Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made as of November 17, 2016, among Immune Pharmaceuticals Inc., a Delaware
corporation (the “Company”), and each signatory hereto (each, an “Investor” and collectively,
the “Investors”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in
the Purchase Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Company and the Investors are
parties to securities purchase agreements (the “Purchase Agreements”), dated  as of the date hereof,
as such may be amended and supplemented from time to time;

 

WHEREAS, the Investors’ obligations
under the Purchase Agreements are conditioned upon certain registration rights under the Securities Act of 1933, as amended (the
“Securities Act”); and

 

WHEREAS, the Investors and the Company desire
to provide for the rights of registration under the Securities Act as are provided herein upon the execution and delivery of this
Agreement by such Investors and the Company.

 

NOW, THEREFORE, in consideration of the
promises, covenants and conditions set forth herein, the parties hereto hereby agree as follows:

 

1.     Registration Rights.

 

1.1     Definitions.  As
used in this Agreement, the following terms shall have the meanings set forth below:

 

		(a)	“Commission” means the United States
Securities and Exchange Commission.

 

		(b)	“Common Stock” means the Company’s
common stock, par value $0.0001 per share.

 

		(c)	“Effectiveness Date” means the 15th
day following the Filing Date.

 

		(d)	“Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

		(e)	“Filing Date” means November 29, 2016.

 

(f)            “Investor”
means any person owning Registrable Securities who becomes party to this Agreement by executing a counterpart signature page hereto,
which is accepted by the Company.

 

(g)           The terms “register,”
“registered” and “registration” refer to a registration effected by preparing and filing
a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement or document.

 

(h)          “Registrable Securities”
means 100% of the maximum number of the Underlying Shares issuable upon conversion of the Notes issued pursuant to the Purchase
Agreement as of the Trading Day; provided, however, that Registrable Securities shall not include any securities
of the Company that have previously been registered and remain subject to a currently effective registration statement or which
have been sold to the public either pursuant to a registration statement or Rule 144, or which have been sold in a private transaction
in which the transferor’s rights under this Section 1 are not assigned.

 

(i)          “Rule 144” means
Rule 144 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar
successor rule that may be promulgated by the Commission.

 

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(j)            “Rule 415” means
Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar
successor rule that may be promulgated by the Commission.

 

		(k)	“Shares” means the Underlying Shares.

 

		1.2	Company Registration.

 

(a)   On or prior to the Filing Date, the
Company shall prepare and file with the Commission a registration statement covering the Registrable Securities for an offering
to be made on a continuous basis pursuant to Rule 415.  The registration statement shall be on Form S-1 or, if the Company
is so eligible, on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form
S-1 or Form S-3, as the case may be, in which case such registration shall be on another appropriate form in accordance herewith)
and shall contain (unless otherwise directed by Investors holding an aggregate of at least 75% of the Registrable Securities on
a fully diluted basis) substantially the “Plan of Distribution” attached hereto as Annex A.  The
Company shall cause the registration statement to become effective and remain effective as provided herein.  The Company
shall use its best efforts to cause the registration statement to be declared effective under the Securities Act as soon as possible
and, in any event, by the Effectiveness Date.  The Company shall use its best efforts to keep the registration statement
continuously effective under the Securities Act until all Registrable Securities covered by such registration statement have been
sold, or may be sold without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation
pursuant to Rule 144, as determined by the counsel to the Company (the “Effectiveness Period”).

 

(b)   The Company shall pay to Investors
a fee of two (2%) percent per month of the Purchasers’ investment, payable in cash, on the Filing Date and the Effectiveness
Date if the registration obligations set forth herein have not been met, and pro- rata for each month, or partial month, in excess
of the Filing Date and/or the Effectiveness Date that the registration statement has not been declared effective; provided, however,
that the Company shall not be obligated to pay any such liquidated damages if the Company is unable to fulfill its registration
obligations as a result of rules, regulations, positions or releases issued or actions taken by the Commission pursuant to its
authority with respect to “Rule 415”, provided the Company registers at such time the maximum number of shares of Common
Stock permissible upon consultation with the staff of the Commission.

 

(c)   If during the Effectiveness Period,
the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock then registered in a registration
statement, the Company shall file as soon as reasonably practicable an additional registration statement covering the resale of
not less than the number of such Registrable Securities.

 

(d)   The Company shall bear and pay all
costs and expenses incurred in connection with any registration, filing or qualification of Registrable Securities with respect
to the registrations pursuant to this Section 1.2 for each Investor, including (without limitation) all registration, filing and
qualification fees, printer’s fees, accounting fees and fees and disbursements of counsel for the Company, but excluding
any brokerage or underwriting fees, discounts and commissions relating to Registrable Securities and fees and disbursements of
counsel for the Investors. The Company shall also pay for the services of one (1) counsel or advisor, for all Investors, to review
the Registration Statement.

 

(e)    If at any time during the Effectiveness
Period there is not an effective Registration Statement covering all of the Registrable Securities, then the Company shall notify
each Investor in writing at least fifteen (15) days prior to the filing of any registration statement under the Securities Act,
in connection with a public offering of shares of Common Stock (including, but not limited to, registration statements relating
to secondary offerings of securities of the Company but excluding any registration statements (i) on Form S-4 or S-8 (or any successor
or substantially similar form), or of any employee stock option, stock purchase or compensation plan or of securities issued or
issuable pursuant to any such plan, or a dividend reinvestment plan, (ii) otherwise relating to any employee, benefit plan or corporate
reorganization or other transactions covered by Rule 145 promulgated under the Securities Act, (iii) on any registration form which
does not permit secondary sales or does not include substantially the same information as would be required to be included in a
registration statement covering the resale of the Registrable Securities. In the event an Investor desires to include in any such
registration statement all or any part of the Registrable Securities held by such Investor, the Investor shall within ten (10)
days after the above-described notice from the Company, so notify the Company in writing, including the number of such Registrable
Securities such Investor wishes to include in such registration statement. If an Investor decides not to include all of its Registrable
Securities in any registration statement thereafter filed by the Company such Investor shall nevertheless continue to have the
right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed
by the Company with respect to the offering of the securities, all upon the terms and conditions set forth herein.

 

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 1.3     Obligations of the Company.  Whenever
required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as
reasonably possible:

 

(a)   Prepare and file with the Commission
a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement
to become effective and to keep such registration statement effective during the Effectiveness Period;

 

(b)   Prepare and file with the Commission
such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement
as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered
by such registration statement;

 

(c)   Furnish to the Investors, at no cost
or expense to the Investors, such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition
of Registrable Securities owned by them (provided that the Company would not be required to print such prospectuses if readily
available to Investors from any electronic service, such as on the EDGAR filing database maintained at www.sec.gov);

 

(d)   Use its best efforts to register
and qualify the securities covered by such registration statement under such other securities’ or blue sky laws of such jurisdictions
as shall be reasonably requested by the Investors; provided that the Company shall not be required in connection therewith or as
a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

 

(e)   In the event of any underwritten
public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the
managing underwriter(s) of such offering (each Investor participating in such underwriting shall also enter into and perform its
obligations under such an agreement);

 

(f)   Promptly notify each Investor holding
Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, within one business day, (i) of the effectiveness of such registration statement, or (ii) of
the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then existing;

 

(g)   Cause all such Registrable Securities
registered pursuant hereto to be listed on each securities exchange or nationally recognized quotation system on which similar
securities issued by the Company are then listed; and

 

(h)   Provide a transfer agent and registrar
for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case
not later than the effective date of such registration.

 

 1.4     Furnish Information.  It
shall be a condition precedent to the Company’s obligations to take any action pursuant to this Section 1 with respect to
the Registrable Securities of any selling Investor that such Investor shall furnish to the Company such information regarding such
Investor, the Registrable Securities held by such Investor, and the intended method of disposition of such securities in the form
attached to this Agreement as Annex B, or as otherwise reasonably required by the managing underwriters, if any, to effect the
registration of such Investor’s Registrable Securities.

 

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 1.5     Delay of Registration.  No
Investor shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result
of any controversy that might arise with respect to the interpretation or implementation of this Section 1.

 

		1.6	Indemnification.

 

(a)   To the extent permitted by law, the
Company will indemnify and hold harmless each Investor, any underwriter (as defined in the Securities Act) for such Investor and
each of their directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
each Investor and underwriter (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and
the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling person and their
respective heirs, personal representatives, successors and assigns, against any losses, claims, damages or liabilities (joint or
several) to which any of the foregoing persons may become subject under the Securities Act, the Exchange Act or other federal or
state securities law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof), as determined by
a final judgment of a court of competent jurisdiction from which no appeal may be taken, arise out of or are based upon any of
the following statements, omissions or violations (collectively, a “Violation”): (i) any untrue statement or
alleged untrue statement of a material fact contained in a registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto (collectively, the “Filings”), (ii) the
omission or alleged omission to state in the Filings a material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any
state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law,
as determined by a final judgment of a court of competent jurisdiction from which no appeal may be taken; and the Company will
pay any legal or other expenses reasonably incurred by any person to be indemnified pursuant to this Section 1.6(a) in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity
agreement contained in this Section 1.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability
or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld,
conditioned or delayed), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action
to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information
furnished expressly for use in connection with such registration by any such Investor, underwriter or controlling person.

 

(b)   To the extent permitted by law, each
Investor will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration
statement, each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act, any underwriter,
any other Investor selling securities in such registration statement and any controlling person of any such underwriter or other
Investor, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become
subject under the Securities Act, the Exchange Act or other federal or state securities law, insofar as such losses, claims, damages
or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only
to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Investor
expressly for use in connection with such registration; and each such Investor will pay any legal or other expenses reasonably
incurred by any person to be indemnified pursuant to this Section 1.6(b) in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section
1.6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of the Investor (which consent shall not be unreasonably withheld, conditioned or delayed); provided,
however, in no event shall any indemnity under this subsection 1.6(b) exceed the net proceeds received by such Investor
upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

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(c)   Promptly after receipt by an indemnified
party under this Section 1.6 of notice of the commencement of any action (including any governmental action), such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.6, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof
with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all
other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate
counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel
retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified
party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such
action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.6, but the omission
so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified
party otherwise than under this Section 1.6.

 

(d)   If the indemnification provided for
in Sections 1.6(a) and (b) is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect
to any loss, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified
party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage
or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of
the indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted
in such loss, liability, claim or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying
party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  In
no event shall any Investor be required to contribute an amount in excess of the net proceeds received by such Investor upon the
sale of the Registrable Securities giving rise to such indemnification obligation.

 

(e)   The obligations of the Company and
Investors under this Section 1.6 shall survive the completion of any offering of Registrable Securities in a registration statement
under this Section 1, and otherwise.

 

 1.7     Reports Under Securities
Exchange Act.  With a view to making available the benefits of certain rules and regulations of the Commission, including
Rule 144, that may at any time permit an Investor to sell securities of the Company to the public without registration or pursuant
to a registration on Form S-1 or Form S-3, the Company agrees to:

 

(a)   make and keep public information
available, as those terms are understood and defined in Rule 144, at all times after the Final Closing Date;

 

(b)   take such action, including the voluntary
registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to enable the Investors to utilize Form
S-1 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year
in which the registration statement is declared effective;

 

(c)   file with the Commission in a timely
manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

 

(d)   furnish to any Investor, so long
as the Investor owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied
with the reporting requirements of Rule 144 the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-1 or Form
S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other
reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any
Investor of any rule or regulation of the Commission that permits the selling of any such securities without registration or pursuant
to such form.

 

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 1.8     Transfer or Assignment
of Registration Rights.  The rights to cause the Company to register Registrable Securities pursuant to this Section
1 may be transferred or assigned, but only with all related obligations, by an Investor to a transferee or assignee who (a) acquires
at least 25,000 Shares (subject to appropriate adjustment for stock splits, stock dividends and combinations) from such transferring
Investor, unless waived in writing by the Company, or (b) holds Registrable Securities immediately prior to such transfer or assignment;
provided, that in the case of (a), (i) prior to such transfer or assignment, the Company is furnished with written notice
stating the name and address of such transferee or assignee and identifying the securities with respect to which such registration
rights are being transferred or assigned, (ii) such transferee or assignee agrees in writing to be bound by and subject to the
terms and conditions of this Agreement and (iii) such transfer or assignment shall be effective only if immediately following such
transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under the Securities
Act.

 

		2.	Legend.

 

(a)     Each
certificate representing Shares held by the Investors shall be endorsed with the following legend:

  

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER 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 ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF
WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.”

