Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”)
is made and entered into as of January 4, 2022 by and between WORKHORSE GROUP INC., a Nevada corporation (the “Company”),
and Robert Ginnan (the “Executive”).

 

RECITALS:

 

WHEREAS, the Company seeks to engage Executive
as the Chief Financial Officer of the Company;

 

WHEREAS, the Executive and the Company
each desire that the Executive provide services to the Company, and each desire to enter into this Agreement with respect to the Executive’s
employment, effective as of January 4, 2022 (the “Effective Date”), to provide compensation, severance, and other terms,
on the terms and conditions set forth herein; and

 

WHEREAS, the Executive’s execution
of this Agreement and separate Non-Compete Agreement (the “Non-Compete Agreement”) are material inducements for the
Company to employ the Executive, and the Company’s execution of this Agreement and the grant of equity awards are material inducements
for the Executive to enter into this Agreement and the Non-Compete Agreement.

 

NOW, THEREFORE, THE PARTIES HEREBY AGREE
AS FOLLOWS:

 

1. POSITION,
DUTIES, AND LOCATION.

 

1.1 Position.
During the Employment Term, the Executive shall serve as the Chief Financial Officer of the Company, reporting to the Chief Executive
Officer of the Company (the “CEO”). The Executive’s job responsibilities will include managing and overseeing
all financial matters of the Company in order to establish a successful business and manage growth. In addition, the Executive will have
all authorities, duties and responsibilities as are customarily exercised by an individual serving in the Executive’s position in
a corporation of the size and nature of the Company, as well as those that are reasonably assigned by the Board of Directors of the Company
(the “Board”) and the CEO.

 

1.2 Duties.
During the Employment Term, the Executive shall devote substantially all of his business time and attention to the performance of the
Executive’s duties hereunder and will not engage in any other business, profession, or occupation for compensation or otherwise
which would conflict or interfere with the performance of such services either directly or indirectly without the prior written consent
of the CEO or the Board. Notwithstanding the foregoing, the Executive will be permitted, with the prior written consent of the CEO or
the Board (which consent will not be unreasonably withheld or delayed) to act or serve as a director, trustee, or committee member of
a reasonable number of business, civic, or charitable organizations as long as such activities are disclosed in writing to the Company
in accordance with the Company’s Conflict of Interest Policy and such activities do not interfere with the performance of the Executive’s
duties and responsibilities to the Company as provided hereunder.

 

1.3 Place
of Performance. The principal place of Executive’s employment shall be the Company’s principal executive office currently
located in Loveland, Ohio, or a future principal executive office approved by the Board during the Employment Term. In addition, the Executive
will be required to travel on Company business during the Employment Term.

 

     

     

    

 

2. TERM
AND TERMINATION. 

 

2.1 Term.
The Executive’s employment hereunder shall be effective as of the Effective Date and shall continue until the first anniversary
thereof, unless terminated earlier as provided below; provided, however, that on such first anniversary of the Effective Date and each
annual anniversary thereafter (such date and each annual anniversary thereof, a “Renewal Date”) this Agreement shall
be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one year, unless either party provides
written notice of its intention not to extend the term of this Agreement at least 90 days’ prior to the applicable Renewal Date.
The period during which the Executive is employed by the Company hereunder is hereinafter referred to as the “Employment Term.”

 

2.2 Termination.
The Employment Term and the Executive’s employment hereunder may be terminated by either the Company or the Executive at any time
and for any reason; provided, however, that unless otherwise provided herein, either party shall be required to give the other party at
least 30 days’ advance written notice of any termination of the Executive’s employment except in the case of termination by
the Company for Cause. Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled
to the compensation and benefits described in Sections 4, 5, and 6 below and shall have no further rights to any compensation or any other
benefits from the Company or any of its affiliates.

 

3. COMPENSATION.

 

3.1 Base
Salary. The Executive’s base salary will be $400,000 per year (the “Base Salary”). The Base Salary shall
not be reduced during the initial one-year term of this Agreement; provided, however, that the Base Salary may be reduced by the Board
or as may be delegated to the Compensation Committee of the Board (references herein to the Compensation Committee shall include reference
to the Board if no such Committee exists at any time) if necessary in connection with a one-time reduction as part of a Company-wide or
executive team-wide cost-cutting measure or Company-wide or executive team-wide cutback as a result of overall Company performance, in
which case the Base Salary shall not be reduced by more than 10% without the Executive’s prior approval (not to be unreasonably
withheld). The Base Salary shall be paid in accordance with the Company’s customary payroll practices and applicable wage payment
laws.

 

3.2 Bonuses.
Each calendar year ending within the Employment Term (commencing with the calendar year ending December 31, 2022), Executive will be eligible
to receive a cash bonus (“Cash Bonus”) as determined by the Compensation Committee based upon the level of achievement
of performance goals established by the Compensation Committee and provided to the Executive in writing within ninety (90) days after
the beginning of the calendar year. The Executive’s target Cash Bonus would be 50% of the then current Base Salary with the potential
to receive up to 100% of the then current Base Salary if the maximum level of the performance goals is achieved. With respect to each
calendar year ending within the Employment Term, the Compensation Committee will determine the amount of the Cash Bonus to be awarded
within ninety (90) days after the end of the calendar year to which the Cash Bonus relates. The Compensation Committee has the sole and
absolute discretion whether to award a Cash Bonus each calendar year. If the Compensation Committee awards a Cash Bonus, it will direct
the Company to pay the awarded Cash Bonus at the next payroll to occur following such determination. To be eligible to receive a Cash
Bonus for a particular calendar year, the Executive must be employed by the Company on the payroll date that the Cash Bonus is paid, except
that in the case of the Executive’s death or Permanent Disability prior to such payroll date, the Executive only must be employed
by the Company as of the last day of the particular calendar year.

