Document:

SQL TECHNOLOGIES
CORP.

2018 STOCK
INCENTIVE PLAN

 

1.       Purpose

 

SQL Technologies
Corp.’s 2018 Stock Incentive Plan is intended to promote the best interests of SQL Technologies Corp. and its stockholders
by (i) assisting the Corporation and its Affiliates in the recruitment and retention of persons with ability and initiative,
(ii) providing an incentive to such persons to contribute to the growth and success of the Corporation’s businesses
by affording such persons equity participation in the Corporation and (iii) associating the interests of such persons with
those of the Corporation and its Affiliates and stockholders.

 

2.       Definitions

 

As used in
this Plan the following definitions shall apply:

 

A.                
“Affiliate” means (i) any Subsidiary, (ii) any Parent, (iii) any corporation, or trade or business
(including, without limitation, a partnership, limited liability company or other entity) which is directly or indirectly controlled
fifty percent (50%) or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) by
the Corporation or one of its Affiliates, and (iv) any other entity in which the Corporation or any of its Affiliates has
a material equity interest and which is designated as an “Affiliate” by resolution of the Committee. 

 

B.                 
“Award” means any Option or Stock Award granted hereunder.

 

C.                 
“Board” means the Board of Directors of the Corporation. 

 

D.                
“Code” means the Internal Revenue Code of 1986, and any amendments thereto. 

 

E.                 
“Committee” means the Board or any Committee of the Board to which the Board has delegated any responsibility
for the implementation, interpretation or administration of this Plan. 

 

F.                 
“Common Stock” means the common stock, no par value, of the Corporation. 

 

G.                
“Consultant” means (i) any person performing consulting or advisory services for the Corporation or any
Affiliate, or (ii) a director of an Affiliate. 

 

H.                
“Corporation” means SQL Technologies Corp., a Florida corporation. 

 

I.                   
“Corporation Law” means the Florida Business Corporation Act, as the same shall be amended from time to time.

 

J.                   
“Date of Grant” means the date that the Committee approves an Option grant; provided, that all terms of such
grant, including the amount of shares subject to the grant, exercise price and vesting are defined at such time.

 

K.                
“Deferral Period” means the period of time during which Deferred Shares are subject to deferral limitations
under Section 7.D of this Plan. 

 

L.                 
“Deferred Shares” means an award pursuant to Section 7.D of this Plan of the right to receive shares of Common
Stock at the end of a specified Deferral Period.

 

    	 	1	 

     

    

M.               
“Director” means a member of the Board. 

 

N.                
“Eligible Person” means an employee of the Corporation or an Affiliate (including a corporation that becomes
an Affiliate after the adoption of this Plan), a Director or a Consultant to the Corporation or an Affiliate (including a corporation
that becomes an Affiliate after the adoption of this Plan). 

 

O.                
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

P.                 
“Fair Market Value” means, on any given date, the current fair market value of the shares of Common Stock as
determined as follows: 

 

(i)                
If the Common Stock is traded on a national securities exchange, the closing price for the day of determination as quoted on such
market or exchange, including the NASDAQ Global Market or NASDAQ Capital Market, which is the primary market or exchange for trading
of the Common Stock or if no trading occurs on such date, the last day on which trading occurred, or such other appropriate date
as determined by the Committee in its discretion, as reported in The Wall Street Journal or such other source as the Committee
deems reliable; 

 

(ii)              
If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market
Value shall be the mean between the high and the low asked prices for the Common Stock for the day of determination; or 

 

(iii)            
In the absence of an established market for the Common Stock, Fair Market Value shall be determined by the Committee in good faith.

 

Q.                
“Family Member” means a parent, child, spouse or sibling.

 

R.                 
“Incentive Stock Option” means an Option (or portion thereof) intended to qualify for special tax treatment
under Section 422 of the Code. 

 

S.                 
“Nonqualified Stock Option” means an Option (or portion thereof) which is not intended or does not for any
reason qualify as an Incentive Stock Option. 

 

T.                 
“Option” means any option to purchase shares of Common Stock granted under this Plan. 

 

U.                
“Parent” means any corporation (other than the Corporation) in an unbroken chain of corporations ending with
the Corporation if each of the corporations (other than the Corporation) owns stock possessing at least fifty percent (50%) of
the total combined voting power of all classes of stock in one of the other corporations in such chain. 

 

V.                
“Participant” means an Eligible Person who (i) is selected by the Committee or an authorized officer of
the Corporation to receive an Award and (ii) is party to an agreement setting forth the terms of the Award, as appropriate.

 

W.              
“Performance Agreement” means an agreement described in Section 8 of this Plan. 

 

X.                
“Performance Objectives” means the performance objectives established by the Committee pursuant to this Plan
for Participants who have received grants of Awards. Performance Objectives may be described in terms of Corporation-wide objectives
or objectives that are related to the performance of the individual Participant or the Affiliate, division, department or function
within the Corporation or Affiliate in which the Participant is employed or has responsibility. Any Performance Objectives applicable
to Awards to the extent that such an Award is intended to qualify as “Performance Based Compensation” under Section
162(m) of the Code shall be limited to specified levels of or increases in the Corporation’s or a business unit’s
return on equity, earnings per share, total earnings, earnings growth, return on capital, return on assets, economic value added,
earnings before interest and taxes, earnings before interest, taxes, depreciation and amortization, sales growth, gross margin
return on investment, increase in the Fair Market Price of the shares, net operating profit, cash flow (including, but not limited
to, operating cash flow and free cash flow), cash flow return on investments (which equals net cash flow divided by total capital),
internal rate of return, increase in net present value or expense targets. The Awards intended to qualify as “Performance
Based Compensation” under Section 162(m) of the Code shall be pre-established in accordance with applicable regulations
under Section 162(m) of the Code and the determination of attainment of such goals shall be made by the Committee. If the Committee
determines that a change in the business, operations, corporate structure or capital structure of the Corporation (including an
event described in Section 9), or the manner in which it conducts its business, or other events or circumstances render the Performance
Objectives unsuitable, the Committee may modify such Performance Objectives or the related minimum acceptable level of achievement,
in whole or in part, as the Committee deems appropriate and equitable; provided, however, that no such modification shall be made
to an Award intended to qualify as “Performance Based Compensation” under Section 162(m) of the Code unless the Committee
determines that such modification will not result in loss of such qualification or the Committee determines that loss of such
qualification is in the best interests of the Corporation. 

    	 	2	 

     

    

 

Y.                
“Performance Period” means a period of time established under Section 8 of this Plan within which the Performance
Objectives relating to a Stock Award are to be achieved. 

 

Z.                 
“Performance Share” means an award pursuant to Section 8 of this Plan of the right to receive shares of Common
Stock upon the achievement of specified Performance Objectives.

 

AA.           
“Plan” means this SQL Technologies Corp. 2018 Stock Incentive Plan. 

 

BB.            
“Repricing” means, other than in connection with an event described in Section 9 of this Plan, (i) lowering
the exercise price of an Option after it has been granted or (ii) canceling an Option at a time when the exercise price exceeds
the then-Fair Market Value of the Common Stock in exchange for another Option. 

 

CC.            
“Restricted Stock Award” means an award of Common Stock under Section 7.B. 

 

DD.           
“Securities Act” means the Securities Act of 1933, as amended. 

 

EE.            
“Stock Award” means a Stock Bonus Award, Restricted Stock Award, Stock Appreciation Right, Deferred Shares,
or Performance Shares.

 

FF.             
“Stock Bonus Award” means an award of Common Stock under Section 7.A.

 

GG.           
“Stock Award Agreement” means a written agreement between the Corporation and a Participant setting forth the
specific terms and conditions of a Stock Award granted to the Participant under Section 7. Each Stock Award Agreement shall be
subject to the terms and conditions of this Plan and shall include such terms and conditions as the Committee shall authorize.

