Document:

EXHIBIT 4.3

 

NEITHER THIS SECURITY
NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
SECURITIES.

  

COMMON STOCK PURCHASE WARRANT

 

CORMEDIX
inc.

 

	Warrant Shares: ________	Issuance Date: ________

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received,  ____________ (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the issuance date set forth above (the “Issuance Date”) and on or prior to the close of business
on the fifth (5th) anniversary of the Issuance Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from CorMedix Inc., a Delaware corporation (the “Company”), up to ________________shares
(the “Warrant Shares”) of the Company’s common stock, par value $0.001 per share (the “Common
Stock”). The exercise price of one (1) share of Common Stock under this Warrant shall initially be $0.40, subject
to adjustment hereunder (the “Exercise Price”).

 

This Warrant is one of
a series of warrants (the “Warrants”) issued pursuant to the Subscription Agreement (the “Subscription
Agreement”) attached as Exhibit A to the Company’s Confidential Private Placement Memorandum
dated [_______] 2012 (including all exhibits,
attachments, annexes, amendments and supplements thereto) (collectively, the “Memorandum”) in connection
with the Company’s offering (the “Offering”) through John Carris Investments LLC (the “Placement
Agent”) of its units (the “Units”), each Unit consisting of (i) a one-year $1,000 principal
amount 9% Senior Convertible Note (each, a “Note” and collectively, the “Notes”),
convertible into shares (“Conversion Shares”) of Common Stock, and (ii) a five-year Warrant.

 

Section 1.              Definitions.
Capitalized terms used herein and not defined shall have the meanings set forth in the Subscription Agreement.

 

a)           
“Business Day” means any day other than (a) a Saturday or Sunday, and (b) any day on which banks are
required or permitted to be closed in New York, New York.

 

b)           
“Daily VWAP” means, for any particular Trading Day, (i) the daily volume weighted average price
of the Common Stock on such date on the principal Trading Market on which the Common Stock is then listed or eligible for quotation,
or if there is no such price on such date, then the last daily volume weighted average price of the Common Stock on such Trading
Market on the nearest Trading Day preceding such date as reported by Bloomberg Financial L.P. (based on a Trading Day from 9:30
a.m. Eastern Time to 4:02 p.m. Eastern Time); (ii) if the Common Stock is not then listed or quoted on a Trading Market and if
prices for the Common Stock are then reported in the “Pink Sheets” published by the OTC Markets Group (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock
so reported; or (iii) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Holder and reasonably acceptable to the Company.

 

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

 

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

 

e)            “Registration Statement” means a registration statement covering the resale of all of the Conversion
Shares and any other shares of Common Stock issuable upon conversion of all of the Notes.

 

f)             “Rule 144” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same
effect as such Rule.

 

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

 

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

 

i)             “Trading Day” means a day on which the principal Trading Market is open for trading.

 

j)             “Trading Market” means any of the following markets or exchanges on which the Common Stock is
listed or quoted for trading on the date in question:  the OTC Bulletin Board, the OTC Markets
Group, Pink Sheets, LLC, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, and the New York Stock Exchange MKT, or any successor thereto as the case may be.

 

k)            “Transfer Agent” shall mean the Company’s duly appointed transfer agent, registrar, conversion
agent and dividend disbursing agent for the Common Stock.

 

Section 2.              Exercise.

 

a)            Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Issuance Date and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books and records of the Company) of (i) a duly executed facsimile copy of the notice of exercise annexed hereto
(the “Notice of Exercise”); and (ii) within ten (10) Trading Days of the date said Notice of Exercise
is delivered to the Company, payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s
check drawn on a United States bank or, if available, pursuant to the cashless exercise procedure specified in Section 2(b)
below. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to
the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within ten (10) Trading Days of the
date the Company has actual receipt of the final Notice of Exercise, provided that failure to deliver such certificate shall
not affect the rights of the Holder herein to, among other things, exercise this Warrant and receive the Warrant Shares in accordance
with this Warrant. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount
equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number
of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within
three (3) Trading Days of receipt of such notice. In the event of any dispute or discrepancy, the records of the Holder shall be
controlling and determinative in the absence of manifest error. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

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b)            Cashless Exercise. This Warrant may also be exercised, in whole or in part, by means of a “cashless exercise”
in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained
by dividing [(A-B) (X)] by (A), where:

 

(A) = the
Daily VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless
exercise,” as set forth in the applicable Notice of Exercise;

 

(B) = the
Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) =
the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

Notwithstanding
anything herein to the contrary, on the Termination Date, if permitted under this Section 2(b), this Warrant shall
be automatically exercised via cashless exercise pursuant to this Section 2(b).

 

c)            Mechanics of Exercise.

 

		 	i.           
Delivery of Certificates Upon Exercise. If (i) the Company is then a participant in the Deposit Withdrawal Agent
Commission (“DWAC”) system, (ii) the Holder has provided its DWAC instructions to the Company and (iii)
either (A) there is an effective registration satement permitting the issuance of the Warrant Shares to or resale of the Warrant
Shares by the Holder and the Holder agrees in writing to make any resale of the Warrant Shares in accordance with such registration
statement or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant
to Rule 144, the Company shall, or shall have its Transfer Agent, transmit certificates representing the Warrant Shares purchased
to the Holder by crediting the account of the Holder’s broker-dealer with the Depository Trust Company (“DTC”).
If the above conditions are not satisfied on the date that the Holder submits a Notice of Exercise to the Company, the Company
shall deliver certificates representing the Warrant Shares purchased by physical delivery to the address specified by the Holder
in the Notice of Exercise by the date that is five (5) Trading Days from the latest to occur of (A) the delivery to the Company
of the Notice of Exercise, and (B) payment of the aggregate Exercise Price as set forth above (including by cashless exercise,
if permitted) (such date, the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been
exercised on the first date on which all of the foregoing have been delivered to the Company. The Warrant Shares shall be deemed
to have been issued, and the Holder or any other Person so designated to be named therein shall be deemed to have become a holder
of record of such shares for all purposes as of the date the Warrant has been exercised.

 

		 	ii.           
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of such Holder to purchase the unpurchased Warrant
Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

		 	iii.           
Partial Liquidated Damages. The Company understands that a delay in the delivery of Warrant Shares beyond the Warrant
Share Delivery Date could result in economic loss to the Holder. If the Company fails to deliver to the Holder such shares by the
Warrant Share Delivery Date, the Company shall pay to such Holder, in cash, an amount per Trading Day for each Trading Day until
such shares are delivered, together with interest on such amount at a rate of 15% per annum, accruing until such amount and any
accrued interest thereon is paid in full, equal to the greater of (i) (A) 1% of the applicable Purchase Price for each of the first
five (5) Trading Days after the Delivery Date, and (B) 2% of the applicable Purchase Price or each Trading Day thereafter, and
(ii) $2,000 per day (which amount shall be paid as partial liquidated damages and not as a penalty), provided that the Company
shall not be liable for more than five (5%) percent of the then purchase price to purchase all then remaining Warrant Shares issuable
under this Warrant at the then Exercise Price pursuant to this Warrant. Nothing herein shall limit a Holder’s right to pursue
actual damages for the Company’s failure to deliver certificates representing the Warrant Shares purchased upon exercise
of this Warrant and such Holder shall have the right to pursue all remedies available to it at law or in equity (including, without
limitation, a decree of specific performance and/or injunctive relief). Notwithstanding anything to the contrary contained herein,
the Holder shall be entitled to withdraw a Notice of Exercise, and upon such withdrawal, the Company shall only be obligated to
pay the liquidated damages accrued in accordance with this Section 2(c)(iv) through the date the Notice of Exercise
is withdrawn.

 

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		 	iv.           
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights
available to the Holder, if the Company fails for any reason to deliver to a Holder the applicable certificate or certificates
by the Warrant Share Delivery Date pursuant to Section 2(c)(i), and if after such Warrant Share Delivery Date, such
Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by such Holder of the Warrant Shares which
such Holder was entitled to receive upon the exercise relating to such Warrant Share Delivery Date (a “Buy-In”),
then the Company shall (1) pay in cash to such Holder (in addition to any other remedies available to or elected by such Holder)
the amount, if any, by which (x) such Holder’s total purchase price (including any brokerage commissions) for the Common
Stock so purchased exceeds (y) the product of (A) the aggregate number of Warrant Shares that such Holder was entitled to receive
from the exercise at issue multiplied by (B) the actual sale price at which the sell order giving rise to such purchase obligation
was executed (including any brokerage commissions) and (2) at the option of such Holder, either reissue (if surrendered) a Warrant
to purchase such number of Warrant Shares as submitted for exercise in the Notice of Exercise in question (in which case, such
exercise shall be deemed rescinded) or deliver to such Holder the number of Warrant Shares that would have been issued if the Company
had timely complied with its delivery requirements under Section 2(c)(i). For example, if a Holder purchases Warrant
Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of the Warrant with respect
to which the actual sale price of the Warrant Shares (including any brokerage commissions) giving rise to such purchase obligation
was a total of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required to pay such Holder
$1,000. The Holder shall provide the Company written notice indicating the amounts payable to such Holder in respect of the Buy-In
and, upon request of the Company, reasonable evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing the
Warrant Shares issuable upon exercise of all or any portion of this Warrant as required pursuant to the terms hereof.

 

		 	v.           
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. If the issuance would result in the issuance of a fractional share or scrip representing fractional
shares, the Company shall round such fractional share up to the nearest whole share.

 

		 	vi.           
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and
expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names
as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be
issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the Holder.

 

		 	vii.           
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.

 

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d)            Limitations on Exercise.

 

		 	i.                       
Notwithstanding anything to the contrary set forth in this Section 2, at no time may the Company issue Warrant
Shares to a Holder or the Holder exercise all or a portion of this Warrant into Warrant Shares if the number of Warrant Shares
to be issued pursuant to such issuance or exercise would exceed, when aggregated with all other shares of Common Stock owned by
the Holder at such time and all shares of Common Stock that the Holder is then the beneficial owner of (as determined in accordance
with Section 13(d) of the Exchange Act and the rules thereunder), the number of shares of Common Stock would result in the Holder
beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act and the rules thereunder) more than 4.999%
of all of the then issued and outstanding Common Stock at such time; provided, however, that upon the Holder providing
the Company with sixty-one (61) days notice (pursuant to Section 5(h) hereof) (the “Waiver Notice”)
that the Holder would like to waive this Section 2(d)(i) with regard to any or all Warrant Shares issuable in respect
of this Warrant, this Section 2(d)(i) will be of no force or effect with regard to all or a portion of the Warrant
Shares referenced in the Waiver Notice.

 

		 	ii.                       
Notwithstanding anything to the contrary set forth in Section 2 of this Warrant, at no time may the Company
issue Warrant Shares to a Holder or the Holder convert all or a portion of this Warrant into Warrant Shares if the number of Warrant
Shares to be issued pursuant to such issuance or exercise, when aggregated with all other shares of Common Stock owned by the Holder
at such time and all shares of Common Stock that the Holder is then the beneficial holder of (as determined in accordance
with Section 13(d) of the Exchange Act and the rules thereunder), would result in the Holder beneficially owning (as determined
in accordance with Section 13(d) of the Exchange Act and the rules thereunder) in excess of 9.999% of the then issued and outstanding
shares of Common Stock at such time.

 

		 	iii.                       
Notwithstanding anything to the contrary set forth in this Warrant, the Company shall not be obligated to issue any Warrant
Shares upon exercise of this Warrant or otherwise pursuant to the terms of this Warrant if the issuance of such Warrant Shares
(taken together with the prior issuance of all other shares of Common Stock upon conversion of any Notes and exercise of any Warrants
issued in the Offering) would exceed the aggregate number of shares of Common Stock which the Company may issue upon exercise or
conversion (as the case may be) of the Warrants and the Notes pursuant to the respective terms thereof without breaching
the Company’s obligations under the rules or regulations of the Trading Market (the number of shares which may be issued
without violating such rules and regulations referred to herein as the “Exchange Cap”), except that such
limitation shall not apply in the event that the Company (A) obtains the approval of its stockholders as required by the applicable
rules of the Trading Market for issuances of shares of Common Stock in excess of such amount or (B) obtains a written opinion from
counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the Holder, provided
that the Company shall promptly, and in any event within four (4) months from the date of the Notice of Exercise, obtain either
(A) or (B). In the event that on the date four (4) months from the date of the Notice of Exercise (the “Exchange Cap
Deadline”), the Company is prohibited from issuing any shares of Common Stock pursuant to this Section 2(d)(iii)
(the “Exchange Cap Shares”), the Company shall pay to the Holder, as partial liquidated damages and not
as a penalty, the dollar amount due in accordance with the provisions of Section 2(c)(iv) commencing on the Exchange
Cap Deadline until the date the Exchange Cap Shares are delivered pursuant hereto.