 

    2

     

    

 

3.3 Equity
Awards.

 

(a) Signing
Bonus. As further consideration for entering into this Agreement and the Non-Compete Agreement, within 30 days following the Effective
Date the Executive will be granted a one-time award under the Company’s 2019 Stock Incentive Plan of 100,000 restricted shares reflected
in a separate restricted stock award agreement. The restricted shares will have 3-year vesting periods, with shares vesting ratably every
6 months.

 

(b) Long
Term Incentive Plan. With respect to the 2022 calendar year and each subsequent calendar year ending during the Employment Term, the
Executive will be eligible to receive additional equity incentive grants, subject to the Executive’s continued employment and satisfactory
job performance, under any long-term incentive plan approved by the Board, with a target value of 150% of the then-current Base Salary
(based on the grant date value of any such award). Each such annual award will be made within 6 months following the end of the calendar
year and shall be subject to vesting and other terms and conditions as determined by the Compensation Committee.

 

(c) Equity
Plan Terms. Terms and conditions of all equity incentive grants, including those describe above, will be in accordance with the terms
of the Company’s equity-based incentive plan in effect at the time of each such grant.

 

3.4 Vacation
and Benefits. The Executive is entitled to four (4) weeks of vacation, which will accrue on a pro-rata basis during the employment
year, in addition to all public holidays when the office is closed. The Executive will be eligible to participate in all employee benefit
plans established by the Company for its employees from time to time, subject to general eligibility and participation provisions set
forth in such plans. In accordance with Company policies from time to time and subject to proper documentation, the Company will reimburse
the Executive for all reasonable and proper travel and business expenses incurred by the Executive in the performance of his duties. The
Executive will be covered by the Company’s directors’ and officers’ insurance policy, or an equivalent thereto (the
“D & O Insurance Policy”), at the Company’s cost.

 

3.5 Company’s
Right to Recoup. Any incentive compensation (whether in the form of cash bonus, equity, or otherwise) payable under this Agreement
or otherwise are subject to recoupment in the event of a financial restatement of the Company’s financial statements due to nonconformance
with accounting principles generally accepted in the United States or under applicable law or a material misstatement of any other metric
material to the Company’s performance, such as safety statistics, which, if initially reported properly, would have resulted in
a lower amount of incentive compensation, regardless of form. The Company will make any determination for clawback or recoupment consistent
with this Section 3.5 and the applicable clawback policy of the Company in good faith. The action permitted to be taken by the Company
under this Section 3.5 shall be in addition to, and not in lieu of, any and all other rights of the Company under applicable law and shall
apply notwithstanding anything to the contrary contained herein.

 

4. EFFECT
OF TERMINATION GENERALLY. If the Executive’s employment with the Company terminates for any reason other than Termination
Upon Change of Control or Involuntary Termination, then the Executive shall be entitled to the benefits described in this Section 4 and
shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates.

 

    3

     

    

 

4.1 Accrued
Salary, Vacation and Other Obligations and Benefits. All salary, accrued vacation, and any other amount earned, accrued or owing to
Executive but not yet paid through the Termination Date shall be paid to Executive as soon as is administratively practicable following
such Termination Date in accordance with the Company’s customary payroll procedures. The Executive shall also be entitled to benefits,
if any, in accordance with applicable plans, programs and arrangements of the Company and its affiliates.

 

4.2 Accrued
Bonus Payment. The Executive (or the Executive’s estate in the event of the Executive’s death) shall receive a lump sum
payment of any Cash Bonus to the extent that all the conditions for payment of such bonus have been satisfied and any such bonus was granted
and is unpaid on the Termination Date. Such payment shall be made as soon as is administratively practicable following such Termination
Date in accordance with the Company’s customary payroll procedures.

 

4.3 Expense
Reimbursement. As soon as administratively practicable following submission to the Company of proper expense reports by the Executive,
the Company shall reimburse the Executive for all reasonable expenses incurred by the Executive, consistent with the Company’s expense
reimbursement policies, in connection with the business of the Company prior to the Termination Date.

 

4.4 Equity
Awards. The period during which the Executive may exercise any rights (“Exercise Period”) under any outstanding
stock options (or any other equity award, including, without limitation, stock appreciation rights and restricted stock units) granted
to the Executive under any equity incentive plan or agreement adopted by the Board (the “Company Plans”) shall continue
as set forth in the provisions of the agreements or instruments granting such awards; provide, however, such Exercise Period shall terminate
immediately in the event the Executive is terminated for Cause notwithstanding any provision to the contrary contained in such agreements,
instruments, or Company Plans. Further, upon termination of employment, the vesting of all outstanding stock options, restricted stock,
and other equity awards shall cease (subject to any acceleration of vesting as provided in Sections 5 and 6 below).

 

5. TERMINATION
UPON CHANGE OF CONTROL. Subject to Section 7, if the Executive’s employment with the Company terminates by reason
of a Termination Upon Change of Control, then the Executive shall be entitled to the benefits described in Sections 4.1 and 4.3 above
and in this Section 5 and shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates:

 

5.1 Severance
Payment. In the event of the Executive’s Termination Upon Change of Control, the Executive shall be entitled to receive an amount
equal to two (2) times the aggregate of (a) the Executive’s Base Salary and (b) the target Cash Bonus then in effect for the
Executive for the calendar year in which such termination occurs, which shall be paid in a lump sum payable within thirty (30) days following
the Termination Date. In addition to the foregoing severance payment, in the event of the Executive’s Termination Upon Change of
Control, the Executive shall be entitled to receive, within thirty (30) days following the Termination Date, a lump sum payment equal
to the aggregate of the following: (x) if the Executive’s Termination Upon Change of Control occurs before March 15, an amount equal
to the Cash Bonus earned, but unpaid, with respect to the previous calendar year based on the Compensation Committee’s good faith
determination of the level of attainment of the performance metrics for such previous calendar year; and (y) if the Executive’s
Termination Upon Change of Control occurs after June 30, an amount equal to the target Cash Bonus then in effect for the Executive for
the calendar year in which such termination occurs prorated to reflect the number of days the Executive was employed with the Company
during such calendar year.