 

HH.           
“Stock Option Agreement” means an agreement (written or electronic) between the Corporation and a Participant
setting forth the specific terms and conditions of an Option granted to the Participant. Each Stock Option Agreement shall be
subject to the terms and conditions of this Plan and shall include such terms and conditions as the Committee shall authorize.

 

II.                 
“Subsidiary” means any corporation (other than the Corporation) in an unbroken chain of corporations beginning
with the Corporation if each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing
at least fifty percent (50%) of the total combined voting power of all classes of stock in one of the other corporations in such
chain. 

 

JJ.                
“Ten Percent Owner” means any Eligible Person owning at the time an Option is granted more than ten percent
(10%) of the total combined voting power of all classes of stock of the Corporation or of a Parent or Subsidiary. An individual
shall, in accordance with Section 424(d) of the Code, be considered to own any voting stock owned (directly or indirectly) by
or for such Eligible Person’s brothers, sisters, spouse, ancestors and lineal descendants and any voting stock owned (directly
or indirectly) by or for a corporation, partnership, estate or trust shall be considered as being owned proportionately by or
for its stockholders, partners, or beneficiaries. 

 

    	 	3	 

     

    

3.
implementation, interpretation and Administration

 

A.                
Delegation to Board Committee. The Board shall have the sole authority to implement, interpret, and/or administer this
Plan unless the Board delegates all or any portion of its authority to implement, interpret, and/or administer this Plan to a
Committee. To the extent not prohibited by the Certificate of Incorporation or Bylaws of the Corporation, the Board may delegate
all or a portion of its authority to implement, interpret, and/or administer this Plan to a Committee of the Board appointed by
the Board and constituted in compliance with the applicable Corporation Law. The Committee shall consist solely of two (2) or
more Directors who are (i) Non-Employee Directors (within the meaning of Rule 16b-3 under the Exchange Act) for purposes
of exercising administrative authority with respect to Awards granted to Eligible Persons who are subject to Section 16 of
the Exchange Act; (ii) to the extent required by the rules of the market on which the Corporation’s shares are traded
or the exchange on which the Corporation’s shares are listed, “independent” within the meaning of such rules;
and (iii) at such times as an Award under this Plan by the Corporation is subject to Section 162(m) of the Code (to the extent
relief from the limitation of Section 162(m) of the Code is sought with respect to Awards and administration of the Awards by
a committee of “outside directors” is required to receive such relief), “outside directors” within the
meaning of Section 162(m) of the Code. 

 

B.                 
Delegation to Officers. The Committee may delegate to one or more officers of the Corporation the authority to grant and
administer Awards to Eligible Persons who are not Directors or executive officers of the Corporation; provided that the Committee
shall have fixed the total number of shares of Common Stock that may be subject to such Awards. No officer holding such a delegation
is authorized to grant Awards to himself or herself. In addition to the Committee, the officer or officers to whom the Committee
has delegated the authority to grant and administer Awards shall have all powers delegated to the Committee with respect to such
Awards. 

 

C.                 
Powers of the Committee. Subject to the provisions of this Plan, and in the case of a Committee appointed by the Board,
the specific duties delegated to such Committee, the Committee (and the officers to whom the Committee has delegated such authority)
shall have the authority: 

 

(i)                
To construe and interpret all provisions of this Plan and all Stock Option Agreements, Stock Award Agreements, Performance Agreements,
or any other agreement under this Plan. 

 

(ii)              
To determine the Fair Market Value of Common Stock in the absence of an established market for the Common Stock. 

 

(iii)            
To select the Eligible Persons to whom Awards are granted from time to time hereunder. 

 

(iv)             
To determine the number of shares of Common Stock covered by an Award; to determine whether an Option shall be an Incentive Stock
Option or Nonqualified Stock Option; and to determine such other terms and conditions, not inconsistent with the terms of this
Plan, of each such Award. Such terms and conditions include, but are not limited to, the exercise price of an Option, purchase
price of Common Stock subject to a Stock Award, the time or times when Options or a Stock Award may be exercised or Common Stock
issued thereunder, the vesting schedule of an Option, the right of the Corporation to repurchase Common Stock issued pursuant
to the exercise of an Option or a Stock Award and other restrictions or limitations (in addition to those contained in this Plan)
on the forfeitability or transferability of Options, Stock Awards or Common Stock issued upon exercise of an Option or pursuant
to a Stock Award. Such terms may include conditions which shall be determined by the Committee and need not be uniform with respect
to Participants. 

 

(v)               
To accelerate the time at which any Option or Stock Award may be exercised, or the time at which a Stock Award or Common Stock
issued under this Plan may become transferable or non-forfeitable. 

 

(vi)             
To determine whether and under what circumstances an Option or Stock Award may be settled in cash, shares of Common Stock or other
property under Section 6.H instead of in Common Stock. 

 

    	 	4	 

     

    

(vii)           
To waive, amend, cancel, extend, renew, accept the surrender of, modify or accelerate the vesting of or lapse of restrictions
on all or any portion of an outstanding Award. Except as otherwise provided by this Plan, Stock Option Agreement, Stock Award
Agreement or Performance Agreement or as required to comply with applicable law, regulation or rule, no amendment, cancellation
or modification shall, without a Participant’s consent, adversely affect any rights of the Participant; provided, however,
that (x) an amendment or modification that may cause an Incentive Stock Option to become a Nonqualified Stock Option shall
not be treated as adversely affecting the rights of the Participant and (y) any other amendment or modification of any Stock
Option Agreement, Stock Award Agreement or Performance Agreement that does not, in the opinion of the Committee, adversely affect
any rights of any Participant, shall not require such Participant’s consent. Notwithstanding the foregoing, the restrictions
on the Repricing of Options, as set forth in this Plan, may not be waived. 

 

(viii)         
To prescribe the form of Stock Option Agreements, Stock Award Agreements, Performance Agreements, or any other agreements under
this Plan; to adopt policies and procedures for the exercise of Options or Stock Awards, including the satisfaction of withholding
obligations; to adopt, amend, and rescind policies and procedures pertaining to the administration of this Plan; and to make all
other determinations necessary or advisable for the administration of this Plan. Except for the due execution of the award agreement
by both the Corporation and the Participant, the Award’s effectiveness will not be dependent on any signature unless specifically
so provided in the award agreement. 

 

The express
grant in this Plan of any specific power to the Committee shall not be construed as limiting any power or authority of the Committee;
provided that the Committee may not exercise any right or power reserved to the Board. Any decision made, or action taken, by
the Committee or in connection with the implementation, interpretation, and administration of this Plan shall be final, conclusive
and binding on all persons having an interest in this Plan.

 

4.       Eligibility

 

A.                
Eligibility for Awards. Awards, other than Incentive Stock Options, may be granted to any Eligible Person selected by the
Committee. Incentive Stock Options may be granted only to employees of the Corporation or a Parent or Subsidiary. 

 

B.                 
Eligibility of Consultants. A Consultant shall be an Eligible Person only if the offer or sale of the Corporation’s
securities would be eligible for registration on Form S-8 Registration Statement (or any successor form) because of the identity
and nature of the service provided by such person, unless the Corporation determines that an offer or sale of the Corporation’s
securities to such person will satisfy another exemption from the registration under the Securities Act and complies with the
securities laws of all other jurisdictions applicable to such offer or sale. Accordingly, an Award may not be granted pursuant
to this Plan for the purpose of the Corporation obtaining financing or for investor relations purposes.

 

C.                 
Substitution Awards. The Committee may make Awards under this Plan by assumption, in substitution or replacement of performance
shares, phantom shares, stock awards, stock options or similar awards granted by another entity (including an Affiliate) in connection
with a merger, consolidation, acquisition of property or stock or similar transaction. Notwithstanding any provision of this Plan
(other than the maximum number of shares of Common Stock that may be issued under this Plan), the terms of such assumed, substituted,
or replaced Awards shall be as the Committee, in its discretion, determines is appropriate. 

