Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT
AGREEMENT effective as of April 7, 2021 (this “Agreement”) between Virpax Pharmaceuticals, Inc. (the “Company”),
a Delaware corporation, and Christopher M. Chipman (the “Executive”).

 

WHEREAS,
the Company desires to employ Executive upon the terms and conditions set forth in this Agreement;

 

WHEREAS,
Executive desires to commence employment with and to provide his services to the Company on the terms set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing, and of the respective covenants and agreements set forth below, the parties hereto,
intending to be legally bound, agree as follows:

 

1.
Position and Duties; Board Seat.

 

(a)
Position and Duties. The Company agrees that the Executive shall be employed by the Company to serve as Chief Financial Officer (“CFO”)
of the Company. The Executive shall report to the Chief Executive Officer (“CEO”). The Executive agrees to be so employed
by the Company and agrees to devote substantially all of his business time, attention, skill and efforts to perform services for the
Company and to faithfully and diligently discharge and fulfill his duties hereunder to the best of his abilities. In so doing, the Executive
shall perform such executive, managerial, administrative and financial functions as are required to develop the Company’s business
and to perform other duties assigned to the Executive by the CEO that are consistent with the Executive’s title as CFO.
The Executive shall perform Executive’s duties hereunder primarily at the Company’s principal offices. In the performance
of Executive’s duties, the Executive shall travel to such other places at such times as the needs of the Company may from time-to-time
dictate or be desirable. To the extent requested by the Company’s Board of Directors (the “Board”), Executive shall
also serve as an officer of any of the direct or indirect parents or subsidiaries of the Company, in each case without additional compensation.

 

(b)
Best Efforts and Other Activities. Executive shall serve the Company faithfully and to the best of Executive’s ability and
shall devote Executive’s full business time, energy, experience and talents to the business of the Company, and will not engage
in any other employment activities for any direct or indirect remuneration without the written approval of the Board. Provided, however,
that it shall not be a violation of this Agreement for Executive to manage Executive’s own personal investments or to engage in
or serve such civic, community, charitable, educational, or religious organizations as he may select, so long as such financial interest
and/or service does not create a conflict of interest with, or interfere with the performance of, Executive’s duties hereunder
or conflict with Executive’s covenants under this Agreement, in each case as determined in the sole judgment of the Board.

 

     

     

    

 

2.
Term. The Executive’s employment under this Agreement shall commence on April 5, 2021 (hereinafter, the “Commencement
Date”) and shall continue until the third anniversary of the Commencement Date, unless earlier terminated pursuant to Section 4.
The period during which the Executive is employed by the Company under this Agreement, and any renewal of this Agreement, is hereinafter
referred to as the “Term.” In the event that this Agreement is not renewed at the conclusion of the Term, and Executive continues
to work for the Company, such employment shall be “at-will,” which means that either Executive or the Company may terminate
Executive’s employment at any time, for any reason, with or without notice, and the terms of this Agreement, including any severance
obligations, shall no longer apply or be in force or effect, except that the Employee Confidential Disclosure, Invention Assignment,
Non-Competition, Non-Solicitation and Non-Interference Agreement remains in full force and effect.

 

3.
Compensation.

 

(a)
Base Salary. Executive shall be paid an annual salary at the rate of $250,000, payable in accordance with the Company’s payroll
practices and policies in effect from time to time and subject to applicable withholding of income taxes, social security taxes and other
such other payroll deductions as are required by law or applicable employee benefit programs. Executive’s base salary is subject
to adjustment by the Board or a committee of the Board. The Executive’s annual base salary, as in effect from time to time, is
hereinafter referred to as the “Base Salary.”

 

(b)
Cash Bonus. With respect to each fiscal year of the Company during the continued full-time employment of the Executive hereunder,
the Executive will be eligible to be considered for an annual performance bonus (the “Cash Bonus”) in an amount of up to
30% of the Executive’s Base Salary, which shall be prorated for 2021 based on the number of days during such year that the Executive
was employed by the Company. The Cash Bonus, if any, will be awarded by the Board in its sole discretion based on the achievement of
Company and personal performance metrics established by the Board on an annual basis. Any Cash Bonus awarded to the Executive hereunder
will be payable in a single lump sum cash payment, less applicable taxes and withholdings, not later than two and one-half months after
the end of the fiscal year to which it relates in accordance with the Company’s customary practices for annual bonus payments.
In order to earn any Cash Bonus, Executive must be actively employed by the Company on the date on which the Cash Bonus payment is made.
For purposes of this Agreement, “actively employed” means that Executive has not resigned (or given notice of Executive’s
intention to resign), and the Company has not terminated, or given notice to terminate Executive’s employment with the Company.

 

(c)
Equity Incentives. The Executive shall be eligible to participate in equity incentive programs established by the Company from time
to time in accordance with the terms of those programs.

 

(d)
Vacation and Fringe Benefits. The Executive shall be entitled to participate in all vacation and other fringe benefit programs of
the Company to the extent and on the same terms and conditions as are accorded to other senior management employees of the Company.

 

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(e)
Reimbursement of Other Expenses. The Company shall reimburse the Executive for the reasonable and necessary out-of-pocket business
expenses incurred by the Executive for or on behalf of the Company in furtherance of the performance of the Executive’s duties
hereunder in accordance with the Company’s policies as approved by the Board from time to time, subject in all cases to the Company’s
requirements with respect to reporting and documentation of such expenses, including health benefits.

 

(f)
Section 409A. If any reimbursement under this Section 3 is not exempt from Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) then (i) any reimbursement in one calendar year shall not affect the amount that may be reimbursed
in any other calendar year; (ii) a reimbursement (or right thereto) may not be exchanged or liquidated for another benefit or payment;
and (iii) a reimbursement shall be made no later than the end of the calendar year following the calendar year in which the Executive
incurred the related expense.

 

4.
Termination.

 

(a)
Death. The Executive’s employment with the Company shall automatically terminate effective as of the date of the Executive’s
death, in which event the Company shall not have any further obligation or liability under this Agreement except that the Company shall
pay to the Executive’s estate: (i) any portion of the Executive’s Base Salary for the period up to the Executive’s
date of death that has been earned but remains unpaid; (ii) any expenses properly incurred but not yet reimbursed, including, without
limitation, the reimbursements provided for in sub-sections (d) and (f) of Section 3; (iii) any benefits that have accrued to the Executive
under the terms of the employee benefit plans of the Company, which benefits shall be paid in accordance with the terms of those plans
(the payments in clauses (i) through (iii) collectively, the “Accrued Obligations”); and (iv) the Cash Bonus awarded pursuant
to Section 3(b), if any, with respect to the fiscal year prior to the fiscal year of termination, to the extend unpaid (“Unpaid
Cash Bonus”). The Accrued Obligations shall be paid on the first payroll date following the last date of employment to the extent
administratively feasible and, if not, then on the second payroll date following the last date of employment. The Unpaid Cash Bonus,
if any, will be paid when it would have been paid had Executive remained employed with the Company.

 

(b)
Disability. The Company may terminate the employment of the Executive immediately upon written notice to the Executive in the event
of the Disability (as defined below) of the Executive, in which event the Company shall not have any further obligation or liability
under this Agreement except for the Accrued Obligations and the Unpaid Cash Bonus. The Accrued Obligations shall be paid on the first
payroll date following the last date of employment to the extent administratively feasible and, if not, then on the second payroll date
following the last date of employment. The Unpaid Cash Bonus, if any, will be paid when it would have been paid had Executive remained
employed with the Company. For purposes of this Agreement, “Disability” means an illness, incapacity or a mental or physical
condition that renders the Executive unable or incompetent, with or without a reasonable accommodation, to carry out the job responsibilities
that the Executive held or the tasks that the Executive was assigned at the time the disability commenced for a period of 90 consecutive
days, or 180 non-consecutive days in any rolling 12-month period, as determined by the Board in its good faith discretion.

 

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(c)
Termination of the Executive’s Employment for Cause. The Company may terminate the employment of the Executive for Cause (as
defined below) immediately upon providing written notice of such termination to the Executive. If the Executive’s employment with
the Company is terminated by the Company for Cause, the Company shall not have any further obligation or liability under this Agreement
except for the Accrued Obligations. The Accrued Obligations shall be paid on the first payroll date following the last date of employment
to the extent administratively feasible and, if not, then on the second payroll date following the last date of employment. “Cause”
for the Company (or a successor, if appropriate) to terminate the Executive’s employment will exist upon the occurrence of any
of the following events: (i) the Executive’s continued failure to substantially perform the Executive’s duties and obligations
to the Company, including but not limited to any material breach of this Agreement or any material violation of the Company’s written
policies or rules, and failure to cure the same within ten business days after being notified by the Board, except that such cure period
shall not apply in circumstances where failure, breach, or refusal which, by its nature, cannot reasonably be expected to be cured; (ii) the
Executive’s having committed willful fraud or willful misconduct, in any such case which is materially injurious to the Company;
(iii) the Executive’s having been convicted of a felony involving moral turpitude that results in material harm to the standing
or reputation of the Company; or (iv) the Executive’s engagement in conduct that brings or is reasonably likely to bring the Company
negative publicity or into public disgrace, embarrassment, or disrepute.