 

Section
3.              Certain Adjustments. The Exercise Price is subject to adjustment from time to time as set forth in this Section
3 (but shall not be increased, other than pursuant to Section 3(a) hereof):

 

a)            Adjustments for Stock Splits and Combinations. If the Company shall at any time or from time to time after the Issuance
Date effect a stock split of the outstanding Common Stock, the applicable Exercise Price in effect immediately prior to the stock
split shall be proportionately decreased. If the Company shall at any time or from time to time after the Issuance Date, combine
the outstanding shares of Common Stock, the applicable Exercise Price in effect immediately prior to the combination shall be proportionately
increased. Any adjustments under this Section 3(a) shall be effective at the close of business on the date the stock
split or combination occurs.

 

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b)            Adjustments for Certain Dividends and Distributions. If the Company shall at any time or from time to time after
the Issuance Date make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend
or other distribution payable in shares of Common Stock, then, and in each event, the applicable Exercise Price in effect immediately
prior to such event shall be decreased as of the time of such issuance or, in the event such record date shall have been fixed,
as of the close of business on such record date, by multiplying the applicable Exercise Price then in effect by a fraction:

 

		 	i.         the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the
time of such issuance or the close of business on such record date; and

 

		 	ii.        the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to
the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment
of such dividend or distribution.

 

c)            Adjustment for Other Dividends and Distributions. If the Company shall at any time or from time to time after the
Issuance Date make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend
or other distribution payable in other than shares of Common Stock, then, and in each event, an appropriate revision to the applicable
Exercise Price shall be made and provision shall be made (by adjustments of the Exercise Price or otherwise) so that the holders
of this Warrant shall receive upon exercise thereof, in addition to the number of shares of Common Stock receivable thereon, the
number of securities of the Company or other issuer (as applicable) or other property that they would have received had this Warrant
been exercised into Common Stock on the date of such event and had thereafter, during the period from the date of such event to
and including any date this Warrant has been exercised, retained such securities (together with any distributions payable thereon
during such period) or assets, giving application to all adjustments called for during such period under this Section 3(c)
with respect to the rights of the Holder; provided, however, that if such record date shall have been fixed and such
dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Exercise Price shall be adjusted
pursuant to this paragraph as of the time of actual payment of such dividends or distributions.

 

d)            Adjustments for Reclassification, Exchange or Substitution. If the Common Stock at any time or from time to time
after the Issuance Date shall be changed to the same or different number of shares or other securities of any class or classes
of stock or other property, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock split
or combination of shares or stock dividends provided for in Section 3(a), Section 3(b), and Section
3(c), or a reorganization, merger, consolidation, or sale of assets provided for in Section 3(e)) then, and
in each event, an appropriate revision to the Exercise Price shall be made and provisions shall be made (by adjustments of the
Exercise Price or otherwise) so that the Holder shall have the right thereafter to exercise this Warrant into the kind and amount
of shares of stock or other securities or other property receivable upon reclassification, exchange, substitution or other change,
by holders of the number of shares of Common Stock into which this Warrant might have been exercised immediately prior to such
reclassification, exchange, substitution or other change, all subject to further adjustment as provided herein.

 

e)            Adjustments for Reorganization, Merger, Consolidation or Sales of Assets. In case of any reorganization of the Company
(or any other corporation the stock or other securities of which are at the time receivable on the exercise of this Warrant) after
the Issuance Date, or in case, after such date, the Company (or any such other corporation) shall consolidate with or merge into
another corporation or entity or convey all or substantially all its assets to another corporation or entity (any such reorganization
or other event hereafter being referred to as a “Reorganization”), then and in each such case this Warrant,
upon exercise, as and at any time after the consummation of such Reorganization, shall be converted into, in lieu of the stock
or other securities and property into which this Warrant would have been exercisable prior to such Reorganization, such stock or
other securities or property to which this Warrant would have exercised into if this Warrant had been converted immediately prior
to any such Reorganization, subject to further adjustment as provided in Section 3(a), Section 3(b),
Section 3(c), and Section 3(d) in each such case.

 

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f)             Certificates as to Adjustments. Upon occurrence of each adjustment or readjustment of the Exercise Price or number
of shares of Common Stock issuable upon exercise of this Warrant pursuant to this Section 3, the Company, at its
expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a
certificate setting forth such adjustment and readjustment, showing in detail the facts upon which such adjustment or readjustment
is based. The Company shall, upon written request of the Holder, at any time, furnish or cause to be furnished to the Holder a
like certificate setting forth such adjustments and readjustments, the applicable Exercise Price in effect at the time, and the
number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon
the exercise of this Warrant.

 

g)            Stock Purchase Rights. If at any time, or from time to time, the Company grants or issues to the record holders of
the Common Stock any options, warrants or rights, except pursuant to the Company’s Amended and Restated 2006 Stock Incentive
Plan (collectively, “Stock Purchase Rights”) entitling any holder of Common Stock to purchase Common
Stock or any security convertible into or exchangeable for Common Stock or to purchase any other stock or securities of the Company,
the Holders of Warrants shall be entitled to acquire, upon the terms applicable to such Stock Purchase Rights, the aggregate Stock
Purchase Rights which such Holders of Warrants could have acquired if they had been the record holder of the maximum number of
shares of Common Stock issuable upon exercise of their Warrants on (x) the record date for such grant or issuance of such Stock
Purchase Rights, or (y) the date of the grant or issuance of such Stock Purchase Rights, whichever is greater.

 

h)            Reservation of Common Stock. On and after the Issuance Date, the Company shall at all times when this Warrant shall
be outstanding, reserve and keep available out of its authorized but unissued Common Stock, such number of shares of Common Stock
as shall from time to time be sufficient to effect the conversion of the Notes and exercise of this Warrant and the other Warrants
then outstanding; provided that the number of shares of Common Stock so reserved shall at no time be after the Issuance Date less
than one hundred percent (100%) of the number of shares of Common Stock for which the Notes, this Warrant and the other Warrants
are at any time convertible or exercisable (disregarding for this purpose any and all limitations of any kind on such conversion
or exercise). The Company shall, from time to time in accordance with the Delaware General Corporation Law, increase the authorized
number of shares of Common Stock or take other effective action if at any time the unissued number of authorized shares shall not
be sufficient to satisfy the Company’s obligations under this Section 3(h).

 

Section 4.              Transfer
of Warrant.

 

a)            Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section
4(d) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant
at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new
holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)            New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a) as to any transfer which may
be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the
Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall
be dated as of the Issuance Date hereof and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.

 

c)            Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

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d)            Transfer Restrictions. If, at the time of the surrender of this Warrant in connection
with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration
statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume
or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition
of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, provide to the Company an opinion
of counsel selected by the Holder or transferee and reasonably acceptable to the Company, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred
securities under the Securities Act.

 

Section
5.              The Holder shall have certain resale registration rights with respect to the Warrant Shares set forth in the Registration
Rights Agreement by and between the Company and the holders of all Warrants (the “Registration Agreement”).

 

Section 6.              Miscellaneous.

 

a)            No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof.

 

b)            Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of the
original date of such Warrant or stock certificate, in lieu of such Warrant or stock certificate.

 

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

 

d)           No Impairment. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action,
including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against
impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares
above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action
as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant
Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

e)            Governing Law, Jurisdiction, Etc. This Warrant shall be governed by and construed solely and exclusively under and
pursuant to the laws of the State of New York as applied to agreements among New York residents entered into and to be performed
entirely within New York. Each of the parties hereto expressly and irrevocably (i) agrees that any legal suit, action or proceeding
arising out of or relating to this Agreement will be instituted exclusively in either the New York State Supreme Court, County
of New York, or in the United States District Court for the Southern District of New York; (ii) waives any objection they may have
now or hereafter to the venue of any such suit, action or proceeding; and (iii) consents to the in personam jurisdiction
of either the New York State Supreme Court, County of New York, or the United States District Court for the Southern District of
New York in any such suit, action or proceeding. Each of the parties hereto further agrees to accept and acknowledge service of
any and all process which may be served in any such suit, action or proceeding in either the New York State Supreme Court, County
of New York, or in the United States District Court for the Southern District of New York and agree that service of process upon
it mailed by certified mail to (A) if to the Holder, the address appearing on the books and records of the Company, and (B) if
to the Company, the Company’s principal place of business, will be deemed in every respect effective service of process upon
it, in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. THE PARTY
PREVAILING THEREIN SHALL BE ENTITLED TO PAYMENT FROM THE OTHER PARTY HERETO OF ALL OF ITS REASONABLE COUNSEL FEES AND DISBURSEMENTS.

 

    	8

    	 

    
 

f)             Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, will have restrictions upon resale imposed by state and federal securities laws.

 

g)            Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any
of its rights, powers or remedies hereunder.

 

h)            Notices. Any notice, demand, request, waiver or other communication required or permitted
to be given hereunder shall be in writing, shall be given at the address or number designated in the Subscription Agreement, as
may be amended pursuant to the terms therein, and shall be effective (a) upon hand delivery, telecopy or facsimile (if delivered
on a Business Day during normal business hours where such notice is to be received), or the first (1st) Business Day
following such delivery (if delivered other than on a Business Day during normal business hours where such notice is to be received)
or (b) on the second (2nd) Business Day following the date of mailing by express courier service, fully prepaid, addressed
to such address, or upon actual receipt of such mailing, whichever shall first occur.

 

i)             Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this
Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability
of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

 

j)             Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)            Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)             Amendment. This Warrant may be modified or amended or the provisions hereof waived only with the written consent
of the Company and the Holders of 66 2/3% of the Warrants issued under the Subscription Agreement.

 

m)           Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)            Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

 

[Signature Page
Follows]

 

    	9

    	 

    

 

 

IN WITNESS
WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

	 	CORMEDIX INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	10

    	 

    

 

NOTICE OF EXERCISE

 

To:cormedix
inc. 

 

(1)    
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the Warrant issued
to the undersigned, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if
any.

 

(2)    
Payment shall take the form of (check applicable box):

 

[   ] in lawful
money of the United States; or

 

[   ] [if permitted]
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section 2(b)
of the Warrant, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in Section 2(b) of the Warrant.

 

(3)    
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other
name as is specified below:

 

	 
	 

 

The Warrant Shares shall be delivered to
the following DWAC Account Number or by physical delivery of a certificate to:

 

	 
	 
	 
	 
	 

 

(4)    
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated
under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _______________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

  

    	11

    	 

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute

this form and supply the required information.

Do not use this form to exercise the warrant.)

 

 

 

FOR VALUE RECEIVED,
[____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

	 		Dated:  ______________, _______
	 	 	 
	 	 	 
	 	Holder’s Signature:	_____________________________
	 	 	 
	 	Holder’s Address:	_____________________________
	 	 	 
	 	 	_____________________________

 

Signature Guaranteed: ___________________________________________

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever.
Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority
to assign the foregoing Warrant.

 

    	12EXHIBIT 4.4

 

This
SUBSCRIPTION AGREEMENT AND THE OTHER DOCUMENTS RELATED TO THE ISSUANCE OF THE UNITS (AS DEFINED HEREIN) IN THIS OFFERING (AS DEFINED
HEREIN) may contain material, non-public information. By accepting DELIVERY OF this SUBSCRIPTION AGREEMENT, the recipient acknowledges
its express agreement with THE COMPANY (AS DEFINED HEREIN) and the Placement Agent (AS DEFINED HEREIN) to maintain in STRICT confidence
all information contained herein and in the other offering documents AND SHALL NOT DIRECTLY AND/OR INDIRECTLY engage in any trading
activity (including, but not limited to, shorting and related activity) of our common stock nor encourage others to do same. THE
COMPANY and the Placement Agent have caused THIS SUBSCRIPTION AGREEMENT to be delivered to you in reliance upon your agreement
to maintain the confidentiality of this information and upon Regulation FD promulgated by the Securities and Exchange Commission
for the sole purpose of enabling you to consider and evaluate an investment in the Units. You agree that you will treat such information
in a STRICTLY confidential manner, will not use such information for any purpose other than evaluating an investment in the Units,
and will not, directly or indirectly, disclose or permit your agents, representatives or affiliates to disclose any of such information
without the express prior written consent of the Company. Likewise, without the express prior written consent of the Company,
you agree that you will not, directly or indirectly, make any statements, public announcements, or other release or provision
of information in any form on any website or portal, to any trade publication, to the press or to any other person or entity.
If you decide not to pursue further investigation of the Company or to not participate in the Offering, you agree to promptly
return this SUBSCRIPTION AGREEMENT and any of THE OTHER OFFERING DOCUMENTS (and all copies thereof) to the Company and to continue
to keep such information confidential until it is otherwise publicly disclosed. You understand that the United States’ securities
laws provide severe civil and criminal penalties for anyone trading in securities while in possession of material, non-public
information, passing along such information to others and/or encouraging others to trade and/or disseminate such information.