 

    	 	5	 

     

    

5.       Common
Stock Subject to Plan

 

A.                
Share Reserve and Limitations on Grants. The maximum aggregate number of shares of Common Stock that may be (i) issued
under this Plan pursuant to the exercise of Options (without regard to whether payment on exercise of the Stock Option is made
in cash or shares of Common Stock), (ii) issued pursuant to Stock Awards shall be 5,000,000 shares. The number of shares
of Common Stock subject to the Plan shall be subject to adjustment as provided in Section 9. Notwithstanding any provision
hereto to the contrary, shares subject to the Plan shall include shares forfeited in a prior year as provided herein. For purposes
of determining the number of shares of Common Stock available under this Plan, shares of Common Stock withheld by the Corporation
to satisfy applicable tax withholding obligations pursuant to Section 10 of this Plan shall be deemed issued under this Plan.
No single participant may receive more than 25% of the total Options awarded in any single year.

 

B.                 
Reversion of Shares. If an Option or Stock Award is terminated, expires or becomes unexercisable, in whole or in part,
for any reason, the unissued or unpurchased shares of Common Stock which were subject thereto shall become available for future
grant under this Plan. Shares of Common Stock that have been actually issued under this Plan shall not be returned to the share
reserve for future grants under this Plan; except that shares of Common Stock issued pursuant to a Stock Award which are forfeited
to the Corporation or repurchased by the Corporation at the original purchase price of such shares, shall be returned to the share
reserve for future grant under this Plan. 

 

C.                 
Source of Shares. Common Stock issued under this Plan may be shares of authorized and unissued Common Stock or shares of
previously issued Common Stock that have been reacquired by the Corporation. 

 

6.
       Options

 

A.                
Award. In accordance with the provisions of Section 4, the Committee will designate each Eligible Person to whom an
Option is to be granted and will specify the number of shares of Common Stock covered by such Option. The Stock Option Agreement
shall specify whether the Option is an Incentive Stock Option or Nonqualified Stock Option, the exercise price of such Option,
the vesting schedule applicable to such Option, the expiration date of such Option, events of termination of such Option, and
any other terms of such Option. No Option that is intended to be an Incentive Stock Option shall be invalid for failure to qualify
as an Incentive Stock Option. 

 

B.                 
Option Price. The exercise price per share for Common Stock subject to an Option shall be determined by the Committee,
but shall comply with the following: 

 

(i)                
The exercise price per share for Common Stock subject to an Option shall not be less than one hundred percent (100%) of the Fair
Market Value on the date of grant. 

 

(ii)              
The exercise price per share for Common Stock subject to an Incentive Stock Option granted to a Participant who is deemed to be
a Ten Percent Owner on the date such option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market
Value on the date of grant. 

 

C.                 
Maximum Option Period. The maximum period during which an Option may be exercised shall be ten (10) years from the
date such Option was granted. In the case of an Incentive Stock Option that is granted to a Participant who is or is deemed to
be a Ten Percent Owner on the date of grant, such Option shall not be exercisable after the expiration of five (5) years
from the date of grant. 

 

    	 	6	 

     

    

D.                
Maximum Value of Options which are Incentive Stock Options. To the extent that the aggregate Fair Market Value of the Common
Stock with respect to which Incentive Stock Options granted to any Participant are exercisable for the first time during any calendar
year (under all stock option plans of the Corporation or any Parent or Subsidiary) exceeds $100,000 (or such other amount provided
in Section 422 of the Code), the Options shall not be deemed to be Incentive Stock Options. For purposes of this section,
the Fair Market Value of the Common Stock will be determined as of the time the Incentive Stock Option with respect to the Common
Stock is granted. This section will be applied by taking Incentive Stock Options into account in the order in which they are granted.

 

E.                 
Nontransferability. Options granted under this Plan which are intended to be Incentive Stock Options shall be nontransferable
except by will or by the laws of descent and distribution and, during the lifetime of the Participant, shall be exercisable by
only the Participant to whom the Incentive Stock Option is granted. Except to the extent transferability of a Nonqualified Stock
Option is provided for in the Stock Option Agreement or is approved by the Committee, during the lifetime of the Participant to
whom the Nonqualified Stock Option is granted, such Option may be exercised only by the Participant. If the Stock Option Agreement
so provides or the Committee so approves, a Nonqualified Stock Option may be transferred by a Participant through a gift or domestic
relations order to the Participant’s family members to the extent such transfer complies with applicable securities laws
and regulations and provided that such transfer is not a transfer for value (within the meaning of applicable securities laws
and regulations). The holder of a Nonqualified Stock Option transferred pursuant to this section shall be bound by the same terms
and conditions that governed the Option during the period that it was held by the Participant. No right or interest of a Participant
in any Option shall be liable for, or subject to, any lien, obligation, or liability of such Participant, unless such obligation
is to the Corporation itself or to an Affiliate. 

 

F.                 
Vesting. Options will vest as provided in the Stock Option Agreement. 

 

G.                
Termination. Options will terminate as provided in the Stock Option Agreement.

 

H.                
Exercise. Subject to the provisions of this Plan and the applicable Stock Option Agreement, an Option may be exercised
to the extent vested in whole at any time or in part from time to time at such times and in compliance with such requirements
as the Committee shall determine. A partial exercise of an Option shall not affect the right to exercise the Option from time
to time in accordance with this Plan and the applicable Stock Option Agreement with respect to the remaining shares subject to
the Option. An Option may not be exercised with respect to fractional shares of Common Stock. The Participant may face certain
restrictions on his/her ability to exercise Options and/or sell underlying shares when such Participant is potentially in possession
of insider information. The Corporation will make the Participant aware of any formal insider trading policy it adopts, and the
provisions of such insider trading policy (including any amendments thereto) shall be binding upon the Participant.

 

I.                   
Payment. Unless otherwise provided by the Stock Option Agreement, payment of the exercise price for an Option shall be
made in cash or a cash equivalent acceptable to the Committee or if the Common Stock is traded on an established securities market,
by payment of the exercise price by a broker-dealer or by the Option holder with cash advanced by the broker-dealer if the exercise
notice is accompanied by the Option holder’s written irrevocable instructions to deliver the Common Stock acquired upon
exercise of the Option to the broker-dealer or by delivery of the Common Stock to the broker-dealer with an irrevocable commitment
by the broker-dealer to forward the exercise price to the Corporation. With the consent of the Committee, payment of all or a
part of the exercise price of an Option may also be made (i) by surrender to the Corporation (or delivery to the Corporation
of a properly executed form of attestation of ownership) of shares of Common Stock that have been held for such period prior to
the date of exercise as is necessary to avoid adverse accounting treatment to the Corporation, or (ii) any other method acceptable
to the Committee. If Common Stock is used to pay all or part of the exercise price, the sum of the cash or cash equivalent and
the Fair Market Value (determined as of the date of exercise) of the shares surrendered must not be less than the Option price
of the shares for which the Option is being exercised. 

 

    	 	7	 

     

    

J.                   
Stockholder Rights. No Participant shall have any rights as a stockholder with respect to shares subject to an Option until
the date of exercise of such Option and the certificate for shares of Common Stock to be received on exercise of such Option has
been issued by the Corporation. 

 

K.                
Disposition and Stock Certificate Legends for Incentive Stock Option Shares. A Participant shall notify the Corporation
of any sale or other disposition of Common Stock acquired pursuant to an Incentive Stock Option if such sale or disposition occurs
(i) within two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the Participant.
Such notice shall be in writing and directed to the Chief Financial Officer of the Corporation or is his/her absence, the Chief
Executive Officer. The Corporation may require that certificates evidencing shares of Common Stock purchased upon the exercise
of Incentive Stock Options issued under this Plan be endorsed with a legend in substantially the following form: 

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO ___, 20___, IN THE ABSENCE OF A WRITTEN STATEMENT
FROM THE CORPORATION TO THE EFFECT THAT THE CORPORATION IS AWARE OF THE FACTS OF SUCH SALE OR TRANSFER.