 

    4

     

    

 

5.2 Equity
Compensation Acceleration. Upon the Executive’s Termination Upon Change of Control, (a) the vesting and exercisability of all
then outstanding stock options, restricted stock, and other equity awards that are subject to time-based vesting and granted to the Executive
under any Company Plans shall be accelerated as to 100% of the shares subject to any such equity awards granted to the Executive, and
(b) any outstanding equity awards that vest based on the attainment of performance goals shall vest for the then-current calendar year
on a prorated basis based on the then level of attainment of the performance metrics determined in good faith by the Compensation Committee.

 

5.3 Indemnification.
In the event of the Executive’s Termination Upon Change of Control, (a) the Company shall continue to indemnify the Executive against
all claims related to actions arising prior to the termination of the Executive’s employment to the fullest extent permitted by
law, and (b) Executive’s coverage by the D & O Insurance Policy in effect immediately before the Change in Control shall
be continued by the Company or its Successor under a D & O Insurance Policy with substantially the same terms for not less than 24
months following the Executive’s Termination Upon Change in Control.

 

5.4 No
Mitigation; No Offset. In the event of the Executive’s Termination Upon Change of Control, the Executive shall be under no obligation
to seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against
amounts due the Executive under this Agreement on account of any remuneration or other benefit earned or received by the Executive after
such termination.

 

6. INVOLUNTARY
TERMINATION. If the Executive’s employment with the Company terminates by reason of an Involuntary Termination, then the
Executive shall be entitled to the benefits described in Sections 4.1 and 4.3 above and in this Section 6 and shall have no further rights
to any compensation or any other benefits from the Company or any of its affiliates.

 

6.1 Severance
Payment. In the event of the Executive’s Involuntary Termination, the Executive shall be entitled to receive an amount equal
to the aggregate of the Executive’s Base Salary and target Cash Bonus then in effect for the Executive for the calendar year in
which such termination occurs, which shall be paid in a lump sum payable within thirty (30) days following the Termination Date. In addition
to the foregoing severance payment, in the event of the Executive’s Involuntary Termination, the Executive shall be entitled to
receive, within thirty (30) days following the Termination Date, a lump sum payment equal to the aggregate of the following: (x) if the
Executive’s Involuntary Termination occurs before March 15, an amount equal to the Cash Bonus earned, but unpaid, with respect to
the previous calendar year based on the Compensation Committee’s good faith determination of the level of attainment of the performance
metrics for such previous calendar year; and (y) if the Executive’s Involuntary Termination occurs after June 30, an amount equal
to the target Cash Bonus then in effect for the Executive for the calendar year in which such termination occurs prorated to reflect the
number of days the Executive was employed with the Company during such calendar year.

 

6.2 Equity
Compensation Acceleration. In the event of the Executive’s Involuntary Termination, (a) the vesting and exercisability of all
then outstanding stock options, restricted stock, and other equity awards that are subject to time-based vesting and granted to the Executive
under any Company Plans shall be accelerated on a prorated basis based upon the period from the date of grant of the applicable award
until the Executive’s Termination Date compared to the total vesting period of the applicable award, and (b) any outstanding equity
awards that vest based on the attainment of performance goals shall vest on a prorated basis based upon (i) the period from the first
day of the performance period of the applicable award until the Executive’s Termination Date compared to the total performance period
of the applicable award, and (ii) the actual level of attainment of the performance metrics through the Termination Date determined in
good faith by the Compensation Committee.

 

    5

     

    

 

6.3 Healthcare
Premiums. Upon the Executive’s Involuntary Termination, the Company shall pay to the Executive a one-time, lump sum payment
of $25,000 to provide for the Executive’s continued healthcare coverage, although there is no obligation that such payment be used
for such coverage.

 

6.4 Indemnification.
In the event of the Executive’s Involuntary Termination, (a) the Company shall continue to indemnify the Executive against all claims
related to actions arising prior to the Termination Date to the fullest extent permitted by law, and (b) Executive’s coverage by
the Company’s D & O Insurance Policy in effect immediately before the Termination Date shall be continued by the Company under
a D & O Insurance Policy with substantially the same terms for not less than 24 months following the Executive’s Involuntary
Termination.

 

6.5 No
Mitigation; No Offset. In the event of the Executive’s Involuntary Termination, the Executive shall be under no obligation to
seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against
amounts due the Executive under this Agreement on account of any remuneration or other benefit earned or received by the Executive after
such termination.

 

7. FEDERAL
EXCISE TAX UNDER SECTION 4999.

 

7.1 Excise
Tax. Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if (a) any
amounts payable or benefits provided or to be provided to the Executive under this Agreement or otherwise in connection with his employment
with the Company (“Covered Payments”) constitute parachute payments within the meaning of Code Section 280G, and (b)
the Executive would, but for this Section 7, be subject to the excise tax imposed under Code Section 4999 (or any successor provision
thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise
Tax”), then prior to making the Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below)
to the Executive of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the Covered Payments
are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under clause (i) above is
less than the amount under clause (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion
of the Covered Payments is subject to the Excise Tax (that amount, the “Reduced Amount”). The term “Net Benefit”
means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

 

7.2 Manner
of Reduction. Any such reduction shall be made in accordance with Code Section 409A and the following: (i) the Covered Payments which
do not constitute nonqualified deferred compensation subject to the requirements of Code Section 409A shall be reduced first; and (ii)
all other Covered Payments shall then be reduced as follows: (A) cash payments shall be reduced before non-cash payments; and (B) payments
to be made on a later payment date shall be reduced before payments to be made on an earlier payment date.

