Document:

PLACEMENT
AGENCY AGREEMENT

 

	 	June
    _, 2019

 

Roth
Capital Partners, LLC

888
San Clemente Drive, Suite 400

Newport
Beach, CA 92660

 

Ladies
and Gentlemen:

 

Introduction.
Subject to the terms and conditions herein (this “Agreement”), Propanc Biopharma, Inc., a Delaware corporation
(the “Company”), hereby agrees to sell up to an aggregate of $________ of securities of the Company, including,
but not limited to, ______ shares (the “Shares”) of the Company’s common stock, $0.001 par value per
share (the “Common Stock”), pre-funded Common Stock purchase warrants to purchase up to an aggregate of _______
shares of Common Stock (the “Pre-Funded Warrants”), and Common Stock purchase warrants to purchase up to an
aggregate of ______ shares of Common Stock (the “Warrants” and the shares of Common Stock underlying the Pre-Funded
Warrants and the Warrants, the “Warrant Shares”) (the Shares, the Pre-Funded Warrants, the Warrants and the
Warrant Shares, collectively, the “Securities”) directly to various investors (each, an “Investor”
and, collectively, the “Investors”) through Roth Capital Partners, LLC, (“Roth” or the “Placement
Agent”) as placement agent. The documents executed and delivered by the Company and the Investors in connection with
the Offering (as defined below), including, without limitation, a securities purchase agreement (the “Purchase Agreement”),
shall be collectively referred to herein as the “Transaction Documents.” The purchase price to the Investors
for each Share is $___, the purchase price for each Pre-Funded Warrant is $____, and the exercise price to the Investors for each
share of common stock issuable upon exercise of the Warrants is $______. Roth may retain other brokers or dealers to act as sub-agents
or selected-dealers on its behalf in connection with the Offering.

 

The
Company hereby confirms its agreement with the Placement Agent as follows:

 

Section
1. Agreement to Act as Placement Agent. 

 

(a)
On the basis of the representations, warranties and agreements of the Company herein contained, and subject to all the terms and
conditions of this Agreement, the Placement Agent shall be the exclusive placement agent in connection with the offering and sale
by the Company of the Securities pursuant to the Company’s registration statement on Form S-1 (File No. 333-231682) (the
“S-1”), with the terms of such offering (the “Offering”) to be subject to market conditions
and negotiations between the Company, the Placement Agent and the prospective Investors. Roth will act on a reasonable best efforts
basis and the Company agrees and acknowledges that there is no guarantee of the successful placement of the Securities, or any
portion thereof, in the prospective Offering. Under no circumstances will the Placement Agent or any of their “Affiliates”
(as defined below) be obligated to underwrite or purchase any of the Securities for their own account or otherwise provide any
financing. The Placement Agent shall act solely as the Company’s agents and not as principals. The Placement Agent shall
have no authority to bind the Company with respect to any prospective offer to purchase Securities and the Company shall have
the sole right to accept offers to purchase Securities and may reject any such offer, in whole or in part. Subject to the terms
and conditions hereof, payment of the purchase price for, and delivery of, the Securities shall be made at one or more closings
(each a “Closing” and the date on which each Closing occurs, a “Closing Date”). As compensation
for services rendered, on each Closing Date, the Company shall pay to the Placement Agent the fees and expenses set forth below:

 

(i)
A cash fee equal to 8.0% of the gross proceeds received by the Company from the sale of the Securities at the closing of the Offering
(the “Closing”).

 

    	 

    	 

    

 

(ii)
Such number of Common Stock purchase warrants (the “Placement Agent Warrants”) to Placement Agent or its designees
at each Closing to purchase shares of Common Stock equal to 7.0% of the aggregate number of Shares and Pre-Funded Warrants sold
at each such Closing. The Placement Agent Warrants shall have the same terms as the warrants issued to the Investors in the Offering
except that the exercise price shall be 100% of the public offering price per share and shall have an expiration date of 5 years
from the effective date of the Registration Statement (as further defined below). The Placement Agent Warrants shall not be transferable
for six months from the closing date of the Offering except as permitted by Financial Industry Regulatory Authority (“FINRA”)
Rule 5110(g)(1).

 

(iii)
The Company also agrees to reimburse the Placement Agent’s reasonable out of pocket expenses incurred by the Placement Agent
in connection with this Agreement and the Offering of up to $100,000 payable immediately upon the Closing of the Offering.

 

(b)
The term of the Placement Agent’s exclusive engagement will be until the completion of the Offering (the “Exclusive
Term”); provided, however, that a party hereto may terminate this Agreement and the engagement with respect
to itself at any time upon 10 days written notice to the other parties. Notwithstanding anything to the contrary contained herein,
the provisions concerning confidentiality, indemnification and contribution contained herein and the Company’s obligations
contained in the indemnification provisions will survive any expiration or termination of this Agreement, and the Company’s
obligation to pay fees actually earned and payable and to reimburse expenses actually incurred and reimbursable pursuant to Section
1 hereof, subject to the limitations herein, and which are permitted to be reimbursed under FINRA Rule 5110(f)(2)(D), will survive
any expiration or termination of this Agreement. Nothing in this Agreement shall be construed to limit the ability of the Placement
Agent or their Affiliates to pursue, investigate, analyze, invest in, or engage in investment banking, financial advisory or any
other business relationship with Persons (as defined below) other than the Company. As used herein (i) “Persons” 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 and (ii) “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act of 1933, as amended (the
“Securities Act”).

 

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Section
2. Representations, Warranties and Covenants of the Company. The Company hereby represents, warrants and covenants to the
Placement Agent as of the date hereof, and as of each Closing Date, as follows:

 

(a)
Securities Law Filings. The Company has filed with the U.S. Securities and Exchange Commission (the “Commission”)
the S-1 under the Securities Act, which was declared effective on June __, 2019 for the registration of the Securities under the
Securities Act. Following the determination of pricing among the Company and the prospective Investors introduced to the Company
by the Placement Agent, the Company will file with the Commission pursuant to Rules 430A and 424(b) under the Securities Act,
and the rules and regulations (the “Rules and Regulations”) of the Commission promulgated thereunder, a final
prospectus relating to the placement of the Securities, their respective pricings and the plan of distribution thereof and will
advise the Placement Agent of all further information (financial and other) with respect to the Company required to be set forth
therein. Such registration statement, at any given time, including the exhibits thereto filed at such time, as amended at such
time, is hereinafter called the “Registration Statement”; such prospectus in the form in which it appears in
the Registration Statement at the time of effectiveness, together with any preliminary prospectus supplement relating to the Offering,
is hereinafter called the “Preliminary Prospectus”; and the final prospectus supplement, in the form in which
it will be filed with the Commission pursuant to Rule 430A and/or Rule 424(b) (including the Preliminary Prospectus as so amended
or supplemented) is hereinafter called the “Final Prospectus.” The Registration Statement at the time it originally
became effective is hereinafter called the “Original Registration Statement.” Any reference in this Agreement
to the Registration Statement, the Original Registration Statement, the Preliminary Prospectus, the Preliminary Prospectus Supplement
or the Final Prospectus shall be deemed to refer to and include the documents incorporated by reference therein (the “Incorporated
Documents”), if any, pursuant to Item 12 on Form S-1 which were or are filed under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), at any given time, as the case may be; and any reference in this Agreement
to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement,
the Original Registration Statement, the Preliminary Prospectus, the Preliminary Prospectus Supplement or the Final Prospectus
shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement, or
the issue date of the Preliminary Prospectus, the Preliminary Prospectus Supplement or the Final Prospectus, as the case may be,
deemed to be incorporated therein by reference. All references in this Agreement to financial statements and schedules and other
information which is “contained,” “included,” “described,” “referenced,” “set
forth” or “stated” in the Registration Statement, the Preliminary Prospectus, the Preliminary Prospectus Supplement
or the Final Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements
and schedules and other information which is or is deemed to be incorporated by reference in the Registration Statement, the Preliminary
Prospectus, the Preliminary Prospectus Supplement or the Final Prospectus, as the case may be. As used in this paragraph and elsewhere
in this Agreement, “Time of Sale Disclosure Package” means the Preliminary Prospectus, any preliminary prospectus
supplement, any subscription agreement between the Company and the Investors, and any issuer free writing prospectus as defined
in Rule 433 of the Securities Act (each, an “Issuer Free Writing Prospectus”), if any, that the parties hereto
shall hereafter expressly agree in writing to treat as part of the Time of Sale Disclosure Package. The term “any Prospectus”
shall mean, as the context requires, the Preliminary Prospectus, the Final Prospectus, and any supplement to either thereof. The
Company has not received any notice that the Commission has issued or intends to issue a stop order suspending the effectiveness
of the Registration Statement or the use of the Preliminary Prospectus or the Final Prospectus or intends to commence a proceeding
for any such purpose.