 

The blank
contained in this legend shall be filled in with the date that is the later of (i) one year and one day after the date of the
exercise of such Incentive Stock Option or (ii) two years and one day after the grant of such Incentive Stock Option.

 

L.                 
No Repricing. In no event shall the Committee permit a Repricing of any Option without the approval of the stockholders
of the Corporation. 

 

7.
       Stock Awards

 

A.                
Stock Bonus Awards. Stock Bonus Awards may be granted by the Committee. Each Stock Award Agreement for a Stock Bonus Award
shall be in such form and shall contain such terms and conditions (including provisions relating to consideration, vesting, reacquisition
of shares following termination, and transferability of shares) as the Committee shall deem appropriate. The terms and conditions
of Stock Award Agreements for Stock Bonus Awards may change from time to time and need not be uniform with respect to Participants,
and the terms and conditions of separate Stock Bonus Awards need not be identical. 

 

B.                 
Restricted Stock Awards. Restricted Stock Awards may be granted by the Committee. Each Stock Award Agreement for a Restricted
Stock Award shall be in such form and shall contain such terms and conditions (including provisions relating to purchase price,
consideration, vesting, reacquisition of shares following termination, and transferability of shares) as the Committee shall deem
appropriate. The terms and conditions of the Stock Award Agreements for Restricted Stock Awards may change from time to time and
need not be uniform with respect to Participants, and the terms and conditions of separate Restricted Stock Awards need not be
identical. Vesting of any grant of Restricted Stock Awards may be further conditioned upon the attainment of Performance Objectives
established by the Committee in accordance with the applicable provisions of Section 8 of this Plan regarding Performance Shares.

 

C.                 
Deferred Shares. The Committee may authorize grants of Deferred Shares to Participants upon the recommendation of the Corporation’s
management, and upon such terms and conditions as the Committee may determine in accordance with the following provisions: 

 

(i)                
Each grant shall constitute the agreement by the Corporation to issue or transfer shares of Common Stock to the Participant in
the future in consideration of the performance of services, subject to the fulfillment during the Deferral Period of such conditions
as the Committee may specify. 

 

(ii)              
Each grant may be made without additional consideration from the Participant or in consideration of a payment by the Participant
that is less than the Fair Market Value on the date of grant. 

 

    	 	8	 

     

    

(iii)            
Each grant shall provide that the Deferred Shares covered thereby shall be subject to a Deferral Period, which shall be fixed
by the Committee on the date of grant, and any grant or sale may provide for the earlier termination of such period in the event
of a change in control of the Corporation or other similar transaction or event. 

 

(iv)             
During the Deferral Period, the Participant shall not have any right to transfer any rights under the subject Award, shall not
have any rights of ownership in the Deferred Shares and shall not have any right to vote such shares, but the Committee may on
or after the date of grant, authorize the payment of dividend or other distribution equivalents on such shares in cash or additional
shares on a current, deferred or contingent basis. 

 

(v)               
Any grant, or the vesting thereof, may be further conditioned upon the attainment of Performance Objectives established by the
Committee in accordance with the applicable provisions of Section 8 of this Plan regarding Performance Shares. 

 

(vi)             
Each grant shall be evidenced by an agreement delivered to and accepted by the Participant and containing such terms and provisions
as the Committee may determine consistent with this Plan. The terms and conditions of the agreements for Deferred Shares may change
from time to time and need not be uniform with respect to Participants, and the terms and conditions of separate Deferred Shares
need not be identical.

 

8.
       Performance
Shares

 

A.                
The Committee may authorize grants of Performance Shares, which shall become payable to the Participant upon the achievement of
specified Performance Objectives, upon such terms and conditions as the Committee may determine in accordance with the following
provisions: 

 

(i)                
Each grant shall specify the number of Performance Shares to which it pertains, which may be subject to adjustment to reflect
changes in compensation or other factors. 

 

(ii)              
The Performance Period with respect to each Performance Share shall commence on the date established by the Committee and may
be subject to earlier termination in the event of a change in control of the Corporation or similar transaction or event. 

 

(iii)            
Each grant shall specify the Performance Objectives that are to be achieved by the Participant. 

 

(iv)             
Each grant may specify in respect of the specified Performance Objectives a minimum acceptable level of achievement below which
no payment will be made and may set forth a formula for determining the amount of any payment to be made if performance is at
or above such minimum acceptable level but falls short of the maximum achievement of the specified Performance Objectives. 

 

(v)               
Each grant shall specify the time and manner of payment of Performance Shares that shall have been earned, and any grant may specify
that any such amount may be paid by the Corporation in cash, shares of Common Stock or any combination thereof and may either
grant to the Participant or reserve to the Committee the right to elect among those alternatives. 

 

(vi)             
Any grant of Performance Shares may specify that the amount payable with respect thereto may not exceed a maximum specified by
the Committee on the date of grant. 

 

(vii)           
Any grant of Performance Shares may provide for the payment to the Participant of dividend or other distribution equivalents thereon
in cash or additional shares of Common Stock on a current, deferred or contingent basis. 

 

(viii)         
If provided in the terms of the grant and subject to the requirements of Section 162(m) of the Code (in the case of awards intended
to qualify for exception therefrom), the Committee may adjust Performance Objectives and the related minimum acceptable level
of achievement if, in the sole judgment of the Committee, events or transactions have occurred after the date of grant that are
unrelated to the performance of the Participant and result in distortion of the Performance Objectives or the related minimum
acceptable level of achievement. 

 

    	 	9	 

     

    

(ix)             
Each grant shall be evidenced by an agreement that shall be delivered to and accepted by the Participant, which shall state that
the Performance Shares are subject to all of the terms and conditions of this Plan and such other terms and provisions as the
Committee may determine consistent with this Plan. The terms and conditions of the agreements for Performance Shares may change
from time to time and need not be uniform with respect to Participants, and the terms and conditions of separate Performance Shares
need not be identical.

 

(x)               
Until the achievement of the Performance Objectives and the resulting issuance of the Performance Shares, the Participant shall
not have any rights as a stockholder in the Performance Shares and shall not have any right to vote such shares, but the Committee
may on or after the date of grant, authorize the payment of dividend or other distribution equivalents on such shares in cash
or additional shares on a current, deferred or contingent basis. 

 

9.
       Changes in Capital Structure

 

A.                
No Limitations of Rights. The existence of outstanding Awards shall not affect in any way the right or power of the Corporation
or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Corporation’s
capital structure or its business, or any merger or consolidation of the Corporation, or any issuance of bonds, debentures, preferred
or prior preference stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the
Corporation, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise. 

 

B.                 
Changes in Capitalization. If the Corporation shall effect a subdivision or consolidation of shares or other capital readjustment,
the payment of a stock dividend, or other increase or reduction of the number of shares of the Common Stock outstanding, without
receiving consideration therefore in money, services or property, then (i) the number, class, and per share price of shares of
Common Stock subject to outstanding Options and other Awards hereunder and (ii) the number of and class of shares then reserved
for issuance under this Plan and the maximum number of shares for which Awards may be granted to a Participant during a specified
time period shall be appropriately and proportionately adjusted. The conversion of convertible securities of the Corporation shall
not be treated as effected “without receiving consideration.” The Committee shall make such adjustments, and its determinations
shall be final, binding and conclusive. 

