Document:

Exhibit
10.1

 

FORM
OF 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of December 23, 2020, and is between Oragenics,
Inc., a company incorporated under the laws of Florida (the “Company”), and each purchaser identified on the
signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the
Securities Act (as defined below) as to the Shares, the Company desires to issue and sell to each Purchaser, and each Purchaser,
severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

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

 

“A.G.P.”
means A.G.P./Alliance Global Partners, lead placement agent.

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(m).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Applicable
Laws” shall have the meaning ascribed to such term in Section 3.1(ss).

 

“Authorization”
shall have the meaning ascribed to such term in Section 3.1(ss).

 

“BHCA”
shall have the meaning ascribed to such term in Section 3.1(oo).

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived, but in no event later than
the second (2nd) Trading Day following the date hereof.

 

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“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Commission”
means the United States Securities and Exchange Commission.

 

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

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Company
Counsel” means, Shumaker, Loop & Kendrick, LLP, 101 E. Kennedy Blvd., Suite 2800 Tampa, Florida 33602.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, unless otherwise instructed as to an earlier time by A.G.P., and (ii) if this Agreement is signed between midnight
(New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the
date hereof, unless otherwise instructed as to an earlier time by A.G.P.

 

“DWAC”
shall have the meaning ascribed to such term in Section 2.2(a)(v).

 

“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval System.

 

“Environmental
Law” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(v).

 

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

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, directors, consultants
or advisors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee
members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose,
(b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided
that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations)
or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved
by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a Person (or to
the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a
business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the
investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities.

 

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“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“FDA”
shall have the meaning ascribed to such term in Section 3.1(ss).

 

“Federal
Reserve” shall have the meaning ascribed to such term in Section 3.1(oo).

 

“Hazardous
Substances” shall have the meaning ascribed to such term in Section 3.1(q).

 

“Health
Care Laws” shall have the meaning ascribed to such term in Section 3.1(uu).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Issuer
Free Writing Prospectus” shall have the meaning ascribed to such term in Section 3.1(f)(ii).

 

“IT
Systems” shall have the meaning ascribed to such term in Section 3.1(qq).

 

“Lien”
means a lien, charge, mortgage, pledge, security interest, claim, right of first refusal, pre-emptive right, or other encumbrance
of any kind whatsoever.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning assigned to such term in Section 3.1(r).

 

“Money
Laundering Laws” shall have the meaning assigned to such term in Section 3.1(pp).

 

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

 

“Per
Share Purchase Price” equals $0.45 per share.

 

“Personal
Data” shall have the meaning ascribed to such term in Section 3.1(qq).

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition) pending or, to the Company’s knowledge, threatened in writing against or affecting the
Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign).

 

“Prospectus”
means the final base prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

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“Registration
Statement” shall have the meaning ascribed to such term in Section 3.1(f)(ii).

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Sanctions”
shall have the meaning ascribed to such term in Section 3.1(kk).

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(j).

 

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

 

“Shares”
means the Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Shelf
Procedures” shall have the meaning ascribed to such term in Section 3.1(f)(i).

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing Common Stock).

 

“Specified
Person” shall have the meaning ascribed to such term in Section 3.1(kk).

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below
such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,”
in United States dollars and in immediately available funds.

 

“Subsidiary”
and “Subsidiaries” shall have the meanings ascribed to such terms in Section 3.1(a).

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

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

 

“Transaction
Documents” means this Agreement and the Placement Agency Agreement, all exhibits and schedules thereto and hereto and
any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Continental Stock Transfer& Trust Company, the current transfer agent of the Company, at its principal
office in New York, New York, and any successor transfer agent of the Company.

 

ARTICLE
II.

PURCHASE
AND SALE

 

2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell,
and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of approximately $6.5 million of Shares.
The Company shall deliver to each Purchaser its respective Shares, and the Company and each Purchaser shall deliver the other
items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections
2.2 and 2.3, the Closing shall occur at the offices of McDermott Will & Emery LLP or such other location as the parties shall
mutually agree. Unless otherwise directed by A.G.P., settlement of the Shares shall occur via “Delivery Versus Payment”
(“DVP”) (i.e., on the Closing Date, the Company shall issue the Shares registered in the Purchasers’
names and addresses and released by the Transfer Agent directly to the account(s) at A.G.P. identified by each Purchaser; upon
receipt of such Shares, A.G.P. shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor
shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company).

 

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2.2
Deliveries.

 

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

 

(i)
this Agreement duly executed by the Company;

 

(ii)
a legal opinion of Company Counsel, in a form reasonably acceptable to A.G.P.;

 

(iii)
a certificate executed by the Chief Financial Officer of the Company, in form and substance reasonably satisfactory to A.G.P.;

 

(iv)
the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed
by the Chief Executive Officer or Chief Financial Officer;

 

(v)
a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via
The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to such Purchaser’s
Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser;

 

(vi)
Officer’s Certificate, in form and substance satisfactory to the Purchasers;

 

(vii)
Secretary’s Certificate, in form and substance satisfactory to the Purchasers; and

 

(viii)
the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

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

 

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

 

(ii)
such Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement
with the Company or its designees.

 

2.3
Closing Conditions.

 

(a)
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

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(ii)
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have
been performed;

 

(iii)
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement; and

 

(iv)
The Rule 462(b) Registration Statement having been filed with the Commission.

 

(b)
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed;

 

(iii)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)
from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the NYSE
American, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not
have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such
service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State
authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the
reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Shares at the Closing.

 

ARTICLE
III.

REPRESENTATIONS
AND WARRANTIES

 

3.1
Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to
each Purchaser:

 

(a)
Subsidiaries. The Company has no direct and indirect subsidiaries (each, a “Subsidiary”, and collectively,
the “Subsidiaries”) other than Noachis Terra, Inc. The Company owns, directly or indirectly, all of the capital
stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of
capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights
to subscribe for or purchase securities. There are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable
for, or giving any Person any right to subscribe for or acquire, any capital stock of any Subsidiary, or contracts, commitments,
understandings or arrangements by which any Subsidiary is or may become bound to issue capital stock.

 

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(b)
Organization and Qualification. The Company and each of the Subsidiaries has been duly organized and validly exists as
a corporation, limited partnership or company in good standing (or the foreign equivalent thereof, if any) under the laws of its
jurisdiction of organization. The Company and each of the Subsidiaries is duly qualified to do business and is in good standing
as a foreign or extra-provincial corporation, partnership, company or limited liability company in each jurisdiction in which
the character or location of its properties (owned, leased or licensed) or the nature or conduct of its business makes such qualification
necessary, except for those failures to be so qualified or in good standing which (individually and in the aggregate) would not
have a Material Adverse Effect. No Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or qualification. Neither the Company nor any Subsidiary is in violation
nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational
or charter documents. The term “Material Adverse Effect” means an effect, change, event or occurrence that,
alone or in conjunction with any other or others: (i) has or would reasonably be expected to have a material adverse effect on:
(A) the business, general affairs, management, condition (financial or otherwise), results of operations, shareholders’
equity, properties or prospects of the Company and the Subsidiaries, taken as a whole, or (B) the legality, validity or enforceability
of any Transaction Document, (ii) the Company’s ability to perform in any material respect on a timely basis its obligations
under any Transaction Document or (iii) would result in the Prospectus or any amendment thereto containing a misrepresentation
within the meaning of applicable securities laws; provided that a change in the market price or trading volume of the Common
Stock alone shall not be deemed, in and of itself, to constitute a Material Adverse Effect.

 

(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s shareholders
in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which the Company is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents
to which it is a party, the issuance and sale of the Shares and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution
or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the
Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected,
or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority, to which the Company or a Subsidiary is subject
(including federal and state securities laws and regulations),or by which any property or asset of the Company or a Subsidiary
is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to
result in a Material Adverse Effect.

 

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(e)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of this Agreement, other than: (i) the
filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement and
the Rule 462(b) Registration Statement, and (iv) application to the Nasdaq Capital Market for the listing of the Shares for trading
thereon in the time and manner required thereby (collectively, the “Required Approvals”).

 

(f)
Issuance of the Shares; Qualification; Registration.

 

(i)
The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be
duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company. The Company has reserved
from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.

 

(ii)
The Company meets the general eligibility requirements for the use of Form S-3 under the Securities Act and it meets the transaction
requirements as set forth in General Instruction I.B.1 of Form S-3 and the aggregate market value of the outstanding voting and
non-voting common equity (as defined in Rule 405 of the Securities Act Regulations) of the Company held by persons other than
affiliates of the Company (pursuant to Rule 144 of the Securities Act Regulations, those that directly, or indirectly through
one or more intermediaries, control, or are controlled by, or are under common control with, the Company) (the “Non-Affiliate
Shares”), was equal to or greater than $75 million (calculated by multiplying (x) the highest price at which the common
equity of the Company closed on the Exchange (as defined below) within 60 days of the date of this Agreement times (y) the number
of Non-Affiliate Shares). The Company has prepared and filed with the Commission a registration statement under the Securities
Act on Form S-3 (File No. 333-235763) on December 31, 2019 providing for the offer and sale, from time to time, of up to $50,000,000
of the Company’s securities (the “Registration Statement”). The Registration Statement became effective
under the Securities Act on January 13, 2020. The prospectus included in the Registration Statement at the time it became effective,
including documents incorporated therein by reference, is referred to herein as the “Base Prospectus”. Any registration
statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the “Rule 462(b) Registration
Statement,” and from and after the date and time of filing of the Rule 462(b) Registration Statement the term “Registration
Statement” shall include the Rule 462(b) Registration Statement. No stop order suspending the effectiveness of the Registration
Statement has been issued under the Securities Act and no proceedings for that purpose have been instituted or are pending or,
to the knowledge of the Company, are contemplated by the Commission and any request on the part of the Commission for additional
information has been complied with. The Rule 462(b) Registration Statement will have been filed with the Commission and no stop
order suspending the effectiveness of the Rule 462(b) Registration Statement has been issued under the Securities Act and no proceedings
for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission and
any request on the part of the Commission for additional information has been complied with.

