Document:

Exhibit 4.2

 

NEITHER THIS WARRANT NOR THE SHARES OF COMMON
STOCK ISSUABLE ON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER SECURITIES LAWS (THE “ACTS”).
NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK PURCHASABLE HEREUNDER MAY BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN
THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THIS WARRANT OR COMMON STOCK PURCHASABLE HEREUNDER, AS APPLICABLE, UNDER
THE ACTS, OR (B) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT REGISTRATION IS NOT REQUIRED UNDER SUCH
ACTS.

 

XRPRO SCIENCES, INC.

WARRANT AGREEMENT

VOID AFTER 5:00 P.M. NEW YORK TIME, DECEMBER
, 2019

Date of Issuance:  December , 2014

 

1.             Basic
Terms. This Warrant Agreement (the “Warrant”) certifies that, for value received, the registered holder
specified below or its registered assigns (“Holder”) is entitled to purchase from XRpro Sciences, Inc., formerly
known as Caldera Pharmaceuticals, Inc., a Delaware corporation having its principal place of business at One Kendall Square, Cambridge,
Massachusetts 02139 (the “Corporation”), subject to adjustments as provided herein, [____________] ([________])
shares of the Common Stock, $.001 par value, of the Corporation (the “Common Stock”) at the price per share
shown below (the “Exercise Price”). 

Holder:

 

Exercise Price per share:          $1.75

 

Except as specifically
provided otherwise, all references in this Warrant to the Exercise Price and the number of shares of Common Stock purchasable hereunder
shall be to the Exercise Price and number of shares after any adjustments are made thereto pursuant to this Warrant.

 

2.             Corporation’s
Representations/Covenants. The Corporation represents and covenants that the shares of Common Stock issuable upon the exercise
of this Warrant shall at delivery be fully paid and non-assessable and free from taxes, liens, encumbrances and charges with respect
to their purchase. The Corporation shall take any necessary actions to assure that the par value per share of the Common Stock
is at all times equal to or less than the then current Exercise Price per share of Common Stock issuable pursuant to this Warrant.
The Corporation shall at all times reserve and hold available sufficient shares of Common Stock to satisfy all conversion and
purchase rights of outstanding convertible securities, options and warrants of the Corporation, including this Warrant. 

    	

    	 

    

3.             Method of
Exercise; Fractional Shares.

(a)               
This Warrant is exercisable at the option of the Holder at any time by surrendering this Warrant, on any business day during
the period (the “Exercise Period”) beginning the business day after the issue date of this Warrant specified
above and ending at 5:00 p.m. (New York time) five (5) years after the issue date. To exercise this Warrant, the Holder shall deliver
to the Corporation (whether via facsimile or otherwise) the executed exercise form (the “Exercise Notice”) (substantially
in the form of that attached hereto) and, unless this Warrant is being exercised on a cashless basis as set forth in Section 3(b)
below, together with payment for the Common Stock purchased under this Warrant. The Holder shall not be required to deliver the
original of this Warrant in order to effect an exercise hereunder. The principal office of the Corporation is located at the address
specified in Section 1 of this Warrant; provided, however, that the Corporation may change its principal office upon notice to
the Holder. Payment shall be made by check payable to the order of the Corporation or by wire transfer. This Warrant is not exercisable
with respect to a fraction of a share of Common Stock. In lieu of issuing a fraction of a share remaining after exercise of this
Warrant as to all full shares covered by this Warrant, the Corporation shall either at its option: (i) pay to the Holder an amount
in cash equal to the product of (x) such fraction, multiplied by (y) the Fair Market Value (as defined below) of one share of Common
Stock on the date of exercise; or (ii) issue scrip for the fraction in registered or bearer form which shall entitle the Holder
to receive a certificate for a full share of Common Stock on surrender of scrip aggregating a full share.

(b)              
In lieu of exercising this Warrant for cash pursuant to Section 3(a), the Holder may elect to exercise this Warrant on
a cashless basis by surrender of this Warrant at the principal office of the Corporation together with notice of such election,
in which event the Corporation shall issue to the Holder a number of shares of Common Stock computed using the following formula: 

	 	Y (A - B)	 
	X =  	A	 

Where:

 

X --    The number
of shares of Common Stock to be issued to the Holder under this Section 3(b).

Y --    The number
of shares of Common Stock for which under this Warrant is being exercised pursuant to this Section 3(b) (at the date of such calculation).

A --    The
Fair Market Value (as defined below) of a share of Common Stock on the immediately preceding Trading Day (as defined below).

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B --     The Exercise
Price (as adjusted to the date of such calculations).

For purposes of this
Section 3(b), the “Fair Market Value” of a share of Common Stock shall mean (i) the volume weighted average
of the closing sales prices of the Common Stock for such day on all domestic securities exchanges on which the Common Stock may
at the time be listed; (ii) if there have been no sales of the Common Stock on any such exchange on any such day, the average of
the highest bid and lowest asked prices for the Common Stock on all such exchanges at the end of such day; (iii) if on any such
day the Common Stock is not listed on a domestic securities exchange, the closing sales price of the Common Stock as quoted on
the OTC Bulletin Board, OTCQX or OTCQB (or any successors to any of the foregoing) or similar quotation system or association for
such day; or (iv) if there have been no sales of the Common Stock on the OTC Bulletin Board, OTCQX or OTCQB (or any successors
to any of the foregoing) or similar quotation system or association on such day, the average of the highest bid and lowest asked
prices for the Common Stock quoted on the OTC Bulletin Board, OTCQX or OTCQB (or any successors to any of the foregoing) or similar
quotation system or association at the end of such day; in each case, averaged over ten (10) consecutive Trading Days ending on
the Trading Day immediately prior to the day as of which “Fair Market Value” is being determined. If at any time the
Common Stock is not listed on any domestic securities exchange or quoted on the OTC Bulletin Board, OTCQX or OTCQB (or any successors
to any of the foregoing) or similar quotation system or association, the “Fair Market Value” of the Common Stock shall
be the fair market value per share as determined in good faith by the Board of Directors of the Corporation. “Trading Day”
means a day on which the principal securities exchange or securities market on which the Common Stock is principally traded is
open for business.

(c)               
On or before the third (3rd) Trading Day (as defined below) following the later of (i) the date on which the Corporation
has received an Exercise Notice or (ii) the date on which the Corporation receives payment of the Exercise Price (which shall
not apply for cashless exercises), the Corporation shall transmit an acknowledgment of confirmation of receipt of such Exercise
Notice to the Holder and the Corporation’s transfer agent (the “Transfer Agent”). On or before the fifth
(5th) Trading Day following the later of (i) the date on which the Corporation has received such Exercise Notice or (ii) the date
on which the Corporation receives the Exercise Price (such later date, the “Delivery Date”), the Corporation
shall (x) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated
Securities Transfer Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the
Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its
Deposit/Withdrawal at Custodian system, or (y) if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, issue and deliver to the Holder or, at the Holder’s instruction pursuant to the Exercise Notice, the Holder’s
agent or designee, in each case, sent by reputable overnight courier to the address as specified in the applicable Exercise Notice,
a certificate, registered in the Corporation’s share register in the name of the Holder or its designee (as indicated in
the applicable Exercise Notice), for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.
Upon the later of (i) the date on which the Corporation has received the Exercise Notice or (ii) the date on which the Corporation
receives the Exercise Price, the Holder shall be deemed for all corporate purposes to have become the holder of record of the
Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such shares of Common Stock are
credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such shares of Common Stock
(as the case may be).

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(d)              
If the Corporation fails to deliver to the Holder a certificate or certificates representing the shares of Common Stock
issuable upon exercise of this Warrant pursuant to an exercise by the close of business on the fifth (5th) Trading Day after the
date on which the Corporation has received an Exercise Notice or the date on which the Corporation receives payment of the Exercise
Price, and if after such fifth (5th) Trading Day the Holder is required by its broker to purchase (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the shares of Common Stock issuable
upon exercise of this Warrant which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Corporation shall (i) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number
of shares of Common Stock issuable upon exercise of this Warrant that the Corporation was required to deliver to the Holder in
connection with the exercise at issue times (B) the price at which the sell order giving rise to such purchase obligation was executed,
and (ii) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of shares of Common Stock
issuable upon exercise of this Warrant for which such exercise was not honored or deliver to the Holder the number of shares of
Common Stock that would have been issued had the Corporation timely complied with its exercise and delivery obligations hereunder.
For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an
attempted exercise of shares of Common Stock issuable upon exercise of this Warrant with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (i) of the immediately preceding sentence the Corporation shall be required to
pay the Holder $1,000. The Corporation’s obligations under this Section 3(d) will be subject to the Holder providing the
Corporation written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations
and other evidence reasonably requested by the Corporation. Nothing herein shall limit a Holder’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Corporation’s failure to timely deliver certificates representing Common Stock upon
exercise of this Warrant as required pursuant to the terms hereof.