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION
AGREEMENT (this “Agreement”) is made and entered into as of _______, 2012 by and among CorMedix Inc.,
a Delaware corporation (the “Company”), and each of the purchasers signatories hereto (each a “Purchaser”
and collectively, the “Purchasers”) of the Company’s units (each, a “Unit”,
and collectively, the “Units”).

 

    	1

    	 

    

 

The parties hereto agree as follows:

 

Article 1 

 

Purchase and Sale of Units

 

Section 1.1. The Offering. Pursuant to the terms and
conditions of the Confidential Private Placement Memorandum dated August 20, 2012 (including all exhibits, attachments, annexes,
amendments and supplements thereto) (collectively, the “Memorandum”), the Company is offering (the “Offering”)
through John Carris Investments, LLC (the “Placement Agent”) its Units, each Unit consisting of (i)
a 9% Senior Convertible Note of the Company, substantially in the form attached to the Memorandum as Exhibit B,
in an aggregate principal amount of $1,000 (each, a “Note” and collectively, the “Notes”),
convertible into shares (the “Conversion Shares”) of the Company’s common stock, par value $0.001
per share (the “Common Stock”) at a conversion price of $0.35 per share (the “Conversion Price”),
and (ii) a five-year redeemable warrant, substantially in the form attached to the Memorandum as Exhibit C (each,
a “Warrant” and collectively, the “Warrants”), to purchase 2,500 shares of
Common Stock (the “Warrant Shares”). The Offering shall commence on the date of the Memorandum until
September 15, 2012, unless extended by the Company and the Placement Agent without notice to Purchasers for up to an additional
60-day period (the last date of the Offering shall hereinafter be referred to as the “Termination Date”).
The Units are being offered on a “reasonable efforts, all or none basis” as to 500 Units ($500,000) (the “Minimum
Amount”), and, thereafter, on a “reasonable efforts” basis up to 3,000 Units ($3,000,000) (the “Maximum
Amount”), provided that the Company and the Placement Agent have the option, as determined in their mutual
sole discretion, to offer up to an additional 2,000 Units ($2,000,000) (the “Over-Subscription Amount”).

 

Section 1.2. Subscription for Units. Subject to the
terms and conditions of this Agreement, the undersigned Purchaser hereby subscribes for and agrees to purchase the number of Units
set forth on the signature page to this Agreement, at a purchase price of $1,000 per Unit (the “Purchase Price”).

 

Section 1.3. Payment. The Purchaser encloses herewith
a check payable to, or will immediately make a wire transfer payment to, “Signature Bank, as Escrow Agent for CorMedix Inc.,”
in the full amount of the Purchase Price of the Units being subscribed for.

 

Section 1.4. Deposit of Funds. In the event that the
Company does not affect a Closing (as defined below) on the Minimum Amount on or before the Termination Date, the Company will
refund all subscription funds, without deduction and/or interest accrued thereon.

 

Section 1.5. Acceptance of Subscription. The Purchaser
understands and agrees that the Company and the Placement Agent, in their mutual sole discretion, reserve the right to accept
or reject this or any other subscription for Units, in whole or in part, notwithstanding prior receipt by the Purchaser of notice
of acceptance of this or any other subscription. Neither the Company nor the Placement Agent will have any obligation hereunder
until the Company executes and delivers to the Purchaser an executed signature page to this Agreement. If a Purchaser’s
subscription is rejected in whole or the Offering is terminated, all funds received from the Purchaser will be returned without
interest, penalty, expense or deduction thereon, and this Agreement will thereafter be of no further force or effect. If a Purchaser’s
subscription is rejected in part, the funds for the rejected portion of such subscription will be returned without interest, penalty,
expense or deduction thereon, and this Agreement will continue in full force and effect to the extent such subscription was accepted.

 

Section 1.6. Closing Deliveries. Together with the check
for, or wire transfer of, the full Purchase Price of the Units being subscribed for, the Purchaser is delivering a completed and
executed signature page to this Agreement, a completed Purchaser questionnaire attached hereto as Annex A (the “Purchaser
Questionnaire”) and a completed Purchaser certification attached hereto as Annex B or Annex C as applicable (the
“Purchaser Certification”).

 

Section 1.7. Closings. The Company may hold an initial
closing (the “Initial Closing”) at any time and place, as determined solely by the Company, prior to
the Termination Date, after the receipt of accepted subscriptions and cleared funds equal to or greater than the Minimum Amount
and after all other conditions to closing have been satisfied or waived. After the Initial Closing, subsequent closings with respect
to additional Units may take place at any time and place, as determined solely by the Company, with respect to subscriptions accepted
prior to the Termination Date up to the Maximum Amount, or if the Company and Placement Agent elect in their mutual sole discretion,
the Over-Subscription Amount (each such closing, together with the Initial Closing, being referred to as a “Closing”).
Not later than ten (10) business days after the Termination Date, a final closing (the “Final Closing”)
will be held with respect to any Units sold but not closed as of such date. The date of each Closing shall be referred to herein
as a “Closing Date.”

 

Section 1.8. Offering to Accredited Investors. This
Offering is limited solely to accredited investors as defined in the Securities Act of 1933, as amended (the “Securities
Act”), and Rule 501 of Regulation D promulgated thereunder (“Regulation D”), and is being
made without registration under the Securities Act in reliance upon the exemptions contained in Section 4(2) of the Securities
Act, Rule 506 of Regulation D and Regulation S and applicable state securities laws. Each Purchaser must qualify as an accredited
investor.

 

    	2

    	 

    

 

Article 2 

 

Representations and Warranties

 

Section 2.1. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Purchasers, as of the date hereof and as of the Closing Date of the Initial Closing and the date
of any other Closing (except as set forth in the SEC Documents (as defined below)), as follows:

 

(a) Organization, Good Standing and Power.
The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware
and has the requisite corporate power to own, lease and operate its properties and assets and to conduct its business as it is
now being conducted. The Company does not have any direct or indirect Subsidiaries (as defined in Section 2.1(g))
or own securities of any kind in any other entity. The Company is duly qualified as a foreign corporation to do business and is
in good standing in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary except for any jurisdiction(s) (alone or in the aggregate) in which the failure to be so qualified will not have a Material
Adverse Effect. For the purposes of this Agreement, “Material Adverse Effect” means any material adverse
effect on the business, operations, properties, or financial condition of the Company and/or any condition, circumstance, or situation
that would prohibit or otherwise materially interfere with the ability of the Company to perform any of its obligations under
this Agreement or any of the Transaction Documents (as defined below) in any material respect.

 

(b) Authorization; Enforcement. The Company
has the requisite corporate power and authority to enter into and perform this Agreement, the Notes, the Warrants and the Registration
Rights Agreement dated as of the date hereof (the “Registration Agreement,” and collectively, with the
Notes, the Warrants and this Agreement, the “Transaction Documents”) and to issue and sell the Units,
the Notes, the Warrants and upon conversion or exercise thereof, to issue the Conversion Shares and Warrant Shares in accordance
with the terms hereof and thereof. The execution, delivery and performance of the Transaction Documents by the Company and the
consummation by it of the transactions contemplated thereby have been duly and validly authorized by all necessary corporate action,
and no further consent or authorization of the Company or its Boards of Directors or stockholders is required. When executed and
delivered by the Company, each of the Transaction Documents shall constitute a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, reorganization,
moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of,
creditor’s rights and remedies or by other equitable principles of general application.

 

(c) Capitalization. The authorized capital
stock and the issued and outstanding shares of capital stock of the Company is set forth in the Company’s SEC Documents.
All of the outstanding shares of the Common Stock and any other outstanding security of the Company have been duly authorized.
Except as set forth in this Agreement, the SEC Documents (as defined in Section 2.1(f)), no shares of Common Stock
or any other security of the Company are entitled to preemptive rights, rights of first refusal or similar agreements or registration
rights and there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities or rights convertible into, any shares of capital stock of the Company. Furthermore, except as set
forth in this Agreement and the SEC Documents, there are no equity plans, contracts, commitments, understandings, or arrangements
by which the Company is or may become bound to issue additional shares of the capital stock of the Company or options, securities
or rights convertible into shares of capital stock of the Company. Except for customary transfer restrictions contained in agreements
entered into by the Company in order to sell restricted securities or as otherwise described in the Company’s SEC Documents,
the Company is not a party to or bound by any agreement or understanding granting registration or anti-dilution rights to any
person with respect to any of its equity or debt securities. Except as set forth in the Company’s SEC Documents, the Company
is not a party to, and it has no knowledge of, any agreement or understanding restricting the voting or transfer of any shares
of the capital stock of the Company. The Company has not made any representations regarding equity incentives to any officer,
employee, director or consultant that are required to be disclosed in the Company’s SEC Documents and not disclosed in the
SEC Documents.

    	3

    	 

    

 

(d) Issuance of Securities. The Units, the
Notes and the Warrants (the “Securities”) to be issued at each Closing have been duly authorized by
all necessary corporate action and, when paid for or issued in accordance with the terms hereof, the Notes and the Warrants shall
be validly issued and outstanding, free and clear of all mortgage, pledge, hypothecation, rights of others, rights of first refusal,
claim, security interest, encumbrance, title, defect, voting trust agreement, option, lien, taxes, charge or similar restrictions
or limitations (collectively, “Liens”). When the Conversion Shares and the Warrant Shares are issued
in accordance with the terms of this Agreement and as set forth in the Notes and the Warrants, as applicable, such shares will
be duly authorized by all necessary corporate action and validly issued and outstanding, fully paid and nonassessable, free and
clear of all liens, encumbrances and rights of refusal of any kind and the holders shall be entitled to all rights accorded to
a holder of Common Stock.

 

(e) No Conflicts. The execution, delivery
and performance of the Transaction Documents by the Company, the performance by the Company of its obligations under the Notes
and the Warrants, the consummation by the Company of the transactions contemplated hereby and thereby, and the issuance of the
Units, Notes and Warrants as contemplated hereby, do not and will not (i) violate or conflict with any provision of the Company’s
Certificate of Incorporation (the “Certificate”) or Bylaws (the “Bylaws”),
each as amended to date, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company is a party
or by which the Company’s properties or assets are bound, (iii) result in a violation of any federal, state, local or foreign
statute, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable
to the Company or by which any property or asset of the Company is bound or affected, or (iv) create or impose a lien, mortgage,
security interest, charge or encumbrance of any nature on any property or asset of the Company under any agreement or any commitment
to which the Company is a party or by which the Company is bound or by which any of their respective properties or assets are
bound, except, in the case of clause (ii), for such conflicts, defaults, terminations, amendments, acceleration, cancellations
and violations as would not, individually or in the aggregate, have a Material Adverse Effect. The Company is not required under
federal, state, foreign or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing
or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under
the Transaction Documents or issue and sell the Securities in accordance with the terms hereof (other than the filing of a Form
D pursuant to Regulation D and counterpart filings under applicable state securities laws, rules or regulations). The business
of the Company is not being conducted in violation of any laws, ordinances or regulations of any governmental entity.

 

(f) SEC Documents, Financial Statements.
Prior to the date hereof, the Common Stock of the Company is registered pursuant to Section 12(b) or 12(g) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the Company has filed (subject to filings
with respect to certain periodic filings made pursuant to Rule 12b-25 of the Exchange Act) all reports, schedules, forms, statements
and other documents required to be filed by it with the Securities Exchange Commission (“SEC”) pursuant
to the reporting requirements of the Exchange Act, including, but not limited to, all Annual Reports on Form 10-K, Quarterly Reports
on From 10-Q and Current Reports on Form 8-K (all of the foregoing filed with the SEC prior to the date hereof and all exhibits
included therein and financial statements and schedules thereto and documents incorporated by reference therein, being hereinafter
referred to herein as the “SEC Documents”). The SEC Documents have been made available to the Purchaser
via the SEC’s EDGAR system. As of their respective dates, the SEC Documents complied in all material respects with the requirements
of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none
of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. In addition, as of each Closing, the SEC Documents, together with any additional documents
filed with the SEC after the date hereof and through the date of Closing, when taken in their entirety, shall not contain any
untrue statements of a material fact or omit to state a material fact required to be stated therein or necessary in order to make
the statements therein, in light of the date upon which they were made and the circumstances under which they were made, not misleading.
As of their respective dates, the financial statements of the Company included in the SEC Documents (“Company Financial
Statements”) complied as to form in all material respects with applicable accounting requirements and the published
rules and regulations of the SEC with respect thereto as in effect at the time of the filing. The Company Financial Statements
have been prepared in accordance with United States generally accepted accounting principles (“GAAP”),
consistently applied, during the periods involved except (i) as may be otherwise indicated in such Company Financial Statements
or the notes thereto; or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may
be condensed or summary statements) and fairly present in all material respects the consolidated financial position of the Company
and its consolidated subsidiary, as of the dates thereof and the consolidated results of their operations and cash flows for the
periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

 

    	4

    	 

    

 

(g) Subsidiaries. The Company has no Subsidiaries.
For the purposes of this Agreement, “Subsidiary” shall mean any corporation or other entity of which
at least a majority of the securities or other ownership interest having ordinary voting power (absolutely or contingently) for
the election of directors or other persons performing similar functions are at the time owned directly or indirectly by the Company.