 

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(b)
Assurances. The Original Registration Statement, as amended, (and any further documents to be filed with the Commission)
contains all exhibits and schedules as required by the Securities Act. Each of the Registration Statement and any post-effective
amendment thereto, at the time it became effective, complied in all material respects with the Securities Act and the applicable
Rules and Regulations and did not contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading. The Preliminary Prospectus, and the Final Prospectus,
each as of its respective date, comply or will comply in all material respects with the Securities Act and the applicable Rules
and Regulations. Each of the Preliminary Prospectus and the Final Prospectus, as amended or supplemented, did not and will not
contain as of the date thereof any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents,
when they were filed with the Commission, conformed in all material respects to the requirements of the Exchange Act and the applicable
Rules and Regulations promulgated thereunder, and none of such documents, when they were filed with the Commission, contained
any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein (with respect
to Incorporated Documents incorporated by reference in the Preliminary Prospectus or Final Prospectus), in light of the circumstances
under which they were made not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events
arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information set
forth therein is required to be filed with the Commission. Except for this Agreement, there are no documents required to be filed
with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required pursuant to
the Securities Act or (y) will not be filed within the requisite time period. Except for this Agreement, there are no contracts
or other documents required to be described in the Preliminary Prospectus or Final Prospectus, or to be filed as exhibits or schedules
to the Registration Statement, which have not been described or filed as required.

 

(c)
Offering Materials. Neither the Company nor any of its directors and officers has distributed and none of them will distribute,
prior to each Closing Date, any offering material in connection with the offering and sale of the Securities other than the Time
of Sale Disclosure Package.

 

(d)
Subsidiaries. All of the direct and indirect subsidiaries of the Company (the “Subsidiaries”) are set
forth in the Incorporated Documents. The Company owns, directly or indirectly, all of the capital stock or other equity interests
of each Subsidiary free and clear of any liens, charges, security interests, encumbrances, rights of first refusal, preemptive
rights or other restrictions (collectively, “Liens”), and all of the issued and outstanding shares of capital stock
of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe
for or purchase securities.

 

(e)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of this Agreement or any other agreement entered into between the Company and the Investors, (ii) a material
adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company
and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material
respect on a timely basis its obligations under this Agreement or the transactions contemplated under the Final Prospectus (any
of (i), (ii) or (iii), a “Material Adverse Effect”) and no action, claim, suit, investigation or proceeding
(including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened
(“Proceeding”) has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to
revoke, limit or curtail such power and authority or qualification.

 

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

 

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

 

(h)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of this Agreement and the transactions
contemplated pursuant to the Time of Sale Disclosure Package, other than: (i) the filing with the Commission of the Final Prospectus,
(ii) application(s) to the Nasdaq Capital Market (the “Trading Market”) for the listing of the Shares and the
Warrant Shares for trading thereon in the time and manner required thereby, and (iii) such filings as are required to be made
under applicable state securities laws (collectively, the “Required Approvals”).

 

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(i)
Issuance of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance
with the Final Prospectus, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed
by the Company. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid
and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital
stock the maximum number of shares of Common Stock issuable pursuant to the Final Prospectus.

 

(j)
Capitalization. The capitalization of the Company is as set forth in the Incorporated Documents. The Company has not issued
any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to awards under the
Company’s equity incentive plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee
stock purchase plans and pursuant to the conversion and/or exercise of securities of the Company or the Subsidiaries which would
entitle the holder thereof to acquire at any time any Common Stock, including, without limitation, any debt, preferred stock,
rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise
entitles the holder thereof to receive, Common Stock (“Common Stock Equivalents”) outstanding as of the date
of the most recently filed periodic report under the Exchange Act. Except as set forth in the Engagement Agreement (as defined
below), no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate
in the transactions contemplated by this Agreement and the transactions contemplated pursuant to the Time of Sale Disclosure Package.
Except as a result of the purchase and sale of the Securities or as set forth in the Incorporated Documents, there are no outstanding
options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities,
rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or
acquire, any shares of Common Stock of the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements
by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents
or capital stock of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to
issue shares of Common Stock or other securities to any Person (other than the Investors) and will not result in a right of any
holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. There are
no outstanding securities or instruments of the Company of any Subsidiary that contain any redemption of similar provisions, and
there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound
to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights of “phantom
stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company
are duly authorized. All of the outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable,
have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any
stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholder
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

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(k)
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation
to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein,
together with the Registration Statement, Preliminary Prospectus and the Final Prospectus, being collectively referred to herein
as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed
any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in
all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports,
when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company
included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(l)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i)
there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued
expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected
in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company
has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other
property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock
and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company
equity incentive plans. The Company does not have pending before the Commission any request for confidential treatment of information.
Except for the issuance of the Securities contemplated by the Time of Sale Disclosure Package or disclosed in the Time of Sale
Disclosure Package, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably
expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties,
operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws
at the time this representation is made or deemed made that has not been publicly disclosed at least one Trading Day prior to
the date that this representation is made.

 

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(m)
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge
of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by
any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability
of any of this Agreement and the transactions contemplated pursuant to the Time of Sale Disclosure Package or the Securities or
(ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither
the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim
of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been,
and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company
or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending
the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities
Act. 

 

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

 

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

 

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(p)
Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws
relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land
surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”)
into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder
(“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such
permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect

 

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

 

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

 

(s)
Patents and Trademarks. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or material for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise)
that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate
or be abandoned, within two (2) years from the date of this Agreement, except as could not have or reasonably be expected to result
in a Material Adverse Effect. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial
statements included within the SEC Reports, a notice (written or otherwise) of a claim or otherwise has any knowledge that the
Intellectual Property Rights violate or infringe upon the rights of any Person, except as would not have a Material Adverse Effect.
To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by
another Person of any of the Intellectual Property Rights, except as could not have or reasonably be expected to result in a Material
Adverse Effect. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality
and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

    	9

    	 

    

 

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

 

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

 

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

 

    	10

    	 

    

 

(w)
Certain Fees. Except as set forth in the Final Prospectus, no brokerage or finder’s fees or commissions are or will
be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or
other Person with respect to the transactions contemplated by this Agreement and the transactions contemplated pursuant to the
Time of Sale Disclosure Package. The Investors shall have no obligation with respect to any fees or with respect to any claims
made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions
contemplated by this Agreement and the transactions contemplated pursuant to the Time of Sale Disclosure Package.

 

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

 

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

 

(z)
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. Except as set forth in the Time of Sale Disclosure Package, the Company has not, in the 12 months
preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to
the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market, which noncompliance
was not cured in a timely manner. The Company is, and has no reason to believe that it will not in the foreseeable future continue
to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic
transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment
of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic
transfer.

 

(aa)
Application of Takeover Protections. Subject to Investors’ compliance with the Beneficial Ownership Limitation as
defined in Section 2(e) of the Warrants, the Company and the Board of Directors have taken all necessary action, if any, in order
to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter
documents) or the laws of its state of incorporation that is or could become applicable to the Investors as a result of the Investors
and the Company fulfilling their obligations or exercising their rights under this Agreement and the transactions contemplated
pursuant to the Final Prospectus, including without limitation as a result of the Company’s issuance of the Securities and
the Investors’ ownership of the Securities.

 

    	11

    	 

    

 

(bb)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by this Agreement
and the transactions contemplated pursuant to the Final Prospectus, pursuant to the applicable provisions of the Securities Purchase
Agreement to be entered into by the Company and certain Investors in the Offering, the Company confirms that neither it nor any
other Person acting on its behalf has provided any of the Investors or their agents or counsel with any information that it believes
constitutes or might constitute material, non-public information which is not otherwise disclosed in the Time of Sale Disclosure
Package. The Company understands and confirms that the Investors will rely on the foregoing representation in effecting transactions
in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Investors regarding the Company
and, its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Time of Sale Disclosure
Package, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The press
releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made and when made, not misleading. 

 

(cc)
No Integrated Offering. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has,
directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of any applicable
shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

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

 

    	12

    	 

    

 

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

 

(ff)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material
respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

(gg)
Accountants. The Company’s accounting firm is set forth in the Incorporated Documents. To the knowledge and belief
of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall
express its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal
year ending June 30, 2019. 

 

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

 

(ii)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary, to the Company’s knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

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

 

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

 

    	13

    	 

    

 

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

 

(mm)
Certificates. Any certificate signed by an officer of the Company and delivered to the Placement Agent or to counsel for
the Placement Agent shall be deemed to be a representation and warranty by the Company to the Placement Agent as to the matters
set forth therein.

 

(nn)
Reliance. The Company acknowledges that the Placement Agent will rely upon the accuracy and truthfulness of the foregoing
representations and warranties and hereby consents to such reliance.