4.           
Protection Against Dilution. If the Corporation, with respect to the Common Stock, (a) pays a dividend or makes
a distribution on shares of common stock that is paid in shares of common stock or in securities convertible into or exchangeable
for Common Stock (in which latter event the number of shares of common stock initially issuable upon the conversion or exchange
of such securities shall be deemed to have been distributed), (b) subdivides outstanding shares of Common Stock into a greater
number of shares, (c) combines outstanding shares of Common Stock into a smaller number of shares, or (d) issues by reclassification
of Common Stock any shares of capital stock of the Corporation, the Exercise Price and number of shares purchasable under this
Warrant in effect immediately prior thereto shall be adjusted so that each Holder thereafter shall be entitled to receive the
number and kind of shares of Common Stock or other capital stock of the Corporation that it would have owned or been entitled
to receive in respect of this Warrant immediately after the happening of any of the events described above had this Warrant been
converted immediately prior to the happening of that event. An adjustment made in accordance with this section shall become effective
immediately after the record date, in the case of a dividend, and shall become effective immediately after the effective date,
in the case of a subdivision, combination, or reclassification. If, as a result of an adjustment made in accordance with this
Section 4, the Holder becomes entitled to receive shares of two or more classes of capital stock or shares of Common Stock and
other capital stock of the Corporation, the board of directors (whose determination shall be conclusive) shall determine the allocation
of the adjusted Exercise Price and number of shares purchasable under this Warrant between or among shares of such classes of
capital stock or shares of Common Stock and other capital stock. 

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5.           
Adjustment for Reorganization, Consolidation, Merger. In the event of any (a) consolidation or merger to which the
Corporation is a party other than a consolidation or merger in which the Corporation is the continuing corporation, (b) the sale
or conveyance to another person or entity of the property of the Corporation as an entirety or substantially as an entirety, (c)
any statutory exchange of securities with another person or entity (including any exchange effected in connection with a merger
of a third corporation into the Corporation), (d) capital reorganization of the Corporation, (e) reclassification of the stock
of the Corporation, or (f) or other similar transaction (each such transaction referred to herein as “Reorganization”),
this Warrant shall remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be) the number of shares
of Common Stock then purchasable under this Warrant, the Holder shall thereupon be entitled to receive and provision shall be made
therefor in any agreement relating to a Reorganization, the kind and number of securities or property (including cash) of the Corporation
or of the successor person or entity resulting from such Reorganization which the Holder would have owned or been entitled to receive
as a result of such Reorganization had this Warrant been exercised immediately prior to such Reorganization (and assuming the Holder
failed to make an election, if any was available, as to the kind or amount of securities, property or cash receivable by reason
of such Reorganization; provided that if the kind or amount of securities, property or cash receivable upon such Reorganization
is not the same for each share of common stock in respect of which such rights of election shall not have been exercised (“non
electing share”) then for the purpose of this section the kind and amount of securities, property or cash receivable upon
such Reorganization for each non electing share shall be deemed to be the kind and amount so receivable per share by a plurality
of the non electing shares). In any case, appropriate adjustment shall be made in the application of the provisions herein set
forth with respect to the rights and interests thereafter of the Holder, to the end that the provisions set forth herein shall
thereafter be applicable, as nearly as reasonably may be, in relation to any shares, other securities or property thereafter receivable
upon exercise of this Warrant (including, in the case of any consolidation, merger, sale or similar transaction in which the successor
or purchasing person or entity is not the Corporation, an immediate adjustment in the Exercise Price to the value per share for
the Common Stock reflected by the terms of such consolidation, merger, sale or similar transaction, and a corresponding immediate
adjustment to the number of shares of Common Stock acquirable upon exercise of this Warrant without regard to any limitations or
restrictions on exercise, if the value so reflected is less than the Exercise Price in effect immediately prior to such consolidation,
merger, sale or similar transaction). The provisions of this section similarly apply to successive Reorganizations.

6.           
Notice of Adjustment. On the happening of an event requiring an adjustment of the Exercise Price or the shares purchasable
under this Warrant, the Corporation shall, within fifteen (15) business days, give written notice to the Holder stating the adjusted
Exercise Price and the adjusted number and kind of securities or other property purchasable under this Warrant resulting from
the event and setting forth in reasonable detail the method of calculation and the facts upon which the calculation is based. 

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7.           
Dissolution, Liquidation. In case of the voluntary or involuntary dissolution, liquidation or winding up of the Corporation
(other than in connection with reorganization, consolidation, merger, or other transaction covered by paragraph 5 above) is at
any time proposed; the Corporation shall give at least thirty days prior written notice to the Holder. Such notice shall contain:
(a) the date on which the transaction is to take place; (b) the record date (which shall be at least thirty (30) days after the
giving of the notice) as of which holders of Common Stock will be entitled to receive distributions as a result of the transaction;
(c) a brief description of the transaction, (d) a brief description of the distributions to be made to holders of Common Stock
as a result of the transaction; and (e) an estimate of the fair value of the distributions. On the date of the transaction, if
it actually occurs, this Warrant and all rights under this Warrant shall terminate.

8.           
Rights of Holder. The Corporation shall deliver to the Holder all notices and other information provided to its holders
of shares of Common Stock or other securities which may be issuable hereunder concurrently with the delivery of such information
to the holders. This Warrant does not entitle the Holder to any voting rights or, except for the foregoing notice provisions, any
other rights as a shareholder of the Corporation. No dividends are payable or will accrue on this Warrant or the shares of Common
Stock purchasable under this Warrant until, and except to the extent that, this Warrant is exercised. Upon the surrender of this
Warrant and payment of the Exercise Price as provided above, the person or entity entitled to receive the shares of Common Stock
issuable upon such exercise shall be treated for all purposes as the record holder of such shares as of the close of business on
the date of the surrender of this Warrant for exercise as provided above. Upon the exercise of this Warrant, the Holder shall have
all of the rights of a shareholder in the Corporation.

9.           
Registration Rights. The Holder shall have the registration rights and associated obligations set forth in Section
5 of that certain Securities Purchase Agreement, dated as of December ___, 2014, between the Corporation and the investors signatory
thereto, and will have such registration rights with respect to its Warrant Shares pari passu to the investors party thereto.

10.         
Exchange for Other Denominations. This Warrant is exchangeable, on its surrender by the Holder to the Corporation,
for a new Warrant of like tenor and date representing in the aggregate the right to purchase the balance of the number of shares
purchasable under this Warrant in denominations and subject to restrictions on transfer contained herein, in the names designated
by the Holder at the time of surrender.

11.         
Substitution. Upon receipt by the Corporation of evidence satisfactory (in the exercise of reasonable discretion)
to it of the ownership of and the loss, theft or destruction or mutilation of the Warrant, and (in the case or loss, theft or
destruction) of indemnity satisfactory (in the exercise of reasonable discretion) to it, and (in the case of mutilation) upon
the surrender and cancellation thereof, the Corporation will issue and deliver, in lieu thereof, a new Warrant of like tenor.

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12.          
Restrictions on Transfer. Neither this Warrant nor the shares of Common Stock issuable on exercise of this Warrant
have been registered under the Securities Act or any other securities laws (the “Acts”). Neither this Warrant
nor the shares of Common Stock purchasable hereunder may be sold, transferred, pledged or hypothecated in the absence of (a) an
effective registration statement for this Warrant or Common Stock purchasable hereunder, as applicable, under the Acts, or (b)
an opinion of counsel reasonably satisfactory to the Corporation that registration is not required under such Acts. If the Holder
seeks an opinion as to transfer without registration from Holder’s counsel, the Corporation shall provide such factual information
to Holder’s counsel as Holder’s counsel reasonably requests for the purpose of rendering such opinion. Each certificate
evidencing shares of Common Stock purchased hereunder will bear a legend describing the restrictions on transfer contained in this
paragraph unless, in the opinion of counsel reasonably acceptable to the Corporation, the shares need no longer to be subject to
the transfer restrictions.

13.         
Transfer. Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all rights
hereunder are transferable, in whole or in part, only on the books of the Corporation by the Holder in person or by attorney, on
surrender of this Warrant, properly endorsed. Under no circumstances may this Warrant be assigned or transferred by the Corporation.

14.         
Recognition of Holder. Prior to due presentment for registration of transfer of this Warrant, the Corporation shall
treat the Holder as the person exclusively entitled to receive notices and otherwise to exercise rights under this Warrant. All
notices required or permitted to be given to the Holder shall be in writing and shall be given by first class mail, postage prepaid,
addressed to the Holder at the address of the Holder appearing in the records of the Corporation.

15.         
Payment of Taxes. The Corporation shall pay all taxes and other governmental charges, other than applicable income
taxes, that may be imposed with respect to the issuance of shares of Common Stock pursuant to the exercise of this Warrant.

16.         
Headings. The headings in this Warrant are for purposes of convenience in reference only, shall not be deemed to
constitute a part of this Warrant and shall not affect the meaning or construction of any of the provisions of this Warrant.

17.         
Miscellaneous. This Warrant may not be changed, waived, discharged or terminated except by an instrument in writing
signed by the Corporation and the Holder. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to
the benefit of the parties hereto and the successors of the Corporation and the successors and permitted assigns of the Holder.
Such successors and/or assigns of the Holder shall be deemed to be a Holder for all purposes hereunder. This Warrant, together
with the Agreement, constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter
contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect
to such subject matter. In the event of any inconsistency between the statements in the body of this Warrant and the Agreement,
the statements in the body of this Warrant shall control. If any term or provision of this Warrant is invalid, illegal or unenforceable
in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant
or invalidate or render unenforceable such term or provision in any other jurisdiction.

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18.          
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware
without giving effect to its principles governing conflicts of law.

	 	XRPRO SCIENCES, INC.
	 	 	 
	 	By:	 
	 	Name:	 Richard Cunningham
	 	Title:	 President and Chief Executive Officer

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XRPRO SCIENCES, INC.