 

(h) No Material Adverse Change. Since December
31, 2011, the Company has not experienced or suffered any Material Adverse Effect.

 

(i) No Undisclosed Liabilities. Other than
as set forth in the Company’s SEC Documents, the Company has not incurred any liabilities, obligations, claims or losses
(whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than those incurred
in the ordinary course of the Company’s business or which, individually or in the aggregate, are not reasonably likely to
have a Material Adverse Effect.

 

(j) No Undisclosed Events or Circumstances.
Since December 31, 2011, no event or circumstance has occurred or exists with respect to the Company or its businesses, properties,
prospects, operations or financial condition, which, under applicable law, rule or regulation, requires public disclosure or announcement
by the Company but which has not been so publicly announced or disclosed.

 

(k) Indebtedness. The financial statements
in the SEC Documents reflect, to the extent required, as of the date thereof all outstanding secured and unsecured Indebtedness
(as defined below) of the Company, or for which the Company has commitments. For the purposes of this Agreement, “Indebtedness”
shall include, without limitation, (a) any liabilities for borrowed money or other amounts owed, (b) all guaranties, endorsements
and other contingent obligations in respect of Indebtedness of others, whether or not the same are or should be reflected in the
Company’s balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business; and (c) the present value of any lease payments in excess
of $100,000 due under leases required to be capitalized in accordance with GAAP. The Company is not in default with respect to
any Indebtedness.

 

(l) Title to Assets. The Company has good
and valid title to all of its real and personal property reflected in the SEC Documents, free and clear of any mortgages, pledges,
charges, liens, security interests or other encumbrances, except for those that, individually or in the aggregate, do not cause
a Material Adverse Effect. Any leases of the Company are valid and subsisting and in full force and effect.

 

(m) Actions Pending. Except as disclosed
in the SEC Documents, there is no action, suit, claim, investigation, arbitration, alternate dispute resolution proceeding or
other proceeding pending or, to the knowledge of the Company, threatened against the Company which questions the validity of this
Agreement or any of the other Transaction Documents or any of the transactions contemplated hereby or thereby or any action taken
or to be taken pursuant hereto or thereto. Except as disclosed in the SEC Documents, there is no action, suit, claim, investigation,
arbitration, alternate dispute resolution proceeding or other proceeding pending or, to the knowledge of the Company, threatened
against or involving the Company, or any of its properties or assets, which individually or in the aggregate, would reasonably
be expected, if adversely determined, to have a Material Adverse Effect. Except as disclosed in the SEC Documents, there are no
outstanding orders, judgments, injunctions, awards or decrees of any court, arbitrator or governmental or regulatory body against
the Company or any officers or directors of the Company in their capacities as such, which individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

 

    	5

    	 

    

 

(n) Compliance with Law. The Company has
been and is presently conducting their respective businesses in material compliance with all applicable federal, state and local
governmental laws, rules, regulations and ordinances, except such that, individually or in the aggregate, the noncompliance therewith
could not reasonably be expected to have a Material Adverse Effect. The Company has all franchises, permits, licenses, consents
and other governmental or regulatory authorizations and approvals necessary for the conduct of its business as now being conducted
by it unless the failure to possess such franchises, permits, licenses, consents and other governmental or regulatory authorizations
and approvals, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

(o) Taxes. The Company has accurately prepared
and filed all federal, state and other tax returns required by law to be filed by it, has paid or made provisions for the payment
of all taxes shown to be due and all additional assessments, and adequate provisions have been and are reflected in the financial
statements of the Company for all current taxes and other charges to which the Company is subject and which are not currently
due and payable. Except as disclosed in the SEC Documents, to the best of the Company’s knowledge, none of the federal income
tax returns of the Company has been audited by the Internal Revenue Service. Except as disclosed in the SEC Documents, the Company
has no knowledge of any additional assessments, adjustments or contingent tax liability (whether federal or state) of any nature
whatsoever, whether pending or threatened against the Company for any period, nor of any basis for any such assessment, adjustment
or contingency.

 

(p) Certain Fees. Except as set forth in
the Memorandum, the Company has not employed any broker or finder or incurred any liability for any brokerage or investment banking
fees, commissions, finders’ structuring fees, financial advisory fees or other similar fees in connection with the Transaction
Documents.

 

(q) Disclosure. Except for the information
concerning the transactions contemplated by this Agreement, the Company confirms that neither it nor any other person acting on
its behalf has provided any of the Purchasers or their agents or counsel with any information that constitutes or might constitute
material, nonpublic information. To the best of the Company’s knowledge, neither this Agreement nor any other documents,
certificates or instruments furnished to the Purchasers by or on behalf of the Company in connection with the transactions contemplated
by this Agreement contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements made herein or therein, in the light of the circumstances under which they were made herein or therein, not misleading.

 

(r) Operation of Business.
Except as disclosed in the Company’s SEC Documents, the Company owns or possesses the rights to all trademarks, trade
names, service marks, service mark registrations, service names, websites and intellectual property
rights relating thereto, software, documentation, original works of authorship, patents, patent rights, copyrights, inventions,
improvements, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications
and registrations therefor and any patentable improvements or copyrightable derivative works thereof,
which are necessary for the conduct of its business as now conducted and/or as the Company believes will be conducted in the future
by it without any conflict with the rights of others.

 

(s) Books and Records; Internal Accounting Controls.
The records and documents of the Company accurately reflect in all material respects the information relating to the business
of the Company, the location and collection of their assets, and the nature of all transactions giving rise to the obligations
or accounts receivable of the Company. The Company is in material compliance with all provisions of the Sarbanes-Oxley Act of
2002 which are applicable to it as of the applicable Closing Date. The Company maintains a system of internal control over financial
reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that complies in all material respects with the requirements
of the Exchange Act and has been designed by the Company’s principal executive officer and principal financial officer,
or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles. Except as disclosed
in the SEC Documents, the Company’s internal control over financial reporting is effective and the Company is not aware
of any material weaknesses in its internal control over financial reporting. The Company maintains disclosure controls and procedures
(as such term is defined in Rule 13a-15 under the Exchange Act) that are effective in ensuring that information required to be
disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the rules and forms of the SEC, including, without limitation, controls and procedures
designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the
Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer or officers
and its principal financial or financial offers, as appropriate, to allow timely decisions regarding required disclosure.

 

    	6

    	 

    

 

(t) Material Agreements. All material agreements
to which the Company is a party or to which its property or assets are subject that are required to be filed as exhibits to the
SEC Documents under Item 601 of Regulation S-K (each, a “Material Agreement”) are included as part of, or specifically
identified in, the SEC Documents. The Company has in all material respects performed all the obligations required to be performed
by it to date under the foregoing agreements, has received no notice of default by the Company, and, to the Company’s knowledge,
is not in default under any Material Agreement now in effect, the result of which would individually or in the aggregate be reasonably
likely to have a Material Adverse Effect.

 

(u) Transactions with Affiliates. Except
as set forth in the SEC Documents and otherwise contemplated by this Agreement, there are no loans, leases, agreements, contracts,
royalty agreements, management contracts or arrangements or other continuing transactions between (a) the Company, or any of their
respective customers or suppliers, and (b) any officer, employee, consultant or director of the Company, or any person owning
at least 5% of the outstanding capital stock of the Company or any member of the immediate family of such officer, employee, consultant,
director or stockholder or any corporation or other entity controlled by such officer, employee, consultant, director or stockholder,
or a member of the immediate family of such officer, employee, consultant, director or stockholder which, in each case, is required
to be disclosed in the SEC Documents or in the Company’s most recently filed definitive proxy statement on Schedule 14A,
that is not so disclosed in the SEC Documents or in such proxy statement.

 

(v) Securities Act of 1933. The Company has
complied and will comply with all applicable federal and state securities laws in connection with the offer, issuance and sale
of the Securities hereunder. Neither the Company nor anyone acting on its behalf, directly or indirectly, has or will sell, offer
to sell or solicit offers to buy any of the Securities or similar securities to, or solicit offers with respect thereto from,
or enter into any negotiations relating thereto with, any person, or has taken or will take any action so as to bring the issuance
and sale of any of the Securities under the registration provisions of the Securities Act and applicable state securities laws,
and neither the Company nor any of its affiliates, nor any person acting on its or their behalf, has engaged in any form of general
solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer
or sale of any of the Securities.

 

(w) Employees. The Company does not have
any collective bargaining arrangements or agreements covering any of its employees. Except as set forth in the SEC Documents,
the Company does not have any employment contract, agreement regarding proprietary information, non-competition agreement, non-solicitation
agreement, confidentiality agreement, or any other similar contract or restrictive covenant, relating to the right of any officer,
employee or consultant to be employed or engaged by the Company required to be disclosed in the SEC Documents that is not so disclosed.
No officer, consultant or key employee of the Company whose termination, either individually or in the aggregate, would be reasonably
likely to have a Material Adverse Effect, has terminated or, to the knowledge of the Company, has any present intention of terminating
his or her employment or engagement with the Company.

 

(x) Absence of Certain Developments. Since
the date of the Company’s financial statements in the latest of the SEC Documents, there has not occurred any undisclosed
event that (i) has caused a Material Adverse Effect or any occurrence, circumstance or combination thereof that reasonably would
be likely to result in a Material Adverse Effect, (ii) the Company has not incurred any material liabilities (contingent or otherwise)
other than (A) trade payables and accrued expenses incurred in the ordinary course of business and (B) liabilities that would
not be required to be reflected in the Company’s financial statements pursuant to GAAP or that would not be required to
be disclosed in filings made with the SEC, (iii) the Company has not (A) declared or paid any dividends, (B) amended or changed
the Certificate or Incorporation or Bylaws of the Company, or (C) altered its method of accounting or the identity of its officers
and (iv) the Company has not made a material change in officer compensation except in the ordinary course of business consistent
with past practice.

 

    	7

    	 

    

 

(y) Investment Company Act Status. To the
knowledge of the Company, the Company is not, and as a result of and immediately upon each Closing will not be, an “investment
company” or a company “controlled” by an “investment company,” within the meaning of the Investment
Company Act of 1940, as amended (the “Investment Company Act”).

 

(z) Independent Nature of Purchasers. The
Company acknowledges that the obligations of each Purchaser under the Transaction Documents are several and not joint with the
obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of
any other Purchaser under the Transaction Documents. The Company acknowledges that the decision of each Purchaser to purchase
Securities pursuant to this Agreement has been made by such Purchaser independently of any other purchase and independently of
any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results
of operations, condition (financial or otherwise) or prospects of the Company which may have made or given by any other Purchaser
or by any agent or employee of any other Purchaser, and no Purchaser or any of its agents or employees shall have any liability
to any Purchaser (or any other person) relating to or arising from any such information, materials, statements or opinions. The
Company acknowledges that nothing contained herein, or in any Transaction Document, and no action taken by any Purchaser pursuant
hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other
kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Transaction Documents. The Company acknowledges that for reasons of administrative
convenience only, the Transaction Documents have been prepared by counsel for one of the Purchasers and such counsel does not
represent all of the Purchasers but only such Purchaser and the other Purchasers have retained their own individual counsel with
respect to the transactions contemplated hereby. The Company acknowledges that it has elected to provide all Purchasers with the
same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so
by the Purchasers. The Company acknowledges that such procedure with respect to the Transaction Documents in no way creates a
presumption that the Purchasers are in any way acting in concert or as a group with respect to the Transaction Documents or the
transactions contemplated hereby or thereby. The Company acknowledges that each Purchaser shall be entitled to independently protect
and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Transaction
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such
purpose.