 

    6

     

    

 

7.3 Calculation
by Independent Public Accountants. Unless the Company and the Executive otherwise agree in writing, any calculation of the amount
of any parachute payments payable or provided to the Executive shall be made in writing in good faith by the Company’s independent
public accountants immediately before the Change of Control (the “Accountants”), which shall provide detailed supporting
calculations to the Company and the Executive as requested by the Company or the Executive. The Accountants’ conclusions shall be
final and binding on the Company and the Executive. For purposes of making such calculations, the Accountants may rely on reasonable,
good faith assumptions and approximations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive
shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make the calculations
and conclusions required by this Section 7. The Company shall bear all fees and expenses the Accountants may charge in connection with
these services.

 

7.4 Corrective
Payments. It is possible that after the calculations, conclusion and selections made pursuant to this Section 7 the Executive will
receive Covered Payments that are in the aggregate more than the amount provided under this Section 7 (“Overpayment”) or
less than the amount provided under this Section 7 (“Underpayment”).

 

(a) In the
event that (i) the Accountants determine, based upon the assertion of a deficiency by the Internal Revenue Service against either the
Company or the Executive which the Accountants believe has a high probability of success, that an Overpayment has been made, or (ii) it
is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively
resolved that an Overpayment has been made, then the Executive shall pay any such Overpayment to the Company, together with interest at
the applicable federal rate (as defined in Code Section 7872(f)(2)(A)) from the date of the Executive’s receipt of the Overpayment
until the date of repayment.

 

(b) In the
event that (i) the Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment has occurred,
or (ii) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by
the Company to or for the benefit of the Executive, together with interest at the applicable federal rate (as defined in Code Section
7872(f)(2)(A) of the Code) from the date the amount would have otherwise been paid to the Executive until the payment date.

 

8. DEFINITIONS.

 

8.1 Capitalized
Terms Defined. Capitalized terms used in this Agreement shall have the meanings set forth in this Section 8, unless the context clearly
requires a different meaning.

 

8.2 “Cause”
means:

 

		(a)	the Executive substantially failed to perform his duties or to follow the lawful written directions of the CEO or the Board (other
than any such failure resulting from incapacity due to physical or mental illness);

 

		(b)	the Executive engaged in willful misconduct or incompetence that is materially detrimental to the Company or any of its affiliates;

 

		(c)	the Executive failed to comply with the Employee Invention Assignment & Confidentiality Agreement, the Company’s insider
trading policy, the Executive’s Non-Compete Agreement or any other policies of the Company where non-compliance would be materially
detrimental to the Company or any of its affiliates; or

 

    7

     

    

 

		(d)	the Executive’s conviction of or plea of guilty or nolo contendere to a felony or crime involving moral turpitude (excluding
drunk driving unless combined with other aggravating circumstances or offenses), or the Executive’s commission of any embezzlement,
misappropriation, or fraud, whether or not related to the Executive’s employment with the Company or any of its affiliates.

 

With respect to Causes described in Subsections (a), (b)
and (c) above, no termination by reason of such Cause shall occur unless the Executive (i) has been provided with notice of the Company’s
intention to terminate the Executive for such Cause and the Company’s reason(s), and (ii) has failed to cure or correct such failure,
misconduct, incompetency or non-compliance within thirty (30) days of receiving such notice, provided that such notice and cure period
requirements shall not apply in the event that such failure, misconduct, incompetency or non-compliance is of a nature that it is unable
to be cured or corrected.

 

8.3 “Change
of Control” means:

 

		(a)	any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange
Act), directly or indirectly, of securities of the Company representing fifty (50%) percent or more of (i) the outstanding shares of common
stock of the Company, or (ii) the combined voting power of the Company’s outstanding securities;

 

		(b)	the Company is party to a merger or consolidation, or series of related transactions, which results in the voting securities of the
Company outstanding immediately prior thereto failing to continue to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity), directly or indirectly, more than fifty (50%) percent of the combined voting power of
the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or

 

		(c)	the sale or disposition of all or substantially all of the Company’s assets, or consummation of any transaction, or series of
related transactions, having similar effect (other than to a subsidiary of the Company).

 

8.4 “Code”
means the Internal Revenue Code of 1986, as amended.

 

8.5 “Company”
means Workhorse Group Inc. and, following a Change of Control, any Successor.

 

8.6 “Involuntary
Termination” means:

 

		(a)	any termination of the employment of the Executive by the Company without Cause or on account
of the Company’s failure to renew this Agreement in accordance with Section 2.1; or

 

		(b)	any resignation by the Executive for Good Reason where such resignation occurs within thirty (30) days following the Company’s
failure to remedy the condition(s) constituting Good Reason.

 

    8

     

    

 

Notwithstanding the foregoing, the term “Involuntary Termination”
shall not include any termination of the employment of the Executive: (1) by the Company for Cause; (2) by the Company as a result of
the Permanent Disability of the Executive; (3) as a result of the death of the Executive; (4) that is a “Termination Upon Change
of Control”; or (5) as a result of the voluntary termination of employment by the Executive for any reason other than Good Reason.