 

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Any
“issuer free writing prospectus” (as defined in Rule 433 under the Securities Act) relating to the Shares is hereafter
referred to as an “Issuer Free Writing Prospectus”. Any reference herein to the Base Prospectus and the Prospectus
shall be deemed to refer to and include the documents incorporated by reference therein as of the date of filing thereof; and
any reference herein to any “amendment” or “supplement” with respect to any of the Base Prospectus and
the Prospectus shall be deemed to refer to and include (i) the filing of any document with the Commission incorporated or deemed
to be incorporated therein by reference after the date of filing of such Base Prospectus or Prospectus and (ii) any such document
so filed.

 

All
references in this Agreement to the Registration Statement, Rule 462(b) Registration Statement, the Base Prospectus, or the Prospectus,
or any Issuer Free Writing Prospectus, or any amendments or supplements to any of the foregoing, shall be deemed to include any
copy thereof filed with the Commission on EDGAR.

 

The
Company has filed the registration statement with FINRA or meets the definition of an Eligible Issuer.

 

(g)
Securities Act Compliance. The Registration Statement and Rule 462(b) Registration Statement complies, and the Prospectus
and any further amendments or supplements to the Registration Statement or the Prospectus will comply, with the applicable provisions
of the Securities Act. Each part of the Registration Statement and Rule 462(b) Registration Statement, when such part became effective,
did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading. The Prospectus, as of its filing date, and any amendment thereof or
supplement thereto, did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(h)
No Stop Orders. No order preventing or suspending the use of the Base Prospectus or any Issuer Free Writing Prospectus
has been issued by the Commission.

 

(i)
Capitalization. The Company has capitalization as set forth in the Registration Statement and Prospectus Supplement. All
of the issued and outstanding shares of Common Stock are duly authorized, validly issued, fully paid and non-assessable and have
been duly and validly authorized and issued, in compliance with all federal and state securities laws and not in violation of
or subject to any preemptive or similar right that entitles any person to acquire from the Company any Common Stock or other security
of the Company or any security convertible into, or exercisable or exchangeable for, Common Stock or any other such security,
except for such rights as may have been fully satisfied or waived prior to the date hereof. Except as set forth in the Registration
Statement and Prospectus Supplement , the Company has no outstanding options, warrants, scrip rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable
for, or giving any Person any right to subscribe for or acquire, any Common Stock, or contracts, commitments, understandings or
arrangements by which the Company is or may become bound to issue additional Common Stock or Common Stock Equivalents. No Person
has any right of first refusal, pre-emptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. The issuance and sale of the Shares will not obligate the Company to issue Common Stock
or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities
to adjust the exercise, conversion, exchange or reset price under any of such securities. There are no outstanding securities
or instruments of the Company with any provision that adjusts the exercise, conversion, exchange or reset price of such security
or instrument upon an issuance of securities by the Company. There are no outstanding securities or instruments of the Company
that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by
which the Company is or may become bound to redeem a security of the Company. Except for the Required Approvals, no further approval
or authorization of any shareholder of the Company, the Board of Directors or others is required for the issuance and sale of
the Shares. There are no shareholders agreements, voting agreements or other similar agreements with respect to the Company’s
capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s
shareholders.

 

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(j)
Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the
Company under the Securities Act and Exchange Act, including pursuant to Section 13(a) or 15(d) thereof (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus
Supplements, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received
a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As
of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the
Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

(k)
Financial Statements. The consolidated financial statements, including the notes thereto, included or incorporated by reference
in the Registration Statement and the Prospectus comply in all material respects with applicable accounting requirements and the
rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have
been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved,
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by generally accepted accounting principles, and fairly present in all material respects
the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments.

 

(l)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest consolidated financial
statements included in or incorporated by reference into the Registration Statement and the Prospectus, (i) there has been no
event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii)
neither the Company nor any Subsidiary has incurred any liabilities (contingent or otherwise) other than (A) trade payables and
accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to
be reflected in the Company’s financial statements pursuant to generally accepted accounting principles or disclosed in
filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared
or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements
to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer,
director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission
any request for confidential treatment of information. Except for the issuance of the Shares contemplated by this Agreement ,
no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or
exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets
or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this
representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this
representation is made.

 

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(m)
Litigation. There is no material action, suit, inquiry, notice of violation, proceeding or investigation pending or, to
the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or
enforceability of any of the Transaction Documents or the Shares, or (ii) is expected to result in a Material Adverse Effect.
The Company has disclosed, in the documents filed by the Company pursuant to Sections 12, 13, 14 or 15 of the Exchange Act and
incorporated or deemed to be incorporated by reference into the Prospectus, all such information that it is required to disclose
in respect of any Action pursuant to the requirements of the Securities Act and the Exchange Act, as applicable. Neither the Company
nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation
of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the
knowledge of the Company, there is not pending or contemplated, any material investigation by the Commission involving the Company
or any current or former director or officer of the Company which is required to be disclosed in the SEC Reports. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or
any Subsidiary under the Exchange Act or the Securities Act.

 

(n)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its
Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such
Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company
and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement
or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not
subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and
its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(o)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any
of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating
to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters,
except in each case of (i), (ii) and (iii) as could not have or reasonably be expected to result in a Material Adverse Effect.

 

    	11

    	 

    

 

(p)
Environmental Law. There has been no storage, generation, transportation, handling, use, treatment, disposal, discharge,
emission, contamination, release or other activity involving any kind of hazardous, toxic or other wastes, pollutants, contaminants,
petroleum products or other hazardous or toxic substances, chemicals or materials (“Hazardous Substances”)
by, due to, on behalf of, or caused by the Company or any Subsidiary (or, to the Company’s knowledge, any other entity for
whose acts or omissions the Company is or may be liable) upon any property now or previously owned, operated, used or leased by
the Company or any Subsidiary, or upon any other property, which would be a violation of or give rise to any liability under any
applicable law, rule, regulation, order, judgment, decree or permit, common law provision or other legally binding standard relating
to pollution or protection of human health and the environment (“Environmental Law”), except for violations
and liabilities which, individually or in the aggregate, would not have a Material Adverse Effect. There has been no disposal,
discharge, emission contamination or other release of any kind at, onto or from any such property or into the environment surrounding
any such property of any Hazardous Substances with respect to which the Company or any Subsidiary has knowledge, except as would
not, individually or in the aggregate, have a Material Adverse Effect. There is no pending or, to the best of the Company’s
knowledge, threatened administrative, regulatory or judicial action, claim or notice of noncompliance or violation, investigation
or proceedings relating to any Environmental Law against the Company or any Subsidiary, except as would not, individually or in
the aggregate, have a Material Adverse Effect. No property of the Company or any Subsidiary is subject to any Lien under any Environmental
Law. Except as disclosed in the Prospectus, neither the Company nor any Subsidiary is subject to any order, decree, agreement
or other individualized legal requirement related to any Environmental Law, which, in any case (individually or in the aggregate),
would have a Material Adverse Effect. The Company and each Subsidiary (i) are in compliance with all applicable federal, state,
local and Environmental Laws and has all permits, authorizations and approvals required under any applicable Environmental Laws
and are each in compliance with their requirements. In the ordinary course of its business, the Company periodically reviews the
effect of Environmental Laws on the business, operations and properties of the Company and the Subsidiaries, in the course of
which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures
required for clean-up, closure or remediation of properties or compliance with Environmental Laws, or any permit, license or approval,
any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review,
the Company has reasonably concluded that such associated costs and liabilities would not, individually or in the aggregate, have
a Material Adverse Effect.

 

(q)
Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned
by them and good and marketable title in all personal property owned by them that is material to the business of the Company and
the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such
property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries
and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with generally accepted accounting principles and, the payment of which is neither delinquent nor subject to penalties. Any real
property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable
leases with which the Company and the Subsidiaries are in compliance in all material respects.

 

(r)
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the
appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described
in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material
Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of
proceedings relating to the revocation or modification of any Material Permit.

 

    	12

    	 

    

 

(s)
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise)
that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate
or be abandoned, within two (2) years from the date of this Agreement except as would not reasonably be expected to have a Material
Adverse Effect. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements
included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights
violate or infringe upon the rights of any Person and neither is aware of any facts which would form a reasonable basis for any
such claim, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the
Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any
of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Intellectual Property Rights used by the
Company or any of its Subsidiaries in their respective businesses has been obtained or is being used by the Company or such Subsidiary
in violation of any contractual obligation binding on the Company or any of its subsidiaries in violation of the rights of any
person. The Company and its subsidiaries have taken all reasonable steps in accordance with normal industry practice to protect
and maintain the Intellectual Property Rights including, without limitation, the execution of appropriate nondisclosure and invention
assignment agreements. The consummation of the transactions contemplated by this Agreement will not result in the loss or impairment
of, or payment of, and additional amounts with respect to, nor require the consent of, any other person regarding the Company’s
or any of its subsidiaries’ right to own or use any of the Intellectual Property Rights as owned or used in the conduct
of such party’s business as currently conducted. To the knowledge of the Company and its Subsidiaries, no employee of any
of the Company or its subsidiaries is the subject of any pending claim or proceeding involving a violation of any term of any
employment contract, invention disclosure agreement, patent disclosure agreement, noncompetition agreement, non-solicitation agreement,
nondisclosure agreement or restrictive covenant to or with a former employer, where the basis of such violation relates to such
employee’s employment with the Company or its subsidiaries or actions undertaken by the employee while employed with the
Company or its Subsidiaries.

 

(t)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase
in cost.