Form of Transfer

(To be executed by the Holder to transfer
the Warrant)

For value received
the undersigned registered holder of the attached Warrant hereby sells, assigns, and transfers the Warrant to the Assignee(s) named
below:

	Names of
    Assignee	 	Address	 	Taxpayer ID No.	 	Number of Shares subject to transferred Warrant 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

The undersigned registered holder further irrevocably
appoints ___________________________________________________ attorney (with full power of substitution) to transfer this Warrant
as aforesaid on the books of the Corporation.

 

	Date:	______________________________	___________________________________
	 	 	Signature

 

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XRPRO SCIENCES, INC.

Exercise Form

(To be executed by the Holder to purchase
Common Stock pursuant to the Warrant) 

The undersigned holder of the attached Warrant
hereby irrevocably elects to exercise purchase rights represented by such Warrant for, and to purchase, ___________ shares of Common
Stock of XRpro Sciences, Inc., a Delaware corporation.

 

________ The undersigned tenders cash payment
for those shares.

 

________ The
undersigned is exercising this Warrant as a cashless exercise pursuant to Section 3(b) of the Warrant.

 

The undersigned requests that (1) a certificate
for the shares be issued in the name of the undersigned and (2) if the number of shares with respect to which the undersigned holder
has exercised purchase rights is not all of the shares purchasable under this Warrant, that a new Warrant of like tenor for the
balance of the remaining shares purchasable under this Warrant be issued.

 

	Date:	______________________________	___________________________________
	 	 	Signature

 

 

10Exhibit 10.1

 

XRPRO SCIENCES, INC. 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT (this “Agreement”) is made and entered into as of December __, 2014, by and between XRpro Sciences,
Inc. formerly known as Caldera Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the investors
set forth on the signature pages affixed hereto (each, an “Investor” and, collectively, the “Investors”).

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to exemptions from registration under the Securities Act (as
defined below), the Company desires to issue and sell to each Investor, and each Investor, severally and not jointly, desires to
purchase from the Company, Units (as defined below) of the Company, as more fully described in this Agreement;

 

WHEREAS, the Investors
wish to purchase from the Company, and the Company wishes to sell and issue to the Investors, upon the terms and conditions stated
in this Agreement, on a “best efforts–all or none” basis a minimum of 571,429 Units and, on a “best efforts”
basis, an additional 553,571 Units for an aggregate of up to 1,125,000 Units (the “Units”), each Unit being
offered at a price of $7.00 per Unit and each Unit consisting of four shares of the Company’s common stock, par value $.001
per share (the “Common Stock”) and a five year warrant (the “Warrant”) to purchase shares
of the Company’s Common Stock at an exercise price of $1.75 per share (the Common Stock and the Warrants being hereinafter
referred to as the “Units” or “Securities”), upon the terms and conditions set forth in this
Agreement;

 

WHEREAS, in connection
with the Investors’ purchase of the Units, the Investors will be subject to certain restrictions on the transfer of the Securities,
all as more fully set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual terms, conditions and other agreements set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby
agree to the sale and purchase of the Units as set forth herein.

 

1.           Definitions.

 

For purposes of
this Agreement, the terms set forth below shall have the corresponding meanings provided below.

 

“Affiliate”
shall mean, with respect to any specified Person (as defined below), (i) if such Person is an individual, the spouse, heirs, executors,
or legal representatives of such individual, or any trusts for the benefit of such individual or such individual’s spouse
and/or lineal descendants, or (ii) otherwise, another Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, the Person specified. As used in this definition, “control” shall
mean the possession, directly or indirectly, of the sole and unilateral power to cause the direction of the management and policies
of a Person, whether through the ownership of voting securities or by contract or other written instrument.

 

“Allowable Grace Period”
as defined in Section 5.1(e) hereof. 

 

“Blue Sky Application” as
defined in Section 5.2(a) hereof. 

 

“Business Day”
shall mean any day on which banks located in New York City are not required or authorized by law to remain closed.

 

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“Claims” as defined in Section
5.2(a) hereof.

 

“Closing”
and “Closing Date” as defined in Section 2.2 (c) hereof.

 

“Common Stock”
as defined in the recitals above.

 

“Company Financial
Statements” as defined in Section 4.5(a) hereof.

 

“Company’s
Knowledge” means the actual knowledge of the Chief Executive Officer (as defined in Rule 405 under the Securities Act),
or the knowledge of any fact or matter which the Chief Executive Officer would reasonably be expected to become aware of in the
course of performing the duties and responsibilities.

 

“Company Permits”
as defined in Section 4.6 hereof.

 

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

 

“Existing Registration Statement”
means the Company’s Registration Statement on Form S-1, Registration Number 333-179508. 

 

“First Closing”
and “First Closing Date” as defined in Section 2.2(a) hereof.

 

“Grace Period” as defined
in Section 5.1(d) hereof. 

 

“Initial Registration Statement”
as defined in Section 5.1(a) hereof.

 

“Intellectual Property Rights”
as defined in Section 4.14 hereof. 

 

“Liens”
means any mortgage, lien, title claim, assignment, encumbrance, security interest, adverse claim, contract of sale, restriction
on use or transfer or other defect of title of any kind.

 

“Material Adverse
Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial or
otherwise), business, or prospects of the Company and its Subsidiaries taken as a whole; (ii) the transactions contemplated hereby
or in any of the Transaction Documents; or (iii) the ability of the Company to perform its obligations under the Transaction Documents
(as defined below).

 

“New Registration Statement”
as defined in Section 5.1(a) hereof.

 

“PA Warrant Shares”
shall mean any shares issuable upon exercise of warrants issued to the Placement Agent as compensation in connection with the transactions
contemplated hereby, including any advisory warrants, warrants issued upon the closing of the private placement.

 

“Person”
shall mean an individual, entity, corporation, partnership, association, limited liability company, limited liability partnership,
joint-stock company, trust or unincorporated organization.

 

“Placement Agency
Agreement” means that certain agreement, dated November 11, 2014, by and between the Placement Agent and the Company.

 

“Placement
Agent” means Taglich Brothers, Inc.

 

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“Private Placement
Memorandum” means the Company’s Private Placement Memorandum dated December 4, 2014, and any amendments or supplements
thereto.

 

“Purchase Price”
shall mean up to $7,875,000.

 

“Registrable Securities”
shall mean (i) the shares of Common Stock included in the Units; (ii) any shares of Common Stock underlying the Warrants; and(ii)
the PA Warrant Shares; provided, that a security shall cease to be a Registrable Security upon (A) sale pursuant to a Registration
Statement or Rule 144, or (B) such security becoming eligible for sale by the holder thereof without any restriction pursuant to
Rule 144 (including, without limitation, volume restrictions) and without the need for current public information required by Rule
144(c)(1) (or Rule 144(i)(2), if applicable).

 

“Registration Delay Payments”
as defined in Section 5.1(d) hereof. 

 

“Registration
Statement” shall mean any registration statement of the Company filed under the Securities Act that covers the resale
of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration
Statement, including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.

 

“Regulation D”
as defined in Section 3.7 hereof.

 

“Regulation S”
as defined in Section 6.1(i)(E) hereof.

 

“Required Filing
Date” shall mean (i) with respect to the Initial Registration Statement, the 90th calendar day after the final Closing
of the sale of the Units pursuant to the Private Placement Memorandum and (ii) with respect to any additional Registration Statements
that may be required to be filed by the Company pursuant to this Agreement, the date on which the Company was required to file
such additional Registration Statement pursuant to the terms of this Agreement. 

 

“Rule 144”
means Rule 144 promulgated under the Securities Act (or a successor rule).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“SEC Documents”
as defined in Section 4.5 hereof.

 

“Securities” as defined
in the recitals above. 

 

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

 

“Staff” as defined in Section
5.4 hereof. 

 

“Subsequent Closing”
and “Subsequent Closing Date” as defined in Section 2.2(b) hereof.

 

“Subsidiaries”
shall mean any corporation or other entity or organization, whether incorporated or unincorporated, in which the Company owns,
directly or indirectly, any equity or other ownership interest or otherwise controls through contract or otherwise.

 

“Transaction Documents”
shall mean this Agreement, the Warrant, and the Escrow Agreement.

 

“Transfer”
shall mean any sale, transfer, assignment, conveyance, charge, pledge, mortgage, encumbrance, hypothecation, security interest
or other disposition, or to make or effect any of the above.

 

    	3

    	 

    

 

“Underwriter”
shall mean any entity engaged by the Company to serve as an underwriter in connection with a registration or offering of securities
referred to in Section 5.

 

“Units” as defined in the
recitals above. 

 

“Warrant” as defined in
the recitals above. 

 

2.          Sale and Purchase of Units.

 

2.1.     Subscription
for Units by Investors. Subject to the terms and conditions of this Agreement, on the Closing Date (as hereinafter defined)
each of the Investors shall severally, and not jointly, purchase, and the Company shall sell and issue to the Investors, the Units,
in the respective amounts set forth on the signature pages attached hereto in exchange for the Purchase Price.

 

2.2     Closings.

 

(a)     First Closing.
Subject to the terms and conditions set forth in this Agreement, the Company shall issue and sell to each Investor, and each Investor
shall, severally and not jointly, purchase from the Company on the First Closing Date, such number of Units set forth on the signature
pages attached hereto, which will be reflected opposite such Investor’s name on Exhibit A-1 (the “First Closing”).
The date of the First Closing is hereinafter referred to as the “First Closing Date.”