 

C.                 
Merger, Consolidation or Asset Sale. If the Corporation is merged or consolidated with another entity or sells or otherwise
disposes of substantially all of its assets to another company while Options or Stock Awards remain outstanding under this Plan,
unless provisions are made in connection with such transaction for the continuance of this Plan and/or the assumption or substitution
of such Options or Stock Awards with new options or stock awards covering the stock of the successor company, or parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices, then all outstanding Options and Stock Awards
which have not been continued, assumed or for which a substituted award has not been granted shall, whether or not vested or then
exercisable, unless otherwise specified in the Stock Option Agreement or Stock Award Agreement, terminate immediately as of the
effective date of any such merger, consolidation or sale. 

 

D.                
Limitation on Adjustment. Except as previously expressly provided, neither the issuance by the Corporation of shares of
stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services
either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations
of the Corporation convertible into such shares or other securities, nor the increase or decrease of the number of authorized
shares of stock, nor the addition or deletion of classes of stock, shall affect, and no adjustment by reason thereof shall be
made with respect to, the number, class or price of shares of Common Stock then subject to outstanding Options or Stock Awards.

 

10.
       Withholding
of Taxes

 

The Corporation
or an Affiliate shall have the right, before any certificate for any Common Stock is delivered, to deduct or withhold from any
payment owed to a Participant any amount that is necessary in order to satisfy any withholding requirement that the Corporation
or Affiliate in good faith believes is imposed upon it in connection with U.S federal, state, or local taxes, including transfer
taxes, as a result of the issuance of, or lapse of restrictions on, such Common Stock, or otherwise require such Participant to
make provision for payment of any such withholding amount. Subject to such conditions as may be established by the Committee,
the Committee may permit a Participant to (i) have Common Stock otherwise issuable under an Option or Stock Award withheld
to the extent necessary to comply with minimum statutory withholding rate requirements; (ii) tender back to the Corporation
shares of Common Stock received pursuant to an Option or Stock Award to the extent necessary to comply with minimum statutory
withholding rate requirements for supplemental income; (iii) deliver to the Corporation previously acquired Common Stock;
(iv) have funds withheld from payments of wages, salary or other cash compensation due the Participant; (v) pay the
Corporation or its Affiliate in cash, in order to satisfy part or all of the obligations for any taxes required to be withheld
or otherwise deducted and paid by the Corporation or its Affiliate with respect to the Option of Stock Award; or (vi) establish
a 10b5-1 trading plan for withheld stock designed to facilitate the sale of stock in connection with the vesting of such shares,
the proceeds of which shall be utilized to make all applicable withholding payments in a manner to be coordinated by the Corporation’s
Chief Financial Officer.

 

    	 	10	 

     

    

11.
       Compliance
with Law and Approval of Regulatory Bodies

 

A.                
General Requirements. No Option or Stock Award shall be exercisable, no Common Stock shall be issued, no certificates for
shares of Common Stock shall be delivered, and no payment shall be made under this Plan except in compliance with all applicable
federal and state laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to
which the Corporation is a party, and the rules of all domestic stock exchanges or quotation systems on which the Corporation’s
shares may be listed. The Corporation shall have the right to rely on an opinion of its counsel as to such compliance. In the
absence of an effective and current registration statement on an appropriate form under the Securities Act, or a specific exemption
from the registration requirements of the Securities Act, shares of Common Stock issued under this Plan shall be restricted shares.
Any share certificate issued to evidence Common Stock when a Stock Award is granted or for which an Option is exercised may bear
such restrictive legends and statements as the Committee may deem advisable to assure compliance with federal and state laws and
regulations. No Option or Stock Award shall be exercisable, no Stock Award shall be granted, no Common Stock shall be issued,
no certificate for shares shall be delivered, and no payment shall be made under this Plan until the Corporation has obtained
such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters. 

 

B.                 
Participant Representations. The Committee may require that a Participant, as a condition to receipt or exercise of a particular
award, execute and deliver to the Corporation a written statement, in form satisfactory to the Committee, in which the Participant
represents and warrants that the shares are being acquired for such person’s own account, for investment only and not with
a view to the resale or distribution thereof. The Participant shall, at the request of the Committee, be required to represent
and warrant in writing that any subsequent resale or distribution of shares of Common Stock by the Participant shall be made only
pursuant to either (i) a registration statement on an appropriate form under the Securities Act of 1933, which registration statement
has become effective and is current with regard to the shares being sold, or (ii) a specific exemption from the registration
requirements of the Securities Act of 1933, but in claiming such exemption the Participant shall, prior to any offer of sale or
sale of such shares, obtain a prior favorable written opinion of counsel, in form and substance satisfactory to counsel for the
Corporation, as to the application of such exemption thereto. 

 

12.
       General
Provisions

 

A.                
Effect on Employment and Service. Neither the adoption of this Plan, its operation, nor any documents describing or referring
to this Plan (or any part thereof) shall (i) confer upon any individual any right to continue in the employ or service of the
Corporation or an Affiliate, (ii) in any way affect any right and power of the Corporation or an Affiliate to change an individual’s
duties or terminate the employment or service of any individual at any time with or without assigning a reason therefor or (iii) except
to the extent the Committee grants an Option or Stock Award to such individual, confer on any individual the right to participate
in the benefits of this Plan. 

 

B.                 
Use of Proceeds. The proceeds received by the Corporation from any sale of Common Stock pursuant to this Plan shall be
used for general corporate purposes. 

 

C.                 
Unfunded Plan. This Plan, insofar as it provides for grants, shall be unfunded, and the Corporation shall not be required
to segregate any assets that may at any time be represented by grants under this Plan. Any liability of the Corporation to any
Participant with respect to any grant under this Plan shall be based solely upon any contractual obligations that may be created
pursuant to this Plan. No such obligation of the Corporation shall be deemed to be secured by any pledge of, or other encumbrance
on, any property of the Corporation. 

 

    	 	11	 

     

    

D.                
Rules of Construction. Headings are given to the Sections of this Plan solely as a convenience to facilitate reference.
The reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor
of such provision of law. 

 

E.                 
Choice of Law. This Plan and all Stock Option Agreements, Stock Award Agreements, and Performance Agreements (or any other
agreements) entered into under this Plan shall be interpreted under the Corporation Law excluding (to the greatest extent permissible
by law) any rule of law that would cause the application of the laws of any jurisdiction other than the Corporation Law. 

 

F.                 
Fractional Shares. The Corporation shall not be required to issue fractional shares pursuant to this Plan. The Committee
may provide for elimination of fractional shares or the settlement of such fractional shares in cash. 

 

G.                
Foreign Employees. In order to facilitate the making of any grant or combination of grants under this Plan, the Committee
may provide for such special terms for Awards to Participants who are foreign nationals, or who are employed by the Corporation
or any Affiliate outside of the United States, as the Committee may consider necessary or appropriate to accommodate differences
in local law, tax policy or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements or alternative
versions of, this Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of this
Plan, as then in effect, unless this Plan could have been amended to eliminate such inconsistency without further approval by
the stockholders of the Corporation. 

 

13.
       Amendment
and Termination

 

The Board
may amend or terminate this Plan from time to time; provided, however, stockholder approval shall be required for any amendment
that (i) increases the aggregate number of shares of Common Stock that may be issued under this Plan, except as contemplated
herein; (ii) changes the class of employees eligible to receive Incentive Stock Options; (iii) modifies the restrictions
on Repricings set forth in this Plan; or (iv) is required by the terms of any applicable law, regulation or rule, including
the rules of any market on which the Corporation shares are traded or exchange on which the Corporation shares are listed. Except
as specifically permitted by this Plan, any Stock Option Agreement or any Stock Award Agreement or as required to comply with
applicable law, regulation or rule, no amendment shall, without a Participant’s consent, adversely affect any rights of
such Participant under any Option or Stock Award outstanding at the time such amendment is made; provided, however, that an amendment
that may cause an Incentive Stock Option to become a Nonqualified Stock Option shall not be treated as adversely affecting the
rights of the Participant. Any amendment requiring stockholder approval shall be approved by the stockholders of the Corporation
within twelve (12) months of the date such amendment is adopted by the Board.