 

(aa) No Integrated Offering. Neither the
Company, nor to the Company’s knowledge, any of its affiliates, or any person acting on its or their behalf, has directly
or indirectly made any offers or sales of any security or solicited any offers to buy any security under circumstances that would
cause the offering of the Securities pursuant to this Agreement to be integrated with prior offerings by the Company for purposes
of the Securities Act which would prevent the Company from selling the Securities pursuant to Regulation D and Rule 506 thereof
under the Securities Act, or any applicable exchange-related stockholder approval provisions, nor will the Company or any of its
affiliates or subsidiaries take any action or steps that would cause the offering of the Securities to be integrated with other
offerings if to do so would prevent the Company from selling Securities pursuant to Regulation D and Rule 506 thereof under the
Securities Act or otherwise prevent a completed offering of Securities hereunder. The Company does not have any registration statement
pending before the SEC or currently under the SEC’s review, and since December 31, 2011, the Company has not offered or
sold any of its equity securities or debt securities convertible into shares of Common Stock.

 

(bb) Dilutive Effect. The Company understands
and acknowledges that its obligation to issue Conversion Shares upon conversion of the Notes and Warrant Shares upon exercise
of the Warrants in accordance with this Agreement, the Notes and the Warrants is absolute and unconditional regardless of the
dilutive effect that such issuance may have on the ownership interest of other stockholders of the Company.

 

(cc) DTC Status. To the Company’s knowledge,
the Company’s transfer agent is a participant in and the Common Stock is eligible for transfer pursuant to the Depository
Trust Company Automated Securities Transfer Program.

 

    	8

    	 

    

 

(dd) Governmental Approvals. Except for the
filing of any notice prior or subsequent to the applicable Closing that may be required under applicable state and/or federal
securities laws (which if required, shall be filed on a timely basis) and the declaration of the effectiveness of any registration
statements filed by the Company pursuant to the Transaction Documents, no authorization, consent, approval, license, exemption
of, filing or registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic
or foreign, is or will be necessary for, or in connection with, the execution or delivery of the Conversion Shares, the Warrant
Shares or for the performance by the Company of its obligations under the Transaction Documents.

 

(ee) Insurance. The Company is insured by
insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company
believes to be prudent and customary in the businesses in which the Company is engaged. The Company has not been refused any insurance
coverage sought or applied for and the Company has no reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not have a Material Adverse Effect.

 

(ff) No General Solicitation. The Company
has not, and to the Company’s knowledge, no other person has conducted any “general solicitation,” as such term
is defined in Regulation D promulgated under the Securities Act, with respect to any of the Units being offered hereby.

 

Section 2.2. Representations and Warranties of the Purchaser.
The Purchaser hereby represents, warrants and covenants to the Company as follows:

 

(a) Capacity. The Purchaser: (i) if a natural
person, represents that the Purchaser has reached the age of 21 and has full authority, legal capacity and competence to enter
into, execute and deliver this Agreement and any of the other Transaction Documents to which the Purchaser is a party and all
other related agreements or certificates and to take all actions required pursuant hereto and thereto and to carry out the provisions
hereof and thereof, or (ii) if a corporation, partnership, or limited liability company or partnership, or association, joint
stock company, trust, unincorporated organization or other entity, represents that such entity was not formed for the specific
purpose of acquiring the Units and such entity is duly organized, validly existing and in good standing under the laws of the
state of its organization.

 

(b) Authorization and Power. The Purchaser
has the requisite power and authority to enter into and perform the Transaction Documents and to purchase the Securities being
sold to it hereunder. The execution, delivery and performance of the Transaction Documents by the Purchaser and the consummation
by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or partnership action, and
no further consent or authorization of the Purchaser or its Board of Directors, stockholders, or partners, as the case may be,
is required. When executed and delivered by the Purchaser, the other Transaction Documents shall constitute valid and binding
obligations of the Purchaser enforceable against the Purchaser in accordance with their terms, except as such enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar
laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles
of general application.

 

(c) Acquisition for Investment. The Purchaser
is purchasing the Securities solely for its own account and not with a view to or for sale in connection with distribution. The
Purchaser does not have a present intention to sell any of the Securities, nor a present arrangement (whether or not legally binding)
or intention to effect any distribution of any of the Securities to or through any person or entity; provided, however
, that by making the representations herein, the Purchaser does not agree to hold the Securities for any minimum or other
specific term and reserves the right to dispose of the Securities at any time in accordance with federal and state securities
laws applicable to such disposition. The Purchaser acknowledges that it (i) has such knowledge and experience in financial and
business matters such that the Purchaser is capable of evaluating the merits and risks of the Purchaser’s investment in
the Company, (ii) is able to bear the financial risks associated with an investment in the Securities and (iii) has been given
full access to such records of the Company and to the officers of the Company as it has deemed necessary or appropriate to conduct
its due diligence investigation.

 

    	9

    	 

    

 

(d) Rule 144. The Purchaser understands that
the Securities must be held indefinitely unless such Securities are registered under the Securities Act or an exemption from registration
is available. The Purchaser acknowledges that such person is familiar with Rule 144 of the rules and regulations of the SEC, as
amended, promulgated pursuant to the Securities Act (“Rule 144”), and that the Purchaser has been advised
that Rule 144 permits resales only under certain circumstances. The Purchaser understands that to the extent that Rule 144 is
not available, the Purchaser will be unable to sell any Securities without either registration under the Securities Act or the
existence of another exemption from such registration requirement.

 

(e) General. The Purchaser understands that
the Securities are being offered and sold in reliance on a transactional exemption from the registration requirements of federal
and state securities laws and the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of the Purchaser set forth herein in order to determine the applicability of such exemptions
and the suitability of such Purchaser to acquire the Securities. The Purchaser understands that no United States federal or state
agency or any government or governmental agency has passed upon or made any recommendation or endorsement of the Securities. Commencing
on the date that the Purchaser was initially contacted regarding an investment in the Securities, the Purchaser has not engaged
in trading (including, but not limited to, any short sale) of the Common Stock and will not engage in any trading of the Common
Stock prior to public announcement of the transactions contemplated by this Agreement. The Purchaser agrees that no oral or written
representations have been made, or oral or written information furnished, to the Purchaser, if any, in connection with the Offering
which are in any way inconsistent with the information contained in the Transaction Documents.

 

(f) Residency. The Purchaser is a resident
of the jurisdiction set forth in the Purchaser Questionnaire.

 

(g) No General Solicitation. The Purchaser
acknowledges that the Securities were not offered to such Purchaser by means of any form of general or public solicitation or
general advertising, or publicly disseminated advertisements or sales literature, including (i) any advertisement, article, notice
or other communication published in any newspaper, magazine, or similar media, or broadcast over television or radio, or (ii)
any seminar or meeting to which the Purchaser was invited by any of the foregoing means of communications. The Purchaser, in making
the decision to purchase the Securities, has relied upon independent investigation made by it and has not relied on any information
or representations made by third parties.

 

(h) Accredited Investor. The Purchaser is
an “accredited investor” (as defined in Rule 501 of Regulation D), and the Purchaser has such experience in business
and financial matters that it is capable of evaluating the merits and risks of an investment in the Securities. The Purchaser
satisfies any special suitability or other applicable requirements of its state of residence and/or the state in which the transaction
by which the Units are purchased occurs.

 

(i) FINRA. The Purchaser is neither a registered
representative under the Financial Industry Regulatory Authority (“FINRA”), a member of FINRA or associated
or affiliated with any member of FINRA, nor a broker-dealer registered with the SEC under the Exchange Act or engaged in a business
that would require it to be so registered, nor is it an affiliate of such a broker-dealer or any Person engaged in a business
that would require it to be registered as a broker-dealer. In the event the Purchaser is a member of FINRA, or associated or affiliated
with a member of FINRA, the Purchaser agrees, if requested by FINRA, to sign a lock-up, the form of which shall be satisfactory
to FINRA, with respect to the Units. The Purchaser acknowledges that an investment in the Securities is speculative and involves
a high degree of risk.

 

(j) No Offer Until Suitability Determination.
The Purchaser acknowledges that any delivery to the Purchaser of the documents relating to the Offering of the Units prior to
the determination by the Company and the Placement Agent of the Purchaser's suitability will not constitute an offer of the Units
until such determination of suitability is made.

 

(k) Certain Fees. The Purchaser has not employed
any broker or finder or incurred any liability for any brokerage or investment banking fees, commissions, finders’ structuring
fees, financial advisory fees or other similar fees in connection with the Transaction Documents. The Purchaser understands and
acknowledges that John Carris Investments LLC is the exclusive Placement Agent to the Company and is receiving the compensation
set forth in the Memorandum.

 

    	10

    	 

    

 

(l) Independent Investment. The Purchaser
has not agreed to act with any of the other Purchasers for the purpose of acquiring, holding, voting or disposing of the Securities
purchased hereunder for purposes of Section 13(d) under the Exchange Act, and the Purchaser is acting independently with respect
to its investment in the Securities.

 

(m) Irrevocability. The Purchaser hereby
acknowledges and agrees that the Purchaser is not entitled to cancel, terminate or revoke this subscription, and any agreements
made in connection herewith shall survive its death or disability.

 

(n) Restrictive Legends. The Purchaser understands
and agrees that all certificates representing the Securities will contain restrictive legends substantially in the form as follows:

 

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

(o) OFAC Regulation. The Purchaser should
check the Office of Foreign Assets Control (“OFAC”) website at <http://www.treas.gov/ofac> before making
the following representations. The Purchaser represents that the amounts invested by it in the Company in the Offering were
not and are not directly or indirectly derived from activities that contravene federal, state or international laws and regulations,
including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by OFAC prohibit,
among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories,
entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website
at <http://www.treas.gov/ofac>. In addition, the programs administered by OFAC (the “OFAC Programs”)
prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on
the OFAC lists. To the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled
by the Purchaser; (3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or
(4) any person for whom the Purchaser is acting as agent or nominee in connection with this investment is a country, territory,
individual or entity named on an OFAC list, or a person or entity prohibited under the OFAC Programs. Please be advised that the
Company may not accept any amounts from a prospective investor if such prospective investor cannot make the representations set
forth in this paragraph. The Purchaser agrees to promptly notify the Company and the Placement Agent should the Purchaser become
aware of any change in the information set forth in these representations. The Purchaser understands and acknowledges that, by
law, the Company may be obligated to “freeze the account” of the Purchaser, either by prohibiting additional subscriptions
from the Purchaser, declining any redemption requests and/or segregating the assets in the account in compliance with governmental
regulations, and the Placement Agent may also be required to report such action and to disclose the Purchaser’s identity
to OFAC. The Purchaser further acknowledges that the Company may, by written notice to the Purchaser, suspend the redemption rights,
if any, of the Purchaser if the Company reasonably deems it necessary to do so to comply with anti-money laundering regulations
applicable to the Company and the Placement Agent or any of the Company’s other service providers. These individuals include
specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo
programs.

 

    	11

    	 

    

 

(p) Foreign Bank. If the Purchaser is affiliated
with a non-U.S. banking institution (a “Foreign Bank”), or if the Purchaser receives deposits from,
makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, the Purchaser represents and warrants
to the Company that: (1) the Foreign Bank has a fixed address, other than solely an electronic address, in a country in which
the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records related to its
banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank to conduct
banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that does not have a
physical presence in any country and that is not a regulated affiliate.

 

(q) ERISA (For ERISA plans only). The fiduciary
of the ERISA plan represents that such fiduciary has been informed of and understands the Company’s investment objectives,
policies and strategies, and that the decision to invest “plan assets” (as such term is defined in ERISA) in the Company
is consistent with the provisions of ERISA that require diversification of plan assets and impose other fiduciary responsibilities.
The Purchaser fiduciary or plan (a) is responsible for the decision to invest in the Company; (b) is independent of the Company
or any of its affiliates; (c) is qualified to make such investment decision; and (d) in making such decision, the Purchaser fiduciary
or plan has not relied primarily on any advice or recommendation of the Company or any of its affiliates.

 

(r) Confidentiality. THE PURCHASER ACKNOWLEDGES
AND AGREES THAT THE COMMON STOCK IS PUBLICLY TRADED ON THE NYSE MKT AND THAT BY ACCEPTING THE MEMORANDUM THE PURCHASER AGREES
WITH THE COMPANY AND THE PLACEMENT AGENT TO MAINTAIN IN STRICT CONFIDENCE ALL NON-PUBLIC INFORMATION, INCLUDING, BUT NOT LIMITED
TO, THE EXISTENCE OF THE OFFERING AND ANY OTHER NON-PUBLIC INFORMATION REGARDING THE COMPANY OBTAINED FROM THIS MEMORANDUM AND
ANY OF THE OTHER TRANSACTION DOCUMENTS AND/OR FROM THE COMPANY, THE PLACEMENT AGENT, AND/OR EITHER OF THEIR AUTHORIZED AGENTS.
THE COMPANY HAS CAUSED THESE MATERIALS TO BE DELIVERED TO THE PURCHASER IN RELIANCE UPON SUCH AGREEMENT AND UPON RULE 100(B)(2)(II)
OF REGULATION FD AS PROMULGATED BY THE SEC.

