Authority
in a jurisdiction where the Company or any of its Subsidiaries does not file tax returns that the Company or any of its Subsidiaries
is subject to taxation by that jurisdiction. All material amounts of taxes due and owing by the Company and each of its Subsidiaries
(whether or not shown on any tax return) have been timely paid. Since the date of the most recent financial statements (including
the related notes and schedules thereto) included (or incorporated by reference) in the SEC Reports, neither the Company nor any
of its Subsidiaries has incurred any material liability for taxes outside the ordinary course of business consistent with past
practice.

 

    14 

     

    

 

(z)           No
General Solicitation. Neither the Company nor, to the Company’s Knowledge, any person acting on behalf of the Company
has offered or sold any of the Shares by any form of general solicitation or general advertising.

 

(aa)         Anti-Corruption
and Anti-Bribery Laws. Neither the Company nor any of its Subsidiaries nor any director, officer, or employee of the Company
or any of its Subsidiaries, nor to the Company’s Knowledge, any agent, Affiliate or other person acting on behalf of the
Company or any of its subsidiaries has, in the course of its actions for, or on behalf of, the Company or any of its subsidiaries
(i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political
activity; (ii) made or taken any act in furtherance of an offer, promise, or authorization of any direct or indirect unlawful
payment or benefit to any non-U.S. or domestic government official or employee, including of any government-owned or
controlled entity or public international organization, or any political party, party official, or candidate for political office;
(iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”),
the UK Bribery Act 2010, or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, authorized,
requested, or taken an act in furtherance of any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful
payment or benefit. The Company and its Subsidiaries and, to the Company’s Knowledge, the Company’s Affiliates have
conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed
to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

 

(bb)         Money
Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the USA Patriot Act, the Bank Secrecy Act of 1970, as amended,
the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”); and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
or non-governmental authority involving the Company or its subsidiaries with respect to the Money Laundering Laws is
pending or, to the Company’s Knowledge, threatened.

 

(cc)          OFAC.
Neither the Company nor its subsidiaries nor any of their respective affiliates, directors, officers, nor to the Company’s
Knowledge, any agent or employee of the Company or its subsidiaries is subject to any sanctions administered or enforced by the
Office of Foreign Assets Control (“OFAC”) of the United States Treasury Department, the U.S. Department of
State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or any other relevant sanctions authority;
and the Company will not directly or indirectly use the proceeds of the offering of the Shares contemplated hereby, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity for the purpose of
financing the activities of any person that is the target of sanctions administered or enforced by such authorities or in connection
with any country or territory that is the target of country- or territory-wide OFAC sanctions (currently, Iran, Syria, Cuba,
North Korea, and the Crimea Region of Ukraine).

 

    15 

     

    

 

(dd)         Off
Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company (or any Subsidiary)
and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in SEC Reports and is
not so disclosed and would have or reasonably be expected to result in a Material Adverse Effect.

 

(ee)         Acknowledgment
Regarding Purchaser’s Purchase of Securities. The Company acknowledges and agrees that each Purchaser is acting solely
in the capacity of an arm’s length purchaser with respect to this Agreement and the other Transaction Documents and the
transactions contemplated hereby and thereby, and that the obligations of each Purchaser under this Agreement and the other Transaction
Documents are several and not joint. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary
of the Company or any of its Subsidiaries (or in any similar capacity) with respect to this Agreement and the other Transaction
Documents and the transactions contemplated hereby and thereby, and any advice given by a Purchaser or any of its representatives
or agents in connection with this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby
is merely incidental to such Purchaser’s purchase of the Shares. The Company further represents to each Purchaser that the
Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation by the Company
and its representatives.

 

(ff)           No
Price Stabilization or Manipulation; Compliance with Regulation M. Neither the Company nor any of its Subsidiaries has taken,
directly or indirectly, any action designed to or that might cause or result in stabilization or manipulation of the price of
the any security of the Company to facilitate the sale or resale of the Shares or otherwise, and has taken no action which would
directly or indirectly violate Regulation M under the Exchange Act.

 

(gg)         Clinical
Data and Regulatory Compliance. The preclinical tests and clinical trials, and other studies (collectively, “studies”)
that are described in, or the results of which are referred to in, the SEC Reports were conducted in all material respects in
accordance with the protocols, procedures and controls designed and approved for such studies and with standard medical and scientific
research procedures; each description of the results of such studies is accurate and complete in all material respects and fairly
presents the data derived from such studies; the Company and its Subsidiaries have made all such filings and obtained all such
approvals as may be required by the Food and Drug Administration of the U.S. Department of Health and Human Services or any committee
thereof or from any other U.S. or non-U.S. government or drug or medical device regulatory agency, or health care facility
Institutional Review Board (collectively, the “Regulatory Agencies”); neither the Company nor any of its Subsidiaries
has received any notice of, or correspondence from, any Regulatory Agency requiring the termination, suspension or modification
of any clinical trials that are described or referred to in the SEC Reports; and the Company and its Subsidiaries have each operated
and currently are in compliance in all material respects with all applicable rules, regulations and policies of the Regulatory
Agencies.

 

    16 

     

    

 

(hh)         No
Additional Agreements. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions
contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 

(ii)           No
Disqualification Events. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of
the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s Knowledge,
any Covered Person (as defined below), except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3),
is applicable. “Covered Person” means, with respect to the Company as an “issuer” for purposes
of Rule 506 promulgated under the Securities Act, any person listed in the first paragraph of Rule 506(d)(1). Other
than the Placement Agent, the Company is not aware of any Person (other than any Covered Person) that has been or will be paid
(directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of the Shares pursuant to this
Agreement.

 

(jj)           Shell
Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i)(1) of
the Securities Act.

 

3.2          Representations
and Warranties of the Purchasers. Each Purchaser hereby, for itself and for no other Purchaser, represents and warrants as
of the date hereof and as of the Closing Date to each of the Company and the Placement Agent as follows:

 

(a)           Organization;
Authority. Such Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite corporate or partnership power and authority to enter into and to consummate the transactions
contemplated by the applicable Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement by such Purchaser and performance by such Purchaser of the transactions contemplated
by this Agreement have been duly authorized by all necessary corporate or, if such Purchaser is not a corporation, such partnership,
limited liability company or other applicable like action, on the part of such Purchaser. Each Transaction Document to which it
is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof,
will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable
principles of general application.