 

(u)
Transactions With Affiliates and Employees. None of the officers or directors of the Company or any Subsidiary and, to
the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with
the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement
or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or
from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee
has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000
other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf
of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.

 

    	13

    	 

    

 

(v)
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries and their respective officers and directors
are in compliance with the applicable provisions of the Sarbanes-Oxley Act of 2002, as amended. The Company and the Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed
in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with IFRS and to maintain asset accountability, (iii) access to assets is permitted
only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers
have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of applicable
dates specified under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most
recently filed annual report on Form 10-K the conclusions of the certifying officers about the effectiveness of the disclosure
controls and procedures based on their evaluations as of the Evaluation Date. Except as set forth in the Prospectus, since the
Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange
Act) of the Company and the Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal
control over financial reporting of the Company and the Subsidiaries.

 

(w)
Certain Fees. Except for fees payable to A.G.P as will be as set forth in the Prospectus, no brokerage or finder’s
fees or commissions are or will be payable by the Company, any Subsidiary or any Related Entity to any broker, financial advisor
or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made
by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions
contemplated by the Transaction Documents.

 

(x)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares,
will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

(y)
Registration Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the
Securities Act of any securities of the Company or any Subsidiary.

 

(z)
Listing and Maintenance Requirements. The Company is subject to the reporting requirements of Section 13 of the Exchange
Act and files periodic reports with the SEC; the Shares are registered with the SEC under Section 12(b) of the Exchange Act and
the Company is not in breach of any filing or other requirements under the Exchange Act. The Company taken no action designed
to or which is likely to have the effect of terminating the registration of its Common Stock under the Exchange Act nor has not
received any notice from that the Commission is contemplating terminating such registration Except as disclosed in the SEC Reports,
the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock
are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be,
in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer
through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the
fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

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(aa)
Application of Takeover Protections. The Company and the Board of Directors have taken 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 Company’s articles of incorporation (or similar charter
documents) or the laws of its jurisdiction of incorporation that is or could become applicable to the Purchasers as a result of
the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including
without limitation as a result of the Company’s issuance of the Shares and the Purchasers’ ownership of the Shares.

 

(bb)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or
their agents or counsel with any information that it believes constitutes or might constitute material, non-public information
which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely
on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or
on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions
contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct in all material respects and does
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading. The press releases disseminated by
the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made and when made, not misleading. The Company acknowledges
and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3.2 hereof.

 

(cc)
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section
3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act, or (ii) any applicable
shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

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(dd)
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Shares hereunder, (i) the fair saleable value of the Company’s assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including
known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to
carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The consolidated financial
statements, including the notes thereto, included or incorporated by reference in the Registration Statement and the Prospectus
disclose all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any
Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed
money or amounts owed by the Company in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of
business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others to third parties,
whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except
guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in
accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(ee)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) 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 and (iii) has set aside on its books provision reasonably adequate for the payment of all material
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in
any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary
know of no basis for any such claim.

 

(ff)
Foreign Corrupt Practices; Criminal Acts. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or
any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used
any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political
activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic
political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any
Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated
in any material respect any provision of FCPA.

 

(gg)
Accountants. The Company’s independent registered public accounting firm is as set forth in the Prospectus. To the
knowledge and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange
Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2020.

 

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(hh)
Acknowledgment Regarding Purchasers’ Purchase of Shares. The Company acknowledges and agrees that each of the Purchasers
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated thereby. The Company further acknowledges that no Purchaser is 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 thereby and any
advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents
and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Shares. The Company further
represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents
has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ii)
Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding (except for Sections 3.2(e) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none
of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling,
long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company
or to hold the Shares for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically
including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future
private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii)
any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or
indirectly, presently may have a “short” position in the Common Stock, and (iv) each Purchaser shall not be deemed
to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction.
The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities (in material
compliance with applicable laws) at various times during the period that the Shares are outstanding, and (z) such hedging activities
(if any) could reduce the value of the existing shareholders’ equity interests in the Company at and after the time that
the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute
a breach of any of the Transaction Documents.

 

(jj)
Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for
soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another
to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to A.G.P..

 

(kk)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) and the Company will not, directly
or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.

 

(ll)
Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan or omnibus long-term
incentive plan was granted (i) in accordance with the terms of such plan and (ii) with an exercise price at least equal to the
fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law.
No stock option granted under the Company’s stock option plan or omnibus long-term incentive plan has been backdated. The
Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options
prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material
information regarding the Company or the Subsidiaries or their financial results or prospects.

 

    	17

    	 

    

 

(mm)
Reserved.

 

(nn)
U.S. Real Property Holding Corporation. The Company is not and has never been a United States real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(oo)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve
System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls,
directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(pp)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge
of the Company or any Subsidiary, threatened.

 

(qq)
Information Technology. The Company’s, the Subsidiaries’ and, to the knowledge of the Company, the Related
Parties’ information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications,
and databases (collectively, “IT Systems”) operate and perform in all material respects as required in connection
with the operation of the business of the Company, the Subsidiaries and the Related Entities as currently conducted. The Company,
the Subsidiaries and, to the knowledge of the Company, the Related Parties maintain commercially reasonable controls, policies,
procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation,
redundancy and security of all IT Systems and all personal, personally identifiable, sensitive, confidential or regulated data
(“Personal Data”) processed and stored thereon, and to the knowledge of the Company, there have been no breaches,
incidents, violations, outages, compromises or unauthorized uses of or accesses to same, except for those that have been remedied
without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations
relating to the same. The Company, the Subsidiaries and, to the knowledge of the Company, the Related Parties are presently in
compliance in all material respects with all applicable laws or statutes and all applicable judgments, orders, rules and regulations
of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to
the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized
use, access, misappropriation or modification, except for any such noncompliance that would not have a Material Adverse Effect.

 

(rr)
Other Covered Persons. Other than A.G.P. and the Company is not aware of any person that has been or will be paid (directly
or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares.

 

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(ss)
Regulatory. Except as described in the Registration Statement and the Prospectus, as applicable, the Company and its Subsidiaries
(i) are and at all times have been in material compliance with all statutes, rules and regulations applicable to the ownership,
testing, development, manufacture, packaging, processing, use, distribution, marketing, advertising, labeling, promotion, sale,
offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company including, without
limitation the Federal Food, Drug and Cosmetic Act (21 U.S.C. §301 et seq.), the federal Anti-Kickback Statute (42 U.S.C.
§1320a-7b(b)), the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology
for Economic and Clinical Health Act of 2009, and the Patient Protection and Affordable Care Act of 2010, as amended by the Health
Care and Education Affordability Reconciliation Act of 2010, the regulations promulgated pursuant to such laws, and any successor
government programs and comparable state laws, regulations relating to Good Clinical Practices and Good Laboratory Practices and
all other local, state, federal, national, supranational and foreign laws, manual provisions, policies and administrative guidance
relating to the regulation of the Company (collectively, the “Applicable Laws”); (ii) have not
received any notice from any court or arbitrator or governmental or regulatory authority or third party alleging or asserting
noncompliance with any Applicable Laws or any licenses, exemptions, certificates, approvals, clearances, authorizations, permits,
registrations and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”);
(iii) possess all material Authorizations and such Authorizations are valid and in full force and effect and are not in violation
of any term of any such Authorizations; (iv) have not received written notice of any claim, action, suit, proceeding, hearing,
enforcement, investigation arbitration or other action from any court or arbitrator or governmental or regulatory authority or
third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations nor is any
such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action threatened which (i) contests
the licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing
of, the sale of, or the labeling and promotion of any products of the Company, (ii) withdraws its approval of, requests the recall,
suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any
Company product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins
production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of
permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or
regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have a Material
Adverse Effect; (v) have not received any written notice that any court or arbitrator or governmental or regulatory authority
has taken, is taking or intends to take, action to limit, suspend, materially modify or revoke any Authorizations nor is any such
limitation, suspension, modification or revocation threatened; (vi) have filed, obtained, maintained or submitted all material
reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any
Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments were complete and accurate on the date filed (or were corrected or supplemented by a subsequent
submission); and (vii) are not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement
orders, or similar agreements with or imposed by any governmental or regulatory authority. The Company has not been informed by
the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product produced or marketed
by the Company nor has the FDA halted any approved investigational device exemption, clinical program or other trial of the Company

 

(tt)
Material Agreements. The agreements and documents described in the Registration Statement or Prospectus conform in all
material respects to the descriptions thereof contained or incorporated by reference therein conformed in all material respects
to the requirements of the Securities Act or the Exchange Act, as applicable at the time filed, and were filed on a timely basis
with the Commission and none of such documents contained an untrue statement of a material fact or omitted to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; any
further documents so filed and there are no agreements or other documents required by the Securities Act and the rules and regulations
thereunder to be described in the Prospectus or to be filed with the Commission as exhibits to the Registration Statement or to
be incorporated by reference in the Registration Statement or Prospectus, that have not been so described or filed or incorporated
by reference.

 

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(uu)
Compliance with Healthcare Laws. The tests, studies, and trials conducted by or on behalf of or sponsored by the Company
or any of its subsidiaries were and, if still pending, are being conducted in all material respects in accordance with all applicable
Health Care Laws (as defined below) and standard medical and scientific research protocols, procedures, and controls; none of
the Company or any of its subsidiaries has received any written notice, correspondence, or other written communication from any
regulatory agency or any institutional review board or comparable body requiring or threatening the termination, suspension, or
material modification of any tests, studies, or trials, or commercial distribution, and to the knowledge of the Company and its
subsidiaries, there are no reasonable grounds for the same. Each of the Company and its Subsidiaries has obtained (or caused to
be obtained) the informed consent of each human subject who participated in a test, study, or trial. None of the tests, studies,
or trials involved any investigator who has been disqualified as a clinical investigator.