 

(d)
Termination by the Company without Cause. The Company may terminate the employment of the Executive for any reason other than one
specified in Section 4(b) or Section 4(c) immediately upon written notice of termination to the Executive. For the avoidance of doubt,
Executive is not entitled to the benefits set forth in this Section 4(d) in the event that Executive’s termination with the Company
results from a nonrenewal of Executive’s agreement, or if the Company continues to employ Executive as an at-will employee following
the expiration of this Agreement. If the Executive’s employment with the Company is terminated by the Company for any reason other
than one specified in Section 4(b) or Section 4(c), in addition to the Accrued Obligations, Executive shall be entitled to receive the
following, subject to the conditions set forth in Section 4(d)(i): (i) severance payments in an amount equal to the Base Salary
for a period of six (6) months after the effective date of the termination of the Executive’s employment (“Severance Period”),
payable in accordance with the Company’s payroll practices and policies then in effect (except as provided below regarding the
commencement of payments); and (ii) monthly reimbursement (upon presentation of proof of payment) for the medical insurance premiums
under the Company’s group insurance plan (currently Independence Blue Cross Personal Choice Flex, Group #10402187) for the Executive
and his eligible dependents at the same level as was in effect on the termination date until the earlier of (1) the end of the Severance
Period or (2) the date the Executive becomes eligible for medical benefits through another employer, provided the Executive timely
elects continuation coverage under COBRA and remains eligible for such COBRA coverage.

 

(i)
Executive is only entitled to receive the payments and benefits set forth in this Section 4(d) if Executive: 1) executes a separation
agreement and general release of claims in the form provided by the Company (the “Release”); 2) complies with the Release;
3) complies with all terms and provisions of this Agreement; and 4) complies with the Executive Confidentiality Agreement (as defined
in Section 5) that survives the termination of the Executive’s employment by the Company.

 

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(ii)
Any payments due pursuant to Section 4(d), other than the Accrued Obligations, shall commence as soon as administratively feasible within
60 days after the date of the Executive’s termination of employment provided the Executive has timely executed and returned the
Release and, if a revocation period is applicable, the Executive has not revoked the Release; provided, however, that if the 60-day period
begins in one calendar year and ends in a second calendar year, the severance payments shall begin to be paid in the second calendar
year. The Accrued Obligations will be paid on the first payroll date following last date of employment to the extent administratively
feasible and, if not, then on the second payroll date following the last date of employment. If the Executive’s employment with
the Company is terminated by the Company pursuant to this Section 4(d), the Company shall not have any further obligation or liability
under this Agreement except for the payments specified in this Section 4(d) and payment of the Accrued Obligations.

 

(e)
Termination by the Executive for Good Reason. The Executive may terminate his employment with the Company for Good Reason (as defined
below) upon providing written notice of such termination to the Company in accordance with this Section 4(e). “Good Reason”
for the Executive to resign from the employ of the Company will exist upon the occurrence of any of the following events, subject to
compliance with the other provisions of Section 4(e): (a) a material reduction in the Base Salary, as then in effect, other than a general
reduction in Base Salary that affects all similarly situated executives in substantially the same proportions; (b) a material reduction
of the Executive’s authority, position, responsibilities or duties; (c) the Company’s material breach of this Agreement;
or (d) a relocation of the Executive’s principal workplace by more than 50 miles from the Company’s principal offices as
of the Commencement Date.

 

(i)
If the Executive shall terminate the Executive’s employment with the Company for Good Reason, the Executive shall be entitled to
receive the same payments and benefits on the same terms and conditions as would be applicable upon a termination of the Executive’s
employment by the Company as provided in Section 4(d) and subject to the satisfaction of the other provisions of such Section 4(d) and
this Section 4(e). If the Executive’s employment with the Company is terminated by the Executive for Good Reason pursuant to this
Section 4(e), the Company shall not have any further obligation or liability under this Agreement except for the payments specified in
Section 4(d) and payment of the Accrued Obligations.

 

(ii)
The Executive may not terminate his employment with the Company for Good Reason pursuant to this Section 4(e), and shall not be considered
to have done so for any purpose of this Agreement, unless (I) the Executive, within 60 days after the initial existence of the act or
failure to act by the Company that constitutes Good Reason within the meaning of this Agreement, provides the Company with written notice
that describes, in particular detail, the act or failure to act that the Executive believes to constitute Good Reason and identifies
the particular clause of this Section 4(e) that the Executive contends is applicable to such act or failure to act; (II) the Company,
within 30 days after its receipt of such notice, fails or refuses to rescind such act or remedy such failure to act so as to eliminate
Good Reason for the termination by the Executive of the Executive’s employment relationship with the Company; and (III) the Executive
actually resigns from the employ of the Company on or before that date that is 12 calendar months after the initial existence of the
act or failure to act by the Company that constitutes Good Reason. If the requirements of the immediately preceding sentence are not
fully satisfied on a timely basis, then Executive shall have waived his right to terminate his employment for Good Reason with respect
to such grounds, the resignation by the Executive from the employ of the Company shall not be deemed to have been for Good Reason, the
Executive shall not be entitled to any of the benefits to which the Executive would have been entitled if the Executive had resigned
from the employ of the Company for Good Reason, and the Company shall not be required to pay any amount or provide any benefit that would
otherwise have been due to the Executive under this Section 4(e) had the Executive resigned with Good Reason.

 

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(f)
Change in Control.

 

(i)
Notwithstanding any other provision contained herein, if the Executive’s employment hereunder
is terminated by the Executive for Good Reason or by the Company without Cause
(other than on account of the Executive’s death or Disability), in each
case within twelve (12) months following a Change in Control, the Executive shall
be entitled to receive the Accrued Obligations and subject to the Executive’s compliance
with Section 5 and Section 6 of this Agreement and the Executive’s execution
of the Release (as defined above) which becomes effective within 60 days following the termination date, the Executive shall
be entitled to receive the following:

 

(1)
a lump sum payment equal to two (2) times the sum of the Executive’s Base
Salary for the year in which the termination date occurs (or if greater, the year immediately preceding the year in which the Change
in Control occurs), which will be paid no later than March 15 of the year following the termination date;

 

(2)
a lump sum payment equal to two (2) times the sum of the Executive’s Cash
Bonus for the calendar year in which the termination date occurs (or if greater, the year in which the Change in Control occurs), which
will be paid no later than March 15 of the year following the termination date;

 

(3)
accelerated vesting of any award granted to the Executive under the Virpax Pharmaceuticals, Inc. 2017 Equity Incentive Plan (“Plan”)
in accordance with section 15.1(b) of the Plan, and as approved by the compensation committee of the Board pursuant to the execution
of this Agreement.

 

(ii)
For purposes of this Agreement, “Change in Control” shall mean the
occurrence of any of the following after the Effective Date:

 

(1)
one person (or more than one person acting as a group) acquires ownership of stock of the Company that, together with the stock held
by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of such corporation;
provided that, a Change in Control shall not occur if any person (or more than one person acting as a group) owns more than 50% of the
total fair market value or total voting power of the Company’s stock and acquires additional stock;

 

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(2)
one person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of
the most recent acquisition) ownership of the Company’s stock possessing 50% or more of the total voting power of the Company’s
stock; or

 

(3)
the sale of all or substantially all of the Company’s assets.

 

Notwithstanding
the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change
in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section
409A. For the avoidance of doubt, if Executive is entitled to benefits under this Section 4(f), Executive will not be eligible for the
benefits set forth in Sections 4(d) or 4(e).

 

(g)
Other Termination by the Executive. The Executive may terminate the Executive’s employment for any reason other than one specified
in Section 4(e) upon 30 days’ prior written notice of termination to the Company. In the event the Executive shall terminate the
Executive’s employment pursuant to this Section 4(g), the Company shall not have any further obligation or liability under this
Agreement, except for the Accrued Obligations, which shall be paid on the first payroll date following last date of employment to the
extent administratively feasible and if not, then on the second payroll date following the last date of employment. The Company shall
have the right following Executive’s provision of notice to terminate the Executive’s employment prior to the end of the
notice period so long as the Company pays the Executive his Base Salary for the full notice period.