 

(b)           No
Conflicts. The execution, delivery and performance by such Purchaser of this Agreement and the Registration Rights Agreement
and the consummation by such Purchaser of the transactions contemplated hereby and thereby will not (i) result in a violation
of the organizational documents of such Purchaser or (ii) result in a violation of any law, rule, regulation, order, judgment
or decree (including U.S. federal and state securities laws) applicable to such Purchaser, except in the case of clause (ii) 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 Purchaser to perform its obligations hereunder.

 

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(c)           Investment
Intent.

 

(i)          Such
Purchaser understands that the Shares and the Conversion Shares (collectively, the “Securities”) are “restricted
securities” and have not been registered under the Securities Act or any applicable U.S. state securities law and is acquiring
the Securities as principal for its own account and not with a view to, or for distributing or reselling such Securities or any
part thereof in violation of the Securities Act or any applicable U.S. state or other securities laws, provided, however,
that by making the representations herein, such Purchaser does not agree to hold any of the Securities for any minimum period
of time and reserves the right, subject to the provisions of this Agreement and the Registration Rights Agreement, at all times
to sell or otherwise dispose of all or any part of such Securities pursuant to an effective registration statement under the Securities
Act or under an exemption from such registration and in compliance with applicable U.S. federal, state and other securities laws.
Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

(ii)          Such
Purchaser does not presently have any agreement, plan or understanding, directly or indirectly, with any Person to distribute
or effect any distribution of any of the Securities (or any securities which are derivatives thereof) to or through any person
or entity; such Purchaser is not a registered broker-dealer under Section 15 of the Exchange Act or an entity engaged in
a business that would require it to be so registered as a broker-dealer.

 

(d)           Purchaser
Status. At the time such Purchaser was offered the Shares, it was, and at the date hereof it is, and at the Closing will be,
an “accredited investor” as defined in Rule 501(a) under the Securities Act.

 

(e)           General
Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication
regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or any other general advertisement.

 

(f)            Purchaser
Sophistication. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment. Such Purchaser
further acknowledges that there is no trading market for the Shares and that the Company’s ability to issue the Conversion
Shares is subject to receipt of Requisite Stockholder Approval.

 

(g)           Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the SEC Reports and has been afforded
(i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of
the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares;
(ii) access to information about the Company and the Subsidiaries and their respective financial condition, results of operations,
business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity
to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is
necessary to make an informed investment decision with respect to the investment. Neither such inquiries nor any other investigation
conducted by or on behalf of such Purchaser or its representatives or counsel shall modify, amend or affect such Purchaser’s
right to rely on the truth, accuracy and completeness of the SEC Reports and the Company’s representations and warranties
contained in the Transaction Documents.

 

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(h)           Certain
Trading Activities. Other than with respect to the transactions contemplated herein, since the time that such Purchaser was
first contacted by the Company, a Placement Agent or any other Person regarding the transactions contemplated hereby, neither
the Purchaser nor any Affiliate of such Purchaser which (x) had knowledge of the transactions contemplated hereby, (y) has
or shares discretion relating to such Purchaser’s investments or trading or information concerning such Purchaser’s
investments, including in respect of the Shares, and (z) is subject to such Purchaser’s review or input concerning
such Affiliate’s investments or trading (collectively, “Trading Affiliates”) has directly or indirectly,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser or Trading Affiliate, effected or
agreed to effect any purchases or sales of the securities of the Company (including, without limitation, any Short Sales involving
the Company’s securities). Notwithstanding the foregoing, in the case of a Purchaser and/or Trading Affiliate that is, individually
or collectively, a multi-managed investment bank or vehicle whereby separate portfolio managers manage separate portions of such
Purchaser’s or Trading Affiliate’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s or Trading Affiliate’s assets, the representation
set forth above shall apply only with respect to the portion of assets managed by the portfolio manager that have knowledge about
the financing transaction contemplated by this Agreement. Other than to other Persons party to this Agreement, and to such Purchaser’s
representatives or agents, including, but not limited to, such Purchaser’s legal, tax and investment advisors, such Purchaser
has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute
a representation or warranty, or preclude any actions, with respect to the identification of the availability of, or securing
of, available shares to borrow in order to effect Short Sales or similar transactions in the future.

 

(i)             Brokers
and Finders. Other than the Placement Agent, no Person will have, as a result of the transactions contemplated by this Agreement,
any valid right, interest or claim against or upon the Company or any Purchaser for any commission, fee or other compensation
pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Purchaser. No Purchaser 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 3.2(i) that may be due in connection with the transactions
contemplated by this Agreement or the Transaction Documents.

 

(j)             Independent
Investment Decision. Such Purchaser has independently evaluated the merits of its decision to purchase Securities pursuant
to the Transaction Documents, and such Purchaser confirms that it has not relied on the advice of any other Purchaser’s
business and/or legal counsel in making such decision. Such Purchaser understands that nothing in this Agreement or any other
materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Shares constitutes
legal, tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion,
has deemed necessary or appropriate in connection with its purchase of the Shares. Such Purchaser understands that the Placement
Agent has acted solely as the agent of the Company in this placement of the Shares and such Purchaser has not relied on the business
or legal advice of the Placement Agent or any of their agents, counsel or Affiliates in making its investment decision hereunder,
and confirms that none of such Persons has made any representations or warranties to such Purchaser in connection with the transactions
contemplated by the Transaction Documents.

 

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(k)           Reliance
on Exemptions. Such Purchaser understands that the Shares being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part
upon the truth and accuracy of, and such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgements
and understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility
of such Purchaser to acquire the Shares.

 

(l)             No
Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment
in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

(m)           Regulation
M. Such Purchaser is aware that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales
of Securities and other activities with respect to the Shares by the Purchasers.

 

(n)            Beneficial
Ownership. The purchase by such Purchaser of the Shares issuable to it at the Closing will not result in such Purchaser (individually
or together with any other Person with whom such Purchaser has identified, or will have identified, itself as part of a “group”
in a public filing made with the Commission involving the Company’s securities) acquiring, or obtaining the right to acquire,
beneficial ownership in excess of 19.99% of the outstanding shares of Common Stock or the voting power of the Company on a post
transaction basis that assumes that such Closing shall have occurred. Such Purchaser does not presently intend to, alone or together
with others, make a public filing with the Commission to disclose that it has (or that it together with such other Persons have)
acquired, or obtained the right to acquire, as a result of such Closing (when added to any other securities of the Company that
it or they then own or have the right to acquire), beneficial ownership in excess of 19.99% of the outstanding shares of Common
Stock or the voting power of the Company on a post transaction basis that assumes that each Closing shall have occurred.