 

The
Company and its directors, officers, employees, and agents are, and at all times prior hereto have been, in material compliance
with, all health care laws and regulations applicable to the Company or any of its product candidates or activities, including
development and testing of pharmaceutical products, kickbacks, recordkeeping, documentation requirements, the hiring of employees
(to the extent governed by Health Care Laws), quality, safety, privacy, security, licensure, accreditation or any other aspect
of developing and testing health care or pharmaceutical products (collectively, “Health Care Laws”).
The Company has not received any notification, correspondence or any other written or oral communication, including notification
of any pending or threatened claim, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any
governmental authority, including, without limitation, the United States Food and Drug Administration, the Drug Enforcement Agency,
the Centers for Medicare & Medicaid Services, and the U.S. Department of Health and Human Services Office of Inspector General,
of potential or actual non-compliance by, or liability of, the Company under any Health Care Laws. To the Company’s knowledge,
there are no facts or circumstances that would reasonably be expected to give rise to liability of the Company under any Health
Care Laws, except that would not individually or in the aggregate have a Material Adverse Effect.

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein,
in which case they shall be accurate as of such date):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction
Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized
by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.
Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser
in accordance with the terms hereof or thereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable
against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally; (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies; and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

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(b)
Understandings or Arrangements. Such Purchaser is acquiring the Shares as principal for its own account and has no direct
or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Shares (this
representation and warranty not limiting such Purchaser’s right to sell the Shares pursuant to the Registration Statement
or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Shares hereunder
in the ordinary course of its business. Such Purchaser is acquiring such Shares as principal for his, her or its own account and
not with a view to or for distributing or reselling such Shares or any part thereof in violation of the Securities Act or any
applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons
to distribute or regarding the distribution of such Shares in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting such Purchaser’s right to sell such Shares pursuant to a registration
statement or otherwise in compliance with applicable federal and state securities laws).

 

(c)
Purchaser Status. At the time such Purchaser was offered the Shares, it was, and as of the date hereof it is, either: (i)
an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or
(ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

 

(e)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents
(including all exhibits and schedules thereto) and the reports filed with the Commission and has been afforded: (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the
terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information
about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient
to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses
or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to
the investment. Such Purchaser acknowledges and agrees that neither A.G.P. nor any Affiliate of A.G.P. has provided such Purchaser
with any information or advice with respect to the Shares nor is such information or advice necessary or desired. Such Purchaser
acknowledges that neither A.G.P. nor any Affiliate has made or makes any representation as to the Company or the quality of the
Shares and A.G.P. and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it. In connection with the issuance of the Shares to such Purchaser, neither A.G.P. nor any of
their Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

    	21

    	 

    

 

(f)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Shares covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates,
such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including
the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein
shall constitute a representation or warranty against, or a prohibition of, any actions with respect to the borrowing of, arrangement
to borrow, identification of the availability of, and/or securing of, securities of the Company in order for such Purchaser (or
its broker or other financial representative) to effect Short Sales or similar transactions in the future.

 

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

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such
Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations
and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating
or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1
Legends. The Shares shall be issued free of legends.

 

4.2
[Reserved].

 

4.3
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares for purposes
of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such
other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

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4.4
Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time issue a press release disclosing the
material terms of the transactions contemplated hereby, (b) file a Current Report on Form 8-K, including the Transaction Documents
as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press
release, 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 of the Subsidiaries, or any of their respective officers, directors, employees
or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance
of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of the Subsidiaries or any of their respective officers, directors, agents,
employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate.
The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions
contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such
public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the
prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld
or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other
party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly
disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency
or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection
with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or
Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted
under this clause (b).

 

4.5
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other
Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Shares under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor
any other Person acting on its behalf will provide any Purchaser or any Purchaser’s agents or counsel with any information
that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser
shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The
Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
of the Company. To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s
consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company,
any of the Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company,
any of the Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis
of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that
any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding
the Company or any Subsidiaries, the Company shall simultaneously file such material non-public information on with the Commission
pursuant to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company.

 

4.7
Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for working capital purposes
and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than payment of trade
payables in the ordinary course of the Company’s business and prior practices), (b) for the redemption of any Common Stock
or Common Stock Equivalents, (c) for the settlement of any outstanding litigation, or (d) in violation of FCPA or OFAC regulations.

 

    	23

    	 

    

 

4.8
Indemnification of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each
Purchaser and its 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
such Purchaser (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 persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Purchaser Party may suffer or incur caused by or based upon (a) any breach of any of the representations or warranties
made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser
Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate
of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action
is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined
to constitute fraud, gross negligence or willful misconduct). The Company will indemnify each Purchaser Party, to the fullest
extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without
limitation, reasonable attorneys’ fees) and expenses, as incurred, caused by or based upon (i) any untrue or alleged untrue
statement of a material fact contained in the Registration Statement or any amendment thereto, any Issuer Free Writing Prospectus,
the Prospectus or any amendment or supplement thereto, or caused by or based upon any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or supplement thereto,
in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that
such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the
Company by such Purchaser Party expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action
shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser
Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel
of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense
of such Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in
writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such
action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company
and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses
of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for
any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably
withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any
Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party
in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred.
The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party
against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

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4.9
Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve
and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling
the Company to issue the Shares pursuant to this Agreement.

 

4.10
Listing of Common Stock. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing
or quotation of the Common Stock on the Nasdaq, and concurrently with the Closing, the Company shall apply to list or quote all
of the Stock on the Nasdaq and promptly secure the listing of all of the Stock on the Nasdaq. The Company further agrees, if the
Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application all of the
Stock, and will take such other action as is necessary to cause all of the Shares to be listed or quoted on such other Trading
Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading
of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations
under the bylaws or rules of the Trading Market. For so long as the Company maintains a listing or quotation of the Common Stock
on a Trading Market, the Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository
Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository
Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

4.11
Reserved.

 

    	25

    	 

    

 

4.12
Subsequent Equity Sales.

 

(a)
From the date hereof until 30 days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any
agreement to issue or announce the issuance or proposed issuance of any Common Stock or Common Stock Equivalents.

 

(b)
Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance.

 

4.13
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered
or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the
same consideration is also offered to all of the parties to such Transaction Documents. For clarification purposes, this provision
constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended
for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or
as a group with respect to the purchase, disposition or voting of Shares or otherwise.

 

4.14
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or
sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this
Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to
the initial press release as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the
initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms
of this transaction and the information included in this Agreement, including the schedules hereto. Notwithstanding the foregoing,
and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i)
no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities
of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the
initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions
in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no
Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or the Subsidiaries
after the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement.

 

ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only
and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other
parties, if the Closing has not been consummated on or before December 31, 2020; provided, however,
that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

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5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer
Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the
Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the
delivery of any Shares to the Purchasers.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, and the Prospectus contain
the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages
attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as
set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (c) the second (2nd)Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously disclose such information in accordance with applicable law and file such notice with the Commission
pursuant to a Current Report on Form 8-K.

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and Purchasers which purchased a majority in interest of the Shares
based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any
such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair
the exercise of any such right.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

5.7
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any
Person to whom such Purchaser assigns or transfers any Shares, provided that such transferee agrees in writing to be bound, with
respect to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

    	27

    	 

    

 

5.8
No Third-Party Beneficiaries. A.G.P. shall be the third party beneficiaries of the representations and warranties of the
Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for
the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may
any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

5.9
Governing Law. 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 or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such 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 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 any party shall commence
an action or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company
under Section 4.8, the prevailing party in such action or proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action
or proceeding.

 

5.10
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares
for a period of not longer than five (5) years from the Closing.

 

5.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

5.12
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

    	28

    	 

    

 

5.13
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under
a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

5.14
Replacement of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances
shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Shares.

 

5.15
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any
such obligation the defense that a remedy at law would be adequate.

 

5.16
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of
action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed
to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience
only, each Purchaser and its respective counsel have chosen to communicate with the Company through the legal counsel of A.G.P.
The legal counsel of A.G.P. does not represent any of the Purchasers and only represents A.G.P. The Company has elected to provide
all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required
or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement
and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers
collectively and not between and among the Purchasers.

 

    	29

    	 

    

 

5.18
[Reserved].

 

5.19
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

5.20
Currency. Unless otherwise stated, all dollar amounts and references to “$” in this Agreement refer to the
lawful currency of the United States.

 

5.21
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices and Common Stock in any Transaction Document shall be subject to
adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common
Stock that occur after the date of this Agreement.

 

5.22
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.

 

(Signature
Pages Follow)

 

    	30

    	 

    

 

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

 

	ORAGENICS,
    INC.	 	Address
    for Notice:
	 	 	 	 
	By:	 	 	4902
        Eisenhower Boulevard, Suite 125

        Tampa,
        Florida 33634

        Attn:
        Michael Sullivan, Chief Financial Officer

	Name:	Alan
    Joslyn	 
	Title:	Chief
    Executive Officer	 
	 	 	 	 
	 	 	 	Fax:

        E-mail:
        msullivan@oragenics.com

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	31

    	 

    

 

[PURCHASER
SIGNATURE PAGES TO ORAGENICS, INC.

