Document:

Exhibit 10.5

A.Prot. 2016/59

dated 21 July 2016 of the Notary

Stephan Cueni, Basel (Switzerland)

 

 

NOTARIAL DEED

 

 

INVESTMENT AND SHAREHOLDERS’ AGREEMENT

Series C Preferred Shares Financing

InflaRx GmbH, Jena, Germany

 

Negotiated at Basel/Switzerland this 21st
(twenty-first) day of July 2016 (two thousand and sixteen).

 

Before me, the undersigned Notary Public

 

Stephan Cueni

 

at Basel/Switzerland appeared today:

 

		1.	Prof. Dr. Niels Riedemann, born 24 December 1971, German citizen, domiciled at DE 07749
Jena, Uber den Teufelslochern 7, known by person,

 

according to his declarations
acting

 

		a)	in his own name,

 

and

 

		b)	as managing director with single representation power and released from the restrictions imposed
by § 181 German Civil Code (prohibition of self-dealing and of multiple representation) in the name and on behalf of

 

InflaRx GmbH with its
registered seat at Jena and with business Address at DE 07745 Jena, Winzerlaer Strasse 2, registered with the commercial register
at the local court of Jena under HRB 502149,

 

with reference to the attached
printout of an electronic extract from the Commercial Register as of today;

 

     

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and as duly empowered attorney-in-fact,
released from the restrictions imposed by § 181 German Civil Code (prohibition of self-dealing and of multiple representation),
in the name and on behalf of

 

		c)	Prof. Renfeng Guo, born 27 February 1970, domiciled at 821 Gallery Lane, Ann Arbor, MI 48103,
USA,

 

with reference to a power of
attorney with signature certified dated 13 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		d)	University of Michigan, Office of Technology Transfer, 1600 Huron Pkwy, Building 520, Ann
Arbor, MI 48104-2590, USA,

 

with reference to a power of
attorney (without signature certified and without notarial confirmation of representation power) dated 15 January 2014, the original
of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed;

 

		e)	Mr. Mark Kübler, born 6 October 1974, Swiss citizen, domiciled at CH 8832 Wollerau,
Erlenmatte 10,

 

with reference to a power of
attorney with signature certified dated 14 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		f)	Mr. Rolf Kübler, born 19 October 1942, Swiss citizen, domiciled at CH 8832 Wollerau,
Erlenmatte 10,

 

with reference to a power of
attorney with signature certified dated 13 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		g)	Ammann Group Holding AG, a Swiss stock corporation with registered seat at Bern/Switzerland
and business address c/o Walder Wyss AG, Bubenbergplatz 8, CH 3011 Bern, registered with the commercial register of the canton
Bern under number CHE-103.003.538,

 

with reference to a power of
attorney (with signatures certified and with notarial confirmation of representation power) dated 12 July 2016, the

 

     

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original of which has been submitted
to the Notary and a hereby certified copy of which is attached to this Deed,

 

and with reference to the attached
printout of an electronic extract from the Commercial Register as of today;

 

		h)	Prof. Dr. med. Konrad Reinhart, born 26 October 1947, German citizen, domiciled at DE 07743
Jena, Philosophenweg 17,

 

with reference to a power of
attorney with signature certified dated 30 June 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		i)	Kamalaka Enterprises Limited, maltesische Gesellschaft mit Sitz in Susan Court B1, Triq
il-Prinjolata, Ta ‘Xbiex, XbXI 1130, Malta, eingetragen in Malta unter der Registernummer C 54041,

 

with reference to a power of
attorney (with signature certified and with notarial confirmation of representation power) dated 9 July 2014, the original of which
has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,

 

and with reference to a substitute
power of attorney (without signature certified) dated 15 July 2016, the original of which has been submitted to the Notary and
a hereby certified copy of which is attached to this Deed;

 

		j)	Cabita Investments Limited, maltesische Gesellschaft mit Sitz in Susan Court B1, Triq il-Prinjolata,
Ta ‘Xbiex, XbXI 1130, Malta, eingetragen in Malta unter der Registernummer C 58548,

 

with reference to a power of
attorney (with signature certified and with notarial confirmation of representation power) dated 9 July 2014. the original of which
has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,

 

and with reference to the substitute
power of attorney referenced under lit. k) above,

 

		k)	Ms Carla Comelli, born 13 February 1940, Italian citizen, domiciled at CH 8832 Wollerau,
Felsenstrasse 76,

 

     

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with reference to a power of
attorney with signature certified dated 8 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		I)	Mr. Nicolas Fulpius, born 15 May 1973, Swiss citizen, domiciled at CH 1208 Geneva, 43c Route
de Chêne,

 

with reference to a power of
attorney with signature certified dated 11 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		m)	METALL ZUG AG, a Swiss stock corporation with registered seat at Zug/Switzerland and business
address Industriestrasse 66, Postfach 59, CH-6301 Zug, registered with the commercial register of the canton Zug under number CHE-101.865.948,

 

with reference to a power of
attorney (with signatures certified, but without notarial confirmation of representation power) dated 18 July 2016, the original
of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,

 

and with reference to the attached
printout of an electronic extract from the Commercial Register as of today;

 

		n)	Mr. Guillermo Francisco Vogel Hinojosa, born 14 December 1950, Mexican citizen, domiciled
at Campos Elíseos 400, Piso 17, Ciudad de México 11560, México,

 

with reference to a power of
attorney with signature certified dated 8 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		o)	Mr. Angel Servando Sosa Hurtado, born 28 March 1951, Mexican citizen, domiciled at Manuel
M. Solórzano 21, Ciudad de Mexico 04730, México,

 

with reference to a power of
attorney with signature certified dated 8 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

     

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		p)	Mr. Daniel Pérez Gil de Hoyos, born 5 January 1967, Mexican citizen, domiciled at
Blvd. Adolfo López Mateos 2349, Piso 6, Ciudad de México 04500, México,

 

with reference to a power of
attorney with signature certified dated 8 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		q)	Ms Mita Maria Paola Castiglioni Grassi, born 17 May 1955, Mexican citizen, domiciled at
Sierra Ventana 334, Ciudad de Mexico 11000, México,

 

with reference to a power of
attorney with signature certified dated 7 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		r)	Mr. Marco Simeoni, born 21 May 1966, domiciled at Rue du Petit Chêne 23, CH-1003 Lausanne,
Switzerland,

 

with reference to a power of
attorney with signature certified dated 6 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		s)	Mr. Philippe Beal, born 4 March 1967, domiciled at Rue des Petites-Buttes 16B, CH-1180 Rolle,
Switzerland,

 

with reference to a power of
attorney with signature certified dated 11 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		t)	Mr. Pierre-Alain Racine, born 12 December 1952, domiciled at Chemin du Midi 3, CH-1350 Orbe,
Switzerland,

 

with reference to a power of
attorney with signature certified dated 7 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		u)	DocEpsilon LLC, a company existing under the laws of Texas/USA, with registered head office
at 4251 Park Lane, Dallas, TX 75220, USA, registered with the Secretary of State of the State of Texas under number 801095879,

 

     

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with reference to a power of
attorney (with signature certified, but without notarial confirmation of representation power) dated 24 June 2016, the original
of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,

 

and with the promise to submit
an additional power of attorney authorizing an investment of up to EUR 150,000.00,

 

and with reference to (i) a Certificate
of the Secretary of State of Texas dated 9 March 2009 and confirmed on 8 July 2016, (ii) certified minutes of a partners’
meeting of 6 July 2016 and (iii) a certified confirmation of a Certified Chartered Accountant dated 13 July 2016, the originals
of which have been submitted to the Notary and hereby certified copies of which are attached to this Deed;

 

		v)	Romaria Investment Corp, a stock corporation under the laws of Panama, with registered head
office at 53rd E Street, Urb. Marbella, MMG Tower, Piso 16, Panama, registered with the Commercial Register of Panama under no.
706064,

 

with reference to a power of
attorney (with signature certified, but without notarial confirmation of representation power) dated 13 July 2016, the original
of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,

 

and with reference to the attached
Certificado de Persona Juridica dated 5 July 2016 (with certified English translation), the original of which has been submitted
to the Notary and a hereby certified copy of which is attached to this Deed;

 

		w)	Mr. Philippe Meyer, born 8 February 1954, Swiss citizen, domiciled at Rütistrasse 8,
CH-8702 Zollikon, Switzerland,

 

with reference to a power of
attorney with signature certified dated 12 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;

 

		x)	Mulberry Invest AG, a Swiss stock corporation with registered seat at Freienbach/Switzerland
and business address at Kantonsstrasse 22,

 

     

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CH-8807
Freienbach, Switzerland, registered with the Commercial Register of the canton Schwyz under CHE-113.025.820,

 

with reference to a power of
attorney with signature certified and with notarial confirmation of representation power dated 8 July 2016, the original of which
has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,

 

and with reference to the attached
printout of an electronic extract from the Commercial Register as of today;

 

and further, excluding any personal
liability as representative without power and subject to subsequent approval (declarations of approval shall be deemed notified
to the other parties hereto also when received by the acting Notary) in the name and on behalf of

 

		y)	Private Equity Thüringen GmbH & Co. KG with registered seat at Erfurt and business
address at DE 99084 Erfurt, Gorkistrasse 9, registered with the commercial register at the local court of Jena under HRA 103063,

 

		z)	Private Equity Thüringen GmbH & Co. Zweite Beteiligungen KG with registered seat
at Erfurt and business address at DE 99084 Erfurt, Gorkistrasse 9, registered with the commercial register at the local court of
Jena under HRA 501890,

 

		2.	Mr. Arnd Christ, born 26 May 1966, German citizen, domiciled at DE 82152 Krailling, Fichtenstrasse
13, identified by his German passport;

 

		3.	Ms. Daniela Neuman, lic.iur., attorney-at-law, born 23 April 1969, Swiss citizen, domiciled
at CH 4053 Basel, Thiersteinerallee 46, known by person,

 

according to her declarations
acting not in her own name, but excluding any personal liability as representative without power and subject to subsequent approval
(declaration of approval shall be deemed notified to the other parties hereto also when received by the acting Notary) in the name
and on behalf of

 

KfW, German public law
entity (Anstalt des öffentlichen Rechts) with seat at Frankfurt am Main, branch office DE 53179 Bonn, Ludwig Erhard
Platz 1-3,

 

     

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		4.	Mr. Lukas Storch, born 6 June 1988, German citizen, with business address at Bockenheimer
Anlage 44, DE 60322 Frankfurt am Main, and private domicile at Steinhauserstrasse 7, DE 60599 Frankfurt am Main, identified by
his German Identity Card with the number L5HMLG2XT,

 

according to his declarations
acting not in his own name, but excluding any personal liability as duly empowered attorney-in-fact in the name and on behalf of

 

Staidson Hong Kong Investment
Company Limited, a private company under Hong Kong Law, with business address at 1/F 122D Ma Yautong Sai Kung N.T., Hong Kong,
registered with the Companies Registry of Hong Kong under the company number 2235882,

 

with reference to a power of
attorney (with signature(s) certified) dated 15 July 2016, presented as faxcopy only, the original of which shall be submitted
to the Notary as soon as possible and a copy of which then shall be attached to this Deed,

 

and with reference to a printout
of an electronic extract from the Commercial Register dated 11 May 2016 and certified by the Registrar of Companies on 28 June
2016, the original of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed.

 

________________

 

The acting Notary Public has drawn the attention
of the persons appearing to the fact, that - unless there is a notarial certificate of authenticity of the signatures and a notarial
or equivalent confirmation of representation power - he could examine neither the authenticity of the signatures nor the authorisation
of the signatories to represent the respective party. Nevertheless the persons appearing insisted on the immediate notarization
and released each party from submitting subsequently certified powers of attorney or other documents evidencing or supporting the
representative capacity.

 

The acting Notary advised the persons appearing
that a notary who or whose partners in the law firm have formerly acted as legal advisors to one of the parties involved in the
matter to be notarized would not be entitled to take office as a notary in the matter at hand pursuant to §§ 23 ss. of
the Act of Notarization of the Canton Basel-City, which provisions correspond with the so-called “Vorbefassungsverbot”
under the German Act of Notarization (§ 3 Sect. 1(7)). The acting Notary states that he himself and

 

     

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his firm have not been involved in the matter
at hand in the meaning of said provisions. The Parties hereto confirm such statement of the acting Notary.

 

The persons appearing requested this Deed
including its Annexes and Exhibits to be recorded in the English language. The acting Notary Public who is in sufficient command
of the English language ascertained that the persons appearing are also in command of the English language. After having been instructed
by the acting Notary, the persons appearing waived the right to obtain the assistance of a sworn interpreter and to obtain a certified
translation of this Deed including the Annexes and Exhibits hereto.

 

________________

 

The persons appearing, acting as indicated,
declared with request for notarial recording the following

 

Investment and Shareholders’ Agreement

Series C Preferred Shares Financing

InflaRx GmbH, Jena, Germany

 

CONTENTS

 

	Table of Annexes and Exhibits	11
	Preamble	16
	Section I Financing Structure	17
	§ 1 Commitments First Closing	17
	§ 2 Share Capital Increase First Closing; Restatement of the Articles of Association and By-laws for the Management Board	19
	§ 3 Second Closing	24
	§ 4 Non-statutory Payments into the Capital Reserves	27
	§ 5 Use of Proceeds	31
	§ 6 Employee Participation Programs	31
	§ 7 Classes of Shares	35
	Section II Representations and Warranties	36
	§ 8 Current Shareholders’ Representations and Warranties	36
	§ 9 Business Representations and Warranties	38
	§ 10 General Limitations	40
	Section III Restrictions on Disposals of Shares	41

     

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	§ 11 Lock-up	41
	§ 12 Rights of First Refusal	42
	§ 13 Co-sale Rights	45
	§ 14 Drag-along Rights	48
	§ 15 Permitted Transfers	50
	§ 16 Accession of Future Shareholders to this Agreement	51
	§ 17 Consent of the Shareholders	52
	§ 18 Inheritance	53
	Section IV Further Financing of the Company	53
	§ 19 Future Financing Agreements	53
	Section V IPO and Trade Sale	55
	§ 20 Initial Public Offering	55
	§ 21 Preference in Liquidation and Sale Proceeds	57
	§ 22 Conversion of Preferred Shares	62
	Section VI Corporate Governance	62
	§ 23 Management of the Company	62
	§ 24 D&O Insurance	62
	§ 25 Information	63
	§ 26 KfW Participation Principles	64
	Section VII Final Provisions	65
	§ 27 Duration of this Agreement; Termination of Prior Agreements	65
	§ 28 Transaction Costs	65
	§ 29 Miscellaneous	66

     

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Table of Annexes and Exhibits

 

	Annex § 2(1)b)	Restated Articles of Association
	Annex § 2(1)c)	By-laws for the Management Board
	Annex § 3(1)-A	Investment Declaration
	Annex § 3(1)-B	Joinder
	Annex § 6(2)	Terms and Conditions Stock Option Plan 2016
	Annex § 9(1)	Business Representations and Warranties
	Exhibit 4	Conversion, subscription, option or similar rights
	Exhibit 5	Excerpt of the Commercial Register
	Exhibit 8	Agreements between the Company and Current
    Shareholders, their relatives or affiliated companies
	Exhibit 13	Financial Statements 2015
	Exhibit 17	IP
	Annex § 26(1)	KfW Participation Principles

     

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Investment and Shareholders’ Agreement

Series C Preferred Shares Financing

InflaRx GmbH, Jena, Germany

 

by and between

 

		1.	Prof. Dr. Niels Riedemann, Über den Teufelslöchern 7, 07749 Jena, Germany

 

- hereinafter referred to as “Prof.
Dr. Niels Riedemann”

 

		2.	Prof. Dr. Renfeng Guo, 821 Gallery Lane, Ann Arbor, MI 48103, Michigan, USA

 

- hereinafter referred to as “Prof.
Dr. Renfeng Guo” -

 

		3.	Nicolas Fulpius, 43c Route de Chêne, CH-1208 Geneva, Switzerland

 

- hereinafter referred to as “Nicolas
Fulpius” -

 

		4.	University of Michigan, Office of Technology Transfer, 1600 Huron Pkwy, Building 520, Ann Arbor, MI 48104-2590, Michigan,
USA

 

- hereinafter referred to as “UofM”
-

 

		5.	Mark Kübler, Erlenmatte 10, CH-8832 Wollerau, Switzerland

 

- hereinafter referred to as “Mark
Kübler” -

 

		6.	Rolf Kübler, Erlenmatte 10, CH-8832 Wollerau, Switzerland

 

- hereinafter referred to as “Rolf
Kübler” -

 

		7.	Ammann Group Holding AG, c/o Walder Wyss AG, Bubenbergplatz 8, Postfach 8750, CH-3001 Bern, Switzerland, registered
with the Commercial Register of the Canton Bern under CHE-103.003.538

 

- hereinafter referred to as “Ammann
Group” -

 

		8.	KfW Anstalt des öffentlichen Rechts, Ludwig-Erhard-Platz 1-3, 53179 Bonn, Germany

 

- hereinafter referred to as “KfW”
-

 

     

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		9.	Private Equity Thüringen GmbH & Co. KG, Gorkistraße 9, 99084 Erfurt, Germany, registered with the Commercial
Register of the Jena Local Court under HRA 103063

 

- hereinafter referred to as “PET-I”
-

 

		10.	Private Equity Thüringen GmbH & Co. Zweite Beteiligungen KG, Gorkistraße 9, 99084 Erfurt, Germany, registered
with the Commercial Register of the Jena Local Court under HRA 501890

 

- hereinafter referred to as “PET-II”
-

 

		11.	Prof. Dr. Konrad Reinhart, Philosophenweg 17, 07743 Jena, Germany

 

- hereinafter referred to as “Prof.
Dr. Konrad Reinhart” -

 

		12.	Kamalaka Enterprises Limited, Susan Court B1, Triq il-Prinjolata, Ta ‘Xbiex, XbXI 1130, Malta, registered in Malta
under registry number C 54041

 

- hereinafter referred to as “Kamalaka”
-

 

		13.	Cabita Investments Limited, Susan Court B1, Triq il-Prinjolata, Ta ‘Xbiex, XbXI 1130, Malta, registered in Malta
under registry number C 58548

 

- hereinafter referred to as “Cabita”
-

 

		14.	Carla Comelli, Felsenstrasse 76, CH-8832 Wollerau, Switzerland

 

- hereinafter referred to as “Carla
Comelli” -

 

		15.	Arnd Christ, Fichtenstraße 13, 82152 Krailling, Germany

 

- hereinafter referred to as “Arnd
Christ” -

 

		16.	Staidson Hong Kong Investment Company Limited, 1/F 122D Ma Yautong Sai Kung N.T., Hong Kong

 

- hereinafter referred to as “Staidson”
or “Lead Investor” -

 

     

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		17.	METALL ZUG AG, Industriestrasse 66, Postfach 59, CH-6301 Zug, Switzerland, registered with the Commercial Register of
the Canton Zug under CHE-101.865.948

 

- hereinafter referred to as “Metall
Zug” -

 

		18.	Guillermo Francisco Vogel Hinojosa, Campos Elíseos 400, Piso 17, Ciudad de México 11560, México

 

- hereinafter referred to as “Guillermo
Vogel” -

 

		19.	Angel Servando Sosa Hurtado, Manuel M. Solórzano 21, Ciudad de México 04730, México

 

- hereinafter referred to as “Angel
Sosa” -

 

		20.	Daniel Pérez Gil de Hoyos, Blvd. Adolfo López Mateos 2349, Piso 6, Ciudad de México 04500, México

 

- hereinafter referred to as “Daniel
Perez” -

 

		21.	Mita Maria Paola Castiglioni Grassi, Sierra Ventana 334, Ciudad de México 11000, México

 

- hereinafter referred to as “Mita
Grassi” -

 

		22.	Marco Simeoni, Rue du Petit Chêne 23, CH-1003 Lausanne, Switzerland

 

- hereinafter referred to as “Marco
Simeoni” -

 

		23.	Philippe Beal, Rue des Petites-Buttes 16B, CH-1180 Rolle, Switzerland

 

- hereinafter referred to as “Philippe
Beal” -

 

		24.	Pierre-Alain Racine, Chemin du Midi 3, CH-1350 Orbe, Switzerland

 

- hereinafter referred to as “Pierre-Alain
Racine” -

 

		25.	DocEpsilon LLC, 4251 Park Lane, Dallas, TX 75220, USA

 

- hereinafter referred to as “DocEpsilon”
-

 

     

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		26.	Romaria Investment Corp, 53rd E Street, Urb. Marbella, MMG Tower, Piso 16, Panama, registered with the Commercial Register
of Panama under no. 706064

 

- hereinafter referred to as “Romaria”
-

 

		27.	Philippe Meyer, Rütistrasse 8, CH-8702 Zollikon, Switzerland

 

- hereinafter referred to as “Philippe
Meyer” -

 

		28.	Mulberry Invest AG, Kantonsstrasse 22, CH-8807 Freienbach, Switzerland, registered with the Commercial Register of the
Canton Schwyz under CHE-113.025.820,

 

- hereinafter referred to as “Mulberry”
-

 

		29.	InflaRx GmbH, Winzerlaer Straße 2, 07745 Jena, Germany, registered with the Commercial Register of the Jena Local
Court under HRB 502149.

 

The parties named under 1. to 3. above are
hereinafter collectively referred to as the “Founders” and each individually as a “Founder”.
The parties named under 15. to 28. above are hereinafter collectively referred to as the “New Investors”
and each individually as a “New Investor”. The parties named under 2., 3., 5. to 7., 10., 11. and 14.
to 28. above are hereinafter collectively referred to as the “Initial Series C Investors” and each individually
as an “Initial Series C Investor”. The parties named under 5. to 10., 12. to 14. and 16. to 28. above
are hereinafter collectively referred to as the “Financial Investors” and each individually as a “Financial
Investor”. The parties named under 1. to 14. above are hereinafter collectively referred to as the “Current
Shareholders” and each individually as a “Current Shareholder”. The parties named under 1.
to 28. above are hereinafter collectively referred to as the “Shareholders” and each individually as a “Shareholder”.
The parties named under 1. to 29. above are hereinafter collectively referred to as the “Parties” and each
individually as a “Party”.

 

     

    	  16

    

Preamble

 

		(A)	The Current Shareholders are the sole shareholders of InflaRx GmbH with its registered seat in
Jena, Germany, registered with the Commercial Register of the Jena Local Court under HRB 502149 (hereinafter referred to as the
“Company”). The object of the Company is the development, manufacture and distribution of anti-inflammatory
therapeutics and diagnostics, in particular in the field of acute and chronic inflammatory diseases.

 

		(B)	The share capital of the Company currently amounts to EUR 125,332.00, divided into 125,332 shares
with a nominal value of EUR 1.00 each, is fully paid in and held exclusively by the Current Shareholders and the Company as follows:

 

	Current Shareholder	Total Shares

(EUR)	Share Numbers	Participation

(%)
	Prof. Dr. Niels Riedemann	11,875.00	11,899 to 23,773	9.47
	Prof. Dr. Renfeng Guo	11,875.00	24 to 11,898	9.47
	Nicolas Fulpius	3,125.00	23,774 to 26,898	2.49
	UofM	1,250.00	73,963 to 75,212	1.00
	Mark Kübler	3,480.00	70,483 to 73,962	2.78
	Rolf Kübler	9,746.00	103,898 to 105,627	7.78
	 	 	59,261 to 67,276	 
	Ammann Group	12,102.00	75,213 to 84,108	9.66
	 	 	67,277 to 70,482	 
	KfW	19,289.00	84,109 to 103,397	15.39
	PET I	24,750.00	26,899 to 51,648	19.75
	PET II	14,394.00	105,628 to 116,014	11.48
	 	 	51,649 to 55,655	 
	Prof. Dr. Konrad Reinhart	802.00	55,656 to 56,457	0.64
	Kamalaka	6,924.00	116,015 to 122,938	5.52
	Cabita	692.00	122,939 to 123,630	0.55
	Carla ComeIli	1,725.00	123,631 to 125,355	1.38
	Company (treasury shares)	3,303.00	103,398 to 103,897	2.64
	 	 	56,458 to 59,260	 
	Total	125,332.00	--	100.00
	 	 	 	 

		(C)	The Company seeks growth financing in the total amount of up to approx. EUR 45,000,000.00 as a
Series C round of financing against subscription of shares of a new class of Series C Preferred Shares of the Company and additional

 

     

    	  17

    

payments into
the capital reserves of the Company within the meaning of § 272 (2) No. 4 of the German Commercial Code (HGB) to be
invested in up to two closings in accordance with the terms and conditions of this “Investment and Shareholders’ Agreement
Series C Preferred Shares Financing InflaRx GmbH, Jena, Germany” (hereinafter referred to as “this Agreement”,
and such growth financing hereinafter referred to as the “Series C Preferred Shares Financing”). The
pre-money valuation of the Company in the Series C Preferred Shares Financing shall amount to EUR 80,051,024.00 resulting in a
share price of EUR 656.00 per each Series C Preferred Share with a nominal value of EUR 1.00 to be issued in the Series C Preferred
Shares Financing (hereinafter referred to as the “Series C Share Price”). The Initial Series C Investors
are prepared to undertake an investment of EUR 30,993,376.00 in aggregate as equity capital in the first closing of the Series
C Preferred Shares Financing in accordance with the terms and conditions of this Agreement (hereinafter referred to as the “First
Closing”). KfW, the other Current Shareholders and one or more further external investors shall be invited (but
not obliged) to participate in the Series C Preferred Shares Financing by undertaking an investment of up to a total amount of
EUR 45,000,000.00 in aggregate minus the investments by the Initial Series C Investors in the First Closing as equity capital in
the Second Closing (as defined below) of the Series C Preferred Shares Financing on or before 31 October 2016 at the same terms
and conditions as offered to the Initial Series C Investors in the course of the First Closing (except for those terms and conditions
that are personal to the Lead Investor) and in accordance with the terms and conditions of this Agreement.

 

		(D)	The Parties intend to lay down the principles of the legal relationship between all Shareholders
as current and future shareholders of the Company.

 

NOW, THEREFORE, the Parties hereby enter
into this Agreement.

 

Section I

Financing Structure

 

§ 1

Commitments First Closing

 

		(1)	Each of the Initial Series C Investors undertakes individually for himself vis-à-vis each
other and each of the other Shareholders, but not vis-à-vis the Company,

 

     

    	  18

    

to invest
in the Series C Preferred Shares Financing the respective amount as stated for the respective Initial Series C Investor in the
following table as capital contributions towards the share capital of the Company and additional payments into the capital reserves
of the Company within the meaning of § 272 (2) No. 4 HGB in accordance with the terms and conditions of this Agreement.