 

(oo)
FINRA Affiliations. There are no affiliations with any FINRA member firm that is participating in the Offering among the
Company’s officers, directors or, to the knowledge of the Company, any five percent (5%) or greater stockholder of the Company.

 

(pp)
FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”)
under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is
manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such
product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled,
tested, distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar
laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval,
good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising,
record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There
is no pending, completed or, to the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal
or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries,
and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA
or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses
of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any
Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders
the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical
hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company
or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or
any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its
Subsidiaries, and which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business
and operations of the Company have been and are being conducted in all material respects in accordance with all applicable laws,
rules and regulations of the FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale,
license or use in the United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA
expressed any concern as to approving or clearing for marketing any product being developed or proposed to be developed by the
Company.

 

    	14

    	 

    

 

Section
3. Delivery and Payment. The Closing shall occur at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the
Americas, New York, New York 10105 (“Placement Agent Counsel”) (or at such other place as shall be agreed upon
by the Placement Agent and the Company). Subject to the terms and conditions hereof, at the Closing payment of the purchase price
for the Securities sold on such Closing Date shall be made by Federal Funds wire transfer, against delivery of such Securities,
and such Securities shall be registered in such name or names and shall be in such denominations, as the Placement Agent may request
at least one business day before the time of purchase (as defined below).

 

Deliveries
of the documents with respect to the purchase of the Securities, if any, shall be made at the offices of Placement Agent Counsel.
All actions taken at the Closing shall be deemed to have occurred simultaneously.

 

Section
4. Covenants and Agreements of the Company. The Company further covenants and agrees with the Placement Agent as follows:

 

(a)
Registration Statement Matters. The Company will advise the Placement Agent promptly after it receives notice thereof of
the time when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the Preliminary
Prospectus or the Final Prospectus has been filed and will furnish the Placement Agent with copies thereof. The Company will timely
file all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant
to Section 13(a), 14 or 15(d) of the Exchange Act subsequent to the date of any Prospectus and for so long as the delivery of
a prospectus is required in connection with the Offering. The Company will advise the Placement Agent, promptly after it receives
notice thereof (i) of any request by the Commission to amend the Registration Statement or to amend or supplement any Prospectus
or for additional information, and (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or any post-effective amendment thereto or any order directed at any Incorporated Document, if any, or
any amendment or supplement thereto or any order preventing or suspending the use of the Preliminary Prospectus or the Final Prospectus
or any prospectus supplement or any amendment or supplement thereto or any post-effective amendment to the Registration Statement,
of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, of the institution or threatened
institution of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the
Registration Statement any Preliminary Prospectus or the Final Prospectus or for additional information. The Company shall use
its best efforts to prevent the issuance of any such stop order or prevention or suspension of such use. If the Commission shall
enter any such stop order or order or notice of prevention or suspension at any time, the Company will use its best efforts to
obtain the lifting of such order at the earliest possible moment, or will file a new registration statement and use its best efforts
to have such new registration statement declared effective as soon as practicable. Additionally, the Company agrees that it shall
comply with the provisions of Rules 424(b), 430A, 430B and 430C, as applicable, under the Securities Act, including with respect
to the timely filing of documents thereunder, and will use its reasonable efforts to confirm that any filings made by the Company
under such Rule 424(b) are received in a timely manner by the Commission.

 

    	15

    	 

    

 

(b)
Blue Sky Compliance. The Company will cooperate with the Placement Agent and the Investors in endeavoring to qualify the
Securities for sale under the securities laws of such jurisdictions (United States and foreign) as the Placement Agent and the
Investors may reasonably request and will make such applications, file such documents, and furnish such information as may be
reasonably required for that purpose, provided, that the Company shall not be required to qualify as a foreign corporation, qualify
generally to do business, subject itself to taxation or to file a general consent
to service of process in any jurisdiction where it is not now so qualified or required to file such a consent, and provided further
that the Company shall not be required to produce any new disclosure document. The Company will, from time to time, prepare and
file such statements, reports and other documents as are or may be required to continue such qualifications in effect for so long
a period as the Placement Agent may reasonably request for distribution of the Securities. The Company will advise the Placement
Agent promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Securities for
offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event
of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its best efforts
to obtain the withdrawal thereof at the earliest possible moment.

 

(c)
Amendments and Supplements to the Registration Statement and Other Matters. The Company will comply with the Securities
Act and the Exchange Act, and the rules and regulations of the Commission thereunder, so as to permit the completion of the distribution
of the Securities as contemplated in this Agreement, the Incorporated Documents, the Registration Statement and the Final Prospectus.
If during the period in which a prospectus is required by law to be delivered in connection with the distribution of Securities
contemplated by the Incorporated Documents or the Registration Statement (the “Prospectus Delivery Period”),
any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion of the Placement Agent
or Placement Agent Counsel, it becomes necessary to amend or supplement the Incorporated Documents or the Registration Statement
in order to make the statements therein, in the light of the circumstances under which they were made, as the case may be, not
misleading, or if it is necessary at any time to amend or supplement the Incorporated Documents or the Registration Statement
or to file under the Exchange Act any Incorporated Document to comply with any law, the Company will promptly prepare and file
with the Commission, and furnish at its own expense to the Placement Agent and to dealers, an appropriate amendment to the Registration
Statement or supplement to the Registration Statement, the Incorporated Documents or the Final Prospectus that is necessary in
order to make the statements in the Incorporated Documents and the Registration Statement as so amended or supplemented, in the
light of the circumstances under which they were made, as the case may be, not misleading, or so that the Registration Statement,
the Incorporated Documents or the Final Prospectus, as so amended or supplemented, will comply with law. Before amending the Registration
Statement or supplementing the Incorporated Documents or the Final Prospectus in connection with the Offering, the Company will
furnish the Placement Agent with a copy of such proposed amendment or supplement and will not file any such amendment or supplement
to which the Placement Agent reasonably objects. 

 

(d)
Copies of any Amendments and Supplements to the Registration Statement. The Company will furnish the Placement Agent, without
charge, during the period beginning on the date hereof and ending on the last Closing Date of the Offering, as many copies of
the Incorporated Documents, Registration Statement, Preliminary Prospectus and the Final Prospectus and any amendments and supplements
thereto as the Placement Agent may reasonably request. 

 

    	16

    	 

    

 

(e)
Free Writing Prospectus. The Company covenants that it will not, unless it obtains the prior written consent of the Placement
Agent, make any offer relating to the Securities that would constitute an Company Free Writing Prospectus or that would otherwise
constitute a “free writing prospectus” (as defined in Rule 405 of the Securities Act) required to be filed
by the Company with the Commission or retained by the Company under Rule 433 of the Securities Act. In the event that the Placement
Agent expressly consent in writing to any such free writing prospectus (a “Permitted Free Writing Prospectus”),
the Company covenants that it shall (i) treat each Permitted Free Writing Prospectus as an Company Free Writing Prospectus, and
(ii) comply with the requirements of Rule 164 and 433 of the Securities Act applicable to such Permitted Free Writing Prospectus,
including in respect of timely filing with the Commission, legending and record keeping.

 

(f)
Transfer Agent. The Company will maintain, at its expense, a registrar and transfer agent for the Common Stock. 

 

(g)
Earnings Statement. As soon as practicable and in accordance with applicable requirements under the Securities Act, but
in any event not later than 18 months after last Closing Date, the Company will use its commercially reasonable best efforts to
make generally available to its security holders and to the Placement Agent an earnings statement, covering a period of at least
12 consecutive months beginning with the first day of the Company’s first full calendar
quarter after the Closing Date, that satisfies the provisions of Section 11(a) and Rule 158 under the Securities Act. 

 

(h)
Periodic Reporting Obligations. During the Prospectus Delivery Period, the Company will duly file, on a timely basis, with
the Commission and the Trading Market all reports and documents required to be filed under the Exchange Act within the time periods
and in the manner required by the Exchange Act. 

 

(i)
Additional Documents. The Company will enter into any subscription, purchase or other customary agreements as the
Placement Agent or the Investors deem reasonably necessary or appropriate to consummate the Offering, all of which will be in
form and substance reasonably acceptable to the Placement Agent and the Investors. The Company agrees that the Placement Agent
may rely upon, and each is a third party beneficiary of, the representations and warranties, and applicable covenants, set forth
in any such purchase, subscription or other agreement with Investors in the Offering.

 

(j)
No Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result
in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any
securities of the Company.

 

(k)
Acknowledgment. The Company acknowledges that any advice given by the Placement Agent to the Company is solely for the
benefit and use of the Board of Directors and executive officers of the Company and may not be used, reproduced, disseminated,
quoted or referred to, without the Placement Agent’s prior written consent, as applicable.