SECURITIES
PURCHASE AGREEMENT]

 

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

 

	Name
    of Purchaser:	 
	 	 
	Signature
    of Authorized Signatory of Purchaser:	 
	 	 
	Name
    of Authorized Signatory:	 
	 	 
	Title
    of Authorized Signatory:	 
	 	 
	Email
    Address of Authorized Signatory:	 

 

	Facsimile
    Number of Authorized Signatory:	 

 

Address
    for Notice to Purchaser:

 

DWAC
for Shares:

 

	Subscription
                                                                                              Amount: $
	 	 
	 	 	 
	Shares:	 	 
	 	 	 
	EIN
    Number:	 	 

 

    	32EX-4.1

 Exhibit 4.1 

Execution Version 

INVESTOR RIGHTS AGREEMENT 

THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”), dated December 22, 2020, is among Navigator Holdings Ltd., a
corporation incorporated under the laws of the Republic of the Marshall Islands (together with its successors and permitted assigns, the “Company”), and BW Group Limited (together with its successors and permitted assigns, the
“Investor”). 
 RECITALS 

A. The Investor owns 21,868,857 common shares of the Company, par value $0.01 per share (such shares, together with any equity securities
issued or issuable directly or indirectly with respect to such shares by way of share dividend or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or
other reorganization, the “Shares”) 
 B. The parties desire to enter into this Agreement with respect to certain
arrangements relating to the rights and obligations of the Company and the Investor with respect to the Shares. 
 NOW, THEREFORE, the
parties hereby agree as follows: 
 1. Definitions. 

1.1 Other Defined Terms. In addition to the terms defined elsewhere in the Agreement, the following terms have the meanings indicated
when used in this Agreement with initial capital letters: 
 “Affiliate” means with respect to any specified Person, any
other Person that directly or indirectly controls, is controlled by or is under common control with such specified Person. For this purpose, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise; provided, however, that for purposes of this Agreement, the Company and its Subsidiaries will not be deemed to be Affiliates of the Investor. 

“Beneficial Owner” or “Beneficially Own” has the meaning given to such terms under Rule 13d-3 of the Exchange Act. 
 “Board” means the Board of Directors of the Company. 

“Change of Control” means an event or series of events by which (a) any Person (other than the Investor or another
entity sponsored by or Affiliated with the Investor) acquires Beneficial Ownership of 50% or more of the outstanding Common Shares, (b) all or substantially all of the consolidated assets of the Company are sold, leased, exchanged or
transferred to any Person or group of Persons, (c) the Company is consolidated, merged, amalgamated, reorganized or otherwise enters into a similar transaction in which it is combined with another Person, unless the Persons who Beneficially Own
the outstanding Voting Securities of the Company immediately before consummation of the transaction Beneficially Own a majority of the outstanding Voting Securities of the combined or surviving entity immediately thereafter in substantially the same
proportion among such Persons as prior to giving effect to such transaction, or (d) the Shareholders approve of any plan or proposal for the liquidation or dissolution of the Company. 

“Common Shares” means the Company’s common shares, par value $0.01 per share. 

“Material Disclosure Event” means (a) a material transaction in which the Company or any of its Subsidiaries proposes to
engage or is engaged, including a purchase or sale of assets or securities, financing, merger, consolidation, tender offer or other material corporate development, or (b) another material non-public event
or development, and with respect to which the Board has determined in good faith that compliance with this Agreement may reasonably be expected to either materially interfere with the Company’s or such Subsidiary’s ability to consummate
such transaction in a timely fashion (in the case of clause (a)) or require the Company to disclose material, non-public information or such material corporate event or development prior to such time as it
would otherwise be required to be disclosed. 

 “Person” means an individual, corporation, partnership, limited liability
company, joint stock company, joint venture, association, trust or other entity or organization. 
 “Public Offering” means
any primary or secondary public offering of equity securities of the Company pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form
S-4, Form F-4 or Form S-8 or any successor or similar form. 

“Registrable Securities” means (a) all Shares and (b) any equity securities issued or issuable directly or
indirectly with respect to the securities referred to in the foregoing clause by way of share dividend or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation
or other reorganization; provided, however, that such securities will cease to be Registrable Securities (i) when such securities have been sold or transferred pursuant to a Registration Statement, (ii) when such securities
have been transferred in compliance with Rule 144 under the Securities Act, or are transferable by a Person who is not an Affiliate of the Company pursuant to Rule 144 without any volume or manner of sale restrictions thereunder, or (iii) if
such securities have ceased to be outstanding. 
 “Registration Statement” means a registration statement filed with the
SEC on which it is permissible to register securities for sale to the public under the Securities Act. 
 “SEC” means the
Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933. 

“Shareholders” means the holders of Voting Securities as of the applicable time. 

“Shelf Period” has the meaning set forth in Section 4.3(b). 

“Shelf Registration” means a Registration Statement effected pursuant to Section 4.3. 

“Shelf Registration Statement” means a Registration Statement of the Company filed with the SEC on Form F-3 (or any successor form under the Securities Act) providing for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by
the SEC) covering the Registrable Securities, as applicable. 
 “Shelf Suspension” has the meaning set forth in
Section 4.3(c). 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, trust, limited
liability company or other non-corporate business enterprise in which such Person (or another Subsidiary of such Person) holds stock or other ownership interests representing (a) more than 50% of the
voting power of all outstanding stock or ownership interests of such entity, (b) the right to receive more than 50% of the net assets of such entity available for distribution to the holders of outstanding stock or ownership interests upon a
liquidation or dissolution of such entity, or (c) a general or managing partnership interest in such entity; provided, however, that, notwithstanding the foregoing, (i) PT Navigator Khatulistiwa will be deemed to be a Subsidiary of the
Company and (ii) for purposes of this Agreement, the Company and its Subsidiaries will not be deemed to be Subsidiaries of any member of the Investor. 

“Voting Securities” means any securities, including Common Shares, of the Company or its successor having the power generally
to vote in the election of members of the Board or the equivalent of its successor. 

  
 2 

 2. Corporate Governance Rights. 

2.1 Board Designees. (a) Until (i) the date on which the Investor ceases to Beneficially Own at least 937,500 Shares, the Investor
will be entitled to designate one designee to be nominated by the Company to serve as a director of the Company and (ii) the date on which the Investor cease to Beneficially Own at least 3,750,000 Shares, the Investor will be entitled to
designate a total of two designees (such individuals, the “Board Designees”) to be nominated by the Company to serve as directors of the Company. The Investor agrees that, without the consent of the Company, it will not nominate
more than one Board Designee who is a United States citizen or resident. The Company will take all actions necessary to provide the Investor with the representation on the Board contemplated by this Section 2.1, including (A) causing the
Board Designees to be included in the slate of nominees recommended by the Board to the Shareholders for election as directors, (B) causing the election of such Board Designees, including using its reasonable efforts to cause officers of the
Company who hold proxies (unless otherwise directed by the Shareholder submitting such proxy) to vote such proxies in favor of the election of such Board Designees, and (C) using the same efforts to cause the Board Designees to be elected to
the Board as it uses to cause other nominees of the Board to be elected. 
 (b) If any Board Designee ceases to serve as a director for any
reason, the Company will use its reasonable efforts to cause any vacancy resulting thereby to be filled by another designee designated by the Investor. 

(c) Notwithstanding anything to the contrary contained in this Agreement, the Company will provide such indemnification, reimbursement and
compensation to the Board Designees as is consistent with the indemnification, reimbursement and compensation provided to other non-executive members of the Board. The Company will maintain its directors and
officers liability insurance policies in such amounts and on such terms as approved by the Board, including the Board Designees. 
 2.2
Confidentiality. The Investor agrees, and will cause its Affiliates, to (a) keep confidential all proprietary or non-public information of the Company and its Subsidiaries received by participation
in the activities of the Board (whether from a Board Designee or otherwise) or otherwise received by it from the Company, its Subsidiaries or their respective representatives, (b) not disclose or reveal any such information to any Person
without the prior written consent of the Company other than to the Investor’s and its Affiliates’ directors, officers, employees, attorneys, accountants and financial advisors (the “Permitted Representatives”) whom the
Investor determines in good faith need to know such information for the purpose of evaluating, monitoring or taking any other action with respect to the investment by the Investor in the Company, and (c) use reasonable efforts to cause those
Permitted Representatives to observe the terms of this Section 2.2; provided however, that nothing herein will prevent the Investor or any of its Affiliates from disclosing any information that (i) is or becomes generally available
to the public in accordance with Law, other than (A) as a result of any action or inaction by the Investor or its Affiliates, the Permitted Representatives or Subsidiaries, in violation of this Section 2.2, (B) in violation of any other
confidentiality agreement between the Company and such Person or the Investor, or (C) in violation of any other contractual, legal or fiduciary duty of such Person or the Investor, (ii) was within the Investor’s or its
Affiliates’ possession or developed by such Person prior to being furnished with such information, (iii) becomes available to the Investor or its Affiliates on a non-confidential basis from a source
other than the Company, or (iv) that the Investor or any of its Affiliates determines in good faith after consultation with counsel is required to be disclosed by Law (provided that, prior to such disclosure, the Investor or such
Affiliate will, unless prohibited by Law, make reasonable efforts to notify the Company of any such disclosure, use reasonable efforts to limit the disclosure requirements of such Law and maintain the confidentiality of such information to the
maximum extent permitted by Law). For as long as any employee of the Investor is serving as a Board Designee, the Investor will, and will cause its Affiliates to, endeavor in good faith to comply with the Company’s policies applicable to
transactions in Company securities by officers and directors. 
 2.3 Rights Solely for the Investor. The rights and obligations of the
Investor pursuant to this Section 2 will only apply to the Investor, and may not be transferred to any other Person; provided, however, that the Investor may transfer such rights and obligations to (a) an Affiliate of the
Investor to whom the Investor transfers its Shares and (b) with the consent of the Board, any Person to whom the Investor transfers more than 10,000,000 Common Shares. 

  
 3 

 3. Certain Covenants and Other Agreements. 

3.1 Legends; Securities Act Compliance. (a) The Investor acknowledges that certain of the Shares have not been registered under the
Securities Act or under any state securities Laws and agrees that it will not sell or otherwise dispose of any of the Shares, except in compliance with the registration requirements or exemption provisions of the Securities Act and any other
applicable securities Laws. The Investor agrees that all certificates, book-entry shares or other instruments representing such Shares will bear a legend substantially to the following effect: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATING THERETO OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT.” 