 

(h)
Code Section 409A. The payments and reimbursements set forth in this Agreement are intended to be exempt from Code section 409A to
the maximum extent possible under either the separation pay exemption pursuant to Treasury regulation § 1.409A-1(b)(9) or as short-term
deferrals pursuant to Treasury regulation § 1.409A-1(b)(4). To the extent any portion of such payments are not exempt from Code
section 409A, the excess amount shall be treated as deferred compensation under Code section 409A and as such shall be payable pursuant
to the following schedule: such excess amount shall be paid via standard payroll in periodic installments in accordance with the Company’s
usual practice for its senior executives. Solely for purposes of Code section 409A, each installment payment is considered a separate
payment. To the extent the timing of any amount of nonqualified deferred compensation payable under this Agreement is determined by reference
to the Executive’s “termination of employment,” such term will be deemed to refer to the Executive’s “separation
from service” within the meaning of Code section 409A. Notwithstanding any provision in this Agreement to the contrary, in the
event that the Executive is a “specified employee” as defined in Code section 409A, any continuation payment, continuation
benefits or other amounts payable under this Agreement that would be subject to the special rule regarding payments to “specified
employees” under Section 409A(a)(2)(B) of the Code shall not be paid before the expiration of a period of six months following
the date of the Executive’s termination of employment or before the date of the Executive’s death, if earlier. In no event
shall the Company be liable for any additional tax, interest, or penalties that may be imposed on the Executive pursuant to Code section
409A.

 

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(i)
Parachute Provisions. In the event a Change of Control occurs, the Company will engage an independent accounting firm (the “Accounting
Firm”) at its expense to determine whether the Executive received, is entitled to receive or will become entitled to receive any
benefits or payments in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) (the “Total Payments”),
and whether the Total Payments will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code. If the
Total Payments will be subject to the Excise Tax, at the Executive’s election, (i) the Company shall use reasonable efforts to
obtain the approval of Company’s stockholders in the manner contemplated by Q&A 7 of Treas. Reg. Section 1.280G such that the
Excise Tax shall not apply to any portion of the Total Payments, or (ii) the aggregate present value of the Total Payments shall be reduced
(but not below $1) if reducing the Total Payments will provide the Executive with a greater net after-tax amount than would be the case
if no reduction was made. Any reduction shall be done in accordance with Section 409A of the Internal Revenue Code of 1986, as amended.

 

5.
Confidentiality and Restrictive Covenants. Concurrently with the execution hereof, and as a condition of employment, the Executive
shall execute and deliver an Employee Confidential Disclosure, Invention Assignment, Non-Competition, Non-Solicitation and Non-Interference
Agreement (the “Executive Confidentiality Agreement”).

 

6.
Cooperation. The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate
the Executive’s cooperation in the future. Accordingly, following the termination of the Executive’s employment for any reason,
to the extent reasonably requested by the Board, the Executive shall cooperate with the Company in connection with matters arising out
of the Executive's service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Executive's
other activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation

 

7.
No Conflicts. The Executive represents and warrants that the Executive is not party to any agreement, contract or understanding,
whether of employment, consultancy or otherwise, in conflict with this Agreement or which would in any way restrict or prohibit the Executive
from undertaking or performing services for the Company or otherwise from entering into or performing this Agreement or the Invention
Assignment Agreement.

 

8.
Full Agreement. This Agreement (including the Exhibits hereto) and the Executive Confidentiality Agreement, constitute the entire
agreement of the parties concerning its subject matter and supersedes all other oral or written understandings, discussions, and agreements,
and may be modified only in a writing signed by both parties; provided that neither this Agreement nor the Executive Confidentiality
Agreement shall not supersede any prior confidentiality, nondisclosure or invention assignment agreements executed by the Executive in
favor of the Company. The parties acknowledge that they have read and fully understand the contents of this Agreement and execute it
after having an opportunity to consult with legal counsel.

 

9.
Amendments. Any amendment to this Agreement shall be made in writing and signed by the parties hereto.

 

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10.
Enforceability. If any provision of this Agreement shall be invalid or unenforceable, in whole or in part, then such provision shall
be deemed to be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable, or shall be
deemed excised from this Agreement, as the case may require, and this Agreement shall be construed and enforced to the maximum extent
permitted by law as if such provision had been originally incorporated herein as so modified or restricted or as if such provision had
not been originally incorporated herein, as the case may be.

 

11.
Construction and Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the Commonwealth
of Pennsylvania. The parties agree that any action may only be pursued in courts located within the Commonwealth of Pennsylvania. The
parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance
of any such action or proceeding in such venue.

 

12.
Assignment.

 

(a)
By the Company. 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. This Agreement may be assigned by the Company without the consent of the Executive.

 

(b)
By the Executive. This Agreement and the obligations created hereunder may not be assigned by the Executive, but all rights of the
Executive hereunder shall inure to the benefit of and be enforceable by the Executive’s heirs, devisees, legatees, executors, administrators
and personal representatives. Any attempted assignment in violation of this Section 11(b) shall be null and void.

 

13.
Notices. All notices required or permitted to be given hereunder shall be in writing and shall be deemed to have been given when
mailed by certified mail, return receipt requested, or delivered by a national overnight delivery service addressed to the intended recipient
as follows:

 

If
to the Company:

Virpax Pharmaceuticals, Inc.

101 Lindenwood Drive, Suite 225

Malvern
PA 19355

Attention:
General Counsel

 

If
to the Executive:

 

Christopher
M. Chipman

[   ]

 

Any
party may from time to time change its address for the purpose of notices to that party by a similar notice specifying a new address,
but no such change shall be deemed to have been given until it is actually received by the party sought to be charged with its contents.

 

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14.
Waivers. No claim or right arising out of a breach or default under this Agreement shall be discharged in whole or in part by a waiver
of that claim or right unless the waiver is supported by consideration and is in writing and executed by the aggrieved party hereto or
such party’s duly authorized agent. A waiver by any party hereto of a breach or default by the other party hereto of any provision
of this Agreement shall not be deemed a waiver of future compliance therewith, and such provisions shall remain in full force and effect.

 

15.
Survival of Covenants. The provisions of Section 4 through this Section 15 shall survive the termination of the Executive’s
employment shall continue in effect thereafter.

 

16.
Counterparts; Facsimile or Electronic Transmission. This Agreement may be executed by the parties on separate counterparts, both
of which shall be an original and both of which together shall constitute one and the same agreement. A facsimile or electronic transmission
of a scanned copy of a signed counterpart signature page hereto shall be deemed to be an originally executed copy for purposes of this
Agreement.

 

(Signature
page follows.)

 

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IN
WITNESS WHEREOF, this Agreement has been executed by the parties as of the date first above written.

 

	 	VIRPAX
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/
    Anthony Mack
	 	 	Anthony
Mack, CEO
	 	 	 
	 	/s/
    Christopher M. Chipman
	 	Christopher
M. Chipman

 

 

11Exhibit 4.5

 

SERIES SEED PREFERRED STOCK PURCHASE AGREEMENT

 

THIS SERIES SEED PREFERRED
STOCK PURCHASE AGREEMENT (this “Agreement”), is made as of October 10, 2014 by and among Denim.LA, a Delaware
corporation (the “Company”), the investors listed on Exhibit A attached to this Agreement (each a “Purchaser”
and together the “Purchasers”).

 

The parties hereby agree as
follows:

 

1.            Purchase
and Sale of Preferred Stock.

 

1.1          Sale
and Issuance of Series Seed Preferred Stock.

 

(a)          The
Company shall adopt and file with the Secretary of State of the State of Delaware on or before the Initial Closing (as defined below)
the Amended and Restated Certificate of Incorporation in the form of Exhibit B attached to this Agreement (the “Restated
Certificate”).

 

(b)          Subject
to the terms and conditions of this Agreement, each Purchaser agrees to purchase at the Closing and the Company agrees to sell and issue
to each Purchaser at the Closing that number of shares of Series Seed Preferred Stock, $0.0001 par value per share (the “Series Seed
Preferred Stock”), set forth opposite each Purchaser’s name on Exhibit A, at a purchase price of $0.271976161108161
per share. The shares of Series Seed Preferred Stock issued to the Purchasers pursuant to this Agreement (including any shares issued
at the Initial Closing and any Additional Shares, as defined below) shall be referred to in this Agreement as the “Shares.”

 

1.2          Closing;
Delivery.

 

(a)          The
initial purchase and sale of the Shares shall take place remotely via the exchange of documents and signatures, at such time and place
as the Company and the Purchasers mutually agree upon, orally or in writing (which time and place are designated as the “Initial
Closing”). In the event there is more than one closing, the term “Closing” shall apply to each such closing
unless otherwise specified.

 

(b)          At
each Closing, the Company shall deliver to each Purchaser a certificate representing the Shares being purchased by such Purchaser at such
Closing against payment of the purchase price therefor by check payable to the Company, by wire transfer to a bank account designated
by the Company, by cancellation or conversion of indebtedness of the Company to Purchaser, including interest, or by any combination of
such methods.