 

    	17

    	 

    

 

Section
5. Conditions of the Obligations of the Placement Agent. The obligations of the Placement Agent hereunder shall be subject
to the accuracy of the representations and warranties on the part of the Company set forth in Section 2 hereof, in each case as
of the date hereof and as of the Closing Date as though then made, to the timely performance by each of the Company of its covenants
and other obligations hereunder on and as of such dates, and to each of the following additional conditions: 

 

(a)
Compliance with Registration Requirements; No Stop Order; No Objection from the FINRA. The Final Prospectus (in accordance
with Rule 424(b)) and “free writing prospectus” (as defined in Rule 405 of the Securities Act), if any, shall
have been duly filed with the Commission, as appropriate; no stop order suspending the effectiveness of the Final Prospectus or
any part thereof shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission;
no order preventing or suspending the use of any Prospectus shall have been issued and no proceeding for that purpose shall have
been initiated or threatened by the Commission; no order having the effect of ceasing or suspending the distribution of the Securities
or any other securities of the Company shall have been issued by any securities commission, securities regulatory authority or
stock exchange and no proceedings for that purpose shall have been instituted or shall be pending or, to the knowledge of the
Company, contemplated by any securities commission, securities regulatory authority or stock exchange; all requests for additional
information on the part of the Commission shall have been complied with; and the FINRA shall have raised no objection to the fairness
and reasonableness of the placement terms and arrangements. 

 

(b)
Corporate Proceedings. All corporate proceedings and other legal matters in connection with this Agreement, the Registration
Statement and the Final Prospectus, and the registration, sale and delivery of the Securities, shall have been completed or resolved
in a manner reasonably satisfactory to the Placement Agent Counsel, and such counsel shall have been furnished with such papers
and information as it may reasonably have requested to enable such counsel to pass upon the matters referred to in this Section
5. 

 

(c)
No Material Adverse Change. Subsequent to the execution and delivery of this Agreement and prior to each Closing Date,
in the Placement Agent’s sole judgment after consultation with the Company, there shall not have occurred any Material Adverse
Effect or any material adverse change or development involving a prospective material adverse change in the condition or the business
activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration
Statement and the Final Prospectus (“Material Adverse Change”).

 

(d)
Opinion of Counsel for the Company. The Placement Agent shall have received on the Closing Date the favorable opinion of
US legal counsel to the Company, dated as of such Closing Date, including, without limitation, a negative assurance letter addressed
to the Placement Agent and in form and substance reasonably satisfactory to the Placement Agent.

 

(e)
Officers’ Certificate. The Placement Agent shall have received on the Closing Date a certificate of the Company,
dated as of such Closing Date, signed by the Chief Executive Officer and Chief Financial Officer of the Company, to the effect
that, and the Placement Agent shall be satisfied that, the signers of such certificate have reviewed the Registration Statement,
the Incorporated Documents, the Preliminary Prospectus and the Final Prospectus, and this Agreement and to the further effect
that: 

 

(i)
The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing
Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied
at or prior to such Closing Date; 

 

    	18

    	 

    

 

(ii)
No stop order suspending the effectiveness of the Registration Statement or the use of the Preliminary Prospectus or the Final
Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or, to the Company’s
knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Securities
or any other securities of the Company has been issued by any securities commission, securities regulatory authority or stock
exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of
the Company, contemplated by any securities commission, securities regulatory authority or stock exchange in the United States;

 

(iii)
When the Registration Statement became effective, at the time of sale, and at all times subsequent thereto up to the delivery
of such certificate, the Registration Statement and the Incorporated Documents, if any, when such documents became effective or
were filed with the Commission, contained all material information required to be included therein by the Securities Act and the
Exchange Act and the applicable rules and regulations of the Commission thereunder, as the case may be, and in all material respects
conformed to the requirements of the Securities Act and the Exchange Act and the applicable rules and regulations of the Commission
thereunder, as the case may be, and the Registration Statement and the Incorporated Documents, if any, did not and do not include
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading (provided, however, that the
preceding representations and warranties contained in this paragraph (iii) shall not apply to any statements or omissions made
in reliance upon and in conformity with information furnished in writing to the Company by the Placement Agent expressly for use
therein) and, since the effective date of the Registration Statement, there has occurred no event required by the Securities Act
and the rules and regulations of the Commission thereunder to be set forth in the Incorporated Documents which has not been so
set forth; and

 

(iv)
Subsequent to the respective dates as of which information is given in the Registration Statement, the Incorporated Documents
and any Prospectus, there has not been: (a) any Material Adverse Change; (b) any transaction that is material to the Company and
the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct
or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary,
except obligations incurred in the ordinary course of business; (d) any material change in the capital stock (except changes thereto
resulting from the exercise of outstanding stock options or warrants) or outstanding indebtedness of the Company or any Subsidiary;
(e) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company; or (f) any loss or damage
(whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained
which has a Material Adverse Effect.

 

(f)
Stock Exchange Listing. Except as set forth in the Time of Sale Disclosure Package and subject to the consummation of the
Reverse Stock Split (as defined in the S-1), the Common Stock shall be registered under the Exchange Act and shall be listed on
the Trading Market, and the Company shall not have taken any action designed to terminate, or likely to have the effect of terminating,
the registration of the Common Stock under the Exchange Act or delisting or suspending from trading the Common Stock from the
Trading Market, nor shall the Company have received any information suggesting that the Commission or the Trading Market is contemplating
terminating such registration or listing. 

 

    	19

    	 

    

 

(g)
Accountants’ Comfort Letter. On the date hereof, the Placement Agent shall have received, and the Company shall have
caused to be delivered to the Placement Agent, a letter from Salberg & Company, P.A. (the independent registered public accounting
firm of the Company), addressed to the Placement Agent, dated as of the date hereof, in form and substance satisfactory to the
Placement Agent. The letter shall not disclose any change in the condition (financial or other), earnings, operations, business
or prospects of the Company from that set forth in the Incorporated Documents or the applicable Preliminary Prospectus, which,
in the Placement Agent’s sole judgment, is material and adverse and that makes it, in the Placement Agent’s sole judgment,
impracticable or inadvisable to proceed with the Offering of the Securities as contemplated by such Preliminary Prospectus. 

 

(h)
Bring-down Comfort Letter. On the Closing Date, the Placement Agent shall have received from Salberg & Company,
P.A., or such other independent registered public accounting firm of the Company, a letter dated as of such Closing Date, in form
and substance satisfactory to the Placement Agent, to the effect that they reaffirm the statements made in the letter furnished
pursuant to subsection (g) of this Section 5, except that the specified date referred to therein for the carrying out of procedures
shall be no more than three business days prior to such Closing Date.

 

(i)
Lock-Up Agreements. On the Closing Date, the Placement Agent shall have received the executed lock-up agreement, in the
form attached hereto as Exhibit A, from each of the directors and officers of the Company.

 

(j)
Additional Documents. On or before the Closing Date, the Placement Agent and the Placement Agent Counsel shall have received
such information and documents as they may reasonably require for the purposes of enabling them to pass upon the issuance and
sale of the Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties,
or the satisfaction of any of the conditions or agreements, herein contained. 

 

If
any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated
by the Placement Agent by notice to the Company at any time on or prior to a Closing Date, which termination shall be without
liability on the part of any party to any other party, except that Section 6 (Payment of Expenses), Section 7 (Indemnification
and Contribution) and Section 8 (Representations and Indemnities to Survive Delivery) shall at all times be effective and shall
survive such termination.

 

    	20

    	 

    

 

Section
6. Payment of Expenses. The Company agrees to pay all costs, fees and expenses incurred by the Company in connection with
the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including, without limitation:
(i) all expenses incident to the issuance, delivery and qualification of the Securities (including all printing and engraving
costs); (ii) all fees and expenses of the registrar and transfer agent of the Common Stock; (iii) all necessary issue, transfer
and other stamp taxes in connection with the issuance and sale of the Securities; (iv) all fees and expenses of the Company’s
counsel, independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection
with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements,
exhibits, schedules, consents and certificates of experts), the Preliminary Prospectus and the Final Prospectus, and all amendments
and supplements thereto, and this Agreement; (vi) all filing fees, reasonable attorneys’ fees and expenses incurred by the
Company or the Placement Agent in connection with qualifying or registering (or obtaining exemptions from the qualification or
registration of) all or any part of the Securities for offer and sale under the state securities or blue sky laws or the securities
laws of any other country, and, if requested by the Placement Agent, preparing and printing a “Blue Sky Survey,”
an “International Blue Sky Survey” or other memorandum, and any supplements thereto, advising the Placement
Agent of such qualifications, registrations and exemptions; (vii) if applicable, the filing fees incident to the review and approval
by the FINRA of the Placement Agent’s participation in the offering and distribution of the Securities; (viii) the fees
and expenses associated with including the Shares and Warrant Shares on the Trading Market; (ix) all costs and expenses incident
to the travel and accommodation of the Company’s employees on the “roadshow,” if any; and (x) all other
fees, costs and expenses referred to in Part II of the Registration Statement. Notwithstanding the foregoing or anything to the
contrary in this Agreement, the total amount that the Company shall be obligated to reimburse ROTH for reasonable out of pocket
expenses incurred by ROTH in connection with this Agreement, the Offering and the Registration Statement, including fees and disbursements
of ROTH’s counsel, shall not exceed $100,000.