 

	Initial Series C 

Investor	Total

(EUR)
	Prof. Dr. Renfeng Guo	99,712.00
	Nicolas Fulpius	399,504.00
	Mark Kübler	749,808.00
	Rolf Kübler	499,872.00
	Ammann Group	1,499,616.00
	PET-II	999,744.00
	Prof. Dr. Konrad

Reinhart	149,568.00
	Carla Comelli	249,936.00
	Arnd Christ	49,856.00
	Staidson	18,099,696.00
	Metall Zug	1,499,616.00
	Guillermo Vogel	199,424.00
	Angel Sosa	199,424.00
	Daniel Pérez	149,568.00
	Mita Grassi	199,424.00
	Marco Simeoni	999,744.00
	Philippe Beal	499,872.00
	Pierre-Alain Racine	299,792.00
	DocEpsilon	149,568.00
	Romaria	2,999,888.00
	Philippe Meyer	499,872.00
	Mulberry	499,872.00
	Total	30,993,376.00
	 	 

		(2)	The Shareholders agree that the Initial Series C Investors’ obligations under this §
1 shall exist only on the basis of a contractual agreement by and between the Initial Series C Investors and the Shareholders and
not vis-à-vis the Company. The Company itself is not a party to this § 1 and shall not be entitled to demand performance
of the obligations under this § 1. The claims under this § 1 shall not be assignable. This § 1 shall neither constitute
a contract for the benefit of a

 

     

    	  19

    

third party
(kein Vertrag zugunsten Dritter) nor a contract with protective effect for the benefits of third parties (kein Vertrag
mit Schutzwirkung für Dritte). This § 1 shall not establish any secondary obligations within the meaning of
§ 3 (2) of the German Law Pertaining to Companies with Limited Liability (GmbHG). Any joint and several liability
(gesamtschuldnerische Haftung) of the Initial Series C Investors under this § 1 shall be excluded.

 

§ 2

Share Capital Increase First Closing;

Restatement of the Articles of Association and

By-laws for the Management Board

 

		(1)	Each of the Current Shareholders undertakes individually for himself vis-à-vis each of the
other Shareholders, but not vis-à-vis the Company, to resolve unanimously and with all votes in an extraordinary Shareholders’
Meeting of the Company to be held in the form of a general meeting (Vollversammlung) immediately after the notarization
of this Agreement to

 

		a)	increase the Company’s share capital from EUR 125,332.00 by EUR 47,246.00 to EUR 172,578.00
in return for cash contributions by the issue of 47.246 new Series C Preferred Shares of the Company with a nominal value of EUR
1.00 each with the share numbers 125,356 (inclusive) through 172,601 (inclusive) and only invite the Initial Series C Investors
to subscribe and to take over the new Series C Preferred Shares with a nominal value of EUR 1.00 each as set forth in the following
table:

 

	Initial Series C

Investor	Series C Preferred

Shares à EUR 1.00

(number)
	Prof. Dr. Renfeng Guo	152
	Nicolas Fulpius	609
	Mark Kübler	1,143
	Rolf Kübler	762
	Ammann Group	2,286
	PET-II	1,524
	Prof. Dr. Konrad

Reinhart	228
	Carla Comelli	381
	Arnd Christ	76

     

    	  20

    

	Staidson	27,591
	Metall Zug	2,286
	Guillermo Vogel	304
	Angel Sosa	304
	Daniel Pérez	228
	Mita Grassi	304
	Marco Simeoni	1,524
	Philippe Beal	762
	Pierre-Alain Racine	457
	DocEpsilon	228
	Romaria	4,573
	Philippe Meyer	762
	Mulberry	762
	Total	47,246
	 	 

The new Series C Preferred Shares shall
have the rights, preferences and privileges as set forth in the amended and restated Articles of Association of the Company under
§ 2(1)b) below and this Agreement. The new Series C Preferred Shares shall be issued for the nominal value and shall be entitled
to participate in profits as from 1 January 2016. The capital contributions in the nominal value shall be paid in full and in cash
within ten bank working days in Frankfurt am Main, Germany (hereinafter referred to as “Bank Working Days”)
after this Agreement has come into force to the following special account for the increase of the share capital (Kapital-erhohungssonderkonto)
of the Company:

 

	Account holder:	InflaRx GmbH
	Bank:	Sparkasse Jena
	IBAN:	DE13 8305 3030 0018 0358 76
	BIC/SWIFT:	HELADEF1JEN
	 	 

		b)	adopt the amended and restated Articles of Association of the Company as set forth in Annex
§ 2(1)b) to this Agreement (hereinafter referred to as the “Restated Articles of Association”); and

 

		c)	adopt the By-laws for the Management Board of the Company as set forth in Annex  §
2(1)c) to this Agreement.

 

     

    	  21

    

		(2)	Each of the Shareholders undertakes individually for himself vis-à-vis each of the other
Shareholders, to do or cause to be done everything necessary or appropriate for the implementation of the measures agreed in §
2(1) above.

 

Thus, each of the Current Shareholders
undertakes individually for himself vis-à-vis each of the other Shareholders, in particular without limitation to participate
in the Shareholders’ Meeting of the Company as set forth in § 2(1) above, to exercise his voting rights and other rights
in such Shareholders’ Meeting in favour of the measures agreed in § 2(1) above, and to waive the subscription rights
to which he is entitled for the subscription to new shares to the extent set forth in § 2(1) above.

 

Further, each of the Shareholders
undertakes individually for himself vis-à-vis each of the other Shareholders, to refrain from any actions which could prevent
or defer the implementation of the measures agreed in § 2(1) above as well as to waive the right to raise objections to, and
to challenge, the resolutions of the Shareholders’ Meeting under § 2(1) above.

 

		(3)	Each of the Initial Series C Investors undertakes individually for himself vis-à-vis each
other and each of the other Shareholders, but not vis-à-vis the Company, to subscribe and to take over the new Series C
Preferred Shares of the Company stated for them in the table in § 2(1)a) above, respectively, immediately after the end of
the Shareholders’ Meeting under § 2(1) above and to pay in full and in cash the capital contributions in the nominal
value within ten Bank Working Days after this Agreement has come into force to the special account for the increase of the share
capital of the Company set forth in § 2(1)a) above. Payments shall be made exclusively to this special account; this special
account must not have a debit balance immediately prior to the aforementioned payments being effected, so that the Company’s
Managing Directors (Geschäftsführer) can freely dispose of the amounts paid.

 

		(4)	Without undue delay (unverzüglich) after (i) the subscription and taking over
of the new Series C Preferred Shares under § 2(1)a) above and (ii) the receipt of the total capital contributions in the nominal
value for such new shares and (iii) the payment of the additional payments into the capital reserves of the Company by the Initial
Series C Investors pursuant to § 4 (for the avoidance of doubt: either directly into the account of the Company or into the
trust account set up by the notary as escrow agent), the Company shall apply for registration of the

 

     

    	  22

    

resolution
to increase the Company’s share capital under § 2(1)a) above and the Restated Articles of Association with the Commercial
Register and shall take all other actions and make all other declarations necessary or appropriate for the increase of the Company’s
share capital under § 2(1)a) above and the Restated Articles of Association to become effective.

 

		(5)	Should the Commercial Register make valid objections to the increase of the Company’s share
capital under § 2(1)a) above and/or the Restated Articles of Association, the Shareholders undertake, as amongst each other,
to remove such objections without undue delay by way of adopting the necessary resolutions in the Shareholders’ Meeting of
the Company so that the purpose and intention of the provisions objected to can be achieved to the maximum permissible extent.

 

		(6)	The Shareholders undertake vis-à-vis each other, as from the notarization of this Agreement
up until the increase of the Company’s share capital under § 2(1)a) above and the Restated Articles of Association have
been registered with the Commercial Register, to treat each other as if the Restated Articles of Association had already come into
force upon the end of the Shareholders’ Meeting under § 2(1)a) above and each of the Initial Series C Investors had
already acquired the new Series C Preferred Shares to be issued under § 2(1)a) above upon subscription, respectively, to the
extent legally permissible. Thus, each of the Shareholders undertakes individually for himself vis-à-vis each of the Initial
Series C Investors, as from the subscription of the new Series C Preferred Shares under § 2(1)a) above, respectively, to put
each of the Initial Series C Investors internally in such position as they each would be in, if they had acquired the financial
rights (Vermögensrechte) and, to the extent legally permissible, the administrative rights (Verwaltungsrechte)
under this Agreement and the Restated Articles of Association resulting from the new Series C Preferred Shares to be issued under
§ 2(1)a) above upon subscription, respectively.

 

		(7)	After the increase of the Company’s share capital under § 2(1)a) above has become effective,
the share capital of the Company will be held exclusively by the Shareholders and the Company as follows:

 

     

    	  23

    

	Shareholder	Total Shares

(EUR)	Share Numbers	Participation

(%)
	Prof. Dr. Niels Riedemann	11,875.00	11,899 to 23,773	6.88
	Prof. Dr. Renfeng Guo	12,027.00	24 to 11,898	6.97
	 	 	125,356 to 125,507	 
	Nicolas Fulpius	3,734.00	23,774 to 26,898	2.16
	 	 	125,508 to 126,116	 
	UofM	1,250.00	73,963 to 75,212	0.72
	Mark Kübler	4,623.00	70,483 to 73,962	2.68
	 	 	126,117 to 127,259	 
	Rolf Kübler	10,508.00	103,898 to 105,627	6.09
	 	 	59,261 to 67,276	 
	 	 	127,260 to 128,021	 
	Ammann Group	14,388.00	75,213 to 84,108	8.34
	 	 	67,277 to 70,482	 
	 	 	128,022 to 130,307	 
	KfW	19,289.00	84,109 to 103,397	11.18
	PET-I	24,750.00	26,899 to 51,648	14.34
	PET-II	15,918.00	105,628 to 116,014	9.22
	 	 	51,649 to 55,655	 
	 	 	130,308 to 131,831	 
	Prof. Dr. Konrad Reinhart	1,030.00	55,656 to 56,457	0.60
	 	 	131,832 to 132,059	 
	Kamalaka	6,924.00	116,015 to 122,938	4.01
	Cabita	692.00	122,939 to 123,630	0.40
	Carla Comelli	2,106.00	123,631 to 125,355	1.22
	 	 	132,060 to 132,440	 
	Arnd Christ	76.00	132,441 to 132,516	0.04
	Staidson	27,591.00	132,517 to 160,107	15.99
	Metall Zug	2,286.00	160,108 to 162,393	1.32
	Guillermo Vogel	304.00	162,394 to 162,697	0.18
	Angel Sosa	304.00	162,698 to 163,001	0.18
	Daniel Pérez	228.00	163,002 to 163,229	0.13
	Mita Grassi	304.00	163,230 to 163,533	0.18
	Marco Simeoni	1,524.00	163,534 to 165,057	0.88
	Philippe Beal	762.00	165,058 to 165,816	0.44
	Pierre-Alain Racine	457.00	165,817 to 166,276	0.26
	DocEpsilon	228.00	166,277 to 166,504	0.13
	Romaria	4,573.00	166,505 to 171,077	2.65
	Philippe Meyer	762.00	171,078 to 171,839	0.44
	Mulberry	762.00	171,840 to 172,601	0.44
	Company (treasury shares)	3,303.00	103,398 to 103,897	1.91
	 	 	56,458 to 59,260	 
	Total	172,578.00	--	100.00

     

    	  24

    

§ 3

Second Closing

 

		(1)	The Parties agree that KfW, the Current Shareholders other than KfW and one or more further external
investors who are approved by the Advisory Board (Beirat) of the Company with a simple majority of its members shall be
invited (but not obliged) to participate in the Series C Preferred Shares Financing by undertaking an investment of up to a total
amount of EUR 45,000,000.00 in aggregate minus the investments by the Initial Series C Investors in the First Closing at the terms
and conditions set forth in this Agreement and the Restated Articles of Association, as amended under § 3(4) below, in case
of KfW and the other Current Shareholders by notarially certified (notariell beglaubigt) declaration to the Company using
the form attached as Annex § 3(1)-A to this Agreement (hereinafter referred to as the “Investment Declaration”),
and in case of all other persons by acceding to this Agreement as a party with the rights and obligations of a Second Closing Investor
(as defined below), a Series C Investor (as defined below), a holder of Series C Preferred Shares, a New Investor, a Financial
Investor, a Shareholder and a Party, by notarial (notariell beurkundet) declaration to the Company using the form attached
as Annex § 3(1)-B to this Agreement (hereinafter referred to as the “Joinder”), in each case on
or before 31 October 2016 (hereinafter referred to as the “Commitment Deadline”), whereby the relevant time
shall be the receipt of the relevant Investment Declaration or Joinder by the Company (hereinafter referred to as the “Second
Closing”). KfW shall be admitted to an investment of up to EUR 1,500,000.00 in the Second Closing. Otherwise, the Advisory
Board of the Company shall determine the total amount of the investments available in the Second Closing, whether one or more further
external investors shall be admitted to an investment in the Second Closing and if applicable the investment each such external
investor shall be admitted to in the Second Closing, and whether the Current Shareholders other than KfW shall be admitted to an
investment in the Second Closing and the total amount of the investments available for the Current Shareholders other than KfW
in the Second Closing, in each case with a simple majority of the members of the Advisory Board and subject to the approval of
the Management Board of the Company. To the extent that the Current Shareholders other than KfW shall be admitted to an investment
in the Second Closing and the total investment undertaken by the Current Shareholders other than KfW in the Second Closing in accordance
with the preceding provisions exceeds the total amount available for the Current

 

     

    	  25

    

Shareholders
other than KfW in the Second Closing, the Current Shareholders other than KfW undertaking an investment in the Second Closing
shall be admitted to such total amount available for them in the Second Closing pro rata to the nominal value of all shares of
the Company held by such Current Shareholders inter se, but in each case not more than stated in the respective Investment
Declaration, unless such Current Shareholders agree otherwise. The persons admitted to and undertaking an investment in the Second
Closing in accordance with the preceding provisions hereinafter also (in addition to any other definitions) collectively referred
to as the “Second Closing Investors” and each individually as a “Second Closing Investor”;
the Initial Series C Investors and the Second Closing Investors, if any, hereinafter collectively referred to as the “Series
C Investors” and each individually as a “Series C Investor”.

 

All Parties hereby declare their
consent, and hereby offer, to the external investors who are approved by the Advisory Board and the Management Board of the Company
in accordance with the preceding provisions to accede as a party to this Agreement with the rights and obligations of a Second
Closing Investor, a Series C Investor, a holder of Series C Preferred Shares, a New Investor, a Financial Investor, a Shareholder
and a Party in accordance with the preceding provisions. All Parties, with the exception of the Company, hereby waive the requirement
that they are notified of any Investment Declaration or Joinder under this § 3(1) pursuant to § 151 sentence 1 of the
German Civil Code (Verzicht auf den Zugang der Erklärungen gemaß § 151 Satz 1 BGB), which shall become
effective upon receipt by the Company of a counterpart (Ausfertigung) of such declarations in accordance with the preceding
provisions.

 

		(2)	Following the receipt of any Investment Declaration or Joinder by the Company, the Advisory Board
of the Company shall determine in its sole and free discretion with a simple majority of its members whether the respective investment
shall be implemented immediately or only together with any subsequent investment undertaken in the Second Closing, provided that
(i) to the extent that Current Shareholders other than KfW shall be admitted to an investment in the Second Closing, all investments
undertaken by the Current Shareholders other than KfW in the Second Closing shall be implemented only after the expiry of the Commitment
Deadline, and (ii) all investments undertaken in the Second Closing shall be implemented without undue delay after the expiry of
the Commitment Deadline unless they have already been implemented prior to that date.

 

     

    	  26

    

Whenever one
or more investments undertaken in the Second Closing shall be implemented in accordance with the preceding provisions, the Company
shall notify all Shareholders thereof in writing, by telefax or e-mail accompanied by a copy of the relevant Investment Declaration(s)
and/or Joinder(s) (hereinafter referred to as a “Second Closing Notice”).

 

		(3)	Each of the Shareholders undertakes individually for himself vis-à-vis each of the other
Shareholders, but not vis-à-vis the Company, to resolve unanimously and with all votes in an extraordinary Shareholders’
Meeting of the Company to be held in the form of a general meeting as soon as practicable, but in any event not later than two
calendar weeks after the receipt of the relevant Second Closing Notice, to further increase the Company’s share capital in
return for cash contributions by the issue of new Series C Preferred Shares of the Company with a nominal value of EUR 1.00 each
and only invite the relevant Second Closing Investor(s) to subscribe and to take over the new Series C Preferred Shares, whereby
(each of) the relevant Second Closing Investor(s) shall be invited to subscribe and to take over such number of new Series C Preferred
Shares with a nominal value of EUR 1.00 each that corresponds to the investment to which such Second Closing Investor shall be
admitted in the Second Closing under § 3(1) above divided by EUR 656.00 and the result if necessary rounded commercially down
to the next full number which is divisible by EUR 1.00. The new Series C Preferred Shares under this § 3(3) shall have the
same rights, preferences and privileges as the Series C Preferred Shares issued under § 2(1)a) above. The new Series C Preferred
Shares shall be issued for the nominal value and shall be entitled to participate in profits as from 1 January 2016. The capital
contributions in the nominal value shall be paid in full and in cash within ten Bank Working Days after subscription to the special
account for the increase of the share capital of the Company set forth in § 2(1)a) above.

 

		(4)	Each of the Shareholders undertakes individually for himself vis-à-vis each of the other
Shareholders, but not vis-à-vis the Company, to resolve the amendment of the Restated Articles of Association in each Shareholders’
Meeting under § 3(3) above as follows:

 

		a)	Increase of the amount of the share capital of the Company and amendment of the total share numbers
in § 6 (1) of the Restated Articles of Association in accordance with the volume of the relevant increase of the Company’s
share capital under § 3(3) above; and

 

     

    	  27

    

		b)	inclusion of the respective new Series C Preferred Shares to be issued under § 3(3) above
as Series C Preferred Shares of the Company in § 6 (2) of the Restated Articles of Association

 

(the Restated Articles of Association
so amended hereinafter referred to as the “Restated Articles of Association”).

 

		(5)	§ 2(2) to (6) above shall apply mutatis mutandis; provided, however, that the obligations
under § 2(6) above shall apply mutatis mutandis as from the end of the Shareholders’ Meeting under § 3(3)
above.

 

§ 4

Non-statutory Payments into the Capital Reserves

 

		(1)	Subject to the deductions provided for in § 28(2) below, each of the Series C Investors undertakes
individually for himself vis-à-vis each other and each of the other Shareholders, but not vis-à-vis the Company,
to render, in addition to the capital contributions towards the share capital in the nominal value for the new Series C Preferred
Shares of the Company to be subscribed by them under § 2(1)a) or § 3(3) (if any) of this Agreement, respectively, additional
payments into the capital reserves of the Company within the meaning of § 272 (2) No. 4 of the German Commercial Code (sonstige
Zuzahlungen in die Kapitalrücklage der Gesellschaft gemaß § 272 Abs. 2 Nr. 4 HGB) in each case in one tranche
in accordance with the following provisions.

 

The additional payments into the
capital reserves of the Company under this § 4 shall be rendered in cash to the following bank account of the Company; the
last sentence of § 2(3) above shall apply mutatis mutandis:

 

	Account holder:	InflaRx GmbH
	Bank:	Sparkasse Jena
	IBAN:	DE64 8305 3030 0000 6017 30
	BIC/SWIFT:	HELADEF1JEN

 

Each of the Initial Series C Investors
shall render additional payments into the capital reserves of the Company under this § 4 in the respective amount as stated
for the respective Initial Series C Investor in the following table.

 

     

    	  28

    

	Initial Series C

Investor	Payments into the

Capital Reserves

(EUR)
	Prof. Dr. Renfeng Guo	99,560.00
	Nicolas Fulpius	398,895.00
	Mark Kübler	748,665.00
	Rolf Kübler	499,110.00
	Ammann Group	1,497,330.00
	PET-II	998,110.00
	Prof. Dr. Konrad

Reinhart	149,340.00
	Carla Comelli	249,555.00
	Arnd Christ	49,780.00
	Staidson	18,072,105.00
	Metall Zug	1,497,330.00
	Guillermo Vogel	199,120.00
	Angel Sosa	199,120.00
	Daniel Pérez	149,340.00
	Mita Grassi	199,120.00
	Marco Simeoni	998,220.00
	Philippe Beal	499,110.00
	Pierre-Alain Racine	299,335.00
	DocEpsilon	149,340.00
	Romaria	2,995,315.00
	Philippe Meyer	499,110.00
	Mulberry	499,110.00
	Total	30,946,130.00
	 	 

Each of the Second Closing Investors
shall render additional payments into the capital reserves of the Company under this § 4 in each case in an amount equal to
the investment to which such Second Closing Investor shall be admitted in the Second Closing under § 3(1) above less the aggregate
nominal value of the new Series C Preferred Shares of the Company to be subscribed by such Second Closing Investor under §
3(3) above.

 

		(2)	The additional payments into the capital reserves of the Company by the Initial Series C Investors
under this § 4 shall become due for payment to the Company within ten Bank Working Days after this Agreement has come into
force. Each Initial Series C Investor shall be entitled but not obliged to fulfil his respective obligation to render the additional
payments into the capital reserves of the

 

     

    	  29

    

Company under
this § 4 by way of payment into a trust account set up by the notary as escrow agent on the basis of the trust agreement between
the respective Initial Series C Investor and the notary, provided that the escrow agent shall be obliged under the trust agreement
to pay such amount, reduced by fees, charges, costs and/or negative interests incurred by the notary in connection with the trust
agreement which shall be deducted by the notary from such amount, to the Company on behalf of the respective Initial Series C Investor
within ten Bank Working Days after the registration of the increase of the Company’s share capital under § 2(1)a) above
and the Restated Articles of Association under § 2(1)b) above and the filing of the new shareholders list showing the Initial
Series C Investors’ shareholding in the Company in accordance with § 2(7) above with the Commercial Register. The obligation
to render additional payments of each Initial Series C Investor to the Company’s free capital reserves according to this
§ 4 shall be deemed fulfilled with the payment of an amount as shown in the table in § 4(1) above into the trust account
as set forth in the preceding sentence and any deductions made by the notary (e.g. for costs or negative interests) from such amount
when paying it to the Company in accordance with the trust agreement shall not lead to additional payment claims of the other Shareholders
under this § 4 vis-à-vis the Initial Series C Investors. The obligations of the notary under such trust agreement shall
be undertaken as a true contract for the benefit of third parties (echter Vertrag zugunsten Dritter) in favor of the Shareholders
with the effect that each of the Shareholders shall have an own direct claim against the notary to demand that the notary transfers
the funds of the respective Initial Series C Investors into the bank account of the Company set forth in § 4(1) above and
that the provisions of the trust agreement and in particular the rights of the Shareholders may not be cancelled or modified without
the approval of each of the Shareholders.

 

		(3)	The Company undertakes not to dispose of the additional payments into the capital reserves of the
Company by the Initial Series C Investors under this § 4 in any way until registration of the increase of the Company’s
share capital under § 2(1)a) above and the Restated Articles of Association under § 2(1)b) above and the filing of the
new shareholders list showing the Initial Series C

 

     

    	  30

    

Investors’
shareholding in the Company in accordance with § 2(7) above with the Commercial Register. If the registration of the increase
of the Company’s share capital under § 2(1)a) above and the Restated Articles of Association under § 2(1)b) above
and the filing of the new shareholders list showing the Initial Series C Investors’ shareholding in the Company in accordance
with § 2(7) above with the Commercial Register have not occurred by the end of 31 December 2016, or any later date mutually
agreed upon between the Parties, the Shareholders shall take best efforts to procure that the additional payments into the capital
reserves of the Company under this § 4 shall be repaid to the respective Initial Series C Investor within ten Bank Working
Days.

 

		(4)	The additional payments into the capital reserves of the Company by the relevant Second Closing
Investor under this § 4 shall become due for payment to the Company within ten Bank Working Days after receipt of a notification
from the Company in writing, by telefax or e-mail that the relevant increase of the Company’s share capital under §
3(3) above and the corresponding Restated Articles of Association under § 3(4) above have been registered and the new shareholders
list showing the relevant Second Closing Investor’s shareholding in the Company resulting from the Second Closing has been
filed with the Commercial Register, but by way of a condition precedent only after the passing of the resolutions of the relevant
Shareholders’ Meeting under § 3(3) above and the registration of the corresponding Restated Articles of Association
under § 3(4) above and the filing of the new shareholders list showing the relevant Second Closing Investor’s shareholding
in the Company resulting from the Second Closing with the Commercial Register.

 

		(5)	The Shareholders agree that the obligations of the Series C Investors to render additional payments
into the capital reserves of the Company under this § 4 shall exist only on the basis of a contractual agreement by and between
the Series C Investors and the Shareholders and not vis-à-vis the Company. With exception of the obligation set forth in
§ 4(3) above, the Company itself is not a party to this § 4 and shall not be entitled to demand the payments under this
§ 4. The payment claims under this § 4 shall not be assignable. This § 4 shall neither constitute a contract for
the benefit of a third party nor a contract with protective effect for the benefits of third parties (kein Vertrag mit Schutzwirkung
für Dritte). This § 4 shall not establish any secondary obligations within the meaning of § 3 (2) GmbHG.
Any joint and several liability (gesamtschuldnerische Haftung) of the Series C Investors under this § 4 shall be excluded.

 

     

    	  31

    

§ 5

Use of Proceeds

 

The net proceeds from the Series
C Preferred Shares Financing shall be used exclusively for operational and capital expenditures, general working capital purposes
and investments of the Company, including in particular the funding of (i) the ongoing phase II clinical trial in complex cardiac
surgery with IFX-1, (ii) up to three additional phase II clinical trials in inflammatory diseases with IFX-1, (iii) the manufacturing
of IFX-1, (iv) ongoing pre-clinical research projects for IFX-1, (v) the manufacturing of IFX-2 and its pre-clinical development,
(vi) the initial IFX-3 pre-clinical development and (vii) the preparation for an IPO (e.g. on NASDAQ).

 

§ 6

Employee Participation Programs

 

		(1)	In section 18 of the Investment Agreement
                                         V (Beteiligungsvertrag V) dated 11 July 2014 (roll of deeds no. A.Prot. 2014/97
                                         of the notary public Stephan Cueni, Basel, Switzerland; hereinafter referred to as the
                                         “Investment Agreement V”), the Current Shareholders and the
                                         Company have implemented a stock option plan in favour of Prof. Dr. Niels Riedemann,
                                         Prof. Dr. Renfeng Guo and further key members of the management with a total volume of
                                         5 % of the share capital of the Company after the consummation of its Series B round
                                         of financing laid down in the Investment Agreement V, providing for stock options to
                                         acquire Common Shares of the Company against payment of the nominal value (hereinafter
                                         referred to as the “Stock Option Plan 2014”). Under
                                         the Stock Option Plan 2014, stock options for shares with a total nominal value of EUR
                                         2,557.00 have been allocated to Prof. Dr. Niels Riedemann, stock options for shares with
                                         a total nominal value of EUR 2,557.00 have been allocated to Prof. Dr. Renfeng Guo, stock
                                         options for shares with a total nominal value of EUR 626.00 have been allocated to Arnd
                                         Christ and stock options for shares with a total nominal value of EUR 348.00 have been
                                         allocated to Othmar Zenker.