 

    

     

    

 

1.3          Sale
of Additional Shares of Preferred Stock. After the Initial Closing, the Company may sell, on the same terms and conditions as those
contained in this Agreement, additional shares of Series Seed Preferred Stock (the “Additional Shares”), to one
or more purchasers (the “Additional Purchasers”), provided that each Additional Purchaser shall become a party to the
Transaction Agreements (as defined below), by executing and delivering a counterpart signature page to each of the Transaction Agreements,
and provided further that the aggregate number of Shares (including Additional Shares) sold in all Closings shall not exceed 21,209,487
(subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization affecting
such shares). Exhibit A to this Agreement shall be updated to reflect the number of Additional Shares purchased at each such
Closing and the parties purchasing such Additional Shares. In the event that payment by a Purchaser is made, in whole or in part, by cancellation
of indebtedness, then such Purchaser shall surrender to the Company for cancellation at the Closing any evidence of indebtedness or shall
execute an instrument of cancellation and lost promissory note and indemnity agreement in form and substance acceptable to the Company.

 

1.4          Defined
Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement shall be construed
to have the meanings set forth or referenced below.

 

(a)          “Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common
control with such Person, including, without limitation, any general partner, managing member, officer or director of such Person or any
venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the
same management company with, such Person.

 

(b)          “Code”
means the Internal Revenue Code of 1986, as amended.

 

(c)          “Company
Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under
the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

 

(d)          “Company
Intellectual Property” means all patents, patent applications, trademarks, trademark applications, service marks, service mark
applications, tradenames, copyrights, trade secrets, domain names, mask works, information and proprietary rights and processes, similar
or other intellectual property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing, licenses
in, to and under any of the foregoing, and any and all such cases that are owned or used by the Company in the conduct of the Company’s
business as now conducted.

 

(e)          “Indemnification
Agreement” means the agreement between the Company and the director designated by any Purchaser entitled to designate a member
of the Board of Directors pursuant to the Voting Agreement, dated as of the date of the Initial Closing, in the form of Exhibit D
attached to this Agreement.

 

(f)          “Investors’
Rights Agreement” means the agreement among the Company and the Purchasers and certain other stockholders of the Company dated
as of the date of the Initial Closing, in the form of Exhibit E attached to this Agreement.

 

(g)           “Key
Employee” means Corey Epstein and Mark Lynn.

 

    2

     

    

 

(h)          “Knowledge”
including the phrase “to the Company’s knowledge” shall mean the actual knowledge after reasonable investigation
of the Key Employees.

 

(i)           “Material
Adverse Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial
condition, property or results of operations of the Company.

 

(j)           “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

(k)          “Purchaser”
means each of the Purchasers who is initially a party to this Agreement and any Additional Purchaser who becomes a party to this Agreement
at a subsequent Closing under Subsection 1.3.

 

(l)           “Right
of First Refusal and Co-Sale Agreement” means the agreement among the Company, the Purchasers, and certain other stockholders
of the Company, dated as of the date of the Initial Closing, in the form of Exhibit G attached to this Agreement.

 

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

 

(n)          “Shares”
means the shares of Series Seed Preferred Stock issued at the Initial Closing and any Additional Shares issued at a subsequent Closing
under Subsection 1.3.

 

(o)          “Transaction
Agreements” means this Agreement, the Investors’ Rights Agreement, the Right of First Refusal and Co-Sale Agreement and
the Voting Agreement.

 

(p)          “Voting
Agreement” means the Amended and Restated Voting Agreement among the Company, the Purchasers and certain other stockholders
of the Company, dated as of the date of the Initial Closing, in the form of Exhibit H attached to this Agreement.

 

2.            Representations
and Warranties of the Company. The Company hereby represents and warrants to each Purchaser that, except as set forth on the Disclosure
Schedule attached as Exhibit C to this Agreement (and subject to the provisions set forth on the first page of such Disclosure
Schedule), which exceptions shall be deemed to be part of the representations and warranties made hereunder, the following representations
are true and complete as of the date of the Initial Closing, except as otherwise indicated.

 

For purposes of these representations
and warranties (other than those in Subsections 2.2, 2.3, 2.4, 2.5, and 2.6), the term the “Company”
shall include any subsidiaries of the Company, unless otherwise noted herein.

 

2.1          Organization,
Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to
carry on its business as presently conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a Material Adverse Effect.

 

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2.2          Capitalization.

 

(a)          The
authorized capital of the Company consists, immediately prior to the Initial Closing, of:

 

(i)            49,000,000
shares of common stock, $0.0001 par value per share (the “Common Stock”), 9,396,362 shares of which are issued and
outstanding immediately prior to the Initial Closing. All of the outstanding shares of Common Stock have been duly authorized, are fully
paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 

(ii)           21,209,487
shares of Preferred Stock, all of which shares have been designated Series Seed Preferred Stock, none of which are issued and outstanding
immediately prior to the Initial Closing. The rights, privileges and preferences of the Preferred Stock are as stated in the Restated
Certificate and as provided by the Delaware General Corporation Law.

 

(b)          The
Company has reserved 12,742,395 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant
to its 2013 Stock Plan duly adopted by the Board of Directors and approved by the Company stockholders (the “Stock Plan”).
Of such reserved shares of Common Stock, 88,000 shares have been issued pursuant to restricted stock purchase agreements, options to purchase
4,629,319 shares have been granted and are currently outstanding, and 8,025,076 shares of Common Stock remain available for issuance to
officers, directors, employees and consultants pursuant to the Stock Plan. The Company has furnished to the Purchasers complete and accurate
copies of the Stock Plan and forms of agreements used thereunder.

 

(c)          Except
for (A) the conversion privileges of the Shares to be issued under this Agreement, (B) the rights provided in Section 4
of the Investors’ Rights Agreement, and (C) the securities and rights described in Subsections 2.2(a) and 2.2(b) of
this Agreement (including without limitation any securities and rights described in Subsections 2.2(a) and 2.2(b) of
the Disclosure Schedule), there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of
first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any shares of Common Stock
or Series Seed Preferred Stock, or any securities convertible into or exchangeable for shares of Common Stock or Series Seed
Preferred Stock. All outstanding shares of the Company’s Common Stock and all shares of the Company’s Common Stock underlying
outstanding options are subject to (i) a right of first refusal in favor of the Company upon any proposed transfer (other than transfers
for estate planning purposes); and (ii) a lock-up or market standoff agreement of not less than one hundred eighty (180) days following
the Company’s initial public offering pursuant to a registration statement filed with the Securities and Exchange Commission under
the Securities Act.

 

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(d)          None
of the Company’s stock purchase agreements or stock option documents contains a provision for acceleration of vesting (or lapse
of a repurchase right) or other changes in the vesting provisions or other terms of such agreement or understanding upon the occurrence
of any event or combination of events, including without limitation in the case where the Company’s Stock Plan is not assumed in
an acquisition. The Company has never adjusted or amended the exercise price of any stock options previously awarded, whether through
amendment, cancellation, replacement grant, repricing, or any other means. Except as set forth in the Restated Certificate, the Company
has no obligation (contingent or otherwise) to purchase or redeem any of its capital stock.

 

(e)           The
Company has obtained valid waivers of any rights by other parties to purchase any of the Shares covered by this Agreement.

 

2.3          Subsidiaries.
The Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint
venture, limited liability company, association, or other business entity. The Company is not a participant in any joint venture, partnership
or similar arrangement.

 

2.4         Authorization.
All corporate action required to be taken by the Company’s Board of Directors and stockholders in order to authorize the Company
to enter into the Transaction Agreements, and to issue the Shares at the Closing and the Common Stock issuable upon conversion of the
Shares pursuant to the Restated Certificate (the “Conversion Shares”), has been taken or will be taken prior to the
Closing. All action on the part of the officers of the Company necessary for the execution and delivery of the Transaction Agreements,
the performance of all obligations of the Company under the Transaction Agreements to be performed as of the Closing, and the issuance
and delivery of the Shares has been taken or will be taken prior to the Closing. The Transaction Agreements, when executed and delivered
by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance
with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance,
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent
the indemnification provisions contained in the Investors’ Rights Agreement and the Indemnification Agreement may be limited by
applicable federal or state securities laws.

 

2.5          Valid
Issuance of Shares.

 

(a)          The
Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly
issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements,
applicable state and federal securities laws and liens or encumbrances created by or imposed by a Purchaser. Assuming the accuracy of
the representations of the Purchasers in Section 3 of this Agreement and subject to the filings described in Subsection
2.6(ii) below, the Shares will be issued in compliance with all applicable federal and state securities laws. The Common Stock
issuable upon conversion of the Shares pursuant to the Restated Certificate has been duly reserved for issuance, and upon issuance in
accordance with the terms of the Restated Certificate, will be validly issued, fully paid and nonassessable and free of restrictions on
transfer other than restrictions on transfer under the Transaction Agreements, applicable federal and state securities laws and liens
or encumbrances created by or imposed by a Purchaser. Based in part upon the representations of the Purchasers in Section 3
of this Agreement, and subject to Subsection 2.6 below, the Common Stock issuable upon conversion of the Shares will pursuant to
the Restated Certificate be issued in compliance with all applicable federal and state securities laws.