 

(b)     Subsequent Closing(s).
The Company agrees to issue and sell to each Investor listed on the Subsequent Closing Schedule of Investors, and each such Investor
agrees, severally and not jointly, to purchase from the Company on such Subsequent Closing Date such number of Units set forth
on the signature pages attached hereto, which will be reflected opposite such Investor’s name on Exhibit A-2 (a “Subsequent
Closing”). There may be more than one Subsequent Closing; provided, however, that the final Subsequent
Closing shall take place within the time periods set forth in the Private Placement Memorandum. The date of any Subsequent Closing
is hereinafter referred to as a “Subsequent Closing Date.” Notwithstanding the foregoing, the maximum number
of Units to be sold at the First Closing and all Subsequent Closings shall not exceed 1,125,000 in the aggregate.

 

(c)     Closing. The
First Closing and any applicable Subsequent Closings are each referred to in this Agreement as a “Closing.”
The First Closing Date and any Subsequent Closing Dates are sometimes referred to herein as a “Closing Date.”
All Closings shall occur within the time periods set forth in the Private Placement Memorandum at the offices of Sills Cummis &
Gross P.C., counsel to the Placement Agent, at One Riverfront Plaza, Newark, New Jersey 07102, or remotely via the exchange of
documents and signatures.

    	4

    	 

    

 

2.3.     Closing Deliveries.
At each Closing, the Company shall deliver to the Investors, against delivery by the Investor of the Purchase Price (as provided
below), duly issued certificates representing the Securities. At each Closing, each Investor shall deliver or cause to be delivered
to the Company the Purchase Price set forth in its counterpart signature page annexed hereto by paying United States dollars via
bank, certified or personal check which has cleared prior to the applicable Closing Date or in immediately available funds, by
wire transfer to the following escrow account:

 

PNC Bank

300 Delaware Avenue

Wilmington, DE 19801

ABA # 031100089

Acct Name: Delaware Trust Company

Account Number: 5605012373 

FFC: XRpro Sciences Escrow; 79-2270

 

3.          Representations, Warranties and Acknowledgments of the Investors.

 

Each Investor, severally and not jointly,
represents and warrants to the Company solely as to such Investor that:

  

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

 

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

 

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

 

3.4.     Disclosure of
Information. Such Investor has had an opportunity to receive all information related to the Company and the Securities requested
by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions
of the offering of the Units. Neither such inquiries nor any other due diligence investigation conducted by such Investor shall
modify, amend or affect such Investor’s right to rely on the Company’s representations and warranties contained in
this Agreement and the Private Placement Memorandum. Such Investor acknowledges that it has received and reviewed the Private Placement
Memorandum describing the offering of the Units (including copies of the Company’s relevant SEC Filings annexed to the Private
Placement Memorandum.

 

    	5

    	 

    

 

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

 

3.6     Legends.
It is understood that, except as provided below, certificates evidencing the Securities may bear the following or any similar legend:

 

(a)     The securities
represented hereby may not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act
of 1933, as amended; (ii) such securities may be sold pursuant to an available exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act; or (iii) the Company has received an opinion of counsel reasonably satisfactory
to it that such transfer may lawfully be made without registration under the Securities Act of 1933 or qualification under applicable
state securities laws.”

 

(b)     If required by the
authorities of any state in connection with the issuance of sale of the Securities, the legend required by such state authority.

 

3.7     Accredited Investor.
Such Investor, and if an entity, all equity holders of such Investor, is an accredited investor as defined in Rule 501(a) of Regulation
D, as amended, under the Securities Act (“Regulation D”).

 

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

 

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

 

4.          Representations and Warranties of the Company.

 

The Company represents,
warrants and covenants to the Investors that:

 

4.1.     Organization;
Execution, Delivery and Performance.

 

(a)     The Company and each
of its Subsidiaries, if any, is a corporation or other entity duly organized, validly existing and in good standing under the laws
of the jurisdiction in which it is incorporated or organized, with full power and authority (corporate and other) to own, lease,
use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted. The Company
is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction in which its ownership
or use of property or the nature of the business conducted by it makes such qualification necessary except where the failure to
be so qualified or in good standing would not have a Material Adverse Effect.

 

    	6

    	 

    

 

(b)     (i) The Company has all
requisite corporate power and authority to enter into and perform the Transaction Documents and to consummate the transactions
contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof; (ii) the execution
and delivery of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby
and thereby (including without limitation, the issuance of the Securities) have been duly authorized by the Company’s Board
of Directors and no further consent or authorization of the Company, its Board of Directors, or its stockholders, is required;
(iii) each of the Transaction Documents has been duly executed and delivered by the Company by its authorized representative, and
such authorized representative is a true and official representative with authority to sign each such document and the other documents
or certificates executed in connection herewith and bind the Company accordingly; and (iv) each of the Transaction Documents constitutes,
and upon execution and delivery thereof by the Company will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application affecting enforcement of creditors’ rights and general principles of equity
that restrict the availability of equitable or legal remedies.

  

4.2.     Securities
Duly Authorized. The Common Stock to be issued to each such Investor pursuant to this Agreement, when issued and delivered
in accordance with the terms of this Agreement, will be duly and validly issued and will be fully paid and nonassessable and free
from all taxes or Liens with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights
of stockholders of the Company. The Warrants to be issued to each such Investor, when issued in accordance with the terms of this
Agreement, will be legal, valid and binding obligations of the Company enforceable in accordance with their terms. The shares of
Common Stock issuable upon exercise of the Warrants in accordance with their respective terms will be duly and validly issued and
fully paid and non-assessable. Subject to the accuracy of the representations and warranties of the Investors to this Agreement,
the offer and issuance by the Company of the Securities is exempt from registration under the Securities Act.

 

4.3     No Conflicts.
The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the
transactions contemplated hereby and thereby will not: (i) conflict with or result in a violation of any provision of the Certificate
of Incorporation or By-laws of the Company; or (ii) violate or conflict with, or result in a breach of any provision of, or constitute
a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which
the Company or any of its Subsidiaries is a party, except for possible violations, conflicts or defaults as would not, individually
or in the aggregate, have a Material Adverse Effect; or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to
which the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property
or asset of the Company or any of its Subsidiaries is bound or affected. Neither the Company nor any of its Subsidiaries is in
default (and no event has occurred which with notice or lapse of time or both could put the Company or any of its Subsidiaries
in default) under, and neither the Company nor any of its Subsidiaries has taken any action or failed to take any action that would
give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to
which the Company or any of its Subsidiaries is a party or by which any property or assets of the Company or any of its Subsidiaries
is bound or affected, or for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect.
The businesses of the Company and its Subsidiaries are not being conducted in violation of any law, rule ordinance or regulation
of any governmental entity, except for possible violations which would not, individually or in the aggregate, have a Material Adverse
Effect. Except as required under the Securities Act, the Exchange Act, and any applicable state securities laws, the Company is
not required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental
agency, regulatory agency, self regulatory organization or stock market or any third party in order for it to execute, deliver
or perform any of its obligations under this Agreement or to issue and sell the Securities in accordance with the terms hereof.
All consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding
sentence have been obtained or effected on or prior to the date hereof.

 

    	7

    	 

    

 

4.4.     Capitalization.
As of December 1, 2014, the authorized capital stock of the Company consists of (i) 50,000,000 shares of Common Stock, of which
4,693,770 and 4,039,770 shares are issued and outstanding, respectively, 10,000,000 shares of Preferred Stock, of which 400,000
are designated Series A Preferred Stock and 105,000 are issued and outstanding, 3,000,000 shares are designated Series B Preferred
Stock and 2,133,947 shares are issued and outstanding, 2,297,871 of the authorized shares are reserved for the issuance of warrants,
and 3,000,000 of the authorized shares are reserved for issuance pursuant to the Company’s equity incentive plan of which
approximately 1,951,904 options have been issued to employees, consultants and directors of the Company. In the Offering contemplated
by this Agreement, warrants exercisable for up to 1,125,000 shares of common stock may be issued to investors, warrants exercisable
for up to 450,000 shares of common stock may be issued to the placement agent and warrants exercisable for 200,000 shares of common
stock may be issued to the placement agent as an advisory fee. In addition, 3,511,886 shares of Common Stock may be issued upon
conversion shares of Series B Preferred Stock including accrued dividends thereon as of November 30, 2014. The Company has reserved,
and at all times will keep reserved, a sufficient number of shares for issuance upon the conversion of the Series A Preferred
Stock, Series B Preferred Stock and the exercise of the Warrants. Except as described in the Private Placement Memorandum and
in the SEC Documents, (i) there are no outstanding options, warrants, scrip, rights to subscribe for, puts, calls, rights of first
refusal, agreements, understandings, claims or other commitments or rights of any character whatsoever relating to, or securities
or rights convertible into or exchangeable for any shares of capital stock of the Company or any of its Subsidiaries, or arrangements
by which the Company or any of its Subsidiaries is or may become bound to issue additional shares of capital stock of the Company
or any of its Subsidiaries; (ii) there are no agreements or arrangements under which the Company or any of its Subsidiaries is
obligated to register the sale of any of its or their securities under the Securities Act (except for the registration rights
provisions contained herein and piggyback rights of the Series A Preferred Stock); and (iii) subject to all Series B shareholders
electing to convert their Series B shares and certain warrants outstanding as well as warrant holders electing to convert their
warrants (other than the advisory wararnts issued to the placement agent in the prior private placement that are exercisable at
an exercise price of $.01), there will be no anti-dilution or price adjustment provisions contained in any security issued by
the Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of the Securities.
All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and
nonassessable. No shares of capital stock of the Company are subject to preemptive rights or any other similar rights of the stockholders
of the Company or any Lien imposed through the actions or failure to act of the Company.