 

8.7 “Good
Reason” means the occurrence of any of the following conditions, without the Executive’s consent:

 

		(a)	A reduction in the Executive’s Base Salary or target Cash Bonus opportunity as a percentage of Base Salary; provided, however,
that this Subsection (a) shall not apply in the event of a one-time reduction in the Executive’s Base Salary or target Cash Bonus
opportunity as part of a Company-wide or executive team-wide cost-cutting measure or Company-wide or executive team-wide cutback as a
result of overall Company performance in accordance with Section 3.1.

 

		(b)	The failure of the Company (i) to continue to provide the Executive an opportunity to participate in any benefit or compensation plans
provided to employees who hold positions with the Company comparable to the Executive’s position, (ii) to provide the Executive
all other fringe benefits (or the equivalent) in effect for the benefit of any employee group which includes any employee who hold a position
with the Company comparable to the Executive’s position, where in the event of a Change of Control, such comparison shall be made
relative to the period immediately prior to the public announcement of such Change of Control, or (iii) to continue to provide director’s
and officers’ insurance, in each case if such failure causes a material reduction in the Executive’s overall compensation
and benefits package.

 

		(c)	A material breach of this Agreement by the Company including, in the event of a Change of Control, the failure of any Successor to
assume and agree to perform the obligations under this Agreement in the same manner and to the same extent that the Company would be required
to perform such obligations if no succession had taken place, except where such assumption occurs by operation of law.

 

		(d)	A material, adverse change in the Executive’s authority, duties, or responsibilities (other than temporarily while the Executive
is physically or mentally incapacitated or as required by applicable law), taking into account the Company’s size, status as a public
company, and capitalization as of the Effective Date of this Agreement, other than a change to a position that is a Substantive Functional
Equivalent.

 

		(e)	A change in the Executive’s principal place of employment that is greater than 75 miles from the Executive’s principal
place of employment as set forth in Section 1.3 or, if his principal place of employment shall have been changed with his express or implied
consent, a change to a principal place of employment other than such consented place, other than a change directed by the Executive.

 

Within ninety (90) days of the occurrence of any of the foregoing conditions,
the Executive must notify the Company of the specific condition(s) that form the basis for Executive’s belief that Executive is
entitled to terminate employment for Good Reason. The Company shall have an opportunity to remedy the foregoing condition(s) within thirty
(30) days of its receipt of such notice.

 

    9

     

    

 

8.8 “Permanent
Disability” means that:

 

		(a)	the Executive has been incapacitated by bodily injury, illness or disease so as to be prevented thereby from engaging in the performance
of the Executive’s duties;

 

		(b)	such total incapacity shall have continued for a period of six consecutive months; and

 

		(c)	such incapacity will, in the opinion of a qualified physician selected by the Company, be permanent and continuous during the remainder
of the Executive’s life.

 

8.9 “Substantive
Functional Equivalent” means that the Executive’s position must:

 

		(a)	be in a substantive area of the Executive’s competence (e.g., financial or executive management) and not materially different
from the position occupied immediately prior;

 

		(b)	allow the Executive to serve in a role and perform duties functionally equivalent to those performed immediately prior to the change;
and

 

		(c)	not otherwise constitute a material, adverse change in authority, title, status, responsibilities or duties from those of the Executive
immediately prior to the change, causing the Executive to be of materially lesser rank or responsibility, including requiring the Executive
to report to a person other than the CEO or the Board.

 

8.10 “Successor”
means any successor in interest to, or assignee of, all or substantially all of the business and assets of the Company.

 

8.11 “Termination
Date” means the date of the termination of the Executive’s employment with the Company.

 

8.12 “Termination
Upon Change of Control” means:

 

		(a)	any termination of the employment of the Executive by the Company without Cause, including expiration of the Employment Term in accordance
with Section 2.1 as a result of the Company’s election not to renew the Employment Term, which termination of employment occurs
during the period commencing on date of a Change of Control and ending on the date that is eighteen (18) months following the Change of
Control; or

 

		(b)	any resignation by Executive for Good Reason where (i) such Good Reason occurs during the period commencing on the date of a Change
of Control and ending on the date that is eighteen (18) months following the Change of Control, and (ii) such resignation occurs
at or after such Change of Control and in any event within six (6) months following the occurrence of such Good Reason.

 

Notwithstanding the foregoing, if the Executive’s
employment with the Company is terminated without Cause or for Good Reason during the six-month period prior to the Change of Control,
then for purposes of this Agreement the Executive will be deemed to have experienced a Termination Upon Change of Control.

 

    10

     

    

 

For the avoidance of doubt, the term “Termination
Upon Change of Control” shall not include any termination of the employment of the Executive: (1) by the Company for Cause; (2)
by the Company as a result of the Permanent Disability of the Executive; (3) as a result of the death of the Executive; or (4) as a result
of the voluntary termination of employment by the Executive for any reason other than Good Reason.

 

9. EXCLUSIVE
REMEDY.

 

9.1 No
Other Benefits Payable. The Executive shall be entitled to no other termination, severance or change of control compensation, benefits,
or other payments from the Company as a result of any termination with respect to which the payments and benefits described in this Agreement
have been provided to the Executive, except as expressly set forth in this Agreement.

 

9.2 Release
of Claims. The payments and other benefits provided in Sections 5 and 6 of this Agreement upon termination of the Executive’s
employment are conditioned upon the delivery by the Executive to the Company of a signed and effective general release of claims in a
form provided by the Company and such release becoming effective within thirty (30) days following the Termination Date; provided, however,
that the Executive shall not be required to release any rights the Executive may have to be indemnified by the Company or as otherwise
provided under this Agreement.