 

    5

     

    

 

(b)          No
 “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification
Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable.

 

2.6          Governmental
Consents and Filings. Assuming the accuracy of the representations made by the Purchasers in Section 3 of this Agreement, no
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state
or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated
by this Agreement, except for (i) the filing of the Restated Certificate, which will have been filed as of the Initial Closing, and
(ii) filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, which have been made or will
be made in a timely manner.

 

2.7          Litigation.
There is no claim, action, suit, proceeding, arbitration, complaint, charge or (to the Company’s knowledge) investigation pending
or to the Company’s knowledge, currently threatened (i) against the Company or, to the Company’s knowledge, any officer,
director or Key Employee of the Company arising out of their employment or board relationship with the Company; (ii) to the Company’s
knowledge, that questions the validity of the Transaction Agreements or the right of the Company to enter into them, or to consummate
the transactions contemplated by the Transaction Agreements; or (iii) to the Company’s knowledge, that would reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the Company nor, to the Company’s
knowledge, any of its officers, directors or Key Employees is a party or is named as subject to the provisions of any order, writ, injunction,
judgment or decree of any court or government agency or instrumentality (in the case of officers, directors or Key Employees, such as
would affect the Company). There is no action, suit, proceeding or investigation by the Company pending or which the Company intends to
initiate. The foregoing sentence includes, without limitation, actions, suits, proceedings or investigations pending or threatened in
writing involving the prior employment of any of the Company’s employees, their services provided in connection with the Company’s
business, or any information or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements
with prior employers.

 

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2.8          Intellectual
Property. To the Company’s knowledge (other than with respect to patents, patent applications, trademarks, trademark applications),
the Company owns or possesses or can acquire on commercially reasonable terms sufficient legal rights to all Company Intellectual Property
without any known conflict with, or infringement of, the rights of others. To the Company’s knowledge, no product or service marketed
or sold by the Company violates any license or infringes any intellectual property rights of any other party. Other than with respect
to commercially available software products under standard end-user object code license agreements, there are no outstanding options,
licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property, nor
is the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service
marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person. The Company
has not received any communications alleging that the Company has violated, or by conducting its business, would violate any of the patents,
trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights or processes of any other Person.
The Company owns, or has obtained and possesses valid licenses to use, all of the software programs present on the computers and other
software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection
with the Company’s business. To the Company’s knowledge, it will not be necessary to use any inventions of any of its employees
or consultants (or Persons it currently intends to hire) made prior to their employment by the Company, except for inventions that have
been assigned to the Company. Each employee and consultant has assigned to the Company all intellectual property rights he or she owns
that are related to the Company’s business as now conducted. Subsection 2.8 of the Disclosure Schedule lists all registered
patents, patent applications, trademarks, trademark applications, service marks, service mark applications, trade names and copyrights
owned by the Company. The Company has not embedded in any of its publicly-released products any open source, copyleft or community source
code distributed under any license that imposes specified obligations upon the Company, including but not limited to any libraries or
code licensed under any General Public License or Lesser General Public License. For purposes of this Subsection 2.8, the Company
shall be deemed to have knowledge of a patent right if the Company has actual knowledge (as defined in Section 1.4(h) of this
Agreement) of the patent right.

 

2.9          Compliance
with Other Instruments. The Company is not in violation or default (i) of any provisions of its Restated Certificate or Bylaws,
(ii) of any judgment, order, writ or decree, (iii) under any note, indenture or mortgage, (iv) under any lease, agreement,
contract, instrument or purchase order to which it is a party or by which it is bound that is required to be listed on the Disclosure
Schedule, or, (v) any provision of federal or state statute, rule or regulation applicable to the Company, in the case of each
of subsections (i) through (v) the violation of which would have a Material Adverse Effect. The execution, delivery and performance
of the Transaction Agreements on the part of the Company and the consummation of the transactions contemplated by the Transaction Agreements
on the part of the Company will not result in any such violation or be in conflict with or constitute, with or without the passage of
time and giving of notice, either (i) a default under any such provision, instrument, contract, agreement, judgment, order, writ
or decree, or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or the
suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company.

 

2.10        Agreements;
Actions.

 

(a)          Except
for the Transaction Agreements, there are no agreements, understandings, instruments, contracts or transactions to which the Company is
a party or by which it is bound that involve (i) obligations (contingent or otherwise) of, or payments to, the Company individually
in excess of $50,000 per annum, (ii) the license of any patent, copyright, trademark, trade secret or other proprietary right to
or from the Company, (iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other
Person that limit the Company’s exclusive right to develop, manufacture, assemble, distribute, market or sell its products, or (iv) indemnification
by the Company with respect to infringements of proprietary rights.

 

    7

     

    

 

(b)          The
Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series
of its capital stock, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess
of $50,000 or in excess of $250,000 in the aggregate, (iii) made any loans or advances to any Person, other than ordinary advances
for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its inventory
in the ordinary course of business. For the purposes of (a) and (b) of this Subsection 2.10, all indebtedness, liabilities,
agreements, understandings, instruments, contracts and transactions involving the same Person (including Persons the Company has reason
to believe are affiliated with each other) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such
subsection.

 

(c)          The
Company is not a guarantor or indemnitor of any indebtedness of any other Person.

 

2.11        Certain
Transactions.

 

(a)          Other
than (i) standard employment offer letters and consulting services agreements, (ii) standard employee benefits generally made
available to all employees, (iii) standard director and officer indemnification agreements approved by the Board of Directors, and
(iv) the purchase of shares of the Company’s capital stock and the issuance of options to purchase shares of the Company’s
Common Stock, in each instance, approved in the written minutes of the Board of Directors, there are no agreements, understandings or
transactions between the Company and any of its officers, directors, consultants or Key Employees, or any Affiliate thereof.

 

(b)          The
Company is not indebted, directly or indirectly, to any of its directors, officers or employees or to their respective spouses or children
or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course
of business or employee relocation expenses and for other customary employee benefits made generally available to all employees. None
of the Company’s directors, officers or employees, or to the Company’s knowledge any members of their immediate families,
or to the Company’s knowledge any Affiliate of the foregoing are, directly or indirectly, indebted to the Company.

 

2.12        Rights
of Registration and Voting Rights. Except as provided in the Investors’ Rights Agreement, the Company is not under any obligation
to register under the Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion
of its currently outstanding securities. To the Company’s knowledge, except as contemplated in the Voting Agreement, no stockholder
of the Company has entered into any agreements with respect to the voting of capital shares of the Company.

 

    8

     

    

 

2.13        Property.
The property and assets that the Company owns are free and clear of all mortgages, deeds of trust, liens,
loans and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and
liens that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such property
or assets. With respect to the property and assets it leases, the Company is in compliance with such leases and, to its knowledge, holds
a valid leasehold interest free of any liens, claims or encumbrances other than those of the lessors of such property or assets. The
Company does not own any real property.

 

2.14        Financial
Statements. The Company has delivered to each Purchaser its unaudited financial statements as of August 30, 2014 (the “Balance
Sheet Date”) and for the fiscal year ended December 31, 2013 (collectively, the “Financial Statements”).
The Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) applied
on a consistent basis throughout the periods indicated, except that the unaudited Financial Statements may not contain all footnotes
required by GAAP. The Financial Statements fairly present in all material respects the financial condition and operating results of the
Company as of the dates, and for the periods, indicated therein, subject in the case of the unaudited Financial Statements to normal
year-end audit adjustments. Except as set forth in the Financial Statements, the Company has no material liabilities or obligations,
contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent to the Balance Sheet
Date; (ii) obligations under contracts and commitments incurred in the ordinary course of business; and (iii) liabilities and
obligations of a type or nature not required under GAAP to be reflected in the Financial Statements, which, in all such cases, individually
and in the aggregate would not have a Material Adverse Effect. The Company maintains and will continue to maintain a standard system
of accounting established and administered in accordance with GAAP.

 

2.15        Changes.
Since the Balance Sheet Date there has not been:

 

(a)          any
change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the Financial Statements,
except changes in the ordinary course of business that have not caused, in the aggregate, a Material Adverse Effect;

 

(b)          any
damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect;

 

(c)          any
waiver or compromise by the Company of a valuable right or of a material debt owed to it;

 

(d)          any
satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in the ordinary course
of business and the satisfaction or discharge of which would not have a Material Adverse Effect;

 

(e)          any
material change to a material contract or agreement by which the Company or any of its assets is bound or subject;

 

(f)           any
material change in any compensation arrangement or agreement with any Key Employee, officer, director or stockholder;

 

    9

     

    

 

(g)          any
resignation or termination of employment of any officer or Key Employee of the Company;

 

(h)          any
mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties
or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially
impair the Company’s ownership or use of such property or assets;

 

(i)           any
loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their immediate
families, other than travel advances and other advances made in the ordinary course of its business;

 

(j)           any
declaration, setting aside or payment or other distribution in respect of any of the Company’s capital stock, or any direct or indirect
redemption, purchase, or other acquisition of any of such stock by the Company;

 

(k)          any
sale, assignment or transfer of any Company Intellectual Property that could reasonably be expected to result in a Material Adverse Effect;
or

 

(l)           any
arrangement or commitment by the Company to do any of the things described in this Subsection 2.15.