 

    	8

    	 

    

 

4.5.     SEC Information.

 

(a) The Company has timely
filed or furnished all registration statements, prospectuses, reports, schedules, forms, statements and other documents required
to be filed or furnished by it with the SEC pursuant to the requirements of the Securities Act or the Exchange Act (all of the
foregoing and all other documents filed with the SEC prior to the date hereof, being hereinafter referred to herein as the “SEC
Documents”). The SEC Documents have been made available to the Investors via the SEC’s EDGAR system. As of their
respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act or the Securities
Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none
of the SEC Documents, including any financial statements, schedules or exhibits included or incorporated by reference therein,
at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading. There are not outstanding any unresolved comments of the staff of the SEC. As of their respective dates,
the financial statements of the Company included in the SEC Documents (“Company Financial Statements”) complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto. The Company Financial Statements have been prepared in accordance with United States generally accepted accounting
principles (“GAAP”), consistently applied, during the periods involved (except (i) as may be otherwise indicated
in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not
include footnotes or may be condensed or summary statements in accordance with GAAP and the applicable rules and regulations of
the SEC) and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries
as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in
the case of unaudited statements, to normal year-end audit adjustments as permitted by GAAP and the applicable rules and regulations
of the SEC). Except as set forth in the Company Financial Statements or the Private Placement Memorandum, the Company has no liabilities,
contingent or otherwise, other than: (i) liabilities incurred in the ordinary course of business subsequent to September 30, 2014
(the fiscal period end of the Company’s most recently-filed periodic report) and (ii) obligations under contracts and commitments
incurred in the ordinary course of business and not required under generally accepted accounting principles to be reflected in
such financial statements, which, individually or in the aggregate, are not material to the financial condition or operating results
of the Company.

 

(b)     The shares of Common
Stock are not currently traded on any market.

 

4.6     Permits; Compliance.
The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses, permits, easements,
variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its properties and to carry
on its business as it is now being conducted (collectively, the “Company Permits”), and there is no action pending
or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company Permits. Neither the
Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Company Permits, except for
any such conflicts, defaults or violations which, individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect. Since September 30, 2014, neither the Company nor any of its Subsidiaries has received any notification
with respect to possible conflicts, defaults or violations of applicable laws, except for notices relating to possible conflicts,
defaults or violations, which conflicts, defaults or violations would not have a Material Adverse Effect.

 

4.7     Litigation.
Except as set forth in the SEC Documents and the Private Placement Memorandum, there is no action, suit, claim, proceeding, inquiry
or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the
knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or
their respective businesses, properties or assets or their officers or directors in their capacity as such, that would have a Material
Adverse Effect. The Company is unaware of any facts or circumstances which might give rise to any of the foregoing. There has not
been, and to the Company’s Knowledge, there is not pending or contemplated, any investigation by the SEC involving the Company,
any of its Subsidiaries or any current or former director or executive officer of the Company or any of its Subsidiaries.

 

    	9

    	 

    

 

4.8     No
Material Changes.

 

(a)     Since September
30, 2014, except as set forth in the SEC Documents or the Private Placement Memorandum, there has not been:

 

(i)     Any material
adverse change in the financial condition, operations or business of the Company from that shown on the Company Financial Statements,
or any material transaction or commitment effected or entered into by the Company outside of the ordinary course of business;

 

(ii)     Any
effect, change or circumstance which has had, or could reasonably be expected to have, a Material Adverse Effect; or

 

(iii)     Any
incurrence of any material liability outside of the ordinary course of business.

 

4.9     No General Solicitation.
Neither the Company nor any person participating on the Company’s behalf in the transactions contemplated hereby has conducted
any “general solicitation,” as such term is defined in Regulation D promulgated under the Securities Act, with respect
to any of the Securities being offered hereby.

 

4.10     No Integrated
Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly
made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require registration
under the Securities Act of the issuance of the Securities to the Investors. The issuance of the Securities to the Investors will
not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any stockholder
approval provisions applicable to the Company or its securities.

 

4.11     No Brokers.
Except as set forth in Section 9.1, the Company has taken no action which would give rise to any claim by any person for brokerage
commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

4.12     Form D; Blue Sky
Laws. The Company agrees to file a Form D with respect to the Securities as required under Regulation D within ten days after
the First Closing and to provide a copy thereof to the Placement Agent promptly after such filing. The Company shall, on or before
the Closing Date, assist the Placement Agent in taking such action as the Company shall reasonably determine is necessary to qualify
the Securities for sale to the Investors at the applicable Closing pursuant to this Agreement under applicable securities or “blue
sky” laws of the states of the United States (or to obtain an exemption from such qualification), and the Placement Agent
shall provide evidence of any such action so taken to the Company on or prior to the Closing Date.

 

4.13     Disclosure.
The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Investors or their agents
or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public information
concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement
and the other Transaction Documents. The Company understands and confirms that each of the Investors will rely on the foregoing
representations in effecting transactions in securities of the Company. All disclosure provided to the Investors regarding the
Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules to this Agreement,
furnished by or on behalf of the Company or any of its Subsidiaries 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. Each press release issued by the Company
or any of its Subsidiaries during the 12 months preceding the date of this Agreement did not at the time of release 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 are made, not misleading. No event or circumstance
has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties,
liabilities, results of operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure
at or before the date hereof or announcement by the Company but which has not been so publicly disclosed. The Company acknowledges
and agrees that no Investor makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3.

 

    	10

    	 

    

 

4.14     Intellectual Property
Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all trademarks, trade names, service
marks, service mark registrations, service names, patents, patent rights, copyrights, original works, inventions, licenses, approvals,
governmental authorizations, trade secrets and other intellectual property rights and all applications and registrations therefor
(“Intellectual Property Rights”) necessary to conduct their respective businesses as now conducted
and as presently proposed to be conducted. None of the Company’s or its Subsidiaries’ Intellectual Property Rights
have expired, terminated or been abandoned, or are expected to expire, terminate or be abandoned, within two years from the date
of this Agreement. The Company has no knowledge of any infringement by the Company or any of its Subsidiaries of Intellectual
Property Rights of others. Except as set forth in the SEC Documents, there is no claim, action or proceeding being made or brought,
or to the Company’s Knowledge, being threatened, against the Company or any of its Subsidiaries regarding their Intellectual
Property Rights. The Company is not aware of any facts or circumstances which might give rise to any of the foregoing infringements
or claims, actions or proceedings. The Company and each of its Subsidiaries have taken reasonable security measures to protect
the secrecy, confidentiality and value of all of their Intellectual Property Rights, except where failure to take such measures
would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

4.15     Tax Status.
Except for occurrences that would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect, the Company and each of its Subsidiaries (i) has timely made or filed all foreign, federal and state income and
all other tax returns, reports and declarations required by any jurisdiction to which it is subject; (ii) has timely paid all taxes
and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations, except those being contested in good faith; and (iii) has set aside on its books provision reasonably adequate
for the payment of all 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 and its Subsidiaries know of no basis for any such claim. The Company is not operated in such a manner as to qualify as
a passive foreign investment company, as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

4.16     Acknowledgement
Regarding Investors’ Trading Activity. It is understood and acknowledged by the Company that (i) following the public
disclosure of the transactions contemplated by the Transaction Documents in accordance with the terms thereof, none of the Investors
have been asked by the Company or any of its Subsidiaries to agree, nor has any Investor agreed with the Company or any of its
Subsidiaries, to desist from effecting any transactions in or with respect to (including, without limitation, purchasing or selling,
long and/or short) any securities of the Company, or “derivative” securities based on securities issued by the Company
or to hold any of the Securities for any specified term; (ii) any Investor, and counterparties in “derivative” transactions
to which any such Investor is a party, directly or indirectly, presently may have a “short” position in the Common
Stock which was established prior to such Investor’s knowledge of the transactions contemplated by the Transaction Documents;
and (iii) each Investor shall not be deemed to have any affiliation with or control over any arm’s length counterparty in
any “derivative” transaction. The Company further understands and acknowledges that following the public disclosure
of the transactions contemplated by the Transaction Documents, one or more Investors may engage in hedging and/or trading activities
at various times during the period that the Securities are outstanding, and such hedging and/or trading activities, if any, can
reduce the value of the existing stockholders’ equity interest in the Company both at and after the time the hedging and/or
trading activities are being conducted. The Company acknowledges that such aforementioned hedging and/or trading activities do
not constitute a breach of this Agreement or any other Transaction Document or any of the documents executed in connection herewith
or therewith.

 

    	11-

    	 

    

 

4.17     Manipulation of
Price. Neither the Company nor any of its Subsidiaries has, and, to the Company’s Knowledge, no Person acting on their
behalf has, directly or indirectly (i) taken any action designed to cause or to result in the stabilization or manipulation of
the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities;
(ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities (other than the Placement
Agent); or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company or any of its Subsidiaries (other than the Placement Agent).