 

14.
       Effective
Date of Plan; Duration of Plan

 

A.                
This Plan shall be effective upon adoption by the Board, subject to approval within twelve (12) months by the stockholders
of the Corporation. Unless and until the Plan has been approved by the stockholders of the Corporation, no Award may be exercised.
In the event that the stockholders of the Corporation shall not approve the Plan within such twelve (12) month period, the
Plan and any previously granted Awards shall terminate. 

 

B.                 
Unless previously terminated, this Plan will terminate ten (10) years after the earlier of (i) the date this Plan is
adopted by the Board, or (ii) the date this Plan is approved by the stockholders, except that Awards that are granted under
this Plan prior to its termination will continue to be administered under the terms of this Plan until the Awards terminate, expire
or are exercised. 

 

 

IN WITNESS
WHEREOF, the Corporation has caused this Plan to be executed by a duly authorized officer as of the date of adoption of this
Plan by the Board of Directors.

 

SQL TECHNOLOGIES CORP.

 

 

 

By:/s/ John Campi

John Campi

Chief Executive
Officer

 

    	 	12Exhibit 10.1

 

COMMON STOCK
PURCHASE AGREEMENT

 

  

This Common Stock Purchase
Agreement (this “Agreement”) is dated as of May 14, 2018, by and among TapImmune, Inc., a Nevada corporation
(the “Company) and Eastern Capital Limited (the “Purchaser”).

 

WHEREAS, The
Company and the Purchaser is executing and delivering this Agreement in reliance upon the private placement exemption from securities
registration afforded by Section 4(a)(2) of the Securities Act, and Rule 506 of Regulation D (“Regulation D”)
as promulgated by the United States Securities and Exchange Commission (the “Commission”) under the Securities
Act.

 

WHEREAS, The
Purchaser wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, that aggregate
number of shares of common stock of the Company set forth below the Purchaser’s name on the signature page of this Agreement.

 

NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the parties agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.1. Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings indicated in this Section 1.1:

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 144. With respect to a Purchaser, any investment fund
or managed account that is managed on a discretionary basis by the same investment manager as Purchaser will be deemed to be an
Affiliate of Purchaser.

 

“Business Day”
means any day except Saturday, Sunday and any day which shall be a federal legal holiday or a day on which banking institutions
in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing Date”
means the date of the Closing.

 

“Commission”
means the Securities and Exchange Commission.

 

    1

     

    

 

“Common Stock”
means the common stock of the Company, $0.001 par value per share, and any securities into which such common stock may hereafter
be reclassified.

 

“Disclosures”
means the Disclosure Schedules, if any, attached as Annex I hereto.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Liens”
means a lien, charge, security interest, encumbrance, right of first refusal or other restriction.

 

“Material Adverse
Effect” shall have the meaning ascribed to such term in Section 3.1(b).

 

“Material Permits”
shall have the meaning ascribed to such term in Section 3.1(m).

 

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

 

“Price Per Share”
means $2.40 per share of Common Stock.

 

“Purchase Price”
means, as to the Purchaser and the Closing, the amounts set forth below Purchaser’s signature block on the signature page
hereto, in United States dollars and in immediately available funds.

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Shares”
means the shares of Common Stock, of which are being issued and sold by the Company to the Purchaser at the Closing.

 

“Trading Market”
means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange or the OTC Bulletin Board.

 

“Transaction
Documents” means this Agreement and any other documents or written agreements executed by the Company and the Purchaser
in connection with the transactions contemplated hereunder.

 

    2

     

    

 

“Transfer Agent”
means Island Stock Transfer and any successor transfer agent of the Company.

 

Article
II

PURCHASE AND SALE

 

Section 2.1. Purchase
and Sale of Common Stock and Closing. At the Closing, the Purchaser shall purchase and the Company shall issue and sell to
the Purchaser that number of shares of Common Stock as set forth opposite the Purchaser’s name on the signature page hereto
for the aggregate purchase price as set forth opposite each Purchaser’s name on the signature page hereto. The Closing will
take place at 2:00 p.m., New York time, on the first business day after the satisfaction or waiver of the closing conditions
set forth in Section 2.2 at Closing at the offices of Shumaker, Loop & Kendrick, LLP, 101 Kennedy Boulevard, Suite 2800, Tampa,
Florida 33602, or such other time and/or location as the parties shall mutually agree.

 

Section 2.2. Closing
Deliveries and Conditions.

 

(a)  
The Purchaser’s obligations to consummate the transactions contemplated hereby are subject to satisfaction or waiver,
in the discretion of the Purchaser, of the following conditions:

 

(i)                
A copy of the irrevocable instructions to the Transfer Agent of the Company to issue stock certificates in the name of the
Purchaser evidencing the Shares being sold to the Purchaser;

 

(ii)             
the Company shall have executed and delivered to the Purchaser this Agreement; and

 

(iii)           
All representations and warranties of the Company contained herein shall be true and correct as of the Closing Date (except
for representations and warranties that speak as of a specific date, which representations and warranties must be correct as of
such date), all necessary consents and waivers of third parties shall have been obtained and each party shall have performed and
complied in all material respects with the covenants and conditions required by this Agreement to be performed or complied with
by the party at or prior to the Closing.

 

(b) 
The Company’s obligation to consummate the transactions contemplated hereby are subject to satisfaction or waiver,
in the discretion of the Company, of the following conditions:

 

(i)                
the Purchase Price by wire transfer to the account designated on the Company’s signature page to this Agreement; and

 

(ii)             
the Purchaser shall have executed and delivered to the Company this Agreement;

 

    3

     

    

 

(iii)           
All representations and warranties of the Purchaser contained herein shall be true and correct as of the Closing Date (except
for representations and warranties that speak as of a specific date, which representations and warranties must be correct as of
such date), all necessary consents and waivers of third parties shall have been obtained and each party shall have performed and
complied in all material respects with the covenants and conditions required by this Agreement to be performed or complied with
by the party at or prior to the Closing; and

 

(iv)            
the Purchaser shall have executed a Voting and Support Agreement with regard to the Company’s anticipated reverse
triangular merger with Marker Therapeutics, Inc.

 

Article
III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1. Representations
and Warranties of the Company. Except as set forth in the SEC Reports or under the corresponding section of the Annex I Disclosure
Schedules delivered concurrently herewith, the Company makes the following representations and warranties as of the date hereof
to the Purchaser:

 

(a)  
Subsidiaries. The Company has no material direct or indirect Subsidiaries.

 

(b)  
Organization and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite
corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted. The
Company is not in violation of any of the provisions of its certificate or articles of incorporation, bylaws or other organizational
or charter documents. The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to
result in (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material
adverse effect on the results of operations, assets, prospects, business or condition (financial or otherwise) of the Company,
taken as a whole, or (iii) adversely impair the Company’s ability to perform fully on a timely basis its obligations under
any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

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

 

    4

     

    

 

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

 

(e)  
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents,
other than (a) any applicable Blue Sky filings, (b) such as have already been obtained or such exemption filings as are required
to be made under applicable securities laws, and (c) such other filings as may be required following the Closing Date under the
Securities Act, the Exchange Act and corporate law.

 

(f)   
Issuance of the Securities. The Shares are duly authorized and, the Shares, when issued and paid for in accordance
with the Transaction Documents, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens and
shall not be subject to preemptive rights or similar rights of stockholders. The Company has reserved from its duly authorized
capital stock the number of Shares issuable pursuant to this Agreement.