 

9.3 Non-duplication
of Benefits. The payments and benefits provided under this Agreement are intended to replace payments and benefits under any other
written agreement with the Company and/or another plan or policy of the Company in their entirety and, accordingly, as between this Agreement
and those other agreements, plans or policies, there shall be no duplication of payments or benefits. If the Executive has any other binding
written agreement with the Company which provides that, upon a Change of Control, Termination Upon a Change of Control or Involuntary
Termination, the Executive shall receive termination, severance or similar payments or benefits, then no benefits shall be received by
Executive under this Agreement unless, prior to making the payment or providing the benefits under this Agreement, the Executive waives
Executive’s rights to all such other payments and benefits, in which case this Agreement shall supersede any such written agreement
with respect to such other benefits.

 

10. COOPERATION.
The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive’s
cooperation or assistance in the future. Accordingly, following the termination of the Executive’s employment for any reason, to
the extent reasonably requested by the Board or the CEO, the Executive shall cooperate with the Company in connection with any claims
arising out of the Executive’s employment with the Company including preparing for and providing truthful testimony; provided that,
the Company shall make reasonable efforts to minimize disruption of the Executive’s other activities. The Company shall reimburse
the Executive for reasonable expenses incurred in connection with such cooperation and assistance and, to the extent that the Executive
is required to spend substantial time on such matters, the Company shall compensate the Executive at an hourly rate based on the Executive’s
Base Salary on the Termination Date.

 

11. NON-COMPETE;
PROPRIETARY AND CONFIDENTIAL INFORMATION. During the Employment Term and following any termination of employment, Executive agrees
to continue to abide by the terms and conditions of the Non-Compete Agreement and each other non-competition agreement (during the term
of such agreement) and the separate Employee Invention Assignment & Confidentiality Agreement between the Executive and the Company.

 

    11

     

    

 

12. ARBITRATION.

 

12.1 Disputes
Subject to Arbitration. Any claim, dispute or controversy arising out of this Agreement, any other agreement between the Executive
and the Company or any of its affiliates, or the Executive’s employment with the Company or the termination thereof (other than
claims relating to misuse or misappropriation of the intellectual property of the Company or its affiliates), the interpretation, validity
or enforceability of this Agreement or the alleged breach thereof shall be submitted to binding arbitration by a sole arbitrator under
the National Rules for the Resolution of Employment Disputes of the American Arbitration Association and this Section 12; provided, however,
that (a) the arbitrator shall have no authority to make any ruling or judgment that would confer any rights with respect to the trade
secrets, confidential and proprietary information or other intellectual property of the Company upon the Executive or any third party;
and (b) this arbitration provision shall not preclude the Company from seeking legal and equitable relief from any court having jurisdiction
with respect to any disputes or claims relating to or arising out of the misuse or misappropriation of the Company’s intellectual
property or violation by the Executive of any non-competition agreement or other restrictive covenant in favor of the Company. Judgment
may be entered on the award of the arbitrator in any court having jurisdiction.

 

12.2 Costs
of Arbitration. Each party shall be responsible for its own costs and expenses, including, without limitation, attorneys’ fees.
The Arbitrator may determine to make an award of fees and/or costs to either party. Except as otherwise so awarded, the parties will share
equally the fees of the American Arbitration Association and the arbitrator.

 

12.3 Site
of Arbitration. The site of the arbitration proceeding shall be in Cincinnati, Ohio.

 

13. NOTICES.
For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed
to have been duly given when delivered or five (5) business days after being mailed, return receipt requested, as follows: (a) if to the
Company, attention: Chief Executive Officer, at the Company’s offices at 100 Commerce Blvd., Loveland, OH 45140 and, (b) if
to the Executive, at the Executive’s principal residence as it appears in the Company’s records. Either party may provide
the other with notices of change of address, which shall be effective upon receipt.

 

14. MISCELLANEOUS
PROVISIONS.

 

14.1 Heirs
and Representatives of the Executive; Successors and Assigns of the Company. This Agreement is personal to the Executive and shall
not be assigned by the Executive, except that in the event of the Executive’s death or Permanent Disability the post-termination
benefits of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the Executive’s personal
and legal representatives, executors, administrators, successors, heirs, distributees, devises and legatees. The Company may assign this
Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially
all of the business or assets of the Company. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
successors and assigns of the Company.

 

14.2 Amendment
and Waiver. No provision of this Agreement shall be modified, amended, waived or discharged unless the modification, amendment, waiver
or discharge is agreed to in writing, specifying such modification, amendment, waiver or discharge, and signed by the Executive and by
an authorized officer of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any
condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the
same condition or provision at another time. To be effective, any waiver must be set forth in a writing signed by the waiving party and
must specifically refer to the condition(s) or provision(s) of this Agreement being waived.

 

    12

     

    

 

14.3 Withholding
Taxes. All payments made or benefits provided under this Agreement shall be subject to deduction of all federal, state, local and
other taxes required to be withheld by applicable law.

 

14.4 Severability.
The invalidity or enforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any
other provision hereof, which shall remain in full force and effect.

 

14.5 Governing
Law. The validity, interpretation, construction, performance and enforcement of this Agreement shall be governed by the laws of the
State of Ohio, without regard to where the Executive has his residence or principal office or where he performs his duties hereunder,
and without reference to principles of conflict of laws.