 

4.18     Shell Company
Status. The Company was never a “shell issuer”, as defined in Rule 144(i)(1).

 

4.19     Investment Company
Act Status. The Company and its subsidiaries are not, and after giving effect to the offering and sale of the Units and the
application of the proceeds thereof as described in the Private Placement Memorandum will not be, required to register as an “investment
company” as such term is defined in the Investment Company Act of 1940, as amended.

 

5.          Registration Rights.

 

5.1.     (a) As soon
as practicable after the date hereof, but not later than the Required Filing Date, the Company shall prepare and file with the
SEC a Registration Statement covering the resale of all of the Registrable Securities for an offering to be made on a continuous
basis pursuant to Rule 415 or, if Rule 415 is not available for offers and sales of the Registrable Securities, by such other means
of distribution of Registrable Securities as the holders of the Registrable Securities (collectively, the “Holders”)
may reasonably specify (the “Initial Registration Statement”). The Initial Registration Statement shall be on
Form S-1 (or such other form available to register for resale the Registrable Securities as a secondary offering). Notwithstanding
the registration obligations set forth in this Section 5.1, in the event the SEC informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly (i) inform each of the Holders thereof and use its commercially reasonable efforts to
file amendments to the Initial Registration Statement as required by the SEC and/or (ii) withdraw the Initial Registration Statement
and file a new registration statement (a “New Registration Statement”), in either case covering the maximum
number of Registrable Securities permitted to be registered by the SEC, on Form S-1 or such other form available to register for
resale the Registrable Securities as a secondary offering. Notwithstanding any other provision of this Agreement, if any SEC Guidance
sets forth a limitation of the number of Registrable Securities permitted to be registered on a particular Registration Statement
as a secondary offering (and notwithstanding that the Company used commercially reasonable efforts to advocate with the SEC for
the registration of all or a greater number of Registrable Securities), or in the event the SEC seeks to characterize any offering
pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities by or on behalf
of the Company such that Rule 415 is not available to the Company to register the resale of such Registrable Securities and as
a result the Staff of the SEC or the SEC does not permit such Registration Statement to become effective and used for resales in
a manner that permits the continuous resale at the market by the Holders participating therein (or as otherwise may be acceptable
to each such Holder) without being named therein as an “underwriter,” unless otherwise directed in writing by a Holder
as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be
reduced, or excluded on a pro rata basis, with the PA Warrant Shares and the shares underlying the Warrants excluded on a pro rata
basis (such reduced Registrable Securities, the “415 Cutback Shares”). In the event the Company amends the Initial
Registration Statement or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company
will use its commercially reasonable efforts to file with the SEC, as promptly as allowed by SEC Guidance provided to the Company
or to registrants of securities in general, one or more registration statements on Form S-1 or such other form available to register
for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended,
or the New Registration Statement, including the 415 Cutback Shares.

 

    	12

    	 

    

 

(b) The Company shall
use its commercially reasonable efforts to cause each Registration Statement or any post-effective amendment thereto to be declared
effective by the SEC as soon as practicable (including, with respect to the Initial Registration Statement or the New Registration
Statement, as applicable, filing with the SEC a request for acceleration of effectiveness in accordance with Rule 461 promulgated
under the Securities Act within five (5) Business Days after the date that the Company is notified (orally or in writing, whichever
is earlier) by the SEC that such Registration Statement will not be “reviewed,” or not be subject to further review
and the effectiveness of such Registration Statement may be accelerated), shall use its commercially reasonable efforts to keep
each Registration Statement continuously effective under the Securities Act until the earlier of (i) such time as all of the Registrable
Securities covered by such Registration Statement have been publicly sold by the Holders or (ii) the date that is one (1) year
following the Closing Date.

 

(c) Each Holder
agrees to furnish to the Company a completed Selling Shareholder Questionnaire in the form attached to this Agreement as Annex
2. At least ten (10) trading days prior to the first anticipated filing date of a Registration Statement for any registration
under this Agreement, the Company will notify each Holder of the information the Company requires from that Holder other than
the information contained in the Selling Shareholder Questionnaire, if any, which shall be completed and delivered to the Company
promptly upon request and, in any event, within three (3) trading days prior to the applicable anticipated filing date.  Each
Holder further agrees that it shall not be entitled to be named as a selling shareholder in the Registration Statement or use
the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder has returned to the Company a
completed and signed Selling Shareholder Questionnaire and a response to any requests for further information as described in
the previous sentence. If a Holder returns a Selling Shareholder Questionnaire or a request for further information, in either
case, after its respective deadline, the Company shall use its commercially reasonable efforts at the expense of the Holder who
failed to return the Selling Shareholder Questionnaire or to respond for further information to take such actions as are required
to name such Holder as a selling security holder in the Registration Statement or any pre-effective or post-effective amendment
thereto and to include (to the extent not theretofore included) in the Registration Statement the Registrable Securities identified
in such late Selling Shareholder Questionnaire or request for further information. Each Holder acknowledges and agrees that the
information in the Selling Shareholder Questionnaire or request for further information as described in this Section 5.1(c) will
be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information
in the Registration Statement.

 

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(d) Notwithstanding
anything to the contrary herein, at any time after any Registration Statement has been declared effective by the SEC, the Company
may delay the disclosure of material non-public information concerning the Company if the disclosure of such information at the
time is not, in the good faith judgment of the Company, in the best interests of the Company (a “Grace Period”);
provided, however, the Company shall promptly (i) notify the Holders in writing (including via facsimile or other
electronic transmission) of the existence of material non-public information giving rise to a Grace Period (provided that the Company
shall not disclose the content of such material non-public information to the Holders) or the need to file a supplement or post-effective
amendment, as applicable, and the date on which such Grace Period will begin, and (ii) notify the Holders in writing (including
via facsimile or other electronic transmission) of the date on which the Grace Period ends; provided, further, that
no single Grace Period shall exceed thirty (30) consecutive days, and during any three hundred sixty-five (365) day period, the
aggregate of all Grace Periods shall not exceed an aggregate of sixty (60) days (each Grace Period complying with this provision
being an “Allowable Grace Period”). For purposes of determining the length of a Grace Period, the Grace Period
shall be deemed to begin on and include the date the Holders receive the notice referred to in clause (i) above and shall end on
and include the later of the date the Holders receive the notice referred to in clause (ii) above and the date referred to in such
notice; provided, however, that no Grace Period shall be longer than an Allowable Grace Period.

 

5.2.     Indemnification.

  

(a) Indemnification
by the Company. The Company will indemnify and hold harmless each Holder and its respective officers, directors, members,
shareholders, partners, representatives, employees and agents, successors and assigns, and each other person, if any, who controls
such Holder within the meaning of the Securities Act, against any losses, obligations, claims, damages, liabilities, contingencies,
judgments, fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys' fees and costs
of defense and investigation), amounts paid in settlement or expenses, joint or several, (collectively, “Claims”)
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken
from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether
pending or threatened, whether or not an indemnified party is or may be a party thereto, to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based
upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary
prospectus or final prospectus contained therein, or the Private Placement Memorandum, or any amendment or supplement thereof;
(ii) any blue sky application or other document executed by the Company specifically for that purpose or based upon written information
furnished by the Company filed in any state or other jurisdiction in order to qualify any or all of the Registrable Securities
under the securities laws thereof (any such application, document or information herein called a “Blue Sky Application”);
(iii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading; (iv) any violation by the Company or its agents of any rule or regulation promulgated under
the Securities Act applicable to the Company or its agents and relating to action or inaction required of the Company in connection
with such registration; or (v) any failure to register or qualify the Registrable Securities included in any such Registration
Statement in any state where the Company or its agents has affirmatively undertaken or agreed in writing that the Company will
undertake such registration or qualification on a Holder’s behalf and will reimburse such Holder, and each such officer,
director or member and each such controlling person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Claim or action; provided, however, that the Company will not be liable in any such case
if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission so made in conformity with information furnished by such Holder or any such controlling
person in writing specifically for use in such Registration Statement or prospectus.

 

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(b) Indemnification
by the Investors. Each Holder agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted
by law, the Company, its directors, officers, employees, stockholders, partner, representatives and each person who controls the
Company (within the meaning of the Securities Act) against any Claims resulting from any untrue statement of a material fact or
any omission of a material fact required to be stated in the Registration Statement or prospectus or preliminary prospectus or
amendment or supplement thereto or necessary to make the statements therein not misleading, to the extent, but only to the extent
that such untrue statement or omission is contained in any information furnished in writing by such Holder to the Company specifically
for inclusion in such Registration Statement or prospectus or amendment or supplement thereto. In no event shall the liability
of a Holder be greater in amount than the dollar amount of the proceeds (net of all expense paid by such Holder, including any
expenses in connection with any claim relating to this Section 5.2 and the amount of any damages such Holder has otherwise been
required to pay by reason of such untrue statement or omission) received by such Holder upon the sale of the Registrable Securities
included in the Registration Statement giving rise to such indemnification obligation.

 

 

(c) Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such person unless (A) the indemnifying party has agreed to pay such fees or expenses;
(B) the indemnifying party shall have failed to assume the defense of such claim or employ counsel reasonably satisfactory to
such person; or (C) in the reasonable judgment of any such person entitled to indemnification hereunder, based upon written advice
of its counsel, a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which
case, if the person notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense
of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such
person); and provided, further, that the failure of any indemnified party to give notice as provided herein shall not relieve
the indemnifying party of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely
affect the indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall
not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm
of attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified
party, which consent shall not be unreasonably withheld or delayed, consent to entry of any judgment or enter into any settlement
that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect of such claim or litigation.