 

(o)            Residency.
Such Purchaser’s residence (if an individual) or offices in which its investment decision with respect to the Shares was
made (if an entity) are located at the address immediately below such Purchaser’s name on its signature page hereto.

 

The Company and each of the Purchasers
acknowledge and agree that no party to this Agreement has made or makes any representations or warranties with respect to the
transactions contemplated hereby other than those specifically set forth in this Article III and the Transaction
Documents.

 

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ARTICLE IV

OTHER AGREEMENTS OF THE PARTIES

 

4.1          Transfer
Restrictions.

 

(a)          Compliance
with Laws. Notwithstanding any other provision of this Article IV, each Purchaser covenants that the Shares
and Conversion Shares may be disposed of only pursuant to an effective registration statement under, and in compliance with the
requirements of, the Securities Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, and in compliance with any applicable U.S. state and federal securities laws. In connection
with any transfer of the Shares other than (i) pursuant to an effective registration statement, (ii) to the Company,
(iii) pursuant to Rule 144 (provided that the Purchaser provides the Company with reasonable assurances
(in the form of seller and, if applicable, broker representation letters) that the securities may be sold pursuant to such rule)
or (iv) in connection with a bona fide pledge as contemplated in Section 4.1(b), the Company may require
the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to
the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any
such transferee shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and shall
have the rights of a Purchaser under this Agreement and the Registration Rights Agreement with respect to such transferred Securities.

 

(b)           Legends.
Certificates and book-entry statements evidencing the Shares and any Conversion Shares shall bear, any legend as required by the
 “blue sky” laws of any state and a restrictive legend in substantially the following form:

 

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER APPLICABLE SECURITIES LAWS, OR UNLESS
OFFERED, SOLD, PLEDGED, HYPOTHECATED OR TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE
LAWS. THE COMPANY AND ITS TRANSFER AGENT SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND THE
TRANSFER AGENT THAT SUCH REGISTRATION IS NOT REQUIRED.

 

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The Company acknowledges and agrees that a Purchaser may from
time to time pledge, and/or grant a security interest in, some or all of the legended Securities in connection with applicable
securities laws, pursuant to a bona fide margin agreement in compliance with a bona fide margin loan. Such a pledge would not
be subject to approval or consent of the Company and no legal opinion of legal counsel to the pledgee, secured party or pledgor
shall be required in connection with the pledge, but such legal opinion shall be required in connection with a subsequent transfer
or foreclosure following default by the Purchaser transferee of the pledge. No notice shall be required of such pledge, but Purchaser’s
transferee shall promptly notify the Company of any such subsequent transfer or foreclosure. Each Purchaser acknowledges that
the Company shall not be responsible for any pledges relating to, or the grant of any security interest in, any of the Shares
or for any agreement, understanding or arrangement between any Purchaser and its pledgee or secured party. At the appropriate
Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of
Securities may reasonably request in connection with a pledge or transfer of the Shares, including the preparation and filing
of any required prospectus supplement under Rule 424(b)(3) of the Securities Act or other applicable provision of the
Securities Act to appropriately amend the list of selling stockholders thereunder. Each Purchaser acknowledges and agrees that,
except as otherwise provided in Section 4.1(c), any Securities subject to a pledge or security interest as contemplated
by this Section 4.1(b) shall continue to bear the legend set forth in this Section 4.1(b) and
be subject to the restrictions on transfer set forth in Section 4.1(a).

 

(c)           Legend
Removal. The Company shall, at its sole expense, upon appropriate notice from any Purchaser stating that Registrable Securities
have been sold pursuant to an effective Registration Statement, timely prepare and deliver certificates representing the Conversion
Shares to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free of any restrictive
legends and in such denominations and registered in such names as such Purchaser may request. Upon request of the Purchaser, and
if such legend is no longer required under the Securities Act and applicable state securities laws, the Company shall promptly
cause the legend to be removed from any certificate for any Conversion Shares in accordance with the terms of this Agreement and
deliver, or cause to be delivered, to any Purchaser new certificate(s) representing the Conversion Shares that are free from
all restrictive and other legends or, at the request of such Purchaser, via DWAC transfer to such Purchaser’s account. A
Purchaser may request that the Company remove, and the Company agrees to authorize the removal of, any legend from such Conversion
Shares, upon the earliest of (x) such time as the Conversion Shares are subject to an effective registration statement covering
the resale of such Conversion Shares and (y) following the delivery by a Purchaser to the Company or the Company’s
transfer agent of a legended certificate representing such Conversion Shares: (i) following any sale of such Conversion Shares
pursuant to Rule 144, (ii) if such Conversion Shares are eligible for sale under Rule 144(b)(1) without the
requirement for the Company to be in compliance with the current public information requirements under Rule 144(c)(1) (or
any successor thereto), or (iii) following the time a legend is no longer required with respect to such Conversion Shares.
Certificates for Conversion Shares free from all restrictive legends may be transmitted by the Company’s transfer agent
to the Purchasers by crediting the account of the Purchaser’s prime broker with the Depository Trust Company (“DTC”)
as directed by such Purchaser. The Company warrants that the Conversion Shares shall otherwise be freely transferable on the books
and records of the Company as and to the extent provided in this Agreement. If a Purchaser effects a transfer of the Conversion
Shares in accordance with this Section 4.1, the Company shall permit the transfer and shall promptly instruct its
transfer agent to issue one or more certificates or credit shares to the applicable balance accounts at DTC in such name and in
such denominations as specified by such Purchaser to effect such transfer. Additionally, if a Purchaser effects a conversion of
the Shares into Conversion Shares at a time when a legend is not required with respect to the Conversion Shares, such Conversion
Shares shall be issued without the restrictive legends set forth in Section 4.1(b). Each Purchaser hereby agrees that
the removal of the restrictive legend pursuant to this Section 4.1(c) is predicated upon the Company’s
reliance that such Purchaser will sell any such Conversion Shares pursuant to either the registration requirements of the Securities
Act, including any applicable prospectus delivery requirements, or an exemption therefrom.