 

The terms and conditions of the
stock options of Prof. Dr. Niels Riedemann and Prof. Dr. Renfeng Guo are laid down in section 18 of the Investment Agreement V.
The Parties are in agreement that the terms and conditions laid down in section 18 of the Investment Agreement V shall continue
to apply, whereby all Parties agree that all milestones A, B, C, D and E laid down in section 18.2.1 of the Investment Agreement
V shall be deemed fulfilled.

 

     

    	  32

    

The terms and conditions of the
stock options of Arnd Christ and Othmar Zenker are laid down in section 18 of the Investment Agreement V in conjunction with their
respective service agreement. The Parties are in agreement that the terms and conditions laid down in section 18 of the Investment
Agreement V and the respective service agreement shall continue to apply, provided that the Managing Directors (Geschäftsführer)
of the Company with the approval of the Advisory Board of the Company shall be entitled to amend the terms and conditions set forth
in the respective service agreement of Arnd Christ or Othmar Zenker as they deem appropriate.

 

In order to serve the claims of
the beneficiaries under the Stock Option Plan 2014, on 11 July 2014 the Shareholders’ Meeting of the Company created an authorized
capital in the total amount of up to EUR 8,000.00 as set forth in § 3 a (1) to (3) of the current Articles of Association
of the Company. In the Shareholders’ Meeting under § 2(1) above, the Shareholders shall reduce this authorized capital
to a total amount of up to EUR 6,088.00 and shall extend its term up until 20 July 2021, as set forth in § 6 a (1) to (3)
of the Restated Articles of Association (hereinafter referred to as the “Authorized Capital 2014/I”).

 

The Shareholders are in agreement
that the Authorized Capital 2014/I shall be maintained in order to serve the claims of the beneficiaries under the Stock Option
Plan 2014, and each of the Shareholders undertakes individually for himself vis-à-vis each of the other Shareholders, to
renew the Authorized Capital 2014/I at the end of its term for a further five years if and to the extent that at the end of the
term of the Authorized Capital 2014/I claims of the beneficiaries under the Stock Option Plan 2014 are still outstanding; the preceding
provisions shall apply mutatis mutandis in the event that at the end of the term of such successor authorized capital claims
of the beneficiaries under the Stock Option Plan 2014 are still outstanding.

 

Each of the New Investors hereby
accedes as a party to section 18 of the Investment Agreement V with the rights and obligations of a shareholder (Gesellschafter)
and a party (Partei). Wherever section 18 of the Investment Agreement V refers to “Gesellschafter” and/or
“Partei(en)”, both in the singular and the plural, this shall encompass each of the New Investors as well. All other
Parties hereby expressly and irrevocably consent to this accession by the New Investors.

 

     

    	  33

    

		(2)	The Shareholders agree that as a means to promote their motivation and identification, the Company
shall establish a further stock option plan for present and future selected managing directors, key employees and consultants of
the Company, providing for stock options to acquire Common Shares of the Company with a total nominal value equal to 10 % of
the share capital of the Company after the registration of the last increase of the Company’s share capital under §
2(1)a) and § 3(3) (if any) above with the Commercial Register on a fully-diluted basis (i.e. including the Stock Option Plan
2014 and the Board Stock Options (as defined below), but excluding the Stock Option Plan 2016 (as defined below) and the treasury
shares), whereby 75 % of the total volume may be granted to present and future Managing Directors and the CSO of the Company and
the remaining 25 % may be granted to other beneficiaries (hereinafter referred to as the “Stock Option Plan
2016”). The terms and conditions of the Stock Option Plan 2016 shall be as set forth in Annex 6(2) to this
Agreement.

 

In the Shareholders’ Meeting
under § 2(1) above, the Shareholders shall

 

		(i)	authorize the Advisory Board of the Company
to implement, on the basis of the terms and conditions set forth in this § 6(2) and in Annex § 6(2) to this Agreement,
the detailed legal structure and further terms and conditions of the Stock Option Plan 2016;

 

		(ii)	authorize the Managing Directors of the Company with the approval of the Advisory Board or, to
the extent that Managing Directors are beneficiaries, the Advisory Board to determine the selection criteria and designate each
beneficiary who shall be granted stock options under the Stock Option Plan 2016, and the total number of stock options granted
to them, respectively, and other terms, conditions or limitations with respect to such granting of stock options, and to grant
stock options to acquire Common Shares of the Company with a total nominal value of EUR 17,585.00 to the beneficiaries in accordance
with the terms and conditions set forth in this § 6(2), Annex § 6(2) to this Agreement, (i) above and this (ii); and

 

		(iii)	create a further authorized capital in order to serve the claims of the beneficiaries under the
Stock Option Plan 2016, as set forth in § 6 a (4) of the Restated Articles of Association.

 

     

    	  34

    

The Shareholders shall endeavour
to ensure that the Stock Option Plan 2016 will be implemented by the Advisory Board by 30 September 2016 at the latest.

 

In each Shareholders’ Meeting
under § 3(3) above, the Shareholders shall increase the volume of the authorization to grant stock options under (ii) above
and the amount of the further authorized capital under (iii) above in each case by one tenth of the volume of the relevant increase
of the Company’s share capital under § 3(3) above.

 

The fifth sub-paragraph of §
6(1) above shall apply mutatis mutandis.

 

		(3)	The Shareholders agree that the Company shall establish a further stock option plan for the current
members of its Advisory Board Nicolas Fulpius, Mark Kübler and Katrin Uschmann providing for stock options to acquire Common
Shares of the Company with a total nominal value of EUR 484.00 against payment of the nominal value, whereby stock options for
shares with a total nominal value of EUR 217.00 shall be allocated to Nicolas Fulpius, stock options for shares with a total nominal
value of EUR 87.00 shall be allocated to Mark Kübler and stock options for shares with a total nominal value of EUR 180.00
shall be allocated to Katrin Uschmann (hereinafter referred to as the “Board Stock Options”; the Stock
Option Plan 2014, the Stock Option Plan 2016 and the Board Stock Options hereinafter collectively referred to as the “ESOP”).
The Board Stock Options shall be fully vested as of the date of grant. The Board Stock Options shall be exercisable at the
same time as the stock options of Prof. Dr. Niels Riedemann under the Stock Option Plan 2014. The terms and conditions of the Stock
Option Plan 2014 shall apply mutatis mutandis to the Board Stock Options.

 

In the Shareholders’ Meeting
under § 2(1) above, the Shareholders shall

 

		(i)	implement the Board Stock Options in accordance with the terms and conditions set forth in this
§ 6(3) and authorize and direct the Managing Directors of the Company to execute in the name and on behalf of the Company
the corresponding option agreements with the beneficiaries of the Board Stock Options in accordance with the terms and conditions
set forth in this § 6(3); and

 

		(ii)	create a further authorized capital in order to serve the claims of the beneficiaries under the
Board Stock Options, as set forth in § 6 a (5) of the Restated Articles of Association.

 

     

    	  35

    

The fifth
sub-paragraph of § 6(1) above shall apply mutatis mutandis.

 

		(4)	Each of the Shareholders hereby expressly accepts the dilution of his participation in the Company
which the ESOP entails. § 2(2) to (6) above shall apply mutatis mutandis.

 

§ 7

Classes of Shares

 

		(1)	The shares of the Company to be issued to the Series C Investors under § 2(1)(a) and § 3(3)
(if any) above and any and all other shares of the Company which under the provisions of this Agreement shall be Series C Preferred
Shares of the Company are hereinafter – including after a split or consolidation of such shares – collectively referred
to as the “Series C Preferred Shares” and each individually as a “Series C Preferred Share”.

 

		(2)	The existing shares of the Company with the share numbers 65,289 (inclusive) through 70,482 (inclusive),
80,647 (inclusive) through 84,108 (inclusive), 94,742 (inclusive) through 103,397 (inclusive) and 103,898 (inclusive) through 125,355
(inclusive) and any and all other shares of the Company which under the provisions of this Agreement shall be Series B Preferred
Shares of the Company are hereinafter – including after a split or consolidation of such shares – collectively referred
to as the “Series B Preferred Shares” and each individually as a “Series B Preferred Share”.

 

		(3)	The existing shares of the Company with the share numbers 9,424 (inclusive) through 11,898 (inclusive),
21,249 (inclusive) through 23,773 (inclusive), 26,399 (inclusive) through 62,163 (inclusive), 70,483 (inclusive) through 80,646
(inclusive), 84,109 (inclusive) through 94,741 (inclusive) and 103,398 (inclusive) through 103,897 (inclusive) and any and all
other shares of the Company which under the provisions of this Agreement shall be Series A Preferred Shares of the Company are
hereinafter – including after a split or consolidation of such shares – collectively referred to as the “Series
A Preferred Shares” and each individually as a “Series A Preferred Share”. The Series C Preferred
Shares, the Series B Preferred Shares and the Series A Preferred Shares are hereinafter collectively referred to as the “Preferred
Shares” and each individually as a “Preferred Share”.

 

     

    	  36

    

		(4)	All other shares of the Company which shall not be Series C Preferred Shares under § 7(1)
above, Series B Preferred Shares under § 7(2) above or Series A Preferred Shares under § 7(3) above are hereinafter –
including after a split or consolidation of such shares – collectively referred to as the “Common Shares”
and each individually as a “Common Share”.

 

Section II

Representations and Warranties

 

§ 8

Current Shareholders’ Representations and Warranties

 

		(1)	Subject to the following provisions of this § 8 as well as the provisions of § 10 below,
each of the Current Shareholders severally and not jointly (als Einzelschuldner) hereby represents and warrants to each
of the Series C Investors in the form of an independent guarantee (selbstständiges Garantieversprechen) within the
meaning of § 311 (1) of the German Civil Code (BGB) and with the legal consequences, and only with the legal consequences,
set forth in § 8(2) below, that all of the following statements are fully true and correct with respect to his capacity and
his title to shares of the Company as of the date of the notarization of this Agreement (hereinafter collectively referred to as
the “Current Shareholders’ Representations and Warranties” and each individually as a “Current
Shareholders’ Representation and Warranty”):

 

		a)	The respective Current Shareholder is the unlimited and unencumbered sole legal and beneficial
owner of all of the shares of the Company and the corresponding voting rights as set forth opposite the name of the respective
Current Shareholder in the table in the Preamble to this Agreement;

 

		b)	the shares of the Company held by the respective Current Shareholder have not been pledged (verpfandet)
or otherwise encumbered (belastet) and, save as provided otherwise in the current Articles of Association of the Company
or the Investment Agreement V, such shares are free and clear of any and all third party rights and transfer restrictions, and
the respective Current Shareholder may freely dispose of such shares without requiring the consent of any third party or violating
any third party rights, and no third party is entitled to exercise any pre-emptive rights, rights of first

 

     

    	  37

    

refusal, option
or other rights to purchase or acquire any shares of the Company held by the respective Current Shareholder;

 

		c)	the respective Current Shareholder has full power and authority to enter into and perform this
Agreement, and this Agreement constitutes valid and binding obligations of the respective Current Shareholder in accordance with
the terms herein, and the execution and performance of this Agreement by the respective Current Shareholder does not require the
approval or consent by any governmental authority or other third party.

 

		(2)	In the event that the Current Shareholders’ Representations and Warranties of any Current
Shareholder are not fully true and correct, each of the Series C Investors shall be entitled to demand from the respective Current
Shareholder to remedy the inaccuracy and/or incorrectness of such Current Shareholders’ Representations and Warranties within
a reasonable period of time, which shall not exceed 30 Bank Working Days after the receipt of such demand, in such a way that the
respective Current Shareholder brings about the situation which would have existed, had the respective Current Shareholders’
Representations and Warranties been fully true and correct (restitution in kind; Naturalrestitution). Should the
respective Current Shareholder not remedy the inaccuracy and/or incorrectness of such Current Shareholders’ Representations
and Warranties within such period of time or should such remedy be impossible, then each of the Series C Investors shall have the
right to demand compensation for damages in cash (Schadensersatz in Geld) from the respective Current Shareholder in such
a way that such Current Shareholder shall place the Series C Investors in such position in which the Series C Investors would economically
have been in, had the respective Current Shareholders’ Representations and Warranties been fully true and correct. The right
to demand compensation for damages in cash under this § 8(2) shall include all damages recoverable in accordance with the
provisions of §§ 249 et seq. BGB.

 

		(3)	The liability of each of the Current Shareholders under this § 8 shall be limited to an amount
equal to the investment actually rendered by the respective Series C Investor under this Agreement.

 

The limitations under this §
8(3) shall not apply to any claims based on a wilful (vorsätzlich) or gross negligent (grob fahrlässig inaccuracy
and/or incorrectness of any of the Current Shareholders’ Representations and Warranties.

 

     

    	  38

    

		(4)	All claims to which the Series C Investors may be entitled under this § 8 (with the exception
of claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Current Shareholders’ Representations
and Warranties) shall be time-barred under the statute of limitations (verjähren) three years after the notarization
of this Agreement. § 202 BGB shall remain unaffected.

 

§ 9

Business Representations and Warranties

 

		(1)	Subject to the following provisions of this § 9 as well as the provisions of § 10 below,
the Company hereby represents and warrants to each of the Series C Investors in the form of an independent guarantee within the
meaning of § 311 (1) BGB and with the legal consequences, and only with the legal consequences, set forth in § 9(3) below,
that all of the statements which are in detail included in Annex § 9(1) to this Agreement are fully true and correct
as of the date of the notarization of this Agreement (hereinafter collectively referred to as the “Business Representations
and Warranties” and each individually as a “Business Representation and Warranty”; the Current
Shareholders’ Representations and Warranties and the Business Representations and Warranties hereinafter collectively referred
to as the “Representations and Warranties” and each individually as a “Representation and Warranty”).

 

		(2)	Claims under this § 9 may only be brought, if and to the extent that the aggregate loss arising
as a result of all breaches of the Business Representations and Warranties exceeds in total the amount of EUR 100,000.00 (Freibetrag);
if this limit is exceeded, then the loss arising and exceeding such amount of EUR 100,000.00 shall be compensated in accordance
with § 9(3) below.

 

The limitations under this §
9(2) shall not apply to any claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Business
Representations and Warranties.

 

		(3)	In the event that the Business Representations and Warranties are not fully true and correct, the
Shareholders shall resolve in favour of an increase of the Company’s share capital (hereinafter referred to as the “Guarantee
Share Capital Increase”) upon the demand of one or more of the Series C Investors. The Guarantee Share Capital Increase
shall be resolved and consummated without undue delay after the demand by any of the Series C Investors. Each of the Series C Investors
individually may request his participation in the Guarantee Share Capital Increase without being obliged to do so. As part of the
Guarantee Share Capital Increase, the

 

     

    	  39

    

Series C Investors,
who request this, shall be invited to subscribe and to take over such number of new Series C Preferred Shares of the Company with
a nominal value of EUR 1.00 each in return for cash contributions in payment of the nominal value without premium or any other
contributions to the capital reserves of the Company, by means of which they shall receive such participation in the Company’s
share capital as they each would have held, if they had invested the funds (capital contributions in the nominal value and additional
payments into the capital reserves of the Company pursuant to § 272 (2) No. 4 HGB) provided under this Agreement and the additional
funds provided in the Guarantee Share Capital Increase from the start at the Reduced Valuation (as defined below); the subscription
rights of the other Shareholders shall be excluded. § 2(2) to (6) above shall apply mutatis mutandis.

 

The “Reduced Valuation”
shall be equal to a pre-money valuation of the Company of EUR 80,051,024.00 undiluted less the total amount of all damages arising
as a result of all breaches of the Business Representations and Warranties; provided, however, that such pre-money valuation shall
not be reduced by more than EUR 5,000,000.00, provided that the limitations under this § 9(3) shall not apply to any claims
based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Business Representations and Warranties. If
the Parties cannot agree on the Reduced Valuation within two calendar weeks after any of the Series C Investors has demanded a
Guarantee Share Capital Increase, then the Reduced Valuation shall be determined by an independent expert acting as arbitration
expert (Schiedsgutachter) who shall be appointed by the Advisory Board of the Company by way of simple majority resolution.
The determination by the arbitration expert shall be final and binding on all Parties. The costs of the arbitration expert shall
be borne by the Parties applying §§ 91 et seq. of the German Code of Civil Procedure (ZPO) mutatis mutandis.

 

		(4)	All claims to which the Series C Investors may be entitled under this § 9 (with the exception
of claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Business Representations and Warranties)
shall be time-barred under the statute of limitations three months after the delivery to the Shareholders of the Company’s
audited annual financial statements for the business year ending on 31 December 2016. § 202 BGB shall remain unaffected.

 

     

    	  40

    

§ 10

General Limitations

 

		(1)	The Representations and Warranties and the right to demand damages in relation thereto constitute
a special agreement negotiated and agreed upon between the Parties specifically for the purposes of the transactions contemplated
by this Agreement in accordance with § 311 (1) BGB. Further, the Representations and Warranties are subject to all the limitations
set forth in this Agreement, in particular without limitation any limitation set forth in the respective statement contained in
§ 8(1) or § 9(1) above or in Annex § 9(1) to this Agreement and the limitations on damages set forth in § 8
and § 9 above and this § 10. The Parties agree that none of the Representations and Warranties constitutes a guarantee
with respect to the quality of the object of sale (Garantie für die Beschaffenheit der Sache) within the meaning of
§ 444 2nd alternative BGB nor a guarantee with respect to the quality of the purchase object (Beschaffenheitsgarantie)
within the meaning of § 443 BGB. The legal consequences of a possible violation of the Representations and Warranties shall
be determined exclusively pursuant to § 8 to § 10 of this Agreement. The Parties further agree that the provisions of
§§ 434 to 453 BGB relating to defects in quality or in title shall not apply to any Representation and Warranty. Claims
of the Series C Investors for a breach of the Business Representations and Warranties shall be excluded to the extent that the
respective Series C Investor had positive knowledge (positive Kenntnis) of the circumstances underlying such breach; the
contents of the virtual data room operated by the Company at “netfiles GmbH”, to which all Series C Investors who requested
this have been granted access, shall be deemed to be known by all Series C Investors. Likewise, claims of the Series C Investors
for a breach of the Business Representations and Warranties shall be excluded with respect to such circumstances which are fairly
disclosed in this Agreement or one of the Annexes or Exhibits hereto. §§ 377 et seq. HGB shall not apply.

 

		(2)	The Parties agree that the Current Shareholders do not give any representations, warranties, guarantees
and indemnifications, whether expressly or implied, other than the Current Shareholders’ Representations and Warranties,
and that the Company does not give any representations, warranties, guarantees and indemnifications, whether expressly or implied,
other than the Business Representations and Warranties. Except as set forth in § 8 to § 10 of this Agreement and for
any claims based on fraud or wilful or gross negligent misconduct which shall

 

     

    	  41

    

remain unaffected,
any and all other rights and remedies of any legal nature which the Series C Investors may have against the Current Shareholders
and/or the Company with respect to a breach of Representations and Warranties, irrespective of which nature, amount or legal basis,
are hereby expressly waived and excluded to the maximum permissible extent. Further, except as set forth in § 8 to §
10 of this Agreement and for any claims based on fraud or wilful or gross negligent misconduct which shall remain unaffected, any
and all claims and rights of the Series C Investors under and in connection with this Agreement, irrespective of which nature,
amount or legal basis, are hereby expressly waived and excluded to the maximum permissible extent, in particular, without limitation,
claims under pre-contractual fault (§ 311 (2) and (3) BGB), frustration of contract (Störung der Geschäftsgrundlage),
breach of contract (Pflichtver-letzung aus dem Schuldverhaltnis), supplementary performance (Nacherfüllung),
the right to reduce the price (Minderung) and/or the right to avoid (Anfechtung) or to rescind (Rücktritt)
this Agreement, and any liability in tort (Deliktshaftung).

 

Section III

Restrictions on Disposals of Shares

 

§ 11

Lock-up

 

Without prejudice to (i) the co-sale rights
under § 13 below, (ii) the drag-along rights under § 14 below and (iii) the permitted transfers under § 15 below,
which shall not be subject to this § 11, the sale, transfer or other disposal of shares of any class of the Company by a Shareholder
on or before 21 July 2019 shall require the express prior written consent of Shareholders individually or collectively holding
70 % or more (according to their nominal value) of all issued shares of the Company, voting together as one class, whereby the
Shareholder intending to sell, transfer or otherwise dispose of shares of the Company shall be entitled to vote. This shall apply
mutatis mutandis to the conclusion, termination, transfer and amendment of sub-participations and trust agreements as well
as the pledging or encumbrance of shares of any class of the Company by a Shareholder on or before 21 July 2019. If the necessary
consent under this § 11 has been given, then the respective Shareholder is free to dispose of his shares of the Company, provided
that the provisions in § 12, § 13, § 16(1) and § 17 of this Agreement are complied with. This provision shall
automatically cease to have any effect upon an IPO (as defined in § 19).

 

     

    	  42

    

§ 12

Rights of First Refusal

 

		(1)	If any of the Shareholders (hereinafter referred to as the “Selling Shareholder”)
intends to transfer (including by way of a swap or contribution) his shares of any class of the Company in whole or in part with
or without consideration to another Shareholder or a third party (hereinafter referred to as the “Potential Purchaser”),
then he is under an obligation to inform all Shareholders and the Company of such intent without undue delay and in writing, by
telefax or e-mail (hereinafter referred to as “Text Form”, and such information to all Shareholders and the
Company hereinafter referred to as the “Notification”). The Notification shall include in particular the name/firm
and address/registered office of the Selling Shareholder and the Potential Purchaser, the number/nominal value and class of the
shares of the Company intended to be transferred, the purchase price or other consideration and the due date for payment together
with any representations, warranties, indemnities and other claims to be given or declared by the Selling Shareholder and the Potential
Purchaser as well as the remedies available in case of a breach thereof. In the event that non-monetary consideration is provided
for, the Selling Shareholder shall state the equivalent monetary value of such non-monetary consideration for the purposes of the
rights of first refusal set forth below. The value of non-monetary consideration shall be determined in accordance with the respective
consideration’s fair market value. The Advisory Board of the Company, by way of simple majority resolution, shall instruct
an independent expert (e.g. an auditor) acting as arbitration expert to submit a report and make a determination on the fair market
value of such consideration unless otherwise agreed by the relevant parties. The costs incurred as a result of instructing such
expert shall be borne by the Selling Shareholder. The results of such report and determination shall be final and binding on all
Parties with respect to the fair market value of the consideration payable for the purposes of the rights of first refusal set
forth below.

 

		(2)	If any of the Shareholders intends to transfer (including by way of a swap or contribution) his
shares of any class of the Company in whole or in part with or without consideration to another Shareholder or a third party, all
Shareholders other than the Selling Shareholder (hereinafter collectively referred to as the “Other Shareholders”
and each individually as an “Other Shareholder”) shall have a right of first refusal as set forth in
the following provisions to acquire the

 

     

    	  43

    

shares of
the Company which the Selling Shareholder intends to transfer, at the terms and conditions set forth in the Notification as possibly
amended by the determination of the fair market value of non-monetary consideration by the independent expert under § 12(1)
above. Within four (4) weeks after the later of (i) the receipt by the respective Other Shareholder of the Notification and (ii)
the delivery of the report by the independent expert under § 12(1) above, if any, (hereinafter referred to as the “Exercise
Period”) each Other Shareholder shall state in writing to the Company whether he is willing to acquire that portion of
the shares of each class of the Company which the Selling Shareholder intends to transfer, which corresponds to the total nominal
value of all shares of the Company held by the respective Other Shareholder in proportion to the total nominal value of all shares
of the Company held by all Other Shareholders inter se, in whole or in part in accordance with this § 12 (hereinafter
referred to as the “Purchase Statement”). The Purchase Statement shall be binding in accordance with the following
provisions. After the expiry of the Exercise Period for all Other Shareholders, the Company shall inform all Shareholders without
undue delay and in Text Form of the aggregate number/nominal value of the shares of each class of the Company for which the rights
of first refusal under this § 12(2) have been exercised and by whom (hereinafter referred to as the “Exercise Statement”).

 

		(3)	If not all Other Shareholders have exercised their right of first refusal under § 12(2) above
in whole, the Other Shareholders who have exercised their right of first refusal under § 12(2) above in whole (hereinafter
collectively referred to as the “Exercising Shareholders” and each individually as an “Exercising Shareholder”)
shall have an extended right of first refusal as set forth in the following provisions to acquire the remaining shares of the Company
which the Selling Shareholder intends to transfer and for which the rights of first refusal under § 12(2) above have not been
exercised, at the terms and conditions set forth in the Notification as possibly amended by the determination of the fair market
value of non-monetary consideration by the independent expert under § 12(1) above. Within two (2) weeks after the receipt
by the respective Other Shareholder of the Exercise Statement (hereinafter referred to as the “Extended Exercise Period”)
each Exercising Shareholder shall state in writing to the Company the maximum number/nominal value of shares of each class of the
Company for which the rights of first refusal under § 12(2) above have not been exercised and which such Exercising Shareholder
is willing to additionally acquire

 

     

    	  44

    

(hereinafter
referred to as the “Acquisition Limit”) in accordance with this § 12 (hereinafter referred to as the “Extended
Purchase Statement”). The Extended Purchase Statement shall be binding in accordance with the following provisions. After
the expiry of the Extended Exercise Period for all Exercising Shareholders, the Company shall inform all Shareholders without undue
delay and in Text Form of the aggregate number/nominal value of the shares of each class of the Company for which the extended
rights of first refusal under this § 12(3) have been exercised and by whom (hereinafter referred to as the “Extended
Exercise Statement”).

 

		(4)	If the aggregate Acquisition Limits for all classes of shares of the Company are equal to or exceed
the aggregate number/nominal value of the shares of the respective class of the Company for which the rights of first refusal under
§ 12(2) above have not been exercised, the Other Shareholders who have issued a Purchase Statement shall be entitled and obliged
to acquire from the Selling Shareholder the shares of the Company which the Selling Shareholder intends to transfer pursuant to
the Notification in accordance with the following provisions: All Other Shareholders who have issued a Purchase Statement shall
be entitled and obliged to acquire from the Selling Shareholder that portion of the shares of each class of the Company which the
Selling Shareholder intends to transfer pursuant to the Notification in accordance with their respective Purchase Statement, and
in addition the Exercising Shareholders who have issued an Extended Purchase Statement shall be entitled and obliged to acquire
from the Selling Shareholder the remaining shares of each class of the Company which the Selling Shareholder intends to transfer
pursuant to the Notification and for which the rights of first refusal under § 12(2) above have not been exercised, each of
these Exercising Shareholders limited to such Exercising Shareholder’s Acquisition Limit, and up to such Acquisition Limit
with respect to each class of shares of the Company pro rata to the nominal value of all shares of the Company held by such Exercising
Shareholders inter se unless such Exercising Shareholders agree otherwise. Indivisible fractional amounts shall be purchased
by the Other Shareholder who issued his Purchase Statement or Extended Purchase Statement, as applicable, first; whereby the relevant
time shall be the receipt of the Purchase Statement or Extended Purchase Statement, as applicable, by the Company. The Selling
Shareholder as well as the Other Shareholders who are entitled and obliged to acquire from the Selling Shareholder the shares of
the Company which the Selling Shareholder intends to transfer pursuant to the

 

     

    	  45

    

Notification
under the preceding sentences shall without undue delay and in any event within two (2) weeks after the receipt of the Extended
Exercise Statement enter into a notarized share sale and transfer agreement in accordance with the terms and conditions set forth
in the Notification as possibly amended by the determination of the fair market value of non-monetary consideration by the independent
expert under § 12(1) above, the respective Purchase Statement and, if applicable, Extended Purchase Statement and the allocation
of shares of the Company pursuant to this § 12(4). For the avoidance of doubt, such share sale and transfer agreement shall
only be entered into if the necessary consent under § 11 above has been given.

