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SHARE
PURCHASE AGREEMENT

 

SHARE
PURCHASE AGREEMENT (the "Agreement"), dated as of January 7, 2014, by and among Infinity Cross Border Acquisition
Corporation, a British Virgin Islands business company organized with limited liability (the "Parent"), Glori
Acquisition Corp., a Delaware corporation (the “Company”), and the investors listed on the Schedule of Buyers
attached hereto (individually, a "Buyer" and collectively, the "Buyers").

 

WHEREAS:

 

A.
       Certain of the Buyers are sponsors and shareholders (or affiliates of such sponsors and shareholders) of Parent, which will
enter into that certain Merger and Share Exchange Agreement (the “Merger Agreement”) by and between, among others,
Parent, the Company and Glori Energy Inc., a Delaware corporation (the “Target”), pursuant to which, among other
things, (i) Parent will be redomesticated through a merger (the “Redomestication Merger”) with and into the
Company, with the Company as the surviving corporation, and (ii) Target will become a wholly-owned subsidiary of the Company through
a merger (the “Transaction Merger” and, together with the Redomestication Merger, the “Transactions”)
with and into Glori Merger Subsidiary, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger
Sub”), with Target as the surviving corporation.

 

B.
       The Company and each Buyer is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the "1933 Act"), and Rule 506 of Regulation
D ("Regulation D") as promulgated by the United States Securities and Exchange Commission (the "SEC")
under the 1933 Act.

 

C.
       Each Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, (i)
that number of shares (the "Firm Shares") of common stock of the Company (“Common Stock”)
set forth opposite such Buyer's name in column (3) of the Schedule of Buyers attached hereto (the "Schedule of Buyers")
and (ii) that number of Additional Shares (subject to the Minimum Additional Share Commitment) as shall be determined in accordance
with Section 1(a)(ii) below. The Firm Shares and the Additional Shares are referred to collectively herein as the “Shares”.

 

D.
       At the closing of the transactions contemplated by this Agreement, the parties hereto will execute and deliver a Registration
Rights Agreement, substantially in the form attached hereto as Exhibit A (the "Registration Rights Agreement"),
pursuant to which the Company has agreed to provide certain registration rights with respect to the Shares under the 1933 Act and
the rules and regulations promulgated thereunder, and applicable state securities laws.

  

    	 

    	 

    

 

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

 

1.           PURCHASE AND SALE OF THE SHARES.

 

(a)          Purchase
of the Shares.

 

(i)       Purchase.
Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, the Company shall
issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from the Company: (a) that number of
Firm Shares as is set forth opposite such Buyer's name in column (3) on the Schedule of Buyers; and (b) that number of Additional
Shares to be purchased by such Buyer in accordance with Section 1(a)(ii).

 

(ii)       Additional
Shares. In addition to the Firm Shares, the Buyers may purchase up to an aggregate of 2,062,500 additional shares of Common
Stock (the “Additional Shares”); provided, however, that the Buyers shall be obligated to purchase at the Initial
Closing (as defined below) an aggregate number of Additional Shares equal to the Minimum Additional Share Commitment. The manner
in which the Minimum Additional Share Commitment is allocated among the Buyers shall be determined by the Buyers in their sole
discretion and shall be communicated to Parent and the Company in writing on or before the Initial Closing Date (the “Initial
Closing Buyer Schedule”); provided, however, that in the event the Buyers are unable to agree on the manner in which
any Additional Shares required to meet the Minimum Additional Share Commitment are allocated among the Buyers, then the Minimum
Additional Share Commitment shall be allocated as follows: (A) up to the first 875,000 Additional Shares required to satisfy the
Minimum Additional Share Commitment shall be allocated 50% to the Infinity Buyers (as defined on Schedule A-1) in the manner
set forth on Schedule A-1 and 50% to the Hicks Buyers (as defined on Schedule A-2) in the manner set forth on Schedule
A-2; and (B) thereafter until the Minimum Additional Share Commitment has been satisfied, 100% to the Infinity Buyers in the
manner set forth on Schedule A-1. In no event shall any Buyer (except for the Infinity Buyers and the Hicks Buyers pursuant
to the preceding sentence) be obligated to purchase any Additional Shares without the consent of such Buyer. The “Minimum
Additional Share Commitment” shall be that aggregate number of whole shares of Common Stock that may be purchased, at
$8.00 per share, for an aggregate purchase price equal to the Shortfall Amount. The “Shortfall Amount” shall
be an amount equal to (x) $25.0 million, minus (y) the net proceeds that would remain in the Trust Account (as defined in the Merger
Agreement) after the payment in full by Parent to its stockholders in consideration for all of the ordinary shares, no par value
per share (“Ordinary Shares”) validly tendered and not validly withdrawn pursuant to the Share Tender Offer
(as defined in the Merger Agreement), prior to the payment by Parent of its Expenses and Taxes (in each case as defined in the
Merger Agreement), minus (z) $8.5 million, but in no event shall the Shortfall Amount be less than zero. The number of Additional
Shares not purchased at the Initial Closing as part of the Minimum Additional Share Commitment shall be referred to herein as the
“Optional Shares”. The Company hereby grants to the Buyers an option to purchase all or any portion of the Optional
Shares, which option shall be exercised, if at all, by the Buyers in their sole discretion on the eleventh (11th) business
day after the Initial Closing (the “Exercise Date”). The Buyers shall notify the Company in writing (the “Optional
Share Closing Schedule”) on the Exercise Date of the number of Optional Shares, if any, that the Buyers intend to purchase
on the Optional Share Closing Date (as defined below) and the manner in which such Optional Shares shall be allocated among the
Buyers.

 

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(iii)       Closings.
The closing of the purchase of the Firm Shares and the Additional Shares required to meet the Minimum Additional Share Commitment
(the “Initial Closing”) shall occur on such date and at such time so as to be concurrent with the effectiveness
of the Transaction Merger, or such other date and time as is mutually agreed to by the Company and each Buyer, after notification
of satisfaction (or waiver) of the conditions to the Initial Closing set forth in Sections 6 and 7 below at the offices
of Akin Gump Strauss Hauer & Feld LLP, 1700 Pacific Avenue, Suite 4100, Dallas, Texas 75201. The date and time at which the
Initial Closing is actually held is referred to herein as the “Initial Closing Date”. The closing of the purchase
of the Optional Shares, if any (the “Optional Share Closing” and, together with the Initial Closing, the “Closings”),
shall occur two (2) business days after the Exercise Date, or such other date and time as is mutually agreed to by the Company
and each Buyer of Optional Shares, after notification of satisfaction (or waiver) of the applicable conditions to the Optional
Share Closing set forth in Sections 6 and 7 below at the offices of Akin Gump Strauss Hauer & Feld LLP, 1700
Pacific Avenue, Suite 4100, Dallas, Texas 75201. The date and time at which the Optional Share Closing is actually held is referred
to herein as the “Optional Share Closing Date” and, together with the Initial Closing Date, the “Closing
Dates”).

 

(iv)       Purchase
Price. The aggregate purchase price for the Shares to be purchased by each Buyer at the Initial Closing (the "Initial
Closing Purchase Price") shall be sum of (x) the amount set forth opposite such Buyer's name in column (4) of the Schedule
of Buyers (the “Firm Share Purchase Price”), plus (y) that number of Additional Shares, if any, to be purchased
by such Buyer as set forth in the Initial Closing Buyer Schedule multiplied by $8.00 per Additional Share (the “Minimum
Additional Share Purchase Price”). At least three (3) days prior to the Initial Closing Date, each Buyer shall deposit
its Firm Share Purchase Price with an escrow agent mutually acceptable to the Buyers and the Company (the “Escrow Agent”),
and on or before the Initial Closing Date, each Buyer shall deposit its Minimum Additional Share Purchase Price with the Escrow
Agent, which Escrow Agent shall hold all such funds in accordance with the terms of an Escrow Agreement to be entered into by and
among the Escrow Agent, Buyers and the Company (the “Escrow Agreement”). The aggregate purchase price for the
Optional Shares to be purchased by each Buyer at the Optional Share Closing (the "Optional Share Purchase Price"
and, together with the Initial Closing Purchase Price, the “Purchase Price”) shall be that number of Optional
Shares, if any, to be purchased by such Buyer as set forth in the Optional Closing Buyer Schedule multiplied by $8.00 per Optional
Share.

 

(b)         Form
of Payment; Delivery of Shares.

 

(i)       On
the Initial Closing Date, (i) each Buyer shall instruct the Escrow Agent, in accordance with the terms of the Escrow Agreement,
to deliver its Initial Closing Purchase Price to the Company for the Shares to be issued and sold to such Buyer at the Initial
Closing, by wire transfer of immediately available funds for its Initial Closing Purchase Price in accordance with the Company's
written wire instructions and (ii) the Company shall deliver to each Buyer, at the option of such Buyer, either a certificate
evidencing the Share to be purchased by such Buyer at the Initial Closing, duly executed on behalf of the Company and registered
in the name of such Buyer or its designee, or such Buyer’s Shares credited to book-entry accounts maintained by Continental
Stock Transfer & Trust Company, the Company’s transfer agent (along with any successor transfer agent appointed from
time to time, the “Transfer Agent”), in each case bearing the legend or restrictive notation set forth in Section
2(g) and meeting the requirements of the Company Charter (as defined below) and Company Bylaws (as defined below), free and
clear of all liens, encumbrances and defects, other than transfer restrictions under the Company Charter and applicable state and
federal securities laws. In the event the Initial Closing does not occur pursuant to the terms of this Agreement, the Escrow Agent
will return each Buyer’s Initial Closing Purchase Price to such Buyer in accordance with the terms of the Escrow Agreement.

 

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(ii)       On
the Optional Share Closing Date, each Buyer purchasing Optional Shares shall deliver its Optional Share Purchase Price to the Company
for the Optional Shares to be issued and sold to such Buyer at the Optional Share Closing, by wire transfer of immediately available
funds for its Optional Share Purchase Price in accordance with the Company's written wire instructions and (ii) the Company
shall deliver to each Buyer, at the option of such Buyer, either a certificate evidencing such Buyer’s Optional Shares, duly
executed on behalf of the Company and registered in the name of such Buyer or its designee, or such Buyer’s Optional Shares
credited to book-entry accounts maintained by the Transfer Agent, in each case bearing the legend or restrictive notation set forth
in Section 2(g) and meeting the requirements of the Company Charter and Company Bylaws, free and clear of all liens, encumbrances
and defects, other than transfer restrictions under the Company Charter and applicable state and federal securities laws.

 

2.
          BUYER'S REPRESENTATIONS AND WARRANTIES.

 

Each
Buyer represents and warrants with respect to only itself that:

 

(a)       No
Public Sale or Distribution. Such Buyer is acquiring the Shares for its own account and not with a view towards, or for resale
in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the 1933 Act;
provided, however, that by making the representations herein, such Buyer does not agree to hold any of the Shares
for any minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with or pursuant
to a registration statement or an exemption under the 1933 Act. Such Buyer is acquiring the Shares hereunder in the ordinary course
of its business. Such Buyer does not presently have any agreement or understanding, directly or indirectly, with any Person to
distribute any of the Shares.

 

(b)       Accredited
Investor Status. Such Buyer is an "accredited investor" as that term is defined in Rule 501(a) of Regulation D.

 

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

 

(d)       Information.
Such Buyer and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of
the Company and materials relating to the offer and sale of the Shares which have been requested by such Buyer. Such Buyer and
its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other
due diligence investigations conducted by such Buyer or its advisors, if any, or its representatives shall modify, amend or affect
such Buyer's right to rely on the Company's representations and warranties contained herein. Such Buyer understands that its investment
in the Shares involves a high degree of risk. Such Buyer has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to its acquisition of the Shares.

 

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

 

(f)       Transfer
or Resale. Such Buyer understands that except as provided in the Registration Rights Agreement: (i) the Shares have not been
and are not being registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or
transferred unless (A) subsequently registered thereunder, (B) such Buyer shall have delivered to the Company, at the Company’s
expense, an opinion of counsel, in a generally acceptable form, to the effect that such Shares to be sold, assigned or transferred
may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) such Buyer provides the Company with
reasonable assurance that such Shares can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under
the 1933 Act, as amended, (or a successor rule thereto) (collectively, "Rule 144"); (ii) any sale of the Shares
made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable,
any resale of the Shares under circumstances in which the seller (or the Person (as defined in Section 3(s)) through whom
the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some
other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other
Person is under any obligation to register the Shares under the 1933 Act or any state securities laws or to comply with the terms
and conditions of any exemption thereunder.

 

(g)       Legends.
Such Buyer understands that until such time as the resale of the Shares has been registered under the 1933 Act as contemplated
by the Registration Rights Agreement, the stock certificates representing the Shares, except as set forth below, shall bear any
legend as required by the "blue sky" laws of any state and a restrictive legend in substantially the following form (and
a stop-transfer order may be placed against transfer of such stock certificates):

 

THE
ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)
AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT
TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

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The legend
set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of the Shares upon
which it is stamped, if, unless otherwise required by state securities laws, (i) such Shares are registered for resale under the
1933 Act, (ii) in connection with a sale, assignment or other transfer, such holder provides the Company with, at the Company’s
expense, an opinion of counsel, in a generally acceptable form, to the effect that such sale, assignment or transfer of the Shares
may be made without registration under the applicable requirements of the 1933 Act, or (iii) such holder provides the Company with
reasonable assurance that the Shares can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A.

 

(h)       Validity;
Enforcement. This Agreement and the Registration Rights Agreement have been duly and validly authorized, when executed and
delivered on behalf of such Buyer and shall constitute the legal, valid and binding obligations of such Buyer enforceable against
such Buyer in accordance with their respective terms, except as such enforceability may be limited by general principles of equity
or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting
generally, the enforcement of applicable creditors' rights and remedies.

 

(i)       No
Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the Registration Rights Agreement and
the consummation by such Buyer of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational
documents of such Buyer or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which such Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws) applicable to such Buyer, except in the case of clauses (ii) and (iii)
above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder.

 

(j)       Residency;
Domicile. Such Buyer is a resident of that jurisdiction specified below its address on the Schedule of Buyers. The investment
advisor making the investment decisions for such Buyer is domiciled in that jurisdiction specified below its address on the Schedule
of Buyers.

 

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3.
          REPRESENTATIONS AND WARRANTIES OF PARENT AND THE COMPANY.

 

Each
of Parent and the Company represents and warrants to each of the Buyers that:

 

(a)       Organization
and Qualification. Each of Parent and the Company and its respective "Subsidiaries" (which for purposes of
this Agreement means any entity in which Parent or the Company, as the case may be, directly or indirectly, owns capital stock
or holds an equity or similar interest) are entities duly organized and validly existing in good standing under the laws of the
jurisdiction in which they are formed, and have the requisite power and authorization to own their properties and to carry on their
business as now being conducted. Each of Parent, the Company and their respective Subsidiaries is duly qualified as a foreign entity
to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted
by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would
not have a Material Adverse Effect. As used in this Agreement, "Material Adverse Effect" means any material adverse
effect on the business, properties, assets, operations, results of operations, condition (financial or otherwise) or prospects
of Parent, the Company and their respective Subsidiaries, taken as a whole, or on the transactions contemplated hereby and the
other Transaction Documents or by the agreements and instruments to be entered into in connection herewith or therewith, or on
the authority or ability of Parent or the Company to perform its respective obligations under the Transaction Documents (as defined
below).