 

Section
7. Indemnification and Contribution. 

 

(a)
The Company agrees to indemnify and hold harmless each of the Placement Agent, its affiliates and each person controlling the
Placement Agent (within the meaning of Section 15 of the Securities Act), and the directors, officers, agents and employees of
the Placement Agent, its affiliates and each such controlling person (the Placement Agent, and each such entity or person, an
“Indemnified Person”) from and against any losses, claims, damages, judgments, assessments, costs and other
liabilities (collectively, the “Liabilities”), and shall reimburse each Indemnified Person for all fees and
expenses (including the reasonable fees and expenses of one counsel for all Indemnified Persons, except as otherwise expressly
provided herein) (collectively, the “Expenses”) as they are incurred by an Indemnified Person in investigating,
preparing, pursuing or defending any Actions, whether or not any Indemnified Person is a party thereto, (i) caused by, or arising
out of or in connection with, any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement, any Incorporated Document, the Preliminary Prospectus or the Final Prospectus or by any omission or alleged omission
to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading (other than untrue statements or alleged untrue statements in, or omissions or alleged omissions from, information
relating to an Indemnified Person furnished in writing by or on behalf of such Indemnified Person expressly for use in the Incorporated
Documents) or (ii) otherwise arising out of or in connection with advice or services rendered or to be rendered by any Indemnified
Person pursuant to this Agreement, the transactions contemplated thereby or any Indemnified Person’s actions or inactions
in connection with any such advice, services or transactions; provided, however, that, in the case of clause (ii) only,
the Company shall not be responsible for any Liabilities or Expenses of any Indemnified Person that are finally judicially determined
to have resulted solely from such Indemnified Person’s (x) gross negligence or willful misconduct in connection with any
of the advice, actions, inactions or services referred to above or (y) use of any offering materials or information concerning
the Company in connection with the offer or sale of the Securities in the Offering which were not authorized for such use by the
Company and which use constitutes gross negligence or willful misconduct. The Company also agrees to reimburse each Indemnified
Person for all Expenses as they are incurred in connection with enforcing such Indemnified Person’s rights under this Agreement.

 

    	21

    	 

    

 

(b)
Upon receipt by an Indemnified Person of actual notice of an Action against such Indemnified Person with respect to which indemnity
may be sought under this Agreement, such Indemnified Person shall promptly notify the Company in writing; provided that failure
by any Indemnified Person so to notify the Company shall not relieve the Company from any liability which the Company may have
on account of this indemnity or otherwise to such Indemnified Person, except to the extent the Company shall have been prejudiced
by such failure. The Company shall, if requested by the Placement Agent, assume the defense of any such Action including the employment
of counsel reasonably satisfactory to the Placement Agent, which counsel may also be counsel to the Company. Any Indemnified Person
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company has failed promptly to assume the defense
and employ counsel or (ii) the named parties to any such Action (including any impeded parties) include such Indemnified Person
and the Company, and such Indemnified Person shall have been advised in the reasonable opinion of counsel that there is an actual
conflict of interest that prevents the counsel selected by the Company from representing both the Company (or another client of
such counsel) and any Indemnified Person; provided that the Company shall not in such event be responsible hereunder for the fees
and expenses of more than one firm of separate counsel for all Indemnified Persons in connection with any Action or related Actions,
in addition to any local counsel. The Company shall not be liable for any settlement of any Action effected without its written
consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the prior written consent of the
Placement Agent (which shall not be unreasonably withheld), settle, compromise or consent to the entry of any judgment in or otherwise
seek to terminate any pending or threatened Action in respect of which indemnification or contribution may be sought hereunder
(whether or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination includes
an unconditional release of each Indemnified Person from all Liabilities arising out of such Action for which indemnification
or contribution may be sought hereunder. The indemnification required hereby shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as such expense, loss, damage or liability is incurred and is due and
payable.

 

(c)
In the event that the foregoing indemnity is unavailable to an Indemnified Person other than in accordance with this Agreement,
the Company shall contribute to the Liabilities and Expenses paid or payable by such Indemnified Person in such proportion as
is appropriate to reflect (i) the relative benefits to the Company, on the one hand, and to the Placement Agent and any other
Indemnified Person, on the other hand, of the matters contemplated by this Agreement or (ii) if the allocation provided by the
immediately preceding clause is not permitted by applicable law, not only such relative benefits but also the relative fault of
the Company, on the one hand, and the Placement Agent and any other Indemnified Person, on the other hand, in connection with
the matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable considerations; provided
that in no event shall the Company contribute less than the amount necessary to ensure that all Indemnified Persons, in the aggregate,
are not liable for any Liabilities and Expenses in excess of the amount of fees actually received by the Placement Agent pursuant
to this Agreement. For purposes of this paragraph, the relative benefits to the Company, on the one hand, and to the Placement
Agent on the other hand, of the matters contemplated by this Agreement shall be deemed to be in the same proportion as (a) the
total value paid or contemplated to be paid to or received or contemplated to be received by the Company in the transaction or
transactions that are within the scope of this Agreement, whether or not any such transaction is consummated, bears to (b) the
fees paid to the Placement Agent under this Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation
within the meaning of Section 11(f) of the Securities Act, as amended, shall be entitled to contribution from a party who was
not guilty of fraudulent misrepresentation.

 

    	22

    	 

    

 

(d)
The Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or
otherwise) to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant
to this Agreement, the transactions contemplated thereby or any Indemnified Person’s actions or inactions in connection
with any such advice, services or transactions except for Liabilities (and related Expenses) of the Company that are finally judicially
determined to have resulted solely from such Indemnified Person’s gross negligence or willful misconduct in connection with
any such advice, actions, inactions or services.

 

(e)
The reimbursement, indemnity and contribution obligations of the Company set forth herein shall apply to any modification of this
Agreement and shall remain in full force and effect regardless of any termination of, or the completion of any Indemnified Person’s
services under or in connection with, this Agreement.

 

Section
8. Representations and Indemnities to Survive Delivery. The respective indemnities, agreements, representations, warranties
and other statements of the Company or any person controlling the Company, of its officers, and of the Placement Agent set forth
in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf
of the Placement Agent, the Company, or any of its or their partners, officers or directors or any controlling person, as the
case may be, and will survive delivery of and payment for the Securities sold hereunder and any termination of this Agreement.
A successor to the Placement Agent, or to the Company, its directors or officers or any person controlling the Company, shall
be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in this Agreement. 

 

Section
9. Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered or e-mailed and confirmed
to the parties hereto as follows: 

 

If
to Roth to the address set forth above, attention: Aaron Gurewitz, email: ecm@roth.com

 

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

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11th Floor

New
York, New York 10105

e-mail:
capmkts@egsllp.com

 

If
to the Company:

 

302,
6 Butler Street

Camberwell,
VIC, 3124 Australia

e-mail:

Attention:

 

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

 

Foley
Shechter Ablovatskiy LLP

1359
Broadway, 20th Floor, Suite 2001

New
York, NY 10018.

e-mail:
sablovatskiy@foleyshechter.com

Attention:
Sasha Ablovatskiy, Esq.

 

    	23

    	 

    

 

Any
party hereto may change the address for receipt of communications by giving written notice to the others.

 

Section
10. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of
the employees, officers and directors and controlling persons referred to in Section 7 hereof, and to their respective successors,
and personal representative, and no other person will have any right or obligation hereunder. 

 

Section
11. Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any Section, paragraph
or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such
minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 

 

Section
12. Governing Law Provisions. This Agreement shall be deemed to have been made and delivered in New York City and both this
Agreement and the transactions contemplated hereby shall be governed as to validity, interpretation, construction, effect and
in all other respects by the internal laws of the State of New York, without regard to the conflict of laws principles thereof.
Each of the Placement Agent and the Company: (i) agrees that any legal suit, action or proceeding arising out of or relating to
this engagement letter and/or the transactions contemplated hereby shall be instituted exclusively in New York Supreme Court,
County of New York, or in the United States District Court for the Southern District of New York, (ii) waives any objection which
it may have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction
of the New York Supreme Court, County of New York, and the United States District Court for the Southern District of New York
in any such suit, action or proceeding. Each of the Placement Agent and the Company further agrees to accept and acknowledge service
of any and all process which may be served in any such suit, action or proceeding in the New York Supreme Court, County of New
York, or in the United States District Court for the Southern District of New York and agrees that service of process upon the
Company mailed by certified mail to the Company’s address shall be deemed in every respect effective service of process
upon the Company, in any such suit, action or proceeding, and service of process upon the Placement Agent mailed by certified
mail to the Placement Agent’s addresses shall be deemed in every respect effective service process upon the Placement Agent,
in any such suit, action or proceeding. Notwithstanding any provision of this engagement letter to the contrary, the Company agrees
that neither the Placement Agent nor its affiliates, and the respective officers, directors, employees, agents and representatives
of the Placement Agent, their affiliates and each other person, if any, controlling Placement Agent or any of its affiliates,
shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with
the engagement and transaction described herein except for any such liability for losses, claims, damages or liabilities incurred
by us that are finally judicially determined to have resulted from the bad faith or gross negligence of such individuals or entities.
If either party shall commence an action or proceeding to enforce any provision of this Agreement, then the prevailing party in
such action or proceeding shall be reimbursed by the other party for its reasonable attorney’s fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

Section
13. General Provisions. 