(b) Subject to Section 4.8(b), upon the request of the Investor, upon receipt by the Company of an opinion of counsel reasonably
satisfactory to the Company to the effect that such legend is no longer required under the Securities Act or applicable state Laws, as the case may be, the Company will promptly cause the legend to be removed from any certificate or book-entry share for any Shares to be so transferred. 
 3.2 Competitive Operations. The Company
hereby acknowledges and agrees that, to the fullest extent permitted by applicable law: 
 (a) the Investor and its Affiliates (including any
Board Designee) are free to engage in (i) any investment or business opportunity or activity that may be competitive or otherwise similar to the business of the Company or its Subsidiaries or (ii) a prospective economic or competitive
advantage in which the Company or any Subsidiary could have an interest or expectancy, and neither the Investor nor any of its Affiliates (including any Board Designees) will have any duty (either fiduciary, contractual or otherwise) to the Company
or its Subsidiaries, the other Shareholders, or any of their respective Affiliates with respect to any such opportunity, including any obligation to communicate or present such opportunity to the Company or its Subsidiaries; and 

(b) the Investor and its Affiliates (including any Board Designees) are not otherwise restricted from using any knowledge acquired in
connection with their access to information about the Company or in their capacity as a Shareholder (or in the case of any Board Designee, in their role as a director of the Company) in making investment, voting, monitoring, governance or other
decisions relating to the Company or any other entities or securities. 
 3.3 Certain Tax Matters. (a) The Company will, and will
cause each of its Subsidiaries to, provide all information with respect to the Company and its Subsidiaries which is requested by the Investor to enable the Investor (or its direct or indirect owners) to comply with their U.S. federal income tax
reporting obligations, including but not limited to rules relating to “controlled foreign corporations” (each a “CFC”) and “passive foreign investment companies” (each, a “PFIC”). Such assistance
will include providing information to enable the Investor (or their direct or indirect owners) to comply with its obligations under Sections 1248, 6038, 6038B, 6038D, 6046 and 6046A of the Code, including information relating to earnings and profits
as computed for U.S. federal income tax purposes. The Company will determine annually if it or any of its Subsidiaries is a CFC or PFIC, and if the Company or the Investor determines that any such corporation is a PFIC, the Company will permit the
Investor (or its direct or indirect owners) to make a “Qualified Electing Fund” election with respect to its interest in such corporation pursuant to Section 1295 of the Code, and will cause to be furnished to the Investor no later
than 60 days following the end of the Company’s taxable year the relevant PFIC annual information statement pursuant to U.S. Treasury Regulation Section 1.1295-1(g). 

(b) In addition to the foregoing covenants set forth in this Section 3.3, the Company (i) will not take any action that would cause
the Company not to be classified as a corporation for U.S. federal income tax purposes and (ii) will use commercially reasonable efforts to not take any action that would cause the Company to become a PFIC; provided, however, that
the foregoing covenants under clauses (i) and (ii) of this sentence will not require the Company or any of its Subsidiaries to incur any significant additional cost or expense, or to forego any significant benefit, not expressly provided for in
this Agreement. 

  
 4 

 4. Registration Rights. 

4.1 Registration on Request. (a) Subject to Section 4.1(c) and Section 4.3(a), if, at any time there is no currently
effective Shelf Registration Statement on file with the SEC, the Company receives a written request from the Investor that the Company file a Registration Statement covering the registration of at least 10% of the
then-outstanding Registrable Securities, then the Company will, as expeditiously as possible, use its commercially reasonable efforts to effect the registration of such portion of the Registrable Securities
that the Investor request, pursuant to a Registration Statement. Each request for a registration pursuant to this Section 4.1 will be in writing and will specify the approximate number of Registrable Securities requested to be registered and
the intended method of distribution. Notwithstanding the foregoing, the Company will not be obligated to file a registration requested pursuant to this Section 4.1: 

(i) within a period of 90 calendar days after the effective date of any other registration requested pursuant to this Section 4.1; 

(ii) on a total of more than five occasions; 

(iii) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; or 

(iv) if the Investor propose to dispose of shares of Registrable Securities that may be registered at such time pursuant to a Registration
Statement contemplated in Section 4.2. 
 (b) A registration requested pursuant to this Section 4.1 will not be deemed to have been
effected unless the Registration Statement has become effective; provided, however, that if, within the period ending on the earlier to occur of (i) 90 days after the applicable Registration Statement has become effective and
(ii) the date on which the distribution of the securities covered thereby has been completed, the offering of securities pursuant to such Registration Statement is interfered with by any stop order, injunction or other order or requirement of
the SEC or other governmental agency or court, such Registration Statement will be deemed not to have been effected; provided, further, that if the Investor, after exercising its right to request a registration pursuant to this
Section 4.1, withdraws from a registration so requested after the filing thereof, such registration will be deemed to have been effective with respect to the Investor in accordance with this Section 4.1. 

(c) Subject to Section 4.2, if, within five Business Days of receipt of a Registration Request, the Investor is advised in writing (the
“Underwriter’s Advice”) that the Company has in good faith commenced the preparation of a Registration Statement for an underwritten Public Offering prior to receipt of such request and the managing underwriter of the proposed
Public Offering has determined that in such firm’s good faith opinion, a registration at the time and on the terms requested would materially and adversely affect such underwritten Public Offering, then the Company will not be required to
effect such requested registration pursuant to this Section 4.1 until the earliest of: 
 (i) the abandonment of such underwritten
Public Offering by the Company; 
 (ii) 60 days after receipt of the Underwriter’s Advice by the Investor, unless the Registration
Statement for such offering has become effective and such Public Offering has commenced on or prior to such 60th day; and 
 (iii) if the
Registration Statement for such Public Offering has become effective and such Public Offering has commenced on or prior to such 60th day, the day on which the restrictions on the Investor contained in the related
lock-up agreement lapse with respect to such offering. 
 Notwithstanding the foregoing, the Company will not be
permitted to defer a registration requested pursuant to this Section 4.1 in reliance on this Section 4.1(c) more than once in any 365-day period. 

(d) The Company may postpone the filing or effectiveness of any Registration Statement and suspend the Investor’s use of any prospectus
which is a part of the Registration Statement (in which event the Investor will discontinue sales of the Registrable Securities pursuant to the Registration Statement) for a period of up to an aggregate of 90 days in any 365-day period, exclusive of days covered by any lock-up agreement executed by the Investor in connection with any underwritten Public Offering, after the request for
registration pursuant to this Section 4.1 if a Material Disclosure Event exists or is pending at such time. 

  
 5 

 (e) The Company will have the right to cause the registration of additional securities for
sale for the account of any Person other than the Investor (including the Company) in any registration requested pursuant to this Section 4.1 to the extent the managing underwriter or other independent marketing agent for such offering (if any)
determines that, in its opinion, the additional securities proposed to be sold will not materially and adversely affect the offering and sale of the Registrable Securities to be registered in accordance with the intended method or methods of
disposition then contemplated by such registration requested pursuant to this Section 4.1. 
 4.2 Piggyback Registration.
(a) If the Company proposes or is required to file a Registration Statement under the Securities Act or any other securities Laws with respect to an offering of any Common Shares, whether or not for sale for its own account (other than a
registration statement (i) on Form S-4, Form F-4, Form S-8 or any similar form under
non-U.S. Laws or (ii) filed solely in connection with any employee benefit or dividend reinvestment plan), then the Company will give prompt written notice of such proposed filing at least 10 Business
Days before the anticipated filing date (the “Piggyback Notice”) to the Investor. The Piggyback Notice will offer the Investor the opportunity to include in such Registration Statement the number of Registrable Securities as they
may request (a “Piggyback Registration”), subject to Section 4.2(b). The Company will include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for
inclusion therein by the Investor subject to Section 4.2(b). The Investor will be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time at least five Business Days prior to the effective date
of the Registration Statement relating to such Piggyback Registration. The Company will be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration for a period of 60 days after the effective date thereof or
such shorter period in which all Registrable Securities included in such Registration Statement have actually been sold. 
 (b) If the
managing underwriter or underwriters of a proposed underwritten offering advise the Company and the holders of such Registrable Securities that, in their judgment, because of the size of the offering which the Investor, the Company and such other
Persons intend to make, the success of the offering would be materially and adversely affected by inclusion of the Registrable Securities requested to be included (taking into account, in addition to any considerations that the managing underwriter
or underwriters deem relevant in its or their sole discretion, the timing and manner to effect the offering), then the amount of Registrable Securities to be offered for the account of the Investor will be reduced pro rata to the extent necessary to
reduce the total amount of Registrable Securities to be included in such offering to the amount recommended by such managing underwriter or underwriters; provided that if Common Shares are being offered for the account of other Persons as
well as the Company, then the Common Shares intended to be offered for the account of such other Persons will be reduced pro rata to the extent necessary to permit the Investor to include all of their Registrable Securities in such offering. 

4.3 Shelf Registration. (a) Filing. Upon written request by the Investor, and so long as the Company is eligible, the Company will,
as expeditiously as possible, use its commercially reasonable efforts to file with the SEC a Shelf Registration Statement relating to the offer and sale of all Registrable Securities held by the Investor from time to time in accordance with the
methods of distribution elected by such Investor and set forth in the Shelf Registration Statement and, as promptly as practicable thereafter, shall use its reasonable efforts to cause such Shelf Registration Statement to become effective under the
Securities Act. If, on the date of any such request, the Company does not qualify to file a Shelf Registration Statement under the Securities Act, the provisions of this Section 4.3 shall not apply, and the provisions of Section 4.1 shall
apply instead. 
 (b) Continued Effectiveness. The Company shall use its reasonable efforts to keep such Shelf Registration Statement
continuously effective under the Securities Act in order to permit the prospectus forming a part thereof to be usable by Investors until the earlier of (i) the date as of which all Registrable Securities have been sold pursuant to the Shelf
Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(3) of the Securities Act and Rule 174 thereunder) and (ii) the date as of
which the Investor is permitted to sell its Registrable Securities without Registration pursuant to Rule 144 under the Securities Act without volume limitation or other restrictions on transfer thereunder (such period of effectiveness, the
“Shelf Period”). Subject to Section 4.3(d), the Company shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any
action or omits to take any action that would result in holders of Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such
action or omission is required by applicable law. 