 

(d) Contribution.
If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an indemnified party
or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such Claim in such proportion as is appropriate to reflect the
relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations. No
person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution
from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution obligation of a Holder be greater
in amount than the dollar amount of the proceeds (net of all expenses, including expenses paid by such holder in connection with
any claim relating to this Section 5.2 and the amount of any damages such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities
giving rise to such contribution obligation.

 

    	15

    	 

    

 

5.3.     Expenses.
All fees and expenses incident to the performance of or compliance with the rights set forth in Section 5.1 of Agreement by the
Company shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to the Registration Statement.
The fees and expenses referred to in the foregoing sentence shall include, without limitation (i) all registration and filing
fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the trading market
on which the Common Stock is then listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws
and, (ii) fees and disbursements of counsel and independent public accountants for the Company.

  

6.          Transfer
Restrictions.

 

6.1.     Transfer or
Resale. Each Investor understands that:

 

Except as provided
in the registration rights provisions set forth above, the sale or resale of all or any portion of the Securities has not been
and is not being registered under the Securities Act or any applicable state securities laws, and all or any portion of the Securities
may not be transferred unless:

 

(1)     the Securities are sold pursuant
to an effective registration statement under the Securities Act;

 

(2)     the Investor shall have delivered
to the Company, at the cost of the Company, a customary opinion of counsel that shall be in form, substance and scope reasonably
acceptable to the Company, to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an
exemption from such registration;

 

(3)     the Securities are sold or transferred
to an “affiliate” (as defined in Rule 144) of the Investor who agrees to sell or otherwise transfer the Securities
only in accordance with this Section 6.1 and who is an Accredited Investor;

 

(4)     the Securities are sold pursuant to
Rule 144; or

 

(5)     the Securities
are sold pursuant to Regulation S under the Securities Act (or a successor rule) (“Regulation S”);

 

and, in each
case, the Investor shall have delivered to the Company, at the cost of the Company, a customary opinion of counsel, in form, substance
and scope reasonably acceptable to the Company. Notwithstanding the foregoing or anything else contained herein to the contrary,
the Securities may be pledged as collateral in connection with a bona fide margin account or other lending arrangement.

 

6.2     Transfer Agent
Instructions. If an Investor provides the Company with a customary opinion of counsel, that shall be in form, substance and
scope reasonably acceptable to the Company, to the effect that a public sale or transfer of such Securities may be made without
registration under the Securities Act and such sale or transfer is effected, the Company shall permit the transfer and promptly
instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations
as specified by such Investor. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Investors, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Section 6.2 may be inadequate and agrees, in the event of a breach
or threatened breach by the Company of the provisions of this Section, that the Investors shall be entitled, in addition to all
other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing
economic loss and without any bond or other security being required.

 

    	16

    	 

    

 

7.          Conditions to Closing of the Investors.

 

The obligation of each
Investor hereunder to purchase the Securities at the Closing is subject to the satisfaction, at or before the Closing Date, of
each of the following conditions, provided that these conditions are for each Investor’s sole benefit and may be waived by
such Investor at any time in its sole discretion by providing the Company with prior written notice thereof:

 

7.1     Representations,
Warranties and Covenants. The representations and warranties of the Company shall be true and correct in all material respects
as of the date when made and as of the Closing Date as though originally made at that time (except for representations and warranties
that speak as of a specific date, which shall be true and correct in all material respects as of such date) and the Company shall
have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required to be performed,
satisfied or complied with by the Company at or prior to the Closing Date. Each Investor shall have received a certificate, executed
by the Chief Executive Officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other matters
as may be reasonably requested by such Investor in the form reasonably acceptable to such Investor.

 

7.2     Consents. The
Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Securities.

 

7.3     Delivery by
Company. The Company shall have duly executed and delivered to each Investor (a) each of the other Transaction Documents and
(b) an instruction letter to the Company’s transfer agent regarding the issuance of the Common Stock in the number as is
set forth on the signature page hereby being purchased by such Investor at the Closing pursuant to this Agreement.

 

7.4     No Material
Adverse Effect. Since the date of first execution of this Agreement, no event or series of events shall have occurred that
reasonably would have or result in a Material Adverse Effect.

 

7.5     No Prohibition.
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

7.6    Other Documents.
The Company shall have delivered to such Investor such other documents, instruments or certificates relating to the transactions
contemplated by this Agreement as such Investor or its counsel may reasonably request.

 

8.          Conditions to Closing of the Company.

 

The obligations of the
Company to effect the transactions contemplated by this Agreement with each Investor are subject to the fulfillment at or prior
to each Closing Date of the conditions listed below.

 

8.1.     Representations
and Warranties. The representations and warranties made by such Investor in Section 3 shall be true and correct in all material
respects at the time of Closing as if made on and as of such date.

  

8.2     Corporate Proceedings.
All corporate and other proceedings required to be undertaken by such Investor in connection with the transactions contemplated
hereby shall have occurred and all documents and instruments incident to such proceedings shall be reasonably satisfactory in substance
and form to the Company.

 

8.3     Delivery by the
Investor. The Investor shall have duly executed and delivered to each Investor (a) each of the other Transaction Documents
to be signed by the Investor and (b) a Purchaser Questionnaire and a Purchaser Information Request.

 

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9          Miscellaneous.

 

9.1.     Compensation
of Placement Agent. Each Investor acknowledges that it is aware that the Placement Agent will receive from the Company, in
consideration for its services as financial advisor and placement agent in respect of the transactions contemplated hereby (a)
a commission success fee equal to 8% of the Purchase Price of the Units sold at each Closing, payable in cash; (b) an expense allowance,
which shall include reimbursement of legal expenses incurred in connection with the transactions contemplated hereby, not to exceed
$35,000 without the Company’s prior written approval, payable in cash; and (c) five-year warrants to purchase such number
of shares of the Company’s Common Stock equal to 10% of the number of shares sold in the Offering, at an exercise price equal
to $1.75 per share. In addition, the Placement Agent will also receive as an advisory fee warrants to purchase 200,000 shares of
the Company’s Common Stock at an exercise price of $1.75 per share.

 

9.2     Notices.
All notices, requests, demands and other communications provided in connection with this Agreement shall be in writing and shall
be deemed to have been duly given at the time when hand delivered, delivered by express courier, or sent by facsimile (with receipt
confirmed by the sender’s transmitting device) in accordance with the contact information provided below or such other contact
information as the parties may have duly provided by notice.

 

	
        The Company: 

         

        XRpro Sciences, Inc.

One Kendall Square

Boston, Massachusetts 02139

Telephone: (617) 631-8825

        Facsimile: (302) 347 1326

        Attention: Mark Korb

        Chief Financial Officer
	
        With a copy to:

         

        

        Gracin & Marlow, LLP 

        The Chrysler Building 

        405 Lexington Avenue, 26th Floor 

        New York, New York 10174 

        Attention: Leslie Marlow, Esq. 

        Telephone: (212) 907-6457 

        Facsimile: (212) 208-4657

        

	
         

        The Investors:

         

        As per the contact information provided on the signature pages hereof.

         

        

	
        Taglich Brothers, Inc.: 

         

        Taglich Brothers, Inc. 

        275 Madison Avenue, Suite 1618 

        New York, New York 10006

Telephone: (212) 661-6886 

        Facsimile: (212) 930-9725

        Attention: Robert C. Schroeder

        

         Vice President, Investment
Banking
	
        With a copy to:

         

        Sills Cummis & Gross P.C.

        One Riverfront Plaza

        Newark, New Jersey 07102

        Telephone: (973) 643-5082

        Facsimile: (973) 643-6500

        Attention: Ira Rosenberg, Esq.

          

  

 

9.3     Survival of Representations
and Warranties. Each party hereto covenants and agrees that the representations and warranties of such party contained in
this Agreement shall survive the Closing. Each Investor shall be responsible only for its own representations, warranties, agreements
and covenants hereunder.

 

    	18

    	 

    

 

9.4     Indemnification.

 

(a)     The Company agrees
to indemnify and hold harmless each Investor and its Affiliates and their respective directors, officers, employees and agents
from and against any and all losses, claims, damages, liabilities and expenses (including without limitation reasonable attorney
fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any action, claim or
proceeding, pending or threatened and the costs of enforcement thereof) (collectively, “Losses”) to which such
Person may become subject as a result of any breach of representation, warranty, covenant or agreement made by or to be performed
on the part of the Company under the Transaction Documents, and will reimburse any such Person for all such amounts as they are
incurred by such Person.

 

(b)     Promptly
after receipt by any Investor (the “Indemnified Person”) of notice of any demand, claim or circumstances which
would or might give rise to a claim or the commencement of any action, proceeding or investigation in respect of which indemnity
may be sought pursuant to this Section 9.4, such Indemnified Person shall promptly notify the Company in writing and the Company
shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Person, and
shall assume the payment of all fees and expenses; provided, however, that the failure of any Indemnified Person
so to notify the Company shall not relieve the Company of its obligations hereunder except to the extent that the Company is materially
prejudiced by such failure to notify. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company and the Indemnified
Person shall have mutually agreed to the retention of such counsel; or (ii) in the reasonable judgment of counsel to such Indemnified
Person representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. The Company shall not be liable for any settlement of any proceeding effected without its written consent, which
consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for the plaintiff,
the Company shall indemnify and hold harmless such Indemnified Person from and against any loss or liability (to the extent stated
above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Person, which consent shall
not be unreasonably withheld, the Company shall not affect any settlement of any pending or threatened proceeding in respect of
which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such Indemnified Person from all liability arising out of such
proceeding.