 

(b)       Authorization;
Enforcement; Validity. Each of Parent and the Company has the requisite power and authority to enter into and perform its respective
obligations under this Agreement, the Registration Rights Agreement, the Irrevocable Transfer Agent Instructions (as defined in
Section 5) and each of the other agreements entered into by the parties hereto in connection with the transactions contemplated
by this Agreement (collectively, the "Transaction Documents") and the Company has the requisite power and authority
to issue the Shares in accordance with the terms of this Agreement and the other Transaction Documents. The execution and delivery
of the Transaction Documents by Parent and the consummation by Parent of the transactions contemplated hereby and thereby have
been duly authorized by Parent's Board of Directors and (other than the filing with the SEC of one or more Registration Statements
in accordance with the requirements of the Registration Rights Agreement) no further filing, consent, or authorization is required
by Parent, its Board of Directors or its stockholders in connection with the execution and delivery of the Transaction Documents
and the consummation of the transactions contemplated hereby and thereby. 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 Shares have been duly authorized by the Company's Board of Directors and (other than the filing with the SEC
of one or more Registration Statements in accordance with the requirements of the Registration Rights Agreement) no further filing,
consent, or authorization is required by the Company, its Board of Directors or its stockholders in connection with the execution
and delivery of the Transaction Documents and the consummation of the transactions contemplated hereby and thereby. This Agreement
and the other Transaction Documents have been duly executed and delivered by each of Parent and the Company, and constitute the
legal, valid and binding obligations of each of Parent and the Company, enforceable against Parent and the Company in accordance
with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable
creditors' rights and remedies.

 

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(c)       Issuance
of Shares. The issuance of the Shares has been duly authorized and, when the Shares have been delivered and paid for in accordance
with this Agreement on the applicable Closing Date, the Shares will have been validly issued, fully paid and nonassessable and
free from all preemptive or similar rights, taxes, liens and charges with respect to the issue thereof, with the holders being
entitled to all rights accorded to a holder of Common Stock. The offer and issuance by the Company of the Shares is exempt from
registration under the 1933 Act.

 

(d)       No
Conflicts. The execution, delivery and performance of the Transaction Documents by Parent and the Company and the consummation
by Parent and the Company of the transactions contemplated hereby and thereby, including without limitation the issuance of the
Shares, will not (i) result in a violation of the terms of any Charter Document (as defined below) or any capital stock of Parent
or the Company or any of their respective Subsidiaries or (ii) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture or instrument to which Parent, the Company or any of their respective Subsidiaries is
a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws and regulations and the rules and regulations of the Nasdaq Capital Market or such other securities exchange or quotation
system upon which the securities of Parent or the Company may be listed or quoted, which may include The OTC Bulletin Board (the
"Principal Market")) applicable to Parent, the Company or any of their respective Subsidiaries or by which any
property or asset of Parent, the Company or any of their respective Subsidiaries is bound or affected.

 

(e)       Consents.
Neither Parent nor the Company is required to obtain any consent, authorization or order of, or make any filing or registration
with, any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute,
deliver or perform any of its obligations under or contemplated by the Transaction Documents, in each case in accordance with the
terms hereof or thereof. All consents, authorizations, orders, filings and registrations which Parent or the Company is required
to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the Initial Closing Date, and Parent,
the Company and their respective Subsidiaries are unaware of any facts or circumstances which might prevent Parent or the Company
from obtaining or effecting any of the registration, application or filings pursuant to the preceding sentence. Neither Parent
nor the Company is in violation of the listing requirements of the Principal Market and has no knowledge of any facts which would
reasonably lead to delisting or suspension of any securities of Parent or the Company, as the case may be, in the foreseeable future.

 

(f)       [Reserved]

 

(g)       No
General Solicitation; Brokers. Neither Parent, the Company, nor any of their respective affiliates, nor any Person acting on
its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D)
in connection with the offer or sale of the Shares. No broker, finder or investment banker is entitled to any brokerage, finder's
or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or
on behalf of Parent, the Company or their respective Subsidiaries.

 

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(h)       No
Integrated Offering. None of Parent, the Company, their respective Subsidiaries, any of their affiliates, and any Person acting
on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
under circumstances that would require registration of any of the Shares under the 1933 Act or cause this offering of the Shares
to be integrated with prior offerings by Parent or the Company for purposes of the 1933 Act or any applicable stockholder approval
provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which
any of the securities of the Company are listed or designated. None of Parent, the Company, their respective Subsidiaries, their
affiliates and any Person acting on their behalf will take any action or steps referred to in the preceding sentence that would
require registration of any of the Shares under the 1933 Act or cause the offering of the Shares to be integrated with other offerings.

 

(i)       Dilutive
Effect. Each of Parent and the Company understands and acknowledges that the Company’s obligation to issue the Shares
in accordance with this Agreement is absolute and unconditional regardless of the dilutive effect that such issuance may have on
the ownership interests of other stockholders of the Company.

 

(j)       Application
of Takeover Protections; Rights Agreement. Each of Parent and the Company and their respective boards of directors have taken
all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or other similar anti-takeover provision under the Charter Documents or the
laws of the jurisdiction of formation of Parent or the Company which is or could become applicable to any Buyer as a result of
the transactions contemplated by this Agreement, including, without limitation, the Company's issuance of the Shares and any Buyer's
ownership of the Shares. Neither Parent nor the Company has adopted a stockholder rights plan or similar arrangement relating to
accumulations of beneficial ownership of Common Stock or a change in control of the Company.

 

(k)       SEC
Documents; Financial Statements. Since its formation, Parent has filed all reports, schedules, forms, statements and other
documents required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of the foregoing
filed prior to the date hereof and all exhibits included therein and financial statements, notes and schedules thereto and documents
incorporated by reference therein being hereinafter referred to as the "SEC Documents"). Parent has delivered
to the Buyers or their respective representatives true, correct and complete copies of the SEC Documents not available on the EDGAR
system. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the 1934 Act
and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents,
at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. As of their respective dates, the financial statements of Parent included in the SEC Documents
complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of
the SEC with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed
or summary statements) and fairly present in all material respects the financial position of Parent as of the dates thereof and
the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal
year-end audit adjustments). No other information provided by or on behalf of Parent or the Company to the Buyers which is not
included in the SEC Documents, including, without limitation, information referred to in Section 2(d) of this Agreement,
contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements
therein, in the light of the circumstance under which they are or were made, not misleading.

 

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(l)          Absence
of Certain Changes. Since September 30, 2013, there has been no material adverse change and no material adverse development
in the business, properties, operations, condition (financial or otherwise), results of operations or prospects of Parent, the
Company or their respective Subsidiaries. Since September 30, 2013, neither Parent nor the Company has (i) declared or paid any
dividends, (ii) sold any assets, individually or in the aggregate, in excess of $50,000 outside of the ordinary course of business
or (iii) had capital expenditures, individually or in the aggregate, in excess of $50,000. Neither Parent nor the Company has taken
any steps to seek protection pursuant to any bankruptcy law nor does Parent or the Company have any knowledge or reason to believe
that its creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably
lead a creditor to do so.

 

(m)         No
Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has occurred
or exists, or is contemplated to occur with respect to Parent, the Company or their respective Subsidiaries or their respective
business, properties, prospects, operations or financial condition, that would be required to be disclosed under applicable securities
laws on a registration statement on Form S-1 or Form F-1 filed with the SEC relating to an issuance and sale of securities by Parent
or the Company and which has not been publicly announced.

 

(n)         Conduct
of Business; Regulatory Permits. None of Parent, the Company or any of their respective Subsidiaries is in violation of any
term of or in default under any of the Charter Documents. None of Parent, the Company or any of their respective Subsidiaries is
in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to Parent, the Company or
such Subsidiaries, and none of Parent, the Company or any of their respective Subsidiaries will conduct its business in violation
of any of the foregoing, except for possible violations which would not, individually or in the aggregate, have a Material Adverse
Effect. Without limiting the generality of the foregoing, except as may otherwise be provided to the Buyers in writing, neither
Parent nor the Company is in violation of any of the rules, regulations or requirements of the Principal Market. Since September
30, 2013, (i) the Ordinary Shares have been designated for quotation on the Principal Market, (ii) trading in the Ordinary Shares
has not been suspended by the SEC or the Principal Market and (iii) Parent has received no written communication or, to the knowledge
of Parent, oral communication from the Principal Market regarding the suspension or delisting of the Ordinary Shares from the Principal
Market. Parent, the Company and their respective Subsidiaries possess all certificates, authorizations and permits issued by the
appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates,
authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and none of Parent, the
Company or any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit.

 

    	- 10 -

    	 

    

 

(o)         Foreign
Corrupt Practices. None of Parent, the Company or any of their respective Subsidiaries, nor any director, officer, agent, employee
or other Person acting on behalf of Parent, the Company or any of its Subsidiaries has, in the course of its actions for, or on
behalf of, Parent or the Company (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful
expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices
Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment
to any foreign or domestic government official or employee.

 

(p)         Sarbanes-Oxley
Act. Each of Parent and the Company is in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of
2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the SEC thereunder
that are effective as of the date hereof, except where such noncompliance would not have, individually or in the aggregate, a Material
Adverse Effect.

 

(q)         Transactions
With Affiliates. Except as set forth in the SEC Documents filed at least ten days prior to the date hereof, none of the officers,
directors or employees of Parent or the Company is presently a party to any transaction with Parent, the Company or any of their
respective Subsidiaries (other than for ordinary course services as employees, officers or directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property
to or from, or otherwise requiring payments to or from any such officer, director or employee or, to the knowledge of Parent and
the Company, any corporation, partnership, trust or other entity in which any such officer, director, or employee has a substantial
interest or is an officer, director, trustee or partner.

 

(r)          Equity
Capitalization.

 

(i)       The
authorized share capital of Parent consists of an unlimited number of Ordinary Shares and an unlimited number of preferred shares,
no par value. As of the date hereof, (i) 7,187,500 Ordinary Shares are issued and outstanding, and (ii) no preferred shares are
issued and outstanding. Parent issued 5,750,000 Parent Units (as defined in the Merger Agreement) in the IPO (as defined in the
Merger Agreement). As of the date hereof, there are issued and outstanding a total of (i) 5,750,000 Parent Public Warrants (as
defined in the Merger Agreement) issued as part of Parent Units in the IPO, (ii) 4,820,000 Parent Sponsor/EBC Warrants (as defined
in the Merger Agreement) and (iii) the Parent UPO (as defined in the Merger Agreement) to purchase up to 500,000 shares of Ordinary
Shares and 500,000 warrants of Parent. All outstanding Ordinary Shares are duly authorized, validly issued, fully paid and nonassessable
and not subject to or issued in violation of any purchase option, right of first refusal, preemptive right, subscription right
or any similar right under any provision of BVI Law, the Parent Charter (as defined below) or any contract to which the Parent
is a party. None of the outstanding Parent Securities has been issued in violation of any applicable securities laws.

 

    	- 11 -

    	 

    

 

(ii)       Prior
to giving effect to the transactions contemplated by the Merger Agreement: (a) the Company has an authorized capitalization of
(I) 1,000 shares of Common Stock, of which 1,000 shares are issued and outstanding, and (II) no shares of preferred stock which
are issued and outstanding, and (b) all of the issued and outstanding shares of Common Stock are owned by Parent. As of the date
of this Agreement, the Company is a newly-formed entity with no operations, no contractual obligations and no assets or Liabilities
(other than immaterial Liabilities incurred in connection with its formation). Other than the Company and Merger Sub, wholly-owned
subsidiary of the Company formed for purposes of effectuating the Transaction Merger, neither Parent nor the Company, directly
or indirectly, has any Subsidiaries or owns any equity interests in any other Person.

 

(iii)       Upon
the effectiveness of the Redomestication Merger (the “Redomestication Effective Time”), every issued and outstanding
Parent Unit (as defined in the Merger Agreement) shall be automatically detached and the holder thereof shall be deemed to hold
one Ordinary Share and one Parent Public Warrant. At the Redomestication Effective Time, every issued and outstanding Ordinary
Share (other than any Ordinary Shares that are owned by Parent as treasury shares or any Ordinary Shares owned by any direct or
indirect wholly owned Subsidiary of Parent, which shares shall be canceled and extinguished without any conversion thereof or payment
therefor) shall be converted automatically into one share of Common Stock, following which, all Ordinary Shares shall cease to
be outstanding and shall automatically be canceled and shall cease to exist. The holders of certificates previously evidencing
Ordinary Shares outstanding immediately prior to the Redomestication Effective Time shall cease to have any rights with respect
to such Ordinary Shares, except as provided in the Merger Agreement or by law. Each certificate previously evidencing Ordinary
Shares shall be exchanged for a certificate representing the same number of shares of Common Stock upon the surrender of such certificate
in accordance with the terms of the Merger Agreement.

 

(iv)       At
the Redomestication Effective Time, each Parent Public Warrant shall be converted into a Purchaser Public Warrant (as defined in
the Merger Agreement). At the Redomestication Effective Time, the Parent Public Warrants shall cease to be outstanding and shall
automatically be canceled and retired and shall cease to exist. Each of the Purchaser Public Warrants shall have, and be subject
to, substantially the same terms and conditions set forth in the Parent Public Warrants (subject to amendments contemplated by
the Merger Agreement). At or prior to the Redomestication Effective Time, the Company shall take all corporate action necessary
to reserve for future issuance, and shall maintain such reservation for so long as any of the Purchaser Public Warrants remain
outstanding, a sufficient number of shares of Common Stock for delivery upon the exercise of such Purchaser Public Warrants.

 

    	- 12 -

    	 

    

 

(v)       At
the Redomestication Effective Time, each Parent Sponsor/EBC Warrant shall be converted into a Purchaser Sponsor/EBC Warrant (as
defined in the Merger Agreement). At the Redomestication Effective Time, the Parent Sponsor/EBC Warrants shall cease to be outstanding
and shall automatically be canceled and retired and shall cease to exist. Each of the Purchaser Sponsor/EBC Warrants shall have,
and be subject to, substantially the same terms and conditions set forth in the Parent Sponsor/EBC Warrants (subject to amendments
contemplated by the Merger Agreement). At or prior to the Redomestication Effective Time, the Company shall take all corporate
action necessary to reserve for future issuance, and shall maintain such reservation for so long as any of the Purchaser Sponsor/EBC
Warrants remain outstanding, a sufficient number of shares of Common Stock for delivery upon the exercise of such Purchaser Sponsor/EBC
Warrants.

 

(vi)       At
the Redomestication Effective Time, the Parent UPO shall be terminated and cancelled in full and, in exchange therefor, Early Bird
Capital, Inc., the holder thereof, shall receive 100,000 shares of Common Stock in accordance with the terms of the Parent UPO
Termination Agreement (as defined in the Merger Agreement).