 

(a)
This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and
all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. Notwithstanding
anything herein to the contrary, the Engagement Agreement, dated February 4, 2019, as amended on June 11, 2019(collectively, the
“Engagement Agreement”), between the Company and Roth Capital Partners, LLC shall continue to be effective
and the terms therein shall continue to survive and be enforceable by the Placement Agent in accordance with its terms, provided
that, in the event of a conflict between the terms of the Engagement Agreement and this Agreement, the terms of this Agreement
shall prevail, except for Section 2 of the Engagement Agreement, which shall control in the event of a conflict between the terms
of such Section and this Agreement. This Agreement may be executed in two or more counterparts, each one of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be
amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived
unless waived in writing by each party whom the condition is meant to benefit. Section headings herein are for the convenience
of the parties only and shall not affect the construction or interpretation of this Agreement.

 

(b)
The Company acknowledges that in connection with the offering of the Securities: (i) the Placement Agent has acted at arms length,
are not agents of, and owe no fiduciary duties to the Company or any other person, (ii) the Placement Agent owes the Company only
those duties and obligations set forth in this Agreement and (iii) the Placement Agent may have interests that differ from those
of the Company. The Company waives to the full extent permitted by applicable law any claims it may have against the Placement
Agent arising from an alleged breach of fiduciary duty in connection with the offering of the Securities

 

[The
remainder of this page has been intentionally left blank.]

 

    	24

    	 

    

 

If
the foregoing is in accordance with your understanding of our agreement, please sign below whereupon this instrument, along with
all counterparts hereof, shall become a binding agreement in accordance with its terms.

 

	 	Very truly yours, 
	 	 	 
	 	propanc biopharma, inc.
	 	 	 
	 	By:	 
	 	Name: 	James
    Nathanielsz
	 	Title:	Chief
    Executive Officer

 

The
foregoing Placement Agency Agreement is hereby confirmed and accepted as of the date first above written.

 

	Roth Capital Partners, LLC	 
	 	 	 
	By:
    	                   	 
	Name:	 	 
	Title:	 	 

 

    	25ex_147041.htm

Exhibit 10.22

 

 

 

FIRST AMENDMENT TO LEASE

 

FIRST AMENDMENT TO LEASE (“First Amendment”) dated as of April 1 , 2019 (the “Effective Date”) by and between JERICHO PLAZA, LLC (“Landlord”), a Delaware limited liability company having an address at c/o Onyx Management Group, LLC, 900 Route 9 North, Suite 400, Woodbridge, New Jersey 07095, and NATHAN’S FAMOUS SERVICES, INC., a Delaware corporation, as “Tenant”, having an office and place of business at One Jericho Plaza, Jericho, New York 11753.

 

WITNESSETH

 

WHEREAS, Landlord’s predecessor-in-interest, One-Two Jericho Owner, LLC, as landlord, and Tenant, as tenant, entered into that certain Agreement of Lease dated September 11, 2009 (hereinafter referred to as the “Existing Lease”) for (i) a portion of the Second (2nd) Floor containing 12,582 gross rentable square feet (“Premises”) located on Wing A in the Building (“Building”) known as and located at One Jericho Plaza, Jericho, New York 11753 (“Property”); (ii) a portion of the lower level storage space consisting of 607 square feet and known as Storage Unit #10 (the “Storage Space”). The Existing Lease as amended by this First Amendment is referred to as the “Lease”.

 

WHEREAS, Tenant’s current term is set to expire on December 31, 2019 and desires to extend the term of the Lease for an additional Ten (10) years commencing on the Effective Date and expiring on March 31, 2029 (the “Expiration Date”).

 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties agree to extend the term and amend the Existing Lease as follows:

 

1.     Extension of Term. The Term is hereby extended for the period commencing on the Effective Date and expiring on Expiration Date (the “Renewal Term”).

 

2.     Annual Basic Rent. (a) Basic Rent (exclusive of all Additional Rent) with respect to the Premises shall be payable during the Renewal Term in accordance with the Lease in the amounts shown in the following chart:

 

	 	
			Period

				 	 	
			Annual

			Basic Rent

				 	 	
			Monthly

			Basic Rent 

				 	 	
			Annual1

			Electric

				 	 	
			Monthly1 

			Electric

				 
	 	
			Effective Date through March 31, 2020 

				 	 	
			$440,370.00

				 	 	
			$36,697.50

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2020 through March 31, 2021

				 	 	
			$452,480.16

				 	 	
			$37,706.68

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2021 through March 31, 2022

				 	 	
			$464,923.32

				 	 	
			$38,743.61

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2022 through March 31, 2023

				 	 	
			$477,708.72

				 	 	
			$39,809.06

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2023 through March 31, 2024

				 	 	
			$490,845.72

				 	 	
			$40,903.81

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2024 through March 31, 2025

				 	 	
			$504,343.92

				 	 	
			$42,028.66

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2025 through March 31, 2026

				 	 	
			$518,213.40

				 	 	
			$43,184.45

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2026 through March 31, 2027

				 	 	
			$532,464.24

				 	 	
			$44,372.02

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2027 through March 31, 2028

				 	 	
			$547,107.00

				 	 	
			$45,592.25

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 
	 	
			April 1, 2028 through March 31, 2029

				 	 	
			$562,152.48

				 	 	
			$46,846.04

				 	 	
			$42,149.76

				 	 	
			$3,512.48

				 

 

1 Electric is subject to escalation and adjustment pursuant to Article 9.

 

Page 1 of 7

 

 

Notwithstanding the foregoing, Tenant shall be entitled to a credit against Annual Basic Rent in the amount of $468,460.40 in equal monthly installments of $46,846.04 commencing on June 1, 2028 and on the first (1st) day of each month during the Renewal Term up to and including March 31, 2029. In no event shall Tenant’s payments of Storage Space Rent (as hereinafter defined) Electric Charges (as hereinafter defined) and any other additional rent be abated.”

 

(b) Storage Space Rent for the Storage Space be payable during the Renewal Term in accordance with the Lease in the amounts shown in the following chart:

 

	 	
			Period

				 	 	
			Annual 

			Storage Space Basic Rent

				 	 	
			Monthly

			Storage Space Basic Rent 

				 
	 	
			Effective Date through March 31, 2020 

				 	 	
			$10,926.00

				 	 	
			$910.50

				 
	 	
			April 1, 2020 through March 31, 2021

				 	 	
			$11,226.48

				 	 	
			$935.54

				 
	 	
			April 1, 2021 through March 31, 2022

				 	 	
			$11,535.24

				 	 	
			$961.27

				 
	 	
			April 1, 2022 through March 31, 2023

				 	 	
			$11,842.40

				 	 	
			$987.70

				 
	 	
			April 1, 2023 through March 31, 2024

				 	 	
			$12,178.32

				 	 	
			$1,014.86

				 
	 	
			April 1, 2024 through March 31, 2025

				 	 	
			$12,513.24

				 	 	
			$1,042.77

				 
	 	
			April 1, 2025 through March 31, 2026

				 	 	
			$12,857.40

				 	 	
			$1,071.45

				 
	 	
			April 1, 2026 through March 31, 2027

				 	 	
			$13,210.92

				 	 	
			$1,100.91

				 
	 	
			April 1, 2027 through March 31, 2028

				 	 	
			$13,574.28

				 	 	
			$1,131.19

				 
	 	
			April 1, 2028 through March 31, 2029

				 	 	
			$13,947.60

				 	 	
			$1,162.30

				 

 

3.     AS IS; Landlord’s Work.  (a) The parties hereto acknowledge that Tenant presently occupies the Premises and Storage Space and knows the condition thereof. Landlord shall have no obligation whatsoever to perform any build-out or similar work to the Premises or the Storage Space and Tenant agrees to accept same in “AS IS, WHERE IS” physical order and condition on the Effective Date and without any representation or warranty (except as expressly set forth herein or in the Existing Lease), express or implied, in fact or by law, by Landlord, and without recourse to Landlord, as to the nature, condition or usability thereof or as to the use or occupancy which may be made thereof.