 

		(5)	If the aggregate Acquisition Limits for any class of shares of the Company fall short of the aggregate
number/nominal value of the shares of such class of the Company for which the rights of first refusal under § 12(2) above
have not been exercised, no rights of first refusal shall apply at all. In such event, the Selling Shareholder, subject to the
co-sale rights pursuant to § 13 below, and the other Shareholders, who exercise such co-sale rights, shall be entitled to
transfer their shares of the Company to the Potential Purchaser, but only in strict compliance with the terms and conditions stated
in the Notification (as possibly amended by the determination of the fair market value of non-monetary consideration by the independent
expert under § 12(1) above) as well as the provisions of § 16(1) and § 17 below, during a period of two months after
the receipt of the Extended Exercise Statement. A notarized certified copy of the contract concluded between the Selling Shareholder
and the other Shareholders, if applicable, on the one hand and the Potential Purchaser on the other hand shall be submitted for
review to all other Shareholders. For the avoidance of doubt, such a transfer shall not be permitted, unless the necessary consent
under § 11 above has been given.

 

§ 13

Co-sale Rights

 

		(1)	All Shareholders shall be entitled to demand from a Selling Shareholder, who has made a Notification
and under § 12(5) above is entitled to transfer shares of the Company to the Potential Purchaser, the co-sale of the shares
of the Company held by the respective Shareholder in accordance with the terms and conditions set forth in the Notification as
possibly amended by the determination of the fair

 

     

    	  46

    

market value
of non-monetary consideration by the independent expert under § 12(1) above, to the extent desired by the respective Shareholder.
Such co-sale right is to be exercised by way of written declaration, such declaration setting forth the maximum (and, if desired,
minimum) number/nominal value and class of the shares of the Company the respective Shareholder wishes to be co-sold. The said
notification is to be submitted to the Company within four (4) weeks after the later of (i) the receipt by the respective Shareholder
of the Notification and (ii) the delivery of the report by the independent expert under § 12(1) above, if any, and may be
made jointly with the issuance of a Purchase Statement pursuant to § 12(2) above. In the Exercise Statement, the Company shall
inform all Shareholders about the extent and content of all requests for the co-sale of shares of the Company that have been made
within said four-weeks-period.

 

		(2)	If the Potential Purchaser is not willing to purchase the shares of the Company from the Selling
Shareholder and the shares of the Company the co-sale of which is demanded pursuant to § 13(1) above, save for the provision
set forth in § 13(4) below, the Selling Shareholder is obliged, upon request of the respective Shareholders who have exercised
their co-sale right, to transfer his own shares of the Company and the shares of the Company the co-sale of which has been demanded
pro rata to the nominal value of the shares of the Company held by the Selling Shareholder and such Shareholders who have exercised
their co-sale right inter se unless such Shareholders demand the co-sale of all their shares of the Company in accordance
with the following provisions.

 

		(3)	Before transferring and after having received the notification that rights of co-sale have been
exercised, the Selling Shareholder is obliged to inform the Shareholders who have exercised their co-sale right of the total number/nominal
value of shares of the Company that the Potential Purchaser wishes to acquire. If the Potential Purchaser does not wish to acquire
all the shares of the Company that the Shareholders who have exercised their co-sale right demand to be included in the sale, the
Shareholders exercising their co-sale right must inform the Selling Shareholder within two weeks after receipt of the notification
under the preceding sentence, whether they request to sell their shares of the Company on a pro rata basis according to §
13(2) above or all their shares of the Company pursuant to § 13(4) below; such request shall be binding on the Selling Shareholder.

 

     

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		(4)	In the event that the Potential Purchaser is a competitor of the Company or a company affiliated
with a competitor of the Company within the meaning of §§ 15 et seq. of the German Stock Corporation Act (AktG),
the co-sale right may be exercised with respect to all of the shares of the Company held by the respective Shareholder, irrespective
of the class, and the transfer by the Selling Shareholder to the Potential Purchaser shall only be permitted if the Potential Purchaser
takes all shares of the Company of a Shareholder who has exercised his co-sale right and requests the co-sale of all his shares
of the Company. Sentence 1 shall also apply in the event that the Potential Purchaser, even if not a competitor of the Company
or a company affiliated with a competitor of the Company, would hold, directly and/or indirectly, 50 % or more of the share capital
of the Company after the acquisition of the shares of the Company from the Selling Shareholder and from the Shareholders who have
exercised their co-sale right on a pro rata basis under § 13(2) above. The preceding provisions shall also apply when the
Potential Purchaser is already a minority shareholder of the Company and would, after the acquisition of the shares of the Company
from the Selling Shareholder and from the Shareholders who have exercised their co-sale right on a pro rata basis under §
13(2) above, hold, directly and/or indirectly, 50 % or more of the share capital of the Company. If the terms of the transaction(s)
which trigger the right of the other Shareholders to co-sell their shares of the Company are, without any justified reason, less
favourable than the terms of earlier transactions with the Potential Purchaser, the terms of the earlier transactions, and if there
have been several earlier transactions, the weighted average, shall apply to the co-sale right of the other Shareholders. For the
purposes of the preceding provisions, shares of the Company already held and/or to be acquired in connection with such acquisition
by a company affiliated with the Potential Purchaser or a person acting in concert with the Potential Purchaser shall be deemed
to be held by the Potential Purchaser. For the purpose of this provision, a “competitor” is a firm, body corporate
or person which offers a similar product, whether marketed, commercialized or under development, or service as the Company at the
time of the relevant transfer (i.e. drug development, drug marketing and commercialization or manufacturing in the field of acute
and chronic inflammatory diseases). For the avoidance of doubt, the Parties acknowledge that neither Staidson (Beijing) Biopharmaceutical
Company Limited nor Staidson shall be deemed to be a competitor of the Company.

 

     

    	  48

    

		(5)	All terms and conditions for the transfer of shares of the Company in compliance with this §
13 shall equal the terms and conditions which apply to the transfer of shares of the Company by the Selling Shareholder.

 

§ 14

Drag-along Rights

 

		(1)	In the event that Shareholders individually or collectively holding 70 % or more (according to
their nominal value) of all issued shares of the Company, voting together as one class, (hereinafter referred to as the “Drag-along
Majority”) consent at any time and from time to time to (i) the disposal of all shares of the Company (also by way of
a swap, contribution or merger), (ii) the disposal (including by way of exclusive license(s)) of all or substantially all of the
tangible and intangible assets of the Company (calculated at fair market values and irrespective of whether such assets may be
shown in the Company’s financial statements under applicable generally accepted accounting principles) (also by way of a
swap, contribution or merger) or (iii) a transformation of the Company within the meaning of § 1 of the German Act on Transformations
of Companies (UmwG) except for a conversion (formwechselnde Umwandlung), then any and all Shareholders shall
be obliged to dispose of all their shares of the Company or to participate in the asset deal or transformation on the same (pro
rata) terms and conditions in accordance with the following provisions of this § 14.

 

		(2)	In the event that a draft contract meets all of the following requirements, the Drag-along Majority
shall be entitled to demand from any and all Shareholders that they enter into the contract with the acquirer or submit a corresponding
firm offer to the prospective acquirer within five calendar days of the receipt of the draft contract:

 

		a)	the Drag-along Majority agrees to the draft contract including the related terms and conditions;

 

		b)	all shares of the Company or all or substantially all of the tangible and intangible assets of
the Company (calculated at fair market values and irrespective of whether such assets may be shown in the Company’s financial
statements under applicable generally accepted accounting principles) shall be included in the transaction;

 

     

    	  49

    

		c)	the acquirer’s consideration shall be in cash and/or in a divisible consideration in kind
(e.g. shares) and shall be distributed among the Shareholders in accordance with § 21 below;

 

		d)	the consideration distributed to each Shareholder in accordance with § 21 below shall be in
cash and/or in a divisible and liquid consideration in kind (e.g. publicly traded shares) to the extent required to timely pay
any and all taxes and other charges accruing to the respective Shareholder as a result of the transaction; and

 

		e)	the liability of each Shareholder for representations, warranties, indemnities and other claims
granted to the acquirer in connection with the transaction shall be limited at most to the proceeds of such Shareholder; moreover,
none of the Shareholders shall be obliged to grant any representations, warranties, guarantees or indemnities other than with respect
to the title in, and third party rights regarding, the shares of the Company sold by the respective Shareholder and their respective
capacity to enter into the contract.

 

		(3)	Each of the Shareholders shall, according to the terms and conditions agreed upon by the Drag-along
Majority, without undue delay submit all declarations and take all measures which the implementation of the transaction under §
14(1) above requires, in particular without limitation pass shareholders’ resolutions (in particular without limitation under
§ 13 (3) of the Restated Articles of Association) or apply for required court or administrative orders.

 

		(4)	In the event that the prospective acquirer (i) is an Affiliate of a Shareholder or (ii) acts commercially
for the account of a Shareholder, such Shareholder shall not be entitled to participate in any decision with respect to a transaction
under § 14(1) above and the Drag-along Majority shall be calculated on the basis of the remaining shares of the Company excluding
the shares of the Company held by such Shareholder.

 

		(5)	§ 11, § 12, § 13 and § 16(1) of this Agreement shall not apply to any transaction
under this § 14. This § 14 shall take precedence over § 13 (3) of the Restated Articles of Association.

 

     

    	  50

    

§ 15

Permitted Transfers

 

		(1)	The Financial Investors may at any time and from time to time transfer their respective participations
in the Company held by them in whole or in part to other persons, entities or firms (whether corporate or otherwise) which are
in each case affiliated with the transferring Investor within the meaning of §§ 15 et seq. AktG, without §
11, § 12 and § 13 of this Agreement being applicable to such transfers; provided, however, that in the event that such
transferee ceases to be affiliated with the transferring Financial Investor within the meaning of §§ 15 et seq. AktG,
it shall transfer the shares of the Company back to the transferring Financial Investor or another person, entity or firm which
is affiliated with the transferring Financial Investor within the meaning of §§ 15 et seq. AktG. This shall apply
mutatis mutandis to transfers of shares, which the Financial Investors carry out in favour of other funds, partnerships,
investment vehicles or other entities (whether corporate or otherwise) whose business is managed by the transferring Financial
Investor or a person, entity or firm affiliated with the transferring Financial Investor within the meaning of §§ 15
et seq. AktG or a general partner or managing limited partner or management company of the transferring Financial Investor.
This § 15(1) shall not apply to the transfer to a portfolio company of the respective Financial Investor. The persons, funds,
partnerships, investment vehicles, entities and firms named under the 1st and 2nd sentence of this §
15(1), in each case excluding portfolio companies of the respective Investor, are hereinafter collectively referred to as the “Affiliates”
and each individually as an “Affiliate”.

 

		(2)	Mark Kübler, Rolf Kübler, Carla Comelli and Romaria may at any time and from time to
time transfer their respective participations in the Company held by them in whole or in part to each other, without § 11,
§ 12 and § 13 of this Agreement being applicable to such transfers.

 

		(3)	The Founders may at any time and from time to time transfer their respective participations in
the Company held by them in whole or in part to each other, without § 11, § 12 and § 13 of this Agreement being
applicable to such transfers.

 

		(4)	During the lock-up period pursuant to § 11, each of Prof. Dr. Niels Riedemann and Prof. Dr.
Renfeng Guo may at any time and from time to time transfer up to

 

     

    	  51

    

50 % of his
respective participation in the Company held by him after the increase of the Company’s share capital pursuant to §
2(1)a) above to other Shareholders, without § 11, § 12 and § 13 of this Agreement being applicable to such transfers.
After expiry of the lock-up period pursuant to § 11, each of Prof. Dr. Niels Riedemann and Prof. Dr. Renfeng Guo may at any
time and from time to time transfer his respective participation in the Company held by him in whole or in part to other Shareholders,
without § 11, § 12 and § 13 of this Agreement being applicable to such transfers.

 

§ 16

Accession of Future Shareholders to this Agreement

 

		(1)	The Parties agree that each future shareholder of the Company, including shareholders acquiring
shares under § 15 above, may and must accede as a party to this Agreement prior to or concurrently with the acquisition of
shares of the Company, with the rights and obligations which correspond to those of his respective legal predecessor. Each of the
Shareholders shall be entitled and obliged to transfer his rights and obligations under this Agreement together with the shares
of the Company to which such rights and obligations relate, provided that such transfer of shares of the Company occurs in accordance
with the provisions of this Agreement and the Restated Articles of Association. Each of the Parties hereby declares his consent,
and hereby offers, to such acquirers of shares of the Company to so accede as a party to this Agreement and to such transferring
Shareholder to so cease to be a party to this Agreement, provided that such transfer of shares of the Company occurs in accordance
with the provisions of this Agreement and the Restated Articles of Association. Each of the Parties, with the exception of the
Company, waives the requirement that they are notified of such accession and leaving pursuant to § 151 sentence 1 BGB (Verzicht
auf den Zugang der Beitritts- and Austrittserklärung gemäß § 151 Satz 1 BGB), which shall become effective
upon receipt by the Company of a corresponding instrument duly executed in notarized form by the transferring Shareholder and the
acquirer of shares of the Company.

 

		(2)	The Parties agree that each acquirer of shares of the Company under the ESOP may and must accede
as a party to this Agreement prior to or concurrently with the acquisition of shares of the Company under the ESOP, with the rights
and obligations of a Shareholder, a Party and a holder of Common Shares of the

 

     

    	  52

    

Company. §
16(1) sentences 3 and 4 above shall apply mutatis mutandis. The Parties further agree that in the event that the relevant
stock options are exercised in connection with a transaction as a result of which the co-sale right may be exercised with respect
to all of the shares of the Company held by the respective Shareholder pursuant to § 13(4) above, an IPO (as defined below),
or a transaction triggering the distribution of the Proceeds in accordance with § 21 below (hereinafter referred to as a “Trade
Sale”), then upon exercise of the stock options, the holders of stock options shall be treated as if they had been Shareholders,
Parties and holders of Common Shares already immediately prior to such transaction, e.g. they shall be so entitled to co-sale rights
under § 13 above, shall be so subject to the drag-along right under § 14 above and shall be so subject to and included
in the distribution of the Proceeds in accordance with § 21 below.

 

		(3)	Pursuant to the German Prevention of Money Laundering Act (Geldwäschegesetz) (hereinafter
referred to as “GWG”), KfW is obliged to identify the shareholders of the Company and –
as the case may be – possible legal successors of such shareholders and any party that accedes to this Agreement. In order
to fulfil the requirements imposed by the GWG, the Shareholders and – as the case may be – possible legal successors
of such Shareholders and any party that accedes to this Agreement hereby undertake vis-à-vis KfW, to provide KfW with a
copy of their passports (individual person) or an excerpt form the competent commercial register including a list of shareholders
(legal entity) and – insofar as existent – to identify the beneficial owner of such Shareholder. The Shareholders undertake
to provide KfW with the aforementioned documents until the date of accession of each such Shareholder as a party to this Agreement.
For the avoidance of doubt, such Shareholder whose documents are required shall only refer to a Second Closing Investor or any
future investors of the Company and shall not include any Current Shareholders nor the Initial Series C Investors.

 

§ 17

Consent of the Shareholders

 

If a Shareholder wishing to transfer has,
prior to or concurrently with the disposal of his shares of the Company, complied with the provisions of § 11 to § 16
above, then the Shareholders shall be obliged to declare their consent pursuant to § 15 (1) of the Restated Articles of Association
to the disposal of shares of the Company by the

 

     

    	  53

    

respective Shareholder, irrespective of
whether or not they have exercised any rights of first refusal or co-sale rights to which they may be entitled.

 

§ 18

Inheritance

 

		(1)	In the event of the death of one of the Shareholders, the rights and obligations under this Agreement
shall devolve on his heirs. The heirs must evidence their title by the presentation of an inheritance certificate or official evidence
of inheritance in accordance with § 35 of the German Land Register Act (GBO). If the shares of the Company of
the deceased are inherited by joint co-heirs (Erbengemeinschaft), they are under an obligation to exercise their
rights under this Agreement and the Articles of Association of the Company jointly and to determine a joint representative for
these purposes in writing to the Company. So long as a joint representative has not been appointed or the proof of inheritance
has not been given, all rights under this Agreement and as a shareholder of the Company shall be suspended (except for the right
to participate in profits) to the extent legally permitted.

 

		(2)	In the event of the gift of shares of the Company by means of a legacy, the testator and the heirs
shall make the transfer of the shares of the Company dependent upon the beneficiary of the legacy becoming a party to this Agreement;
§ 16(1), § 17 and § 18(1) above shall apply mutatis mutandis.

 

Section IV

Further Financing of the Company

 

§ 19

Future Financing Agreements

 

		(1)	Each of the Shareholders undertakes individually for himself vis-à-vis each other Shareholder,
but not vis-à-vis the Company, to enter into investment agreements and shareholders’ agreements and related agreements
(replacing or amending this Agreement and/or any successor agreements and/or the Articles of Association of the Company and/or
other related agreements), to pass resolutions in Shareholders’ Meetings of the Company (in particular without limitation
under § 13 (3) of the Restated Articles of Association), and to do or cause to be done everything necessary or appropriate,
for further rounds of financing of the

 

     

    	  54

    

Company (hereinafter
collectively referred to as the “Future Financing Agreements”), to the extent that Shareholders individually
or collectively holding 90 % or more (according to their nominal value) of all issued shares of the Company, voting together as
one class, agree to the terms and conditions of the Future Financing Agreements; provided, however, that (i) to the extent that
the Future Financing Agreements provide for an obligation of Shareholders to make further contributions to the Company, the Future
Financing Agreements shall require the consent of the Shareholders affected, and (ii) to the extent that the terms and conditions
of the Future Financing Agreements materially diminish or adversely affect the rights of any Shareholder in a manner disproportionately
unfavourable to such Shareholder as compared to similar situated Shareholders, the Future Financing Agreements shall require the
consent of such disproportionately and unfavourably affected Shareholder with regard to the application of such terms and conditions
specifically to it. § 2(2) to (6) above shall apply mutatis mutandis. This § 19 shall in particular without limitation
include the obligation to implement (i) the financial terms and conditions of such further rounds of financing, in particular without
limitation the valuation, the amount and rank of the liquidation and trade sale preferences and the stock exchange demand rights,
(ii) the extension of existing rights and obligations under this Agreement and/or the Restated Articles of Association to new shareholders
of the Company joining under the Future Financing Agreements, (iii) changes to majorities under this Agreement and/or the Restated
Articles of Association (including, but not limited to, the Drag-along Majority), (iv) changes to rights to appoint and remove
members of the Advisory Board of the Company, and this § 19 shall also include the obligation to waive rights under this Agreement
and/or the Restated Articles of Association (e.g. liquidation and trade sale preferences, veto rights, consent requirements, and
rights to appoint and remove members of the Advisory Board of the Company), in each case provided that Shareholders individually
or collectively holding 90 % or more (according to their nominal value) of all issued shares of the Company, voting together as
one class, agree. The right of the Shareholders to invest in further rounds of financing of the Company on a pro rata basis shall
remain unaffected.

 

		(2)	Notwithstanding the undertaking set forth in § 19(1) above, KfW shall in its reasonable discretion
be entitled to reject any Future Financing Agreement if (i) the conclusion of such Future Financing Agreement would in the reasonable
view of KfW result in the breach of any regulations applicable for KfW or which are the

 

     

    	  55

    

basis for
the participation of KfW in the Company, in particular the KfW Participation Principles as set forth in § 26(1) below or (ii)
to the extent that the terms and conditions of the Future Financing Agreements diminish or adversely affect the rights of KfW.
For the avoidance of doubt: If KfW rejects a Future Financing Agreement under this § 19(2), the majority set forth in §
19(1) above shall not be entitled to demand the participation of KfW within such Future Financing Agreement; in particular, KfW
shall not be obliged to make any investment within such Future Financing Agreement.

 

Section V

IPO and Trade Sale

 

§ 20

Initial Public Offering

 

		(1)	The Drag-along Majority is entitled to demand from the Company and any and all Shareholders the
direct or indirect (via a holding company) listing of the Company and/or the Company’s shares and/or the public offering
of the Company’s shares or a secondary offering of the Company’s shares on a qualified stock exchange within the European
Union or Switzerland, a transnational stock exchange, the New York Stock Exchange or the NASDAQ (hereinafter referred to as an
“IPO”); provided, however, that all Shareholders hereby agree that the Management Board with the consent of
the Advisory Board may initiate at any time an IPO on the NASDAQ or Euronext without any further approval or resolution of the
Shareholders or the Drag-along Majority.

 

		(2)	The Drag-along Majority has the right to demand a successful IPO under § 20(1) above twice;
the Drag-along Majority is furthermore entitled to demand a successful IPO on two different stock exchanges named in § 20(1)
above. The Parties agree that (i) any stock exchange listing which is not demanded by the Drag-along Majority or initiated by the
Management Board with the consent of the Advisory Board under § 20(1) above and (ii) the selection of the stock exchange and
the exchange segment where the Company’s shares shall be listed other than the NASDAQ or Euronext shall require the prior
consent of the Drag-along Majority. The selection of the consortium banks and the conclusion of agreements with the consortium
banks shall in any event require the prior consent of the Advisory Board.

 

     

    	  56

    

		(3)	The Company and each of the Shareholders undertakes to ensure that following a demand by the Drag-along
Majority or the initiation by the Management Board with the consent of the Advisory Board under § 20(1) above, the stock exchange
registration and public offering procedure is initiated immediately and all costs in connection therewith (including without limitation
all registration, qualification and/or offering fees and expenses, bank fees and charges, legal costs and printers’ and accounting
costs), but excluding underwriters’ discounts and commission for shares of the Company sold by shareholders of the Company,
are paid by the Company to the extent legally permissible. The Shareholders shall immediately submit all declarations and take
all measures which the stock exchange registration and public offering procedure requires, in particular pass required shareholders’
resolutions (in particular without limitation under § 13 (3) of the Restated Articles of Association) or apply for required
court or administrative orders.

 

		(4)	Each of the Shareholders undertakes individually for himself vis-à-vis each other Shareholder,
following a demand by the Drag-along Majority or the initiation by the Management Board with the consent of the Advisory Board
under § 20(1) above, to comply with all regulations, conditions and restrictions applicable to the stock exchange and the
exchange segment concerned and to take all measures required in order to procure and not block or prevent a listing and offering
of the Company’s shares. Each of the Shareholders shall be obliged to subject themselves to and comply with all customary
lock-up provisions for a period of up to 180 days following the closing of the IPO which are required under the terms for the particular
stock market listing procedure, the admission for trading on a specific stock exchange and/or on the specific market segment or
by the underwriters in connection with the proposed IPO, and if necessary to deposit their shares of the Company in a depository
account of Clearstream Banking AG or otherwise.

 

		(5)	In the event that the IPO requires a restructuring of the Company (e.g. the conversion of the Company
into a joint stock corporation (Aktiengesellschaft) under German law or the transfer of the shares of the Company to a domestic
or foreign holding company in return for the issue of shares in that company), the Drag-along Majority or the Management Board
with the consent of the Advisory Board, as applicable, is entitled to demand from any and all Shareholders and the Company that
they approve such restructuring measures and make all

 

     

    	  57

    

declarations
necessary for this purpose and support all transactions to effect such restructuring; provided, however, that all Shareholders
who may incur any unreasonable tax disadvantage or other unreasonable liability as a consequence of such restructuring have approved
such restructuring.

 

		(6)	In the event that shares of the Company (or a restructured company) held by the Company or other
Shareholders are listed on a stock exchange upon instruction of the Company or other Shareholders, each of the Shareholders shall
be entitled to demand from the Company (or such other company after restructuring) or such other Shareholders that a proportionate
number of such Shareholder’s shares of the Company is also listed on such stock exchange (piggy-back rights), subject to
standard underwriter cutback in view of market conditions.

 

§ 21

Preference in Liquidation and Sale Proceeds

 

		(1)	In the event of a sale of more than 50 % of the share capital of the Company in a single transaction
or in a series of related transactions (including in accordance with the provisions regarding rights of first refusal, co-sale
rights and drag-along rights under § 12, § 13 and § 14 above), the Shareholders agree vis-à-vis each other,
but not vis-à-vis the Company, that the total amount paid by the purchaser (for the avoidance of doubt including but not
limited to upfront payments, milestone payments, earn-out payments and any other deferred or contingent consideration) for the
shares of the Company to the Shareholders net of VAT, if any, (hereinafter referred to as the “Proceeds”) shall
be distributed among the Shareholders as follows:

 

		a)	First, on the same level and with the same rank,

 

		aa)	the holders of Series C Preferred Shares shall receive, in preference to the holders of Common
Shares but concurrently with the holders of Series B Preferred Shares and Series A Preferred Shares, preference payments (Vorabzahlungen)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to § 272 (2)
HGB) for each of their respective Series C Preferred Shares included in the sale plus an amount representing interest at a rate
of

 

     

    	  58

    

6 % p.a. on
such contributions as from the date of the respective payment of such contributions to the Company or the date of the payment into
the trust account in accordance with § 4 of this Agreement, as the case may be, up until the date of the closing of the sale;

 

		bb)	the holders of Series B Preferred Shares shall receive, in preference to the holders of Common
Shares but concurrently with the holders of Series C Preferred Shares and Series A Preferred Shares, preference payments (Vorabzahlungen)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to § 272 (2)
HGB) for each of their respective Series B Preferred Shares included in the sale plus an amount representing interest at a rate
of 6 % p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until the
date of the closing of the sale; and

 

		cc)	the holders of Series A Preferred Shares shall receive, in preference to the holders of Common
Shares but concurrently with the holders of Series C Preferred Shares and Series B Preferred Shares, preference payments (Vorabzahlungen)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to § 272 (2)
HGB) for each of their respective Series A Preferred Shares included in the sale plus an amount representing interest at a rate
of 8 (eight) % p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until
the date of the closing of the sale;

 

if the Proceeds are not sufficient
to satisfy all amounts to be paid under this § 21(1)a), then the entire Proceeds shall be divided between the holders of Series
C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares in proportion to the preference payments they each
would be entitled to under this a) if the Proceeds were sufficient to satisfy all amounts to be paid under this a);

 

     

    	  59

    

		b)	to the extent that the Proceeds exceed the preference payments to be made under § 21(1)a)
above, any remaining Proceeds shall be divided between the holders of Common Shares pro rata to the nominal value of all Common
Shares held by them and included in the sale, respectively;

 

		c)	in the event that following a conversion of the Series C Preferred Shares into Common Shares at
the conversion rate set forth in § 22 below, the total amount to be distributed under § 21(1)b) above on the Common Shares
resulting from such conversion is higher than the total amount to be distributed under § 21(1)a)aa) above on such Series C
Preferred Shares without such conversion, all Series C Preferred Shares shall automatically be deemed converted into Common Shares
at the conversion rate set forth in § 22 below for the purposes of the distribution of the Proceeds under this § 21;

 

		d)	in the event that following a conversion of the Series B Preferred Shares into Common Shares at
the conversion rate set forth in § 22 below, the total amount to be distributed under § 21(1)b) above on the Common Shares
resulting from such conversion is higher than the total amount to be distributed under § 21(1)a)bb) above on such Series B
Preferred Shares without such conversion, all Series B Preferred Shares shall automatically be deemed converted into Common Shares
at the conversion rate set forth in § 22 below for the purposes of the distribution of the Proceeds under this § 21;

 

		e)	in the event that following a conversion of the Series A Preferred Shares into Common Shares at
the conversion rate set forth in § 22 below, the total amount to be distributed under § 21(1)b) above on the Common Shares
resulting from such conversion is higher than the total amount to be distributed under § 21(1)a)cc) above on such Series A
Preferred Shares without such conversion, all Series A Preferred Shares shall automatically be deemed converted into Common Shares
at the conversion rate set forth in § 22 below for the purposes of the distribution of the Proceeds under this § 21.