 

(g)  
Capitalization. The number of shares and type of all authorized, issued and outstanding capital stock, options and
other securities of the Company (whether or not presently convertible into or exercisable or exchangeable for shares of capital
stock of the Company) is as set forth in the SEC Reports. All outstanding shares of capital stock are duly authorized, validly
issued, fully paid and non-assessable and have been issued in compliance with all applicable securities laws. Except as disclosed
in the SEC Reports, there are no outstanding options, warrants, script rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any
Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements
by which the Company is or may become bound to issue additional shares of Common Stock, or securities or rights convertible or
exchangeable into shares of Common Stock. Except as set forth in the SEC Reports, there are no anti-dilution or price adjustment
provisions contained in any security issued by the Company (or in any agreement providing rights to security holders) and the issue
and sale of the Company Securities will not obligate the Company to issue shares of Common Stock or other securities to any Person
(other than the Purchaser) and will not result in a right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under such securities.

 

    5

     

    

 

(h)  
SEC Reports; Financial Statements.

 

(i)                
The Company has filed all reports required to be filed by it under the Securities Act and the Exchange Act, including pursuant
to Section 13(a) or 15(d) of the Exchange Act, for the two years preceding the date hereof (or such shorter period as the Company
was required by law to file such material) (the foregoing materials, including the exhibits thereto (together with any materials
filed by the Company under the Exchange Act, whether or not required), being collectively referred to herein as the “SEC
Reports” and, together with this Agreement and (the “Disclosure Materials”) on a timely basis or has
received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension.
True and complete copies of the SEC Reports are available at www.sec.gov.

 

(ii)             
As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities
Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, as applicable, and none of the
SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading.

 

(iii)           
The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial
statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during
the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all footnotes required by GAAP or may be condensed or summary
statements, and fairly present in all material respects the financial position of the Company and its consolidated subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(iv)            
All material agreements to which the Company is a party or to which the property or assets of the Company are subject are
included as part of or specifically identified in the SEC Reports. Other than the material contracts listed in the SEC Reports,
as otherwise provided to the Purchaser, the Company has no material contracts. Except as set forth in the SEC Reports, the Company
is not in breach or violation of any material contract, which breach or violation would have a Material Adverse Effect.

 

    6

     

    

 

(i)    
Absence of Material Changes. Since the date of the latest audited financial statements included within the SEC Reports,
except as disclosed in the SEC Reports, (i) there has been no event, occurrence or development that has had or that could reasonably
be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise)
other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and
(B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or required to be disclosed
in filings made with the Commission, (iii) the Company has not altered its method of accounting or the identity of its auditors,
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased,
redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity
securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans and agreements.

 

(j)    
Litigation. Except as disclosed in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, or its properties before
or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably
be expected to result in a Material Adverse Effect.

 

(k)  
Labor Relations. The Company is not involved in any material union labor dispute nor, to the knowledge of the Company,
is any such dispute threatened. The Company believes that their relations with their employees are good. No executive officer (as
defined in Rule 501(f) of the Securities Act) has notified the Company that such officer intends to leave the Company or otherwise
terminate such officer’s employment with the Company. The Company is in compliance with all federal, state, local and foreign
laws and regulations respecting employment and employment practices, terms and conditions of employment and wages and hours, except
where failure to be in compliance would not, either individually or in the aggregate, result in a Material Adverse Effect.

 

(l)    
Compliance. Except as disclosed in the SEC Reports, the Company (i) is not in default under or in violation of (and
no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company
or any Subsidiary under), nor has the Company received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of
its properties is bound (whether or not such default or violation has been waived), (ii) is not in violation of any order of any
court, arbitrator or governmental body, or (iii) is not or has been in violation of any statute, rule or regulation of any governmental
authority, including without limitation all foreign, federal, state and local laws applicable to its business, except in the case
of clauses (i), (ii) and (iii) as would not have or reasonably be expected to result in a Material Adverse Effect.

 

    7

     

    

 

(m) Regulatory Permits.
The Company possesses all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory
authorities necessary to conduct its current business as described in the SEC Reports, except where the failure to possess such
permits would not have or reasonably be expected to result in a Material Adverse Effect (“Material Permits”),
and the Company has not received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(n)  
Title to Assets. The Company has good and marketable title in fee simple to all real property owned by it and good
and marketable title in all personal property owned by it, in each case free and clear of all Liens, except for Liens as do not
materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such
property by the Company and Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent
nor subject to penalties. To the knowledge of the Company, any real property and facilities held under lease by the Company are
held by it under valid, subsisting and enforceable leases with which the Company is in material compliance.

 

(o)  
Patents and Trademarks. The Company has, or has rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, copyrights, licenses and other similar rights that are necessary or material for use
in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have or reasonably
be expected to result in a Material Adverse Effect (collectively, the “Intellectual Property Rights”). Except
as disclosed in its SEC Reports, the Company has not received a written notice that the Intellectual Property Rights used by the
Company violates or infringes the rights of any Person. To the knowledge of the Company, all such Intellectual Property Rights
are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights.

 

(p)  
Taxes. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company has filed all necessary federal, state and foreign income and franchise tax returns and
has paid or accrued all taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which has been asserted
or threatened against the Company.

 

(q)  
Insurance. The Company is insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which the Company is engaged. The Company has no reason to
believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business.

 

(r)   
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions
contemplated by this Agreement, the Company has not taken any action that would cause the Purchaser to be liable for any such fees
or commissions and the Company agrees to indemnify the Purchaser for any such fees or commissions.

 

    8

     

    

 

(s)   
Private Placement. Assuming the accuracy of each Purchaser’s representations and warranties set forth in Section
3.2 and assuming no unlawful distribution of the Securities by the Purchaser, no registration under the Securities Act is required
for the offer and sale of the Securities by the Company to the Purchaser as contemplated hereby. The issuance and sale of the Securities
hereunder does not contravene the rules and regulations of NASDAQ. Neither the Company nor any Person acting on the Company’s
behalf has sold or offered to sell or solicited any offer to buy the Securities by means of any form of general solicitation or
advertising. The Company has offered the Shares for sale only to such Persons it believes to be an accredited investor.

 

(t)    
Exchange Act. The Company’s Common Stock is registered pursuant to Section 12(g) of the Exchange Act and trades
on NASDAQ.

 

(u)  
Disclosure. All disclosures provided to the Purchaser regarding the Company, its business and the transactions contemplated
hereby, including the Disclosure Schedules to this Agreement, furnished by or on behalf of the Company are true and correct and
do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading. No event or circumstance has occurred
or information exists with respect to the Company or its business, properties, prospects, operations or condition (financial or
otherwise), which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which
has not been so publicly announced or disclosed.

 

Purchaser acknowledges
and agrees that the Company does not make or has not made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in this Section 3.1.

 

Section 3.2 Representations
and Warranties of the Purchaser. The Purchaser represents and warrants as of the date hereof to the Company as follows:

 

(a) Organization;
Authority. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with full right, corporate or partnership power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents and otherwise to carry out its obligations thereunder. The execution, delivery and performance
by the Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate or similar
action on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser,
and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation
of the Purchaser, enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

    9

     

    

 

(b) Purchase for
Own Account. The Purchaser is acquiring the Shares as principal for its own account and not with a view to or for distributing
or reselling such Shares or any part thereof, without prejudice, however, to Purchaser’s right, subject to the provisions
of this Agreement, at all times to sell or otherwise dispose of all or any part of such Shares pursuant to an effective registration
statement under the Securities Act or under an exemption from such registration and in compliance with applicable federal and state
securities laws. The Purchaser is acquiring the Shares hereunder in the ordinary course of its business. Purchaser does not have
any agreement or understanding, directly or indirectly, with any Person to distribute any of the Shares.

 

(c) Purchaser Status.
At the time the Purchaser was offered the Shares, it was, and at the date hereof it is an “accredited investor” as
defined in Rule 501(a) under the Securities Act. The Purchaser is not required to be registered as a broker-dealer under Section
15 of the Exchange Act.