 

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(d)           Acknowledgement.
Each Purchaser hereunder acknowledges its primary responsibilities under the Securities Act and accordingly will not sell or otherwise
transfer the Shares or Conversion Shares or any interest therein without complying with the requirements of the Securities Act.
While the Registration Statement remains effective, each Purchaser hereunder may sell the Conversion Shares in accordance with
the plan of distribution contained in the Registration Statement and if it does so it will comply therewith and with the related
prospectus delivery requirements unless an exemption therefrom is available. Each Purchaser, severally and not jointly with the
other Purchasers, agrees that if it is notified by the Company in writing at any time that the Registration Statement registering
the resale of the Conversion Shares is not effective or that the prospectus included in such Registration Statement is no longer
compliant with the requirements of Section 10 of the Securities Act, the Purchaser will refrain from selling such Conversion
Shares until such time as the Purchaser is notified by the Company that such Registration Statement is effective or such prospectus
is compliant with Section 10 of the Securities Act, unless such Purchaser is able to, and does, sell such Conversion Shares
pursuant to an available exemption from the registration requirements of Section 5 of the Securities Act. Both the Company
and its Transfer Agent, and their respective directors, officers, employees and agents, may rely on this Section 4.1(d) and
each Purchaser hereunder will indemnify and hold harmless each of such persons from any breaches or violations of this Section 4.1(d).

 

4.2          Furnishing
of Information. In order to enable the Purchasers to sell the Securities under Rule 144, during the Reporting Period,
the Company shall use its commercially reasonable efforts to timely file (or obtain extensions in respect thereof and file within
the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act.
During the Reporting Period, if the Company is not required to file reports pursuant to the Exchange Act, it will prepare and
furnish to the Purchasers and make publicly available in accordance with Rule 144(c) such information as is required
for the Purchasers to sell the Shares under Rule 144.

 

4.3           Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that will be integrated with the offer or sale of the Shares in a manner that would require
the registration under the Securities Act of the sale of the Shares to the Purchasers, or that will be integrated with the offer
or sale of the Shares for purposes of the rules and regulations of any Trading Market such that it would require stockholder
approval prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent
transaction; provided, however, that this Section 4.3 shall not limit the Company’s right to issue
shares of Capital Stock pursuant to the Merger Agreement.

 

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4.4          Securities
Laws Disclosure; Publicity. By 9:00 a.m., New York City time, on the Trading Day immediately following the date hereof, the
Company shall issue a press release (the “Press Release”) disclosing all material terms of the transactions
contemplated hereby. On or before 5:30 p.m., New York City time, on the fourth Business Day immediately following the execution
of this Agreement, the Company will file a Current Report on Form 8-K with the Commission describing the terms of the
Transaction Documents (and including as exhibits to such Current Report on Form 8-K the material Transaction Documents
(including, without limitation, this Agreement and the Registration Rights Agreement)). Notwithstanding the foregoing, the Company
shall not publicly disclose the name of any Purchaser or an Affiliate of any Purchaser, or include the name of any Purchaser or
an Affiliate of any Purchaser in any press release or filing with the Commission (other than the Registration Statement) or any
regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (i) as required by U.S.
federal securities law in connection with (A) any Registration Statement contemplated by the Registration Rights Agreement
or (B) the filing of final Transaction Documents (including signature pages to this Agreement) with the Commission and
(ii) to the extent such disclosure is required by law, request of the Commission’s staff or Trading Market regulations,
in which case the Company shall provide the Purchasers with prior written notice of such disclosure permitted under this subclause
(ii). Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions
contemplated by this Agreement are required to be publicly disclosed by the Company as described in this Section 4.4,
such Purchaser will maintain the confidentiality of all disclosures made to it in connection with this transaction (including
the existence and terms of this transaction); provided, however, any disclosure may be made by such Purchaser
to such Purchaser’s representatives or agents, including, but not limited to, such Purchaser’s legal, tax and investment
advisors.

 

4.5           Anti-takeover
Terms. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser
is an “interested stockholder” under Section 203 of the Delaware General Corporation Law or that any Purchaser
could be deemed to trigger the provisions of any poison pill or anti-takeover plan or arrangement, to the extent solely by virtue
of receiving the Shares or the Conversion Shares under the Transaction Documents.

 

4.6           Non-Public Information.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, including
this Agreement, or as expressly required by any applicable securities law, the Company covenants and agrees that neither it, nor
any other Person acting on its behalf, will provide any Purchaser or its agents or counsel with any information regarding the
Company that the Company believes constitutes material non-public information without the express written consent of
such Purchaser, unless prior thereto such Purchaser shall have executed a written agreement regarding the confidentiality and
use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in
effecting transactions in securities of the Company.

 

4.7           Use
of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for working capital and general
corporate purposes.

 

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4.8          Principal
Trading Market Listing. In the time and manner required by the Principal Trading Market, the Company shall prepare and file
with such Principal Trading Market an additional shares listing application covering all of the Shares and Conversion Shares and
shall use its commercially reasonable efforts to take all steps necessary to cause all of the Shares and Conversion Shares to
be approved for listing on the Principal Trading Market as promptly as possible thereafter.

 

4.9           Form D.
The Company agrees to timely file a Form D with respect to the Shares, as required under Regulation D.

 

4.10         Short
Sales After the Date Hereof. Each Purchaser shall not, and shall cause its Trading Affiliates not to, engage, directly or
indirectly, in any transactions in the Company’s securities (including, without limitation, any Short Sales involving the
Company’s securities) during the period from the date hereof until the earlier of such time as (i) the transactions
contemplated by this Agreement are first publicly announced as required by and described in Section 4.4 or
(ii) this Agreement is terminated in full. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company as described in Section 4.4,
such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in
the Transaction Documents; provided, however, any disclosure may be made to such Purchaser’s representatives
or agents, including, but not limited to, such Purchaser’s legal, tax and investment advisors.

 

Notwithstanding the foregoing, no Purchaser
makes any representation, warranty or covenant hereby that it will not engage in Short Sales in the securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced as described in Section 4.4; provided,
however, each Purchaser agrees, severally and not jointly with any Purchasers, that such Purchaser will not enter into any
Net Short Sales (as hereinafter defined) during the Reporting Period.

 

Notwithstanding the foregoing, in the case
of a Purchaser and/or Trading Affiliate that is, individually or collectively, a multi-managed investment bank or vehicle whereby
separate portfolio managers manage separate portions of such Purchaser’s or Trading Affiliate’s assets, this Section 4.10
shall apply only with respect to the portfolio manager that made the investment decision to purchase the Shares covered by
this Agreement.