 

In the event that the Proceeds
are paid in tranches and/or contingent upon conditions and/or deferred and/or paid into an escrow account (in particular without
limitation to cover any representations, warranties, indemnities or similar

 

     

    	  60

    

claims), the amount of the preference
payments under § 21(1)a) above shall not be abrogated or diminished, i.e. the first Proceeds received by the Shareholders
shall first be distributed to the holders of Series C Preferred Shares, the holders of Series B Preferred Shares and the holders
of Series A Preferred Shares until they have received the full preference payments under § 21(1)a) above.

 

In the event that not all shares
of the Company are included in the Trade Sale, then with respect to any subsequent sale, share swap or contribution of shares of
the Company or other transaction with respect to shares not included in such initial Trade Sale, the provisions of this §
21(1) shall apply accordingly in respect of the allocation of the total consideration to the Shareholders for such subsequent sale,
share swap, contribution or other transaction (irrespective of the percentage of the share capital of the Company included in such
subsequent transaction).

 

In the event of more than one
Trade Sale and/or subsequent sale, share swap or contribution of shares of the Company or other transaction under the preceding
sub-paragraph, the respective preference payment under § 21(1)a)aa) to cc) above, respectively, shall be paid only until the
respective holder of the respective class of Preferred Shares has, together with any preceding preference payments under §
21(1)a)aa) to cc) above, respectively, in aggregate received the full amount of the respective preference payment set forth in
§ 21(1)a)aa) to cc) above, respectively.

 

		(2)	The Shareholders agree vis-à-vis each other, but not vis-à-vis the Company, that
§ 21(1) above shall apply accordingly in the event of any liquidation, dissolution or winding up of the Company (also as a
result of the opening of insolvency proceedings over the assets of the Company or the refusal of the opening of such proceedings
for lack of assets) and in the event of the disposal (including by way of exclusive license(s)) of all or substantially all of
the tangible and intangible assets of the Company (calculated at fair market values and irrespective of whether such assets may
be shown in the Company’s financial statements under applicable generally accepted accounting principles). In the event of
the disposal of all or substantially all of the assets of the Company, all Shareholders agree that the proceeds of such disposal
shall be distributed applying § 21(1) above accordingly; each of the Shareholders undertakes individually for himself vis-à-vis
each of the other Shareholders, to do or cause to be done everything necessary or appropriate to implement this, and in particular
without limitation

 

     

    	  61

    

to exercise
his voting rights and other rights in the Shareholders’ Meeting of the Company accordingly. In the event of the disposal
of all or substantially all of the assets of the Company, the Shareholders agree vis-à-vis each other, but not vis-a-vis
the Company, that the Company shall be liquidated, subject to applicable mandatory legal provisions; each of the Shareholders undertakes
individually for himself vis-à-vis each of the other Shareholders, but not vis-à-vis the Company, to do or cause
to be done everything necessary or appropriate that the liquidation proceeds are distributed in accordance with § 21(1) above
as soon as legally possible.

 

		(3)	In the event of a share swap, contribution, merger or other transformation within the meaning of
§ 1 UmwG other than a conversion, the Shareholders agree vis-à-vis each other, but not vis-à-vis the Company,
that the consideration shall be distributed according to § 21(1) above, when as a consequence of such transaction the Shareholders
hold less than 50 % of the receiving or surviving legal entity. The preference on the Proceeds pursuant to § 21(1) above shall
be fulfilled in such case by way of a transfer of shares before the carrying out of such measures (compensation in advance/Vorabausgleich).
To the extent that the consideration in kind consists of shares in companies listed on a stock exchange, the share price fixed
at the stock exchange at the time and date that the transfer of the consideration takes effect shall be conclusive; in all other
cases, the fair market value of such consideration in kind at the time and date of the consummation of the relevant transaction
shall be decisive, which shall be determined with binding effect on all Shareholders by the Company’s auditor in accordance
with the IDW-guidelines for the purposes of applying § 21(1) above mutatis mutandis. When as a consequence of the transactions
mentioned in sentence 1 above the Shareholders hold 50 % or more of the receiving or surviving legal entity, the Shareholders agree
vis-à-vis each other, but not vis-à-vis the Company, that the rights of the Shareholders under this Agreement and the Restated Articles of Association
must continue to exist in full and unchanged; otherwise, sentences 1 to 3 above shall apply accordingly.

 

		(4)	The amounts per share stated in § 21(1) above are subject to appropriate adjustments (i) for
stock splits, reverse stock splits, stock dividends, combinations and the like and (ii) in the event of the issuance of new shares
of the respective class of the Company in the course of a Guarantee Share Capital Increase.

 

     

    	  62

    

§ 22

Conversion of Preferred Shares

 

		(1)	Any holder of Preferred Shares may at any time and from time to time demand from the other Shareholders
to approve that his Preferred Shares individually or in total be converted into Common Shares of the Company subject to compliance
with the statutory provisions.

 

		(2)	The holders of Preferred Shares are obliged to convert all their Preferred Shares into Common Shares
of the Company in the event of the closing of an IPO.

 

		(3)	For the purposes of § 22(1) and (2) above, the conversion rate between Preferred Shares and
Common Shares shall be 1:1, subject to appropriate adjustments for stock splits, reverse stock splits, stock dividends, combinations
and the like.

 

		(4)	The Shareholders undertake to carry out the necessary actions for any conversion under § 22(1)
or (2) above, in particular without limitation to pass the required resolutions of the Shareholders’ Meeting of the Company.
§ 2(2) to (6) above shall apply mutatis mutandis.

 

Section VI

Corporate Governance

 

§ 23

Management of the Company

 

Subject to the powers of the Advisory Board
to appoint or remove the Managing Directors as well as to resolve on the conclusion, amendment and termination of service agreements
with Managing Directors, Prof. Dr. Niels Riedemann shall continue to be Chief Executive Officer (“Geschäftsführer”)
of the Company and be exempted from the restrictions of § 181 BGB.

 

§ 24

D&O Insurance

 

The Company shall take out and maintain
at all times an appropriate directors’ and officers’ liability insurance in favour of the members of the Advisory Board
and the management of the Company at the Company’s costs with a coverage in the amount

 

     

    	  63

    

of EUR 5,000,000.00 per occurrence. In the
event that the Company merges with another entity and is not the surviving corporation, or transfers all or substantially all of
its assets, proper provisions shall be made so that successors of the Company assume the Company’s obligations with respect
to the D&O insurance in favour of the members of the Advisory Board and the management of the Company.

 

§ 25

Information

 

		(1)	Each Shareholder agrees that such Shareholder will keep confidential and will not disclose, divulge
or use for any purpose, other than to monitor its investment in the Company, the contents of this Agreement as well as any confidential
information obtained from the Company, unless such information (i) is known or becomes known to the public in general (other than
as a result of a breach of this § 25(1) by such Shareholder), (ii) is or has been independently developed or conceived by
the Shareholder without use of the Company’s confidential information or (iii) is or has been made known or disclosed to
the Shareholder by a third party without a breach of any obligation of confidentiality such third party may have to the Company;
provided, however, that a Shareholder may disclose confidential information (a) to its attorneys, accountants and other professional
advisors who are subject to a professional duty of confidentiality (Berufsverschwiegenheit) to the extent necessary to obtain
their services in connection with monitoring the investment in the Company, (b) to any investors in such Shareholder to the extent
required for investment reporting purposes in the ordinary course of business provided that such investors are subject to a duty
of confidentiality, or (c) as may otherwise be required by law, stock exchange rules or enforceable court or governmental orders,
provided that the Shareholder takes reasonable steps to minimize the extent of any such required disclosure; and provided further
that to the extent that KfW is subject to corresponding reporting duties vis-à-vis the German Federal Ministry of Economic
Affairs and Technology (Bundesministerium für Wirtschaft and Technologie) and the German Federal Court of Auditors
(Bundesrechnungshof) KfW may disclose confidential information to such authorities. The obligations under this § 25(1)
shall continue to apply even after the termination of this Agreement pursuant to § 27(1) below.

 

		(2)	The Company shall permit each Shareholder and their respective authorized representatives (provided
that the Company has not reasonably determined that

 

     

    	  64

    

such Shareholder
is a competitor of the Company), at such Shareholder’s expense. to visit and inspect the Company’s properties, to examine
its books of account and its corporate and financial records, and to discuss the Company’s affairs, business, finances, and
accounts with the Managing Directors of the Company, during normal business hours of the Company following reasonable notice and
as often as may be reasonably requested by such Shareholder; provided, however, that the Company shall not be obligated pursuant
to this § 25(2) to provide access to any information (a) that the Company reasonably determines in good faith to be a trade
secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company)
or (b) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

 

		(3)	The Company and the Series C Investors shall agree on the format and contents of a press release
relating to the Series C Preferred Shares Financing to be issued as soon as practicable after the notarization of this Agreement.
Each of the Shareholders may furthermore issue a separate press release, provided that such separate press release shall require
the prior approval of the Company and the Series C Investors, such approval not to be unreasonably withheld or delayed.

 

		(4)	§ 51a GmbHG shall remain unaffected.

 

		(5)	All Shareholders hereby expressly agree to the provisions of this § 25.

 

§ 26

KfW Participation Principles

 

		(1)	The Beteiligungsgrundsätze zur Durchführung des ERP-Startfonds – Stand: Januar
2015 attached as Annex § 26(1) to this Agreement (hereinafter referred to as the “KfW Participation Principles”)
are the basis for the participation of KfW in the Company. The Company hereby undertakes vis-à-vis KfW to adhere to the
KfW Participation Principles. The KfW Participation Principles shall form an integral part of this Agreement, shall supplement
this Agreement and shall prevail over this Agreement in case of doubts.

 

		(2)	All Shareholders hereby expressly agree to the provisions of this § 26.

 

     

    	  65

    

Section VII

Final Provisions

 

§ 27

Duration of this Agreement; Termination of Prior Agreements

 

		(1)	This Agreement shall become effective upon notarization of this Agreement and shall have effect
for a period of twenty years; for this period of time, a regular termination (ordentliche Kündigung) of this Agreement
shall be excluded. The right to terminate this Agreement for cause (aus wichtigem Grund) shall remain unaffected. If one
Party leaves as a result of giving notice or for any other reason, this Agreement shall be continued by the remaining Parties;
this shall also apply in the event of the insolvency or liquidation of any of the Parties. In any event, this Agreement, except
for § 20 above, shall cease to have effect for the future upon the first quotation of the price for the Company’s shares
on one of the qualified stock exchanges mentioned in § 20(1) above.

 

		(2)	Upon this Agreement taking effect, any and all other investment agreements and shareholders’
agreements and comparable agreements by and between all or individual Current Shareholders and possibly the Company relating to
their participation in the Company (with the exception of (i) provisions of such agreements terminating prior agreements in full
or in part and (ii) agreements which under the provisions of this Agreement shall be maintained, (iii) the co-operation/pooling
agreement between KfW and bm-t beteiligungsmanagement thüringen gmbh, Jena, Germany and section 18 of the Investment Agreement
V as per § 6(1) above) shall be amended and totally replaced by this Agreement for the future; provided, however, that such
agreements shall remain the legal basis (Rechtsgrund) for any performances (Leistungen) under these agreements during
their respective term.

 

§ 28

Transaction Costs

 

		(1)	Each of the Parties shall bear its own legal and other costs and expenses in connection with the
Series C Preferred Shares Financing, provided that the Company shall also bear the following external costs and out-of-pocket expenses
in connection with the Series C Preferred Shares Financing as costs for the provision of further capital (Kapitalbeschaffungskosten):

 

     

    	  66

    

		a)	Legal fees of CMS Hasche Sigle Partnerschaft von Rechtsänwalten und Steuerberatern mbß,
Munich plus out-of-pocket expenses and VAT; and

 

		b)	reasonable fees and out-of-pocket expenses incurred by the Lead Investor in connection with the
Series C Preferred Shares Financing up to the total amount of EUR 55,000.00 plus VAT In the aggregate.

 

		(2)	All payments pursuant to § 28(1) shall be made within two weeks after invoicing. The Lead
Investor shall be entitled to reimbursement of costs and expenses to the extent these costs and expenses shall be borne by the
Company pursuant to § 28(1) above, and shall be entitled to deduct such amounts from their respective additional payments
into the capital reserves of the Company pursuant to § 4 above. Irrespective of such deduction, any amounts deducted from
the additional payments into the capital reserves of the Company under the preceding sentence shall be treated as fully rendered
to the Company for all purposes of this Agreement, in particular § 21 above.

 

		(3)	The Company shall bear the costs and fees of the notary for the notarization of this Agreement
and the court and register fees and disbursements for the required commercial register registrations. The Company shall also bear
the costs and expenses for additional notarizations by a German notary that may be necessary if the commercial register rejects
a registration of the Restated Articles of Association or objects to the new shareholders list to be filed with the commercial
register because of notarization of documents by a Swiss notary. The Company hereby agrees also to bear all costs and expenses
(including for the avoidance of doubt any negative interests) of the notary in connection with the trust agreement (in particular
for the setting up, maintaining and administrating the escrow account) as set forth in § 4 of this Agreement. The Company
further undertakes to reimburse Staidson, and Staidson shall have a direct claim vis-à-vis the Company for reimbursement,
to the extent Staidson will be made liable by the notary for any of Its costs and expenses in connection with the trust agreement
(including for the avoidance of doubt any negative interests).

 

§ 29

Miscellaneous

 

		(1)	The terms and conditions of this Agreement shall apply to all shares of the Company held by the
Shareholders currently or In the future. The shares of the

 

     

    	  67

    

Company shall
remain in the particular ownership of the respective Shareholder. No joint ownership (Eigentum zur gesamten Hand) or co-ownership
(Miteigentum) shall be established by this Agreement.

 

		(2)	Any joint and several liability (gesamtschuldnerische Haftung) shall be excluded, unless
expressly set forth otherwise in this Agreement.

 

		(3)	If this Agreement refers to an internal vote or resolution of the Shareholders or a specific group
of Shareholders outside Shareholders’ Meetings, the following provisions shall apply: The request for such a vote or resolution
shall be made by any of such Shareholders in Text Form to all Shareholders who are part of the specific group. The vote or resolution
shall be made within ten calendar days following the sending of the request and be taken in writing, by telephone, telefax or e-mail.
The vote or resolution shall be deemed taken if Shareholders representing the majority required for such internal vote or resolution
agree to the proposed vote or resolution within this time limit irrespective of whether all Shareholders of the specific group
participate in the vote or resolution. Minutes of the vote or resolution shall be drawn up and shall be signed by the Shareholder
requesting the vote or resolution immediately after the passing of such vote or resolution, and a copy shall be provided to each
Shareholder and the Company.

 

		(4)	The terms and conditions of this Agreement shall prevail, as amongst the Shareholders, over the
terms and conditions of the Articles of Association of the Company. In the event that provisions of this Agreement contradict provisions
of the Articles of Association of the Company, this Agreement shall prevail to the extent legally permissible; the Shareholders
shall amend the Articles of Association of the Company accordingly.

 

		(5)	This Agreement is written in the English language (except that Annexes and Exhibits to this Agreement
may be in other languages) which shall be binding. Terms to which a German term has been added in parentheses and italics shall
be interpreted throughout this Agreement including its Annexes and Exhibits in accordance with the German term alone, and the English
term to which such German term relates shall be disregarded.

 

		(6)	Amendments and additions to this Agreement must be made in writing to be effective, to the extent
that notarization is not required. This shall also apply to a

 

     

    	  68

    

waiver of
the written form requirement as well as to a waiver of any right or claim under this Agreement.

 

		(7)	Should individual terms of this Agreement be or become invalid or unenforceable or if this Agreement
contains gaps, this shall not affect the validity of the remaining terms of this Agreement. In place of the invalid, unenforceable
or missing term, such valid term which the Parties would reasonably have agreed, had they been aware at the conclusion of this
Agreement that the relevant term was invalid, unenforceable or missing, shall be deemed to have been agreed. Should a term of this
Agreement be or become invalid because of the scope or time of performance for which it provides, then the agreed scope or time
of performance shall be amended to correspond with the extent legally permitted.

 

		(8)	This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic
of Germany, without regard to principles of conflicts of laws. The UN Convention on Contracts for the International Sale of Goods
(CISG) shall not apply.

 

		(9)	To the extent that such an agreement is legally valid, the courts competent for Jena, Germany shall
have exclusive jurisdiction over this Agreement.

 

(continued on next page)

 

     

     

    

IN WITNESS THEREOF this Notarial
Deed including the Exhibits and Annexes hereto

 

		-	with the exception of certain
lists of items, titles, rights and obligations contained in an Exhibit, in respect of which the persons appearing waived
the right to have them read aloud and which instead have been presented to the persons appearing, were acknowledged and signed
on each page by the persons appearing, and

 

		-	with the further exception of certain Exhibits, which
are attached for identification purposes only and the content of which does not form part of the declarations of the parties in
notarial form,

 

has been read aloud to the persons appearing
and this Notarial Deed including its Exhibits and Annexes was confirmed and approved by the persons appearing. The persons appearing
then signed this Deed. All this was done at the day here below written in the presence of me, the Notary Public, who also signed
this Deed and affixed my official Seal.

 

Basel, this 21st (twenty-first) day of July
2016 (two thousand and sixteen)

 

	 	/s/ Niels Riedemann
	 	 
	 	 

	 	/s/ Arnd Christ
	 	 
	 	 

	 	/s/ Daniela Neuman, lic.iur.
	 	 
	 	 

	 	/s/ Lukas Storch
	 	 

 

	 	/s/
    Stephan Cueni
	 	Stephan Cueni, Notary Public
	 	[Stephan Cueni Notary Seal]Exhibit 10.6

 

 

InflaRx
GmbH – Investment and Adherence Agreement

 

Copy (not including
powers of attorney)

 

Register
of Deeds No. 67 / 2017

 

 

 

 

Recorded

 

on
this 12 October 2017

 

before me, the undersigned notary

 

Dr.
Karsten Müller-Eising

 

with offices in Frankfurt
am Main, Nextower, Thurn-und-Taxis-Platz 6,

 

appeared there today:

 

		A.	Mr.
                                         Hassan Said Sohbi, born on 21 April 1962, lawyer (Rechtsanwalt), personally
                                         known to the notary, with business address at c/o Taylor Wessing, Thurn-und-Taxis-Platz
                                         6, 60313 Frankfurt am Main, (the "Person Appearing No. A")

 

acting not in his
own name, but in his capacity as authorised representative of

 

     

    InflaRx GmbH – Investment and Adherence Agreement
 

    

		1)	Prof.
                                         Dr. Niels Riedemann, Über den Teufelslöchern 7, 07749 Jena, Germany

 

pursuant to a power
of attorney dated September 18, 2017

 

- hereinafter referred
to as "Prof. Dr. Niels Riedemann" -

 

		2)	Prof.
                                         Dr. Renfeng Guo, 821 Gallery Lane, Ann Arbor, MI 48103, Michigan, USA pursuant to
                                         a power of attorney dated September 18, 2017

 

- hereinafter referred
to as "Prof. Dr. Renfeng Guo" -

 

		3)	Nicolas
                                         Fulpius, 1450 Arcadia Place, Palo Alto, California 94303, USA pursuant to a power
                                         of attorney dated September 13, 2017

 

-
hereinafter referred to as "Nicolas Fulpius" -

 

		4)	University
                                         of Michigan, Office of Technology Transfer, 1600 Huron Pkwy, Building 520, Ann Arbor,
                                         MI 48104-2590, Michigan, USA

 

pursuant to a power
of attorney dated September 14, 2017

 

- hereinafter referred
to as "UofM" -

 

		5)	Mark
                                         Kübler, Erlenmatte 10, CH-8832 Wollerau, Switzerland pursuant to a power of
                                         attorney dated September 13, 2017

 

-
hereinafter referred to as "Mark Kübler" -

 

		6)	Rolf
                                         Kübler, Erlenmatte 10, CH-8832 Wollerau, Switzerland pursuant to a power of
                                         attorney dated September 14, 2017

 

-
hereinafter referred to as "Rolf Kübler" -

 

		7)	Ammann
                                         Group Holding AG, c/o Walder Wyss AG, Bubenbergplatz 8, Postfach 8750, CH-3001 Bern,
                                         Switzerland, a Swiss stock corporation, registered with the Commercial Register of the
                                         Canton Bern under CHE-103.003.538

 

pursuant to a power
of attorney dated September 13, 2017

 

-
hereinafter referred to as "Ammann Group" -

 

		8)	Private
                                         Equity Thüringen GmbH & Co. KG, Gorkistraße 9, 99084 Erfurt, Ger-
                                         many, registered with the Commercial Register of the Jena Local Court under HRA 103063

 

    - 2 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

pursuant to a power
of attorney dated September 15, 2017

 

- hereinafter referred
to as "PET-I" -

 

		9)	Private
                                         Equity Thüringen GmbH & Co. Zweite Beteiligungen KG, Gorkistraße 9,
                                         99084 Erfurt, Germany, registered with the Commercial Register of the Jena Local Court
                                         under HRA 501890

 

pursuant to a power
of attorney dated September 15, 2017

 

- hereinafter referred
to as "PET-II" -

 

		10)	Prof.
                                         Dr. Konrad Reinhart, Philosophenweg 17, 07743 Jena, Germany pursuant to a power of
                                         attorney dated September 18, 2017

 

- hereinafter referred
to as "Prof. Dr. Konrad Reinhart" -

 

		11)	Kamalaka
                                         Enterprises Limited, Level 4, The Penthouse, Suite 2, Europa Business Centre, Triq
                                         Dun Karm, Birkirkara, BKR 9034, Malta, registered in Malta under reg- istry number C
                                         54041

 

pursuant to a power
of attorney dated September 21, 2017

 

-
hereinafter referred to as "Kamalaka" -

 

		12)	Cabita
                                         Investments Limited, Level 4, The Penthouse, Suite 2, Europa Business Centre, Triq
                                         Dun Karm, Birkirkara, BKR 9034, Malta, registered in Malta under reg- istry number C
                                         58548

 

pursuant to a power
of attorney dated September 21, 2017

 

- hereinafter referred
to as "Cabita" -

 

		13)	Carla
                                         Comelli, Felsenstrasse 76, CH-8832 Wollerau, Switzerland pursuant to a power of attorney
                                         dated September 18, 2017

 

-
hereinafter referred to as "Carla Comelli" -

 

		14)	Arnd
                                         Christ, Fichtenstraße 13, 82152 Krailling, Germany pursuant to a power of attorney
                                         dated September 19, 2017

 

-
hereinafter referred to as "Arnd Christ" -

 

    - 3 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

		15)	Staidson
                                         Hong Kong Investment Company Limited, 1/F 122D Ma Yautong Sai Kung N.T., Hong Kong,
                                         a company established and existing under the laws of Hong Kong, registered in the company
                                         register of Hong Kong under number 2235882

 

pursuant to a power
of attorney dated September 13, 2017

 

- hereinafter referred
to as "Staidson" -

 

		16)	Metall
                                         Zug AG, Industriestrasse 66, Postfach 59, CH-6301 Zug, Switzerland, a Swiss stock
                                         corporation, registered with the Commercial Register of the Canton Zug under CHE-101.865.948

 

pursuant to a power
of attorney dated September 14, 2017

 

-
hereinafter referred to as "Metall Zug" -

 

		17)	Guillermo
                                         Francisco Vogel Hinojosa, Campos Elíseos 400, Piso 17, Ciudad de México
                                         11560, México

 

pursuant to a power
of attorney dated September 18, 2017

 

- hereinafter referred
to as "Guillermo Vogel" -

 

		18)	Angel
                                         Servando Sosa Hurtado, Manuel M. Solórzano 21, Ciudad de México 04730,

 

México

 

pursuant to a power
of attorney dated September 18, 2017

 

-
hereinafter referred to as "Angel Sosa" -

 

		19)	Daniel
                                         Pérez Gil de Hoyos, Blvd. Adolfo López Mateos 2349, Piso 6, Ciudad
                                         de México 04500, México

 

pursuant to a power
of attorney dated September 19, 2017

 

-
hereinafter referred to as "Daniel Pérez" -

 

		20)	Mita
                                         Maria Paola Castiglioni Grassi, Sierra Ventana 334, Ciudad de México 11000,
                                         México

 

pursuant to a power
of attorney dated 18 September, 2017

 

- hereinafter referred
to as "Mita Grassi" -

 

		21)	Marco
                                         Simeoni, Rue du Petit Chêne 23, CH-1003 Lausanne, Switzerland pursuant to a
                                         power of attorney dated 15 September, 2017

 

    - 4 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

-
hereinafter referred to as "Marco Simeoni" -

 

		22)	Philippe
                                         Beal, Rue des Petites-Buttes 16B, CH-1180 Rolle, Switzerland pursuant to a power
                                         of attorney dated 15 September, 2017

 

-
hereinafter referred to as "Philippe Beal" -

 

		23)	Pierre-Alain
                                         Racine, Chemin du Midi 3, CH-1350 Orbe, Switzerland pursuant to a power of attorney
                                         dated 26 September, 2017

 

- hereinafter referred
to as "Pierre-Alain Racine" -

 

		24)	DocEpsilon
                                         LLC, 4251 Park Lane, Dallas, TX 75220, USA, a limited liability com- pany established
                                         and existing under the laws of Texas, registered in the State of Texas under registration
                                         number 8010955879

 

pursuant to a power
of attorney dated 14 September, 2017

 

-
hereinafter referred to as "DocEpsilon" -

 

		25)	Romaria
                                         Investment Corp, 53rd E Street, Urb. Marbella, MMG Tower, Piso 16, Panama, a corporation
                                         under the laws of Panama, registered with the Commercial Register of Panama under no.
                                         706064

 

pursuant to a power
of attorney dated 14 September, 2017

 

- hereinafter referred
to as "Romaria" -

 

		26)	Philippe
                                         Meyer, Rütistrasse 8, CH-8702 Zollikon, Switzerland pursuant to a power of attorney
                                         dated 13 September, 2017

 

-
hereinafter referred to as "Philippe Meyer" -

 

		27)	Mulberry
                                         Invest AG, Kantonsstrasse 22, CH-8807 Freienbach, Switzerland, a Swiss stock corporation,
                                         registered with the Commercial Register of the Canton Schwyz under CHE-113.025.820

 

pursuant to a power
of attorney dated 18 September, 2017

 

-
hereinafter referred to as "Mulberry" -

 

		28)	InflaRx
                                         GmbH, Winzerlaer Straße 2, 07745 Jena, Germany, a limited liability com- pany
                                         (Gesellschaft mit beschränkter Haftung) under German law, registered with
                                         the Commercial Register of the Jena Local Court under HRB 502149.