 

(vii)       All
of the outstanding securities of Parent and the Company have been, or upon issuance will be, validly issued and are fully paid
and nonassessable. (i) None of Parent’s or the Company's share capital is subject to preemptive rights or any other similar
rights or any liens or encumbrances suffered or permitted by Parent or the Company; (ii) there are no outstanding options, warrants,
scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible
into, or exercisable or exchangeable for, any share capital of Parent or the Company or any of their respective Subsidiaries, or
contracts, commitments, understandings or arrangements by which Parent, the Company or any of their respective Subsidiaries is
or may become bound to issue additional share capital of Parent, the Company or any of their respective Subsidiaries or options,
warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights
convertible into, or exercisable or exchangeable for, any share capital of Parent, the Company or any of their respective Subsidiaries;
(iii) there are no outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments
evidencing Indebtedness of Parent, the Company or any of their respective Subsidiaries or by which Parent, the Company or any of
their respective Subsidiaries is or may become bound; (iv) there are no financing statements securing obligations in any material
amounts, either singly or in the aggregate, filed in connection with Parent or the Company; (v) there are no agreements or arrangements
under which Parent, the Company or any of their respective Subsidiaries is obligated to register the sale of any of their securities
under the 1933 Act (except that certain Registration Rights Agreement, dated as of July 19, 2012, by and among Parent, certain
of the Buyers and the other parties thereto); (vi) there are no outstanding securities or instruments of Parent, the Company or
any of their respective Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments,
understandings or arrangements by which Parent, the Company or any of their respective Subsidiaries is or may become bound to redeem
a security of Parent, the Company or any of their respective Subsidiaries; (vii) there are no securities or instruments containing
anti-dilution or similar provisions that will be triggered by the issuance of the Shares; (viii) neither Parent nor the Company
has any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement; and (ix) none
of Parent, the Company or their respective Subsidiaries has any liabilities or obligations required to be disclosed in the SEC
Documents but not so disclosed in the SEC Documents, other than those incurred in the ordinary course of the Parent’s, Company's
or their respective Subsidiaries' respective businesses and which, individually or in the aggregate, do not or would not have a
Material Adverse Effect. Parent has furnished to each Buyer true, correct and complete copies of Parent’s Amended and Restated
Memorandum and Articles of Association, as amended and as in effect on the date hereof (the "Parent Certificate of Incorporation"),
and the terms of all securities convertible into, or exercisable or exchangeable for, Ordinary Shares and the material rights of
the holders thereof in respect thereto. The Company has furnished to each Buyer true, correct and complete copies of the Company's
Certificate of Incorporation, as amended and as in effect on the date hereof (the "Company Certificate of Incorporation"),
and the Company's Bylaws, as amended and as in effect on the date hereof (the "Company Bylaws" and, together with
the Parent Certificate of Incorporation, the Parent Bylaws, the Company Certificate of Incorporation and any similar organizational
documents of any Subsidiary of Parent or the Company, the “Charter Documents”), and the terms of all securities
convertible into, or exercisable or exchangeable for, shares of Common Stock and the material rights of the holders thereof in
respect thereto.

 

    	- 13 -

    	 

    

 

(s)       Indebtedness
and Other Contracts. Except as disclosed in Parent’s SEC filings, neither Parent, the Company nor any of their respective
Subsidiaries (i) has any outstanding Indebtedness (as defined below), (ii) is a party to any contract, agreement or instrument,
the violation of which, or default under which, by the other party(ies) to such contract, agreement or instrument would result
in a Material Adverse Effect, (iii) is in violation of any term of or in default under any contract, agreement or instrument relating
to any Indebtedness, except where such violations and defaults would not result, individually or in the aggregate, in a Material
Adverse Effect, or (iv) is a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which
has or is expected to have a Material Adverse Effect. For purposes of this Agreement: (x) "Indebtedness" of any
Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as
the deferred purchase price of property or services (other than trade payables entered into in the ordinary course of business),
(C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D)
all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds
of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which,
in connection with generally accepted accounting principles, consistently applied for the periods covered thereby, is classified
as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest
or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by any Person, even though
the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (H) all
Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (A) through (G)
above; (y) "Contingent Obligation" means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary purpose or
intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such liability will be protected (in whole or in part) against loss with respect thereto; and (z) "Person"
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
other entity or organization or a government or any department or agency thereof.

 

    	- 14 -

    	 

    

 

(t)       Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by the Principal Market, any court,
public board, government agency, self-regulatory organization or body pending or, to the knowledge of Parent or the Company, threatened
against or affecting Parent, the Company, the Ordinary Shares, the Common Stock or any Subsidiaries of Parent or the Company or
any of Parent’s, the Company's or their respective Subsidiaries' officers or directors in their capacities as such which
would reasonably be expected to have a Material Adverse Effect on any of the foregoing.

 

(u)       [Reserved]

 

(v)       Employees
and Employee Benefit Plans. None of the Parent or the Company (i) has any paid employees or (ii) maintains, or has liability
of any kind whatsoever under, any Benefit Plans (as defined in the Merger Agreement).

 

(w)       Real
and Personal Property. Neither Parent nor the Company owns or leases any material real property or personal property.

 

(x)       Intellectual
Property Rights. None of the Parent, the Company or any of their respective Subsidiaries owns, licenses or otherwise has any
right, title or interest in any material trademarks, trade names, service marks, service mark registrations, service names, patents,
patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets or other intellectual property
rights.

 

(y)       [Reserved]

 

(z)       Subsidiary
Rights. Each of Parent and the Company, as the case may be, has the unrestricted right to vote, and (subject to limitations
imposed by applicable law) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by Parent
or the Company, as the case may be.

 

(aa)     Tax
Status Parent (i) has 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 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 Parent know of no basis for any such claim.

 

    	- 15 -

    	 

    

 

(bb)       Disclosure.
Each of Parent and the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers
or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic
information other than as set forth in the following sentence. Each of Parent and the Company understands and confirms that each
of the Buyers will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosure
provided to the Buyers regarding Parent and the Company, their respective businesses and the transactions contemplated hereby,
including the Schedules to this Agreement, furnished by or on behalf of Parent or the Company is true and correct 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 Parent or the
Company during the twelve (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 Parent, the Company or any of their respective Subsidiaries or any of their respective businesses,
properties, prospects, operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure
or announcement by Parent or the Company but which has not been so publicly announced or disclosed.

 

4.
          COVENANTS.

 

(a)       Commercially
Reasonable Efforts. Each party shall use its commercially reasonable efforts timely to satisfy each of the conditions to be
satisfied by it as provided in Sections 6 and 7 of this Agreement.

 

(b)       Form
D and Blue Sky. The Company agrees to file a Form D with respect to the Shares as required under Regulation D and to provide
a copy thereof to each Buyer promptly after such filing. The Company shall, on or before the Initial Closing Date, take such action
as the Company shall reasonably determine is necessary in order to obtain an exemption for or to qualify the Shares for sale to
the Buyers at the Closings 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 shall provide evidence of any such action so taken to
the Buyers on or prior to the applicable Closing Date. The Company shall make all filings and reports relating to the offer and
sale of the Shares required under applicable securities or "Blue Sky" laws of the states of the United States following
the Closing Dates.

 

(c)       Reporting
Status. Until the date on which the Investors (as defined in the Registration Rights Agreement) shall have sold all the Shares
(the "Reporting Period"), the Company shall file all reports required to be filed with the SEC pursuant to the
1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934
Act or the rules and regulations thereunder would otherwise permit such termination.

 

(d)       Use
of Proceeds. Parent and the Company shall use the proceeds from the sale of the Shares in the manner set forth in Section 6.16
of the Merger Agreement. If either Closing does not occur (or is not capable of occurring) and a Buyer paid its Initial Closing
Purchase Price or Optional Share Purchase Price, as the case may be, in advance of such Closing, the Company shall return the Initial
Closing Purchase Price or Optional Share Purchase Price, as the case may be, paid to the Company to the applicable Buyers promptly
and the Transfer Agent shall thereafter cancel the applicable Shares. Unless terminated in accordance with its terms before the
Initial Closing, the Merger Agreement shall, subject to satisfaction or waiver (to the extent permitted herein) of all conditions
to closing of the transactions contemplated thereby (including the Transaction Merger), be closed on substantially the terms set
forth in the agreement provided to and reviewed by the Buyers with only such modifications or waivers as the Company reasonably
determines do not materially adversely affect the Buyers (including in their capacity as stockholders of the Company), but expressly
without any waiver of the condition that the representation contained in Section 8.3(c) of the Merger Agreement be true and correct
on and as of the closing date thereunder.

 

    	- 16 -

    	 

    

 

(e)       Financial
Information. The Company agrees to send the following to each Investor during the Reporting Period (i) unless the following
are filed with the SEC through EDGAR and are available to the public through the EDGAR system, within one (1) business day after
the filing thereof with the SEC, a copy of its Annual Reports on Form 10-K, any interim reports or any consolidated balance sheets,
income statements, stockholders' equity statements and/or cash flow statements for any period other than annual, any Current Reports
on Form 8-K and any registration statements (other than on Form S-8) or amendments filed pursuant to the 1933 Act, (ii) on the
same day as the release thereof, facsimile copies of all press releases issued by the Company or any of its Subsidiaries, and (iii)
copies of any notices and other information made available or given to the stockholders of the Company generally, contemporaneously
with the making available or giving thereof to the stockholders.

 

(f)       Listing.
The Company shall promptly secure the listing or quotation of all of the Registrable Securities (as defined in the Registration
Rights Agreement) upon the Principal Market (subject to official notice of issuance) and shall maintain such listing or quotation
of all Registrable Securities from time to time issuable under the terms of the Transaction Documents. Until the effectiveness
of the Redomestication Merger, Parent will maintain the Ordinary Shares’ authorization for listing or quotation on the Principal
Market and, following the Redomestication Merger, the Company shall maintain the Common Stock’s authorization for listing
or quotation on the Principal Market. Neither the Company nor any of its Subsidiaries shall take any action which would be reasonably
expected to result in the delisting or suspension of the Common Stock on the Principal Market. The Company shall pay all fees and
expenses in connection with satisfying its obligations under this Section 4(f).

 

(g)       Fees.
Except as otherwise set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses in connection
with the sale of the Shares to the Buyers.

 

(h)       Pledge
of Shares. The Company acknowledges and agrees that the Shares may be pledged by an Investor (as defined in the Registration
Rights Agreement) in connection with a bona fide margin agreement or other loan or financing arrangement that is secured by the
Shares. The pledge of Shares shall not be deemed to be a transfer, sale or assignment of the Shares hereunder, and no Investor
effecting a pledge of Shares shall be required to provide the Company with any notice thereof or otherwise make any delivery to
the Company pursuant to this Agreement or any other Transaction Document, including, without limitation, Section 2(f) hereof;
provided that an Investor and its pledgee shall be required to comply with the provisions of Section 2(f) hereof in order
to effect a sale, transfer or assignment of Shares to such pledgee. The Company hereby agrees to execute and deliver such documentation
as a pledgee of the Shares may reasonably request in connection with a pledge of the Shares to such pledgee by an Investor.

 

    	- 17 -

    	 

    

 

(i)       Short
Selling Acknowledgement and Agreement. Each Buyer understands and acknowledges, severally and not jointly with any other Buyer,
that the SEC currently takes the position that coverage of all “short sales” as defined in Rule 200 promulgated under
Regulation SHO under the 1934 Act, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions”
(as defined in Rule 16a-1(h) under the 1934 Act) and similar arrangements, and sales and other transactions through non-U.S. broker
dealers or foreign regulated brokers (“Short Sales”) of securities "against the box" prior to the
effective date of a registration statement is a violation of Section 5 of the 1933 Act and of 1933 Act Compliance Disclosure Interpretation
239.10. Each Buyer agrees, severally and not jointly, that it will abide by such interpretation and will not engage in any Short
Sales that result in the disposition of the Shares acquired hereunder by such Buyer until such time as the Registration Statement
(as defined in the Registration Rights Agreement) is declared or deemed effective by the SEC or such Shares are no longer subject
to any restrictions on resale.

 

(j)       Disclosure
of Transactions and Other Material Information. Parent shall file with the SEC a Form 6-K describing the terms of the transactions
contemplated by the Transaction Documents in the form required by the 1934 Act and attaching the material Transaction Documents
(including, without limitation, this Agreement (and all schedules to this Agreement) and the Registration Rights Agreement) within
the time period prescribed by the 1934 Act and the SEC for such a filing (including all attachments, the "6-K Filing").
From and after the filing of the 6-K Filing with the SEC, no Buyer shall be in possession of any material, nonpublic information
received from the Company, any of its Subsidiaries or any of its respective officers, directors, employees or agents, that is not
disclosed in the 6-K Filing. The Company shall not disclose the identity of any Buyer in any filing with the SEC except as required
by the rules and regulations of the SEC thereunder. The Company shall not, and shall cause each of its Subsidiaries and its and
each of their respective officers, directors, employees and agents, not to, provide any Buyer with any material, nonpublic information
regarding the Company or any of its Subsidiaries from and after the filing of the 6-K Filing with the SEC without the express written
consent of such Buyer. In the event of a breach of the foregoing covenant by the Company, any of its Subsidiaries, or any of its
or their respective officers, directors, employees and agents, in addition to any other remedy provided herein or in the Transaction
Documents, a Buyer shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise,
of such material, nonpublic information without the prior approval by the Company, its Subsidiaries, or any of its or their respective
officers, directors, employees or agents. No Buyer shall have any liability to the Company, its Subsidiaries, or any of its or
their respective officers, directors, employees, stockholders or agents for any such disclosure. Subject to the foregoing, neither
the Company nor any Buyer shall issue any press releases or any other public statements with respect to the transactions contemplated
hereby; provided, however, that the Company shall be entitled, without the prior approval of any Buyer, to make any
press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 6-K Filing and
contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that in the case of clause (i)
each Buyer shall be consulted by the Company in connection with any such press release or other public disclosure prior to its
release).

 

    	- 18 -

    	 

    

 

(k)       Conduct
of Business. The business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or
regulation of any governmental entity, except where such violations would not result, either individually or in the aggregate,
in a Material Adverse Effect.

 

(l)       Sales
by Infinity Buyers. Each of the Infinity Buyers and any of their respective Affiliates (as defined in the Merger Agreement)
that acquires Shares under this Agreement agrees to notify the Company at least five (5) days before each sale of Shares.

 

5.
         TRANSFER AGENT INSTRUCTIONS.

 

The
Company, at its sole expense, shall issue irrevocable instructions to the Transfer Agent, and any subsequent transfer agent, to
issue certificates or credit shares to book-entry accounts maintained by the Transfer Agent, in the name of each Buyer or its respective
nominee(s), for the Shares issued at the applicable Closing, in form and substance reasonably satisfactory to the Buyers (the "Irrevocable
Transfer Agent Instructions"). The Company warrants that no instruction other than the Irrevocable Transfer Agent Instructions
referred to in this Section 5, and stop transfer instructions to give effect to Section 2(g) hereof, will be given
by the Company to the Transfer Agent, and that the Shares shall otherwise be freely transferable on the books and records of the
Company as and to the extent provided in this Agreement and the other Transaction Documents. If a Buyer effects a sale, assignment
or transfer of the Shares in accordance with Section 2(f), the Company shall permit the transfer and shall promptly instruct
the Transfer Agent to issue one or more certificates or credit shares to book-entry accounts maintained by the Transfer Agent,
in such name and in such denominations as specified by such Buyer to effect such sale, transfer or assignment. In the event that
such sale, assignment or transfer involves Shares sold, assigned or transferred pursuant to an effective registration statement
or pursuant to Rule 144, the Transfer Agent shall issue such Shares to the Buyer, assignee or transferee, as the case may be, without
any restrictive legend. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to
a Buyer. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5
will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section
5, that a Buyer shall be entitled, in addition to all other available remedies, to an order and/or injunction restraining any
breach and requiring immediate issuance and transfer, without the necessity of showing economic loss and without any bond or other
security being required.