 

For purposes of this Section 4.10,
a “Net Short Sale” by any Purchaser shall mean a sale of Common Stock by such Purchaser that is marked as a short
sale and that is made at a time when there is no Equivalent Offsetting Long Position in Common Stock (as hereinafter defined)
held by such Purchaser. For purposes of this Section 4.10, an “Equivalent Offsetting Long Position in
Common Stock” means, with respect to a Purchaser, all shares of Common Stock (A) that are owned by such Purchaser
and (B) that would be issuable upon conversion, exchange or exercise of the Shares and any other options or convertible securities
then held by such Purchaser, if any, without giving effect to any limitation on conversion, exchange or exercise set forth therein.
Notwithstanding the foregoing, in the event that a Purchaser has sold Securities pursuant to Rule 144 prior to the Effective
Date of the initial Registration Statement and the Company has failed to deliver certificates without legends prior to the settlement
date for such sale (assuming that such certificates are requested by Purchaser and meet the requirements set forth in Section 4.1(c) for
the removal of legends), the provisions of this Section 4.10 shall not prohibit the Purchaser from entering
into Net Short Sales for the purpose of delivering shares of Common Stock in settlement of such sale.

 

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4.11        Requisite
Stockholder Approval. The Company shall use reasonable best efforts to hold a special meeting of stockholders (a “Stockholder
Meeting”) within 180 days from the Closing (the “Stockholder Meeting Deadline”) for the purpose of
obtaining stockholder approval to allow for the conversion of the issued and outstanding Series X Preferred Stock into
shares of Common Stock in accordance with Nasdaq Marketplace Rule 5635(a) (the “Requisite Stockholder Approval”),
but remaining subject to a beneficial ownership conversion limit not to exceed 19.99% for any given stockholder. The Company shall
use its reasonable best efforts to solicit stockholder approval of such resolution and to cause the Board of Directors to recommend
to the stockholders that they approve such resolution. If the Requisite Stockholder Approval is not obtained on or prior to the
Stockholder Meeting Deadline, the Company shall cause an additional Stockholder Meeting to be held within 90 days from the prior
meeting (the “Extended Stockholder Approval Period”). If the Requisite Stockholder Approval is not obtained
within the Extended Stockholder Approval Period, then the Company shall convene additional stockholder meetings every 90 days
thereafter until the Requisite Stockholder Approval is obtained.

 

4.12         Conversion
and Exercise Procedures. Each of the form of Notice of Conversion included in the Certificate of Designation set forth the
totality of the procedures required of the Purchasers in order to convert the Shares. Without limiting the preceding sentences,
no ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Notice of Conversion form be required in order for the registered holder thereof to convert the Shares.
No additional legal opinion, other information or instructions shall be required of the Purchasers to convert their Securities.
The Company shall honor conversions of the Shares and shall deliver Conversion Shares in accordance with the terms, conditions
and time periods set forth in the Certificate of Designation.

 

ARTICLE V

CONDITIONS PRECEDENT TO CLOSING

 

5.1           Conditions
Precedent to the Obligations of the Purchasers to Purchase Securities. The obligation of each Purchaser to acquire the Shares
at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, on or prior to the Closing Date, of each
of the following conditions, any of which may be waived by such Purchaser (as to itself only):

 

(a)           Representations
and Warranties. The representations and warranties of the Company contained in Section 3.1 shall be true and correct
in all respects as of the date when made and as of the Closing Date, as though made on and as of such date, except for such representations
and warranties that speak as of a specific date, which shall be true and correct in all respects as of such specified date.

 

(b)           Performance.
The Company shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions required
by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the Closing.

 

    26 

     

    

 

(c)           No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or Governmental Authority of competent jurisdiction that prohibits the consummation of any
of the transactions contemplated by the Transaction Documents.

 

(d)           Consents.
The Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations and waivers necessary
for consummation of the purchase and sale of the Shares, all of which shall be and remain so long as necessary in full force and
effect.

 

(e)           Adverse
Changes. Since the date of execution of this Agreement, no event or series of events shall have occurred that has had or would
reasonably be expected to have a Material Adverse Effect.

 

(f)            No
Suspensions of Trading in Common Stock. The Common Stock shall not have been suspended, as of the Closing Date, by the Commission
or the Principal Trading Market from trading on the Principal Trading Market nor shall suspension by the Commission or the Principal
Trading Market have been threatened, as of the Closing Date, either (A) in writing by the Commission or the Principal Trading
Market or (B) by falling below the minimum listing maintenance requirements of the Principal Trading Market.

 

(g)           Company
Deliverables. The Company shall have delivered the Company Deliverables in accordance with Section 2.3(a).

 

(h)           Merger.
The Merger shall have been consummated in accordance with the Merger Agreement.

 

(i)            Termination.
This Agreement shall not have been terminated as to such Purchaser in accordance with Section 6.18 herein.

 

5.2           Conditions
Precedent to the Obligations of the Company. The Company’s obligation to issue the 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
may be waived by the Company:

 

(a)           Representations
and Warranties. The representations and warranties made by each Purchaser in Section 3.2 hereof shall
be true and correct in all respects as of the date when made, and as of the Closing Date as though made on and as of such date,
except for representations and warranties that speak as of a specific date, which shall be true and correct in all respects as
of such specified date.

 

(b)            Performance.
Such Purchaser shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions required
by the Transaction Documents to be performed, satisfied or complied with by such Purchaser at or prior to the Closing Date.

 

(c)            No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or Governmental Authority of competent jurisdiction that prohibits the consummation of any
of the transactions contemplated by the Transaction Documents.

 

    27 

     

    

 

(d)            Purchasers
Deliverables. Such Purchaser shall have delivered its Purchaser Deliverables in accordance with Section 2.3(b).

 

(e)            Merger.
The Merger shall have been consummated in accordance with the Merger Agreement.

 

(f)            Termination.
This Agreement shall not have been terminated as to such Purchaser in accordance with Section 6.18 herein.

 

ARTICLE VI

MISCELLANEOUS

 

6.1            Fees
and Expenses. The Company and the Purchasers shall each pay the fees and expenses of their respective advisers, counsel, accountants
and other experts, if any, and all other expenses incurred by such party in connection with the negotiation, preparation, execution,
delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties
levied in connection with the sale and issuance and sale of the Shares to the Purchasers.