 

(b)    The
legend set forth above shall be removed, and the Company shall issue a certificate without such legend to the transferee of the
Shares represented thereby, if, unless otherwise required by state securities laws, (i) such Shares have been sold under an effective
registration statement under the Securities Act, (ii) in connection with a sale, assignment or other transfer, such holder provides
the Company with an opinion of counsel, reasonably acceptable to the Company, to the effect that such sale, assignment or transfer
is being made pursuant to an exemption from the registration requirements of the Securities Act, or (iii) such holder provides
the Company with reasonable assurance that the Shares are being sold, assigned or transferred pursuant to Rule 144 or Rule 144A
under the Securities Act.

 

		3.	Miscellaneous.

 

 3.1     Governing Law.  The
parties hereby agree that any dispute which may arise between them arising out of or in connection with 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 legal 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, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in the State of New York and County of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan 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 suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or 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 other manner permitted by law. If either party shall commence
an action or proceeding to enforce any provisions of the Agreement, then the prevailing party in such action or proceeding shall
be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

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3.2      WAIVER OF JURY TRIAL.  IN
ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND
INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY
WAIVES FOREVER TRIAL BY JURY

 

3.3      Waivers and Amendments.  This
Agreement may be terminated and any term of this Agreement may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) with the written consent of the Company and Investors holding at least 61% of the Registrable
Securities then outstanding (the “Majority Investors”).   No such amendment or waiver shall reduce
the aforesaid percentage of the Registrable Securities, the holders of which are required to consent to any termination, amendment
or waiver without the consent of the record holders of all of the Registrable Securities. Any termination, amendment or waiver
effected in accordance with this Section 3.3 shall be binding upon each holder of Registrable Securities then outstanding, each
future holder of all such Registrable Securities and the Company.

 

3.4      Successors and Assigns.  Except
as otherwise expressly provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the
successors, permitted assigns, heirs, executors and administrators of the parties hereto. This agreement may not be assigned without
the consent of the investor.

 

3.5      Entire Agreement.  This
Agreement constitutes the full and entire understanding and agreement among the parties with regard to the subject matter hereof,
and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as
specifically set forth herein.

 

3.6      Notices.  All
notices and other communications required or permitted under this Agreement shall be in writing and shall be delivered personally
by hand or by overnight courier, mailed by United States first-class mail, postage prepaid, sent by facsimile or sent by electronic
mail directed (a) if to an Investor, at such Investor’s address, facsimile number or electronic mail address set forth in
the Company’s records, or at such other address, facsimile number or electronic mail address as such Investor may designate
by ten (10) days’ advance written notice to the other parties hereto or (b) if to the Company, to its address, facsimile
number or electronic mail address set forth on its signature page to this Agreement and directed to the attention of its  President,
or at such other address, facsimile number or electronic mail address as the Company may designate by ten (10) days’ advance
written notice to the other parties hereto. All such notices and other communications shall be effective or deemed given upon delivery,
on the date that is three (3) days following the date of mailing, upon confirmation of facsimile transfer or upon confirmation
of electronic mail delivery.

 

3.7      Interpretation.  The
words “include,” “includes” and “including” when used herein shall be deemed in each case to
be followed by the words “without limitation.”  The titles and subtitles used in this Agreement are used
for convenience only and are not considered in construing or interpreting this Agreement.

 

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3.8      Severability.  If
one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from
this Agreement, and the balance of the Agreement shall be interpreted as if such provision were so excluded, and shall be enforceable
in accordance with its terms.

 

3.9      Independent Nature of Investors’
Obligations and Rights. The obligations of each Investor hereunder are several and not joint with the obligations of any other
Investor hereunder, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor
hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any
Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Investors are in any way acting in concert with respect to such obligations
or the transactions contemplated by this Agreement. Each Investor shall be entitled to protect and enforce its rights, including,
without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined
as an additional party in any proceeding for such purpose.

 

3.10    Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute
one instrument.

 

 3.11   Telecopy Execution and
Delivery.  A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto,
and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile or similar electronic transmission
device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered
valid, binding and effective for all purposes.  At the request of any party hereto, all parties hereto agree to execute
an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed by its duly authorized officer, as of the date, month and year first set forth above.

 

IMMUNE PHARMACEUTICALS INC.

 

	By:	/s/ Daniel G. Teper	 
	Name:  	Daniel G. Teper	 
	Title:	Chief Executive Officer	 

 

Address for notice:

 

430 East 29th Street, Suite 940

New York, NY 10016

Email: Accounts@immunepharma.com

 

[COMPANY SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT]

 

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IN WITNESS WHEREOF, the undersigned Investor
has executed this Agreement as of the date, month and year that such Investor became the owner of Registrable Securities.

 

	“Investor”	 
	 	 
	 	 
	 	 
	By:	 	 
	Name	 
	Title:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

	Telephone:	 	 
	 
	Facsimile:	 	 

 

	 	Email:	 	 

 

[INVESTOR COUNTERPART SIGNATURE PAGE
TO

REGISTRATION RIGHTS AGREEMENT]

 

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Annex A

Plan of Distribution

 

Each selling stockholder
of the common stock and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of
their shares of common stock on the NASDAQ Capital Markets or any other stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or negotiated prices. A selling stockholder may use any
one or more of the following methods when selling shares:

 

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

 

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

 

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

 

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

 

		·	privately negotiated transactions;

 

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

 

		·	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per
share;

 

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

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The selling stockholders may also sell shares
under Rule 144 under the Securities Act of 1933, as amended, if available, rather than under this prospectus.

 

Broker-dealers engaged by the selling stockholders
may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling
stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated,
but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary
brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance
with FINRA IM-2440.

 

In connection with the sale of the common
stock or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The
selling stockholders may also sell shares of the common stock short and deliver these securities to close out their short positions,
or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also
enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative
securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus,
which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended
to reflect such transaction).

 

    11 

     

    

  

The selling stockholders and any broker-dealers
or agents that are involved in selling the shares may be deemed to be “underwriters” within the meaning of the Securities
Act of 1933, as amended, in connection with such sales. In such event, any commissions received by such broker-dealers or agents
and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the
Securities Act of 1933, as amended. Each selling stockholder has informed us that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the common stock.

 

We are required to pay certain fees and
expenses incurred by us incident to the registration of the shares. We have agreed to indemnify the selling stockholders against
certain losses, claims, damages and liabilities, including liabilities under the Securities Act of 1933, as amended.

 

Because selling stockholders may be deemed
to be “underwriters” within the meaning of the Securities Act of 1933, as amended, they will be subject to the prospectus
delivery requirements of the Securities Act of 1933, as amended, including Rule 172 thereunder. In addition, any securities covered
by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act of 1933, as amended may be sold under Rule
144 rather than under this prospectus. There is no underwriter or coordinating broker acting in connection with the proposed sale
of the resale shares by the selling stockholders.

 

We agreed to keep this prospectus effective
until the earlier of (i) the date on which the shares may be resold by the selling stockholders without registration and without
the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144 or
(ii) all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar
effect. The resale shares will be sold only through registered or licensed brokers or dealers if required under applicable state
securities laws. In addition, in certain states, the resale shares may not be sold unless they have been registered or qualified
for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied
with.

 

Under applicable rules and regulations under
the Securities Exchange Act of 1934, as amended, any person engaged in the distribution of the resale shares may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the selling stockholders will be subject to applicable provisions
of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including Regulation M, which may
limit the timing of purchases and sales of shares of the common stock by the selling stockholders or any other person. We will
make copies of this prospectus available to the selling stockholders and have informed them of the need to deliver a copy of this
prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act
of 1933, as amended).

 

    12 

     

    

  

Annex B

 

Selling Securityholder Notice and Questionnaire

 

The undersigned beneficial owner of common stock (the “Registrable
Securities”) of Immune Pharmaceuticals Inc., a Delaware corporation (the “Company”), understands that
the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration
statement (the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act
of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the
Registration Rights Agreement (the “Registration Rights Agreement”) to which this document is annexed. A copy
of the Registration Rights Agreement is available from the Company upon request at the address set forth below.  All
capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Certain legal consequences arise from being named as a selling
securityholder in the Registration Statement and the related prospectus.  Accordingly, holders and beneficial owners
of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or
not being named as a selling securityholder in the Registration Statement and the related prospectus.

 

NOTICE

 

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

 

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

 

QUESTIONNAIRE

 

1.            Name.

 

(a)           Full
Legal Name of Selling Securityholder

 

 

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

 

 

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

 

2.            Address
for Notices to Selling Securityholder:

 

Telephone:

Fax:

Contact Person:

 

3.            Broker-Dealer
Status:

 

(a)           Are
you a broker-dealer?

 

 Yes                      No

 

    13 

     

    

  

(b)           If
“yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services
to the Company?

 

 Yes                      No

 

Note:                      If
“no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in
the Registration Statement.

 

(c)           Are
you an affiliate of a broker-dealer?

 

 Yes                      No

 

(d)           If
you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of
business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings,
directly or indirectly, with any person to distribute the Registrable Securities?

 

 Yes                      No

 

Note:                      If
“no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in
the Registration Statement.

 

4.  Beneficial Ownership of Securities of the Company
Owned by the Selling Securityholder.

 

Except as set forth below in this Item 4, the undersigned
is not the beneficial or registered owner of any securities of the Company other than the securities issuable pursuant to the
Purchase Agreement. 

 

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

 

5.  Relationships with the Company:

 

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

 

State any exceptions here: 

 

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

 

By signing below, the undersigned consents to the disclosure
of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration
Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such
information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and
the related prospectus.

 

    14 

     

    

  

IN WITNESS WHEREOF the undersigned, by authority duly given,
has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

Date:

 

Beneficial Owner:

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

[SIGNATURE PAGE FOR SELLING SECURITYHOLDER
NOTICE AND QUESTIONNAIRE]

 

    15Exhibit 10.4

 

COMMON STOCK PURCHASE AGREEMENT 

 

COMMON STOCK PURCHASE AGREEMENT
(the “Agreement”), dated as of November 17, 2016 by and between IMMUNE PHARMACEUTICALS INC., a Delaware
corporation (the “Company”), and HLHW IV, LLC, a Delaware limited liability company (the “Buyer”). Capitalized
terms used herein and not otherwise defined herein are defined in Section 10 hereof.

 

WHEREAS: 

 

Subject to the terms and conditions set
forth in this Agreement, the Company wishes to sell to the Buyer, and the Buyer wishes to buy from the Company, up to Ten Million
Dollars ($10,000,000) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). The
shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase Shares.”

 

NOW THEREFORE, the Company and the
Buyer hereby agree as follows:

 

		1.	PURCHASE
OF COMMON STOCK.

 

Subject to the terms and conditions set
forth in this Agreement, the Company has the right to sell to the Buyer, and the Buyer has the obligation to purchase from the
Company, Purchase Shares as follows:

 

(a)  Commencement of Purchases
of Common Stock.  On the day following the filing of the Form 8-K as described in Section 4 herein, but not later than
November 23, 2016 (“Effective Date”), the Company shall deliver cash, such number of shares of Common Stock
or a combination thereto, at the election of Buyer, representing a dollar amount equal to $700,000 representing the payment of
the Commitment Shares (as defined in Section 4(e )) based on a per share price equal to the lowest intraday bid price on the Effective
Date (each such tranche of the purchase, the “Initial Purchase” and each such tranche of the initial Purchase
Shares are referred to herein as “Initial Purchase Shares”). Such Initial Purchase Shares shall be validly issued
and fully paid and non-assessable. Thereafter, the purchase and sale of additional Purchase Shares hereunder shall occur from time
to time upon written notices by the Company to the Buyer on the terms and conditions as set forth herein following the satisfaction
of the conditions (the “Commencement”) as set forth in Sections 6 and 7 below (the date of satisfaction of such
conditions, the “Commencement Date”). In addition, per a loan agreement dated November 1, 2016 between the Company
as borrower and HLHW IV, LLC as lender, the Company shall pay the loan balance of $306,000 upon Commencement by delivering a number
of shares of Common Stock with an aggregate value of $306,000 based on a per share price equal to the Purchase Price on each of
the dates that Buyer agrees to accept all or a portion of such shares of Common Stock. The foregoing notwithstanding, Buyer, in
it sole discretion, may elect to receive the shares of Common Stock representing the Commitment Shares and/or the shares issuable
as repayment of the $306,000 loan in one or more tranches. Furthermore, all fees and expenses as further described in Section 11(n)
herein are immediately due and payable in cash in connection with this Section 1(a).