 

6.
          CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

 

The
obligation of the Company hereunder to issue and sell the Shares to each Buyer at a Closing is subject to the satisfaction, at
or before the applicable Closing Date, of each of the following conditions, provided that these conditions are for the Company's
sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice
thereof:

 

    	- 19 -

    	 

    

 

(a)       Such
Buyer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.

 

(b)       Such
Buyer and each other Buyer shall have delivered to the Company the applicable Purchase Price for the Shares being purchased by
such Buyer at the Closing by wire transfer of immediately available funds pursuant to the wire instructions provided by the Company.

 

(c)       The
representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and
such Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by such Buyer at or prior to the Closing Date.

 

7.
          CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

 

The
obligation of each Buyer hereunder to purchase the Shares at a Closing is subject to the satisfaction, at or before the applicable
Closing Date, of each of the following conditions, except for those conditions that (as indicated below) need only be satisfied
at or before the Initial Closing Date, provided that these conditions are for each Buyer's sole benefit and may be waived by such
Buyer at any time in its sole discretion by providing Parent and the Company with prior written notice thereof:

 

(a)       Parent
and the Company shall have executed and delivered to such Buyer (A) each of the Transaction Documents and (B) the Shares
being purchased by such Buyer at the Closing pursuant to this Agreement.

 

(b)       At
or before the Initial Closing Date, such Buyer shall have received the opinion of Ellenoff Grossman & Schole LLP, outside counsel
to Parent and the Company, dated as of the Initial Closing Date, in form and substance satisfactory to such Buyer.

 

(c)       The
Company shall have delivered to such Buyer a copy of the Irrevocable Transfer Agent Instructions, which instructions shall have
been delivered to and acknowledged in writing by the Company's transfer agent.

 

(d)       At
or before the Initial Closing Date, Parent and the Company shall have delivered to such Buyer certificates evidencing the formation
and good standing of Parent, the Company and each of its Subsidiaries in such entity's jurisdiction of formation issued by the
Secretary of State (or comparable office) of such jurisdiction, as of a date within 10 days of the Initial Closing Date.

 

(e)       At
or before the Initial Closing Date, Parent and the Company shall have delivered to such Buyer certificates evidencing the qualification
as a foreign corporation and good standing of Parent and the Company issued by the Secretary of State (or comparable office) of
each jurisdiction in which Parent or the Company, as the case may be, conducts business, as of a date within 10 days of the Initial
Closing Date.

 

    	- 20 -

    	 

    

 

(f)       At
or before the Initial Closing Date, Parent shall have delivered to such Buyer a certified copy of the Certificate of Incorporation
as certified by the Registrar of Corporate Affairs of the British Virgin Islands within ten (10) days of the Initial Closing Date,
and the Company shall have delivered to such Buyer a certified copy of the Certificate of Incorporation as certified by the Secretary
of State of the State of Delaware within ten (10) days of the Initial Closing Date.

 

(g)       At
or before the Initial Closing Date, Parent and the Company shall have delivered to such Buyer a certificate, executed by the Secretary
of each of Parent and the Company and dated as of the Initial Closing Date, as to (i) the resolutions consistent with Section
3(b) as adopted by Parent’s Board of Directors and the Company's Board of Directors in a form reasonably acceptable to
such Buyer, (ii) the Charter Documents, each as in effect at the Initial Closing, in such form as is reasonably acceptable to the
Buyers.

 

(h)       The
representations and warranties of Parent and the Company shall be true and correct as of the date when made and as of the Closing
Date as though made at that time (except for representations and warranties that speak as of a specific date) and each of Parent
and the Company shall have performed, satisfied and complied in all respects with the covenants, agreements and conditions required
by the Transaction Documents to be performed, satisfied or complied with by Parent or the Company at or prior to the Closing Date.
Such Buyer shall have received a certificate, executed by the Chief Executive Officer of Parent and the Company, dated as of the
Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyers, in such form as
is reasonably acceptable to the Buyers.

 

(i)       At
or before the Initial Closing Date, the Company shall have delivered to such Buyer a letter from the Transfer Agent certifying
the number of shares of Common Stock outstanding as of a date within five days of the Initial Closing Date.

 

(j)       At
or before the Initial Closing Date, the Common Stock (I) shall be designated for quotation or listing on the Principal Market and
(II) shall not have been suspended, as of the Initial Closing Date, by the SEC or the Principal Market from trading on the Principal
Market nor shall suspension by the SEC or the Principal Market have been threatened, as of the Initial Closing Date, either (A)
in writing by the SEC or the Principal Market or (B) by falling below the minimum listing or quotation maintenance requirements
of the Principal Market.

 

(k)       At
or before the Initial Closing Date, the Company shall have obtained all governmental, regulatory or third party consents and approvals,
if any, necessary for the sale of the Shares, including, without limitation, any approvals or notifications required by the Principal
Market.

 

(l)       The
Principal Market shall have authorized the listing or quotation of the Shares and no notice of delisting (or notice that the listing
or quotation of the Shares will be conditioned or delayed) shall have been received from the Principal Market by Parent or the
Company.

 

    	- 21 -

    	 

    

 

(o)        No
Material Adverse Effect shall have occurred and be continuing.

 

(p)        The
Company shall have delivered to such Buyer such other documents relating to the transactions contemplated by this Agreement as
such Buyer or its counsel may reasonably request.

 

8.
          PRE-EMPTIVE RIGHT.

 

(a)        Issuance
of Additional Equity Securities. The Company hereby grants to each Buyer (in such capacity, each, a "Pre-emptive Stockholder")
the right to purchase its Preemptive Right Allocation of any new Equity Securities (other than any Excluded Securities) (the "New
Securities") that the Company may from time to time propose to issue or sell to any party within the two year period commencing
on the Initial Closing Date or, if the Optional Share Closing occurs, the Optional Share Closing Date (such two-year period, the
“Option Period”).

 

(b)        Additional
Issuance Notices. The Company shall give written notice (an "Issuance Notice") of any proposed issuance or
sale described in Section 8(a) above to the Pre-emptive Stockholders within five days following any meeting of the board
of directors of the Company held during the Option Period at which any such issuance or sale is approved (any such meeting, the
“Approval Meeting”). The Issuance Notice shall, if applicable, be accompanied by a written offer from any prospective
purchaser seeking to purchase New Securities and shall set forth the material terms and conditions of the proposed issuance, including:

 

(i)       the
number and description of the New Securities proposed to be issued and the percentage of the Company's outstanding Equity Securities
such issuance would represent;

 

(ii)      the
proposed issuance date, which shall be at least 20 days from the date of the Issuance Notice; and

 

(iii)     the
proposed purchase price per share.

 

(c)         Exercise
of Pre-emptive Rights. Each Pre-emptive Stockholder shall, for a period of 15 days following the receipt of an Issuance Notice
(the "Exercise Period"), have the right to elect irrevocably to purchase its Preemptive Right Allocation of the
New Securities at the purchase price set forth in the Issuance Notice by delivering a written notice to the Company. The closing
of any purchase by any Pre-emptive Stockholder shall be consummated concurrently with the consummation of the issuance or sale
described in the Issuance Notice; provided, however, that the closing of any purchase by any Pre-emptive Stockholder may be extended
beyond the closing of the transaction in the Issuance Notice to the extent necessary to (i) obtain required Government Approvals
and other required third party approvals or consents (and the Company and the Pre-emptive Stockholders shall use their respective
commercially reasonable efforts to obtain such approvals) and (ii) permit the Pre-emptive Stockholders to complete their internal
capital call process following the Exercise Period; provided, that the extension pursuant to this clause (ii) shall not exceed
60 days. For the avoidance of doubt, a Pre-emptive Stockholder shall be entitled to consummate any purchase of New Securities with
respect to which the applicable Approval Meeting was held during the Option Period, regardless of whether the closing of the purchase
occurs after the expiration of the Option Period.

 

    	- 22 -

    	 

    

 

(d)        Sales
to the Prospective Buyer. If any Pre-emptive Stockholder fails to purchase its allotment of the New Securities prior to the
expiration of the Exercise Period, the Company shall be free to complete the proposed issuance or sale of New Securities described
in the Issuance Notice with respect to which Pre-emptive Stockholders failed to exercise the option set forth in this Section
8 on terms no less favorable to the Company than those set forth in the Issuance Notice (except that the amount of New Securities
to be issued or sold by the Company may be reduced); provided, that (x) such issuance or sale is closed within 60 days after the
expiration of the Exercise Period (subject to the extension of such 60 day period for a reasonable period of time to the extent
necessary to obtain any Government Approvals) and (y) for the avoidance of doubt, the price at which the New Securities are sold
is at least equal to or higher than the purchase price described in the Issuance Notice. In the event the Company has not sold
such New Securities within such time period, the Company shall not thereafter issue or sell any New Securities without first again
offering such securities to the Pre-emptive Stockholders in accordance with the procedures set forth in this Section 8.

 

(e)         Closing
of the Issuance. Upon the issuance of any New Securities in accordance with this Section 8, the Company shall deliver
to each Exercising Stockholder certificates (if any) evidencing the New Securities or shall have such New Securities credited to
such Exercising Stockholder in book-entry accounts maintained by the Transfer Agent, which New Securities shall be issued free
and clear of any liens (other than those arising hereunder and those attributable to the actions of the purchasers thereof), and
the Company shall so represent and warrant to the purchasers thereof, and further represent and warrant to such purchasers that
such New Securities shall be, upon issuance thereof to the Exercising Stockholders and after payment therefor, duly authorized,
validly issued, fully paid and non-assessable. Each Exercising Stockholder shall deliver to the Company the purchase price for
the New Securities purchased by it by certified or bank check or wire transfer of immediately available funds. Each party to the
purchase and sale of New Securities shall take all such other actions as may be reasonably necessary to consummate the purchase
and sale including, without limitation, entering into such additional agreements as may be necessary or appropriate.

 

(f)          Definitions.
For purposes of this Section 8, the following terms shall have the following meanings:

 

(i)       "Common
Stock" means the common stock, par value $0.01 per share, of the Company and any securities issued in respect thereof,
or in substitution therefore, in connection with any stock split, dividend or combination, or any reclassification, recapitalization,
merger, consolidation, exchange or similar reorganization.

 

(ii)       "Equity
Securities" means any and all shares of Common Stock and any securities of the Company convertible into, or exchangeable
or exercisable for, such shares, and options, warrants or other rights to acquire such shares.

 

    	- 23 -

    	 

    

 

(iii)       "Excluded
Securities" means Equity Securities issued in connection with: (a) a grant to any existing or prospective consultants,
employees, officers or directors of the Company pursuant to any stock option, employee stock purchase or similar equity-based plans
or other compensation agreement; (b) the conversion or exchange of any securities of the Company into shares of Common Stock, or
the exercise of any options, warrants or other rights to acquire such shares; (c) any acquisition by the Company of the stock,
assets, properties or business of any Person; (d) any merger, consolidation or other business combination involving the Company;
(e) a stock split, stock dividend or any similar recapitalization.; or (f) any other transaction or series of related transactions
in which the aggregate consideration for such Equity Securities (whether paid in cash or otherwise) does not exceed $100,000.

 

(iv)       “Founder
Shares” means those certain 1,437,500 Ordinary Shares of Parent originally issued to certain of the Buyers in a private
placement in connection with Parent’s initial public offering.

 

(v)       "Government
Approval" means any authorization, consent, approval, waiver, exception, variance, order, exemption, publication, filing,
declaration, concession, grant, franchise, agreement, permission, permit, or license of, from or with any Government Authority,
the giving notice to or registration with any Government Authority or any other action in respect of any Government Authority.

 

(vi)       "Government
Authority" means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority
or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the
force of law), or any arbitrator, court or tribunal of competent jurisdiction.

 

(vii)       "Person"
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivisions thereof.

 

(viii)       "Preemptive
Right Allocation" means, with respect to any Pre-emptive Stockholder, on any issuance date for New Securities, the number
of New Securities equal to the product of (i) the total number of New Securities to be issued by the Company on such date and (ii)
the fraction determined by dividing (x) the number of Shares purchased by such Pre-emptive Stockholder at the Closings (excluding,
for the avoidance of doubt, any Founder Shares held by such Pre-emptive Stockholder) by (y) the total number of shares of Common
Stock issued and outstanding immediately following the Closings and the effectiveness of the Transaction Merger on a undiluted
basis (excluding the Founder Shares).

 

    	- 24 -

    	 

    

 

9.
         TERMINATION.

 

(a)       
(i) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any time at or prior to the Closings by
the written consent of Buyers representing a majority of the aggregate Purchase Prices upon a breach in any material respect by
Parent or the Company of any covenant or agreement set forth in this Agreement that could reasonably be expected to have a Material
Adverse Effect; provided, that, such breach is not cured within 30 days after written notice by any Buyer to Parent and the Company;
provided, further, that none of such Buyers have breached in any material respect any covenant or agreement set forth in this Agreement.
(ii) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any time at or prior to the Closings
by Parent and the Company, jointly, upon a breach in any material respect by Buyers representing a majority of the aggregate Purchase
Prices of any of their covenants or agreements set forth in this Agreement; provided, that, such breach is not cured within 30
days after written notice by Parent and the Company to such Buyers; provided, further, that the Company shall not have breached
in any material respect any covenant or agreement set forth in this Agreement.

 

(b)       Notwithstanding
anything herein to the contrary, this Agreement shall automatically terminate at any time at or prior to the Closings: (i) if a
statute, rule, order, decree or regulation shall have been enacted or promulgated, or if any action shall have been taken by any
governmental authority of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise
permanently prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated
by this Agreement illegal; (ii) upon the termination of the Merger Agreement; or (iii) if the Initial Closing shall not have occurred
by April 25, 2014, provided, however, that if, in the case of Parent or the Company, Parent’s or the Company’s, or,
in the case of the Buyers, a Buyer’s, material breach of any of its representations, warranties or covenants in this Agreement
proximately caused a Closing not to have been consummated on or before such date, then this Agreement may only be terminated by
Buyer’s representing a majority of the aggregate Purchase Prices (in the case of a Parent or Company breach) or by Parent
and the Company (in the case of a Buyer breach) by the delivery of written notice of such election under this Section 9(b)(iii)
to the other parties hereto.