 

14.6 Exemption
from, or Compliance with, Code Section 409A. The payments to be made and the benefits to be provided under this Agreement are intended
to be either exempt from, or compliant with, the requirements of Code Section 409A, and this Agreement shall be construed and administered
in accordance with such intent and in accordance with this Section 14.6. Notwithstanding any other provision of this Agreement, payments
provided under this Agreement may only be made upon an event and in a manner that complies with the requirements of Code Section 409A
or an applicable exemption thereto. Any payments under this Agreement that may be exempt from Code Section 409A either as separation pay
due to the Executive’s involuntary separation from service or as a short-term deferral shall be treated as exempt from Code Section
409A under this Agreement to the maximum extent possible. Each installment payment provided hereunder that is subject to the requirements
of Code Section 409A shall be treated as a separate payment for purposes of Code Section 409A. Any payments to be made under this Agreement
in connection with Executive’s termination of employment shall only be made if such termination of employment constitutes a “separation
from service” under Code Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and
benefits provided under this Agreement are exempt from, or comply with, Code Section 409A, and in no event shall the Company be liable
for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Executive on account of noncompliance
with Code Section 409A.

 

To the extent any payments or benefits
to which the Executive becomes entitled under this Agreement, or under any agreement or plan referenced herein, in connection with Employee’s
termination of employment with the Company constitute nonqualified deferred compensation subject to the requirements of Code Section 409A,
and the Executive is determined, at the time of such termination of employment, to be a “specified employee” under Code Section
409A, then such payments shall not be made or benefits commenced until the earliest of (i) the first payroll date to occur following the
six (6)-month anniversary of such termination of employment; or (ii) the first payroll date to occur following the date of the Executive’s
death following such termination of employment. Upon the expiration of the applicable suspension period, the aggregate amount of any payments
and benefits which would have otherwise been made or provided during that period (whether in a single sum or in installments) in the absence
of this paragraph shall be paid to the Executive (or Executive’s estate in the case of his death) in one lump sum without interest,
and thereafter any remaining payments or benefits shall be paid or provided without suspension in accordance with their original schedule.

 

    13

     

    

 

To the extent required by Code Section 409A, each
reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following: (i) the amount of expenses
eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement of an eligible expense shall be paid to the
Executive on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iii) any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

14.7 Entire
Agreement. This Agreement, together with the Non-Compete and any other non-competition agreements between the Executive and the Company,
the Employee Invention Assignment & Confidentiality Agreement between the Executive and the Company, and the restricted stock award
agreements and stock option award agreements with respect to the equity awards, contains the entire agreement and understanding between
the parties as to the subject matter herein and supersedes all prior agreements, including understandings, term sheets, discussions, negotiations
and undertakings, whether written or oral, between them relating to the subject matter of this Agreement. In the event of any inconsistency
between any provision of this Agreement and any provision of any plan, employee handbook, personnel manual, program, policy, arrangement
or agreement of the Company or any of its affiliates, the provisions of this Agreement shall control.

 

14.8 Surviving
Terms. Except as otherwise set forth in this Agreement, to the extent necessary to carry out the intentions of the parties hereunder
the respective rights and obligations of the parties hereunder shall survive any termination of the Executive’s employment.

 

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT FOLLOWS]

 

    14

     

    

 

In Witness Whereof, each of the
parties has executed this Agreement, in the case of the Company, by its duly authorized officer, as of the day and year first above written.

 

	 	EXECUTIVE
	 	 
	 	/s/ Robert Ginnan
	 	Robert Ginnan

 

	 	WORKHORSE GROUP INC.
	 	 	 
	 	By:	/s/ James D. Harrington
	 	Name: 	James D. Harrington
	 	Title:	CAO, General Counsel and Secretary

 

 

15Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of December 29, 2021, between Akari Therapeutic, Plc, a public company with limited
liability incorporated under the laws of England and Wales (the “Company”), and each purchaser identified on the signature
pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under the Securities Act (as defined
below), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from
the Company, securities of the Company as more fully described in 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 Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

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 set forth in this Section 1.1:

 

“Acquiring Person”
shall have the meaning ascribed to such term in Section 4.5.

 

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

 

“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement (as defined below), each representing 100 Ordinary Shares.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

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

 

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

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the
Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the
second (2nd) Trading Day following the date hereof.

 

    

     

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Company
UK Counsel” means McDermott Will & Emery UK LLP, with offices located at 110 Bishopsgate, London EC2N 4AY, United Kingdom.

 

“Company
US Counsel” means McDermott Will & Emery LLP, with offices located at 340 Madison Avenue, New York, NY 10173.

 

“Dentons”
means Dentons US LLP, with offices located at 1221 Avenue of the Americas, New York, NY 10020.

 

“Deposit
Agreement” means the Deposit Agreement dated as of December 7, 2012 (as amended December 24, 2013 and September 9, 2015), among
the Company, Deutsche Bank Trust Company Americas, as Depositary, and the owners and holders of ADSs from time to time, as such agreement
may be amended or supplemented.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and
before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date
hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight
(New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof,
unless otherwise instructed as to an earlier time by the Placement Agent.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

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

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

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

 

“Federal
Reserve” shall have the meaning ascribed to such term in 3.1(ll).

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

“Money
Laundering Laws” shall have the meaning assigned to such term in Section 3.1(mm).

 

“Ordinary
Share(s)” means the ordinary shares of the Company, par value $0.0001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed, as represented by ADSs issued pursuant to the Deposit Agreement, each ADS representing
100 Ordinary Shares, issued and issuable to each Purchaser pursuant to this Agreement.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Ordinary Shares or ADSs, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary
Shares or ADSs.

 

“Placed
ADSs” means the ADSs deliverable and delivered at Closing pursuant to this Agreement.

 

“Placement
Agent” means Paulson Investment Company, LLC., a Delaware limited liability company.

 

“Placement
Agency Agreement” means that certain Placement Agency Agreement dated as of the date hereof between the Company and the Placement
Agent

 

“Placed
Shares” means the Ordinary Shares underlying the Placed ADSs.