 

(b)  The Company’s Right
to Require Regular Purchases. Subject to item (d) below and the terms and conditions of this Agreement, on any given Business
Day after the Commencement Date, the Company shall have the right but not the obligation to direct the Buyer by its delivery to
the Buyer of a Purchase Notice from time to time, and the Buyer thereupon shall have the obligation, to buy the number of Purchase
Shares specified in such notice, up to 500,000 Purchase Shares, on such Business Day (as long as such notice is delivered on or
before 9:00 a.m. Eastern time on such Business Day), unless delivery of a Purchase Notice is waived by Buyer in its sole discretion
(each such purchase, a “Regular Purchase”) at the Purchase Price on the Purchase Date; however, in no event
shall the Purchase Amount of a Regular Purchase exceed Two Hundred and Fifty Thousand Dollars ($250,000) per Business Day, unless
the Buyer and the Company mutually agree. The Company and the Buyer may mutually agree to increase the number of Purchase
Shares that may be sold pursuant to a Regular Purchase to as much as an additional 2,000,000 Purchase Shares per Business Day.
The foregoing notwithstanding, the Company shall have the obligation to sell and the Buyer shall have the obligation to purchase
at the Purchase Price a number of Purchase Shares with an aggregate value of $2,000,000 of Purchase Shares on or before December
31, 2016. Upon failure by the Company to comply with the obligation to sell to Buyer a number of Purchase Shares with an aggregate
value of $2,000,000 by December 31, 2016, Buyer will be entitled to liquidated damages of $100,000. The Company may deliver additional
Purchase Notices to the Buyer from time to time so long as the most recent purchase has been completed. The share amounts
in this Section 1(b) shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split,
reverse stock split or other similar transaction. Unless waived by the Buyer, the Company is prohibited from requesting Regular
and/or Additional Purchases for five (5) Business Days from the Commencement Date.

 

    	 	1	 

     

    

 

(c)  Additional Purchases. Subject
to item (d) below and the terms and conditions of this Agreement, in addition to purchases of Purchase Shares as described in Section
1(b) above, with one Business Day’s prior written notice, the Company shall also have the right but not the obligation to
direct the Buyer by delivery to the Buyer of an Additional Purchase Notice from time to time, and the Buyer thereupon shall have
the obligation, to buy up to an additional 30% of the trading volume of the Common Stock for the next Business Day (each such purchase,
an “Additional Purchase”) at the Additional Purchase Price. The Company may deliver an Additional Purchase
Notice to the Buyer on or before 9:00 a.m. Eastern time on a date on which (i) the Company also submitted a Purchase Notice for
a Regular Purchase of at least 200,000 Purchase Shares to the Buyer and (ii) the Closing Bid Price is higher than $0.10. The
share amount in the prior sentence shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split, reverse stock split or other similar transaction.  Upon completion of each Additional Purchase, the Buyer
shall submit to the Company a confirmation of the Additional Purchase in form and substance reasonably acceptable to the Company. The
Company may deliver Additional Purchase Notices to the Buyer from time to time so long as the most recent purchase has been completed.

 

(d)  Limitation on Purchases.
In the event the Company delivers a Purchase Notice or Additional Purchase Notice to Buyer for more than thirty percent (30%) of
the average of the five (5) previous Business Days dollar volume of the Common Stock on the Trading Market on which the Common
Stock is then listed or quoted as reported by Bloomberg L.P. based on a Trading Day from 9:30 AM (NYC time) to 4:02 PM (NYC time)
for the nearest preceding Business Day (“Volume Limitation”), the Buyer, in its sole discretion, may either
accept or reject the Purchase Notice or Additional Purchase Notice, in whole or in part. Furthermore, provided the Company can
deliver the Purchase Shares or Additional Purchase Shares via DWAC, the Company shall be obligated to require Regular Purchases
and/or Additional Purchases for an aggregate number of Purchase Shares and/or Additional Purchase Shares representing a dollar
value of an aggregate amount of not less than $1,000,000 per month, subject to the Volume Limitation. Upon failure of the Company
to comply with its obligation to sell to Buyer a number of Purchase Shares with an aggregate value of at least $1,000,000, the
Company will pay to the Buyer as liquidated damages the sum of $50,000 for each thirty (30) day period such failure continues.
If for any reason the Transfer Agent does not timely deliver the Shares via DWAC, Buyer, in its sole discretion, may then cancel
the Purchase and the Company will be required to pay Buyer as liquidated damages, and not as a penalty the sum of $5,000. If the
Buyer elects not to cancel the Purchase Notice and/or an Additional Purchase Notice, the Company will pay to the Buyer as liquidated
damages the sum of $5,000 per day until the Transfer Agent delivers the Purchase Shares to Buyer. In the event the Principal Market
is closed or there is no trading in the Common Stock or trading has been halted for any reason whatsoever, Buyer, in its sole discretion,
may reject a part of or all of the Purchase Notice or Additional Purchase Notice.

 

(e)  Payment for Purchase
Shares. For each Regular Purchase, the Buyer shall pay to the Company an amount equal to the Purchase Amount minus any
amounts or credits whatsoever due to Buyer, as full payment for such Purchase Shares via wire transfer of immediately available
funds on or before the fourth Business Day following delivery of the Purchase Shares to Buyer. For each Additional Purchase,
the Buyer shall pay to the Company an amount equal to the Additional Purchase Amount minus any amounts or credits whatsoever due
to Buyer, as full payment for such Additional Purchase Shares via wire transfer of immediately available funds on or before the
fourth Business Day following the delivery of Additional Purchase Shares to Buyer. All payments made under this Agreement
shall be made in lawful money of the United States of America via wire transfer of immediately available funds to such account
as the Company may from time to time designate by written notice in accordance with the provisions of this Agreement. Whenever
any amount expressed to be due by the terms of this Agreement is due on any day that is not a Business Day, the same shall instead
be due on the next succeeding day that is a Business Day. Failure to deliver the Purchase Shares or Additional Purchase Shares
within three Business Days of the Purchase Date or Additional Purchase Date, the Company will pay Buyer as liquidated damages,
and not as a penalty, five percent (5%) of the value of the Common Stock based on the closing bid price of the Common stock for
each such day until the Shares are delivered to Buyer.

 

(f)  Purchase Price Floor. The
Company and the Buyer shall not effect any sales under this Agreement on any Purchase Date where the Closing Bid Price is less
than the Floor Price, unless waived by Buyer. “Floor Price” means $0.10 per share of Common Stock, which
shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or
other similar transaction.

 

(g)  Records of Purchases. The
Buyer and the Company shall each maintain records showing the remaining Available Amount at any given time and the dates and Purchase
Amounts for each purchase, or shall use such other method reasonably satisfactory to the Buyer and the Company to reconcile the
remaining Available Amount.

 

(h)  Taxes. The Company
shall pay any and all transfer, stamp or similar taxes that may be payable with respect to the issuance and delivery of any shares
of Common Stock to the Buyer made under this Agreement.

 

    	 	2	 

     

    

 

(i)  Compliance with Principal
Market Rules. Notwithstanding anything in this Agreement to the contrary, unless permitted by the applicable rules and
regulations of the Principal Market, the total number of shares of Common Stock that may be issued under this Agreement, including
the Commitment Fee (as defined in Section 4(e) hereof), shall not exceed the aggregate number of shares of Common Stock which the
Company may issue upon without breaching the Company’s obligations under the rules or regulations of the Principal Market
(the number of shares which may be issued without violating such rules and regulations, the “Exchange Cap”).
Notwithstanding the foregoing, such limitation shall not apply in the event that the Company obtains the approval of its stockholders
as required by the applicable rules of the Principal Market for issuances of shares of Common Stock in excess of such amount The
Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse
stock split or other similar transaction.  The Company may, in its sole discretion, determine whether to obtain stockholder
approval to issue more shares of Common Stock hereunder than is permitted by the Exchange Cap if such issuance would require stockholder
approval under the rules or regulations of the Principal Market.

 

(j)  Beneficial Ownership
Limitation. The Company shall not issue, and the Buyer shall not purchase any shares of Common Stock under this Agreement,
if such shares proposed to be issued and sold, when aggregated with all other shares of Common Stock then owned beneficially (as
calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”) and
Rule 13d-3 promulgated thereunder) by the Buyer and its affiliates would result in the beneficial ownership by the Buyer and its
affiliates of more than 4.99% of the then issued and outstanding shares of Common Stock of the Company, unless waived in writing
by Buyer.

 

		2.	BUYER’S
REPRESENTATIONS AND WARRANTIES.

 

The Buyer represents and warrants to the
Company that as of the date hereof and as of the Commencement Date:

 

(a)  Investment Purpose. The
Buyer is entering into this Agreement and acquiring the Commitment Shares and the Purchase Shares (the Purchase Shares and the
Commitment Shares are collectively referred to herein as the “Securities”), for its own account for investment
only and not with a view towards, or for resale in connection with, the public sale or distribution thereof; provided however,
by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum or other specific
term.

 

(b)  Accredited Investor Status. The
Buyer is an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D under the 1933 Act.

 

(c)  Information. The
Buyer has been furnished with all materials relating to the business, finances and operations of the Company and materials relating
to the offer and sale of the Securities that have been reasonably requested by the Buyer, including, without limitation, the SEC
Documents (as defined in Section 3(f) hereof). The Buyer understands that its investment in the Securities involves a high
degree of risk. The Buyer (i) is able to bear the economic risk of an investment in the Securities including a total loss,
(ii) has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of the proposed investment in the Securities and (iii) has had an opportunity to ask questions of and receive answers from the
officers of the Company concerning the financial condition and business of the Company and other matters related to an investment
in the Securities. Neither such inquiries nor any other due diligence investigations conducted by the Buyer or its representatives
shall modify, amend or affect the Buyer’s right to rely on the Company’s representations and warranties contained in
Section 3 below. The Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision with respect to its acquisition of the Securities.

 

(d)  No Governmental Review. The
Buyer 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 Securities or the fairness or suitability of the investment in the Securities nor
have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(e)  Organization. The
Buyer is a limited liability company duly organized and validly existing in good standing under the laws of the jurisdiction in
which it is organized, and has the requisite organizational power and authority to own its properties and to carry on its business
as now being conducted.

 

(f)  Validity; Enforcement. This
Agreement has been duly and validly authorized, executed and delivered on behalf of the Buyer and is a valid and binding agreement
of the Buyer enforceable against the Buyer in accordance with its terms, subject as to enforceability to (i) general principles
of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies and (ii) public policy underlying any
law, rule or regulation (including any federal or state securities law, rule or regulation) with regards to indemnification, contribution
or exculpation. The execution and delivery of the Transaction Documents (as defined in Section 3(b) hereof) by the Buyer and the
consummation by it of the transactions contemplated hereby and thereby do not conflict with the Buyer’s certificate of organization
or operating agreement or similar documents, and do not require further consent or authorization by the Buyer, its managers or
its members.

 

    	 	3	 

     

    

 

(g)  Residency. The
Buyer is a resident of the State of Delaware.

 

(h)  No Prior Short Selling. The
Buyer represents and warrants to the Company that at no time prior to the date of this Agreement has any of the Buyer, its agents,
representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any (i) “short sale”
(as such term is defined in Section 242.200 of Regulation SHO of the 1934 Act) of the Common Stock or (ii) hedging transaction,
which establishes a net short position with respect to the Common Stock.

 

		3.	REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

Except as set forth herein or in the Schedules,
the Company represents and warrants to the Buyer that as of the date hereof and as of the Commencement Date:

 

(a)  Organization and Qualification. The
Company and its “Subsidiaries” (which for purposes of this Agreement means any entity in which the Company,
directly or indirectly, owns more than 50% of the voting stock or capital stock or other similar equity interests) are corporations
or limited liability companies duly organized and validly existing in good standing under the laws of the jurisdiction in which
they are incorporated or organized, and have the requisite corporate or organizational power and authority to own their properties
and to carry on their business as now being conducted. Each of the Company and its Subsidiaries is duly qualified as a foreign
corporation or limited liability company to do business and is in good standing in every jurisdiction in which its ownership of
property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure
to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect. As used in this
Agreement, “Material Adverse Effect” means any material adverse effect on any of: (i) the business, properties,
assets, operations, results of operations or financial condition of the Company and its Subsidiaries, if any, taken as a whole,
or (ii) the authority or ability of the Company to perform its obligations under the Transaction Documents (as defined in Section
3(b) herein). The Company has no material Subsidiaries except as set forth on Schedule 3(a).

 

(b)  Authorization; Enforcement;
Validity. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement, and each of the other agreements entered into by the parties on the Commencement Date and attached hereto as exhibits
to this Agreement (collectively, the “Transaction Documents”), and to issue the Securities in accordance with
the terms hereof and thereof, (ii) the execution and delivery of the Transaction Documents by the Company and the consummation
by it of the transactions contemplated hereby and thereby, including without limitation, the issuance of the Commitment Shares
and the reservation for issuance and the issuance of the Purchase Shares and Additional Purchase Shares issuable under this Agreement,
have been duly authorized by the Company’s Board of Directors or duly authorized committee thereof, do not conflict with
the Company’s Certificate of Incorporation or Bylaws (as defined below), and do not require further consent or authorization
by the Company, its Board of Directors, except as set forth in this Agreement, or its stockholders, (iii) this Agreement has been,
and each other Transaction Document shall be on the Commencement Date, duly executed and delivered by the Company and (iv) this
Agreement constitutes, and each other Transaction Document upon its execution on behalf of the Company, shall constitute, the valid
and binding obligations of the Company enforceable against the Company in accordance with their terms, except as such enforceability
may be limited by (y) general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies and (z) public policy
underlying any law, rule or regulation (including any federal or state securities law, rule or regulation) with regards to indemnification,
contribution or exculpation. The Board of Directors of the Company or a duly authorized committee thereof has approved the
resolutions (the “Signing Resolutions”) substantially in the form as set forth as Exhibit B attached hereto
to authorize this Agreement and the transactions contemplated hereby. The Signing Resolutions are valid, in full force and
effect and have not been modified or supplemented in any material respect. The Company has delivered to the Buyer a true and
correct copy of the Signing Resolutions as approved by the Board of Directors of the Company.