 

2.16        Employee
Matters.

 

To
the Company’s knowledge, none of its employees is obligated under any contract (including licenses, covenants or commitments of
any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially
interfere with such employee’s ability to promote the interest of the Company or that would conflict with the Company’s business.
Neither the execution or delivery of the Transaction Agreements, nor the carrying on of the Company’s business by the employees
of the Company, nor the conduct of the Company’s business as now conducted and as presently proposed to be conducted, will, to the
Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under,
any contract, covenant or instrument under which any such employee is now obligated. The Company has complied in all material respects
with all applicable state and federal equal employment opportunity laws and with other laws related to employment, including those related
to wages, hours, worker classification and collective bargaining.

 

To
the Company’s knowledge, no Key Employee intends to terminate employment with the Company or is otherwise likely to become unavailable
to continue as a Key Employee, nor does the Company have a present intention to terminate the employment of any of the foregoing. The
employment of each employee of the Company is terminable at the will of the Company.

 

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To
the Company’s knowledge, none of the Key Employees or directors of the Company has been (a) convicted in a criminal proceeding
or named as a subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (b) subject to any
order, judgment or decree (not subsequently reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily
enjoining him from engaging, or otherwise imposing limits or conditions on his engagement in any securities, investment advisory, banking,
insurance, or other type of business or acting as an officer or director of a public company; or (c) found by a court of competent
jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated
any federal or state securities, commodities, or unfair trade practices law, which such judgment or finding has not been subsequently
reversed, suspended, or vacated.

 

2.17        Tax
Returns and Payments. There are no federal, state, county, local or foreign taxes due and payable by the Company which have not been
timely paid (other than in an aggregate amount not material to the Company). There are no accrued and unpaid federal, state, country,
local or foreign taxes of the Company which are due, whether or not assessed or disputed (other than in an aggregate amount not material
to the Company). There have been no examinations or audits of any tax returns or reports by any applicable federal, state, local or foreign
governmental agency. The Company has duly and timely filed, or has obtained presently effective extensions with respect to, all federal,
state, county, local and foreign tax returns required to have been filed by it, and there are in effect no waivers of applicable statutes
of limitations with respect to taxes for any year.

 

2.18        Insurance.
The Company has in full force and effect fire and casualty insurance policies with extended coverage, sufficient in amount (subject to
reasonable deductions) to allow it to replace any of its properties that might be damaged or destroyed.

 

2.19        Employee
Agreements. Each current and former employee, consultant and officer of the Company has executed an agreement with the Company regarding
confidentiality and proprietary information substantially in the form or forms delivered to the counsel for the Purchasers (the “Confidential
Information Agreements”). No current or former Key Employee has excluded works or inventions from his or her assignment of
inventions pursuant to such Key Employee’s Confidential Information Agreement. Each current and former Key Employee has executed
a non-solicitation agreement substantially in the form or forms delivered to counsel for the Purchasers. To the Company’s knowledge,
none of the Key Employees is in violation of any agreement covered by this Subsection 2.19.

 

2.20        Permits.
The Company has all franchises, permits, licenses and any similar authority necessary for the conduct of its business as now being conducted,
the lack of which could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect
under any of such franchises, permits, licenses or other similar authority.

 

2.21        Corporate
Documents. The Restated Certificate and Bylaws of the Company are in the form provided to the Purchasers. The copy of the minute
books of the Company provided to the Purchasers contains minutes of all meetings of directors and stockholders and all actions by written
consent without a meeting by the directors and stockholders since the date of incorporation and accurately reflects in all material respects
all actions by the directors (and any committee of directors) and stockholders with respect to all transactions referred to in such minutes.

 

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2.22        83(b) Elections.
To the Company’s knowledge, all elections and notices under Section 83(b) of the Code have been or will be timely filed
by all individuals who have acquired unvested shares of the Company’s Common Stock at or before the Initial Closing.

 

2.23        Real
Property Holding Corporation. The Company is not now and has never been a “United States real property holding corporation”
as defined in the Code and any applicable regulations promulgated thereunder. The Company has filed with the Internal Revenue Service
all statements, if any, with its United States income tax returns which are required under such regulations.

 

2.24        Environmental
and Safety Laws. Except as could not reasonably be expected to have a Material Adverse Effect, to the best of its knowledge, (a) the
Company is and has been in compliance with all Environmental Laws; (b) there has been no release or, to the Company’s knowledge,
threatened release of any pollutant, contaminant or toxic or hazardous material, substance or waste or petroleum or any fraction thereof
(each a “Hazardous Substance”), on, upon, into or from any site currently or heretofore owned, leased or otherwise
used by the Company; (c) there have been no Hazardous Substances generated by the Company that have been disposed of or come to
rest at any site that has been included in any published U.S. federal, state or local “superfund” site list or any other
similar list of hazardous or toxic waste sites published by any governmental authority in the United States; and (d) there are no
underground storage tanks located on, no polychlorinated biphenyls (“PCBs”) or PCB-containing equipment used or stored
on, and no hazardous waste as defined by the Resource Conservation and Recovery Act, as amended, stored on, any site owned or operated
by the Company, except for the storage of hazardous waste in compliance with Environmental Laws. The Company has made available to the
Purchasers true and complete copies of all material environmental records, reports, notifications, certificates of need, permits, pending
permit applications, correspondence, engineering studies and environmental studies or assessments.

 

For purposes of this Subsection
2.24, “Environmental Laws” means any law, regulation, or other applicable requirement relating to (a) releases
or threatened release of Hazardous Substance; (b) pollution or protection of employee health or safety, public health or the environment;
or (c) the manufacture, handling, transport, use, treatment, storage, or disposal of Hazardous Substances.

 

2.25        Disclosure.
No representation or warranty of the Company contained in this Agreement, as qualified by the Disclosure Schedule, and no certificate
furnished or to be furnished to Purchasers at the Closing, contains any untrue statement of a material fact or, to the Company’s
knowledge, omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in light
of the circumstances under which they were made. It is understood that this representation is qualified by the fact that the Company has
not delivered to the Purchasers, and has not been requested to deliver, a private placement or similar memorandum or any written disclosure
of the types of information customarily furnished to purchasers of securities.

 

    12

     

    

 

2.26        Foreign
Corrupt Practices Act. Neither the Company nor, to the Company’s knowledge, any of the Company’s directors, officers,
employees or agents have, directly or indirectly, made, offered, promised or authorized any payment or gift of any money or anything of
value to or for the benefit of any “foreign official” (as such term is defined in the U.S. Foreign Corrupt Practices Act of
1977, as amended (the “FCPA”)), foreign political party or official thereof or candidate for foreign political office for
the purpose of (i) influencing any official act or decision of such official, party or candidate, (ii) inducing such official,
party or candidate to use his, her or its influence to affect any act or decision of a foreign governmental authority, or (iii) securing
any improper advantage, in the case of (i), (ii) and (iii) above in order to assist the Company or any of its affiliates in
obtaining or retaining business for or with, or directing business to, any person. Neither the Company nor, to the Company’s knowledge,
any of its directors, officers, employees or agents have made or authorized any bribe, rebate, payoff, influence payment, kickback or
other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation. The Company further
represents that it has maintained, and has caused each of its subsidiaries and affiliates to maintain, systems of internal controls (including,
but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA or any other applicable
anti-bribery or anti-corruption law. Neither the Company nor, to the Company’s knowledge, any of its officers, directors or employees
are the subject of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the FCPA or
any other anti-corruption law (collectively, “Enforcement Action”).

 

2.27        Data
Privacy. In connection with its collection, storage, transfer (including, without limitation, any transfer across national borders)
and/or use of any personally identifiable information from any individuals, including, without limitation, any customers, prospective
customers, employees and/or other third parties (collectively “Personal Information”), the Company is,
and has been, to the Company’s knowledge, in material compliance with all applicable laws in all relevant jurisdictions, the Company’s
privacy policies and the requirements of any contract or codes of conduct to which the Company is a party.  The Company has commercially
reasonable security measures in place to protect Personal Information collected by it or on its behalf from and against unauthorized access,
use and/or disclosure.  The Company is and has been, to the Company’s knowledge, in compliance in all material respects with
all laws relating to notification obligations with respect to unauthorized disclosure of private Personal Information.