 

    	- 25 -

    	 

    

 

10.       TRUST
FUND WAIVER. Reference is made to the final prospectus of Parent, dated and filed with the
SEC on July 19, 2012 (File No. 333-173575) (the “IPO Prospectus”). Each Buyer warrants and represents that it
has read the IPO Prospectus and understands that Parent has established the Trust Account containing the proceeds of the IPO and
certain additional proceeds (including interest accrued from time to time thereon) initially in an amount of $46,000,000 for the
benefit of Parent’s public stockholders (including overallotment shares acquired by the underwriters of the IPO) (the “Public
Stockholders”) and that, except as otherwise described in the IPO Prospectus, Parent may disburse monies from the Trust
Account only: (i) to the Public Stockholders in the event they elect to redeem their Ordinary Shares in connection with the consummation
of its initial business combination (as such term is used in the IPO Prospectus) (“Business Combination”), (ii)
to the Public Stockholders if Parent fails to either (A) execute a definitive agreement for a Business Combination within eighteen
(18) months after the closing of the IPO or (B) consummate a Business Combination within twenty (21) months after the closing of
the IPO, and (iii) to Parent after or concurrently with the consummation of its Business Combination. For and in consideration
of Parent entering into this Agreement and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, each Buyer hereby agrees that it does now or shall at any time hereafter have any right, title, interest or claim
of any kind in or to any monies in the Trust Account, or make any claim against the Trust Account (including any distributions
therefrom), regardless of whether such claim arises as a result of, in connection with or relating in any way to, any proposed
or actual business relationship between Parent (or its Affiliates) and such Buyer, this Agreement or any other matter, and regardless
of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are
collectively referred to hereafter as the “Released Claims”). Each Buyer hereby irrevocably waives any Released
Claims it may have against the Trust Account (including any distributions therefrom) now or in the future as a result of, or arising
out of, any negotiations, contracts or agreements with Parent or its Affiliates and will not seek recourse against the Trust Account
(including any distributions therefrom) for any reason whatsoever (including for an alleged breach of this Agreement). Each Buyer
agrees and acknowledges that such irrevocable waiver is material to this Agreement and specifically relied upon by the Parent and
its Affiliates to induce them to enter in this Agreement, and such Buyer further intends and understands such waiver to be valid,
binding and enforceable under applicable law. To the extent any Buyer commences any action or proceeding based upon, in connection
with, relating to or arising out of any matter relating to Parent or its Affiliates, which proceeding seeks, in whole or in part,
monetary relief against Parent or its Affiliates, each Buyer hereby acknowledges and agrees its sole remedy shall be against funds
held outside of the Trust Account and that such claim shall not permit such Buyer (or any party claiming on such Buyer’s
behalf or in lieu of such Buyer) to have any claim against the Trust Account (including any distributions therefrom) or any amounts
contained therein. In the event that a Buyer commences any action or proceeding based upon, in connection with, relating to or
arising out of any matter relating to Parent or its Affiliates which proceeding seeks, in whole or in part, relief against the
Trust Account (including any distributions therefrom) or the Public Stockholders, whether in the form of money damages or injunctive
relief, Parent and its Affiliates shall be entitled to recover from such Buyer the associated legal fees and costs in connection
with any such action, in the event Parent or its Affiliate prevails in such action or proceeding.

 

11.         MISCELLANEOUS.

 

(a)       Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	- 26 -

    	 

    

 

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

 

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

 

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

 

(e)       Entire
Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Buyers, Parent, the
Company, their affiliates and Persons acting on their behalf with respect to the matters discussed herein, and this Agreement and
the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and
therein and, except as specifically set forth herein or therein, neither Parent or the Company, on one hand, nor any Buyer, on
the other hand, makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this
Agreement may be amended other than by an instrument in writing signed by the Company and the holders of at least a majority of
the aggregate number of Registrable Shares issued and issuable hereunder; provided, however, that the Buyers, without the consent
of Parent or the Company, may amend the Schedule of Buyers (by written notice to Parent and the Company) to change the manner in
which the Shares to be purchased at the Initial Closing are allocated among the Buyers although such an amendment may not increase
or decrease the aggregate number of shares to be purchased by the Buyers at the Initial Closing. Any amendment to this Agreement
made in conformity with the provisions of this Section 11(e) shall be binding on all Buyers and the other parties hereto.
No provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement is sought.
No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any
of the Transaction Documents unless the same consideration also is offered to all of the parties to the Transaction Documents.
Neither Parent nor the Company has, directly or indirectly, made any agreements with any Buyers relating to the terms or conditions
of the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents.

 

(f)       Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); or (iii) one business day after deposit with an overnight courier service, in each case properly addressed to the party
to receive the same. The addresses and facsimile numbers for such communications shall be:

 

    	- 27 -

    	 

    

 

If to Parent or the
Company:

 

c/o Infinity-C.S.V.C.
Management Ltd.

3 Azrieli Center (Triangle
Tower)

42nd Floor, Tel Aviv,
Israel, 67023

Attn: Mark Chess

Facsimile: 972-3-6075456

Email: MarkC@infinity-equity.com

 

Copy to:

 

Ellenoff Grossman &
Schole LLP

1345 Avenue of the Americas,
11th Floor

New York, New York 10105

Attention: Stuart Neuhauser

Facsimile: (212) 370-7889

Email: sneuhauser@egsllp.com

 

If to a
Buyer, to its address and facsimile number set forth on the Schedule of Buyers, with copies to such Buyer's representatives as
set forth on the Schedule of Buyers,

 

with a copy (for informational
purposes only) to:

 

Akin Gump Strauss Hauer
& Feld LLP

1700 Pacific Avenue,
Suite 4100

Dallas, Texas 75201

Attention: Robert W.
Dockery

Facsimile: (214) 969-3434

Email: rdockery@akingump.com

 

or to such
other address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written
notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given
by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's
facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or
(C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt
from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g)       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. Neither Parent nor the Company shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the holders of at least a majority of the aggregate number of Registrable Securities issued and issuable hereunder.
A Buyer may assign some or all of its rights hereunder without the consent of Parent or the Company, in which event such assignee
shall be deemed to be a Buyer hereunder with respect to such assigned rights.

 

    	- 28 -

    	 

    

 

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

 

(i)       Survival.
Unless this Agreement is terminated under Section 9, the representations and warranties of Parent and the Company and the
Buyers contained in Sections 2 and 3, respectively, and the agreements and covenants set forth in Sections 4,
5, 10 and 11 shall survive the Closings. Each Buyer shall be responsible only for its own representations,
warranties, agreements and covenants hereunder.

 

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

 

(k)       Indemnification.
In consideration of each Buyer's execution and delivery of the Transaction Documents and acquiring the Shares thereunder and in
addition to all of Parent’s and the Company's other obligations under the Transaction Documents, Parent and the Company,
jointly and severally, shall defend, protect, indemnify and hold harmless each Buyer and each other holder of the Shares and all
of their stockholders, partners, members, officers, directors, employees and direct or indirect investors and any of the foregoing
Persons' agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated
by this Agreement) (collectively, the "Indemnitees") from and against any and all actions, causes of action, suits,
claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether
any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys'
fees and disbursements (the "Indemnified Liabilities"), incurred by any Indemnitee as a result of, or arising
out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by Parent or the Company in the
Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (b) any breach of any covenant,
agreement or obligation of Parent or the Company contained in the Transaction Documents or any other certificate, instrument or
document contemplated hereby or thereby or (c) any cause of action, suit or claim brought or made against such Indemnitee by a
third party (including for these purposes a derivative action brought on behalf of Parent or the Company) and arising out of or
resulting from (i) the execution, delivery, performance or enforcement of the Transaction Documents or any other certificate, instrument
or document contemplated hereby or thereby, (ii) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of the issuance of the Shares, (iii) any disclosure made by such Buyer pursuant to Section 4(j), or (iv)
the status of such Buyer or holder of the Shares as an investor in the Company pursuant to the transactions contemplated by the
Transaction Documents. To the extent that the foregoing undertaking by Parent or the Company may be unenforceable for any reason,
Parent and/or the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities
which is permissible under applicable law. Except as otherwise set forth herein, the mechanics and procedures with respect to the
rights and obligations under this Section 11(k) shall be the same as those set forth in Section 7 of the Registration Rights
Agreement. Notwithstanding the foregoing, (x) the aggregate amount of Indemnified Liabilities of each Buyer for which Parent
and/or Company shall be liable pursuant to this Section 11(k) shall not exceed the Purchase Price by such Buyer, and the
aggregate Indemnified Liabilities for which Parent and/or the Company shall be liable pursuant to this to this Section 11(k)
shall not exceed the aggregate Purchase Prices and (y)  neither the Parent nor the Company shall be liable under this Section
11(k) for consequential, exemplary, or punitive damages, except for consequential, exemplary, or punitive damages arising from
third-party claims subject to indemnification under this Agreement.

 

    	- 29 -

    	 

    

 

(l)       No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

(m)       Remedies.
Each Buyer and each holder of the Shares shall have all rights and remedies set forth in the Transaction Documents and all rights
and remedies which such holders have been granted at any time under any other agreement. Any Person having any rights under any
provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security), to
recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore,
each of Parent and the Company recognizes that in the event that it fails to perform, observe, or discharge any or all of its obligations
under the Transaction Documents, any remedy at law may prove to be inadequate relief to the Buyers. Each of Parent and the Company
therefore agrees that the Buyers shall be entitled to seek temporary and permanent injunctive relief in any such case without the
necessity of proving actual damages and without posting a bond or other security. The remedies provided for in this Section
11 are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise.

 

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

 

(o)       Independent
Nature of Buyers' Obligations and Rights. The obligations of each Buyer under any Transaction Document are several and not
joint with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance of the obligations
of any other Buyer under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action
taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute the Buyers as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Buyers are in any way acting in concert or as a group with
respect to such obligations or the transactions contemplated by the Transaction Documents. Each Buyer confirms that it has independently
participated in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors. Each Buyer
shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this
Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Buyer to be joined as an additional
party in any proceeding for such purpose.

 

[Signature
Page Follows]

 

    	- 30 -

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

  

	 	PARENT:
	 	 
	 	INFINITY CROSS BORDER ACQUISITION CORPORATION
	 	 
	 	By:	/s/ Mark Chess
	 	 	Name:	Mark Chess
	 	 	Title:  	Executive Vice President

  

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

  

	 	COMPANY:
	 	 
	 	GLORI ACQUISITION CORP.
	 	 
	 	By:	/s/ Mark Chess
	 	 	Name:	Mark Chess
	 	 	Title:	President

  

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

  

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	HH ENERGY GROUP, LP
	 	 	 	 
	 	By: 	HEP-INXB LLC, its general partner
	 	 	 	 
	 	By:	/s/ Lori K. McCutcheon
	 	 	Name:	Lori K. McCutcheon
	 	 	Title:   	EVP

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

  

	 	BUYERS:
	 	 
	 	INFINITY I-CHINA FUND (CAYMAN) L.P.
	 	 	 
	 	By: 	/s/ Avishai Silvershatz
	 	Name: 	Avishai Silvershatz
	 	Title: 	Managing Partner
	 	 	 
	 	INFINITY I-CHINA FUND (ISRAEL) L.P.
	 	 	 
	 	By: 	/s/ Avishai Silvershatz
	 	Name: 	Avishai Silvershatz
	 	Title: 	Managing Partner
	 	 	 
	 	INFINITY I-CHINA FUND (ISRAEL 2) L.P.
	 	 	 
	 	By: 	/s/ Avishai Silvershatz
	 	Name: 	Avishai Silvershatz
	 	Title: 	Managing Partner
	 	 	 
	 	INFINITY I-CHINA FUND (ISRAEL 3) L.P.
	 	 	 
	 	By: 	/s/ Avishai Silvershatz
	 	Name: 	Avishai Silvershatz
	 	Title: 	Managing Partner

 

[Signature
Page to Share Purchase Agreement]

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

  

	 	BUYER:
	 	 
	 	LEON RECANATI
	 	 
	 	/s/ Leon Recanati
	 	Leon Recanati

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	PETRO-HUNT, L.L.C.
	 	 	 
	 	By: 	/s/ B.W. Hunt
	 	Name: 	B.W. Hunt
	 	Title: 	President

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	/s/ Kenneth F. Yontz
	 	Kenneth F. Yontz

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	OAK STREAM INVESTORS III, LTD
	 	 	 
	 	By: 	/s/ J.D. Furst
	 	Name:	 J.D. Furst
	 	Title: 	 

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	/s/ Jerry M. Meyer
	 	Jerry M. Meyer

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	/s/ Carter Meyer
	 	Carter Meyer

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	BIG COUNTRY INTERESTS, LLC
	 	 	 
	 	By: 	/s/ Eric M. Swanson
	 	Name:	Eric M. Swanson
	 	Title: 	Manager

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	DALE EXPLORATION, LLC
	 	 	 
	 	By: 	/s/ Cody Mills
	 	Name:	Cody Mills
	 	Title:	Vice President

 

[Signature
Page to Share Purchase Agreement]

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	HOAK PUBLIC EQUITIES, LP
	 	 	 
	 	By: Hoak Fund Management LP, its general partner
	 	 	 
	 	By: Hoak & Co., its general partner 
	 	 	 
	 	By: 	/s/ J. Hale Hoak
	 	Name:	 J. Hale Hoak
	 	Title: 	President

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, each Buyer, Parent
and the Company have caused their respective signature page to this Share Purchase Agreement to be duly executed as of the date
first written above.

 

	 	BUYER:
	 	 
	 	GREENWOOD CAPITAL, LLC
	 	 	 
	 	By:	/s/ Brandon Bean
	 	Name:	Brandon Bean
	 	Title:	Vice President

 

[Signature Page to Share Purchase Agreement] 

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF, each Buyer, Parent
and the Company have caused their respective signature page to this Share Purchase Agreement to be duly executed as of the date
first written above.

 

	 	BUYER:
	 	 
	 	ROCKWELL TRUST
	 	 	 
	 	By: 	/s/ Matthew Bluhm
	 	Name:	Matthew Bluhm
	 	Title:	Trustee

 

[Signature Page to Share Purchase Agreement]

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF, each Buyer, Parent
and the Company have caused their respective signature page to this Share Purchase Agreement to be duly executed as of the date
first written above.

 

	 	BUYER:
	 	 
	 	KWL MINERALS, LTD.
	 	 	 
	 	By: 	/s/ Tyler Leon
	 	Name:	Tyler Leon
	 	Title:	Vice President

 

[Signature Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, each Buyer, Parent
and the Company have caused their respective signature page to this Share Purchase Agreement to be duly executed as of the date
first written above.

 

	 	BUYER:
	 	 
	 	/s/ Daniel P. Fine
	 	Daniel P. Fine

 

[Signature Page to Share Purchase Agreement]

 

    	 

    	 

    

  

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	/s/ James C. Musselman
	 	James C. Musselman

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Buyer, Parent and the Company have caused their respective signature page to this Share Purchase Agreement
to be duly executed as of the date first written above.