 

    	 	4	 

     

    

 

(c)  Capitalization. As
of the date hereof, the authorized capital stock of the Company consists of (i) 225,000,000 shares of Common Stock, par value $0.0001,
of which as of the date hereof, 131,291,362 shares are issued and outstanding, zero shares are held as treasury shares, 642,373
shares are reserved for future issuance pursuant to the Company’s 2015 Equity Incentive Plan, of which approximately 642,373
shares remain available for future option grants or stock awards, exercisable or exchangeable for, or convertible into, shares
of Common Stock, and (ii) zero shares of Series C or Series D preferred stock, with per share liquidation preferences set forth
on Schedule 3(c), of which as of the date hereof zero shares are issued and outstanding. All of such outstanding shares have
been, or upon issuance will be, validly issued and are fully paid and non-assessable. Except as disclosed in Schedule 3(c)
or the first sentence of this Section 3(c), (i) no shares of the Company’s capital stock are subject to preemptive rights
or any other similar rights or any liens or encumbrances suffered or permitted by the Company, (ii) there are no outstanding debt
securities of the Company or any of its Subsidiaries, (iii) there are no outstanding options, warrants, scrip, rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital
stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company
or any of its Subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries
or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries, (iv) there are no material agreements
or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities
under the 1933 Act (except the Registration Rights Agreement), (v) there are no outstanding securities or instruments of the Company
or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings
or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any
of its Subsidiaries, (vi) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Securities as described in this Agreement and (vii) the Company does not have any stock appreciation rights
or “phantom stock” plans or agreements or any similar plan or agreement. The Company has furnished or made available
to the Buyer true and correct copies of the Company’s Certificate of Incorporation, as amended and as in effect on the date
hereof (the “Certificate of Incorporation”), and the Company’s Bylaws, as amended and as in effect on
the date hereof (the “Bylaws”).

 

(d)  Issuance of Securities. The
Commitment Shares and the Initial Purchase Shares have been duly authorized and, upon issuance in accordance with the terms hereof,
the Commitment Shares and the Initial Purchase Shares and Additional Purchase Shares shall be (i) validly issued, fully paid and
non-assessable and (ii) free from all taxes, liens and charges with respect to the issuance thereof. Upon issuance and payment
therefore in accordance with the terms and conditions of this Agreement, the Purchase Shares and Additional Purchase Shares shall
be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issue thereof,
with the holders being entitled to all rights accorded to a holder of Common Stock.

 

(e)  No Conflicts. Except
as disclosed in Schedule 3(e), the execution, delivery and performance of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance
and issuance of the Purchase Shares and Commitment Shares) will not (i) result in a violation of the Certificate of Incorporation,
any Certificate of Designations, Preferences and Rights of any outstanding series of preferred stock of the Company or the Bylaws
or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company or any of its Subsidiaries is a party, or result, to the Company’s knowledge, in a violation of any
law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and the rules and
regulations of the Principal Market applicable to the Company or any of its Subsidiaries) or by which any property or asset of
the Company or any of its Subsidiaries is bound or affected, except in the case of conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations under clause (ii), which would not reasonably be expected to result in a Material Adverse
Effect. Except as disclosed in Schedule 3(e), neither the Company nor its Subsidiaries is in violation of any term of or in
default under its Certificate of Incorporation, any Certificate of Designation, Preferences and Rights of any outstanding series
of preferred stock of the Company or the Bylaws or their organizational charter or bylaws, respectively. Except as disclosed
in Schedule 3(e), neither the Company nor any of its Subsidiaries is in violation of any term of or is in default under any material
contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or any statute, rule or regulation
applicable to the Company or its Subsidiaries, except for possible violations, defaults, terminations or amendments that would
not reasonably be expected to have a Material Adverse Effect. The business of the Company and its Subsidiaries is not being
conducted, and shall not be conducted, in violation of any law, ordinance, or regulation of any governmental entity, except for
possible violations, the sanctions for which either individually or in the aggregate would not reasonably be expected to have a
Material Adverse Effect. Except as specifically contemplated by this Agreement, reporting obligations under the 1934 Act,
or as required under the 1933 Act or applicable state securities laws or the filing of a Listing of Additional Shares Notification
Form with the Principal Market, the Company is not required to obtain any consent, authorization or order of, or make any filing
or registration with, any court or governmental agency or any regulatory or self-regulatory agency in order for it to execute,
deliver or perform any of its obligations under or contemplated by the Transaction Documents in accordance with the terms hereof
or thereof. Except as disclosed in Schedule 3(e) and for reporting obligations under the 1934 Act, all consents, authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence shall be obtained
or effected on or prior to the Commencement Date. Except as disclosed in Schedule 3(e), the Company is not subject to any
notices or actions from or to the Principal Market other than routine matters incident to listing on the Principal Market and not
involving a violation of the rules of the Principal Market. Except as disclosed in Schedule 3(e), to the Company’s knowledge,
the Principal Market has not commenced any delisting proceedings against the Company.

 

    	 	5	 

     

    

 

(f)  SEC Documents; Financial
Statements. Except as disclosed in Schedule 3(f), since January 1, 2016, the Company has filed all reports, schedules, forms,
statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all
of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto
and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”). As
of their respective dates (except as they have been correctly amended), the SEC Documents complied in all material respects with
the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC (except as they may have been properly amended), 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 light of the circumstances under which they were made, not misleading. As of their respective
dates (except as they have been properly amended), the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed
or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal
year-end audit adjustments). Except as disclosed in Schedule 3(f) or routine correspondence, such as comment letters and notices
of effectiveness in connection with previously filed registration statements or periodic reports publicly available on EDGAR, to
the Company’s knowledge, the Company or any of its Subsidiaries are not presently the subject of any inquiry, investigation
or action by the SEC.

 

(g)  Absence of Certain Changes. Except
as disclosed in Schedule 3(g), since January 1, 2016, there has been no material adverse change in the business, properties, operations,
financial condition or results of operations of the Company or its Subsidiaries taken as a whole. For purposes of this Agreement,
neither a decrease in cash or cash equivalents or in the market price of the Common Stock nor losses incurred in the ordinary course
of the Company’s business shall be deemed or considered a material adverse change. The Company has not taken any steps,
and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law nor does the Company or any
of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate involuntary bankruptcy or
insolvency proceedings. The Company is financially solvent and is generally able to pay its debts as they become due.

 

(h)  Absence of Litigation.
Except as disclosed in Schedule 3(h), to the Company’s knowledge, there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the
Company or any of its Subsidiaries, threatened against the Company, the Common Stock or any of the Company’s Subsidiaries
or any of the Company’s or the Company’s Subsidiaries’ officers or directors in their capacities as such, which
would reasonably be expected to have a Material Adverse Effect (each, an “Action”). A description of each
such Action, if any, is set forth in Schedule 3(h).

 

(i)  Acknowledgment Regarding
Buyer’s Status. The Company acknowledges and agrees that the Buyer is acting solely in the capacity of arm’s
length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby. The Company
further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to the Transaction Documents and the transactions contemplated hereby and thereby and any advice given by the Buyer
or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and
thereby is merely incidental to the Buyer’s purchase of the Securities. The Company further represents to the Buyer
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 and advisors.

 

(j)  Intellectual Property
Rights. To the Company’s knowledge, the Company and its Subsidiaries own or possess adequate rights or licenses
to use all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights,
copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights
(collectively, “Intellectual Property”) necessary to conduct their respective businesses as now conducted, except
as set forth in Schedule 3(j) or to the extent that the failure to own, possess, license or otherwise hold adequate rights to use
Intellectual Property would not, individually or in the aggregate, have a Material Adverse Effect. Except as disclosed in
Schedule 3(j), to the Company’s knowledge, none of the Company’s active and registered Intellectual Property have expired
or terminated, or, by the terms and conditions thereof, will expire or terminate within two years from the date of this Agreement,
except as would not reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries do not have
any knowledge of any infringement by the Company or its Subsidiaries of any Intellectual Property of others and, except as set
forth on Schedule 3(j), there is no claim, action or proceeding being made or brought against, or to the Company’s knowledge,
being threatened against, the Company or its Subsidiaries regarding Intellectual Property, which could reasonably be expected to
have a Material Adverse Effect.

 

    	 	6	 

     

    

 

(k)  Environmental Laws. To
the Company’s knowledge, the Company and its Subsidiaries (i) are in material compliance with any and all applicable foreign,
federal, state and local laws and regulations relating to the protection of human health and safety or the environment and with
respect to hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii)
have received all material permits, licenses or other approvals required of them under applicable Environmental Laws to conduct
their respective businesses and (iii) are in material compliance with all terms and conditions of any such permit, license or approval,
except where, in each of the three foregoing clauses, the failure to so comply or receive such approvals would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(l)  Title. The Company
and its Subsidiaries have good and marketable title to all personal property owned by them that is material to the business of
the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and defects except such as are described
in Schedule 3(l) or such as do not materially affect the value of such property and do not interfere with the use made and proposed
to be made of such property by the Company and any of its Subsidiaries or would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. Any real property and facilities held under lease by the Company and any of
its Subsidiaries, to the Company’s knowledge, are held by them under valid, subsisting and enforceable leases with such exceptions
as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company
and its Subsidiaries.

 

(m)  Insurance. The
Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as management of the Company believes to be reasonable and customary in the businesses in which the Company
and its Subsidiaries are engaged. To the Company’s knowledge, since January 1, 2016, neither the Company nor any such
Subsidiary has been refused any insurance coverage sought or applied for and neither the Company nor any such Subsidiary, to the
Company’s knowledge, will be unable to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected
to have a Material Adverse Effect.

 

(n)  Regulatory Permits. The
Company and its Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate federal, state
or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted, and neither the Company
nor any such Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such material
certificate, authorization or permit.

 

(o)  Tax Status. The
Company and each of its Subsidiaries has made or filed all federal and state income and all other material tax returns, reports
and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company and each of
its Subsidiaries has set aside on its books reserves reasonably adequate for the payment of all unpaid and unreported taxes or
filed valid extensions) and has paid all taxes and other governmental assessments and charges that are material in amount, shown
or determined to be due on such returns, reports and declarations, except those being contested in good faith and has set aside
on its books reserves reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. To the Company’s knowledge, there are no unpaid taxes in any material amount claimed
to be due by the taxing authority of any jurisdiction.

 

(p)  Transactions With Affiliates. Except
as set forth on Schedule 3(p) and other than the grant or exercise of stock options or any other equity securities offered pursuant
to duly adopted stock or incentive compensation plans as disclosed on Schedule 3(c) or in the first sentence of Section 3(c),
none of the officers, directors or employees of the Company is presently a party to any transaction with the Company or any of
its Subsidiaries (other than for services as employees, officers and directors and reimbursement for expenses incurred on behalf
of the Company), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any corporation, partnership, trust or other entity in which any officer, director, or any
such employee has a material interest or is an officer, director, trustee or general partner.

 

(q)  Application of Takeover
Protections. The Company and its board of directors have taken or will take prior to the Commencement Date all necessary
action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any
distribution under a rights agreement) or other similar anti-takeover provision under the Certificate of Incorporation or the laws
of the state of its incorporation, other than Section 203 of the Delaware General Corporation Law, which is or could become applicable
to the Buyer as a result of the transactions contemplated by this Agreement, including, without limitation, the Company’s
issuance of the Securities and the Buyer’s ownership of the Securities.

 

    	 	7	 

     

    

 

(r)  Registration Statement. The
Shelf Registration Statement (as defined in Section 4(a) hereof) has been declared effective by the SEC, and no stop order has
been issued or is pending or, to the knowledge of the Company, threatened by the SEC with respect thereto. As of the date
hereof, the Company has a dollar amount of securities registered and unsold under the Shelf Registration Statement, which is not
less than the sum of (i) the Available Amount and (ii) the market value of the Commitment Fee on the date hereof.