 

3.            Representations
and Warranties of the Purchasers. Each Purchaser hereby represents and warrants to the Company, severally and not jointly, that:

 

3.1          Authorization.
The Purchaser has full power and authority to enter into the Transaction Agreements. The Transaction Agreements to which the Purchaser
is a party, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable
in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies, or (b) to the extent the indemnification
provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state securities laws.

 

    13

     

    

 

3.2          Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company,
which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares and the Conversion Shares (collectively,
the “Securities”) to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account,
not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present
intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Purchaser further
represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer
or grant participations to such Person or to any third Person, with respect to any of the Securities. The Purchaser has not been formed
for the specific purpose of acquiring the Securities.

 

3.3          Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the
terms and conditions of the offering of the Securities with the Company’s management and has had an opportunity to review the Company’s
facilities and such books and records and material contracts as the Purchaser deemed necessary to its determination to purchase the Securities.
The Purchaser has relied only upon the information provided to him or her in writing by the Company, or information from books and records
of the Company. No oral representations have been made to Purchaser or his or her advisor(s) by the Company in connection with the
offering of Securities which were not contained in, or were inconsistent with, Section 2 of this Agreement. The foregoing, however,
does not limit or modify the representations and warranties of the Company in Section 2 of this Agreement or the right of the Purchasers
to rely thereon.

 

3.4          Restricted
Securities. The Purchaser understands that the Securities have not been, and will not be, registered under the Securities Act, by
reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona
fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands
that the Securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant
to these laws, the Purchaser must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission
and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser
acknowledges that the Company has no obligation to register or qualify the Securities for resale except as set forth in the Investors’
Rights Agreement. The Purchaser further acknowledges that (a) there is no assurance that any exemption from registration or qualification
will be available, and (b) if an exemption from registration or qualification is available, it may be conditioned on various requirements
including, but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the
Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy,
and therefore that there is no assurance that any such exemption will allow the Purchaser to dispose of, or otherwise transfer, all or
any portion of the Securities.

 

3.5          No
Public Market. The Purchaser understands that no public market now exists for the Securities, and that the Company has made no assurances
that a public market will ever exist for the Securities.

 

    14

     

    

 

3.6          Legends.
The Purchaser understands that the Securities and any securities issued in respect of or exchange for the Securities, may bear one or
all of the following legends:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED
FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SALE, TRANSFER, ASSIGNMENT, PLEDGE
OR HYPOTHOCATION OF SUCH SECURITIES MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
COUNSEL IN A FORM SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT, PLEDGE OR HYPOTHOCATION IS EXEMPT FROM
THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT OF 1933, AS AMENDED.”

 

(a)          Any
legend set forth in, or required by, the other Transaction Agreements.

 

(b)          Any
legend required by the securities laws of any state to the extent such laws are applicable to the Securities represented by the certificate
so legended.

 

3.7          Relationship
to Company; Sophistication; Experience. The Purchaser either (i) has a preexisting business or personal relationship with the
Company and/or any of its officers, directors or controlling persons or (ii) such Purchaser, either alone or with his or her purchaser
representative(s), has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and
risks of the prospective investment in the Securities. Each purchaser representative, if any, in connection with the Purchaser’s
investment in the Securities, has confirmed in writing the specific details of any and all past, present or future relationships, actual
or contemplated, between the Purchaser or the Purchaser’s affiliates and the Company or any of the Company’s affiliates.

 

3.8          Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

3.9          Purchaser’s
Liquidity. The Purchaser (i) has no need for liquidity in the Purchaser’s investment, (ii) is able to bear the substantial
economic risks of an investment in the Securities for an indefinite period and (iii) at the present time, can afford a complete loss
of such investment. The Purchaser’s current commitments to illiquid investments is not disproportionate to the Purchaser’s
net worth, and the Purchaser’s investment in the Securities will not cause such commitment to become disproportionate.

 

3.10        Risks.
The Purchaser is aware that the Securities are highly speculative and that there can be no assurance as to what return, if any, there
may be. The Purchaser is aware that the Company may issue additional securities in the future which could result in the dilution of the
Purchaser’s ownership interest in the Company.

 

3.11        Foreign
Investors. If the Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Code), the Purchaser hereby
represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to
subscribe for the Securities or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase
of the Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents
that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale, or transfer of the Securities. The Purchaser’s subscription and payment for and continued beneficial ownership
of the Securities will not violate any applicable securities or other laws of the Purchaser’s jurisdiction

 

    15

     

    

 

3.12           No
General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either
directly or indirectly, including through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement
in connection with the offer and sale of the Securities. Further, the Purchaser was not offered or sold the Securities, directly or indirectly,
by means of any form of general solicitation or general advertisement, including (i) any advertisement, article, notice or other
communication published in any newspaper, magazine or similar medium or broadcast over television, radio or the Internet or (ii) any
seminar or other meeting whose attendees had been invited by general solicitation or general advertising.

 

3.13           Exculpation
Among Purchasers. The Purchaser acknowledges that it is not relying upon any Person, other than the Company and its officers and directors,
in making its investment or decision to invest in the Company. The Purchaser agrees that neither any Purchaser nor the respective controlling
Persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore
taken or omitted to be taken by any of them in connection with the purchase of the Securities.

 

3.14           Residence.
If the Purchaser is an individual, then the Purchaser is at least 21 years of age and resides in the state or province identified in the
address of the Purchaser set forth on Exhibit A; if the Purchaser is a partnership, corporation, limited liability company
or other entity, then the Purchaser is authorized and otherwise duly qualified to purchase and hold the Securities, and the office or
offices of the Purchaser in which its principal place of business is identified in the address or addresses of the Purchaser set forth
on Exhibit A.

 

3.15         Consent
to Promissory Note Conversion and Termination. Each Purchaser, to the extent that such Purchaser, as set forth on the Schedule of
Purchasers, is a holder of any promissory note of the Company being converted and/or cancelled in consideration of the issuance hereunder
of Shares to such Purchaser, hereby agrees that the entire amount owed to such Purchaser under such note is being tendered to the Company
in exchange for the applicable Shares set forth on the Schedule of Purchasers, and effective upon the Company’s and such Purchaser’s
execution and delivery of this Agreement, without any further action required by the Company or such Purchaser, such note and all obligations
set forth therein shall be immediately deemed repaid in full and terminated in their entirety, including, but not limited to, any security
interest effected therein.

 

    16 

     

    

 

4.             Conditions
to the Purchasers’ Obligations at Closing. The obligations of each Purchaser to purchase Shares at the Initial Closing are
subject to the fulfillment, on or before such Initial Closing, of each of the following conditions, unless otherwise waived by the Purchasers
of more than fifty percent (50%) of the Shares sold at the Closing, which consent may be given by written, email, oral or telephone communication
to the Company or its counsel:

 

4.1             Representations
and Warranties. The representations and warranties of the Company
contained in Section 2 shall be true and correct in all respects as of such Closing.

 

4.2             Performance.
The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Company on or before such Closing.

 

4.3           Qualifications. All authorizations, approvals or permits, if any, of
any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful
issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of such Closing, other than those
filings pursuant to Regulation D of the Securities Act and applicable state securities laws that are permitted to be made after the
Closing, which will be made in a timely manner.

 

4.4             Board
of Directors. As of the Initial Closing, the authorized size of the Board shall be five (5), and the Board shall be comprised of Corey
Epstein, Mark Lynn, Trevor Pettennude, John Tomich and one vacancy.

 

4.5             Indemnification
Agreement. The Company shall have executed and delivered the Indemnification Agreements.

 

4.6           Investors’
Rights Agreement. The Company and each Purchaser (other than the Purchaser relying upon this condition to excuse such Purchaser’s
performance hereunder) and the other stockholders of the Company named as parties thereto shall have executed and delivered the Investors’
Rights Agreement.

 

4.6             Right
of First Refusal and Co-Sale Agreement. The Company, each Purchaser (other than the Purchaser relying upon this condition to excuse
such Purchaser’s performance hereunder), and the other stockholders of the Company named as parties thereto shall have executed
and delivered the Right of First Refusal and Co-Sale Agreement.

 

4.7      
      Voting Agreement. The Company, each Purchaser (other than
the Purchaser relying upon this condition to excuse such Purchaser’s performance hereunder), and the other stockholders of the
Company named as parties thereto shall have executed and delivered the Voting Agreement.

 

4.8              Restated
Certificate. The Company shall have filed the Restated Certificate with the Secretary of State of Delaware on or prior to the Closing,
which shall continue to be in full force and effect as of the Closing.

 

4.9            Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents
incident thereto shall be reasonably satisfactory in form and substance to each Purchaser, and each Purchaser (or its counsel) shall have
received all such counterpart original and certified or other copies of such documents as reasonably requested.