  
 6 

 (c) Suspension of Registration. If the continued use of such Shelf Registration Statement at
any time would require the Company to disclose a Material Disclosure Event, the Company may, upon giving at least ten (10) days’ prior written notice of such action to Investor, suspend use of the Shelf Registration Statement (a
“Shelf Suspension”); provided, that the Company shall not be permitted to exercise a Shelf Suspension for a total period exceeding ninety (90) days in any 365-day period. In the case of a Shelf
Suspension, the Investor agrees to suspend use of the applicable prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall promptly
notify the Investor upon the termination of any Shelf Suspension, amend or supplement the prospectus if necessary, so it does not contain any untrue statement or omission and furnish to the Investor such numbers of copies of the prospectus as so
amended or supplemented as the Investor may reasonably request. The Company shall, if necessary, supplement or make amendments to the Shelf Registration Statement, if required by the registration form used by the Company for the Shelf Registration
or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Investor. 

(d) Underwritten Offering. If the Investor elects, an offering of Registrable Securities pursuant to the Shelf Registration Statement shall be
in the form of an underwritten offering, and the Company shall amend or supplement the Shelf Registration Statement for such purpose, such Investor shall jointly have the right to select the managing underwriter or underwriters to administer such
offering. 
 4.4 Registration Procedures. The Company agrees to: 

(a) before filing a Registration Statement or any amendments or supplements thereto, the Company will furnish the Investor with copies of all
such documents proposed to be filed, which documents will be subject to review of the Investor; 
 (b) subject to Section 4.1(e),
prepare and, if the registration is pursuant to notice given under Section 4.1, or 4.3 in any event within 60 days after the giving of notice pursuant to Section 4.1 or 4.3, file with the SEC a Registration Statement with respect to such
Registrable Securities on any form for which the Company then qualifies or which counsel for the Company deems appropriate and which form will be available for the sale of such Registrable Securities in accordance with the intended methods of
distribution thereof, and use its best efforts to cause such Registration Statement to become and remain effective; 
 (c) prepare and file
with the SEC or other Governmental Entity having jurisdiction such amendments and supplements to such Registration Statement as may be necessary to keep such Registration Statement effective continuously for the period referred to in the last
sentence of Section 4.2(a); 
 (d) furnish to the Investor such number of copies, without charge, of such Registration Statement, each
amendment and supplement thereto, including each preliminary prospectus, final prospectus, any other prospectus (including any prospectus filed under Rule 424, Rule 430A or Rule 430B under the Securities Act and any “issuer free writing
prospectus” as such term is defined under Rule 433 promulgated under the Securities Act), all exhibits and other documents filed therewith and such other documents as the Investor may reasonably request including in order to facilitate the
disposition of its Registrable Securities; 
 (e) register or qualify such Registrable Securities under such other securities or blue sky
Laws of such jurisdictions as the Investor reasonably requests and do any and all other acts and things that may be reasonably necessary or reasonably advisable to enable the Investor to consummate the disposition in such jurisdictions of the
Registrable Securities owned by the Investor (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection,
(ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction); 

  
 7 

 (f) notify the Investor at any time when a prospectus relating to the Registrable Securities
is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus contains an untrue statement of a material fact or omits any fact necessary to make
the statements therein not misleading in the light of the circumstances under which they were made, and, as soon as reasonably practicable, prepare and furnish to the Investor a reasonable number of copies of a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading
in the light of the circumstances under which they were made; (g) notify the Investor (i) when such Registration Statement or the prospectus or any prospectus supplement or post-effective amendment has
been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or other Governmental Entity for amendments
or supplements to such Registration Statement or to amend or to supplement such prospectus or for additional information, and (iii) of the issuance by the SEC or other Governmental Entity of any stop order suspending the effectiveness of such
Registration Statement or the initiation of any proceedings for any of such purposes; 
 (h) cause all such Registrable Securities to be
listed on each securities exchange on which similar securities issued by the Company are then listed, if applicable; 
 (i) provide a
transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement; and 
 (j)
make available for inspection by the Investor and its counsel, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by the Investor or underwriter, all
financial and other records, pertinent corporate documents and documents relating to the business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested
by the Investor, underwriter, attorney, accountant or agent in connection with such Registration Statement, provided that it will be a condition to such inspection and receipt of such information that the inspecting Person (i) enter into
a confidentiality agreement in form and substance reasonably satisfactory to the Company and (ii) agree to minimize the disruption to the Company’s business in connection with the foregoing. 

(k) if requested, obtain a “comfort” letter or letters from the Company’s independent public accountants in customary form and
covering matters of the type customarily covered by “comfort” letters as the Investor reasonably requests; 
 (l) if requested,
obtain a legal opinion of the Company’s outside counsel in customary form and covering such matters of the type customarily covered by legal opinions of such nature and reasonably satisfactory to the Investor, which opinion will be addressed to
any underwriters and the Investor; and 
 (m) if applicable, cooperate with the Investor and each underwriter or agent participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority. 

4.5 Provision of Information. As a condition to registering Registrable Securities, the Company may require the Investor to furnish the
Company with such information regarding the Investor and pertinent to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing. 

4.6 Registration Expenses. Except as otherwise provided in this Agreement, all expenses incidental to the Company’s performance of
or compliance with this Agreement, including all registration and filing fees, fees and expenses of compliance with securities or blue sky Laws, word processing, duplicating and printing expenses, messenger and delivery expenses, and fees and
disbursements of counsel for the Company and counsel (limited to one law firm) for the Investor and all independent certified public accountants and other Persons retained by the Company (all such expenses, “Registration Expenses”),
will be borne by the Company. The Company will, in any event, pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit or quarterly review,
the expenses of any liability insurance and, if applicable, the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed. The Investor will pay all
underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable Securities hereunder, the fees and expenses of counsel beyond the one law firm paid for by the Company and any other Registration Expenses required
by Law to be paid by the Investor pro rata on the basis of the amount of proceeds from the sale of their securities so registered. 

  
 8 

 4.7 Participation Conditions. (a) The Investor may not participate in any
registration hereunder that is underwritten unless the Investor (i) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by the Investor (including pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s), provided that the Investor will not be required to sell more than the number of Registrable Securities that the
Investor has requested the Company to include in any registration), (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up or holdback agreements and
other documents reasonably required under the terms of such underwriting arrangements, so long as such provisions are substantially the same for all selling shareholders, and (iii) cooperates with the Company’s reasonable requests in
connection with such registration or qualification. Notwithstanding the foregoing, the liability of the Investor or any transferee participating in such an underwritten registration will be limited to an amount equal to the amount of gross proceeds
attributable to the sale of the Investor’s Registrable Securities. 
 (b) If the Investor participates in any registration hereunder, it
agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4.4(f), such Person will forthwith discontinue the disposition of its Registrable Securities pursuant to the Registration
Statement until such Person receives copies of a supplemented or amended prospectus as contemplated by such Section 4.4(f). In the event the Company gives any such notice, the applicable time period mentioned in Section 4.4(c) during which
a Registration Statement is to remain effective will be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 4.7(b) to and including the date when the Investor will
have received the copies of the supplemented or amended prospectus contemplated by Section 4.4(f). 
 4.8 Rule 144. (a) The
Company will use its reasonable best efforts to, upon the request of the Investor or any transferee, make publicly available such information as necessary to permit sales pursuant to Rule 144, and will use reasonable best efforts to take such
further action as the Investor or any transferee may reasonably request, all to the extent required from time to time to enable such Person to sell shares of Registrable Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144. Upon the request of the Investor or any transferee, the Company will deliver to such Person a written statement as to whether it has complied with such information requirements. 

(b) The Company will not issue new certificates or enter any book-entry shares for Registrable
Securities without a legend restricting further transfer unless (i) such shares have been sold to the public pursuant to an effective Registration Statement under the Securities Act or Rule 144, or (ii) (x) otherwise permitted under the
Securities Act, (y) the holder of such shares has delivered to the Company an opinion of counsel, which opinion and counsel is reasonably satisfactory to the Company, to such effect, and (z) the holder of such shares expressly requests the
issuance of such certificates or book-entry shares in writing. 
 4.9 Holdback. In
consideration for the Company agreeing to its obligations under this Agreement, the Investor (and any transferee) agrees in connection with any registration of the Company’s securities (whether or not such Person is participating in such
registration) upon the request of the Company and the underwriters managing any underwritten offering of the Company’s securities, on the same terms as all directors, officers and greater than 5% holders agree, not to effect (other than
pursuant to such registration) any public sale or distribution of Registrable Securities or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities, any other equity securities of the
Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent of the Company or such underwriters, as the case may be, during such period as may be required by
the managing underwriter 
 5. Standstill. Until May 18, 2022, the Investor shall not, directly or indirectly, nor shall the Investor cause any
Affiliate to acquire, agree to acquire or make any offer or proposal to acquire, directly or indirectly, by purchase, tender or exchange offer or otherwise, any Common Shares, except for (i) upon the issuance by the Company of additional Common
Shares for cash for its own account in a public offering or bona fide private financing, acquisitions of additional Common Shares in the open market if, immediately after giving effect to such acquisition, the voting power represented by the total
number of Common Shares beneficially owned by the Investor is not 