 

		4.	COVENANTS
AND OTHER AGREEMENTS OF THE PARTIES.

 

(a)  Filing of Form 8-K and
Prospectus Supplement. The Company agrees that it shall, within one day of the Commencement Date, file a Current Report
on Form 8-K disclosing this Agreement and the transaction contemplated hereby. From and after the filing of the Form 8-K, the Company
represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the
Purchasers by the Company or any Subsidiary, or any of their respective officers, directors, employees or agents in connection
with the transactions contemplated by the Transaction Documents. The Company shall file within two (2) Business Days from
the date hereof a prospectus supplement to the Company’s existing shelf registration statement on Form S-3 (File No. 333-198647,
the “Shelf Registration Statement”) covering the sale of the Commitment Shares and Purchase Shares (the “Prospectus
Supplement”) in accordance with the terms of the Registration Rights Agreement between the Company and the Buyer, dated
as of the date hereof (the “Registration Rights Agreement”). The Company shall use commercially reasonable
efforts to keep the Shelf Registration Statement and any New Registration Statement (as defined in the Registration Rights Agreement)
effective pursuant to Rule 415 promulgated under the 1933 Act and available for sales of all Securities to the Buyer until such
time as (i) it no longer qualifies to make sales under the Shelf Registration Statement (which shall be understood to include the
inability of the Company to immediately register sales of Securities to the Buyer under the Shelf Registration Statement or any
New Registration Statement pursuant to General Instruction I.B.6 of Form S-3), (ii) the date on which all the Securities have been
sold under this Agreement and no Available Amount remains thereunder, or (iii) the Agreement has been terminated. The Shelf
Registration Statement (including any amendments or supplements thereto and prospectuses or prospectus supplements, including the
Prospectus Supplement, contained therein) shall not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading.

 

(b)  Blue Sky. The Company
shall take such action, if any, as is reasonably necessary in order to obtain an exemption for or to qualify (i) the initial sale
of the Securities to the Buyer under this Agreement and (ii) any subsequent sale of the Securities by the Buyer, in each case,
under applicable securities or “Blue Sky” laws of the states of the United States in such states as is reasonably requested
by the Buyer from time to time, and shall provide evidence of any such action so taken to the Buyer.

 

(c)  Listing. The
Company shall promptly secure the listing of all of the Company’s Common Stock listed upon each national securities exchange
and automated quotation system that requires an application by the Company for listing, if any, upon which shares of Common Stock
are then listed (subject to official notice of issuance) and shall maintain such listing, so long as any other shares of Common
Stock shall be so listed. The Company shall use its commercially reasonable efforts to maintain the Common Stock’s listing
on the Principal Market. Neither the Company nor any of its Subsidiaries shall take any action that would be reasonably expected
to result in the delisting or suspension of the Common Stock on the Principal Market, unless the Common Stock is immediately thereafter
traded on the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Capital Market, or the OTCQB or
OTCQX market places of the OTC Markets. The Company shall pay all fees and expenses in connection with satisfying its obligations
under this Section.

 

(d)  Limitation on Short Sales
and Hedging Transactions. The Buyer agrees that beginning on the date of this Agreement and ending on the date of termination
of this Agreement as provided in Section 11(k), the Buyer and its agents, representatives and affiliates shall not in any manner
whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined in Section 242.200
of Regulation SHO of the 1934 Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position with
respect to the Common Stock.

 

(e)  Issuance of Commitment
Shares. In connection with the Commencement, the Company shall issue to the Buyer in one or more tranches, at the sole
discretion of Buyer, as consideration for the Buyer entering into this Agreement such number of shares of Common Stock representing
a dollar amount equal to $700,000 based on a per share price equal to the Purchase Price on each of the dates that Buyer agrees
to accept all or part of such shares of Common Stock (the “Commitment Shares”). The Commitment Shares shall
be transmitted via DWAC within two (2) Business Days of the filing of the Prospectus Supplement and without any restrictive legend
whatsoever or prior sale requirement. If the Commitment Shares are not received within two (2) Business Days of the filing
of the Prospectus Supplement, the Company shall pay to Buyer all outstanding amounts in cash, including but not limited to, liquidated
damages of $5,000 per day until the Commitment Shares are delivered.

 

    	 	8	 

     

    

 

(f)  Due Diligence. The
Buyer shall have the right, from time to time as the Buyer may reasonably deem appropriate, to perform reasonable due diligence
on the Company during normal business hours and subject to reasonable prior notice to the Company. The Company and its officers
and employees shall provide information and reasonably cooperate with the Buyer in connection with any reasonable request by the
Buyer related to the Buyer’s due diligence of the Company, including, but not limited to, any such request made by the Buyer
in connection with (i) the filing of the prospectus supplement described in Section 4(a) hereof and (ii) the Commencement; provided,
however, that at no time is the Company permitted to disclose material nonpublic information to the Buyer or breach any obligation
of confidentiality or non-disclosure to a third party or make any disclosure that could cause a waiver of attorney-client privilege. Each
party hereto agrees not to disclose any Confidential Information of the other party to any third party and shall not use the Confidential
Information of such other party for any purpose other than in connection with, or in furtherance of, the transactions contemplated
hereby. Each party hereto acknowledges that the Confidential Information shall remain the property of the disclosing party
and agrees that it shall take all reasonable measures to protect the secrecy of any Confidential Information disclosed by the other
party.

 

(g)  Offering Restrictions.
For a period of ninety (90) days from the date hereof, the Company is prohibited from discussing, negotiating, agreeing to or entering
into any similar At The Market or equity line type of transactions.

 

		5.	TRANSFER
AGENT INSTRUCTIONS.

 

All of the Commitment Shares and Purchase
Shares to be issued under this Agreement shall be issued without any restrictive legend and as DWAC Shares unless the Buyer expressly
consents otherwise. The Company shall issue irrevocable instructions to the Transfer Agent, and any subsequent transfer agent,
to issue Common Stock in the name of the Buyer for the Purchase Shares (the “Irrevocable Transfer Agent Instructions”). The
Company warrants to the Buyer that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section
5, will be given by the Company to the Transfer Agent with respect to the Purchase Shares and that the Commitment Shares and
the Purchase Shares shall otherwise be freely transferable on the books and records of the Company as and to the extent provided
in this Agreement and the Registration Rights Agreement.

 

		6.	CONDITIONS
TO THE COMPANY’S RIGHT TO COMMENCE SALES OF SHARES OF COMMON STOCK UNDER THIS AGREEMENT.

 

The right of the Company hereunder to commence
sales of the Purchase Shares is subject to the satisfaction of each of the following conditions on or before the Commencement Date
(the date that the Company may begin sales of Purchase Shares):

 

(a)  The Buyer shall have executed
each of the Transaction Documents and delivered the same to the Company;

 

(b) The representations and warranties
of the Buyer shall be true and correct as of the Commencement Date as though made at that time (except for representations and
warranties that speak as of a specific date, which shall be true and correct in all material respects as of such specific date)
and the Buyer shall have performed, satisfied and complied in all material respects with the covenants and agreements required
by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Commencement Date, and the Company
shall have received a certificate, executed by a duly authorized officer of the Buyer, dated as of the Commencement Date, to the
foregoing effect; and

 

(c)  The Prospectus Supplement
shall have been delivered to the Buyer and no stop order with respect to the registration statement covering the sale of shares
to the Buyer shall be pending or threatened by the SEC.

 

		7.	CONDITIONS
TO THE BUYER’S OBLIGATION TO MAKE PURCHASES OF SHARES OF COMMON STOCK.

 

The obligation of the Buyer to buy Purchase
Shares under this Agreement is subject to the satisfaction of each of the following conditions on or before the Commencement Date
(the date that the Company may begin sales of Purchase Shares) and once such conditions have been initially satisfied, there shall
be an ongoing obligation to continue to satisfy such conditions after the Commencement has occurred:

 

(a) The Company shall have executed each
of the Transaction Documents and delivered the same to the Buyer;

 

    	 	9	 

     

    

 

(b) The Company shall have issued to the
Buyer the Commitment Shares;

 

(c) The Common Stock shall be authorized
for quotation on the Principal Market, trading in the Common Stock shall not have been within the last 365 days suspended by the
SEC or the Principal Market, other than a general halt in trading in the Common Stock by the Principal Market under halt codes
indicating pending or released material news, and the Securities shall be approved for listing upon the Principal Market;

 

(d) The Buyer shall have received the opinion
of the Company’s legal counsel dated as of the Commencement Date in customary form and substance;

 

(e) The representations and warranties
of the Company shall be true and correct in all material respects (except to the extent that any of such representations and warranties
is already qualified as to materiality in Section 3 above, in which case, such representations and warranties shall be true and
correct without further qualification) as of the date of this Agreement and as of the Commencement Date as though made at that
time (except for representations and warranties that speak as of a specific date, which shall be true and correct in all material
respects as of such specific date) and the Company shall have performed, satisfied and complied in all material respects with the
covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Company
at or prior to the Commencement Date. The Buyer shall have received a certificate, executed by the CEO, President or CFO of
the Company, dated as of the Commencement Date, to the foregoing effect in the form attached hereto as Exhibit A;

 

(f) The Board of Directors of the Company
or a duly authorized committee thereof shall have adopted resolutions substantially in the form attached hereto as Exhibit B
which shall be in full force and effect without any amendment or supplement thereto as of the Commencement Date;

 

(g) As of the Commencement Date, the Company
shall have reserved out of its authorized and unissued Common Stock, solely for the purpose of effecting future purchases of Purchase
Shares hereunder, 25,000,000 shares of Common Stock;

 

(h) The Irrevocable Transfer Agent Instructions,
in form acceptable to the Buyer shall have been delivered to and acknowledged in writing by the Company and the Buyer and have
been delivered to the Transfer Agent;

 

(i) The Company shall have delivered to
the Buyer a certificate evidencing the incorporation and good standing of the Company in the State of Delaware issued by the Secretary
of State of the State of Delaware as of a date within ten (10) Business Days of the Commencement Date;

 

(j) The Company shall have delivered to
the Buyer a secretary’s certificate executed by the Secretary of the Company, dated as of the Commencement Date, in the form
attached hereto as Exhibit C;

 

(k) The Shelf Registration Statement shall
have been declared effective under the 1933 Act by the SEC and no stop order with respect thereto shall be pending or threatened
by the SEC. The Company shall have prepared and delivered to the Buyer a final and complete form of prospectus supplement,
dated and current as of the Commencement Date, to be used in connection with any issuances of any Commitment Shares or Purchase
Shares to the Buyer, and to be filed by the Company within two (2) Business Days after the Commencement Date pursuant to Rule 424(b). The
Company shall have made all filings under all applicable federal and state securities laws necessary to consummate the issuance
of the Commitment Shares and the Purchase Shares pursuant to this Agreement in compliance with such laws;

 

(l) No Event of Default has occurred and
is continuing, or any event which, after notice and/or lapse of time, would become an Event of Default has occurred;

 

(m) On or prior to the Commencement Date,
the Company shall take all necessary action, if any, and such actions as reasonably requested by the Buyer, in order to render
inapplicable any control share acquisition, business combination, stockholder rights plan or poison pill (including any distribution
under a rights agreement) or other similar anti-takeover provision under the Certificate of Incorporation or the laws of the state
of its incorporation, other than Section 203 of the Delaware General Corporation Law, that is or could become applicable to the
Buyer as a result of the transactions contemplated by this Agreement, including, without limitation, the Company’s issuance
of the Securities and the Buyer’s ownership of the Securities; and

 

(n) The Company shall have provided the
Buyer with the information reasonably requested by the Buyer in connection with its due diligence requests made prior to, or in
connection with, the Commencement, in accordance with the terms of Section 4(f) hereof.

 

    	 	10	 

     

    

 

		8.	INDEMNIFICATION.

 

In consideration of the Buyer’s execution
and delivery of the Transaction Documents and acquiring the Securities hereunder and in addition to all of the Company’s
other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Buyer and
all of its affiliates, members, officers, directors, and employees, and any of the foregoing person’s agents or other representatives
(including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
the “Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to
the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the
“Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to (a)
any misrepresentation or breach of any representation or warranty made by the Company in the Transaction Documents or any other
certificate, instrument or document contemplated hereby or thereby, (b) any breach of any covenant, agreement or obligation of
the Company contained in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby,
or (c) any cause of action, suit or claim brought or made against such Indemnitee and arising out of or resulting from the execution,
delivery, performance or enforcement of the Transaction Documents or any other certificate, instrument or document contemplated
hereby or thereby, other than with respect to Indemnified Liabilities which directly and primarily result from (A) a breach of
any of the Buyer’s representations and warranties, covenants or agreements contained in this Agreement, or (B) the gross
negligence, bad faith or willful misconduct of the Buyer or any other Indemnitee. To the extent that the foregoing undertaking
by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction
of each of the Indemnified Liabilities which is permissible under applicable law.