 

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5.               Conditions
of the Company’s Obligations at Closing. The obligations of the Company to sell Shares to the Purchasers at the Initial Closing
or any subsequent Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise
waived by the Company, which consent may be given by written, email, oral or telephone communication to the Purchasers of more than fifty
percent (50%) of the Shares sold at the Closing or their counsel:

 

5.1             Representations
and Warranties. The representations and warranties of each Purchaser contained in Section 3 shall be true and correct
in all respects as of such Closing.

 

5.2            Performance.
The Purchasers shall have performed and complied in all material respects with all covenants, agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by them on or before such Closing.

 

5.3           Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective
as of the Closing, other than those filings pursuant to Regulation D of the Securities Act and applicable state securities laws that are
permitted to be made after the Closing, which will be made in a timely manner.

 

5.4             Investors’
Rights Agreement. Each Purchaser shall have executed and delivered the Investors’ Rights Agreement.

 

5.5             Right
of First Refusal and Co-Sale Agreement. Each Purchaser and the other stockholders of the Company named as parties thereto shall have
executed and delivered the Right of First Refusal and Co-Sale Agreement.

 

5.6             Voting
Agreement. Each Purchaser and the other stockholders of the Company named as parties thereto shall have executed and delivered the
Voting Agreement.

 

5.7             Restated
Certificate. The Company, using its reasonable best efforts, shall have filed the Restated Certificate with the Secretary of State
of Delaware on or prior to the Closing, which shall continue to be in full force and effect as of the Closing.

 

6.            Miscellaneous.

 

6.1           Survival
of Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company and the Purchasers
contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in
no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Purchasers or the Company.

 

6.2          Successors
and Assigns. Except as otherwise set forth herein, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties hereto. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

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6.3             Governing
Law. This Agreement and any controversy arising out of or relating to this Agreement shall
be governed by and construed in accordance with the internal law of the State of Delaware, without regard to conflict of law principles.

 

6.4             Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes, and enforceable against
the parties actually executing such counterparts.

 

6.5             Titles
and Subtitles; References. The titles and subtitles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs,
exhibits and schedules shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto,
all of which exhibits and schedules are incorporated herein by this reference

 

6.6             Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying
next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their
address as set forth on the signature page or Exhibit A or to such e-mail address, facsimile number or address as subsequently
modified by written notice given in accordance with this Subsection 6.6.

 

6.7            No
Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection
with this transaction. Each Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation
in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending
against such liability or asserted liability) for which each Purchaser or any of its officers, employees or representatives is responsible.
The Company agrees to indemnify and hold harmless each Purchaser from any liability for any commission or compensation in the nature
of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability
or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

 

6.8             Fees
and Expenses. Each party to this Agreement shall pay its own fees, expenses and administrative costs related to the preparation, negotiation,
execution and delivery of the Transaction Agreements and the other agreements contemplated therein, and the consummation of the transactions
contemplated therein, except as otherwise expressly set forth in the Transaction Agreements.

 

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6.9             Costs
and Attorneys’ Fees. Notwithstanding any other provision herein, if any action at law or in equity (including arbitration) is
instituted under or in relation to the Transaction Agreements, including without limitation to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to recover from the losing party all fees, costs and expenses of enforcing or interpreting
the terms of the Transaction Agreements, including without limitation reasonable attorneys’ and accountants’ fees, costs and
necessary disbursements (including with respect to appeals) in addition to any other relief to which such party may be entitled.

 

6.10           Amendments
and Waivers. Except as set forth in Subsection 1.3 of this Agreement, any term of this Agreement may be amended, terminated
or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the
Company, and (i) the holders of at least a majority of the then-outstanding Shares, or (ii) for an amendment, termination or
waiver effected prior to the Initial Closing, Purchasers obligated to purchase at least a majority of the Shares to be issued at the Initial
Closing. Any amendment or waiver effected in accordance with this Subsection 6.10 shall be binding upon the Purchasers and each
transferee of the Shares (or any Common Stock issuable upon conversion thereof), each future holder of all such securities, and the Company.

 

6.11            Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

6.12           Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach
or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any
breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must
be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement
or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

6.13           Entire
Agreement. This Agreement (including the Exhibits hereto), the Restated Certificate and the other Transaction Agreements constitute
the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or
oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

 

6.14           Corporate
Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF
CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION
THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100,
25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION
BEING OBTAINED UNLESS THE SALE IS SO EXEMPT.

 

    20 

     

    

 

6.15            Dispute
Resolution. Any unresolved controversy or claim arising out of or relating to this Agreement, except as (i) otherwise provided
in this Agreement, or (ii) any such controversies or claims arising out of either party’s intellectual property rights for
which a provisional remedy or equitable relief is sought, shall be submitted to arbitration by one arbitrator mutually agreed upon by
the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by the
American Arbitration Association (the “AAA”), then by one arbitrator having reasonable experience in corporate finance
transactions of the type provided for in this Agreement and who is chosen by the AAA. The arbitration shall take place in Los Angeles,
California, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding
and may be entered in any court having jurisdiction thereof. There shall be limited discovery prior to the arbitration hearing as follows:
(a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated,
(b) depositions of all party witnesses, and (c) such other depositions as may be allowed by the arbitrators upon a showing of
good cause. Depositions shall be conducted in accordance with the California Code of Civil Procedure, the arbitrator shall be required
to provide in writing to the parties the basis for the award or order of such arbitrator, and a court reporter shall record all hearings,
with such record constituting the official transcript of such proceedings.

 

6.16          No
Commitment for Additional Financing.    The Company acknowledges and agrees that no Purchaser has made any representation, undertaking,
commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase
of the Shares as set forth herein and subject to the conditions set forth herein. In addition, the Company acknowledges and agrees that
(i) no statements, whether written or oral, made by any Purchaser or its representatives on or after the date of this Agreement shall
create an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment, (ii) the
Company shall not rely on any such statement by any Purchaser or its representatives, and (iii) an obligation, commitment or agreement
to provide or assist the Company in obtaining any financing or investment may only be created by a written agreement, signed by such Purchaser
and the Company, setting forth the terms and conditions of such financing or investment and stating that the parties intend for such writing
to be a binding obligation or agreement. Each Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline
to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company
in obtaining any financing, investment or other assistance.

 

6.17
          Waiver of
Conflicts.      Each party to this Agreement acknowledges
that Strategic Law Partners, LLP (“SLP”), outside legal counsel to the Company, has in the past performed and is
or may now or in the future represent one or more Purchasers or their Affiliates in matters unrelated to the transactions
contemplated by this Agreement (the “Financing”), including representation of such Purchasers or their Affiliates
in matters of a similar nature to the Financing. SLP believes that its representation of the Company in the Financing will not
adversely affect its relationship with those of the Purchasers who are clients of SLP, and that its representation of those
Purchasers in matters unrelated to the Financing will not adversely affect SLP’s representation of the Company in the
Financing. The applicable rules of professional conduct require that SLP inform the parties hereunder of this dual
representation and obtain their consent to SLP’s representation of the Company, and their waiver of the conflict of interest
which arises from their representation of the Company adverse to any of the Purchaser who are clients of SLP. SLP has served as
outside legal counsel to the Company and has negotiated the terms of the Financing solely on behalf of the Company. The Company and
each Purchaser hereby (a) acknowledge that they have had an opportunity to ask for and have obtained information relevant to
such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation;
(b) acknowledge that with respect to the Financing, SLP has represented solely the Company, and not any Purchaser or any
stockholder, director or employee of the Company or any Purchaser; (c) gives its informed consent to SLP’s representation
of the Company in the Financing; and (d) represents that it has had the opportunity to be, or has been, represented by
independent counsel in giving the waivers contained in this Section 6.17.

 

[signature pages follow]

 

    21 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Series Seed Preferred Stock Purchase Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	By:	 
	 	 
	 	Name:	    
	 	(print)
	 	 
	 	Title:	 
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Strategic Law Partners, LLP
	 	Attn: Bradley Schwartz
	 	500 S. Grand Avenue, Suite 2050
	 	Los Angeles, California 90071

 

Signature
Page to Stock Purchase Agreement

 

    

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Series Seed Preferred Stock Purchase Agreement as of the date first written above.

 

	 	PURCHASERS:
	 	 
	 	 
	 	(Print Name of Purchaser)
	 	 
	 	By:	               
	 	 
	 	Name:	 
	 	(print)
	 	 
	 	Title:	 
	 	 
	 	Address:	 
	 	 	 
	 	 

 

Signature
Page to Stock Purchase Agreement

 

    

     

    

 

EXHIBITS

 

Exhibit A
 – SCHEDULE OF PURCHASERS

 

Exhibit B
 – FORM OF AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

 

Exhibit C
 – DISCLOSURE SCHEDULE

 

Exhibit D
 – FORM OF INDEMNIFICATION AGREEMENT

 

Exhibit E
 – FORM OF INVESTORS’ RIGHTS AGREEMENT

 

Exhibit F
 – FORM OF RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT

 

Exhibit G
 – FORM OF AMENDED AND RESTATED VOTING AGREEMENT

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