 

	 	BUYER:
	 	 
	 	A. G. HILL PARTNERS, LLC
	 	 	 
	 	By:	/s/ Tyree B. Miller
	 	Name: 	Tyree B. Miller
	 	Title: 	President

 

[Signature
Page to Share Purchase Agreement]

 

    	 

    	 

    

 

SCHEDULE
OF BUYERS

 

	(1)	 	(2)	 	 	(3)	 	 	 	(4)	 	 	 	(5)	 	 	(6)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Buyer	 	Address
    and
 Facsimile Number	 	 	Number
                                         of
 Firm
                                         Shares	 	 	 	Aggregate
                                         Firm
 Share
                                         Purchase Price	 	 	 	Minimum
                                         Additional
 Share
                                         Commitment	 	 	Legal
    Representative's
 Address and Facsimile
 Number
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	HH
    Energy Group, LP	 	100
    Crescent Court, Suite 1200 
 Dallas, Texas 75201 
 Attn: Lori K. McCutcheon 
 Facsimile: (214) 615-2242 
 Residence:
    Delaware	 	 	187,500	 	 	$	1,500,000	 	 	$	1,500,000	 	 	Akin
    Gump Strauss Hauer & Feld LLP
 1700 Pacific Avenue, Suite 4100
 Dallas, Texas 75201
 Attention:  Robert
    W. Dockery
 Facsimile: (214) 969-3434
 Telephone:  (214) 969-4316
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Petro-Hunt,
    L.L.C.	 	1601
    Elm Street, Suite 3400 
 Dallas, Texas 75201 
 Attn: David S. Hunt 
 Facsimile: (214) 880-7101 
 E-mail: dshunt@petrohunt.com
    
 Residence: Delaware	 	 	250,000	 	 	$	2,000,000	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Infinity
    I-China Fund (Cayman) L.P.	 	c/o
    Infinity-C.S.V.C. Management Ltd. 
 3 Azrieli Center (Triangle Tower) 
 42nd Floor, Tel Aviv, Israel, 67023 
 Attn:
    Mark Chess 
 Facsimile: 972-6075456 
 Residence: Cayman Islands	 	 	291,875	 	 	$	2,335,000	 	 	$	2,335,000	 	 	Ellenoff
    Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor
 New
    York, New York 10105
 Attn: Stuart Neuhauser

    Facsimile: (212) 370-7889
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Infinity
    I-China Fund (Israel) L.P.	 	c/o
    Infinity-C.S.V.C. Management Ltd. 
 3 Azrieli Center (Triangle Tower) 
 42nd Floor, Tel Aviv, Israel, 67023 
 Attn:
    Mark Chess 
 Facsimile: 972-6075456 
 Residence: Israel	 	 	148,750	 	 	$	1,190,000	 	 	$	1,190,000	 	 	Ellenoff
    Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor
 New
    York, New York 10105
 Attn: Stuart Neuhauser

    Facsimile: (212) 370-7889
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Infinity
    I-China Fund (Israel 2) L.P.	 	c/o
    Infinity-C.S.V.C. Management Ltd. 
 3 Azrieli Center (Triangle Tower) 
 42nd Floor, Tel Aviv, Israel, 67023 
 Attn:
    Mark Chess 
 Facsimile: 972-6075456 
 Residence: Israel	 	 	127,500	 	 	$	1,020,000	 	 	$	1,020,000	 	 	Ellenoff
    Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor
 New
    York, New York 10105
 Attn: Stuart Neuhauser

    Facsimile: (212) 370-7889
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Infinity
    I-China Fund (Israel 3) L.P.	 	c/o
    Infinity-C.S.V.C. Management Ltd. 
 3 Azrieli Center (Triangle Tower) 
 42nd Floor, Tel Aviv, Israel, 67023 
 Attn:
    Mark Chess 
 Facsimile: 972-6075456 
 Residence: Israel	 	 	56,875	 	 	$	455,000	 	 	$	455,000	 	 	Ellenoff
    Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor
 New
    York, New York 10105
 Attn: Stuart Neuhauser

    Facsimile: (212) 370-7889
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kenneth
    F. Yontz	 	74-465
    Quail Lakes Dr. 
 Indian Wells, California 92210 
 Facsimile: (760) 862-2173 
	 	 	-	 	 	 	-	 	 	$	1,000,000	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Oak
    Stream Investors III, Ltd	 	Oak
                                         Stream Investors

Attn: Mr. Jack Furst

Providence Towers

5001 Spring Valley Road

Suite 1040 E

Dallas, Texas
75244

	 	 	-	 	 	 	-	 	 	$	500,000	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jerry
    Meyer	 	2828
    Harwood 
 Suite 1220 
 Dallas, Texas 75201	 	 	-	 	 	 	-	 	 	$	450,000	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Carter
    Meyer	 	2828
    Harwood 
 Suite 1220 
 Dallas, Texas 75201	 	 	-	 	 	 	-	 	 	$	50,000	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Leon
    Recanati	 	GlenRock
    Israel (ATTN: Asaf Iram) 
 85 Medinat Hayehudim St. 
 Herzliya Business Park, 8th Floor 
 Herzliya 46140	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Big
    Country Interests, LLC	 	c/o
    Eric Swanson 
 3100 Monticello Ave. 
 Suite 240 
 Dallas, Texas 75205	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dale
    Exploration, LLC	 	2100
    Ross Ave 
 Suite 1700 
 Dallas, Texas 75201	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Hoak
    Public Equities, LP	 	c/o
    Hoak & Co. 
 Reagan Place and Old Parkland 
 3963 Maple Ave., Suite 450 
 Dallas, Texas 75219	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	James
    C. Musselman	 	c/o
                                         Caelus Energy LLC

8401 N. Central Expressway

Suite 400

Dallas, Texas
75225

	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A. G.
    Hill Partners, LLC	 	A.
                                         G. Hill Partners, LLC

Attn: Mr. Ty Miller

47 Highland Park Village

Suite 200

Dallas, Texas
75205

	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Greenwood Capital, LLC	 	4001 Maple Avenue

        Dallas, Texas 75219 
	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rockwell Trust	 	c/o Matthew Bluhm

        700 Lloyd Place

        Winnetka, Illinois 60093
	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KWL Minerals, Ltd.	 	PO
                               Box 470857

Fort
Worth, Texas 76147

	 	 	-	 	 	 	-	 	 	 	-	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Daniel P. Fine	 	c/o Harvey Energy

        3811 Turtle Creek

        Suite 2150

        Dallas, Texas 75219
	 	 	-	 	 	 	-	 	 	 	-	 	 	 

 

    	 

    	 

    

 

SCHEDULE
A-1

 

INFINITY
BUYERS

 

“Infinity Buyers”
shall mean, collectively, Infinity I-China Fund (Cayman) L.P. (the “Fund”), Infinity I-China Fund (Israel) L.P.
(“I1”), Infinity I-China Fund (Israel 2) L.P. (“I2”), Infinity I-China Fund (Israel 3) L.P.
(“I3”).

 

In the event the Infinity Buyers
are required to purchase Additional Shares to satisfy the Minimum Additional Share Commitment pursuant to Section 1(a)(ii)
of the Agreement, such Additional Shares shall be allocated pro rata among the Infinity Buyers based their respective Minimum Additional
Share Commitments as set forth in column (5) of the Schedule of Buyers.

 

    	 

    	 

    

 

SCHEDULE
A-2

 

HICKS BUYERS

 

“Hicks Buyers”
shall mean, collectively, HH Energy Group, LP (“Hicks”), Kenneth F. Yontz (“Yontz”), Oak
Stream Investors III, Ltd (“Oak Stream”), Jerry Meyer (“J. Meyer”) and Carter Meyer (“C.
Meyer”).

 

In the event the Hicks Buyers
are required to purchase Additional Shares to satisfy the Minimum Additional Share Commitment pursuant to Section 1(a)(ii)
of the Agreement, such Additional Shares shall be allocated (i) first, pro rata among Yontz, Oak Stream, J. Meyer and C. Meyer
based their respective Minimum Additional Share Commitments as set forth in column (5) of the Schedule of Buyers, until each of
Yontz, Oak Stream, J. Meyer and C. Meyer has funded its full Minimum Additional Share Commitment as set forth in column (5) of
the Schedule of Buyers, and (ii) thereafter, 100% to Hicks.Exhibit 10.20

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”),
is entered into as of January 15, 2014, with an effective date of December 22, 2013 (the “Effective Date”),
by and between Ventrus BioSciences, Inc., a Delaware corporation with principal executive offices at 99 Hudson Street, New York,
NY 10013 (the “Company”), and Russell H. Ellison, MD,
residing at 245 West 84th, Apt. 9E, New York, NY 10024 (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
has employed and desires to continue to employ Executive as its President and Chief Executive Officer, and as Chairman of the Board
of Directors, and Executive desires to continue in the employment of the Company; and

 

WHEREAS, the Company
and Executive previously entered into an Employment Agreement (the “Original Agreement”) as of the Commencement
Date (as defined therein); and

 

WHEREAS, the parties
now desire to enter into this Agreement, setting forth the terms and conditions of Executive’s employment with the Company;

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained, the parties hereto hereby agree as follows:

 

1.Employment.

 

(a)
Services. The Executive will continue to be employed by the Company
as its President and Chief Executive Officer, and as Chairman of the Board of Directors. The Executive will report to the Board
of Directors of the Company (the "Board") and shall perform such duties as are consistent with a position as President
and Chief Executive Officer (the “Services”).
The Executive agrees to perform such duties faithfully, to devote substantially all of his working time, attention and energies
to the business of the Company, and while he remains employed and subject to the terms of this Agreement, not to engage in any
other business activity that is in conflict with his duties and obligations to the Company. Executive and the Company agree that
this Agreement replaces and supersedes in its entirety the Original Agreement, and that the Original Agreement is of no further
force or effect as of the Effective Date. 

 

(b)Acceptance.
Executive hereby accepts such employment and agrees to render the Services.

 

2.Term. The
Executive's employment under this Agreement shall be deemed to commence on the Effective Date and shall continue for a term of
two (2) years (the "Initial Term"), unless sooner terminated pursuant to Section 9 of this Agreement. This Agreement
will automatically be extended for additional one (1) year periods (each an “Additional Term” and, together
with the Initial Term, the “Term”) unless the Company
notifies the Executive in writing that it intends to not extend this Agreement at least one hundred eighty (180) days prior to
the expiration of the then current Term; provided, however, that the Company’s failure to provide the Executive with such
notice shall not constitute termination by the Executive for Good Reason (as defined in Section 9(d) hereof).

 

    	 

    	 

    

 

3.Best Efforts;
Place of Performance.

 

(a) The Executive
shall devote substantially all of his business time, attention and energies to the business and affairs of the Company and shall
use his best efforts to advance the best interests of the Company and shall not during the Term be actively engaged in any other
business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, that will interfere
with the performance by the Executive of his duties hereunder or the Executive’s availability to perform such duties or that
will adversely affect, or negatively reflect upon, the Company.

 

(b) The duties to be
performed by the Executive hereunder shall be performed at the principal executive offices of the Company during the Term.
Subject to approval of the Board and the Company’s financial ability to satisfy its obligations, Executive is granted authority
to hire his own team of senior management for the Company, including a Chief Financial Officer, Business Development/Commercial
Officer, Chief Medical Officer, and such other key executives and technical support personnel, including but not limited to regulatory,
clinical-medical and project management personnel that are necessary, in the Executive’s reasonable judgment, to ensure the
successful realization of the value of the Company’s assets. 

 

4.Directorship.
The Company shall use its best efforts to cause the Executive to be elected as a voting member and Chairman of its Board throughout
the Term and shall include him in the management slate for election as a director at every stockholders meeting during the Term
at which his term as a director would otherwise expire. The Executive agrees to accept election, and to serve during the Term,
as Chairman of the Company’s Board without any compensation therefore other than as specified in this Agreement.

 

5.Compensation.
As full compensation for the performance by the Executive of his duties under this Agreement, the Company shall pay the Executive
as follows:

 

(a) Base
Salary. Throughout the Term, the Company shall pay Executive an annual salary (the “Base Salary”)
equal to four hundred and seventy-five thousand dollars ($475,000) per year. Payment shall be made in accordance with the Company’s
normal payroll practices. The Base Salary will be reviewed by the Board no less frequently than annually, and may be increased
(but not decreased). 

 

(b)
Annual Milestone Bonus. At the sole discretion of the Board, the Executive may receive a discretionary bonus on each anniversary
of the Effective Date during the Term (the “Annual Milestone Bonus”) in an amount up to fifty percent (50%)
of his then current Base Salary based on the attainment by the Executive of certain financial,
clinical development and business milestones (the “Milestones”) as established
annually by the Board (or a committee thereof), after consultation with the Executive, prior
to the start of each anniversary of this Agreement. The Milestones for the first year of this
Agreement shall be established by the Board, after consultation with the Executive, subsequent to, but not more than sixty (60)
days following, the Effective Date. The Milestones for each subsequent year shall be established by the Board, after consultation
with the Executive, at least sixty (60) days prior to each anniversary of this Agreement. The Annual Milestone Bonus shall be
payable either as a lump-sum payment or in installments as determined by the Board in its sole discretion, provided, however,
if the Board determines to pay the Executive in installments, such installments shall be no less frequently than monthly, and
shall be over a time period not to exceed four (4) months, unless otherwise agreed by the Executive in writing. Notwithstanding
the foregoing, the Annual Milestone Bonus, if any, for a given year will be paid in full no later than March 15 of the calendar
year immediately following the calendar year for which the Annual Milestone Bonus, if any, is earned.

 

    	2

    	 

    

 

(c)Withholding.
The Company shall withhold all applicable federal, state and local taxes and social security and such other amounts as may be required
by law from all amounts payable to the Executive under this Section 5.

 

(d)Equity.
On or about December 22, 2010, the Company granted Executive an option to purchase 573,599 shares of the Company’s Common
Stock (the “Original Stock Options”), pursuant to the Original Agreement. On or about January 15, 2012, the
Company granted Executive an option to purchase 60,000 shares of the Company’s Common Stock (the “Second Stock Options”).
On or about April 5, 2013, the Company granted Executive 200,000 restricted stock units (the “Restricted Stock Units”).
In connection with the execution of this Agreement, the Company hereby grants to the Executive an option (the “New Stock
Options” and with the Original Stock Options, Second Stock Options, Restricted Stock Units and any subsequently granted
equity or derivative securities, the “Equity Awards”) to acquire, at the closing price of the Common Stock on
the date preceding the date such grant is or was approved by the Board of Directors, 395,500 shares of Common Stock. The New Stock
Options shall be governed by the Company’s 2010 Equity Incentive Plan and, in connection with such grant, the Executive shall
enter into the Company’s standard stock option agreement which, among other things, shall (A) provide for a ten (10) year
term and (B) provide for the Stock Options to vest one-third on each of the first, second and third anniversaries of the Effective
Date. The Original Stock Options, Second Stock Options, New Stock Options and any subsequently granted stock options are referred
to herein as the “Stock Options”.

 

(e)Expenses.
The Company shall provide Executive with a corporate credit card for business use, and shall reimburse the Executive for all normal,
usual and necessary expenses incurred by the Executive in furtherance of the business and affairs of the Company, including reasonable
travel and entertainment, upon timely receipt by the Company of appropriate vouchers or other proof of the Executive’s expenditures
and otherwise in accordance with any expense reimbursement policy as may from time to time be adopted by the Company.

 

(f)Other Benefits.
The Executive shall be entitled to all rights and benefits for which he shall be eligible under any benefit or other plans (including,
without limitation, dental, medical, medical reimbursement and hospital plans, pension plans, employee stock purchase plans, profit
sharing plans, bonus plans and other so-called "Fringe Benefits”) as the Company shall make available to its
senior executives from time to time. In addition, the Company shall reimburse the Executive for his reasonable licensing fees,
continuing professional education, and other professional dues. Company shall also name Executive as a covered person under its
Directors & Officers insurance policies.

 

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(g)Vacation.
The Executive shall, during the Term, be entitled to a vacation of four (4) nonconsecutive weeks per annum, in addition to holidays
observed by the Company. Unless otherwise provided by the Company’s vacation policy, the Executive shall not be entitled
to carry any unused, accrued vacation forward from one year of employment to the next, and any such vacation days will be forfeited
without payment. In addition, the Executive will forfeit payment for any unused, accrued vacation upon termination of employment,
subject to applicable law.