 

		9.	EVENTS
OF DEFAULT.

 

An “Event of Default”
shall be deemed to have occurred at any time as any of the following events occurs:

 

(a) during any period in which the effectiveness
of any registration statement is required to be maintained pursuant to the terms of the Registration Rights Agreement, the effectiveness
of such registration statement lapses for any reason (including, without limitation, the issuance of a stop order) or is unavailable
to the Company for sale of all of the Registrable Securities (as defined in the Registration Rights Agreement) to the Buyer in
accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability continues for a period of ten
(10) consecutive calendar days or for more than an aggregate of thirty (30) calendar days in any 365-day period, which is not in
connection with a post-effective amendment to any such registration statement or the filing of a new registration statement; provided,
however, that in connection with any post-effective amendment to such registration statement or filing of a new registration statement
that is required to be declared effective by the SEC, such lapse or unavailability may continue for a period of no more than thirty
(30) consecutive calendar days, which such period shall be extended for an additional thirty (30) calendar days if the Company
receives a comment letter from the SEC in connection therewith;

 

(b) the suspension from trading or failure
of the Common Stock to be listed on a Principal Market for a period of three (3) consecutive Business Days;

 

(c) the delisting of the Common Stock from
the Principal Market, and the Common Stock is not immediately thereafter trading on the New York Stock Exchange, the NYSE MKT,
the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, the OTC Bulletin Board or the OTCQB marketplace
or OTCQX marketplace of the OTC Markets Group;

 

(d) the failure for any reason by the Transfer
Agent to issue Purchase Shares to the Buyer within three (3) Business days after the applicable Purchase Date that the Buyer is
entitled to receive;

 

(e) the Company’s breach of any representation
or warranty (as of the dates made), covenant or other term or condition under any Transaction Document if such breach would reasonably
be expected to have a Material Adverse Effect and except, in the case of a breach of a covenant which is reasonably curable, only
if such breach continues uncured for a period of at least five (5) Business Days;

 

(f) if any Person commences a proceeding
against the Company pursuant to or within the meaning of any Bankruptcy Law;

 

(g) if the Company pursuant to or within
the meaning of any Bankruptcy Law; (A) commences a voluntary case, (B) consents to the entry of an order for relief against it
in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, (D)
makes a general assignment for the benefit of its creditors or (E) becomes insolvent;

 

    	 	11	 

     

    

 

(h) a court of competent jurisdiction enters
an order or decree under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints a Custodian
of the Company or for all or substantially all of its property, or (C) orders the liquidation of the Company or any Subsidiary;

 

(i) if at any time after the Commencement
Date, the Exchange Cap is reached unless and until stockholder approval is obtained pursuant to Section 1(h) hereof. The Exchange
Cap shall be deemed to be reached at such time if, upon submission of a Purchase Notice or Additional Purchase Notice under this
Agreement, the issuance of such shares of Common Stock would exceed the number of shares of Common Stock which the Company may
issue under this Agreement without breaching the Company’s obligations under the rules or regulations of the Principal Market;

 

(j) a default by the Company of a material
term, covenant, warranty or undertaking of any agreement to which the Company is a party to; or

 

(k) failure of the Company to publicly
disclose within one business day any material default described in Section 9(j) above.

 

In addition to any other rights and remedies under applicable
law and this Agreement, including the Buyer termination rights under Section 11(k) hereof, so long as an Event of Default has occurred
and is continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default, has occurred and
is continuing, or so long as the Closing Bid Price is below the Floor Price, the Company may not require and the Buyer shall not
be obligated to purchase any shares of Common Stock under this Agreement. If pursuant to or within the meaning of any Bankruptcy
Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed
for the Company or for all or substantially all of its property, or the Company makes a general assignment for the benefit of its
creditors, (any of which would be an Event of Default as described in Sections 9(f), 9(g) and 9(h) hereof) this Agreement
shall automatically terminate without any liability or payment to the Company without further action or notice by any Person. No
such termination of this Agreement under Section 11(k)(i) shall affect the Company’s or the Buyer’s obligations under
this Agreement with respect to pending purchases and the Company and the Buyer shall complete their respective obligations with
respect to any pending purchases under this Agreement.

 

In addition to any other rights and remedies under applicable
law and this Agreement, including the Buyer termination rights under Section 11(k) hereof, upon the occurrence of an Event of Default,
the Company will pay to Buyer as liquidated damages and not as a penalty the sum of $250,000 in cash, shares or a combination thereof,
at the election of Buyer. If paid in shares, the shares will be valued at the Purchase Price in effect on the day Buyer notifies
the Company of its election to receive such shares.

 

		10.	CERTAIN
DEFINED TERMS.

 

For purposes of this Agreement, the following
terms shall have the following meanings:

 

(a) “1933 Act” means
the Securities Act of 1933, as amended.

 

(b) Intentionally Omitted. .

 

(c) “Additional Purchase Amount”
means, with respect to any particular Additional Purchase Notice, the portion of the Available Amount to be purchased by the Buyer
pursuant to Section 1(c) hereof pursuant to a valid Additional Purchase Notice which requires the Buyer to buy the additional Purchase
Shares.

 

(d) “Additional Purchase Date”
means, with respect to any Additional Purchase made hereunder, the same Business Day following the receipt by the Buyer of a valid
Additional Purchase Notice that the Buyer is to buy Purchase Shares pursuant to Section 1(c) hereof, provided such valid Additional
Purchase Notice is delivered no later than 9:00 a.m. Eastern Time on such Business Day. If delivered later than 9:00 a.m. Eastern
Time, the Additional Purchase Date will be the next Business Day, unless waived by Buyer, in its sole discretion.

 

(e) Intentionally Omitted.

 

(f) Intentionally Omitted.

 

(g) “Additional Purchase Price”
the lowest intra-day bid price of the Common Stock on the Additional Purchase Date.

 

(h) “Additional Purchase Share
Estimate” means the number of shares of Common Stock that the Company has in its sole discretion irrevocably instructed
its Transfer Agent to issue to the Buyer via the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer Program in connection with a Additional Purchase Notice pursuant to Section 1(c) hereof and issued to the Buyer’s
or its designee’s balance account with DTC through its Deposit Withdrawal At Custodian (DWAC) system on the Additional Purchase
Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split
or other similar transaction).

 

    	 	12	 

     

    

 

(i) “Additional Purchase Share
Volume Maximum” means a number of shares of Common Stock traded on the Principal Market during normal trading hours on
the Additional Purchase Date equal to: (i) the Additional Purchase Share Estimate, divided by (ii) the Additional Purchase Share
Percentage (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock
split or other similar transaction).

 

(j) “Available Amount”
means initially Ten Million Dollars ($10,000,000) in the aggregate which amount shall be reduced by the Purchase Amount (including
the Initial Purchase) each time the Buyer purchases shares of Common Stock pursuant to Section 1 hereof.

 

(k) “Bankruptcy Law”
means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(l) “Business Day” means
any day on which the Principal Market is open for trading during normal trading hours (i.e., 9:30 a.m. to 4:00 p.m. Eastern Time),
including any day on which the Principal Market is open for trading for a period of time less than the customary time.

 

(m) “Closing Bid Price”
means the closing bid price for the Common Stock on the Principal Market as reported by the Principal Market.

 

(n) “Confidential Information”
means any information disclosed by either party to the other party, either directly or indirectly, in writing, orally or by inspection
of tangible objects (including, without limitation, documents, prototypes, samples, protocols, development plans, commercialization
plans, compounds, formulations, preclinical study and clinical trial results, plant and equipment), which is designated as “Confidential,”
“Proprietary” or some similar designation. Information communicated orally shall be considered Confidential Information
if such information is expressly identified as Confidential Information at the time of such initial disclosure and confirmed in
writing as being Confidential Information within ten (10) Business Days after the initial disclosure. Confidential Information
may also include information disclosed to a disclosing party by third parties. Confidential Information shall not, however, include
any information which (i) was publicly known and made generally available in the public domain prior to the time of disclosure
by the disclosing party; (ii) becomes publicly known and made generally available after disclosure by the disclosing party to the
receiving party through no action or inaction of the receiving party; (iii) is already in the possession of the receiving party
at the time of disclosure by the disclosing party as shown by the receiving party’s files and records immediately prior to
the time of disclosure; (iv) is obtained by the receiving party from a third party without a breach of such third party’s
obligations of confidentiality; (v) is independently developed by the receiving party without use of or reference to the disclosing
party’s Confidential Information, as shown by documents and other competent evidence in the receiving party’s possession;
or (vi) is required by law to be disclosed by the receiving party, provided that the receiving party gives the disclosing party
prompt written notice of such requirement prior to such disclosure and assistance in obtaining an order protecting the information
from public disclosure.

 

(o) “Custodian” means
any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

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

 

(q)  “DWAC Shares”
means shares of Common stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction
on resale, and (iii) timely credited by the Company to the Buyer or its designee’s specified Deposit of Withdrawal at Custodian
(“DWAC”) account with DTC under its Fast Automatic Securities Transfer (“FAST”) Program or any similar
program hereafter adopted by DTC performing substantially the same function.

 

(r) “Market Price” shall
mean, (i) shall mean, (i) from 9:30am to 4:00pm Eastern Time of the regular session of any trading day, lowest intra-day bid price
or (ii) if after the close of the regular session on any trading day, then such trading day’s Closing Bid Price.

 

(s) “Maturity Date”
means the date that is twenty-four (24) months from the Commencement Date. 

 

(t) “Person” means an
individual or entity including any limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated
organization and a government or any department or agency thereof.

 

(u) “Principal Market”
means the Nasdaq Global Market; provided however, that in the event the Company’s Common Stock is ever listed or traded on
the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the Nasdaq Global Market, the NASDAQ Capital Market,
the OTC Bulletin Board or either of the OTCQB Marketplace or the OTCQX marketplace of the OTC Markets Group, then the “Principal
Market” shall mean such other market or exchange on which the Company’s Common Stock is then listed or traded.

 

    	 	13	 

     

    

 

(v) “Purchase Amount”
means, with respect to any particular purchase made hereunder, the portion of the Available Amount to be purchased by the Buyer
pursuant to Section 1 hereof as set forth in a valid Purchase Notice or Additional Purchase Notice which the Company delivers to
the Buyer.

 

(w) “Purchase Date”
means with respect to any Regular Purchase made hereunder, the Business Day of receipt by the Buyer of a valid Purchase Notice
that the Buyer is to buy Purchase Shares pursuant to Section 1(b) hereof, provided such valid Purchase Notice is delivered no later
than 9:00 a.m. Eastern Time on such Business Day. If delivered later than 9:00 a.m. Eastern Time, the Purchase Date will be the
next Business Day, unless waived by Buyer, in its sole discretion.

 

(x) “Purchase Notice”
shall mean an irrevocable written notice from the Company to the Buyer directing the Buyer to buy Purchase Shares pursuant to Section
1(b) hereof as specified by the Company therein at the applicable Purchase Price on the Purchase Date.

 

(y) “Purchase Price”
shall mean the Market Price (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split,
reverse stock split or other similar transaction).

 

(z) “SEC” means the
United States Securities and Exchange Commission.

 

(aa) “Transfer Agent”
means the transfer agent of the Company as set forth in Section 11(f) hereof or such other person who is then serving as the transfer
agent for the Company in respect of the Common Stock.

 

		11.	MISCELLANEOUS.

 

(a)  Governing Law; Jurisdiction;
Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
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 legal 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, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan 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 action,
suit or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or 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 other manner permitted by law. If either
party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then, the prevailing party
in such action, suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs
and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. IN ANY ACTION, SUIT,
OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO
THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL
BY JURY.

 

(b)  Counterparts. This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile
or pdf (or other electronic reproduction) signature shall be considered due execution and shall be binding upon the signatory thereto
with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic reproduction)
signature.

 

(c)  Headings. The
headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

(d)  Severability. If
any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

    	 	14	 

     

    

 

(e)  Entire Agreement. This
Agreement and the Registration Rights Agreement supersede all other prior oral or written agreements between the Buyer, the Company,
their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement, the other
Transaction Documents and the instruments referenced herein contain the entire understanding of the parties with respect to the
matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes
any representation, warranty, covenant or undertaking with respect to such matters. The Company acknowledges and agrees that
is has not relied on, in any manner whatsoever, any representations or statements, written or oral, other than as expressly set
forth in this Agreement.