 

    - 5 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

pursuant to a power
of attorney dated 12. Oktober 2017

 

- hereinafter referred
to as "Company" -

 

		B.	Mr.
                                         Martin Rojahn, born on 24 October 1984, lawyer (Rechtsanwalt), identifying himself
                                         by his valid official photo identity document (Lichtbildausweis), with business
                                         address at c/o Linklaters LLP, Taunusanlage 8, 60329 Frankfurt am Main, (the "Person
                                         Appearing No. B")

 

acting not in his
own name, but in his capacity as authorised representative of

 

KfW Anstalt
des öffentlichen Rechts, mit Sitz in Frankfurt am Main, Niederlassung Ludwig-Erhard-Platz 1-3, 53179 Bonn, Germany

 

pursuant to a power
of attorney dated 19 September 2017

 

- hereinafter referred
to as "KfW" -

 

		C.	Mr.
                                         Marvin Singh, born on 27 October 1986, personally known to the notary, with business
                                         address at c/o Taylor Wessing, Thurn-und-Taxis-Platz 6, 60313 Frankfurt am Main, (the
                                         "Person Appearing No. C")

 

acting not in his
own name, but in his capacity as authorised representative of

 

		1)	Cormorant
                                         Private Healthcare Fund I LP, a company existing under the laws of Delaware, with
                                         registered head office at c/o Cormorant Asset Management, LLC, 200 Clarendon Street,
                                         52nd Floor, Boston, MA 02116, USA, duly represented by its In- vestment Manager with
                                         sole power of representation Cormorant Asset Management, LLC, a company existing under
                                         the laws of Delaware, with registered head office at 200 Clarendon Street, 52nd Floor,
                                         Boston, MA 02116, USA,

 

pursuant to a power
of attorney dated 11 October 2017

 

- hereinafter referred
to as "Cormorant Fund I" -

 

		2)	Cormorant
                                         Global Healthcare Master Fund LP, a company existing under the laws of the Cayman
                                         Islands, with registered head office at c/o Cormorant Asset Man- agement, LLC, 200 Clarendon
                                         Street, 52nd Floor, Boston, MA 02116, USA, duly represented by its Investment Manager
                                         with sole power of representation Cormorant Asset Management, LLC, a company existing
                                         under the laws of Delaware, with regis- tered head office at 200 Clarendon Street, 52nd
                                         Floor, Boston, MA 02116, USA,

 

pursuant to a power
of attorney dated 11 October 2017

 

- hereinafter referred
to as "Cormorant Master Fund" -

 

		3)	CRMA
                                         SPV L.P., a company existing under the laws of the Cayman Islands, with registered
                                         head office at c/o Cormorant Asset Management, LLC, 200 Clarendon

 

    - 6 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

Street,
52nd Floor, Boston, MA 02116, USA, duly represented by its Investment Manager with sole power of representation Cormorant Asset
Management, LLC, a company existing under the laws of Delaware, with registered head office at 200 Clarendon Street, 52nd Floor,
Boston, MA 02116, USA,

 

pursuant
to a power of attorney dated 11 October 2017

 

- hereinafter referred
to as "CRMA" -

 

		4)	BlackRock
                                         Health Sciences Opportunities Portfolio, a series of BlackRock Funds, 100 Bellevue
                                         Parkway, Wilmington, Delaware 19809, USA, a portfolio held by BlackRock Funds, a Massachusetts
                                         business trust, registered in the Common- wealth of Massachusetts and with legal entity
                                         identifier of VN6DJGBO8DKY0GTM4883, which is managed by its investment advisor Black-
                                         Rock Advisors, LLC, a limited liability company under the laws of Delaware, 100 Bellevue
                                         Parkway, Wilmington, Delaware 19809, USA

 

pursuant
to a power of attorney dated 11 October 2017

 

-
hereinafter referred to as "BlackRock HSOP" -

 

		5)	BlackRock
                                         Health Sciences Trust, 100 Bellevue Parkway, Wilmington, Delaware 19809, USA, a Delaware
                                         statutory trust, registered in the State if Delaware and with a legal entity identifier
                                         of 4UL0KI4EPYFKMUU31I34, which is managed by its in- vestment advisor BlackRock Advisors,
                                         LLC, a limited liability company under the laws of Delaware, 100 Bellevue Parkway, Wilmington,
                                         Delaware 19809, USA

 

pursuant
to a power of attorney dated 11 October 2017

 

-
hereinafter referred to as "BlackRock HST" -

 

		6)	BlackRock
                                         Health Sciences Master Unit Trust, a unit trust under the laws of Cay- man Islands,
                                         with registered business address at c/o INTERTRUST CORPORATE SERVICES (CAYMAN) LIMITED,
                                         190 Elgin Avenue, George Town, Grand Cay- man KY1-9005, Cayman Islands and with formation
                                         number 52242, which is man- aged by its investment advisor BlackRock Capital Managment,
                                         Inc., a corporation under the laws of Delaware,

 

pursuant
to a power of attorney dated 11 October 2017

 

- hereinafter referred
to as "BlackRock HSMUT" -

 

		D.	Mr.
                                         Lutz Hans Krosien, born on 24 September 1960, lawyer (Rechtsanwalt), identifying
                                         himself by his valid official photo identity document (Lichtbildausweis), with
                                         business ad- dress at c/o Morgan, Lewis & Bockius LLP, OpernTurm, Bockenheimer Landstraße
                                         4, 60306 Frankfurt am Main, (the "Person Appearing No. D")

 

    - 7 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

acting not in his own
name, but in his capacity as authorised representative of

 

		1)	Blackwell
                                         Partners LLC - Series A, a limited liability company existing under the laws of Delaware,
                                         with registered head office at c/o DUMAC, Inc., 280 S. Mangum St., Suite 210 Durham,
                                         North Carolina 27701, USA, registered with the Secretary of State of the State of Delaware
                                         under number 5632217, which is duly represented by its investment manager with sole power
                                         of representation DUMAC, Inc., a corpora- tion existing under the laws of North Carolina,
                                         with registered head office at 280 S. Mangum St., Suite 210 Durham, North Carolina 27701,
                                         USA, registered with the Secretary of State of the State of North Carolina under number
                                         1217990,

 

pursuant
to a power of attorney dated 9 October 2017

 

- hereinafter referred
to as "Blackwell" -

 

		2)	RA
                                         Capital Healthcare Fund, L.P., a limited partnership existing under the laws of Delaware/USA,
                                         with registered head office at c/o RA Capital Management, LLC, 20 Park Plaza, Suite 1200,
                                         Boston, Massachusetts, USA, registered with the Secretary of State of the State of Delaware
                                         under number 3837135, which is duly represented by its general partner with sole power
                                         of representation RA Capital Management, LLC, a limited liability company existing under
                                         the laws of Massachusetts/USA, with regis- tered head office at 20 Park Plaza, Suite
                                         1200, Bos-ton, Massachusetts, USA, regis- tered with the Secretary of State of the Commonwealth
                                         of Massachusetts under num- ber 830406777,

 

pursuant
to a power of attorney dated 10 October 2017

 

- hereinafter referred
to as "RaCap" -

 

		E.	Mr.
                                         Rudolf Mehl, born on 25 November 1986, lawyer (Rechtsanwalt), identifying himself
                                         by his valid official photo identity document (Lichtbildausweis), with business
                                         address at c/o Hengeler Mueller, Bockenheimer Landstraße 24, 60323 Frankfurt am
                                         Main, (the "Person Appearing No. E")

 

acting not in his own
name, but in his capacity as authorised representative of

 

BCLS
Investco, L.P., a Cayman Exempted Limited Partnership with its registered seat at Grand Cayman, c/o Maples Corporate Services
Limited, PO Box 309, Ugland House, George Town, Grand Cayman, KY1-1104, Cayman Islands,

 

pursuant
to a power of attorney dated 11 October 2017

 

- hereinafter referred
to as "BCLS" -

 

The copies of the
powers of attorney attached hereto under Annex A are true and accurate copies (Abschriften) of the powers of attorney
that were presented to the notary in original form.

 

    - 8 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

The
copies of the powers of attorney attached hereto under Annex B are copies (Abschriften) of the powers of attorney
of which copies were presented to the notary. The respective Person Appearing promised to submit the original powers of attorney
as soon as possible to the notary who was asked to attach certified copies of the original powers of attorney then to this deed.

 

The
Persons Appearing No. A through E together the "Persons Appearing".

 

Pursuant
to Section 21 German Notary Act and based on inspection on 11 October 2017 of the electronic commercial register of the local
court of Jena under HRA 103063 and HRB 113753 respectively, I certify that Private Equity Thüringen GmbH & Co. KG is
a limited partnership of which Private Equity Thüringen Verwaltungs GmbH is the sole liable general partner and that Mr.
Kevin Daniel Reeder, born on 14 September 1977, who signed the power of attorney, is the sole managing director of Private Equity
Thüringen Verwaltungs GmbH authorized to act alone and released from the restrictions set forth in Sec. 181 German Civil
Code (BGB).

 

Pursuant
to Section 21 German Notary Act and based on inspection on 11 October 2017 of the electronic commercial register of the local
court of Jena under HRA 501890 and HRB 113753 respectively, I certify that Private Equity Thüringen GmbH & Co. Zweite
Beteiligungen KG is a limited partnership of which Private Equity Thüringen Verwaltungs GmbH is the sole liable general partner
and that Mr. Kevin Daniel Reeder, born on 14 September 1977, who signed the power of attorney, is the sole managing director of
Private Equity Thüringen Verwaltungs GmbH authorized to act alone and released from the restrictions set forth in Sec. 181
German Civil Code (BGB).

 

Pursuant
to Section 21 German Notary Act and based on inspection on 11 October 2017 of the electronic commercial register of the local
court of Jena under HRB 502149, I certify that Prof. Dr. Niels Riedemann, born on 24 December 1971, and Mr. Arnd Christ, born
on 26 May 1966, are each a managing director, authorized to act alone and released from the restrictions set forth in Sec. 181
German Civil Code (BGB), of InflaRx GmbH, having its registered seat (Sitz) at Jena and its registered business address
(Geschäftsanschrift) at Winzerlaer Straße 2, 07745 Jena.

 

I.

 

The
Persons Appearing denied the question as to the prior involvement of the acting Notary or any of his partners with regard to the
subject matter hereof beyond his notarial activity according to section 3 subsection 1 sentence 1 number 7 German Notarization
Act (BeurkG).

 

II.

 

The
Persons Appearing requested that this Deed be recorded in the English language and stated that they were in sufficient command
of the English language. The Notary, who himself is in sufficient command of the English language, assured himself that the Persons
Appearing were, in fact, in such sufficient command of the English language. Advised by the Notary of their rights to have the
assis- tance of a sworn interpreter and to have a certified translation attached to this Deed, the Persons Ap- pearing waived
such rights.

 

    - 9 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

The
notary took copies of the Persons Appearings’ official identity documents, which was approved by them, and the notary advised
the Persons Appearing that their personal data will – in each case to the extent necessary – be collected, stored,
processed and, if and to the extent necessary, provided to third parties to prepare this deed and to complete the transactions
set forth in this deed. The Persons Appearing gave their consent thereto.

 

III.

 

On
21 July 2016, an “Investment and Shareholders’ Agreement Series C Preferred Shares Financing InflaRx GmbH, Jena, Germany”
was notarized under Register of Deeds No. 2016 / 59 of the notary Stephan Cueni in Basel, Switzerland, (the “Reference
Deed”). In the Investment and Adherence Agreement, concluded today (see IV.), the Persons Appearing referred to the
Reference Deed of which a certified copy, duly certified by the notary Stephan Cueni and legalized by means of an Apos- tille
in accordance with the Hague Convention of 5 Octoer 1961, was available for review and inspec- tion by the Persons Appearing during
this recording. The Persons Apperaring declared that the content of the Reference Deed is known to them and they waive their right
to the respective deed being read aloud to them. They also waive their right to the respective deed being attached to the present
notarial recording. The Notary advised the Persons Appearing of Sec. 13a of the German Notarization Act (Beurkundungsgesetz).

 

IV.

 

Acting
as aforesaid, the Persons Appearing then declared the following:

 

We
herewith conclude and agree to the “Investment and Adherence Agreement InflaRx GmbH, Jena, Germany” attached hereto
as Annex Investment and Adherence Agreement.

 

V.

 

The
cost of the notarization of this deed shall be borne by the Company.

 

Each
Party shall receive one certified copy of this deed, which in each case shall be sent to the respec- tive Person Appearing acting
as its representative.

 

VI.

 

The
Notary advised the Persons Appearing:

 

		-	that a capital increase
of a German limited liability company requires a notarized sharehold- ers’ resolution and the registration in the commercial
register.

 

    - 10 -

    InflaRx GmbH – Investment and Adherence Agreement
 

    

		-	that the English original
version of this notarial deed will not be acceptable for enforcement in German courts but will have to be translated, by a certified
translator, into the German lan guage for such purposes at the expense of the party enforcing this agreement;

 

		-	that he has not, in
any regard, rendered any tax advice to the Persons Appearing or the parties represented by them;

 

		-	that the parties are
liable as secondary obligors for the Notary's fees;

 

		-	that the Notary has
not advised as to any foreign laws and matters, including as to the due representation of the parties that are domiciled or incorporated
in a jurisdiction other than Germany as stated in the entry into this deed; and

 

		-	that this deed must
contain all stipulations and agreements of the parties with regard to the subject matter of the notarized document and that absent
thereof this agreement may be void.

 

This
notarial deed, including the Annex Investment an Adherence Agreement and its annexes, was read aloud to the Persons Appearing
by the Notary. The exhibits to annex 7.1 of the Investment and Adherence Agrement were reviewed by the parties, who waived their
right to have them read aloud, and signed by them. Thereupon the parties approved this notarial deed, including the Annex Invest
ment and Adherence Agreement and its annexes and exhibits, which was signed by them and the Notary as follows:

 

/s/
Dr. Karsten Müller-Eising, Notary

Authorized
Signatory 

 

 

 

  
  

 

    

    

    

 

 

 

	Date	12 October 2017

	 

 

 

 

 

 

InflaRx GmbH

 

 

 

 

	 
	 
	Investment
and adherence agreement
	 

 

 

 

     

     

    

 

 

 

 

 

 

 

 

     

     

    

   

Investment and Adherence Agreement

 

InflaRx GmbH, Jena, Germany

 

by and between

 

		1.	Prof. Dr. Niels Riedemann, Über den Teufelslöchern 7, 07749 Jena, Germany

 

- hereinafter referred to as "Prof.
Dr. Niels Riedemann" -

 

		2.	Prof. Dr. Renfeng Guo, 821 Gallery Lane, Ann Arbor, MI 48103, Michigan, USA

 

- hereinafter referred to as "Prof.
Dr. Renfeng Guo" -

 

		3.	Nicolas Fulpius, 1450 Arcadia Pl, Palo Alto, CA 94303, USA

 

- hereinafter referred to as "Nicolas
Fulpius" -

 

		4.	University of Michigan, Office of Technology Transfer, 1600 Huron Pkwy, Building 520, Ann
Arbor, MI 48104-2590, Michigan, USA

 

- hereinafter referred to as "UofM"
-

 

		5.	Mark Kübler, Erlenmatte 10, CH-8832 Wollerau, Switzerland

 

- hereinafter referred to as "Mark
Kübler" -

 

		6.	Rolf Kübler, Erlenmatte 10, CH-8832 Wollerau, Switzerland

 

- hereinafter referred to as "Rolf
Kübler" -

 

    1 

     

    

 

		7.	Ammann Group Holding AG, c/o Walder Wyss AG, Bubenbergplatz 8, Postfach 8750, CH-3001 Bern,
Switzerland, registered with the Commercial Register of the Canton Bern under CHE-103.003.538

 

- hereinafter referred to as "Ammann
Group" -

 

		8.	KfW Anstalt des öffentlichen Rechts, Ludwig-Erhard-Platz 1-3, 53179 Bonn, Germany

 

- hereinafter referred to as "KfW"
-

 

		9.	Private Equity Thüringen GmbH & Co. KG, Gorkistraße 9, 99084 Erfurt, Germany,
registered with the Commercial Register of the Jena Local Court under HRA 103063

 

- hereinafter referred to as "PET-I"
-

 

		10.	Private Equity Thüringen GmbH & Co. Zweite Beteiligungen KG, Gorkistraße
9, 99084 Erfurt, Germany, registered with the Commercial Register of the Jena Local Court under HRA 501890

 

- hereinafter referred to as "PET-II"
-

 

		11.	Prof. Dr. Konrad Reinhart, Philosophenweg 17, 07743 Jena, Germany

 

- hereinafter referred to as "Prof.
Dr. Konrad Reinhart" -

 

		12.	Kamalaka Enterprises Limited, Level 4, The Penthouse, Suite 2, Europa Business Centre, Triq
Dun Karm, Birkirkara, BKR 9034, Malta, registered in Malta under registry number C 54041

 

- hereinafter referred to as "Kamalaka"
-

 

		13.	Cabita Investments Limited, Level 4, The Penthouse, Suite 2, Europa Business Centre, Triq
Dun Karm, Birkirkara, BKR 9034, Malta, registered in Malta under registry number C 58548

 

- hereinafter referred to as "Cabita"
-

 

    2 

     

    

 

		14.	Carla Comelli, Felsenstrasse 76, CH-8832 Wollerau, Switzerland

 

- hereinafter referred to as "Carla
Comelli" -

 

		15.	Arnd Christ, Fichtenstraße 13, 82152 Krailling, Germany

 

- hereinafter referred to as "Arnd
Christ" -

 

		16.	Staidson Hong Kong Investment Company Limited, 1/F 122D Ma Yautong Sai Kung N.T., Hong Kong

 

- hereinafter referred to as "Staidson"
-

 

		17.	Metall Zug AG, Industriestrasse 66, Postfach 59, CH-6301 Zug, Switzerland, registered with
the Commercial Register of the Canton Zug under CHE-101.865.948

 

- hereinafter referred to as "Metall
Zug" -

 

		18.	Guillermo Francisco Vogel Hinojosa, Campos Elíseos 400, Piso 17, Ciudad de México
11560, México

 

- hereinafter referred to as "Guillermo
Vogel" -

 

		19.	Angel Servando Sosa Hurtado, Manuel M. Solórzano 21, Ciudad de México 04730,
México

 

- hereinafter referred to as "Angel
Sosa" -

 

		20.	Daniel Pérez Gil de Hoyos, Blvd. Adolfo López Mateos 2349, Piso 6, Ciudad
de México 04500, México

 

- hereinafter referred to as "Daniel
Pérez" -

 

		21.	Mita Maria Paola Castiglioni Grassi, Sierra Ventana 334, Ciudad de México 11000,
México

 

- hereinafter referred to as "Mita
Grassi" -

 

    3 

     

    

 

		22.	Marco Simeoni, Rue du Petit Chêne 23, CH-1003 Lausanne, Switzerland

 

- hereinafter referred to as "Marco
Simeoni" -

 

		23.	Philippe Beal, Rue des Petites-Buttes 16B, CH-1180 Rolle, Switzerland

 

- hereinafter referred to as "Philippe
Beal" -

 

		24.	Pierre-Alain Racine, Chemin du Midi 3, CH-1350 Orbe, Switzerland

 

- hereinafter referred to as "Pierre-Alain
Racine" -

 

		25.	DocEpsilon LLC, 4251 Park Lane, Dallas, TX 75220, USA

 

- hereinafter referred to as "DocEpsilon"
-

 

		26.	Romaria Investment Corp, 53rd E Street, Urb. Marbella, MMG Tower, Piso 16, Panama, registered
with the Commercial Register of Panama under no. 706064

 

- hereinafter referred to as "Romaria"
-

 

		27.	Philippe Meyer, Rütistrasse 8, CH-8702 Zollikon, Switzerland

 

- hereinafter referred to as "Philippe
Meyer" -

 

		28.	Mulberry Invest AG, Kantonsstrasse 22, CH-8807 Freienbach, Switzerland, registered with
the Commercial Register of the Canton Schwyz under CHE-113.025.820

 

- hereinafter referred to as "Mulberry"
-

 

		29.	Blackwell Partners LLC - Series A, c/o DUMAC, Inc., 280 S. Mangum St., Suite 210 Durham,
NC 27701, USA

 

- hereinafter referred to as "Blackwell"
-

 

		30.	RA Capital Healthcare Fund, L.P., c/o RA Capital Management, LLC, 20 Park Plaza, Suite 1200,
Boston, Massachusetts, USA

 

- hereinafter referred to as "RaCap"
-

 

    4 

     

    

 

		31.	BCLS Investco, L.P., c/o Maples Corporate Services Limited, PO Box 309, Ugland House, George
Town, Grand Cayman, KY1-1104, Cayman Islands

 

- hereinafter referred to as "BCLS"
-

 

		32.	Cormorant Private Healthcare Fund I LP, 200 Clarendon Street, 52nd Floor, Boston, MA 02116

 

- hereinafter referred to as "Cormorant
Fund I" -

 

		33.	Cormorant Global Healthcare Master Fund LP, 200 Clarendon Street, 52nd Floor, Boston, MA
02116

 

- hereinafter referred to as "Cormorant
Master Fund" -

 

		34.	CRMA SPV L.P., PO Box 309, Ugland House, George Town, Grand Cayman, KY1-1104 Cayman Islands

 

- hereinafter referred to as "CRMA"
-

 

		35.	BlackRock Health Sciences Opportunities Portfolio, a series of BlackRock Funds, 100
Bellevue Parkway, Wilmington, Delaware 19809, USA

 

- hereinafter referred to as "BlackRock
HSOP" -

 

		36.	BlackRock Health Sciences Trust, 100 Bellevue Parkway, Wilmington, Delaware 19809, USA

 

- hereinafter referred to as "BlackRock
HST" -

 

		37.	BlackRock Health Sciences Master Unit Trust, INTERTRUST CORPORATE SERVICES (CAYMAN) LIMITED,
190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands

 

- hereinafter referred to as "BlackRock
HSMUT" -

 

    5 

     

    

 

		38.	InflaRx GmbH, Winzerlaer Straße 2, 07745 Jena, Germany, registered with the Commercial
Register of the Jena Local Court under HRB 502149.

 

- hereinafter referred to as "Company"
-

 

The parties named under ‎1.
to ‎3. are hereinafter collectively referred
to as the "Founders" and each individually as a "Founder". The parties named under ‎29.
to ‎37. are hereinafter collectively referred
to as the "Series D Investors" and each individually as a "Series D Investor". The parties named
under ‎1. to ‎28.
are hereinafter collectively referred to as the "Current Shareholders" and each individually as a "Current
Shareholder". The parties named under ‎1.
to ‎37. are hereinafter collectively referred
to as the "Shareholders" and each individually as a "Shareholder". The parties named under ‎1.
to ‎38. are hereinafter collectively referred
to as the "Parties" and each individually as a "Party".

 

 

    6 

     

    

Table
of contents

 

 

	Part
    1: Investment Agreement	14
	1.   Commitments	14
	2.   Share
    Capital Increase; Transfer of Preferred Shares	15
	3.   Non-statutory
    Payments into the Capital Reserves	23
	4.   Use
    of Proceeds	24
	5.   Classes
    of Shares	24
	6.   Current
    Shareholders' Representations and Warranties	25
	7.   Business
    Representations and Warranties	27
	8.   General
    Limitations	29
	 	 
	Part
    2: Adherence Agreement	31
	9.   General
    Provisions	31
	10.   Adherence
    to the Shareholders‘ Agreement	31
	11.   Modifications
    of the Series C ISHA	31
	12.   Validity
    of Series C ISHA	35
	13.   Transaction
    Costs	35
	14.   Miscellaneous	36
	15.   Severability	37

 

 

 

 

    7 

     

    

Table of
Annexes

 

	Annex ‎2.1(b)	Restated Articles of Association
	Annex ‎7.1	Business Representations and Warranties

 

 

    8 

     

    

List of Definitions

 

 

	Agreement	12
	Ammann Group	2
	Angel Sosa	3
	Arnd Christ	3
	Bank Working Days	16
	BCLS	5
	BlackRock HSMUT	6
	BlackRock HSOP	5
	BlackRock HST	5
	Blackwell	4
	Business Representation and Warranty	27
	Business Representations and Warranties	27
	Cabita	2
	Carla Comelli	3
	Closing Notice	18
	Common Share	25
	Common Shares	25
	Company	6, 11
	Company ́s Bank Account	16
	Converted Series D Preferred Shares	20
	Cormorant	5
	Current Shareholder	6
	Current Shareholders	6
	Current Shareholders' Representation
    and Warranty	26
	Current Shareholders' Representations
    and Warranties	26
	Daniel Pérez	3
	DocEpsilon	4
	Founder	6
	Founders	6
	Guarantee Share Capital Increase	28

 

	Guillermo Vogel	3
	Kamalaka	2
	KfW	2
	KfW Shares Sold	17
	Marco Simeoni	4
	Mark Kübler	1
	Metall Zug	3
	Mita Grassi	3
	Mulberry	4
	Nicolas Fulpius	1
	Parties	6
	Party	6
	PET-I	2
	PET-I Shares Sold	18
	PET-II	2
	PET-II Shares Sold	19
	Philippe Beal	4
	Philippe Meyer	4
	Pierre-Alain Racine	4
	Preferred Share	25
	Preferred Shares	25
	Primary Investors	14
	Prof. Dr. Konrad Reinhart	2
	Prof. Dr. Niels Riedemann	1
	Prof. Dr. Renfeng Guo	1
	RaCap	5
	Reduced Valuation	28
	Representation and Warranty	28
	Representations and Warranties	28
	Restated Articles of Association	15
	Rolf Kübler	1
	Romaria	4
	Series A Preferred Share	25

 

 

	 

    9 

     

    

 

	Series A Preferred Shares	25
	Series B Preferred Share	25
	Series B Preferred Shares	25
	Series C ISHA	13
	Series C Preferred Share	25
	Series C Preferred Shares	25
	Series D Capital Increase	15
	Series D Investor	6
	Series D Investors	6

 

	Series D Preferred Share	24
	Series D Preferred Shares	24
	Series D Preferred Shares Financing	12
	Series D Share Price	12
	Shareholder	6
	Shareholders	6
	Staidson	3
	Stock Option Plan 2016	34
	UofM	1

 

 

 

	 

 

    10 

     

    

Preamble

 

		(A)	The Current Shareholders are the sole shareholders of InflaRx GmbH with its registered seat in
Jena, Germany, registered with the Commercial Register of the Jena Local Court under HRB 502149 ("Company"). The
object of the Company is the development, manufacture and distribution of anti-inflammatory therapeutics and diagnostics, in particular
in the field of acute and chronic inflammatory diseases.