 

6.Confidential
Information and Inventions.

 

(a)The Executive
recognizes and acknowledges that in the course of his duties he is likely to receive confidential or proprietary information owned
by the Company or third parties with whom the Company has an obligation of confidentiality, relating to and used in the Company’s
business (collectively, “Confidential and Proprietary Information”). Confidential and Proprietary Information
shall include, but shall not be limited to, confidential or proprietary scientific or technical information, data, formulas and
related concepts, business plans (both current and under development), client lists, promotion and marketing programs, trade secrets,
or any other confidential or proprietary business information relating to development programs, costs, revenues, marketing, investments,
sales activities, promotions, credit and financial data, manufacturing processes, financing methods, plans or the business and
affairs of the Company or of any affiliate or client of the Company, and any and all information relating to the operation of the
Company’s business which the Company may from time to time designate as confidential or proprietary or that Executive reasonably
knows should be, or has been, treated by the Company as confidential or proprietary. The Executive expressly acknowledges that
the Confidential and Proprietary Information constitutes a protectable business interest of the Company. The Executive further
agrees that if any information that the Company deems to be a trade secret is found by a court of competent jurisdiction not to
be a trade secret, such information will, nevertheless, be considered Confidential and Proprietary Information for purposes of
this Agreement. Confidential and Proprietary Information does not include any information that: (i) at the time of disclosure is
generally known to, or readily ascertainable by, the public; (ii) becomes known to the public through no fault of Executive or
other violation of this Agreement; or (iii) is disclosed to Executive by a third party under no obligation to maintain the confidentiality
of the information. The Executive agrees, during and after the Term, except as reasonably necessary for the fulfillment of his
duties under this Agreement: (i) not to use any such Confidential and Proprietary Information for himself or others; (ii) to keep
confidential and not disclose or make accessible to any other person or entity any Confidential and Proprietary Information; and
(iii) not to take any Company Confidential and Proprietary Information (including but not limited to writings, correspondence,
notes, drafts, records, invoices, technical and business policies, computer programs or disks) from the Company’s offices
at any time. The Executive agrees to return immediately all Company material and reproductions (including but not limited, to writings,
correspondence, notes, drafts, records, invoices, technical and business policies, computer programs or disks) thereof in his possession
to the Company upon termination of employment, or at any time upon the Company’s request.

 

(b)Except with
prior written authorization by the Company, the Executive agrees not to disclose or publish any of the Confidential and Proprietary
Information, or any confidential, scientific, technical or business information of any other party to whom the Company owes an
obligation of confidence, at any time during or after his employment with the Company. The restrictions in this Section 6(b) and
in Section 6(a) above will not apply to any information that Executive is required to disclose by law, provided that Executive
(i) notifies the Company of the existence and terms of such obligation, (ii) gives the Company a reasonable opportunity to seek
a protective or similar order to prevent or limit such disclosure, and (iii) only discloses that information actually required
to be disclosed.

 

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(c)The Executive
agrees that all inventions, discoveries, improvements and patentable or copyrightable works (“Inventions”) initiated,
conceived or made by him, either alone or in conjunction with others, during the course of his employment by the Company or that
result from work performed by Executive for the Company, shall be the sole property of the Company to the maximum extent permitted
by applicable law and, to the extent permitted by law, shall be “works made for hire” as that term is defined in the
United States Copyright Act (17 U.S.C.A., Section 101). The Company shall be the sole owner of all patents, copyrights, trade secret
rights, and other intellectual property or other rights in connection therewith. The Executive hereby assigns to the Company all
right, title and interest he may have or acquire in all such Inventions; provided, however, that the Board may in its sole discretion
agree to waive the Company’s rights pursuant to this Section 6(c) with respect to any Invention that is not directly or indirectly
related to the Company’s business. The Executive further agrees to assist the Company in every proper way (but at the Company’s
expense) to obtain and from time to time enforce patents, copyrights or other rights on such Inventions in any and all countries,
and to that end the Executive will execute all documents necessary:

 

(i)to apply for,
obtain and vest in the name of the Company alone (unless the Company otherwise directs) letters patent, copyrights or other analogous
protection in any country throughout the world and when so obtained or vested to renew and restore the same; and

 

(ii)to defend any
opposition proceedings in respect of such applications and any opposition proceedings or petitions or applications for revocation
of such letters patent, copyright or other analogous protection.

 

(d)The Executive
acknowledges that, while performing the services under this Agreement the Executive may locate, identify and/or evaluate patented
or patentable inventions having commercial potential in the fields of pharmacy, pharmaceutical, biotechnology, healthcare, technology
and other fields which may be of potential interest to the Company (the “Third Party Inventions”). The Executive
understands, acknowledges and agrees that all rights to, interests in or opportunities regarding, all Third-Party Inventions identified
by the Company or either of the foregoing persons’ officers, directors, employees (including the Executive), agents or consultants
during the Term shall be and remain the sole and exclusive property of the Company or such affiliate and the Executive shall have
no rights whatsoever to such Third-Party Inventions and will not pursue for himself or for others any transaction relating to the
Third-Party Inventions which is not on behalf of the Company.

 

(e)The provisions
of this Section 6 shall survive any termination or expiration of this Agreement.

 

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7.Non-Competition
and Non-Solicitation. The Executive understands and recognizes that his services to the Company are special and unique and
that in the course of performing such services the Executive will have access to and knowledge of Confidential and Proprietary
Information (as defined in Section 6) and will become knowledgeable of and familiar with the Company’s customers as well
as the Company’s business. The Executive acknowledges that, due to the unique nature of the Company’s business, the
loss of any of its clients or business flow or the improper use of its Confidential and Proprietary Information could create significant
instability and cause substantial damage to the Company and therefore the Company has a strong legitimate business interest in
protecting the continuity of its business interests and the restriction herein agreed to by the Executive narrowly and fairly serves
such an important and critical business interest of the Company. Therefore, Executive covenants and agrees as follow:

 

(a)Definitions.
As used in this Agreement, the following terms have the meanings given to such terms below:

 

(i)“Business”
means (A) the development of novel prescription drugs for the specific disease treatment of hemorrhoids, anal fissures, and fecal
incontinence, provided that the Company actively engages in such business during the Term; and (B) any other business that the
Company is actively engaged in at the time of the date of termination, provided that this clause (B) shall only apply if Executive
is involved with that other business.

 

(ii)“Customer”
means (A) any person or entity who is or was a customer of the Company at the time of, or during the six (6) month period prior
to, the date of Executive’s termination and with whom Executive had dealings on behalf of the Company in the course of his
employment with the Company, or about whom Executive received Confidential Information in the course of his employment with the
Company, and (B) any prospective customer to whom, within the six (6) month period prior to the Executive’s
date of termination, the Company had submitted proposals to for services of which Executive has knowledge, whether or not such
proposals have yet to be executed into contracts, provided that, the Company has a legitimate expectation of doing business with
such prospective customer, and provided further that the Executive has had material business contacts with such prospective customer
on behalf of the Company, whether such contact was initiated by the prospective customer or by Executive.

 

(iii)“Company
Employee” means (A) any person who is an employee of the Company at the time of the date of Executive’s termination
of employment, and (B) any person who was an employee of the Company during the six (6) month period prior to, the termination
of Executive’s employment.

 

(iv)“Person”
means any person, firm, partnership, joint venture, corporation or other business entity.

 

(v)“Restricted
Period” means the period commencing on the date of Executive’s termination of employment and ending twelve (12)
months thereafter, provided, however, that this period will be tolled and will not run during any time Executive is in violation
of this Section 7, it being the intent of the parties that the Restricted Period will be extended for any period of time in which
Executive is in violation of this Section.

 

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(vi)“Restricted
Territory” means any country in which the Company does business as of the Executive’s date of termination,
including without limitation each country to which the Executive directed or in which Executive performed employment-related activities
on behalf of the Company at the time of, or during the six (6) month period prior to, the Executive’s date of termination
and each country in which the Company is actively preparing to conduct business within the six (6) month period immediately following
the Executive’s date of termination, provided that Executive is materially involved in such preparations; or if that geographic
territory is deemed by a court of competent jurisdiction to be overly broad, the United States of America; or if that geographic
territory is deemed by a court of competent jurisdiction to be overly broad, any state, province or similar geographic subdivision
in which the Company does business as of the Executive’s date of termination, including without limitation each state to
which the Executive directed or in which Executive performed employment-related activities on behalf of the Company at the time
of, or during the six (6) month period prior to, the date of termination; or if that geographic territory is deemed by a court
of competent jurisdiction to be overly broad, the State of New York.

 

(b) Non-Competition.
During his employment with the Company, Executive will not, on his own behalf or on behalf of any other Person, engage in any business
competitive with or adverse to that of the Company. In addition, during his employment with the Company and during the Restricted
Period, Executive will not (i) engage in the Business in the Restricted Territory, or (ii) hold a position based in or with responsibility
for all or part of the Restricted Territory, with any Person engaging in the Business, whether as employee, consultant, or otherwise,
(A) in which Executive will have duties, or will perform or be expected to perform services for such Person, that is or are the
same as or substantially similar to the position held by Executive or those duties or services actually performed by Executive
for the Company within the twelve (12) month period immediately preceding the Executive’s date of termination, or (B) in
which Executive will use or disclose or be reasonably expected to use or disclose any Confidential and Proprietary Information
of the Company for the purpose of providing, or attempting to provide, such Person with a competitive advantage with respect to
the Business. For purposes of clarification, nothing contained in this Section 7(b) shall be deemed to prohibit the Executive from
acquiring or holding, solely for investment, publicly traded securities of any corporation, some or all of the activities of which
are competitive with the business of the Company so long as such securities do not, in the aggregate, constitute more than five
percent (5%) of any class or series of outstanding securities of such corporation.

 

(c) Non-Solicitation.
During his employment with the Company and during the Restricted Period, Executive will not, directly or indirectly, on Executive’s
own behalf or on behalf of any other Person:

 

(i)Call upon, solicit,
divert, encourage or attempt to call upon, solicit, divert or encourage any Customer for purposes of marketing, selling or providing
products or services to such Customer that are similar to or competitive with those offered by the Company;

 

(ii)Induce, encourage
or attempt to induce or encourage any Customer to reduce, limit or cancel its business with the Company;

 

    	7

    	 

    

 

(iii)Induce, encourage
or attempt to induce or encourage any Customer to purchase or accept products or services competitive with those offered by the
Company from any Person (other than the Company) engaging in the Business;

 

(iv)Otherwise interfere
or engage in any conduct that would have the effect of interfering, in any manner, with the business relationship between the Company
and any of the Company’s Customers; or

 

(v)Solicit, induce,
or attempt to solicit or induce any Company Employee or any independent contractor (who is then engaged by the Company or was engaged
by the Company in the prior six (6) months) to terminate his or her employment or engagement with the Company or to accept employment
or engagement with any Person engaging in the Business within the Restricted Territory.

 

(d) Direct Employment
or Engagement by Customer. During his employment with the Company and during the Restricted Period, Executive will not be employed
or engaged (as an employee, contractor, consultant or otherwise) directly by, or solicit employment or engagement by, any Person
who, during the Term of this Agreement, was an agent or Customer of the Company with whom Executive worked during his employment
with the Company in a position or capacity in which Executive will be performing services for such Customer that are the same as,
or substantially similar to, those services provided by Executive for the Customer during Executive’s employment with the
Company. For the avoidance of doubt, the terms “agent” and “Customer” will not include any investment bank,
investor, lender or other financial intermediary which may represent, invest in or otherwise deal with the Company.

 

(e)Enforcement.
In the event that the Executive breaches or threatens to breach any provisions of Section 6 or this Section 7, then the Company
will suffer irreparable harm and monetary damages would be inadequate to compensate the Company. Accordingly, in addition to any
other rights which the Company may have, the Company shall (i) be entitled, without the posting of bond or other security, to seek
injunctive relief to enforce the restrictions contained in such Sections and (ii) have the right to require the Executive to account
for and pay over to the Company all compensation, profits, monies, accruals, increments and other benefits (collectively “Benefits”)
derived or received by the Executive as a result of any transaction constituting a breach of any of the provisions of Sections
6 or 7, to the maximum extent permitted by law.

 

(f) Reasonableness
and Severability. Each of the rights and remedies enumerated in Section 7(e) shall be independent of the others and shall be
in addition to and not in lieu of any other rights and remedies available to the Company at law or in equity. The Executive hereby
acknowledges and agrees that the covenants provided for pursuant to Section 7 are essential elements of Executive’s employment
by the Company and are reasonable with respect to their duration, geographic area and scope and in all other respects. If, at the
time of enforcement of this Section 7, a court holds that the restrictions stated herein are unreasonable under the circumstances
then existing, the parties hereto agree that the maximum duration, scope or geographic area legally permissible under such circumstances
will be substituted for the duration, scope or area stated herein. If any of the covenants contained in this Section 7, or any
part of any of them, is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder
of the covenant or covenants or rights or remedies which shall be given full effect without regard to the invalid portions. No
such holding of invalidity or unenforceability in one jurisdiction shall bar or in any way affect the Company’s right to
the relief provided in this Section 7 or otherwise in the courts of any other state or jurisdiction within the geographical scope
of such covenants as to breaches of such covenants in such other respective states or jurisdictions, such covenants being, for
this purpose, severable into diverse and independent covenants.

 

    	8

    	 

    

 

(g) Remedies.
In the event that an actual proceeding is brought in equity to enforce the provisions of Section 6 or this Section 7, the Executive
shall not urge as a defense that there is an adequate remedy at law nor shall the Company be prevented from seeking any other remedies
which may be available. The Executive agrees that he shall not raise in any proceeding brought to enforce the provisions of Section
6 or this Section 7 that the covenants contained in such Sections limit his ability to earn a living.

 

(h) Survival.
The provisions of this Section 7 shall survive any termination of this Agreement, unless the Executive’s employment hereunder
is terminated as a result of the Company’s election not to extend the Term pursuant to Section 2.

 

8.Representations
and Warranties.

 

(a)The Executive
hereby represents and warrants to the Company as follows:

 

(i)Neither the
execution or delivery of this Agreement nor the performance by the Executive of his duties and other obligations hereunder violate
or will violate any statute, law, determination or award, or conflict with or constitute a default or breach of any covenant or
obligation under (whether immediately, upon the giving of notice or lapse of time or both) any prior employment agreement, contract,
or other instrument to which the Executive is a party or by which he is bound.

 

(ii)The Executive
has the full right, power and legal capacity to enter and deliver this Agreement and to perform his duties and other obligations
hereunder. This Agreement constitutes the legal, valid and binding obligation of the Executive enforceable against him in accordance
with its terms. No approvals or consents of any persons or entities are required for the Executive to execute and deliver this
Agreement or perform his duties and other obligations hereunder.

 

(b)The Company hereby
represents and warrants to the Executive that this Agreement and the employment of the Executive hereunder have been duly authorized
by and on behalf of the Company, including, without limitation, by all required action by the Board.