  
 9 

 
greater than the voting power represented by the total number of Common Shares beneficially owned by the Investor immediately prior to such issuance by the Company, (ii) acquisitions of
additional Common Shares from the Company (including as a result of stock dividends or other distributions) and (iii) acquisitions of additional Common Shares from any of the Board Designees but solely to the extent that such Board Designees
shall have received those Common Shares from the Company as compensation for their services to the Company. Any Common Shares acquired by the Investors without violation of this Section 5 shall be deemed “Shares” for all purposes
hereunder. 
 6. Information Rights. The Company agrees to furnish the Investor with: (i) as soon as practicable, but in any event within
forty-five (45) days before the end of each fiscal year, a copy of the Company’s annual business plan and budget for the next fiscal year, (ii) as soon as practicable, a monthly management report of the Company’s operations,
including a profit and loss account, a balance sheet and a cashflow statement and (iii) such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as the Investor may from time to time
reasonably request; provided, however, that the Company shall not be obligated under this Section 6 to provide information to the Investor the disclosure of which would adversely affect the attorney-client privilege between the Company and its
counsel. 
 7. Miscellaneous. 
 7.1
Termination. This Agreement will terminate, except for this Section 7 and as otherwise provided in this Agreement, on the earlier of (a) the date that the Investor no longer Beneficially Own any Common Shares and (b) upon the
written consent of the Company and the Investor. 
 7.2 Expenses. (a) Except as otherwise provided herein, all expenses incurred
in connection with this Agreement and the transactions contemplated hereby will be paid by the party incurring such expenses. 
 (a) In the
event that the Board or the chief executive officer of the Company requests that the Investor considers any action that would be reasonably likely to require a change or amendment to this Agreement or affect their rights in any manner that is
different than or in addition to the effect on shareholders generally, the Company will pay on behalf of or reimburse the Investor for all of its reasonable
out-of-pocket costs and expenses incident thereto, or incurred or to be incurred in connection therewith, including the actual and reasonable fees of counsel,
accountants and/or other consultants to the Investor billed at standard hourly rates and disbursements. 
 7.3 Notice. All notices,
requests, demands and other communications made under or by reason of the provisions of this Agreement must be in writing and be given by hand delivery, email, facsimile or next Business Day courier to the affected party at the addresses and
facsimile numbers set forth below or at such other addresses or facsimile numbers as such party may have provided to the other parties in accordance herewith. Such notices will be deemed given at the time personally delivered (if delivered by hand
with receipt acknowledged), upon issuance by the transmitting machine of confirmation that the number of pages constituting the notice has been transmitted without error and confirmed telephonically (if sent by email or facsimile), and the first
Business Day after timely delivery to the courier (if sent by next-Business Day courier specifying next-Business Day delivery). 

(a) If to the Company, to: 

Navigator Holdings Ltd. 
 Verde,
10 Bressenden Place 
 London, SW1E 5DH 

United Kingdom 
 Attention: Harry
Deans 
 Email: harry.deans@navigatorgas.com 

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

Baker Botts L.L.P. 
 30
Rockefeller Plaza 
 New York, New York 10112 

Attention: Mike Rosenwasser and Michael Swidler 

  
 10 

 
Fax No.: 212.259.2511 
 Email: michael.rosenwasser@bakerbotts.com and
michael.swidler@bakerbotts.com 
 (b) If to any of the Investor: 

BW Group Limited 
 #18-01, 10 Pasir Panjang Road 
 Singapore, 117438 

Fax: +65 6337 1623 
 Email: bwlegal@bw-group.com 
 With a copy (which will not constitute notice) to: 

Cleary Gottlieb Steen & Hamilton LLP 

2 London Wall Place 
 London EC2Y
5AU, England 
 Attention: Sebastian Sperber 

Email: ssperber@cgsh.com 
 7.4
Interpretation. This Agreement has been freely and fairly negotiated among the parties. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption
or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement. When a reference is made in this Agreement to an Article or Section, such reference will be to an Article or Section of
this Agreement unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.” “$” refers to U.S. dollars. Words used in the singular form in this Agreement will be
deemed to include the plural, and vice versa, as the context may require. If the date upon or by which any party hereto is required to perform any covenant or obligation hereunder falls on a day that is not a Business Day, then such date of
performance will be automatically extended to the next Business Day thereafter. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a
whole and not to any particular provision of this Agreement. Unless the context otherwise requires, (i) “or” is disjunctive but not necessarily exclusive, (ii) the use in this Agreement of a pronoun in reference to a party hereto
includes the masculine, feminine or neuter, as the context may require, and (iii) unless otherwise defined herein, terms used herein which are defined in GAAP have the meanings ascribed to them therein. All Exhibits hereto will be deemed part
of this Agreement and included in any reference to this Agreement. Any agreement, instrument or Law defined or referred to herein means such agreement, instrument or Law as from time to time amended, modified or supplemented (and, in the case of any
Law, the rules and regulations promulgated thereunder), including (in the case of agreements or instruments) by waiver or consent and (in the case of Laws) by succession of comparable successor Laws. 

7.5 Governing Law. This Agreement, any claims, causes of actions or disputes (whether in contract or tort) based upon, arising out of or
relating to this Agreement or the negotiation, execution or performance of this Agreement will be governed by and construed in accordance with the Laws applicable to contracts made and to be performed entirely in the State of New York, United States
of America, without regard to any applicable conflict of Laws principles. The parties hereto agree that any action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement will only be brought
in any United States District Court located in New York County, New York so long as such court has subject matter jurisdiction over such action, or alternatively in any New York State Court located in New York County, New York if the aforesaid
United States District Courts do not have subject matter jurisdiction, and that any cause of action arising out of this Agreement will be deemed to have arisen from a transaction of business in the State of New York, and each of the parties hereby
irrevocably consents to the jurisdiction of such court (and of the appropriate appellate courts therefrom) in any such action and irrevocably waives any objection that it may now or hereafter have to the laying of the venue of any such action in any
such court or that any such action which is brought in such court has been brought in an inconvenient forum. Process in any such action may be served on any party anywhere in the world, whether within or without the jurisdiction of such court.
Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 7.3 will be deemed effective service of process on such party. In the event of litigation relating to this Agreement, the non-prevailing party will be liable and pay to the prevailing party the reasonable costs and expenses (including attorney’s fees) incurred by the prevailing party in connection with such litigation, including
any appeal therefrom. 

  
 11 

 7.6 Specific Performance. The parties agree that irreparable damage would occur in
the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, that monetary damages may be inadequate and that a party may have no adequate remedy at Law.
Notwithstanding Section 7.5, the parties accordingly agree that the parties will be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in action
instituted in a United States District Court located in New York County, New York, this being in addition to any other remedy to which such party is entitled at Law or in equity. In the event that a party seeks in equity to enforce the provisions of
this Agreement, no party will allege, and each party hereby waives the defense or counterclaim that, there is an adequate remedy at Law. 

7.7 Successors and Assigns; Assignment. Except as otherwise expressly provided herein, the provisions hereof will 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 by (a) the Company (other than by operation of Law, including in connection with a Change
of Control), without the prior written consent of the Investor, or (b) the Investor without the prior written consent of the Company, except that the Investor may assign its rights and obligations without such consent in connection with a
transfer of its Shares to an Affiliate of the Investor, including any Affiliated fund. 
 7.8 Amendment and Waiver. No amendment,
waiver or other modification of, or consent under, any provision of this Agreement will be effective against the Company, unless it is approved in writing by the Company, and no amendment, waiver or other modification of, or consent under, any
provision of this Agreement will be effective against the Investor, unless it is approved in writing by the Investor; provided that the Investor may also waive any rights or provide consent with respect to itself; provided further that
notwithstanding the foregoing, the addition of the Investor as a party hereto will not constitute an amendment hereto and may be effected by the execution of a counterpart hereto by the Investor and the Company. No waiver of any breach of any
agreement or provision herein contained will be deemed a waiver of any preceding or succeeding breach thereof or of any other agreement or provision herein contained. The failure or delay of any of the parties to assert any of its rights or remedies
under this Agreement will not constitute a waiver of such rights nor will it preclude any other or further exercise of the same or of any other right or remedy. 

7.9 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties
and their permitted assigns and nothing herein expressed or implied will give or be construed to give any Person, other than the parties and such assigns, any legal or equitable rights hereunder. 

7.10 Entire Agreement. This Agreement (including any exhibits hereto) constitutes the entire agreement among the parties hereto with
respect to the subject matter hereof and supersede all prior agreements, understandings, representations and undertakings, both written and oral, among the parties with respect to the subject matter hereof and thereof, including any confidentiality
agreements previously entered into by the Company, on the one hand, and the Investor, on the other hand. 
 7.11 Severability. If any
term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy in any jurisdiction, all other terms and provisions of this Agreement will nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions and the intention of the parties with respect to the transactions contemplated hereby is not affected in any manner materially adverse to any of the parties. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

  
 12 

 7.12 Counterparts. This Agreement may be executed in two or more counterparts, each
of which will be deemed an original, but all of which will constitute one and the same agreement. This Agreement may be executed by any party hereto by means of a facsimile, email or PDF transmission of an originally executed counterpart, the
delivery of which facsimile, email or PDF transmission will have the same force and effect, except as specified in any document executed and delivered pursuant to the immediately preceding sentence, as the delivery of the originally executed
counterpart. 
 [Remainder of Page Intentionally Left Blank.] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	NAVIGATOR HOLDINGS LTD.
		
	By:	 	 /s/ Dr. Henry Deans

		 	Name: Dr. Henry Deans
		 	Title: Chief Executive Officer
	
	INVESTOR:
	
	BW GROUP LIMITED
		
	By:	 	 /s/ Nicholas Fell

		 	Name: Nicholas Fell
		 	Title: EVP, Corporate Services & General Counsel

 [Signature Page to the Investor Rights Agreement]

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