 

(f)  Notices. Any
notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii)
upon receipt, when sent by electronic message (provided the recipient responds to the message and confirmation of both electronic
messages are kept on file by the sending party); or (iv) one (1) Business Day after timely deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

 

If to the Company:

 

	Immune Pharmaceuticals Inc.
	430 East 29th Street, Suite 940
	New York, NY 10016
	Telephone:	646-440-9310
	Facsimile:	917-398-1922
	Attention:	Daniel Teper, Chief Executive Officer
	Email:	Daniel.teper@immunepharma.com

 

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

 

	Sheppard Mullin Richter & Hampton LLP
	30 Rockefeller Plaza, New York, NY 10112
	Telephone:	212-634-3031
	Facsimile:	212-655-1729
	Attention:	Richard A. Friedman, ESQ
	Email:	Rafriedman@sheppardmullin.com

 

If to the Buyer:

 

	HLHW IV, LLC
	708 Third Avenue, 6th Floor
	New York, NY 10017
		

 

With a copy to (which shall not constitute
delivery to the Buyer):

 

	Grushko & Mittman, P.C.
	515 Rockaway Avenue
	Valley Stream, NY 11581
	Telephone:	212-697-9500
	Facsimile:	212-697-3575
	Attention:	Barbara R. Mittman, Esq.
	Email:	barbara@grushkomittman.com

 

If to the Transfer Agent:

 

	VStock Transfer, LLC
	18 Lafayette Place
	Woodmere, NY 11598
	Telephone:	212-828-8436
	Facsimile:	646-536-3179
	Attention:	Allison Niccolls
	Email:	Allison@vstocktransfer.com

 

    	 	15	 

     

    

 

or at such other address and/or facsimile number and/or to the
attention of such other person as the recipient party has specified by written notice given to each other party at least one (1)
Business Day prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such
notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing
the time, date, and recipient facsimile number, (C) electronically generated by the sender’s electronic mail containing the
time, date and recipient email address or (D) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of receipt in accordance with clause (i), (ii), (iii) or (iv) above, respectively.

 

(g)  Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. The Company
shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Buyer, including
by merger or consolidation; provided, however, that any transaction, whether by merger, reorganization, restructuring, consolidation,
financing or otherwise, whereby the Company remains the surviving entity immediately after such transaction, shall not be deemed
a succession or assignment. The Buyer may assign its rights or obligations under this Agreement.

 

(h)  No Third Party Beneficiaries. This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other person.

 

(i)  Further Assurances. Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(j)  Termination. This
Agreement may be terminated only as follows:

 

(i)  By the Buyer
any time an Event of Default exists without any liability or payment to the Company. However, if pursuant to or within the meaning
of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian
is appointed for the Company or for all or substantially all of its property, or the Company makes a general assignment for the
benefit of its creditors, (any of which would be an Event of Default as described in Sections 9(f), 9(g) and 9(h) hereof) this
Agreement shall automatically terminate without any liability or payment to the Company without further action or notice by any
Person. No such termination of this Agreement under this Section 11(k)(i) shall affect the Company’s or the Buyer’s
obligations under this Agreement with respect to pending purchases and the Company and the Buyer shall complete their respective
obligations with respect to any pending purchases under this Agreement.

 

(ii)  In the event
that the Commencement shall not have occurred by November 15, 2016, the Company shall have the option to terminate this Agreement
for any reason or for no reason without any liability whatsoever of either party to the other party under this Agreement.

 

(iii)  In the event
that the Commencement shall not have occurred within ten (10) Business Days of the date of this Agreement, due to the failure to
satisfy any of the conditions set forth in Sections 6 and 7 above with respect to the Commencement, either party shall have the
option to terminate this Agreement at the close of business on such date or thereafter without liability of either party to any
other party except as described herein; provided, however, that the right to terminate this Agreement under this Section 11(k)(iii)
shall not be available to either party if such failure to satisfy any of the conditions set forth in Sections 6 and 7 is the result
of a breach of this Agreement by such party or the failure of any representation or warranty of such party included in this Agreement
to be true and correct in all material respects. A termination fee pursuant to this Paragraph (j)(iii) of $250,000 in cash, shares
or a combination thereof, at Buyer’s election with such shares to be valued at the Purchase Price, will be immediately payable
by the Company to Buyer.

 

(iv)  At any time
after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no reason by delivering
notice (a “Company Termination Notice”) to the Buyer electing to terminate this Agreement without any liability
whatsoever of either party to the other party under this Agreement except that the Company must transmit to Buyer a Termination
Fee of $250,000 in cash or shares, at Buyer’s election with such shares to be valued at the Purchase Price, within two (2)
Business Days following delivery of the Company Termination Notice. The Company Termination Notice shall not be effective
until one (1) Business Day after it has been received by the Buyer. If the Termination Fee is not received within two (2) Business
Days following delivery of the Company Termination Notice, the Company will pay the Buyer as liquidated damages of $5,000 per day
in cash, shares or a combination thereof, at Buyer’s election with such shares to be valued at the Purchase Price, for each
day of delay in payment of the Termination Fee together with any applicable legal fees.

 

    	 	16	 

     

    

 

(v)  This Agreement
shall automatically terminate on the date that the Company sells and the Buyer purchases the full Available Amount as provided
herein, without any action or notice on the part of any party and without any liability whatsoever of any party to any other party
under this Agreement.

 

(vi)  If by the Maturity
Date for any reason or for no reason the full Available Amount under this Agreement has not been purchased as provided for in Section
1 of this Agreement, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the part
of any party and without any liability whatsoever of any party to any other party under this Agreement.

 

Except as set forth in Sections
11(j)(i) (in respect of an Event of Default under Sections 9(f), 9(g) and 9(h)), 11(j)(v) and 11(j)(vi), any termination of this
Agreement pursuant to this Section 11(j) shall be effected by written notice from the Company to the Buyer, or the Buyer to the
Company, as the case may be, setting forth the basis for the termination hereof. The representations and warranties of the
Company and the Buyer contained in Sections 2, 3 and 5 hereof, the indemnification provisions set forth in Section 8 hereof and
the agreements and covenants set forth in Sections 4(e) and 11, shall survive the Commencement and any termination of this Agreement. No
termination of this Agreement shall affect the Company’s or the Buyer’s rights or obligations (i) under the Registration
Rights Agreement which shall survive any such termination in accordance with its terms or (ii) under this Agreement with respect
to pending purchases and the Company and the Buyer shall complete their respective obligations with respect to any pending purchases
under this Agreement.

 

(k)  No Financial Advisor,
Placement Agent, Broker or Finder. The Company represents and warrants to the Buyer that it has not engaged any financial
advisor, placement agent, broker or finder in connection with the transactions contemplated hereby. The Buyer represents and
warrants to the Company that it has not engaged any financial advisor, placement agent, broker or finder in connection with the
transactions contemplated hereby. Each party shall be responsible for the payment of any fees or commissions, if any, of any
financial advisor, placement agent, broker or finder engaged by such party relating to or arising out of the transactions contemplated
hereby. Each party shall pay, and hold the other party harmless against, any liability, loss or expense (including, without
limitation, attorneys’ fees and out of pocket expenses) arising in connection with any such claim.

 

(l)  No Strict Construction. 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.

 

(m)  Failure or Indulgence
Not Waiver. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of
any other right, power or privilege.

 

(n)  Fees and Expenses.
The Company will pay on or before November 15, 2016 to Grushko & Mittman, P.C. (“G&M”) the sum of $35,000 for
the legal fees in connection with G&M’s representation of Buyer. Except as expressly set forth in the Transaction Documents,
the Company shall also pay on each Purchase Date and on each Additional Purchase Date 1.75% of such aggregate purchase price representing
the fees and expenses of Buyer’s advisers, counsel, accountants and other experts, if any, and all other expenses incurred
by the Buyer incident to the negotiation, preparation, execution, delivery and performance of this Agreement. Additionally, the
Company will pay Buyer a breakup fee of $250,000 together with the additional 1.75% fees described above in cash, shares or a combination
thereof, at Buyer’s election with such shares to be valued at the Purchase Price, if the Commencement Date does not occur
by November 15, 2016 together with any applicable legal fees. Such breakup fee must be transmitted to Buyer no later than November
15, 2016.

 

*      *      *      *    
  * 

 

    	 	17	 

     

    

 

 

IN WITNESS WHEREOF, the Buyer and
the Company have caused this Common Stock Purchase Agreement to be duly executed as of the date first written above.

 

	 	THE COMPANY:
	 	 	 
	 	IMMUNE PHARMACEUTICALS INC.
	 	 	 
	 	By:	/s/ Daniel G. Teper
	 	Name:	Daniel G. Teper
	 	Title:	CEO
	 	 	 
	 	BUYER:
	 	 	 
	 	HLHW IV, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	18	 

     

    

 

SCHEDULES 

 

	Schedule 3(a)	 	Subsidiaries
	Schedule 3(c)	 	Capitalization
	Schedule 3(e)	 	Conflicts
	Schedule 3(f)	 	1934 Act Filings
	Schedule 3(g)	 	Material Changes
	Schedule 3(h)	 	Litigation

 

EXHIBITS 

 

	Exhibit A	 	Form of Officer’s Certificate
	Exhibit B	 	Form of Resolutions of Board of Directors of the Company
	Exhibit C	 	Form of Secretary’s Certificate

 

    	 	19	 

     

    

 

SCHEDULE 3.1(a)

 

List of Subsidiaries

 

	Name of Entity	 	Jurisdiction of Incorporation	 	Ownership
	 	 	 	 	 
	Immune Pharmaceuticals Ltd.	 	Israel	 	100%
	 	 	 	 	 
	Cytovia Inc.	 	Delaware	 	100%
	 	 	 	 	 
	Maxim Pharmaceuticals, Inc.	 	Delaware	 	100%
	 	 	 	 	 
	Immune Pharmaceuticals Corp	 	Delaware	 	100%

 

    	 	20	 

     

    

 

SCHEDULE 3(c)

 

Capitalization

 

None 

 

2015
Equity Inventive Plan -5,000,000 Shares

 

    	 	21	 

     

    

 

Schedule 3(e)

 

As disclosed on a Form
8-K filed with the SEC on November 8, 2016, on November 2, 2016, the Company received a notification from the Listing Qualifications
Department of The NASDAQ Stock Market LLC indicating that the Company had failed to comply with NASDAQ’s shareholder approval
requirement set forth in Listing Rule 5635(d). The Company is working to address and remediate the issues raised by NASDAQ as quickly
as possible and intends to submit a remediation plan to NASDAQ promptly for its approval.

 

    	 	22	 

     

    

 

SCHEDULE 3.1(h)

 

SEC Reports 

 

None.

 

10-Q due on or before November 14, 2016.

 

    	 	23	 

     

    

 

SCHEDULE 3.1(i)

 

Material Changes

  

None 

 

    	 	24	 

     

    

 

SCHEDULE 3(g)

 

Litigation

 

As disclosed in the Q-2, 2016 Form 10-Q.

 

    	 	25	 

     

    

 

EXHIBIT A 

 

FORM OF OFFICER’S CERTIFICATE 

 

This Officer’s Certificate (“Certificate”)
is being delivered pursuant to Section 7(e) of that certain Common Stock Purchase Agreement dated as of [REQUIRES COMPLETION],
2016 (the “Common Stock Purchase Agreement”), by and between IMMUNE PHARMACEUTICALS INC., a Delaware
corporation (the “Company”), and HLHW IV, LLC, a Delaware limited liability company (the “Buyer”). Terms
used herein and not otherwise defined shall have the meanings ascribed to them in the Common Stock Purchase Agreement.

 

The undersigned, [REQUIRES COMPLETION],
[REQUIRES COMPLETION] of the Company, hereby certifies as follows:

 

1. I am the [REQUIRES COMPLETION]
of the Company and make the statements contained in this Certificate in my capacity as such;

 

2. The representations and
warranties of the Company are true and correct in all material respects (except to the extent that any of such representations
and warranties is already qualified as to materiality in Section 3 of the Common Stock Purchase Agreement, in which case, such
representations and warranties are true and correct without further qualification) as of the date when made and as of the Commencement
Date as though made at that time (except for representations and warranties that speak as of a specific date);

 

3. The Company has performed,
satisfied and complied in all material respects with covenants, agreements and conditions required by the Transaction Documents
to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.

 

4. The Company has not taken
any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law nor does the Company
or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate involuntary bankruptcy
or insolvency proceedings. The Company is financially solvent and is generally able to pay its debts as they become due.

 

IN WITNESS WHEREOF, I have hereunder signed
my name on this [REQUIRES COMPLETION] day of [REQUIRES COMPLETION], 2016.

 

	 	 
	 	Name:
	 	Title:

 

The undersigned as Secretary of IMMUNE
PHARMACEUTICALS INC., a Delaware corporation, hereby certifies that [REQUIRES COMPLETION] is the duly elected, appointed,
qualified and acting [REQUIRES COMPLETION] of the Company and that the signature appearing above is his/her genuine signature.