 

9.Termination.
The Executive’s employment hereunder shall be terminated immediately upon the Executive’s death and may be otherwise
terminated as follows:

  

(a)The Executive’s
employment hereunder may be terminated by the Board for Cause. Any of the following actions by the Executive shall constitute “Cause”:

 

    	9

    	 

    

 

(i)The willful
failure, disregard or continuing refusal by the Executive to perform his duties hereunder;

 

(ii)Any act of
willful or intentional misconduct, or a grossly negligent act by the Executive having the effect of injuring, in a material way
(as determined in good-faith by a majority of the Board), the business or reputation of the Company, including but not limited
to, any officer, director, or executive of the Company;

 

(iii)Willful
misconduct by the Executive in carrying out his duties or obligations under this Agreement, including, without limitation, insubordination
with respect to lawful directions received by the Executive from the Board;

 

(iv)The Executive’s
indictment of any felony or a misdemeanor involving moral turpitude (including entry of a nolo contendere plea);

 

(v)The determination
by the Board, based upon clear and convincing evidence, after a reasonable and good-faith investigation by the Company following
a written allegation by another employee of the Company, that the Executive engaged in some form of harassment prohibited
by law (including, without limitation, age, sex or race discrimination), unless the Executive’s actions were specifically
directed by the Board;

 

(vi)Any intentional
misappropriation of the property of the Company, or embezzlement of its funds or assets (whether or not a misdemeanor or felony);

 

(vii)Breach
by the Executive of any of the provisions of Sections 6, 7 or 8 of this Agreement; and

 

(viii)Breach
by the Executive of any provision of this Agreement other than those contained in Sections 6, 7 or 8 which is not cured by the
Executive within thirty (30) business days after notice thereof is given to the Executive by the Company.

 

Any determination of
Cause under this Section 9(a) will be made by two-thirds of the Board voting on such determination. With respect to any such determination,
the Board will act fairly and in utmost good faith and will give the Executive and his counsel an opportunity to appear and be
heard at a meeting of the Board, and present evidence on the Executive’s behalf.

 

(b)The Executive’s
employment hereunder may be terminated by the Board due to the Executive’s Disability. For purposes of this Agreement, a
termination for “Disability” shall occur (i) when the Board has provided a written termination notice to the
Executive supported by a written statement from a reputable independent physician mutually selected by the Company and the Executive,
or the Executive’s legal representatives in the event he is unable to make such selection due to mental incapacity, to the
effect that the Executive shall have become so physically or mentally incapacitated as to be unable to resume, even with reasonable
accommodation as may be required under the Americans With Disabilities Act, within the ensuing twelve (12) months, his employment
hereunder by reason of physical or mental illness or injury, or (ii) upon rendering of a written termination notice by the Board
after the Executive has been unable to substantially perform his duties hereunder, even with reasonable accommodation as may be
required under the Americans With Disabilities Act, for 120 or more consecutive days, or more than 180 days in any consecutive
twelve month period, by reason of any physical or mental illness or injury. For purposes of this Section 9(b), the Executive agrees
to make himself available and to cooperate in any reasonable examination by a reputable independent physician mutually selected
by the Company and the Executive, and paid for by the Company. Notwithstanding the foregoing, nothing herein shall give the Company
the right to terminate Executive prior to discharging its obligations to Executive, if any, under the Family and Medical Leave
Act, the Americans With Disabilities Act, or any other applicable law. The Company shall reimburse Executive for his actual cost
of maintaining a supplementary long-term disability insurance policy during the Term up to a maximum reimbursement of $10,000 per
year.

 

    	10

    	 

    

 

(c)The Executive’s
employment hereunder may be terminated by the Board (or its successor) by written notice to the Executive upon the occurrence of
a Change of Control. For purposes of this Agreement, “Change of Control” means (i) the acquisition, directly
or indirectly, following the date hereof by any person (as such term is defined in Section 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended), in one transaction or a series of related transactions, of securities of the Company representing
in excess of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities if such
person or his or its affiliate(s) do not own in excess of 50% of such voting power on the Effective Date of this Agreement, or
(ii) the future disposition by the Company (whether direct or indirect, by sale of assets or stock, merger, consolidation or otherwise)
of all or substantially all of its business and/or assets in one transaction or series of related transactions other than a merger
(1) effected exclusively for the purpose of changing the domicile of the Company or (2) effected for the purpose of obtaining a
public listing and/or publicly traded securities.

 

(d)The Executive’s
employment hereunder may be voluntarily terminated by the Executive for Good Reason. For purposes of this Agreement, “Good
Reason” shall mean any of the following: (i) any material reduction by the Company of the Executive's duties, responsibilities,
or authority as President and Chief Executive Officer of the Company which causes his position with the Company to become of less
responsibility or authority than his position immediately following the Effective Date; (ii) any material reduction by the
Company of the Executive's compensation or benefits payable hereunder (it being understood that a reduction of benefits applicable
to all employees of the Company, including the Executive, shall not be deemed a reduction of the Executive's compensation package
for purposes of this definition); (iii) any requirement by the Company that the Executive locate Company headquarters, or Executive’s
residence or primary place of employment, to a location outside a 30-mile radius of New York, NY, or (iv) failure during the Term
to nominate the Executive for election to the Board and to recommend to shareholders to vote in support of such nomination, or
failure of the Board to appoint the Executive as President and Chief Executive Officer of the Company, or removal during the Term
from the Board or as President and Chief Executive Officer of the Company, provided that such failure or removal is not in connection
with either: (x) a termination of the Executive’s employment hereunder by the Company for Cause, or (y) as a result of the
failure of the stockholders of the Company to elect the Executive to the Board despite the Company’s compliance with its
obligations under Section 4 hereof; (v) a material breach by the Company of Section 8(b) of this Agreement which is not cured by
the Company within 30 days after written notice thereof is given to the Company by the Executive, or (vi) a change in the lines
of reporting such that the Executive no longer reports directly to the Board. However, notwithstanding the above, Good Reason shall
not exist unless: (x) the Executive notifies the Board within ninety (90) days of the initial existence of one of the adverse events
described above, and (y) the Company fails to correct the adverse event within thirty (30) days of such notice, and (z) the Executive’s
voluntary termination because of the existence of one or more of the adverse events described above occurs within 24 months of
the initial existence of the event.

 

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(e)The Executive’s
employment may be terminated by the Company without Cause by delivery of written notice to the Executive effective fifteen (15)
days after the date of delivery of such notice.

 

(f)The Executive’s
employment may be terminated by the Executive in the absence of Good Reason by delivery of written notice to the Company effective
fifteen (15) days after the date of delivery of such notice.

 

10.Compensation
upon Termination.

 

(a)Accrued Benefits.
Upon termination of Executive’s employment by either party regardless of the cause or reason, Executive shall be entitled
to the following, referred to herein as the “Accrued Benefits”: (i) payment for any accrued, unpaid Base Salary
through the termination date; and (ii) reimbursement for any approved business expenses that Executive has timely submitted for
reimbursement in accordance with the Company’s business expense reimbursement policy or practice. Except as otherwise expressly
provided by this Agreement, the Company shall have no further payment obligations to Executive and all Equity Awards that have
not vested as of the date of termination shall be forfeited
to the Company as of such date. Subject to this Section 10, Stock Options that have vested as of the Executive’s termination
shall remain exercisable for 90 days following such termination.

 

(b) Change of
Control Severance. If the Executive’s employment is terminated by the Company during the Term in connection with or within
six (6) months of the occurrence of a Change of Control, provided that Executive signs and does not revoke a general release of
claims against the Company within the time period specified therein, in form and substance satisfactory to the Company (the “Release”),
and provided further that such termination is a “separation from service” within the meaning of Treasury Regulation
§ 1.409A-1(h), then the Company shall provide the following benefits to Executive, referred to herein as the “Change
of Control Separation Benefits”: (i) a lump sum payment equal to eighteen (18) months of Executive’s then-current
Base Salary (less applicable taxes and withholdings); (ii) the full Annual Milestone Bonus (items (i) and (ii) being the “Change
of Control Separation Pay”); (iii) immediate vesting in full of all Equity Awards; (iv) extension of the exercise period
for all Stock Options to the end of their term; and (v) provided that Executive properly and timely elects to continue his health
insurance benefits under COBRA after the date of termination, reimbursement for Executive’s applicable COBRA premiums for
a period of eighteen (18) months or until Executive becomes eligible for insurance benefits from another employer, whichever is
earlier. The Change of Control Separation Pay will be paid within sixty (60) days after the termination date.

 

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(c) Other Severance
Benefits. If the Executive’s employment is terminated during the Term as a result of Executive’s Disability pursuant
to Section 9(b), by the Company without Cause pursuant to Section 9(e), or by Executive for Good Reason
pursuant to Section 9(d), provided that Executive signs and does not revoke the Release within the time period specified
therein, and provided further that such termination is a “separation from service” within the meaning of Treasury Regulation
§ 1.409A-1(h), then the Company shall provide the following benefits to Executive, referred to herein as the “Separation
Benefits”: (i) the continued payment in installments of Executive’s then-current Base Salary (less applicable taxes
and withholdings) for a period of twelve (12) months following the date of termination (the “Separation Pay”);
(ii) all Equity Awards which would have become vested during the twelve (12) months following the termination date shall accelerate
and vest; (iii) the extension of the exercise period for all vested Stock Options to the end of their term; and (iv) provided that
Executive properly and timely elects to continue his health insurance benefits under COBRA after the date of termination, reimbursement
for Executive’s applicable COBRA premiums for a period of twelve (12) months or until Executive becomes eligible for insurance
benefits from another employer, whichever is earlier. The first installment of the Separation Pay will be paid on the Company’s
first regular payday occurring sixty (60) days after the termination date in an amount equal to the sum of payments of Base Salary
that would have been paid if he had remained in employment for the period from the termination date through the payment date. The
remaining installments will be paid until the end of the 12-month period at the same rate as the Base Salary in accordance with
the Company’s normal payroll practices for its employees. Executive understands that if he is eligible to receive the Separation
Benefits, such Separation Benefits shall be in lieu of and not in addition to any other severance benefits otherwise provided for
herein, including the severance benefits described in Section 10(b) of this Agreement. Notwithstanding the foregoing, if Executive
is entitled to receive the Separation Benefits but violates any provisions of this Agreement or any other agreement entered into
by Executive and the Company after termination of employment, the Company will be entitled to immediately stop paying any further
installments of the Separation Benefits. If the Executive’s employment is terminated during the Term as a result of Executive’s
death, then the Company shall provide to Executive’s estate the continued payment of Executive’s then-current Base
Salary for a period of twelve (12) months following the date of termination, beginning on the Company’s first regular payday
following the date of such termination.

 

(d)This Section 10
sets forth the only obligations of the Company with respect to the termination of the Executive’s employment with the Company,
except as otherwise required by law, and the Executive acknowledges that, upon the termination of his employment, he shall not
be entitled to any payments or benefits which are not explicitly provided in Section 10. For purposes of clarification, if Executive’s
employment with the Company terminates upon expiration of the Term, Executive shall only be entitled to receive the Accrued Benefits
described in Section 10(a).

 

(e)Upon termination
of the Executive’s employment hereunder for any reason, the Executive shall be deemed to have resigned as director of the
Company, effective as of the date of such termination.

 

(f)The provisions
of this Section 10 shall survive any termination of this Agreement.

 

    	13

    	 

    

 

11.409A Restrictions.
The intent of the parties to the Agreement is that the payments, compensation and benefits under this Agreement be exempt from
or comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder
(collectively, “Section 409A”) and, in this connection, the following shall be applicable:

 

(a)To the greatest
extent possible, this Agreement shall be interpreted to be exempt or in compliance with Section 409A.

 

(b)If any severance,
compensation, or benefit required by the Agreement is to be paid in a series of installment payments, each individual payment in
the series shall be considered a separate payment for purposes of Section 409A.

 

(c)If any severance,
compensation, or benefit required by the Agreement that constitutes “nonqualified deferred compensation” within the
meaning of Section 409A is considered to be paid on account of “separation from service” within the meaning of Section
409A, and Executive is a “specified employee” within the meaning of Section 409A, no payments of any of such severance,
compensation, or benefit shall made for six (6) months plus one (1) day after such separation from service (the “New Payment
Date”). The aggregate of any such payments that would have otherwise been paid during the period between the date of
separation from service and the New Payment Date shall be paid to the Executive in a lump sum on the New Payment Date. Thereafter,
any severance, compensation, or benefit required by the Agreement that remains outstanding as of the day immediately following
the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this
Agreement.

  

(d)The provisions of
this Section 11 shall survive any termination of this Agreement.

 

12.Miscellaneous.

 

(a)This Agreement
shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, without giving effect
to its principles of conflicts of laws.

 

(b)In the event of
any dispute arising out of, or relating to, this Agreement or the breach thereof (other than Sections 6 or 7 hereof), or regarding
the interpretation thereof, the parties agree to submit any differences to nonbinding mediation prior to pursuing resolution through
the courts. The parties hereby submit to the exclusive jurisdiction of the Courts of New York County, New York, or the United States
District Court for the Southern District of New York, and agree that service of process in such court proceedings shall be satisfactorily
made upon each other if sent by registered mail addressed to the recipient at the address referred to in Section 12(g) below.

 

(c)This Agreement
shall be binding upon and inure to the benefit of the parties hereto, and their respective heirs, legal representatives, successors
and permitted assigns.

 

    	14

    	 

    

 

(d)This Agreement,
and the Executive’s rights and obligations hereunder, may not be assigned by the Executive. The rights and obligations of
the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company,
including any successors or assigns in connection with any sale, transfer or other disposition of all or substantially all of its
business or assets.

 

(e)This Agreement
cannot be amended orally, or by any course of conduct or dealing, but only by a written agreement signed by the parties hereto.

 

(f)The failure of
either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall not be
construed as a waiver or relinquishment of future compliance therewith, and such terms, conditions and provisions shall remain
in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall be effective for
any purpose whatsoever unless such waiver is in writing and signed by such party.

 

(g)All notices, requests,
consents and other communications, required or permitted to be given hereunder, shall be in writing and shall be delivered personally
or by an overnight courier service or sent by registered or certified mail, postage prepaid, return receipt requested, to the parties
at the addresses set forth on the first page of this Agreement, and shall be deemed given when so delivered personally or by overnight
courier, or, if mailed, five days after the date of deposit in the United States mails. Either party may designate another address,
for receipt of notices hereunder by giving notice to the other party in accordance with this Section 12 (g).

 

(h)This Agreement
sets forth the entire agreement and understanding of the parties relating to the subject matter hereof, and supersedes all prior
agreements, arrangements and understandings, written or oral, relating to the subject matter hereof. No representation, promise
or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or liable
for any alleged representation, promise or inducement not so set forth.

 

(i)As used in this
Agreement, “affiliate” of a specified person or entity shall mean and include any person or entity controlling, controlled
by or under common control with the specified person or entity.

 

(j)The section headings
contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

 

(k)This Agreement
may be executed in any number of counterparts, each of which shall constitute an original, but all of which together shall constitute
one and the same instrument.

 

[Remainder of Page
Intentionally Left Blank – Signature Page Follows]

 

    	15

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement and intend it to be effective as of the Effective Date by proper person thereunto duly authorized.

 

 

	 	VENTRUS BIOSCIENCES, INC.
	 	 	 
	 	 	 
	 	By:  	/s/ Myron Holubiak
	 	Name: Myron Holubiak
	 	Title: Director
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	 	 
	 	/s/ Russell H. Ellison
	 	Russell H. Ellison, MD

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