 

6.2            Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of
the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions and representations,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules. At or after the Closing, and without further consideration, the Company and the Purchasers will execute and deliver
to the other such further documents as may be reasonably requested in order to give practical effect to the intention of the parties
under the Transaction Documents.

 

6.3            Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery
if delivered personally, or if by e mail upon written confirmation of receipt by e mail or otherwise, (b) on the first Trading
Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier
or (c) on the earlier of confirmed receipt or the fifth Trading Day following the date of mailing if delivered by registered
or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth
below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

 

	If to the Company:	 	Catabasis Pharmaceuticals, Inc.
	 	 	100 High Street, Floor 28
	 	 	Boston, Massachusetts 02110
	 	 	Attention: General Counsel
	 	 	E-mail: bharshbarger@catabasis.com
	 	 
	With a copy to:	 	Wilmer Cutler Pickering Hale and
    Dorr LLP
	 	 	60 State Street
	 	 	Boston, Massachusetts 02109
	 	 	Attention:
	Rosemary G.
                                         Reilly, Esq.

        Joseph B. Conahan, Esq.

	 	 	E-mail:
	rosemary.reilly@wilmerhale.com

        joseph.conahan@wilmerhale.com

	 	 
	If to a Purchaser:	 	To the address set forth under
    such Purchaser’s name on the signature page hereof

 

or such other address as may be designated in writing hereafter,
in the same manner, by such Person.

 

    28

     

    

 

6.4            Amendments;
Waivers; No Additional Consideration. No provision of this Agreement may be waived, modified, supplemented or amended except
in a written instrument signed, in the case of an amendment, by the Company and the Purchasers of at least a majority in interest
of the Shares still held by Purchasers or, in the case of a waiver, by the party against whom enforcement of any such waiver is
sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to
be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement
hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any
such right. No consideration shall be offered or paid to any Purchaser to amend or consent to a waiver or modification of any
provision of any Transaction Document unless the same consideration is also offered to all Purchasers who then hold the Shares.

 

6.5            Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed
as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provisions of this Agreement or any of the Transaction Documents.

 

6.6            Successors
and Assigns. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties and their successors
and permitted assigns. This Agreement, or any rights or obligations hereunder, may not be assigned by the Company without the
prior written consent of each Purchaser. Any Purchaser may assign its rights hereunder in whole or in part to any Person to whom
such Purchaser assigns or transfers any Shares in compliance with the Transaction Documents and applicable law, provided such
transferee shall agree in writing to be bound, with respect to transferred Shares, by the terms and conditions of this Agreement
that apply to the “Purchasers”.

 

6.7            Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person; provided, however, that
the Placement Agent is an intended third-party beneficiary of the representations and warranties of the Company and of each Purchaser
set forth in Section 3.1 and Section 3.2, respectively, of this Agreement. The parties hereto further agree that the
Placement Agent may rely on or, if the Placement Agent so requests, be specifically named as an addressee of the legal opinions
to be delivered pursuant to this Agreement.

 

    29

     

    

 

6.8            Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles
of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of
the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or
its respective Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of
the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not
personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper or
inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY.

 

6.9            Survival.
Subject to applicable statute of limitations, the representations, warranties, agreements and covenants contained herein shall
survive the Closing and the delivery of the Shares.

 

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

 

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

 

    30

     

    

 

6.12            Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
the Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and
the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind
or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in whole or in part without prejudice to its future actions and rights.

 

6.13            Replacement
of Securities. If any certificate or instrument evidencing any Shares or Conversion Shares is mutilated, lost, stolen or destroyed,
the Company may issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and
substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company
and the Transfer Agent of such loss, theft or destruction and the execution by the holder thereof of a customary lost certificate
affidavit of that fact and an agreement to indemnify and hold harmless the Company and the Transfer Agent for any losses in connection
therewith or, if required by the Transfer Agent, a bond in such form and amount as is required by the Transfer Agent. The applicants
for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs associated with the
issuance of such replacement Shares or Conversion Shares. If a replacement certificate or instrument evidencing any Shares or
Conversion Shares is requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate or
instrument as a condition precedent to any issuance of a replacement.

 

6.14            Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the
foregoing sentence and hereby agree to waive in any action for specific performance of any such obligation (other than in connection
with any action for a temporary restraining order) the defense that a remedy at law would be adequate.

 

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

 

6.16            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.

 

    31

     

    

 

6.17            Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
of the obligations of any other Purchaser under any Transaction Document. The decision of each Purchaser to purchase Shares pursuant
to the Transaction Documents has been made by such Purchaser independently of any other Purchaser and independently of any information,
materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations,
condition (financial or otherwise) or prospects of the Company or any Subsidiary which may have been made or given by any other
Purchaser or by any agent or employee of any other Purchaser, and no Purchaser and any of its agents or employees shall have any
liability to any other Purchaser (or any other Person) relating to or arising from any such information, materials, statement
or opinions. Nothing contained herein or in any Transaction Document, and no action taken by any Purchaser pursuant thereto, shall
be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create
a presumption that the Purchasers 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 Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser
in connection with making its investment hereunder and that no Purchaser will be acting as agent of such Purchaser in connection
with monitoring its investment in the Shares or enforcing its rights under the Transaction Documents. Each Purchaser 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 Purchaser to be joined as an additional
party in any proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review
and negotiation of the Transaction Documents. For reasons of administrative convenience
only, Purchasers and their respective counsels have chosen to communicate with the Company through Cooley LLP, counsel to the
Placement Agent. Each Purchaser acknowledges that Cooley LLP has rendered legal advice to the Placement Agent and not to such
Purchaser in connection with the transactions contemplated hereby, and that each such Purchaser has relied for such matters on
the advice of its own respective counsel. The Company has elected to provide all Purchasers with the same terms and Transaction
Documents for the convenience of the Company and not because it was required or requested to do so by any Purchaser.

 

6.18            Termination.
This Agreement may be terminated and the sale and purchase of the Shares abandoned at any time prior to the Closing by either
the Company or any Purchaser (with respect to itself only) upon written notice to the other, if the Closing has not been consummated
on or prior to 5:00 PM., New York City time, on the Outside Date; provided, however, that the right to terminate this
Agreement under this Section 6.18 shall not be available to any Person whose failure to comply with its
obligations under this Agreement has been the cause of or resulted in the failure of the Closing to occur on or before such time.
Nothing in this Section 6.18 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. In
the event of a termination pursuant to this Section 6.18, the Company shall promptly notify all non-terminating Purchasers.
Upon a termination in accordance with this Section 6.18, the Company and the terminating Purchaser(s) shall
not have any further obligation or liability (including arising from such termination) to the other, and no Purchaser will have
any liability to any other Purchaser under the Transaction Documents as a result therefrom.