 

Article 3 

 

Covenants by the Company

 

Unless otherwise
specified in this Article, for so long as any Notes have not been paid in full or converted in full and/or any Warrants are outstanding,
the Company covenants with the Purchaser as follows, which covenants are for the benefit of the Purchaser and their respective
permitted assignees:

 

Section 3.1. Securities Compliance. The Company shall
notify the SEC in accordance with its rules and regulations, of the transactions contemplated by any of the Transaction Documents
and shall take all other necessary action and proceedings as may be required and permitted by applicable law, rule and regulation,
for the legal and valid issuance of the Securities to the Purchaser, or their respective subsequent holders.

 

Section 3.2. Registration and
Listing. The Company shall use commercially reasonable efforts cause its Common Stock to continue to be registered under Sections
12(b), 12(g) or 15(d) of the Exchange Act, to comply in all material respects with its reporting and filing obligations under
the Exchange Act, to comply with all requirements related to any registration statement filed pursuant to this Agreement, and
to not take any action or file any document (whether or not permitted by the Securities Act or the rules promulgated thereunder)
to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange Act
or Securities Act, unless otherwise required by applicable law, regulation or rule. The Company will use commercially reasonable
efforts to take all action reasonably necessary to continue the listing, trading and/or quotation of its Common Stock on one or
more of the OTC Bulletin Board, the OTC Markets Group, Pink Sheets, LLC, the Nasdaq Capital Market, the Nasdaq Global Market,
the Nasdaq Global Select Market, the New York Stock Exchange, or the New York Stock Exchange MKT, or any successor thereto as
the case may be (each, a “Trading Market”). The Company further covenants that it will take such further
reasonable action as the Purchaser may reasonably request from time to time to enable the Purchaser to sell the Securities without
registration under the Securities Act pursuant to the exemption provided by Rule 144 promulgated under the Securities Act, including,
without limitation, promptly obtaining any required legal opinions from Company counsel at the Company’s expense.
Upon the request of the Purchaser, the Company shall deliver to the Purchaser a written certification of a duly authorized officer
as to whether it has complied with such requirements.

 

    	12

    	 

    

 

Section 3.3. Inspection Rights. Provided a Purchaser
agrees that it will not trade any shares of Common Stock if it learns of material, non-public information from such inspection
until such information becomes public, for so long as any of the Notes or the Warrants are outstanding, the Company shall permit,
during normal business hours once a month upon reasonable request and reasonable notice by the Purchasers, (i) Purchasers (or
any employees, agents or representatives thereof) holding no less than fifty percent (50%) of the aggregate principal amount of
all Notes then outstanding, and/or (ii) Purchasers (or any employees, agents or representatives thereof) holding Warrants to purchase
fifty percent (50%) of the then aggregate number of Warrant Shares underlying then outstanding Warrants, to examine the publicly
available, non-confidential records and books of account of, and visit and inspect the properties, assets, operations and business
of the Company, and to discuss the publicly available, non-confidential affairs, finances and accounts of the Company with any
of its officers, consultants, directors, and key employees; provided, however, nothing to the contrary is provided
herein or elsewhere, if the Notes are in default, then the above limitations on inspection rights are terminated.

 

Section 3.4. Compliance with Laws. The Company shall
comply in all material respects with all applicable laws, rules, regulations and orders, noncompliance with which would be reasonably
likely to have a Material Adverse Effect.

 

Section 3.5. Keeping of Records and Books of Account.
The Company shall keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently
applied, reflecting all financial transactions of the Company, and in which, for each fiscal year, all proper reserves for depreciation,
depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made.

 

Section 3.6. Reporting Requirements. If the SEC ceases
making periodic reports available via the Internet without charge, then the Company shall furnish the following to the Purchaser
so long as such Purchaser shall be obligated hereunder to purchase the Securities or shall beneficially own any of the Securities:

 

(a) Quarterly Reports filed with the SEC on Form
10-Q as soon as practical after the document is filed with the SEC, and in any event within five days after the document is filed
with the SEC;

 

(b) Annual Reports filed with the SEC on Form 10-K
as soon as practical after the document is filed with the SEC, and in any event within five days after the document is filed with
the SEC; and

 

(c) Copies of all notices, information and proxy
statements in connection with any meetings, that are, in each case, provided to holders of shares of Common Stock, contemporaneously
with the delivery of such notices or information to such holders of Common Stock.

 

Section 3.7. Other Agreements. The Company shall not
enter into any agreement in which the terms of such agreement would restrict or impair the right or ability to perform of the
Company under any Transaction Document.

 

Section 3.8. Use of Proceeds.
The proceeds from the sale of the Securities hereunder shall be used by the Company for marketing, manufacturing, rent
and utilities, licensing obligations, payroll and working capital and general corporate purposes. In
no event shall the proceeds be used to redeem any Common Stock or securities convertible, exercisable or exchangeable into Common
Stock or to settle any outstanding litigation or used to repay debt, including, but not limited to, any Indebtedness to the Company’s
current directors and executive officers, but excluding accounts payable and accrued expenses incurred in the ordinary course
of business.

 

Section 3.9. Reporting Status. So long as a Purchaser
beneficially owns any of the Securities, the Company shall use commercially reasonable efforts to timely file all reports required
to be filed with the SEC pursuant to the Exchange Act, and the Company shall use commercially reasonable efforts not to terminate
its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations
thereunder would permit such termination.

 

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Section 3.10. Disclosure of Transaction. The Company
shall issue a press release (the “Press Release”) and file with the SEC a Current Report on Form 8-K
(the “Form 8-K”) describing the material terms of the transactions contemplated hereby (and attaching
as exhibits thereto this Agreement, the form of Note, the form of Warrant and the Press Release) promptly following the date of
execution of this Agreement but in no event later than as required by the rules and regulations of the SEC.

 

Section 3.11. Disclosure of Material Information. Except
as may be contained in this Agreement and the Memorandum, the Company covenants and agrees that neither it nor any other person
acting on its behalf has provided any Purchaser or its agents or counsel with any information that the Company believes constitutes
material, non-public information, unless prior thereto such Purchaser shall have executed a written agreement regarding the confidentiality
and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing representation
in effecting this transaction.

 

Section 3.12. Pledge of Securities. The Company acknowledges
that the Securities may be pledged by a Purchaser in connection with a bona fide margin agreement or other loan or financing arrangement
that is secured by the Securities. The pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities
hereunder, and no Purchaser effecting a pledge of the Securities shall be required to provide the Company with any notice thereof
or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document; provided that
a Purchaser and its pledgee shall be required to comply with the provisions of Article 5 hereof in order to effect
a sale, transfer or assignment of Securities to such pledgee. At the Company’s expense, the Company hereby agrees to execute
and deliver such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of the Securities
to such pledgee by a Purchaser.

 

Section 3.13. Amendments. The Company shall not amend
or waive any provision of the Certificate or Bylaws of the Company in any way that would adversely affect exercise rights, voting
rights, conversion rights, prepayment rights or redemption rights of the holder of the Notes and the Warrants.

 

Section 3.14. Maintenance of Insurance. The Company
shall maintain insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive
general liability, hazard, rent and business interruption insurance) with respect to its properties (including all real properties
leased or owned by it) and business, in such amounts and covering such risks as is required by any governmental authority having
jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in similar
businesses similarly situated.

 

Section 3.15. Compliance with Transaction Documents.
The Company shall use commercially reasonable efforts to comply with its obligations under the Transaction Documents.

 

Section 3.16. Transactions with Affiliates. The Company
shall not engage in any transactions with any officer, director, employee or any affiliate of the Company, including any contract,
agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property
to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company,
any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee
or partner, in each case in excess of $50,000, other than (i) for payment of reasonable salary for services actually rendered,
as approved by the Board of Directors of the Company as fair in all respects to the Company, (ii) reimbursement for expenses incurred
on behalf of the Company, (iii) as otherwise contemplated by this Agreement, and (iv) for purchases of Units in this Offering
and purchases of the Company’s securities in any other offering.

 

Section 3.17. No Dividends. The Company shall not (i)
declare or pay any dividends or make any distributions to any holder(s) of Common Stock or other equity security of the Company,
or (ii) purchase or otherwise acquire for value, directly or indirectly, any shares or other equity security of the Company.

 

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Section 3.18. No Merger or Sale of Assets. The Company
shall not (i) merge or consolidate or sell or dispose of all its assets or any substantial portion thereof or (ii) in any way
or manner alter its organizational structure or effect a change of entity or (iii) effect a Change of Control. For the purposes
of this Agreement, a “Change of Control” shall mean: (i.) the consolidation, merger or other business
combination of the Company with or into another person (other than (A) pursuant to a migratory merger effected solely for the
purpose of changing the jurisdiction of incorporation of the Company, or (B) a consolidation, merger or other business combination
in which holders of the Company’s voting power immediately prior to the transaction continue after the transaction to hold,
directly or indirectly, the voting power of the surviving entity or entities necessary to elect a majority of the members of the
Board of Directors (or their equivalent if other than a corporation) of such entity or entities), (ii.) the sale, transfer disposition
or exclusive license of more than fifty percent (50%) of the Company’s intellectual property or assets (based on the fair
market value as determined in good faith by the Board of Directors of the Company) other than inventory in the ordinary course
of business in one or a related series of transactions; except for any such transaction described in this clause (ii) that either
(a) the holders of at least 50.1% of the then outstanding aggregate principal amount of all Notes have approved in writing after
full disclosure of the proposed transaction, or (b) a majority of the non-employee directors of the Board of Directors of the
Company have approved such transaction by duly adopted resolution, or (iii.) closing of a purchase, tender or exchange offer made
to the holders of more than fifty percent (50%) of the outstanding shares of Common Stock in which more than fifty percent (50%)
of the outstanding shares of Common Stock were tendered and accepted.

 

Section 3.19. Payment of Taxes, Etc. The Company shall
use commercially reasonable efforts promptly pay and discharge, or cause to be paid and discharged, when due and payable, all
lawful taxes, assessments and governmental charges or levies imposed upon the income, profits, property or business of the Company,
except for such failures to pay that would not reasonably be expected to have a Material Adverse Effect; provided, however,
that any such tax, assessment, charge or levy need not be paid if the validity thereof shall currently be contested in good faith
by appropriate proceedings and if the Company shall have set aside on its books adequate reserves with respect thereto, and provided,
further, that the Company will pay all such taxes, assessments, charges or levies forthwith upon the commencement of proceedings
to foreclose any lien which may have attached as security therefor.

 

Section 3.20. Corporate Existence. The Company shall
use commercially reasonable efforts to maintain in full force and effect its corporate existence, rights and franchises and all
licenses and other rights to use property owned or possessed by it and reasonably deemed to be necessary to the conduct of its
business.

 

Section 3.21. Investment Company Act. The Company shall
use commercially reasonable efforts to conduct its businesses in a manner so that it will not become subject to the Investment
Company Act of 1940, as amended.

 

Section 3.22. Indebtedness to Affiliates. The Company
shall not make any payment on any Indebtedness owed to its officers, directors or affiliates until all aggregate principal amount
and accrued but unpaid interest on the Notes has been repaid to the Purchasers, except to the extent that such Indebtedness is
owed by the Company to its officers, directors or affiliates holding Notes purchased in the Offering.

 

Section 3.23. No Lien on IP. Unless either (i) the holders
of at least 50.1% of the then outstanding aggregate principal amount of the Notes have approved in writing after full disclosure
of the proposed transaction, or (ii) a majority of the non-employee directors of the Board of Directors of the Company have approved
such transaction by a duly-adopted resolution, the Company shall not, directly or indirectly, encumber or allow any Liens on any
of its copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative
work, whether published or unpublished, any patents, patent applications and like protections, including improvements, divisions,
continuations, renewals, reissues, extensions, and continuations-in-part of the same, trademarks, service marks and, to the extent
permitted under applicable law, any applications therefor, whether registered or not, and the goodwill of the business of the
Company connected with and symbolized thereby, know-how, operating manuals, trade secret rights, rights to unpatented inventions,
and any claims for damage by way of any past, present, or future infringement of any of the foregoing.