 

	 	 
	 	Secretary

 

    	 	26	 

     

    

 

EXHIBIT B 

 

FORM OF COMPANY RESOLUTIONS 

FOR SIGNING PURCHASE AGREEMENT 

 

WHEREAS, management has reviewed with the
Board of Directors the background, terms and conditions of the transactions subject to the Common Stock Purchase Agreement (the
“Purchase Agreement”) by and between the Company and HLHW IV, LLC (“HLHW”), including all
materials terms and conditions of the transactions subject thereto, providing for the purchase by HLHW of up to Ten Million Dollars
($10,000,000) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”); and

 

WHEREAS, after careful consideration of
the Purchase Agreement, the documents incident thereto and other factors deemed relevant by the Board of Directors, the Board of
Directors has determined that it is advisable and in the best interests of the Company to engage in the transactions contemplated
by the Purchase Agreement, including, but not limited to, the issuance of such number of shares of Common Stock representing a
dollar amount equal to $550,000 to HLHW as a commitment fee (the “Commitment Shares”), and the sale of shares
of Common Stock to HLHW up to the available amount under the Purchase Agreement (the “Purchase Shares,” and
together with the Commitment Shares, the “HLHW Shares”).

 

Transaction Documents

 

NOW, THEREFORE, BE IT RESOLVED, that the
transactions described in the Purchase Agreement are hereby approved and the Chief Executive Officer, the Principal Financial
Officer of the Company (the “Authorized Officers”) are severally authorized to execute and deliver the Purchase
Agreement in substantially the form attached as Exhibit A hereto, and any other agreements or documents contemplated thereby
including, without limitation, a registration rights agreement (the “Registration Rights Agreement”) in substantially
the form attached as Exhibit B hereto providing for the registration of the issuance and/or sale of shares of Common Stock
to HLHW under the Purchase Agreement, with such amendments, changes, additions and deletions as the Authorized Officers may deem
to be appropriate and approve on behalf of the Company, such approval to be conclusively evidenced by the signature of an Authorized
Officer thereon; and

 

FURTHER RESOLVED, that the terms and provisions
of the Form of Transfer Agent Instructions (the “Instructions”) in substantially the form attached as Exhibit
C hereto are hereby approved and the Authorized Officers are authorized to execute and deliver the Instructions (pursuant
to the terms of the Purchase Agreement), with such amendments, changes, additions and deletions as the Authorized Officers may
deem appropriate and approve on behalf of the Company, such approval to be conclusively evidenced by the signature of an Authorized
Officer thereon; and

 

Issuance of Common Stock

 

FURTHER RESOLVED, that the Company is
hereby authorized to issue the Commitment Shares to HLHW as consideration for HLHW entering into the Purchase Agreement, and that
upon issuance of the Commitment Shares pursuant to the Purchase Agreement, the Commitment Shares shall be duly authorized, validly
issued, fully paid and non-assessable; and

 

FURTHER RESOLVED, that the Company is
hereby authorized to issue shares of Common Stock upon the purchase of Purchase Shares from time to time with an aggregate purchase
price of up to $10,000,000 under the Purchase Agreement, at a price per share equal to or greater than $[REQUIRES COMPLETION],
in accordance with the terms of the Purchase Agreement, provided that the number of shares of Common Stock issued pursuant
to the Purchase Agreement (including all Commitment Shares and Purchase Shares and Additional Purchase Shares) (the “Purchase
Shares” and “Additional Purchase Shares”, the “HLHW Shares”) shall not exceed
19.99% of the Company’s outstanding shares of Common Stock as of the date hereof without the affirmative consent of the
stockholders; and that, upon issuance of the Purchase Shares pursuant to the Purchase Agreement, including payment therefor, the
Purchase Shares will be duly authorized, validly issued, fully paid and non-assessable; and

 

FURTHER RESOLVED, that the Company is authorized
to, and hereby does, reserve out of its authorized but unissued shares of Common Stock the maximum number of shares of Common Stock that
is issuable to HLHW under the Purchase Agreement, subject to automatic adjustment from time to time as Purchase Shares are sold
to HLHW; and

 

    	 	27	 

     

    

 

Prospectus Supplement

 

FURTHER RESOLVED, that the Authorized Officers
are hereby authorized, in the name and on behalf of the Company:

 

	 	1.	to prepare, execute and file with the Securities and Exchange Commission (the “SEC”) such prospectus supplements, including any preliminary or final prospectus supplement, to the Company’s Registration Statement on Form S-3 on file with the SEC (File No. 333-198647) (the “Shelf S-3 Registration Statement”) and the prospectus included therein and such additional documents, including any free writing prospectuses, as the Authorized Officer so acting may determine, in his or her sole discretion, to be necessary, appropriate or desirable in connection with the transactions pursuant to the Purchase Agreement, such determination to be conclusively evidenced by the execution and filing of such prospectus supplements, prospectuses or additional documents; and 

 

	 	2.	to prepare, execute and file with the SEC one or more additional registration statements on Form S-3 relating to the registration under the Securities Act of any Purchase Shares that were not registered pursuant to the Shelf S-3 Registration Statement, to the extent required pursuant to the Registration Rights Agreement; and 

 

Proceeds 

 

FURTHER RESOLVED, that following the sale
of the Purchase Shares, it is the intention of the Company (a) to continue to be primarily engaged in the business of drug
discovery, development and commercialization (the “Company Business”), rather than in the business of
investing or reinvesting in, or owning, holding or trading securities; (b) to employ the proceeds of the sale of the Purchase Shares
in the Company Business; and (c) as soon as is reasonably possible, but in any event within one year from the closing of any sale
of Purchase Shares, to have invested the proceeds of such sale not theretofore expended in the Company Business in a manner consistent
with their preservation for future use in the Company Business and with the Company not being an “investment company”
as defined in the Investment Company Act of 1940, as amended; and

 

FURTHER RESOLVED, that, of the consideration
to be received by the Company for the Purchase Shares, an amount equal to the par value per share sold is hereby determined to
be capital to be allocated on the books of the Company to the Common Stock capital account, and the difference between the aggregate
amount so allocated and the aggregate consideration received for the Purchase Shares shall be credited on the books of the Company
as additional paid-in capital for purposes of financial reporting and as surplus for purposes of the General Corporation Law of
the State of Delaware; and

 

Transfer Agent and Registrar

 

FURTHER RESOLVED, that for the purpose
of the original issuance of the HLHW Shares in accordance with the foregoing resolutions, American Stock Transfer & Trust Company
(the “Transfer Agent”) is hereby authorized to issue, countersign and register such certificates as may be required
for such issuance and to deliver such stock certificates in accordance with the instructions of an Authorized Officer, or to cause
any such HLHW Shares to be delivered through electronic book entry; and that if the Transfer Agent requires a prescribed form of
preambles or resolutions relating to the foregoing, each such preamble or resolution is hereby adopted by the Board, and the Secretary
or any Assistant Secretary of the Company is hereby authorized to certify the adoption of any such preamble or resolution and to
insert all such preambles and resolutions in the minute book of the Company immediately following this resolution; and

 

Listing of Shares on the Nasdaq Capital
Market

 

FURTHER RESOLVED, that the Authorized Officers,
with the assistance of counsel be, and each of them hereby is, authorized and directed to take all necessary steps and do all other
things necessary and appropriate to effect the listing of the HLHW Shares on the Nasdaq Capital Market including, if applicable,
the filing of a Notification Form for Listing of Additional Shares and the payment of any required fees; and

 

    	 	28	 

     

    

 

State Securities Laws

 

FURTHER RESOLVED, that it is desirable
and in the best interests of the Company that its Common Stock be qualified or registered for sale, to the extent required by law,
in various states and other jurisdictions, and that the Authorized Officers are each hereby authorized and directed to determine
the states and other jurisdictions in which appropriate action shall be taken to (i) qualify or register for sale all or such part
of such Common Stock and (ii) register the Company as a dealer or broker; that the Authorized Officers be, and hereby are, authorized
to perform on behalf of the Company any and all such acts as the officer so acting may deem necessary or advisable in order to
comply with the applicable laws of any such states and other jurisdictions, and in connection therewith to execute, affix the Company’s
seal to and file all requisite papers and documents, including, without limitation, applications, resolutions, reports, surety
bonds, irrevocable consents and appointments of attorneys for service of process; and that execution by any of the Authorized Officers
of any such paper or document or the doing by any of the Authorized Officers of any act in connection with the foregoing matters
shall conclusively establish the authority of the officers so acting therefor from the Company and the approval and ratification
by the Company of the papers and documents so executed and the action so taken; and

 

FURTHER RESOLVED, that if the securities
or “blue sky” laws of any of the states or other jurisdictions in which any of the Authorized Officers deem it necessary
or advisable to qualify or register for sale all or part of the Common Stock or to register the Company as a dealer or broker,
or any authority administering such laws, requires a prescribed form of preambles or resolutions relating to such sale or to any
application, statement, instrument or other document connected therewith, each such preamble or resolution is hereby adopted by
the Board, and the Secretary or any Assistant Secretary of the Company is hereby authorized to certify the adoption of any such
preamble or resolution to any party who may so request and to insert all such preambles and resolutions in the minute book of the
Company immediately following these resolutions; and

 

Approval of Actions

 

FURTHER RESOLVED, that the Company be and
hereby is authorized to enter into any and all amendments to its agreements with, or obtain any and all waivers from, (i) the holders
of any outstanding securities of the Company and (ii) any other entity, as may be necessary or desirable to effectuate the events
and transactions contemplated by these resolutions; and

 

FURTHER RESOLVED, that, without limiting
the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on behalf of the Company
and to take all such steps as deemed necessary or appropriate, with the advice and assistance of counsel, to cause the Company
to consummate the agreements referred to herein and to perform its obligations under such agreements; and

 

FURTHER RESOLVED, that the Authorized Officers
be, and each of them hereby is, authorized, empowered and directed on behalf of and in the name of the Company, to take or cause
to be taken all such further actions and to execute and deliver or cause to be executed and delivered all such further agreements,
amendments, documents, certificates, reports, schedules, applications, notices, letters and undertakings and to incur and pay all
such fees and expenses as in their judgment shall be necessary, proper or desirable to carry into effect the purpose and intent
of any and all of the foregoing resolutions, and that all actions heretofore taken by any officer or director of the Company in
connection with the transactions contemplated by the agreements described herein are hereby approved, ratified and confirmed in
all respects.

 

    	 	29	 

     

    

 

EXHIBIT C 

 

FORM OF SECRETARY’S CERTIFICATE

 

This Secretary’s Certificate (the
“Certificate”) is being delivered pursuant to Section 7(k) of that certain Common Stock Purchase Agreement
dated as of [REQUIRES COMPLETION], 2016 (the “Common Stock Purchase Agreement”), by and between IMMUNE PHARMACEUTICALS,
INC., a Delaware corporation (the “Company”) and HLHW IV, LLC, a Delaware limited liability company
(the “Buyer”), pursuant to which the Company may sell to the Buyer up to Ten Million Dollars ($10,000,000)
of the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”). Terms used herein
and not otherwise defined shall have the meanings ascribed to them in the Common Stock Purchase Agreement.

 

The undersigned, [REQUIRES COMPLETION],
Secretary of the Company, hereby certifies as follows in his capacity as such:

 

1. I am the Secretary of the
Company and make the statements contained in this Secretary’s Certificate.

 

2. Attached hereto as Exhibit
A and Exhibit B are true, correct and complete copies of the Company’s bylaws (“Bylaws”) and Certificate
of Incorporation (“Certificate of Incorporation”), respectively, in each case, as amended through the date
hereof, and no action has been taken by the Company, its directors, officers or stockholders, in contemplation of the filing of
any further amendment relating to or affecting the Bylaws or the Certificate of Incorporation.

 

3. Attached hereto as Exhibit
C are true, correct and complete copies of the resolutions duly adopted by the Board of Directors of the Company on [REQUIRES
COMPLETION], 2016 at which a quorum was present and acting throughout. Such resolutions have not been amended, modified or
rescinded and remain in full force and effect and such resolutions are the only resolutions adopted by the Company’s Board
of Directors, or any committee thereof, or the stockholders of the Company relating to or affecting (i) the entering into and
performance of the Common Stock Purchase Agreement, or the issuance, offering and sale of the Purchase Shares and the Commitment
Shares and (ii) and the performance of the Company of its obligation under the Transaction Documents as contemplated therein.

 

4. As of the date hereof,
the authorized, issued and reserved capital stock of the Company is as set forth on Exhibit D hereto.

 

IN WITNESS WHEREOF, I have hereunder
signed my name on this [REQUIRES COMPLETION] day of [REQUIRES COMPLETION].

 

	 	 
	 	[REQUIRES COMPLETION],
    Secretary

 

The undersigned as [REQUIRES COMPLETION] of IMMUNE PHARMACEUTICALS
INC., a Delaware corporation, hereby certifies that [REQUIRES COMPLETION] is the duly elected, appointed, qualified and acting
Secretary of the Company, and that the signature appearing above is his/her genuine signature.

 

	 	 

 

    	 	30

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