 

		(B)	The share capital of the Company currently amounts to EUR 175,081.00, divided into 175,081
shares with a nominal value of EUR 1.00 each, is fully paid in and held exclusively by the Current Shareholders and the Company
as follows:

 

	Current Shareholder	
        Total Nominal Amount

        

        (EUR)

        
	Share Numbers	Share Class	
        Participation 

        (%)

        

	Prof. Dr. Niels Riedemann	11,875.00	11,899 to 23,773	S	
        6.78%

        

	Prof. Dr. Renfeng Guo	11,875.00	24 to 11,898	S	
        6.87%

        

	152.00	125,356 to 125,507	C
	Nicolas Fulpius	3,125.00	23,774 to 26,898	S	2.26%
	609.00	125,508 to 126,116	C
	217.00	174,888 to 175,104	S
	UofM	1,250.00	73,963 to 75,212	S	
        0.71% 

	Mark Kübler	3,480.00	70,483 to 73,962	A	2.64%
	1,143.00	126,117 to 127,259	C
	Rolf Kübler	9,746.00	103,898 to 105,627

59,261 to 67,276	B	6.00%
	762.00	127,260 to 128,021	C
	Ammann Group	5,434.00	75,213 to 80,646	A	8.22%
	6,668.00	
        80,647 to 84,108

        67,277 to 70,482
	B
	2,286.00	128,022 to 130,307	C	 
	KfW	10,633.00	84,109 to 94,741	A	12.32%
	8,656.00	94,742 to 103,397	B
	2,286.00	172,602 to 174,887	C
	PET-I	24,750.00	26,899 to 51,648	A	14.14%
	PET-II	14,394.00	105,628 to 116,014

51,649 to 55,655	B	9.09%
	1,524.00	130,308 to 131,831	C

 

    11 

     

    

 

	Prof. Dr. Konrad Reinhart	802.00	55,656 to 56,457	B	0.59%
	228.00	131,832 to 132,059	C
	Kamalaka	6,924.00	116,015 to 122,938	B	3.95%
	Cabita	692.00	122,939 to 123,630	B	0.40%
	Carla Comelli	1,725.00	123,631 to 125,355	B	1.20%
	381.00	132,060 to 132,440	C
	Arnd Christ	76.00	132,441 to 132,516	C	0.04%
	Staidson 	27,591.00	132,517 to 160,107	C	15.76%
	Metall Zug 	2,286.00	160,108 to 162,393	C	1.31%
	Guillermo Vogel	304.00	162,394 to 162,697	C	0.17%
	Angel Sosa	304.00	162,698 to 163,001	C	0.17%
	Daniel Pérez	228.00	163,002 to 163,229	C	0.13%
	Mita Grassi	304.00	163,230 to 163,533	C	0.17%
	Marco Simeoni	1,524.00	163,534 to 165,057	C	0.87%
	Philippe Beal	762.00	165,058 to 165,819	C	0.44%
	Pierre-Alain Racine	457.00	165,820 to 166,276	C	0.26%
	DocEpsilon	228.00	166,277 to 166,504	C	0.13%
	Romaria	4,573.00	166,505 to 171,077	C	2.61%
	Philippe Meyer	762.00	171,078 to 171,839	C	0.44%
	Mulberry	762.00	171,840 to 172,601	C	0.44%
	Company (treasury shares)	3,303.00	103,398 to 103,897

56,458 to 59,260	S	1.89%
	Total	175,081.00	 	 	100%

 

		(C)	The Company seeks growth financing in the total amount of up to approx. USD 30,000,000.00
to be provided by the Series D Investors against subscription of shares of a new class of Series D Preferred Shares of the Company
as well as a secondary purchase of shares by the Series D Investors from Current Shareholders in the total amount of up to approx.
EUR 25,000,000.00 in accordance with the terms and conditions of this "Investment and Adherence Agreement" (hereinafter
referred to as "Agreement" and such growth financing hereinafter referred to as the "Series D Preferred
Shares Financing"). The pre-money valuation of the Company in the Series D Preferred Shares Financing shall amount to
USD 210,000,000.00 resulting in a share price of EUR 927,92 (calculated with a fix exchange rate of EUR 0.8523 / USD 1.00
resulting in an amount of USD 1,088.73) per each Series D Preferred Share with a nominal value of EUR 1.00 to be issued in
the Series D Preferred Shares Financing ("Series D Share Price"). The Series D Share Price is calculated on a
fully diluted basis including all granted options whether vested or not (21,108 shares), but it does not include the non-granted
3,060 options available for granting under the 2016 stock option pool, which shall be cancelled.

 

    12 

     

    

 

		(D)	Rolf Kübler will transfer 4,139 of his shares in the Company to Mark Kübler.

 

		(E)	The Current Shareholders entered into a investment and shareholders’ agreement dated 21 July
2016 (roll of deeds no. A. Prot 2016/59 of the notary public Stephan Cueni, Basel, Switzerland) ("Series C ISHA").
The Parties intend to keep the principles of the legal relationship between all Shareholders as current and future shareholders
of the Company by allowing the Series D Investors to adhere to the Series C ISHA and to agree upon certain modifications of the
Series C ISHA..

 

NOW, THEREFORE, the Parties hereby enter
into this Agreement.

 

 

    13 

     

    

Part 1:
Investment Agreement

 

		1.	Commitments

 

		1.1	Each of the Series D Investors listed in the table below (“Primary Investors”)
undertakes individually for himself vis-à-vis each other and each of the other Shareholders, but not vis-à-vis the
Company, to invest in the Series D Preferred Shares Financing the respective amount as stated for the respective Primary Investor
in the following table as capital contributions towards the share capital of the Company and additional payments into the capital
reserves of the Company within the meaning of § 272 (2) No. 4 HGB in accordance with the terms and conditions
of this Agreement.

 

	Primary Investor	
        Total

        

        (EUR)

        

	RaCap	8,264,055.52
	Blackwell	1,963,478.72
	BCLS	10,227,534.24
	Cormorant Fund I	4,236,882.72
	Cormorant Master Fund	717,282.16
	CRMA	159,602.24
	Total	25,568,835.60

	 

		1.2	The Shareholders agree that the Primary Investors' obligations under this Clause ‎1
shall exist only on the basis of a contractual agreement by and between the Primary Investors and the Shareholders and not vis-à-vis
the Company. The Company itself is not a party to this Clause ‎1
and shall not be entitled to demand performance of the obligations under this Clause ‎1.
The claims under this Clause ‎1 shall not be
assignable. This Clause ‎1 shall neither constitute
a contract for the benefit of a third party (kein Vertrag zugunsten Dritter) nor a contract with protective effect for the
benefits of third parties (kein Vertrag mit Schutzwirkung für Dritte). This Clause ‎1
shall not establish any secondary obligations within the meaning of § 3 (2) of the German Law Pertaining to Companies
with Limited Liability (GmbHG). Any joint and several liability (gesamtschuldnerische Haftung) of the Primary Investors
under this Clause ‎1 shall be excluded.

 

    14 

     

    

 

		2.	Share Capital Increase; Transfer of Preferred Shares

 

		2.1	Each of the Current Shareholders undertakes individually for himself vis-à-vis each of the
other Shareholders, but not vis-à-vis the Company, to resolve unanimously and with all votes in an extraordinary Shareholders'
Meeting of the Company to be held in the form of a general meeting (Vollversammlung) immediately after the notarization
of this Agreement to:

 

		(a)	increase the Company’s share capital from EUR 175,081.00 by EUR 27,555.00 to EUR 202,636.00
in return for cash contributions by the issue of 27,555 Series D Preferred Shares of the Company with a nominal value of EUR 1.00
each with the share numbers 175,105 (inclusive) through 202,659 (inclusive) and only invite the Primary Investors to subscribe
and to take over the Series D Preferred Shares with a nominal value of EUR 1.00 each as set forth in the following table (“Series
D Capital Increase”):

 

	Primary Investor	
        Series D Preferred Shares à EUR 1.00

        

        (number)

        
	Share Numbers
	RaCap	8,906	175,105 to 184,010 
	Blackwell	2,116	184,011 to 186,126
	BCLS	11,022	186,127 to 197,148
	Cormorant Fund I	4,566	197,149 to 201,714
	Cormorant Master Fund	773	201,715 to 202,487
	CRMA	172	202,488 to 202,659
	Total	27,555	 

	 

The Series D Preferred Shares shall
have the rights, preferences and privileges as set forth in the amended and restated Articles of Association of the Company under
Clause 2.1‎(b) and this Agreement. The Series
D Preferred Shares shall be issued for the nominal value and shall be entitled to participate in profits as from 1 January
2017.

 

		(b)	adopt the amended and restated Articles of Association of the Company as set forth in Annex 
‎2.1 ‎(b)
to this Agreement ("Restated Articles of Association").

 

    15 

     

    

 

		(c)	consent to the sale and the transfer of shares in the Company pursuant to the Clauses ‎2.5,
‎2.6, ‎2.7
and ‎2.9 and to waive any existing right in
respect of such sale and transfer, in particular any pre-emption rights or tag-along rights.

 

		2.2	Each of the Shareholders undertakes individually for himself vis-à-vis each of the other
Shareholders, to do or cause to be done everything necessary or appropriate for the implementation of the measures agreed in Clause
‎2.1.

 

Thus, each of
the Current Shareholders undertakes individually for himself vis-à-vis each of the other Shareholders, in particular without
limitation to participate in the Shareholders' Meeting of the Company as set forth in Clause ‎2.1,
to exercise his voting rights and other rights in such Shareholders' Meeting in favour of the measures agreed in Clause ‎2.1,
and to waive the subscription rights to which he is entitled for the subscription to new shares to the extent set forth in Clause
‎2.1.

 

Further, each
of the Shareholders undertakes individually for himself vis-à-vis each of the other Shareholders, to refrain from any actions
which could prevent or defer the implementation of the measures agreed in Clause ‎2.1
as well as to waive the right to raise objections to, and to challenge, the resolutions of the Shareholders' Meeting under Clause
‎2.1.

 

Each of the
Primary Investors undertakes individually for himself vis-à-vis each other and each of the other Shareholders, but not vis-à-vis
the Company, to subscribe and to take over the Series D Preferred Shares of the Company stated for them in the table in Clause
‎2.1(a), respectively, immediately after the
end of the Shareholders' Meeting under Clause ‎2.1
and to pay in full and in cash the capital contributions in the nominal value immediately after signing of this Agreement, but
at the latest within two (2) bank working days in Frankfurt am Main, Germany ("Bank Working Days") after this
Agreement has come into force, to the following special account for the increase of the share capital (Kapitalerhöhungssonderkonto)
of the Company (“Company ́s Bank Account”):

 

	Account holder:	InflaRx GmbH
	Bank:	Sparkasse Jena-Saale-Holzland
	IBAN:	DE85 8305 3030 0000 0431 17
	BIC/SWIFT:	HELADEF1JEN

 

    16 

     

    

 

Payments shall
be made exclusively to this special account; this special account must not have a debit balance immediately prior to the aforementioned
payments being effected, so that the Company's Managing Directors (Geschäftsführer) can freely dispose of the
amounts paid.

 

		2.3	Without undue delay (unverzüglich) after (i) the subscription and taking over of the
Series D Preferred Shares under Clause ‎2.1(a)
and (ii) the receipt of the total capital contributions in the nominal value for such new shares, the Company shall apply for registration
of the resolution to increase the Company's share capital under Clause ‎2.1(a)
and the Restated Articles of Association with the Commercial Register and shall take all other actions and make all other declarations
necessary or appropriate for the increase of the Company's share capital under Clause ‎2.1(a)
and the Restated Articles of Association to become effective.

 

		2.4	Should the Commercial Register make valid objections to the increase of the Company's share capital
under Clause ‎2.1(a) and/or the Restated Articles
of Association, the Shareholders undertake, as amongst each other, to remove such objections without undue delay by way of adopting
the necessary resolutions in the Shareholders' Meeting of the Company so that the purpose and intention of the provisions objected
to can be achieved to the maximum permissible extent.

 

		2.5	KfW herewith sells to RaCap and RaCap herewith purchases from KfW existing Series A Preferred Shares
as set forth in the following table (“KfW Shares Sold”):

 

	KfW selling to	
        Total Nominal Amount

        

        (EUR)

        
	Share Numbers	Share Class	
        KfW Purchase Price 

        (EUR)

        

	RaCap	5,400.00	84,109 to 89,508	A	5,010,768.00
	Total	5,400.00	 	 	5,010,768.00

	 

The KFW Shares
Sold are priced at EUR 927,92 each. KfW herewith transfers the KfW Shares Sold to RaCap subject to the condition precedent
within the meaning of Section 158 para. 1 of the German Civil Code (Bürgerliches Gesetzbuch – BGB) (aufschiebende
Bedingung gemäß § 158 Bürgerliches Gesetzbuch – BGB) of the receipt of the KfW Purchase Price (as
shown in the the table above). RaCap hereby accept the transfer of the KfW Shares Sold. If the condition precedent within the meaning
of Section 158 para. 1 BGB (aufschiebende Bedingung gemäß § 158 BGB) in this Clause ‎2.5
is not fulfilled within ten (10) Bank Working Days following receipt of a pdf copy of the registration of the Series D Capital
Increase by the officiating notary with the Commercial Register (Eintragungsnachricht) (“Closing Notice”)
by RaCap, KfW shall have the right to rescind (zurücktreten) from the share transfer according to this Clause ‎2.5
by written notice to RaCap and the Company.

 

    17 

     

    

 

Subject to the respective approval
of the share transfer by all Current Shareholders pursuant to Clause ‎2.1(c)
the respective KfW Purchase Price shall be due and payable by the Series D Investors respectively, immediately but at the latest
within two (2) Bank Working Days following receipt of the Closing Notice, in Euros (EUR), and by means of wire transfer in immediately
available funds, without deduction of any banking fees onto the following bank account of KfW:

 

	Account holder:	KfW
	Bank:	KfW
	IBAN:	DE40 5002 0400 1086 7993 63
	BIC/SWIFT:	KFWIDEFFXXX  

 

		2.6	PET-I herewith sells to the Series D Investors listed in the table below and such Series D Investors
herewith purchases from PET-I existing Series A Preferred Shares as set forth in the following table (“PET-I Shares Sold”):

 

	PET-I selling to	
        Total Nominal Amount

        

        (EUR)

        
	Share Numbers	Share Class	
        PET-I Purchase Price

        

        (EUR)

        

	RaCap	537.00	41,093 to 41,629	A	498,293.04
	Blackwell	1,411.00	41,630 to 43,040	A	1,309,295.12
	BCLS	7,348.00	43,041 to 50,388	A	6,818,356.16
	Cormorant Fund I	1,260.00	50,389 to 51,648	A	1,169,179.20
	Total	10,556.00	 	 	9,795,123.52

	 

The PET-I Shares Sold are priced
at EUR 927,92 each. PET-I herewith transfers the PET-I Shares Sold to each of the Series D Investors listed in the table above
subject to the condition precedent within the meaning of Section 158 para. 1 of the German Civil Code (Bürgerliches Gesetzbuch
– BGB) (aufschiebende Bedingung gemäß § 158 Bürgerliches Gesetzbuch – BGB) of the receipt
of the respective PET-I Purchase Price (as defined shown in the table above). Each of the Series D Investors listed in the table
above hereby accept the transfer of the PET-I Shares Sold. If the condition precedent within the meaning of Section 158 para. 1
BGB (aufschiebende Bedingung gemäß § 158 BGB) in this Clause ‎2.6
is not fulfilled within ten (10) Bank Working Days following receipt of the Closing Notice by the respective Series D Investor
listed in the table above, PET-I shall have the right to rescind (zurücktreten) from the respective share transfer
according to this Clause ‎2.6 by written notice
to the respective Series D Investor and the Company.

 

    18 

     

    

 

Subject to the respective approval
of the share transfer by all Current Shareholders pursuant to Clause ‎2.1(c)
the respective PET-I Purchase Price shall be due and payable by the Series D Investors respectively, immediately but at the latest
within two (2) Bank Working Days following receipt of the Closing Notice, in Euros (EUR), and by means of wire transfer in immediately
available funds, without deduction of any banking fees onto the following bank account of PET-I:

 

	Account holder:	PET-I
	Bank:	Landesbank Hessen-Thüringen
	IBAN:	DE18 5005 0000 0021 5017 62
	BIC/SWIFT:	HELADEFF

 

		2.7	PET-II herewith sells to the Series D Investors listed in the table below and such Series D Investors
herewith purchases from PET-II existing Series B Preferred Shares as set forth in the following table (“PET-II Shares
Sold”):

 

	PET-II selling to	
        Total Nominal Amount

        

        (EUR)

        
	Share Numbers	Share Class	
        PET-II Purchase Price 

        (EUR)

        

	Cormorant Fund I	1,784.00	105,628 to 107,411	B	1,655,409.28
	Cormorant Master Fund	515.00	107,412 to 107,926	B	477,878.80
	CRMA	115.00	107,927 to 108,041	B	106,710.80
	BlackRock HSOP	4,254.00	108,042 to 112,295	B	3,947,371.68
	BlackRock HSMUT	108	112,296 to 112,403 	B	100,215.36
	BlackRock HST	232	112,404 to 112,635	B	215,277.44
	Total	7,008.00	 	 	6,502,863.36

	 

 

    19 

     

    

 

The PET-II Shares Sold are priced
at EUR 927,92 each. PET-II herewith transfers the PET-II Shares Sold to each of the Series D Investors listed in the table
above subject to the condition precedent within the meaning of Section 158 para. 1 of the German Civil Code (Bürgerliches
Gesetzbuch – BGB) (aufschiebende Bedingung gemäß § 158 Bürgerliches Gesetzbuch – BGB)
of the receipt of the respective PET-II Purchase Price (as defined shown in the table above). Each of the Series D Investors listed
in the table above hereby accept the transfer of the PET-II Shares Sold. If the condition precedent within the meaning of Section
158 para. 1 BGB (aufschiebende Bedingung gemäß § 158 BGB) in this Clause ‎2.7
is not fulfilled within ten (10) Bank Working Days following receipt of the Closing Notice by the respective Series D Investor
listed in the table above, PET-II shall have the right to rescind (zurücktreten) from the respective share transfer
according to this Clause ‎2.7 by written notice
to the respective Series D Investor and the Company.

 

Subject to the respective approval
of the share transfer by all Current Shareholders pursuant to Clause ‎2.1(c)
the respective PET-II Purchase Price shall be due and payable by the Series D Investors respectively, immediately but at the latest
within two (2) Bank Working Days following receipt of the Closing Notice, in Euros (EUR), and by means of wire transfer in immediately
available funds, without deduction of any banking fees onto the following bank account of PET-II:

 

	Account holder:	PET-II
	Bank:	Landesbank Hessen-Thüringen
	IBAN:	DE18 5005 0000 0021 5027 60
	BIC/SWIFT:	HELA DEFF

 

		2.8	All Series A Preferred Shares transferred pursuant to Clause ‎2.5
and ‎2.6 and all Series B Preferred Shares
transferred pursuant to Clause ‎2.7 shall be
converted into Series D Preferred Shares as reflected in the Restated Articles of Association (jointly the "Converted Series
D Preferred Shares").

 

		2.9	Rolf Kübler herewith transfers to Mark Kübler 4,139 existing Series B Preferred Shares
with the share number 59,261 (inclusive) through 63,399 (inclusive) upon the registration of the Series D Capital Increase in the
commercial register. Mark Kübler hereby accepts the transfer of the shares transferred pursuant to this Clause ‎2.9.

 

    20 

     

    

 

		2.10	The Shareholders undertake vis-à-vis each other, as from the notarization of this Agreement
up until the increase of the Company's share capital under Clause ‎2.1(a)
and the Restated Articles of Association have been registered with the Commercial Register, to treat each other as if the Restated
Articles of Association had already come into force upon the end of the Shareholders' Meeting under Clause ‎2.1(a)
and each of the Series D Investors had already acquired its new and/or converted Series D Preferred Shares, respectively, to the
extent legally permissible. Thus, each of the Shareholders undertakes individually for himself vis-à-vis each of the Series
D Investors, as from the subscription of the Series D Preferred Shares under Clause ‎2.1(a),
respectively, to put each of the Series D Investors internally in such position as they each would be in, if they had acquired
the financial rights (Vermögensrechte) and, to the extent legally permissible, the administrative rights (Verwaltungsrechte)
under this Agreement and the Restated Articles of Association resulting from the Series D Preferred Shares to be issued under Clause
‎2.1(a) upon subscription, respectively.

 

		2.11	After the increase of the Company's share capital under Clause ‎2.1(a)
and the share transfers pursuant to Clauses ‎2.5,
‎2.6, ‎2.7
and ‎2.9 have become effective, the share capital
of the Company will be held exclusively by the Shareholders and the Company as follows:

 

	Current Shareholder	
        Total Nominal Amount

        

        (EUR)

        
	Share Numbers	Share Class	
        Participation

        

        (%) 

	Prof. Dr. Niels Riedemann	11,875.00	11,899 to 23,773	S	5.86%
	Prof. Dr. Renfeng Guo	11,875.00	24 to 11,898	S	5.94%
	152.00	125,356 to 125,507	C
	Nicolas Fulpius	3,125.00	23,774 to 26,898	S	1.95%
	609.00	125,508 to 126,116	C
	217.00	174,888 to 175,104	S
	UofM	1,250.00	73,963 to 75,212	S	0.62%
	Mark Kübler	3,480.00	70,483 to 73,962	A	4.32%
	4,139.00	59,261 to 63,399	B
	1,143.00	126,117 to 127,259	C
	Rolf Kübler	5,607.00	103,898 to 105,627

63,400 to 67,276	B	3.15%
	762.00	127,260 to 128,021	C
	Ammann Group	5,434.00	75,213 to 80,646	A	7.1%
	6,668.00	
        80,647 to 84,108

        67,277 to 70,482
	B
	2,286.00	128,022 to 130,307	C	 

 

 

	 

    21 

     

    

 

	KfW	5,233.00	89,509 to 94,741	A	7.98%
	8,656.00	94,742 to 103,397	B
	2,286.00	172,602 to 174,887	C
	PET-I	14,194.00	26,899 to 41,092	A	7.00%
	PET-II	7,386.00	112,636 to 116,014

51,649 to 55,655	B	4.39%
	1,524.00	130,308 to 131,831	C
	Prof. Dr. Konrad Reinhart	802.00	55,656 to 56,457	B	0.51%
	228.00	131,832 to 132,059	C
	Kamalaka	6,924.00	116,015 to 122,938	B	3.42%
	Cabita	692.00	122,939 to 123,630	B	0.34%
	Carla Comelli	1,725.00	123,631 to 125,355	B	1.14%
	381.00	132,060 to 132,440	C
	Arnd Christ	76.00	132,441 to 132,516	C	0.04%
	Staidson 	27,591.00	132,517 to 160,107	C	13.62%
	Metall Zug 	2,286.00	160,108 to 162,393	C	1.13%
	Guillermo Vogel	304.00	162,394 to 162,697	C	0.15%
	Angel Sosa	304.00	162,698 to 163,001	C	0.15%
	Daniel Pérez	228.00	163,002 to 163,229	C	0.11%
	Mita Grassi	304.00	163,230 to 163,533	C	0.15%
	Marco Simeoni	1,524.00	163,534 to 165,057	C	0.75%
	Philippe Beal	762.00	165,058 to 165,819	C	0.38%
	Pierre-Alain Racine	457.00	165,820 to 166,276	C	0.23%
	DocEpsilon	228.00	166,277 to 166,504	C	0.11%
	Romaria	4,573.00	166,505 to 171,077	C	2.26%
	Philippe Meyer	762.00	171,078 to 171,839	C	0.38%
	Mulberry	762.00	171,840 to 172,601	C	0.38%
	RaCap	8,906.00	175,105 to 184,010	D	
        7.33%

         

	5,400.00	84,109 to 89,508	D
	537.00	41,093 to 41,629	D
	Blackwell	2,116.00	184,011 to 186,126	D	1.74%
	1,411.00	41,630 to 43,040	D
	BCLS	11,022.00	186,127 to 197,148	D	9.07%
	7,348.00	43,041 to 50,388	D
	Cormorant Fund I	4,566.00	197,149 to 201,714	D	3.75%
	1,260.00	50,389 to 51,648	D
	1,784.00	105,628 to 107,411	D
	Cormorant Master Fund	773.00	201,715 to 202,487	D	0.63%
	515.00	107,412 to 107,926	D
	CRMA	172.00	202,488 to 202,659	D	0.14%
	115.00	107,927 to 108,041	D

	 

 

    22 

     

    

 

	BlackRock HSOP	4,254.00	108,042 to 112,295	D	2.10%
	BlackRock HSMUT 	108	112,296 to 112,403 	D	0.05%
	BlackRock HST	232	112,404 to 112,635	D	0.11%
	Company (treasury shares)	3,303.00	103,398 to 103,897

56,458 to 59,260	S	1.63%
	Total	202,636.00	 	 	100%

	 

		3.	Non-statutory Payments into the Capital Reserves

 

		3.1	Each of the Primary Investors undertakes individually for himself vis-à-vis each other and
each of the other Shareholders, but not vis-à-vis the Company, to render, in addition to the capital contributions towards
the share capital in the nominal value for the new Series D Preferred Shares of the Company to be subscribed by them under Clause
‎2.1(a), additional payments into the capital
reserves of the Company within the meaning of § 272 (2) No. 4 of the German Commercial Code (sonstige Zuzahlungen
in die Kapitalrücklage der Gesellschaft gemäß § 272 Abs. 2 Nr. 4 HGB) in each case in one
tranche in accordance with the following provisions.

 

The additional payments into the
capital reserves of the Company under this Clause ‎3
shall be rendered in cash to the Company ́s Bank Account.

 

Each of the Primary Investors
shall render additional payments into the capital reserves of the Company under this Clause ‎3
in the respective amount as stated for the respective Primary Investor in the following table:

 

	Primary Investor	
        Payments into the 

Capital Reserves 

        (EUR)

        

	RaCap	8,255,149.52
	Blackwell	1,961,362.72
	BCLS	10,216,512.24
	Cormorant Fund I	4,232,316.72
	Cormorant Master Fund	716,509.16
	CRMA	159,430.24
	Total	25,541,280.60

 

 

	 

    23 

     

    

 

		3.2	The additional payments into the capital reserves of the Company by the Primary Investors under
this Clause ‎3 shall become due and payable
immediately but at the latest within two (2) Bank Working Days following receipt of the Closing Notice.