 

Section 3.24. Benefit Plans. Unless either (i) the holders
of at least 50.1% of the then outstanding aggregate principal amount of the Notes have approved in writing after full disclosure
of the proposed transaction, or (ii) a majority of the non-employee directors of the Board of Directors of the Company have approved
such transaction by a duly-adopted resolution, the Company shall not adopt, amend or terminate any equity incentive plan or employee
benefit plan or arrangement for the benefit of officers or directors of the Company; provided that the foregoing shall
not apply to the amendment or termination any medical, dental or vision plan broadly available on the same terms to all employees
of Company.

 

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Section 3.25. Expenditures. Unless either (i) the holders
of at least 50.1% of the then outstanding aggregate principal amount of the Notes have approved in writing after full disclosure
of the proposed transaction, or (ii) a majority of the non-employee directors of the Board of Directors of the Company have approved
such transaction by a duly-adopted resolution, the Company shall not (a) make any capital expenditure for an amount greater than
US$100,000, (b) dispose of any asset for an amount greater than US$100,000 or less than the book value of such asset (other than
the sale of inventory in the ordinary course of business), or (c) acquire or purchase any interest in any real property for an
amount greater than US$100,000.

 

Section 3.26. Compensation. Unless either (i) the holders
of at least 50.1% of the then outstanding aggregate principal amount of the Notes have approved in writing after full disclosure
of the proposed transaction, or (ii) a majority of the non-employee directors of the Board of Directors of the Company have approved
such transaction by a duly-adopted resolution, the Company shall not (a) materially increase or change the compensation package
(including salary, bonus and equity incentives, if any) of any member of the management team of Company if the total compensation
package, as increased or changed, would exceed US$100,000 or (b) make any payments to any member of the management team or board
of directors of Company in respect of any deferred or foregone compensation.

 

Section 3.27. Reservation of Shares. The Company shall,
for so long as any of the Notes or Warrants are outstanding, take all action necessary to reserve and keep available out of its
authorized and unissued capital stock, solely for the purpose of effecting the exercise of all Warrants and conversion of all
Notes, such number of shares of Common Stock which would allow for full exercise of all then outstanding Warrants and conversion
of all then outstanding Notes. Upon exercise of the Warrants and/or conversion of the Notes, the shares of Common Stock issued
with respect thereto will be validly issued, fully paid and nonassessable and free from all Liens with respect to the issue thereof,
with the holders being entitled to all rights accorded to a holder of Common Stock.

 

Section 3.28. Other Businesses. The Company shall not
engage, directly or indirectly, in any business other than the business currently conducted by Company.

 

Article 4 

 

Conditions

 

Section 4.1. Conditions Precedent to the Obligation of the
Company to Close and to Sell the Securities and the Purchaser to Close and to Purchase the Securities. The obligations hereunder
of the Company to close and issue and sell the Securities to the Purchasers and the Purchaser to Close and to Purchase the Securities
at each Closing is subject to the satisfaction or waiver, at or before the Closing of the conditions set forth below.

 

(a) Accuracy of the Representations and Warranties.
The representations and warranties of the Company and each Purchaser shall be true and correct in all material respects as of
the date when made and as of the applicable Closing Date as though made at that time, except for representations and warranties
that are expressly made as of a particular date, which shall be true and correct in all material respects as of such date.

 

(b) Performance by the Company and the Purchasers.
The Company and each Purchaser shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Company and/or the Purchasers at
or prior to the applicable Closing Date.

 

(c) No Injunction. No statute, rule, regulation,
executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental
authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

(d) Completion of Due Diligence. Each Purchaser
shall have completed its due diligence of the Company and the securities being offered to its satisfaction, in its sole and absolute
discretion.

 

(e) Delivery of Purchase Price. The Purchase
Price for the Securities shall have been delivered by the Purchaser to the Company prior to the applicable Closing Date.

 

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(f) Delivery of Transaction Documents. The
Transaction Documents shall have been duly executed and delivered by the Purchasers to the Company and the Placement Agent.

 

(g) No Suspension, Etc. The shares of Common
Stock (i) shall be designated for quotation or listed on a Trading Market, and (ii) shall not have been suspended, as of each
Closing Date, by the SEC from trading on such Trading Market.

 

(h) No Injunction. No statute, rule, regulation,
executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental
authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

(i) No Proceedings or Litigation. No action,
suit or proceeding before any arbitrator or any governmental authority shall have been commenced, and no investigation by any
governmental authority shall have been threatened, against the Company, or any of the officers, directors or affiliates of the
Company, seeking to restrain, prevent or change the transactions contemplated by this Agreement, or seeking damages in connection
with such transactions.

 

(j) Opinion of Counsel. The Placement Agent
shall have received an opinion of counsel to the Company, dated the date of the Closing as shall be reasonably acceptable to counsel
to the Placement Agent.

 

(k) Secretary’s Certificate. The Company
shall have delivered to the Placement Agent and counsel to the Placement Agent a secretary’s certificate, dated as of each
Closing Date, as to (i) the resolutions adopted by its Board of Directors approving the transactions contemplated hereby, (ii)
its certificate of incorporation, (iii) its bylaws, each as in effect at the Closing Date, (iv) the authority and incumbency of
the officers executing the Transaction Documents and any other documents required to be executed or delivered in connection therewith,
and (v) the good standing of the Company in such entity’s jurisdiction of formation and all jurisdictions in which the Company
is qualified as a foreign corporation to do business, as evidenced by and attaching true and complete copies of certificates of
the secretary of state (or comparable office) of each such jurisdiction as of a date within five (5) calendar days prior to the
applicable Closing Date.

 

(l) Officer’s Certificate. On each
Closing Date, the Company shall have delivered to the Placement Agent a certificate signed by an executive officer on behalf of
the Company, dated as of such Closing Date, confirming the accuracy of the Company’s representations, warranties and covenants
as of such Closing Date and confirming the compliance by the Company with the conditions precedent set forth in this Section
4.1 as of such Closing Date.

 

(m) Affiliate Lock-Up.
The Placement Agent shall have received agreements (the “Lock-Up Agreements”) from each director and
officer of the Company (and any of their respective transferees, assignees and/or affiliates) to the effect that each such individual
shall not sell, assign or transfer any of their securities of the Company for the period commencing on the date of the Memorandum
and terminating on the earlier to occur of (i) six (6) months from the date the registration
statement covering the resale of all of the Conversion Shares has been declared effective by the SEC (and the Company has no reason
to believe it will not stay effective without interruption for the foreseeable future), and (ii) the date that such Conversion
Shares have been continually eligible for sale under Rule 144 without any limitations and/or restrictions, including, but not
limited to, volume or manner-of-sale restrictions or current public information requirements for a period of six (6) months (and
the Company has no reason to believe sales of such Conversion Shares or Warrant Shares under Rule 144 without any limitations
and/or restrictions will not continue to be permitted without interruption for the foreseeable future),
provided that transfers may be made as gifts, to family members and trusts for the benefit of family members, and to affiliates
of our directors and officers. Notwithstanding the foregoing, the Lock-Up Agreements shall not preclude the officers or directors
of the Company from exercising stock options granted pursuant to the Company’s Amended and Restated 2006 Stock Incentive
Plan. The form of Lock-up Agreement shall be prepared by and satisfactory to counsel to the Placement Agent.

 

(n) Material Adverse Effect. No Material
Adverse Effect shall have occurred.

 

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Article 5 

 

Certificate; Legend

 

Section 5.1. Legend. Except as set forth herein, each
certificate representing the Securities, the Conversion Shares or the Warrant Shares shall be stamped or otherwise imprinted with
a legend substantially in the following form (in addition to any legend required by applicable state securities or “blue
sky” laws):

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED
OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE REGISTRATION OF SUCH SECURITIES
UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

 

The Company agrees
to issue or reissue certificates representing any of the Securities, the Conversion Shares or the Warrant Shares without the legend
set forth above when required to do so pursuant to the terms of the Notes or if (x) the holder thereof shall provide the Company
with reasonable assurances that the such securities can be sold pursuant to Rule 144 without any restriction as to the number
of securities acquired as of a particular date that can then be immediately sold (which assurances shall not require an opinion
of counsel) or (y) the holder is selling such Conversion Shares in compliance with the provisions of Rule 144.

 

Article 6 

 

Indemnification

 

Section 6.1. General Indemnity. The Company agrees to
indemnify and hold harmless the Purchasers (and their respective directors, officers, affiliates, members, managers, employees,
agents, successors and assigns) from and against any and all losses, liabilities, deficiencies, costs, damages and expenses (including,
without limitation, reasonable attorneys’ fees, charges and disbursements) incurred by the Purchasers as a result of any
inaccuracy in or breach of the representations, warranties or covenants made by the Company herein.

 

Section 6.2. Indemnification Procedure. Any party entitled
to indemnification under this Article 6 (an “Indemnified Party”) will give written notice
to the Company of any matter giving rise to a claim for indemnification; provided, that the failure of any Indemnified Party hereunder
to give notice as provided herein shall not relieve the Company of its obligations under this Article 6 except to
the extent that the Company is actually prejudiced by such failure to give notice. In case any such action, proceeding or claim
is brought against the Indemnified Party in respect of which indemnification is sought hereunder, the Company shall be entitled
to participate in and, unless in the reasonable judgment of the Company a conflict of interest between it and the Indemnified
Party exists with respect to such action, proceeding or claim (in which case the Indemnified Party shall be responsible for the
reasonable fees and expenses of one separate counsel for the indemnified parties), to assume the defense thereof with counsel
reasonably satisfactory to the Indemnified Party. In the event that the Company advises an Indemnified Party that it will contest
such a claim for indemnification hereunder, or fails, within thirty (30) days of receipt of any indemnification notice to notify,
in writing, such person of its election to defend, settle or compromise, at its sole cost and expense, any action, proceeding
or claim (or discontinues its defense at any time after it commences such defense), then the Indemnified Party may, at its option,
defend, settle or otherwise compromise or pay such action or claim. In any event, unless and until the Company elects in writing
to assume and does so assume the defense of any such claim, proceeding or action, the Indemnified Party’s costs and expenses
arising out of the defense, settlement or compromise of any such action, claim or proceeding shall be losses subject to indemnification
hereunder. The Indemnified Party shall cooperate fully with the Company in connection with any negotiation or defense of any such
action or claim by the Company and shall furnish to the Company all information reasonably available to the Indemnified Party
which relates to such action or claim. The Company shall keep the Indemnified Party fully apprised at all times as to the status
of the defense or any settlement negotiations with respect thereto. If the Company elects to defend any such action or claim,
then the Indemnified Party shall be entitled to participate in such defense with counsel of its choice at its sole cost and expense.
The Company shall not be liable for any settlement of any action, claim or proceeding effected without its prior written consent.
Notwithstanding anything in this Article 6 to the contrary, the Company shall not, without the Indemnified Party’s prior
written consent, settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any future
obligation on the Indemnified Party or which does not include, as an unconditional term thereof, the giving by the claimant or
the plaintiff to the Indemnified Party of a release from all liability in respect of such claim. The indemnification obligations
to defend the Indemnified Party required by this Article 6 shall be made by periodic payments of the amount thereof
during the course of investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred,
so long as the Indemnified Party shall refund such moneys if it is ultimately determined by a court of competent jurisdiction
that such party was not entitled to indemnification. The indemnity agreements contained herein shall be in addition to (a) any
cause of action or similar rights of the Indemnified Party against the Company or others, and (b) any liabilities the Company
may be subject to pursuant to the law.

 

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Article 7

 

Miscellaneous

 

Section 7.1. Fees and Expenses. Each party shall pay
the fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses, incurred by such
party incident to the negotiation, preparation, execution, delivery and performance of this Agreement; provided, however,
that the Company, in accordance with the Engagement Letter, dated as of May 31, 2012, by and between the Company and Placement
Agent, shall pay all actual and documented attorneys’ fees and expenses (including disbursements and out-of-pocket expenses)
incurred by counsel to the Placement Agent in connection with the preparation, negotiation, execution and delivery of the Transaction
Documents and the transactions contemplated thereunder.

 

Section 7.2. Specific Performance; Consent to Jurisdiction;
Venue; Waiver of Jury Trial.

 

(a) The Company and the Purchasers acknowledge and
agree that irreparable damage would occur in the event that any of the provisions of this Agreement or the other Transaction Documents
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement or the other
Transaction Documents and to enforce specifically the terms and provisions hereof or thereof, this being in addition to any other
remedy to which any of them may be entitled by law or equity.