 

    32

     

    

 

6.19            Exculpation
of Placement Agent. Each party acknowledges and agrees that it has read the notice attached hereto as Exhibit E
and hereto agrees for the express benefit of the Placement Agent, its affiliates and its representatives that:

 

(a)            Neither
the Placement Agent nor any of its affiliates or representatives (1) has any duties or obligations other than those specifically
set forth in the engagement letter that each Placement Agent has entered into with the Company (each, an “Engagement
Letter”); (2) shall be liable for any improper payment made in accordance with the information provided by the
Company; (3) makes any representation or warranty, or has any responsibilities as to the validity, accuracy, value or genuineness
of any information, certificates or documentation delivered by or on behalf of the Company pursuant to this Agreement or in connection
with any of the transactions contemplated by this Agreement; or (4) shall be liable (x) for any action taken, suffered
or omitted by any of them in good faith and reasonably believed to be authorized or within the discretion or rights or powers
conferred upon it by this Agreement or (y) for anything which any of them may do or refrain from doing in connection with
this Agreement, except for such party’s own gross negligence, willful misconduct or bad faith.

 

(b)            The
Placement Agent, its affiliates and its representatives shall be entitled to (1) rely on, and shall be protected in acting
upon, any certificate, instrument, opinion, notice, letter or any other document or security delivered to any of them by or on
behalf of the Company, and (2) be indemnified by the Company for acting as Placement Agent hereunder pursuant the indemnification
provisions set forth in the Placement Agent’s Engagement Letter.

 

6.20            Waiver
of Potential Conflicts of Interest. Each of the Purchasers and the Company acknowledges that Wilmer Cutler Pickering Hale
and Dorr LLP (“WilmerHale”) may have represented and may currently represent certain of the Purchasers. In
the course of such representation, WilmerHale may have come into possession of confidential information relating to such Purchasers.
Each of the Purchasers and the Company acknowledges that WilmerHale is representing only the Company in this transaction. By executing
this Agreement, each of the Purchasers and the Company hereby waives any actual or potential conflict of interest which has or
may arise as a result of WilmerHale’s representation of such persons and entities, and represents that it has had the opportunity
to consult with independent counsel concerning the giving of this waiver.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    33

     

    

 

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	CATABASIS
    PHARMACEUTICALS, INC.
	 	 
	 	By:
    	/s/
    Jill C. Milne
	 	 	Name:
    Jill C. Milne
	 	 	Title:
      President and Chief Executive Officer

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	Wedbush
    Healthcare Partners 2021 Fund, LLC
	 	 
	 	By:
    	/s/
    Ben Davey
	 	 	Name:
    Ben Davey
	 	 	Title:
      Managing Director, Head of ECM

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	FAIRMOUNT
    HEALTHCARE FUND LP
	 	 
	 	By:
    	/s/
    Tomas Kiselak
	 	 	Name:
    Tomas Kiselak
	 	 	Title:
      Managing Member

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	FAIRMOUNT
    HEALTHCARE FUND II LP
	 	 
	 	By:
    	/s/
    Tomas Kiselak
	 	 	Name:
    Tomas Kiselak
	 	 	Title:
      Managing Member

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	LOGOS
    GLOBAL MASTER FUND LP
	 	By:
    Logos GP LLC
	 	Its
    General Partner
	 	 
	 	By:
    	/s/
    Arsani William
	 	 	Name:
    Arsani William
	 	 	Title:
      Managing Partner

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	RA
    CAPITAL HEALTHCARE FUND, L.P.
	 	By:
    RA Capital Healthcare Fund GP, LLC
	 	Its:
    General Partner
	 	 
	 	By:
    	/s/ Rajeev Shah
	 	 	Name:
    Rajeev Shah
	 	 	Title:
      Manager

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	COMMODORE
    CAPITAL MASTER LP
	 	 
	 	By:
    	/s/
    R. Egen Atkinson, MD
	 	 	Name:
    R. Egen Atkinson, MD
	 	 	Title:
      Authorized Signatory

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	SERRADO
    OPPORTUNITY FUND LLC
	 	 
	 	By:  
    	/s/
    Stewart J. Hen
	 	 	Name:
    Stewart J. Hen
	 	 	Title:
      Managing Member
	[***]	

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Stock
Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	SPHERA
    BIOTECH MASTER FUND, LP
	 	 
	 	By:  	/s/
    Doron Breen
	 	 	Name:
    Doron Breen
	 	 	Title:
      Director of General Partner
	 	 
	 [***]	 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	CITADEL
    MULTI-STRATEGY EQUITIES MASTER FUND LTD.
	 	By:
    Citadel Advisors LLC, its portfolio manager
	 	 
	 	By:  	/s/
    Shellane Mulcahy
	 	 	Name:
    Shellane Mulcahy
	 	 	Title:
      Authorized Signatory
	 	 
	[***]	 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	PERCEPTIVE
    LIFE SCIENCES MASTER FUND, LTD.
	 	 
	 	By:  	/s/
    James Mannix
	 	 	Name:
    James Mannix
	 	 	Title:
      COO
	 	 
	 [***]	 
	 	 
	 	Perceptive
    Xontogeny Venture Fund, LP
	 	 
	 	By:  	/s/
    James Mannix
	 	 	Name:
    James Mannix
	 	 	Title:
      COO
	 	 
	 	By:  	/s/
    Frederick Callori
	 	 	Name:
    Frederick Callori
	 	 	Title:
      Partner
	 	 
	 [***]	 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	CRMA
    SPV, L.P.
	 	 