 

		3.3	The Shareholders agree that the obligations of the Primary Investors to render additional payments
into the capital reserves of the Company under this Clause ‎3.3
shall exist only on the basis of a contractual agreement by and between the Primary Investors and the Shareholders and not vis-à-vis
the Company. The Company itself is not a party to this Clause ‎3
and shall not be entitled to demand the payments under this Clause ‎3.
The payment claims under this Clause ‎3 shall
not be assignable. This Clause ‎3 shall neither
constitute a contract for the benefit of a third party nor a contract with protective effect for the benefits of third parties
(kein Vertrag mit Schutzwirkung für Dritte). This Clause ‎3
shall not establish any secondary obligations within the meaning of § 3 (2) GmbHG. Any joint and several liability
(gesamtschuldnerische Haftung) of the Series D Investors under this Clause ‎3
shall be excluded.

 

		4.	Use of Proceeds

 

The net proceeds from the Series
D Preferred Shares Financing shall be used exclusively for operational and capital expenditures, general working capital purposes
and investments of the Company, including in particular the funding of (i) the clinical development of IFX-1, (ii) the manufacturing
of IFX-1, (iii) ongoing pre-clinical research projects for IFX-1 and (iv) the manufacturing of IFX-2 and its pre-clinical.

 

		5.	Classes of Shares

 

		5.1	The shares of the Company to be issued to the Series D Investors under Clause ‎2.1(a)
(if any) and any and all other shares of the Company which under the provisions of this Agreement shall be Series D Preferred Shares
of the Company are hereinafter – including after a split or consolidation of such shares – collectively referred to
as the "Series D Preferred Shares" and each individually as a "Series D Preferred Share".

 

		5.2	The existing shares of the Company with the share numbers 125,356 (inclusive) through 172,601 (inclusive)
and any and all other shares of the Company which under the provisions of this Agreement shall be Series C Preferred Shares of
the Company are hereinafter – including after a split or consolidation of such shares – collectively referred to as
the "Series C Preferred Shares" and each individually as a "Series C Preferred Share".

 

    24 

     

    

 

		5.3	The existing shares of the Company with the share numbers 65,289 (inclusive) through 70,482 (inclusive),
80,647 (inclusive) through 84,108 (inclusive), 94,742 (inclusive) through 103,397 (inclusive) and 103,898 (inclusive) through 125,355
(inclusive) and any and all other shares of the Company which under the provisions of this Agreement shall be Series B Preferred
Shares of the Company are hereinafter – including after a split or consolidation of such shares – collectively referred
to as the "Series B Preferred Shares" and each individually as a "Series B Preferred Share" subject
to the Series B Preferred Shares which will be converted into Converted Series D Preferred Shares pursuant to Clause ‎2.8
of this Agreement.

 

		5.4	The existing shares of the Company with the share numbers 9,424 (inclusive) through 11,898 (inclusive),
21,249 (inclusive) through 23,773 (inclusive), 26,899 (inclusive) through 62,163 (inclusive), 70,483 (inclusive) through 80,646
(inclusive), 84,109 (inclusive) through 94,741 (inclusive) and 103,398 (inclusive) through 103,897 (inclusive) and any and all
other shares of the Company which under the provisions of this Agreement shall be Series A Preferred Shares of the Company are
hereinafter – including after a split or consolidation of such shares – collectively referred to as the "Series
A Preferred Shares" and each individually as a "Series A Preferred Share", subject to the Series A Preferred
Shares which will be converted into Converted Series D Preferred Shares pursuant to Clause ‎2.1(c)‎2.8
of this Agreement. The Series D Preferred Shares, the Series C Preferred Shares, the Series B Preferred Shares and the Series A
Preferred Shares are hereinafter collectively referred to as the "Preferred Shares" and each individually as a
"Preferred Share".

 

		5.5	All other shares of the Company which shall not be Series D Preferred Shares under Clause ‎5.1,
Series C Preferred Shares under Clause ‎5.2,
Series B Preferred Shares under Clause ‎5.3
or Series A Preferred Shares under Clause ‎5.4
are hereinafter – including after a split or consolidation of such shares – collectively referred to as the "Common
Shares" and each individually as a "Common Share".

 

		6.	Current Shareholders' Representations and Warranties

 

		6.1	Subject to the following provisions of this Clause ‎6
as well as the provisions of Clause ‎8,
each of the Current Shareholders severally and not jointly (als Einzelschuldner) hereby represents and warrants to each
of the Series D Investors in the form of an independent guarantee (selbstständiges Garantieversprechen) within the
meaning of § 311 (1) of the German Civil Code (BGB) and with the legal consequences, and only with the legal
consequences, set forth in Clause ‎6.2, that
all of the following statements are fully true and correct with respect to his capacity and his title to shares of the Company
as of the date of the notarization of this Agreement (hereinafter collectively referred to as the "Current Shareholders'
Representations and Warranties" and each individually as a "Current Shareholders' Representation and Warranty"):

 

    25 

     

    

 

		(a)	The respective Current Shareholder is the unlimited and unencumbered sole legal and beneficial
owner of all of the shares of the Company and the corresponding voting rights as set forth opposite the name of the respective
Current Shareholder in the table in Clause ‎(B)
of the Preamble to this Agreement;

 

		(b)	the shares of the Company held by the respective Current Shareholder have not been pledged (verpfändet)
or otherwise encumbered (belastet) and, save as provided otherwise in the
current Articles of Association of the Company or the Series C ISHA, such shares are free and clear of any and all third
party rights and transfer restrictions, and the respective Current Shareholder may freely dispose of such shares without requiring
the consent of any third party or violating any third party rights, and no third party is entitled to exercise any pre-emptive
rights, rights of first refusal, option or other rights to purchase or acquire any shares of the Company held by the respective
Current Shareholder;

 

		(c)	the respective Current Shareholder has full power and authority to enter into and perform this
Agreement, and this Agreement constitutes valid and binding obligations of the respective Current Shareholder in accordance with
the terms herein, and the execution and performance of this Agreement by the respective Current Shareholder does not require the
approval or consent by any governmental authority or other third party.

 

		6.2	In the event that the Current Shareholders' Representations and Warranties of any Current Shareholder
are not fully true and correct, each of the Series D Investors shall be entitled to demand from the respective Current Shareholder
to remedy the inaccuracy and/or incorrectness of such Current Shareholders' Representations and Warranties within a reasonable
period of time, which shall not exceed 30 Bank Working Days after the receipt of such demand, in such a way that the respective
Current Shareholder brings about the situation which would have existed, had the respective Current Shareholders' Representations
and Warranties been fully true and correct (restitution in kind; Naturalrestitution). Should the respective Current Shareholder
not remedy the inaccuracy and/or incorrectness of such Current Shareholders' Representations and Warranties within such period
of time or should such remedy be impossible, then each of the Series D Investors shall have the right to demand compensation for
damages in cash (Schadensersatz in Geld) from the respective Current Shareholder in such a way that such Current Shareholder
shall place the Series D Investors in such position in which the Series D Investors would economically have been in, had the respective
Current Shareholders' Representations and Warranties been fully true and correct. The right to demand compensation for damages
in cash under this Clause ‎6.2 shall include
all damages recoverable in accordance with the provisions of §§ 249 et seq. BGB.

 

    26 

     

    

 

		6.3	The liability of each of the Current Shareholders under this Clause ‎6
shall be limited to an amount equal to the investment actually rendered by the respective Series D Investor under this Agreement.
The limitations under this Clause ‎6.3 shall
not apply to any claims based on a wilful (vorsätzlich) or gross negligent (grob fahrlässig) inaccuracy
and/or incorrectness of any of the Current Shareholders' Representations and Warranties.

 

		6.4	All claims to which the Series D Investors may be entitled under this Clause ‎6
(with the exception of claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Current Shareholders'
Representations and Warranties) shall be time-barred under the statute of limitations (verjähren) three years after
the notarization of this Agreement. § 202 BGB shall remain unaffected.

 

		7.	Business Representations and Warranties

 

		7.1	Subject to the following provisions of this Clause ‎7
as well as the provisions of Clause ‎8,
the Company hereby represents and warrants to each of the Series D Investors in the form of an independent guarantee within the
meaning of § 311 (1) BGB and with the legal consequences, and only with the legal consequences, set forth in Clause
‎7.3, that all of the statements which are
in detail included in Annex ‎7.1
are fully true and correct as of the date of the notarization of this Agreement (hereinafter collectively referred to as the "Business
Representations and Warranties" and each individually as a "Business Representation and Warranty"; the
Current Shareholders' Representations and Warranties and the Business Representations and Warranties hereinafter collectively referred
to as the "Representations and Warranties" and each individually as a "Representation and Warranty").

 

    27 

     

    

 

		7.2	Claims under this Clause ‎7
may only be brought, if and to the extent that the aggregate loss arising as a result of all breaches of the Business Representations
and Warranties exceeds in total the amount of EUR 100,000.00 (Freibetrag); if this limit is exceeded, then the loss
arising and exceeding such amount of EUR 100,000.00 shall be compensated in accordance with Clause ‎7.3.

 

The limitations under this Clause
‎7.2 shall not apply to any claims based on
a wilful (vorsätzlich) or gross negligent (grob fahrlässig) inaccuracy and/or incorrectness of any of the
Business Representations and Warranties.

 

		7.3	In the event that the Business Representations and Warranties are not fully true and correct, the
Shareholders shall resolve in favour of an increase of the Company's share capital ("Guarantee Share Capital Increase")
upon the demand of one or more of the Series D Investors. The Guarantee Share Capital Increase shall be resolved and consummated
without undue delay after the demand by any of the Series D Investors. Each of the Series D Investors individually may request
his participation in the Guarantee Share Capital Increase without being obliged to do so. As part of the Guarantee Share Capital
Increase, the Series D Investors, who request this, shall be invited to subscribe and to take over such number of new Series D
Preferred Shares of the Company with a nominal value of EUR 1.00 each in return for cash contributions in payment of the nominal
value without premium or any other contributions to the capital reserves of the Company, by means of which they shall receive such
participation in the Company's share capital as they each would have held, if they had invested the funds (capital contributions
in the nominal value and additional payments into the capital reserves of the Company pursuant to § 272 (2) No. 4
HGB) provided under this Agreement and the additional funds provided in the Guarantee Share Capital Increase from the start at
the Reduced Valuation (as defined below); the subscription rights of the other Shareholders shall be excluded. Clause ‎2.2
to ‎2.4 and ‎2.10
shall apply mutatis mutandis.

 

    28 

     

    

 

The "Reduced Valuation"
shall be equal to a pre-money valuation of the Company of EUR 178,983,000 (based on a USD valuation of USD 210,000,000, calculated
with a fixed exchange rate of EUR 0.8523 / USD 1.00) undiluted less the total amount of all damages arising as a result of all
breaches of the Business Representations and Warranties; provided, however, that such pre-money valuation shall not be reduced
by more than EUR 5,000,000.00, provided that the limitations under this Clause ‎7.3
shall not apply to any claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Business Representations
and Warranties. If the Parties cannot agree on the Reduced Valuation within two calendar weeks after any of the Series D Investors
has demanded a Guarantee Share Capital Increase, then the Reduced Valuation shall be determined by an independent expert acting
as arbitration expert (Schiedsgutachter) who shall be appointed by the Advisory Board of the Company by way of simple majority
resolution. The determination by the arbitration expert shall be final and binding on all Parties. The costs of the arbitration
expert shall be borne by the Parties applying §§ 91 et seq. of the German Code of Civil Procedure (ZPO)
mutatis mutandis.

 

		7.4	All claims to which the Series D Investors may be entitled under this Clause ‎7
(with the exception of claims based on a wilful (vorsätzlich) or gross negligent (grob fahrlässig) inaccuracy
and/or incorrectness of any of the Business Representations and Warranties) shall be time-barred under the statute of limitations
three months after the delivery to the Shareholders of the Company's audited annual financial statements for the business year
ending on 31 December 2017. § 202 BGB shall remain unaffected.

 

		8.	General Limitations

 

		8.1	The Representations and Warranties and the right to demand damages in relation thereto constitute
a special agreement negotiated and agreed upon between the Parties specifically for the purposes of the transactions contemplated
by this Agreement in accordance with § 311 (1) BGB. Further, the Representations and Warranties are subject to all
the limitations set forth in this Agreement, in particular without limitation any limitation set forth in the respective statement
contained in Clause ‎6.1 or Clause ‎7.1
or in Annex ‎7.1 and the limitations on
damages set forth in Clause ‎6 and Clause ‎7
and this Clause ‎8. The Parties agree that
none of the Representations and Warranties constitutes a guarantee with respect to the quality of the object of sale (Garantie
für die Beschaffenheit der Sache) within the meaning of § 444 2nd alternative BGB nor a guarantee with respect
to the quality of the purchase object (Beschaffenheitsgarantie) within the meaning of § 443 BGB. The legal consequences
of a possible violation of the Representations and Warranties shall be determined exclusively pursuant to Clause ‎6
to Clause ‎8 of this Agreement. The Parties
further agree that the provisions of §§ 434 to 453 BGB relating to defects in quality or in title shall not apply
to any Representation and Warranty. Claims of the Series D Investors for a breach of the Business Representations and Warranties
shall be excluded to the extent that the respective Series D Investor had positive knowledge (positive Kenntnis) of the
circumstances underlying such breach; the contents of the virtual data room operated by the Company at "netfiles GmbH",
to which all Series D Investors who requested this have been granted access, shall be deemed to be known by all Series D Investors.
Likewise, claims of the Series D Investors for a breach of the Business Representations and Warranties shall be excluded with respect
to such circumstances which are fairly disclosed in this Agreement or one of the Annexes or Exhibits hereto. §§ 377
et seq. HGB shall not apply.

 

    29 

     

    

 

		8.2	The Parties agree that the Current Shareholders do not give any representations, warranties, guarantees
and indemnifications, whether expressly or implied, other than the Current Shareholders' Representations and Warranties, and that
the Company does not give any representations, warranties, guarantees and indemnifications, whether expressly or implied, other
than the Business Representations and Warranties. Except as set forth in Clause ‎6
to Clause ‎8 of this Agreement and for any
claims based on fraud or wilful or gross negligent misconduct which shall remain unaffected, any and all other rights and remedies
of any legal nature which the Series D Investors may have against the Current Shareholders and/or the Company with respect to a
breach of Representations and Warranties, irrespective of which nature, amount or legal basis, are hereby expressly waived and
excluded to the maximum permissible extent. Further, except as set forth in Clause ‎6
to Clause ‎8 of this Agreement and for any
claims based on fraud or wilful or gross negligent misconduct which shall remain unaffected, any and all claims and rights of the
Series D Investors under and in connection with this Agreement, irrespective of which nature, amount or legal basis, are hereby
expressly waived and excluded to the maximum permissible extent, in particular, without limitation, claims under pre-contractual
fault (§ 311 (2) and (3) BGB), frustration of contract (Störung der Geschäftsgrundlage), breach
of contract (Pflichtverletzung aus dem Schuldverhältnis), supplementary performance (Nacherfüllung), the
right to reduce the price (Minderung) and/or the right to avoid (Anfechtung) or to rescind (Rücktritt)
this Agreement, and any liability in tort (Deliktshaftung).

 

 

    30 

     

    

 

Part
2: Adherence Agreement

 

		9.	General Provisions

 

		9.1	Terms defined in Part 2 of this Agreement shall be interpreted and construed consistently and have
the same meaning throughout this Part 2 of this Agreement.

 

		9.2	Capitalized terms that are not defined in this Part 2 of this Agreement shall have the meaning
assigned to them in the Series C ISHA.

 

		9.3	The headings contained in this Part 2 of this Agreement are for convenience and reference purposes
only and shall not affect the meaning or construction of any of the provisions hereof.

 

		10.	Adherence to the Shareholders‘ Agreement

 

		10.1	Each of the Series D Investors hereby irrevocably declares to adhere to the Series C ISHA with
effect as of today, and thus becoming a “Party” and “Shareholder” of the Series C ISHA (as modified by
this Agreement).

 

		10.2	The Series D Investors accept to be bound to their irrevocable offer pursuant to § 16(1)
of the Series C ISHA. With respect to the Series D Investors all preconditions of § 16(1) of the Series C ISHA shall
be deemed fulfilled or waived. Each of the Series D Investors accepts this offer to become a Party of the Series C ISHA (as modified
by the provisions of this Agreement). As a matter of precaution only, the Current Shareholders hereby accept the offer of the Series
D Investors to accede to the Series C ISHA and waive the requirement to receive an adherence declaration by the Series D Investors.

 

		11.	Modifications of the Series C ISHA

 

		11.1	Definitions

 

The definition of Financial Investors,
Shareholder and Party as set forth in the parties section of the Series C ISHA shall be modified to include the Series D Investors.

 

		11.2	Preference in Liquidation and Sale Proceeds (§ 21 of the Series C ISHA)

 

    31 

     

    

 

§ 21(1)a)
of the Series C ISHA will be amended as follows:

 

“First, on
the same level and with the same rank,

 

		(a)	the holders of Converted Series D Preferred Shares shall receive, in preference to the holders
of Common Shares but concurrently with the holders of the remaining Series D Preferred Shares (for the avoidance of doubt excluding
the Converted Series D Preferrred Shares), Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares,
preference payments (Vorabzahlungen) in each case in an amount equal to one time (1x) the Series D Share Price for each
of their respective Converted Series D Preferred Shares included in the sale plus an amount representing interest at a rate of
6 % p.a. on such Series D Share Price as from the date of the respective payment of such Series D Share Price up until the
date of the closing of the sale.

For the avoidance of doubt, the holders of Converted Series D Preferred Shares do not have any rights referring to the time prior
to the conversion of their Series A Preferred Shares or Series B Preferred Shares into Converted Series D Preferred Shares pursuant
to Clause ‎2.8 of Part 1 of this Agreement;

 

		(b)	the holders of Series D Preferred Shares, excluding the holders of Converted Series D Preferred
Shares, shall receive, in preference to the holders of Common Shares but concurrently with the holders of Converted Series D Preferred
Shares, Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares, preference payments (Vorabzahlungen)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to § 272 (2)
HGB) for each of their respective Series D Preferred Shares included in the sale plus an amount representing interest at a rate
of 6 % p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until
the date of the closing of the sale;

 

		(c)	the holders of Series C Preferred Shares shall receive, in preference to the holders of Common
Shares but concurrently with the holders of Converted Series D Preferred Shares, Series D Preferred Shares, Series B Preferred
Shares and Series A Preferred Shares, preference payments (Vorabzahlungen) in each case in an amount equal to one time (1x)
their average contributions to the Company (capital contributions towards the share capital in the nominal value and additional
payments into the capital reserves of the Company pursuant to § 272 (2) HGB) for each of their respective Series
C Preferred Shares included in the sale plus an amount representing interest at a rate of 6 % p.a. on such contributions as
from the date of the respective payment of such contributions to the Company or the date of the payment into the trust account
in accordance with Clause ‎3 of this Agreement,
as the case may be, up until the date of the closing of the sale;

 

    32 

     

    

 

		(d)	the holders of Series B Preferred Shares, except for the holders of Converted Series D Preferred
Shares, shall receive, in preference to the holders of Common Shares but concurrently with the holders of Converted Series D Preferred
Shares, Series D Preferred Shares, Series C Preferred Shares and Series A Preferred Shares, preference payments (Vorabzahlungen)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to § 272 (2)
HGB) for each of their respective Series B Preferred Shares included in the sale plus an amount representing interest at a rate
of 6 % p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until
the date of the closing of the sale; and

 

		(e)	the holders of Series A Preferred Shares, except for the holders of Converted Series D Preferred
Shares, shall receive, in preference to the holders of Common Shares but concurrently with the holders of Converted Series D Preferred
Shares, Series D Preferred Shares, Series C Preferred Shares and Series B Preferred Shares, preference payments (Vorabzahlungen)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to § 272 (2)
HGB) for each of their respective Series A Preferred Shares included in the sale plus an amount representing interest at a rate
of 8 (eight) % p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until
the date of the closing of the sale;

 

 

    33 

     

    

 

if the Proceeds are not sufficient
to satisfy all amounts to be paid under this § 21(1)a), then the entire Proceeds shall be divided between the holders of Converted
Series D Preferred Shares, Series D Preferred Shares, Series C Preferred Shares, Series B Preferred Shares and Series A Preferred
Shares in proportion to the preference payments they each would be entitled to under this a) if the Proceeds were sufficient to
satisfy all amounts to be paid under this a).”

 

Subsequent to
§ 21 (1)e) of the Series C ISHA, the following § 21(1)f) will be included:

 

		(f)	"in the event that following a conversion of the Series D Preferred Shares into Common Shares
at the conversion rate set forth in § 22 below, the total amount to be distributed under § 21(1)b) above on the Common
Shares resulting from such conversion is higher than the total amount to be distributed under § 21(1)a)cc) above on such Series
D Preferred Shares without such conversion, all Series D Preferred Shares shall automatically be deemed converted into Common Shares
at the conversion rate set forth in § 22 below for the purposes of the distribution of the Proceeds under this § 21.”

 

The subsequent paragraph will be
amended as follows:

 

“In the event that the Proceeds
are paid in tranches and/or contingent upon conditions and/or deferred and/or paid into an escrow account (in particular without
limitation to cover any representations, warranties, indemnities or similar claims), the amount of the preference payments under
§ 21(1)a) above shall not be abrogated or diminished, i.e. the first Proceeds received by the Shareholders shall first be
distributed to the holders of Converted Series D Preferred Shares, Series D Preferred Shares, Series C Preferred Shares, Series
B Preferred Shares and the holders of Series A Preferred Shares until they have received the full preference payments under §
21(1)a) above.”

 

		11.3	Cancellation of Non-Granted Options (Stock Option Plan 2016)

 

§ 6(2) of the Series C ISHA
provides for a stock option plan to promote the motivation and identification for present and future selected managing directors,
key employees and consultants of the Company to be granted at terms set forth in the Series C ISHA (“Stock Option Plan
2016”). Currently, 3,060 options are available for granting under the Stock Option Plan 2016. These not granted options
shall hereby be cancelled, so that no options may be granted from the date of this Agreement under the Stock Option Plan 2016.
Prof. Dr. Niels Riedemann and Arnd Christ, in their capacity as managing directors of the Company, hereby undertake not to grant
any options from the Stock Option Plan 2016 or to utilize the Authorized Capital as provided therefore in Section 6a of the Company’s
Articles of Association. The cancellation of the not granted options and of the Authorized Capital in Section 6a of the Company’s
Articles of Association shall be resolved in a separate resolution as soon as practicably possible after registration of the Series
D Capital Increase in the Company’s Commercial Register.

 

    34 

     

    

 

		11.4	German Money Laundering Act (§ 16 para. 3 of the Series C ISHA)

 

Parties agree
that the Series D Investors will deliver the documentation requested under § 16 para. 3 of the Series C ISHA without undue
delay after signing of this Agreement and thus provide information of the beneficial owner of the shareholder in accordance with
Sec. 3 para. 2 of the German Money Laundering Act.

 

		12.	Validity of Series C ISHA

 

To the extent that the provisions
of the Series C ISHA have not been modified by this Part 2 of this Agreement and particularly by Clause ‎11
of this Part 2 of this Agreement it is agreed that the Series C ISHA should remain in full effect.

 

		13.	Transaction Costs

 

		13.1	The Company shall bear all legal and administrative costs in connection with the Series D Preferred
Shares Financing including reasonable fees and expenses of external legal counsel of the Series D Investors.

 

		13.2	All payments pursuant to Clause ‎13.1
shall be made within two weeks after invoicing.

 

		13.3	The Company shall bear the costs and fees of the notary for the notarization of this Agreement
and the court and register fees and disbursements for the required Commercial Register registrations.

 

    35 

     

    

 

		14.	Miscellaneous

 

		14.1	The terms and conditions of this Agreement shall apply to all shares of the Company held by the
Shareholders currently or in the future. The shares of the Company shall remain in the particular ownership of the respective Shareholder.
No joint ownership (Eigentum zur gesamten Hand) or co-ownership (Miteigentum) shall be established by this Agreement.

 

		14.2	Any joint and several liability (gesamtschuldnerische Haftung) shall be excluded, unless
expressly set forth otherwise in this Agreement.

 

		14.3	If this Agreement refers to an internal vote or resolution of the Shareholders or a specific group
of Shareholders outside Shareholders' Meetings, the following provisions shall apply: The request for such a vote or resolution
shall be made by any of such Shareholders in Text Form to all Shareholders who are part of the specific group. The vote or resolution
shall be made within ten calendar days following the sending of the request and be taken in writing, by telephone, telefax or e-mail.
The vote or resolution shall be deemed taken if Shareholders representing the majority required for such internal vote or resolution
agree to the proposed vote or resolution within this time limit irrespective of whether all Shareholders of the specific group
participate in the vote or resolution. Minutes of the vote or resolution shall be drawn up and shall be signed by the Shareholder
requesting the vote or resolution immediately after the passing of such vote or resolution, and a copy shall be provided to each
Shareholder and the Company.

 

		14.4	The terms and conditions of this Agreement shall prevail, as amongst the Shareholders, over the
terms and conditions of the Articles of Association of the Company. In the event that provisions of this Agreement contradict provisions
of the Articles of Association of the Company, this Agreement shall prevail to the extent legally permissible; the Shareholders
shall amend the Articles of Association of the Company accordingly.

 

		14.5	This Agreement is written in the English language (except that Annexes and Exhibits to this Agreement
may be in other languages) which shall be binding. Terms to which a German term has been added in parentheses and italics shall
be interpreted throughout this Agreement including its Annexes and Exhibits in accordance with the German term alone, and the English
term to which such German term relates shall be disregarded.

 

    36 

     

    

 

		14.6	Amendments and additions to this Agreement must be made in writing to be effective, to the extent
that notarization is not required. This shall also apply to a waiver of the written form requirement as well as to a waiver of
any right or claim under this Agreement.

 

		14.7	Should individual terms of this Agreement be or become invalid or unenforceable or if this Agreement
contains gaps, this shall not affect the validity of the remaining terms of this Agreement. In place of the invalid, unenforceable
or missing term, such valid term which the Parties would reasonably have agreed, had they been aware at the conclusion of this
Agreement that the relevant term was invalid, unenforceable or missing, shall be deemed to have been agreed. Should a term of this
Agreement be or become invalid because of the scope or time of performance for which it provides, then the agreed scope or time
of performance shall be amended to correspond with the extent legally permitted.

 

		14.8	This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic
of Germany, without regard to principles of conflicts of laws. The UN Convention on Contracts for the International Sale of Goods
(CISG) shall not apply.

 

		14.9	To the extent that such an agreement is legally valid, the courts competent for Jena, Germany,
shall have exclusive jurisdiction over this Agreement.

 

		15.	Severability

 

If any paragraph,
provision or clause in this Agreement shall be found or held to be invalid or unenforceable, the remainder of this Agreement shall
be valid and enforceable and the Parties shall negotiate, in good faith, a substitute, valid and enforceable provision which most
nearly affects the Parties’ intent in entering into this Agreement.

 

******

 

 

 

    37

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