 

(b) Each party hereby expressly and irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby expressly and irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby expressly and irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. In any action brought by the Company concerning and/or arising directly and/or indirectly out
of this Certificate, the prevailing party shall be entitled to recover all of its legal fees and expenses incurred by it with
respect to any such legal action. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

Section 7.3. Entire Agreement; Amendment. This Agreement
and the other Transaction Documents contain the entire understanding and agreement of the parties with respect to the matters
covered hereby and, except as specifically set forth herein or in the other Transaction Documents, neither the Company nor any
Purchaser make any representation, warranty, covenant or undertaking with respect to such matters, and they supersede all prior
understandings and agreements with respect to said subject matter, all of which are merged herein. No provision of this Agreement
may be waived or amended other than by a written instrument signed by the Company and the Purchasers holding at least 66 2/3 %
of the principal amount of the Notes then held by the Purchasers. Any amendment or waiver effected in accordance with this Section
7.3 shall be binding upon each Purchaser (and their permitted assigns) and the Company.

 

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Section 7.4. Notices. Any notice, demand, request, waiver
or other communication required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery
by telecopy or facsimile at the address or number designated below (if delivered on a business day during normal business hours
where such notice is to be received), or the first business day following such delivery (if delivered other than on a business
day during normal business hours where such notice is to be received) or (b) on the second business day following the date of
mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever
shall first occur. The addresses for such communications shall be:

 

	If to the Company:	 	 
	 	 	CorMedix Inc.

        745 Rt. 202-206, Suite 303

        Bridgewater, NJ 08807

	 	 	Attention: Richard Cohen
	 	 	Telephone : (908) 517-9500
	 	 	Facsimile: (908) 429-4307
	with copies to:	 	 
	 	 	DLA Piper

        300 Campus Drive, Suite 100

        Florham Park, New Jersey 07932

	 	 	Attention: David C. Schwartz, Esq.
	 	 	Telephone: (973) 520 2555
	 	 	Facsimile: (973) 520-2575
	If to any Purchaser:	 	At the address of the Purchaser set forth on Annex A
    to this Agreement or as specified in writing by such Purchaser.
	with copies to:	 	Gusrae Kaplan Nusbaum PLLC

        120 Wall Street, 11th Floor

        New York, New York 10005

	 	 	Attention: Lawrence Nusbaum, Esq.
	 	 	Telephone: (212) 809-5449
	 	 	Facsimile: (212) 269-1400

 

Any party hereto
may from time to time change its address for notices by giving written notice of such changed address to the other party hereto.

 

Section 7.5. Waivers. No waiver by either party of any
default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in
the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to
exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. No consideration shall
be offered or paid to any Purchaser to amend or consent to a waiver or modification of any provision of any of the Transaction
Documents unless the same consideration is also offered to all of the parties to the Transaction Documents. This provision constitutes
a separate right granted to each Purchaser by the Company and shall not in any way be construed as the Purchasers acting in concert
or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

 

Section 7.6. Headings. The article, section and subsection
headings in this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and
shall not be deemed to limit or affect any of the provisions hereof.

 

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Section 7.7. Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the parties and their successors and assigns. The assignment by a party to this
Agreement of any rights hereunder shall not affect the obligations of such party under this Agreement. The Purchasers may assign
the Securities and its rights under this Agreement and the other Transaction Documents and any other rights hereto and thereto
without the consent of the Company.

 

Section 7.8. No Third Party Beneficiaries. This Agreement
is intended for the benefit of the parties hereto and their respective permitted successors and assigns and is not for the benefit
of, nor may any provision hereof be enforced by, any other person.

 

Section 7.9. Governing Law. This Agreement shall be
governed by and construed in accordance with the internal laws of the State of New York, without giving effect to any of the conflicts
of law principles which would result in the application of the substantive law of another jurisdiction. This Agreement shall not
be interpreted or construed with any presumption against the party causing this Agreement to be drafted.

 

Section 7.10. Survival. The representations and warranties
of the Company and the Purchasers shall survive the execution and delivery hereof and the Initial Closing.

 

Section 7.11. Counterparts. This Agreement may be executed
in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall become effective
when counterparts have been signed by each party and delivered to the other parties hereto, it being understood that all parties
need not sign the same counterpart.

 

Section 7.12. Severability. The provisions of this Agreement
are severable and, in the event that any court of competent jurisdiction shall determine that any one or more of the provisions
or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this
Agreement and this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part
of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum
extent possible.

 

Section 7.13. Further Assurances. From and after the
date of this Agreement, upon the request of the Purchasers or the Company, the Company and each Purchaser shall execute and deliver
such instruments, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of this Agreement and the other Transaction Documents

 

[SIGNATURE PAGE FOLLOWS]

 

    	21

    	 

    

 

CORMEDIX INC.

 

SIGNATURE PAGE TO

SUBSCRIPTION AGREEMENT

 

Purchaser hereby elects to purchase
a total of ______ Units at a price equal to $1,000 per Unit (to be completed by the Purchaser).

 

	If the Purchaser is an INDIVIDUAL,
        and if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

         

	Purchaser:	 	 

         
	 	 	 
	 	 	 	 	 	 	 
	 	Print Name	 	 	 	Social Security Number	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Signature	 	Date	 	Address	 
	 	 	 	 	 	 	 
	Co-Purchaser:

         
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Print Name	 	 	 	Social Security Number	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Signature	 	Date	 	Address (if different from above)	 

 

	If
    the Purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST:
	 	 	 	 	 	 	 
	 	Name of Partnership, Corporation, Limited Liability Company or Trust	 	 	 	Federal Taxpayer Identification Number	 
	 	 

        By: ____________________________________
	 	 	 	 	 
	 	         Name:
        _____________________________

                Title:
        _____________________________
	 	 	 	Date: _______________________	 
	 	 	 	 	 	 	 

 

ACCEPTED BY:

 

CORMEDIX INC. 

 

	By:	 	 
	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Date	 	 

  

    	 

    	 

    

 

CORMEDIX INC.

 

	ANNEX A 

        PURCHASER QUESTIONNAIRE 

         

        INDIVIDUAL INVESTORS

	 

        Investor Name:
	 
	 

        Co-Investor Name:
	 

 

	Individual Executing Profile or Trustee (If Applicable):	 

 

	Marital Status:	 	 	 	 
	 	 	 	 	 
	SSN #:	 	 	Joint Party SSN #:	 
	 	 	 	 	 
	Date of Birth:	 	 	Joint Party Date of Birth:	 
	 	 	 	 	 
	Primary Residence:	 	 	 	 
	 	 	 	 	 
	Street Address:	 	 	 	 
	 	 	 	 	 
	City, State & Zip Code:	 	 	 	 
	 	 	 	 	 
	Home Phone:	 	 	Home Fax:	 
	 

        Email address:
	 	 	 	 
	 	 	 	 	 
	Business Address:	 	 	 	 
	 

        Business Phone:
	 	 	 

        Business Fax:
	 
	 

        Business Email Address:
	 	 	 	 

 

	ENTITY INVESTORS
	
         

        Entity Investor Name:
	 	 
	
         

        Individual Executing Questionnaire:
	 
	
         

        Federal Tax ID No.:
	 	 
	 	 	 
	Business Street Address:	 	 
	
         

        Business City, State & Zip Code:
	 
	
         

        Contact Person:
	 	 
	
         

        Business Phone:
	 	 	
         

        Business Fax:
	 
	
         

        Business Email Address:
	 	 	 	 

  

	SECURITY DELIVERY INSTRUCTIONS (Check One):
	 ̈	Please deliver to the Home Address listed above
	 ̈	Please deliver to the Business Address listed above
	 ̈	Please deliver my securities to the following address:

 

    	Annex A

    	 

    

 

CORMEDIX INC.

 

	ANNEX B 

         

        CERTIFICATE FOR INDIVIDUAL INVESTORS
        (Including Grantors of Revocable Trusts)

	If the investor is an individual, including married couples and IRA accounts of individual investors, please
    complete, date and sign this Certificate.  If the investment is to be held jointly, each investor must execute and deliver
    the Subscription Agreement and initial their Investor Status as requested below and execute this Certificate.
	 	 
	 ̈ Individual	 ̈          Joint
    Tenants (both Joint Tenants must initial their Investor Status and sign this Certificate)
	 ̈ IRA	 ̈          Tenants
    in Common (both tenants-in-common must initial their Investor Status and sign this Certificate)
	 ̈ Tenants in the
    Entirety	 ̈          Community
    Property (all holders must initial their Investor Status and sign this Certificate)
	 
	 ̈          Grantor
    of a Revocable Trust (identify each grantor and indicate under what circumstances the trust is revocable by the grantor. 
    If you check this box, please note all Trustees must complete the Investor Status Section below and sign this Certificate).
	 	 
	Names of Grantors:	 
	 	 
	 ̈ Check if any
    Grantor is deceased, disabled or legally incompetent.
	 	 
	INVESTOR STATUS (Including Grantors of Revocable Trusts)
	 	 
	 	I certify that I have a net worth (excluding the value of my primary residence) in excess of $1 million either
    individually or through aggregating my individual holdings and those in which I have a joint, community property or other
    similar shared ownership interest with my spouse.
	Initial if Applicable	 
	 	I certify that I have had an annual gross income for the past two years of at least $200,000 (or $300,000
    jointly with my spouse) and expect my income (or joint income, as appropriate) to reach the same level in the current year.
	Initial if Applicable	 
	 	 
	 	I certify that I am a director or executive officer of CorMedix Inc.
	Initial if Applicable	 
	 	 
	The undersigned certifies that the representations and responses above are true and accurate:
	 	 	 

	Investor Name (Print):	 	 	Co- Investor Name:	 
	 	 	 	 	 
	Signature:	 	 	Co- Investor Signature:	 
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    	Annex B

    	 

    

 

CORMEDIX INC.

 

	
        ANNEX C 

         

        ENTITY INVESTORS CERTIFICATE

        (CORPORATIONS, PARTNERSHIPS, LIMITED
        LIABILITY COMPANIES,

        IRREVOCABLE TRUSTS, AND FOUNDATIONS)

	If the Investor is a corporation, partnership, limited liability company, irrevocable trust, pension plan, foundation or other entity, an authorized officer, partner, or trustee must provide the requested information below, initial the Investor Status and sign this Certificate.
	Type of Entity (check one):
	 	 
	 ̈ Limited Partnership	 ̈ General Partnership
	 	 
	 ̈ Limited Liability Company	o Corporation
	 	 
	 ̈ Irrevocable Trust:	 ̈ Other form of organization:
	 
	Grantors of Revocable Trust: Please complete Annex B.

 

	Date of Formation:	 
	 	 
	NOTE: PLEASE PROVIDE A COPY OF THE ORGANIZATIONAL DOCUMENTATION. (i.e., Articles of Incorporation, Partnership Agreement, Operating Agreement, Trust Agreement, etc)
	 	 
	In order for the Company to offer and sell the Units in conformance with state and federal securities laws, the following information must be obtained regarding your investor status.  Please initial each category applicable to you as an investor in the Company.
	 	 
	 	A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;
	Initial if Applicable	 
	 	 
	 	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934;
	Initial if Applicable	 
	 	
         

        An insurance company as defined in Section 2(13) of the Securities
        Act;

	Initial if Applicable	 
	 	
An investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act;
	Initial if Applicable	 
	 	
A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;
	Initial if Applicable	 
	 	
A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000, 000;
	Initial if Applicable	 
	 	
An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment advisor, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;
	Initial if Applicable	 

 

    	Annex C

    	 

    

 

	 	A private business development company as defined in Section 202(a)(22) of the Investment Advisers
    Act of 1940;
	Initial if Applicable	 
	 	 
	 	Any partnership or corporation or any organization described in Section 501(c)(3) of the Internal Revenue Code or similar
    business trust, not formed for the specific purpose of acquiring the Units, with total assets in excess of $5,000,000;
	Initial if Applicable	 
	 	 
	 	A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Units, whose
    purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of the Securities Act; or
	Initial if Applicable	 
	 	 
	 	An entity in which all of the equity owners qualify under any of the above subparagraphs.* 
	Initial if Applicable	

*If the undersigned belongs to this investor category only, please list the equity owners of the undersigned, and, in
    addition, have each equity owner individually complete and deliver Annex A and Annex B hereof:
	 	 
	 	 
	 	 
	The undersigned certifies that the representations and responses above are true and accurate and that the
    undersigned has the authority to execute and deliver the Subscription Agreement and this Certificate on behalf of the Investor
    and to take other actions with respect thereto.

 

	Entity Investor Name:	 	 	 	 
	 	 	 	 	 
	By (Signature):	 	 	 	 
	 	 	 	 	 
	Print Name:	 	 	 	 
	 	 	 	 	 
	Title:	 	 	 	 
	 

        Date:
	 

         
	 	 	 

  

    	Annex C

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