 

9.5     Entire Agreement.
This Agreement contains the entire agreement between the parties hereto in respect of the subject matter contained herein and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter contained herein.

 

9.6     Third Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and, except
for (i) persons entitled to indemnification pursuant to Section 5.5; (ii) the Placement Agent and its designees, successors and
assigns and (iii) other registered broker-dealers, if any, who are specifically agreed to be and acknowledged by each party as
third party beneficiaries hereof, is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

9.7     Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither
the Company nor any Investor shall assign this Agreement or any rights or obligations hereunder without the prior written consent
of the other.

 

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9.8     Public
Disclosures. The Company shall (x) on or before 8:30 a.m., New York time, on the fourth (4th) Business Day after
the date of the First Closing under this Agreement issue a press release (the “Press Release”) reasonably acceptable
to the Placement Agent disclosing all the material terms of the transactions contemplated by the Transaction Documents and (y)
on or before 8:30 a.m., New York time, within three Business Days after the date of this Agreement, file a Current Report on Form
8-K describing all the material terms of the transactions contemplated by the Transaction Documents in the form required by the
1934 Act and attaching all the material Transaction Documents (including, without limitation, this Agreement (and all schedules
to this Agreement) (including all attachments, the “8-K Filing”). From and after the issuance of the Press Release,
the Company shall have disclosed all material, non-public information (if any) delivered to any of the Investors by the Company
in connection with the transactions contemplated by the Transaction Documents. Neither the Company nor any Investor shall issue
any press releases or any other public statements with respect to the transactions contemplated hereby; provided, however, the
Company shall be entitled, without the prior approval of any Investor, to make the Press Release and any other press release or
other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and contemporaneously
therewith and (ii) as is required by applicable law and regulations. Unless required by law or regulation, without the prior written
consent of the applicable Investor (which may be granted or withheld in such Investor’s sole discretion), the Company shall
not disclose the name of such Investor in any filing (other than the 8-K Filing, any Registration Statement registering the Securities
and any other filing as is required by applicable law and regulations), announcement, release or otherwise.

 

9.9     Binding Effect;
Benefits. This Agreement and all the provisions hereof shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns; nothing in this Agreement, expressed or implied, is intended to confer on
any persons other than the parties hereto or their respective successors and permitted assigns, any rights, remedies, obligations
or liabilities under or by reason of this Agreement.

 

9.10     Amendment; Waivers.
All modifications, amendments or waivers to this Agreement shall require the written consent of each of (i) the Company (ii) a
majority-in-interest of the Investors (based on the number of Securities purchased hereunder) and (iii) with respect to Article
5, the holders of a majority of the PA Warrant Shares.

 

9.11     Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving
effect to the conflict of law provisions thereof, and the parties hereto.

 

9.12     Arbitration. 
Each Investor and the Company agree that they shall resolve all disputes, controversies and differences which may arise between
them, out of or in relation to or in connection with this Agreement, after discussion in good faith attempting to reach an amicable
solution.  Provided that such disputes, controversies and differences remain unsettled after discussion between the parties,
both parties agree that those unsettled matter(s) shall be finally settled by arbitration in New York, New York in accordance with
the latest Rules of the American Arbitration Association. Such arbitration shall be conducted by three arbitrators appointed as
follows: each party will appoint one arbitrator and the appointed arbitrators shall appoint a third arbitrator.  If within
thirty (30) days after confirmation of the last appointed arbitrator, such arbitrators have failed to agree upon a chairman, then
the chairman will be appointed by the American Arbitration Association.  The decision of the tribunal shall be final and may
not be appealed.  The arbitral tribunal may, in its discretion award fees and costs as part of its award. Judgment on the
arbitral award may be entered by any court of competent jurisdiction, including any court that has jurisdiction over either party
or any of their assets. At the request of any party, the arbitration proceeding shall be conducted in the utmost secrecy subject
to a requirement of law to disclose. In such case, all documents, testimony and records shall be received, heard and maintained
by the arbitrators in secrecy, available for inspection only by any party and by their attorneys and experts who shall agree, in
advance and in writing, to receive all such information in secrecy.

 

    	20

    	 

    

 

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

 

9.14     Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
taken together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be
deemed an original.

 

9.15     Independent
Nature of Investors. The obligations of each Investor under this Agreement or other transaction document are several and not
joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations
of any other Investor under this Agreement or any other transaction document. Each Investor shall be responsible only for its own
representations, warranties, agreements and covenants hereunder. The decision of each Investor to purchase Securities pursuant
to this Agreement has been made by such Investor independently of any other Investor and independently of any information, materials,
statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition
(financial or otherwise) or prospects of the Company which may have been made or given by any other Investor or by any agent or
employee of any other Investor, and no Investor or any of its agents or employees shall have any liability to any other Investor
(or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein
or in any other transaction document, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute
the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement.
Except as otherwise provided in this Agreement or any other transaction document, each Investor shall be entitled to independently
protect and enforce its rights arising out of this Agreement or out of the other transaction documents, and it shall not be necessary
for any other Investor to be joined as an additional party in any proceeding for such purpose. Each Investor has been represented
by its own separate legal counsel in connection with the transactions contemplated hereby and acknowledges and understands that
Sills Cummis & Gross PC has served as counsel to the Placement Agent only.

 

    	21

    	 

    

 

IN WITNESS WHEREOF,
the undersigned Investors and the Company have caused this Securities Purchase Agreement to be duly executed as of the date first
above written.

 

XRPRO SCIENCES, INC.

  

By: _____________________________

Name: Richard Cunningham

Title: President and Chief Executive
Officer

 

INVESTORS: 

 

The Investors executing
the Signature Page in the form attached hereto as Annex 1 and delivering the same to the Company or its agents shall be
deemed to have executed this Agreement and agreed to the terms hereof.

 

    	22

    	 

    

 

ANNEX 1

Securities Purchase Agreement

Investor Counterpart Signature Page

 

The undersigned, desiring to: (i) enter into
this Securities Purchase Agreement dated as of December ___, 2014 (the “Agreement”), with the undersigned, XRpro
Sciences, Inc., a Delaware corporation (the “Company”), in or substantially in the form furnished to the undersigned
and (ii) purchase the Units as set forth below, hereby agrees to purchase such Units from the Company as of the Closing and further
agrees to join the Agreement as a party thereto, with all the rights and privileges appertaining thereto, and to be bound in all
respects by the terms and conditions thereof. The undersigned specifically acknowledges having read the representations in the
Agreement section entitled “Representations, Warranties and Acknowledgments of the Investors,” and hereby represents
that the statements contained therein are complete and accurate with respect to the undersigned as an Investor.

 

	
        All Investors: 

         

        Address: _______________________________

         

        

        ________________________________________

         

        ________________________________________

         

        

        Telephone No.: ___________________________

          

         

        Facsimile No.: ____________________________

         

         

         

        Email Address: ___________________________

         

         
	
        Name of Investor:

         

        If an entity: 

         

        Print Name of Entity:

         

        _______________________________________

By:

Name:

Title:

If an individual: 

Print Name: ____________________________

         

         

         

        Signature: ______________________________

         

         

         

        If joint individuals: 

         

        Print Name: _____________________________

         

         

        Signature: ______________________________

         

         

 

The Investor hereby elects to purchase ____________ Units (to
be completed by Investor) at a purchase price of $7.00 per Unit under the Securities Purchase Agreement at a total Purchase
Price of $__________ (to be completed by Investor) 

 

    	23

    	 

    

 

Annex
2

XRPRO
SCIENCES, INC. 

 

Purchaser Information Request 

 

 The undersigned
beneficial owner of Registrable Securities (as such term is defined in the Securities Purchase Agreement to which this
document is annexed) of XRpro Sciences, Inc., a Delaware corporation (the “Company”), understands that the
Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration
statement (the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act
of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of
the Securities Purchase Agreement to which this document is annexed. All capitalized terms not otherwise defined herein shall
have the meanings ascribed thereto in the Securities Purchase Agreement.

  

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

  

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

 

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

 

	1.	Name.
	 	 	 
	 	(a)	Full Legal Name of Selling Shareholder
	 	 	 
	 	 	 

 

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

 

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

 

    	24

    	 

    

 

2. Address for Notices to Selling
Stockholder:

 

	 
	 
	 
	 
	  Telephone:__________________________________________________
	  Fax :_______________________________________________________
	  Contact Person:______________________________________________
	  E-mail address of Contact Person: ________________________________

 

3. Beneficial Ownership of
Securities of the Company Owned by the Selling Shareholder.

 

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

  

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

 

4. Broker-Dealer Status:

 

	 	(a)	Are you a broker-dealer?

 

Yes o No
o

 

	 	(b)	If
“yes” to Section 4(a), did you receive your Registrable Securities as compensation for investment banking services
to the Company?

  

Yes o No
o

 

	 	Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

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

 

Yes o No
o

 

    	25

    	 

    

 

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

 

Yes o No
o

 

	 	Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

5. Relationships with the Company: 

 

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

  

State any exceptions here:

	 
	 

  

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

 

    	26

    	 

    

 

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

 

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

  

	Dated:	 	 	Beneficial Owner:	 

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

 

26

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