 

(b) Following the date hereof, Tenant shall have the right to perform improvements and alterations to the Premises, including installation of all trade and operating fixtures and equipment, plumbing, lighting and other fixtures and equipment, floor covering, and any and all other items necessary for the proper operation of Tenant’s business (“Tenant’s Additional Term Work”). All equipment permanently affixed to the Premises by Tenant shall not be subject to liens, conditional sales contracts, security agreements or chattel mortgages. Nothing contained herein shall prohibit Tenant from purchasing office and other moveable equipment. Tenant shall complete or cause to be completed all of Tenant’s Additional Term Work in the Premises in accordance with and pursuant to the provisions of the Lease.

 

(c) Tenant’s contractor who performs Tenant’s Additional Term Work shall be duly licensed in the State of New York, County of Nassau.

 

(d) Subject to the provisions hereof, Landlord shall contribute to Tenant a sum not to exceed the sum of Five Hundred Three Thousand, Two Hundred Eighty and 00/100 ($503,280.00) Dollars (the “Alteration Fund”) towards the cost of the performance of Tenant’s Additional Term Work, including fees of architects, engineers, expediters, consultants, Project Management and Move Management Fees; as well as leasehold improvements, including, but not limited to, construction, cabling, signage and other soft costs incurred by Tenant in connection with the performance of the Tenant’s Additional Term Work, provided, however, that no portion of the Alteration Fund shall be used for Tenant’s office furniture and equipment and/or Tenant’s personal property. Tenant shall have the right to allocate any portion of the Alteration Fund not used in connection with Tenant’s Additional Term Work as a credit against its obligation to pay Annual Basic Rent and Additional Rent.

 

Page 2 of 7

 

 

(e) Landlord shall make disbursements from the Alteration Fund to Tenant within forty-five (45) days after receipt of the items set forth herein.

 

(f) Landlord’s obligation to disburse the Alteration Fund shall be subject to receipt of: (i) a request for such disbursement from Lessee signed by someone with authority to bind Tenant, together with the certification required hereby; (ii) copies of all receipts, invoices, bills and lien waivers for the work completed and materials furnished in connection with Tenant’s Additional Term Work and incorporated into the Premises; (iii) copies of all contracts (to the extent not already given to Lessor), work orders, change orders and other documents relating to the work or materials; (iv) a certificate of Tenant’s independent licensed architect stating that, in his opinion, the Tenant’s Additional Term Work theretofore completed and for which the disbursement is requested was performed in a good and workmanlike manner in accordance with the final detailed plans and specifications for such Tenant’s Additional Term, as approved by Landlord; (v) unconditional lien waivers, to the extent permitted by law, from each contractor, subcontractor and materialmen who performed work in connection with Tenant’s Additional Term Work, to the extent of the amount theretofore paid to such contractor, subcontractor or materialman; and (f) a certificate of occupancy for the Premises, if required.

 

(g) In no event shall the aggregate amount paid by Landlord to Tenant hereunder exceed the amount of the Alteration Fund. Upon completion of the Tenant’s Additional Term Work (which shall include satisfaction of the conditions set forth herein) any amount of the Alteration Fund which has not been previously disbursed (exclusive of amounts allocated to pay for work completed even though the invoices covering such work have not yet been received) shall be credited against Basic Rent and Additional Rent as hereinafter specifically provided. Upon the disbursement of the entire Alteration Fund (or the portion thereof if upon completion of the Tenant’s Additional Space Work the Alteration Fund is not exhausted) Landlord shall have no further obligation or liability whatsoever to Tenant for further disbursement of any portion of the Alteration Fund to Tenant. It is expressly understood and agreed that Tenant shall complete at its sole cost and expense, Tenant’s Additional Term Work, whether or not the Alteration Fund is sufficient to fund such completion. Any costs to complete Tenant’s Additional Term Work in excess of the Alteration Fund shall be the sole responsibility and obligation of Tenant. Any portion of the Alteration Fund not used in the connection with Tenant’s Additional Term Work shall be a credit against Tenant’s obligation to pay Basic Rent and Additional Rent.

 

(h) Prior to the commencement of the Tenant’s Additional Term Work, Tenant shall provide Landlord with copies of all contracts with contractors, subcontractors who will be performing Tenant’s Additional Term Work.

 

(i) Tenant shall maintain comprehensive records and copies of all plans, specifications, budgets and other appropriate documentation in connection with any and all Tenant’s Additional Term Work, copies of which shall be furnished to Landlord.

 

(j) Other than as specifically provided for herein, Tenant shall not do any construction, work or alterations to the Premises, nor shall Tenant install any items other than Tenant's trade fixtures without first: (1) obtaining Landlord's written consent, which consent shall not be unreasonably withheld and (2) complying with all of the terms, covenants and conditions contained in the Lease.

 

(k) Notwithstanding anything to the contrary herein in Section 3(d) and (g) of this First Amendment, Tenant may elect to credit the entire amount of the Alteration Fund against the Basic Rent and Additional Rent commencing on September 1, 2019.

 

Page 3 of 7

 

 

4.     Notices. All notices in connection with the Lease shall be in writing and shall be delivered by a national overnight courier service, or sent by certified mail, return receipt requested, postage prepaid. Notices to Landlord and to Tenant shall be delivered to the addresses set forth in the initial paragraph of this First Amendment. All notices shall be effective upon delivery or attempted delivery in accordance with this provision. Either party may change its notice address upon written notice to the other party given in accordance with this provision.

 

5.     Brokers. Tenant and Landlord each represent that it has not dealt with any broker in connection with this First Amendment other than Oxford & Simpson, Inc. (the “Broker”). Landlord and Tenant shall each indemnify the other against any claim by any party claiming a brokerage fee or other compensation arising due to the execution and delivery of this First Amendment if such claim is based on allegations of communications between the party claiming the compensation and the indemnitor, other than the Brokers. Landlord agrees to pay Broker their commission pursuant to a separate written agreement.

 

6.     No Drafting Presumption. This is a fully negotiated agreement, and shall not be construed against Landlord by virtue of its having been prepared by counsel for Landlord.

 

7.     Capitalized Terms. All capitalized terms not defined in this Second Amendment shall have the same meaning as provided for in the Lease.

 

8.     Estoppel. Tenant acknowledges that Landlord or Landlord’s predecessor-in-interest have performed fully all obligations of “Landlord” pursuant to the Lease in accordance with the terms thereof, that to Tenant’s knowledge there is no default by Landlord thereunder, and there is no circumstance which, but for the giving of notice or the passage of any applicable cure period, will constitute a default by Landlord thereunder. Landlord acknowledges that Tenant, during Landlord’s period of ownership of the Building, has performed fully all obligations of “Tenant” pursuant to the Lease in accordance with the terms thereof, that to the best knowledge of Landlord there is no default by Tenant thereunder, and there is no circumstance which, but for the giving of notice or the passage of any applicable cure period, will constitute a default by Tenant thereunder.

 

9.     Lease Amendments. Effective as of Effective Date, the Lease is hereby amended as follows:

 

(a)     The term “Base Tax Year” shall, for (i) Town and County taxation purposes, means calendar year 2019, and (ii) state and school taxation purposes, means the 2019/2020 fiscal tax year (namely, July 1, 2019 through June 30, 2020).

 

(b)     All existing extension options in the Lease are hereby terminated and a new extension option is hereby added as follows:

 

“ A. Provided Tenant is not in default under this Lease (subsequent to any required notice and the expiration of any cure period), at the time of the exercise of the within option and as of the effective date of the renewal, Tenant shall (provided that this Lease shall not have been theretofore earlier terminated) have one (1) option (a “Renewal Option”) to extend the term of this Lease for a five (5) year renewal period (the “Additional Renewal Term”) upon the terms and conditions set forth herein.

 

B. The Additional Renewal Term shall commence on April 1, 2029 and shall expire on March 31, 2034, or such earlier date upon which this Lease may be terminated as herein provided, as the case may be.

 

Page 4 of 7

 

 

C. The Renewal Option may be exercised only by Tenant giving Landlord written notice (the “Renewal Notice”) of such exercise no later than June 30, 2028, provided, however, that the Renewal Notice shall be validly and effectively given only if, on the date that Tenant shall exercise the Renewal Option (the “Exercise Date”) Tenant is not in default under the Lease beyond any applicable notice and cure period. TIME SHALL BE OF THE ESSENCE with respect to the giving of the Renewal Notice by Tenant to Landlord.

 

D Notwithstanding anything to the contrary contained herein if, on the commencement of the Additional Renewal Term, there shall be an uncured default by Tenant beyond any applicable notice and cure period, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice to Tenant, to void Tenant’s exercise of the Renewal Option, in which case Tenant’s exercise of the Renewal Option shall be of no force or effect and this Lease shall terminate on the last day of last year of the term of the Lease, unless sooner canceled or terminated pursuant to the provisions of this Lease or by law.