	 	By:  	/s/
    Bihua Chen
	 	 	By:
    Cormorant Asset Management, LP, its
	 	 	Attorney-in-fact
	 	 	Name:
    Bihua Chen
	 	 	Title:
      Managing Member
	 	 
	 [***]	 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	CORMORANT
    GLOBAL HEALTHCARE MASTER FUND, LP
	 	 
	 	By:  	/s/
    Bihua Chen
	 	 	By:
    Cormorant Global Healthcare GP, LLC
	 	 	Name:
    Bihua Chen
	 	 	Title:
Managing Member
	 	 
	 [***]	 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	BOXER
    CAPITAL, LLC
	 	 
	 	By:  	/s/
    Aaron Davis
	 	 	Name:
    Aaron Davis
	 	 	Title:
      Chief Executive Officer
	 	 
	 [***]	 

 

     

     

    

 

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	MVA INVESTORS, LLC
	 	 
	 	By: 	/s/
    Aaron Davis
	 	 	Name: 	Aaron Davis
	 	 	Title: 	Chief Executive Officer

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	ACUTA
    CAPITAL FUND, LP
	 	By:
    Acuta Capital Partners, LLC
	 	Its:
    General Partner

 

	 	By:
    	/s/
    Scott R. Smith
	 	 	Name:
    	Scott
    R. Smith
	 	 	Title:
    	Chief
    Operating Officer

 

[***]

 

	 	ACUTA
    OPPORTUNITY FUND, LP
	 	By:
    Acuta Capital Partners, LLC
	 	Its:
    General Partner

 

	 	By:	/s/
    Scott R. Smith
	 	 	Name:	Scott
    R. Smith
	 	 	Title:	Chief
    Operating Officer

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	VENROCK
    HEALTHCARE CAPITAL PARTNERS EG, L.P.
	 	By:
    VHCP Management EG, LLC, its general partner

 

	 	By:
    	/s/
    Nimish Shah
	 	 	Name:
    	Nimish
    Shah
	 	 	Title:
    	Authorized
    Signatory

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	VENROCK
    HEALTHCARE CAPITAL PARTNERS III, L.P.
	 	By:
    VHCP Management III, LLC, its general partner
	 	By:
    VR Advisor, LLC, its manager

 

	 	By:	/s/
    Nimish Shah
	 	 	Name:	Nimish
    Shah
	 	 	Title:	Authorized
    Signatory

 

[***]

 

	 	VHCP
    CO-INVESTMENT HOLDINGS III, LLC
	 	By:
    VHCP Management III, LLC, its manager
	 	By:
    VR Advisor, LLC, its manager

 

	 	By:	/s/ Nimish Shah
	 	 	Name:	Nimish Shah
	 	 	Title:	Authorized Signatory

  

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	VENROCK
    HEALTHCARE CAPITAL PARTNERS II, L.P.
	 	By:
    VHCP Management II, LLC, its general partner
	 	By:
    VR Advisor, LLC, its manager

 

	 	By:	/s/
    Nimish Shah
	 	 	Name:
    	Nimish
    Shah
	 	 	Title:
    	Authorized
    Signatory

 

[***]

	 	VHCP
    CO-INVESTMENT HOLDINGS II, LLC
	 	By:
    VHCP Management II, LLC, its manager
	 	By:
    VR Advisor, LLC, its manager

 

	 	By:	/s/ Nimish Shah
	 	 	Name:	Nimish Shah
	 	 	Title:	Authorized Signatory

 

[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	 	ACORN
    BIOVENTURES, L.P.
	 	By:
    Acorn Capital Advisors GP, LLC, a Delaware limited liability company
	 	Its:
    General Partner

 

	 	By:	/s/ Anders Hove
	 	 	Name:	Anders Hove
	 	 	Title:	Member

 

[***]

 

     

     

    

 

SCHEDULE 3.1(F)

PRO FORMA CAPITALIZATION

 

Pro Forma Capitalization (after Merger and issuance of Shares)

 

Treasury Stock Method Basis

 

	 	Preferred
    Shares	As
    Converted Basis
	Outstanding
    Common Stock	 	23,417,006
	Outstanding
    Series X Preferred Stock	86,077	86,077,000
	Outstanding
    Options	 	332,494
	Outstanding
    Common Warrants	 	185,136
	Outstanding
    Preferred Warrants	2,805	2,805,000
	TOTAL	 	112,816,636

 

     

     

    

 

ANNEX A

 

SCHEDULE OF PURCHASERS

 

See attached.

 

[***]

 

     

     

    

 

EXHIBIT A

 

CERTIFICATE OF DESIGNATION

 

See attached.

 

(See Exhibit 3.1 to the Current Report on Form 8-K which this Exhibit A is a part)

 

     

     

    

 

 

EXHIBIT B

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

See attached.

 

(See Exhibit 10.2 to the Current Report on Form 8-K which this Exhibit A is a part)

 

     

     

    

 

EXHIBIT C

 

STOCK CERTIFICATE QUESTIONNAIRE

 

Pursuant to Section 2.3(b) of the Agreement,
please provide us with the following information:

 

	 	 	 	 	 
	1.	 	The exact name that the Shares are to be registered in (this is the name
    that will appear on the stock certificate(s)). You may use a nominee name if appropriate:	 	 
	 	 	 
	2.	 	The relationship between the Purchaser of the Shares and the Registered Holder
    listed in response to Item 1 above:	 	 
	 	 	 
	3.	 	The mailing address, telephone and telecopy number of the Registered Holder
    listed in response to Item 1 above:	 	 
	 	 
	 	 	 

	 	 
	 	 	 

	 	 
	 	 	 

	 	 	 
	4.	 	The U.S. Tax Identification Number (or, if an individual, the U.S. Social
    Security Number) of the Registered Holder listed in response to Item 1 above:	 	 

 

     

     

    

  

EXHIBIT D

 

MERGER AGREEMENT

 

(See Exhibit 2.1 to the Current Report on Form 8-K which this Exhibit A is a part)

 

     

     

    

 

EXHIBIT E

 

JEFFERIES REQUIRED DISCLOSURE

 

On February 2, 2016, pursuant to an offer
of settlement by Jefferies LLC, the SEC entered an administrative order, pursuant to its Municipalities Continuing Disclosure
Cooperation (“MCDC”) initiative, finding that Jefferies LLC, in connection with its underwriting of certain municipal
securities offerings, willfully violated Section 17(a)(2) of the Securities Act of 1933. The administrative order requires Jefferies
LLC to cease and desist from committing or causing any violations or any future violations of Section 17(a)(2), to pay a civil
penalty, and to complete certain undertakings. Jefferies LLC received waivers from the SEC of any disqualifications under Regulations
A (Rule 262), D (Rule 505 and 506), and E arising from the settlement, effective as of February 2, 2016. The SEC Order is available
at https://www.sec.gov/rules/other/2016/33-10030.pdf.

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