 

(d) Experience of
Purchaser. The Purchaser has such knowledge, sophistication and experience in business and financial matters so as to be capable
of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of
such investment. The Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is
able to afford a complete loss of such investment.

 

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

 

(f) Information.
The Purchaser and its advisors, if any, have had access to all materials relating to the business, finances and operations of the
Company including, without limitation, the Company’s most recent SEC Reports, that have been requested by the Purchaser or
its advisors, if any. The Purchaser has been afforded the opportunity to ask questions of the Company and receive answers from
the Company. The Purchaser has requested, received and considered all information it deems relevant to make an informed decision
to purchase the Securities. The Purchaser acknowledges and understands that its investment in the Securities involves a significant
degree of risk.

 

(g) Governmental
Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Securities or an investment therein.

 

(h) Residency.
The Purchaser is a resident of (or, if an entity, has its principal place of business in) the jurisdiction set forth by the Purchaser’s
name on the signature of this Agreement.

 

    10

     

    

 

(i) Certain Fees.
No brokerage or finder’s fees or commissions are or will be payable by the Purchaser to any broker, financial advisor or
consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this
Agreement, the Purchaser has not taken any action that would cause the Company or any other Purchaser to be liable for any such
fees or commissions and each Purchaser agrees to indemnify the Company and each other Purchaser for any such fees or commissions.

 

(j) Short Sales.
The Purchaser has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with the
Purchaser, executed any Short Sales or granted any option for the purchase of or entered into any hedging or similar transaction
with the same economic effect as a Short Sale, in the securities of the Company since the time period beginning two weeks prior
to the time that the Purchaser was first contacted regarding an investment in the Company (“Discussion Time”)
through the date hereof. During such period, neither Purchaser nor any Person acting on behalf of or pursuant to any understanding
with Purchaser, has taken, directly or indirectly, any actions to trade in the Company’s Securities that might reasonably
be expected to cause or result, under the Securities Act or Exchange Act, or otherwise, or that has constituted, stabilization
or manipulation of the price of the Common Stock. Additionally, Purchaser is familiar with and agrees to comply with Regulation
M under the Exchange Act.

 

(k) No General
Solicitation. The Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or other media or broadcast over television or radio or presented
at any seminar or any other general solicitation or advertisement.

 

(l) Confidentiality.
Other than to other Persons party to this Agreement, the Purchaser has maintained the confidentiality of all disclosures made to
it in connection with this transaction (including the existence and terms of this transaction).

 

The Company acknowledges
and agrees that the Purchaser does not make or has not made any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Section 3.2.

 

Article
IV

OTHER AGREEMENTS OF THE PARTIES

 

Section 4.1
Transfer Restrictions.

 

(a)  
The Securities may only be disposed of pursuant to an effective registration statement under the Securities Act or pursuant
to an available exemption from the registration requirements of the Securities Act, and in compliance with any applicable state
securities laws. The Securities shall contain a restrictive legend in the following forms:

 

THESE SECURITIES HAVE NOT
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

    11

     

    

 

(b)  
The Purchaser agrees that the removal of the restrictive legend from certificates representing Securities as set forth in
this Section 4.1 is expressly predicated upon the Purchaser’s covenant and agreement in this Section 4.1(b) that the Purchaser
shall in all cases sell or otherwise transfer the Securities pursuant to: (i) an effective registration statement under the Securities
Act, in full compliance with all prospectus delivery requirements under the Securities Act and in accordance with the plan of distribution
described in the prospectus delivered by Purchaser, or (ii) an available exemption from registration under the Securities Act.

 

Section 4.2 Trading
Market of Common Stock. The Company hereby agrees to use its reasonable efforts to maintain the eligibility for trading of
the Common Stock on the Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any
other trading market, it will include in such application the Shares, and will take such other action as is necessary or desirable
in the opinion of the Purchaser to cause the Shares to be listed on such other trading market as promptly as possible. The Company
will take all action reasonably necessary to continue the listing and trading of its Common Stock on a trading market and will
comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the trading
market.

 

Section 4.3 Sales
by Purchaser; Former Shell Company. The Purchaser covenants to sell any Securities sold by it in compliance with applicable
prospectus delivery requirements, if any, or otherwise in compliance with the requirements for an exemption from registration under
the Securities Act. The Purchaser will not make any sale, transfer or other disposition of the Securities in violation of federal
or state securities laws. Purchaser understands that until July 15, 2002, the Company was a “shell company” as defined
in Rule 12b-2 under the Exchange Act and as result is considered a former shell company. As a result of the Company’s
status as a former shell company, the Purchaser acknowledges that the restrictive legends on certificates for the Common Stock
cannot be removed except in connection with an actual sale meeting the requirements of Rule 144 or pursuant to an effective registration
statement.

  

Article
V

MISCELLANEOUS

 

Section 5.1. Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of
the parties with respect to the Securities and supersede all prior agreements and understandings, oral or written, with respect
to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

    12

     

    

 

Section 5.2. Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment,
by the Company and the Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought.
No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

Section 5.3. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Purchaser; provided, however, that no consent shall be required in connection with a merger, consolidation or sale of substantially
all of the Company’s assets. Any Purchaser may assign any or all of its rights under this Agreement to any Person in connection
with the transfer of the Securities, provided such transferee agrees in writing to be bound, with respect to the transferred Securities,
by the provisions hereof that apply to the “Purchaser”.

 

Section 5.4. No Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

Section 5.5. Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of Florida, without regard to the principles
of conflicts of law thereof.

 

Section 5.6. Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile or other
electronic transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and affect as if such facsimile or other electronically transmitted signature page
were an original thereof.

 

Section 5.7. Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate
such substitute provision in this Agreement.

 

Section 5.8. Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
hereto.

 

    13

     

    

 

Section 5.9. Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

Section 5.10. Replacement
of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company and the Transfer Agent
of such loss, theft or destruction and the execution by the holder thereof of a customary lost certificate affidavit of that fact
and an agreement to indemnify and hold harmless the Company and the Transfer Agent for any losses in connection therewith or, if
required by the Transfer Agent, a bond in such form and amount as is required by the Transfer Agent. The applicants for a new certificate
or instrument under such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement
Shares. If a replacement certificate or instrument evidencing any Shares is requested due to a mutilation thereof, the Company
may require delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

AND SIGNATURE PAGES FOLLOW]

 

    14

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Common Stock Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

COMPANY

 

TAPIMMUNE, INC.

 

 

By:/s/Peter Hoang

Name: Peter Hoang

Title: President and Chief Executive Officer

 

Wire Instructions:

 

DOMESTIC WIRE

 

	ABA	 
	Bank Name	 
	Bank Address	 
	Beneficiary Account Number (BNF)	 
	Beneficiary Account Name	 

 

FOREIGN WIRE

 

	ABA	 
	Bank Name	 
	Bank Address	 
	Beneficiary Account Number (BNF)	 
	Beneficiary Account Name	 
	SWIFT Code	 

 

    [Purchaser Signature Page to Common Stock Purchase Agreement]

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Common Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

PURCHASER:

 

EASTERN CAPITAL LIMITED

 

 

By: /s/ Sharon M. Cornwell

Name: Sharon M. Cornwell

Title: Director

 

Email Address of Purchaser: Sharon.Cornwell@dartmgmt.com

 

	Address for Notice of Purchaser:  	Eastern Capital Limited
	 	10 Market St. #773
	 	Camana Bay
	 	Grand Cayman
	 	Cayman Islands KY1-9006

 

 

Address for Delivery of Shares for Purchaser (if not same as
above):

 

	Address for Notice of Purchaser:
     	_______________________________
	 	_______________________________
	 	_______________________________

 

Total Purchase Price: $3,120,000

Number of Shares: 1,300,000

 

    [Purchaser Signature Page to Common Stock Purchase Agreement]

     

    

 

Annex I

 

 

(Disclosure Schedules)

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