 

E. If Tenant shall validly exercise the Renewal Option in accordance with the provisions hereof, then this Lease shall be extended for the Additional Renewal Term upon all of the same terms, covenants and conditions contained in this Lease, except that during the Additional Renewal Term there shall be an update in the Base Tax Year for purposes of determining Additional Rent, (i) the annual Basic Rent for the first year of the Additional Renewal Term shall reflect the then fair market value of the Demised Premises with all relevant factors considered taking into consideration similar spaces in comparable buildings in Nassau County as well as annual increases and as determined in accordance with Section F below and (ii) from and after the Exercise Date but subject to the provisions Section 9(b) all references in this Lease to the expiration or termination of this Lease shall be deemed to refer to the last date of the Additional Renewal Term and all references in this Lease to the “term” shall be deemed to include the Additional Renewal Term. 

 

F. The initial determination of Basic Rent shall be made by Landlord pursuant to notice (the “FMV Notice”) to Tenant no earlier than three hundred sixty-five (365) days and no later than one hundred eighty (180) days prior to the commencement of the Renewal Term. Such determination shall be binding unless Landlord shall receive a notice from Tenant (the “FMV Objection Notice”) objecting to Landlord’s determination and providing Tenant’s determination, within 30 days after Landlord shall have given Tenant the FMV Notice. If Landlord and Tenant fail to agree upon the Basic Rent for the Additional Renewal Term within 15 days from Landlord’s receipt of the FMV Objection Notice, then Landlord and Tenant shall each give notice to the other setting forth the name of a disinterested and independent appraiser. If either party shall fail to give such a designation of an appraiser within 10 days of the expiration of such 15-day period, then the first appraiser shall make the determination alone. If both parties properly designate the name of an appraiser, the appraisers shall then have 20 days to confer with each other and attempt to reach an agreement as to the Basic Rent. If the two appraisers shall concur as to the determination of the Basic Rent for the Additional Renewal Term, such determination shall be final and binding on Landlord and Tenant. If the two appraisers fail to agree within said 20-day period, then they shall designate a third disinterested and independent appraiser. The decision of such third appraiser shall be final and binding on Landlord and Tenant. 

 

G. TIME SHALL BE OF THE ESSENCE with regard to Tenant’s delivery of the Renewal Notice for the Additional Renewal Term. If Tenant shall fail to deliver to Landlord the Renewal Notice exactly as and when required under this Article, the Renewal Option shall terminate immediately and shall have no further force or effect. The parties acknowledge that they have fully negotiated the terms and provisions of this Article. Tenant acknowledges and agrees that Landlord has granted Tenant the Renewal Option in consideration for Tenant’s agreement that the same shall be strictly construed and enforced and that in the event the Renewal Option shall terminate as provided above, Tenant shall not be entitled to any grace, notice or cure periods otherwise provided under this Lease.

 

Page 5 of 7

 

 

H. All previous renewal and extension rights and options heretofore provided in the Lease are hereby deleted and Tenant’s only right to extend the term of the Lease beyond the Expiration Date is contained in this Amendment.”

 

(c)     There shall be added to the Lease a new Article 32 entitled “Right of First Offer” as follows:

 

“Section 32.01 (a) From and after the Effective Date hereof, subject to the rights of existing tenants in the Building as of the date hereof, Landlord agrees that prior to offering for lease any vacant and contiguous space on the Second (2nd) Floor of Wing A of the Building, it shall give Tenant notice of and the right to, at its option, expand the Demised Premises herein to include such additional space (each an “Additional Space”) with occupancy to commence on the Additional Space Commencement Date (as hereinafter defined) and to end on the Expiration Date originally provided for herein.

 

(b) Tenant shall, within ten (10) days after receipt of the notice from Landlord that the Additional Space is available for hire, notify Landlord of its intention to lease the Additional Space (time being of the essence with respect thereto). Tenant's failure to notify Landlord within the ten (10) day period shall be deemed a waiver of the right to hire the Additional Space and should such space become available again Landlord shall not be required to offer it again to Tenant. Upon the giving of such notice the Additional Space shall be deemed added to and a part of the Demised Premises, with the same force and effect as if originally so demised under this Lease.

 

(c) Tenant shall have the right to inspect the Additional Space, prior to exercising its rights herein. Tenant agrees to accept the Additional Space in its “AS IS” state and condition on the Additional Space Commencement Date without any representation or warranty, express or implied, in fact or by law, by Landlord, and without recourse to Landlord, as to title thereto, the nature, condition or usability thereof or as to the use or occupancy which may be made thereof.

 

Section 32.02 Any notice of election to exercise the right to expand the Demised Premises as hereinbefore provided must be in writing and sent to Landlord as provided in this Lease. Neither the right granted to Tenant in this Article to expand the Demised Premises, nor the exercise of such right by Tenant, shall prevent Landlord from exercising any option or right granted or reserved to Landlord in this Lease to terminate this Lease, and the effective exercise of any such right of termination by Landlord shall terminate any such renewal or extension and any right of Tenant to any such renewal or extension, whether or not Tenant shall have exercised any such right to expand the Term. Any such option or right on the part of Landlord to terminate this Lease pursuant to the provisions hereof shall apply to the Additional Space.

 

Section 32.03 The “Additional Space Commencement Date” shall be the date upon which Landlord delivers possession of the Additional Space to Tenant in accordance with the provisions of this Lease.

 

Section 32.04 (a) All of the terms, covenants and conditions of this Lease applicable to the Demised Premises as originally constituted shall be applicable to the Demised Premises including the Additional Space, except that the Annual Basic Rent shall be increased by the product of: (x) the annual fair rental value on a square foot basis as determined in accordance with the provisions of this First Amendment to Lease multiplied by the rentable square footage of the Additional Space.

 

(b) During and in respect of the Term hereof, Tenant’s Proportionate Share shall be increased by the rentable square footage of all Additional Space that Tenant occupies in the Building.

 

Section 32.05 If Tenant shall effectively exercise its right to hire the Additional Space, Landlord and Tenant, upon demand of either, shall execute and deliver to each other duplicate originals of an instrument, duly acknowledged, setting forth: (i) that the Demised Premises have been expanded to include the Additional Space; (ii) the amount of such Additional Space; (iii) the annual Fixed Rent payable during the Term; (iv) that such Additional Space is upon and subject to all of the terms, covenants, conditions and limitations contained herein; and (v) Tenant’s Proportionate Share as increased by the Additional Space.

 

Page 6 of 7

 

 

Section 32.06 The right of Tenant to hire the Additional Space as provided in Section 32.01 is conditioned in all respects upon there being no Event of Default in the observance or performance of any term, covenant, condition or agreement on Tenant's part to be observed or performed under this Lease both at the time the notice of exercise is given and immediately prior to the Additional Space Commencement Date. Any termination, cancellation or surrender of this Lease shall terminate Tenant's right to hire the Additional Space.”

 

10.     Ratification. Except as modified herein, the terms and provisions of the Lease remain in full force and effect without amendment thereto.

 

11.     Confidentiality and Non-Disclosure In anticipation of executing and delivering this Second Amendment, Tenant hereby agrees to keep secret and confidential the terms of this Second Amendment (the “Confidential Information”) and will not disclose it, directly or indirectly, to any other person, firm or entity without the specific written approval and consent of the Landlord, except to the extent required by law. The provisions hereof shall be for a period of three (3) years from the expiration date of the Lease and shall apply to each, every and all communications, negotiations and conversations between Tenant and any other person, entity or thing. Tenant acknowledges that breach of this agreement will cause irreparable damage to the Landlord and hereby consents to the issuance of an injunction restraining such breach as a matter of course in any action instituted for that purpose without limitation to any additional remedies the Landlord may seek against Tenant to protect such Confidential Information, including reasonable attorneys fees and court costs incurred in connection therewith.

 

IN WITNESS WHEREOF, the parties have duly executed this First Amendment as of the day and year first above written.

 

	 	
			Landlord:

				
			JERICHO PLAZA, LLC, a Delaware limited liability company

			By: Green Onyx Jericho JV, LLC, its Operating Member

			By: Onyx Jericho LLC, its Manager

			
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/Samuel Girodano
	 	 	Print Name:	Samuel J. Giordano
	 	 	Title:	Chief Financial Officer
	 	 	Execution date:	4/1/19
	 	 	 	 
	 	 	NATHAN’S FAMOUS SERVICES, INC.
	 	 	 	 
	 	 	By:	/s/ Eric Gatoff
	 	 	Name:	Eric Gatoff
	 	 	Title:	Chief Executive Officer
	 	 	Execution Date:	3/28/19

 

Page 7 of 7

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