 

“Per Placed
ADS Purchase Price” equals $1.40, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of ADSs and/or Ordinary Shares that occur after the date of this Agreement.

 

“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.

 

“Pharmaceutical
Product” shall have the meaning ascribed to such term in Section 3.1(hh).

 

    3

     

    

 

“Placement
Agent” means Paulson Investment Company, LLC.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final base prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission
and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” means the effective shelf registration statement on Form F-3 (Registration No. 333-251673), originally with Commission
on December 23, 2020 and declared effective by the Commission on December 31, 2020.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

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

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

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

 

“Securities”
means the Placed ADSs, the Placed Shares, the Warrants and the Warrant Shares.

 

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

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be
deemed to include locating and/or borrowing Ordinary Shares and/or ADSs). 

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for ADSs, each ADS representing 100 Ordinary Shares and
Warrants purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading
 “Subscription Amount,” in United States dollars and in immediately available funds.

 

    4

     

    

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a), and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.

 

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

 

“Trading
Market” means any of the following markets or exchanges on which the ADSs are listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements
executed in connection with the transactions contemplated hereunder.

 

“Warrant
ADSs” means the ADSs issuable upon exercise of the Warrants.

 

“Warrant
Shares” means the Ordinary Shares represented by ADSs issuable upon exercise of the Warrants.

 

“Warrants”
means, collectively, the ADS purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which
Warrants shall be exercisable immediately and have a term of exercise equal to five (5) years from the initial date of issuance, in the
form of Exhibit A attached hereto.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1           Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally
and not jointly, agree to purchase, up to an aggregate of $6.04 million of ADSs and Warrants. Each Purchaser’s Subscription Amount
as set forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment”
settlement with the Company or its designees. The Company shall deliver to each Purchaser its respective Placed ADSs and a Warrant as
determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable
at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices
of Dentons or such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of
the Placed ADSs shall occur via “Delivery Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company
shall issue the Placed ADSs registered in the Purchasers’ names and addresses and released by the Depositary directly to the account(s)
at the Placement Agent identified by each Purchaser; upon receipt of such ADSs, the Placement Agent shall promptly electronically deliver
such ADSs to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer
to the Company).

 

    5

     

    

 

2.2           Deliveries.

 

(a)            On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)               this
Agreement duly executed by the Company;

 

(ii)              a
legal opinion of UK Company Counsel and Company US Counsel, in a form reasonably acceptable to the Placement Agent, Purchasers and the
Depositary;

 

(iii)           
subject to the last sentence of Section 2.1, the Company shall have provided each Purchaser with the Company’s wire instructions,
on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer;

 

(iv)            subject
to the last sentence of Section 2.1a copy of the irrevocable instructions to the Depositary instructing the Depositary to deliver on
an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) ADSs equal
to such Purchaser’s Subscription Amount divided by the Per ADS Purchase Price, registered in the name of such Purchaser; and

 

(v)             a
Warrant registered in the name of such Purchaser to purchase up to a number of ADSs equal to 50% of such Purchaser’s ADSs, with
an exercise price equal to $1.65, subject to adjustment therein;

 

(vi)            the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act);

 

(vii)          
Officer’s Certificate, in form and substance satisfactory to the Placement Agent; and

 

(viii)         
Secretary’s Certificate, in form and substance satisfactory to the Placement Agent.

 

(b)           On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, the following:

 

(i)               this Agreement duly executed by such Purchaser; and

 

(ii)             
such Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement
with the Company or its designee.

 

    6

     

    

 

2.3           Closing Conditions.

 

(a)            The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)               the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless
as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)             
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have
been performed; and

 

(iii)            
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)           The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)               the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect,
in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of
a specific date therein in which case they shall be accurate as of such date);

 

(ii)              all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)            
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)            
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)             
from the date hereof to the Closing Date, trading in the ADSs and Ordinary Shares shall not have been suspended by the Commission
or the Company’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported
by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades
are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable
judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.

 

    7

     

    

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1           Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part
hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section
of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)           Subsidiaries.
All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company owns, directly or indirectly,
all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding
shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights
to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them
in the Transaction Documents shall be disregarded.

 

(b)           Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing
and, if such concept is applicable, in good standing under the laws of the jurisdiction of its incorporation or organization, with the
requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the
Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of association,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and
is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be,
could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any
Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial
or otherwise) of the Company and the Subsidiaries, taken as a whole, (iii) a material adverse effect on the Company’s ability to
perform in any material respect on a timely basis its obligations under any Transaction Document , or (iv) would result in the Prospectus
or any amendment thereto containing a misrepresentation within the meaning of applicable securities laws (any of (i), (ii), (iii) or
(iv), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting
or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(c)            Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement and each of the other 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
action is required by the Company, the Board of Directors or the Company’s shareholders in connection herewith or therewith other
than in connection with the Required Approvals. This Agreement and each other Transaction Document to which the Company is a party has
been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof,
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.

 

    8

     

    

 

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

 

(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: (i) the filings
required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) the filing
with the Commission by the Company and the Depositary of a registration statement on Form F-6 relating to the ADSs for registration under
the Securities Act, (iv) application(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading
thereon in the time and manner required thereby, and (v) such consents, waivers and authorizations that shall be obtained prior to Closing
(collectively, the “Required Approvals”).

 

    9

     

    

 

(f)            Issuance
of the Securities; Registration.

 

(i)              The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will
be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved
from its duly authorized capital stock the maximum number of ADSs and Ordinary Shares issuable pursuant to this Agreement, including with
respect to issuance of the Warrant Shares upon exercise of the Warrants. As of the Closing, the Company shall have reserved from its duly
authorized capital stock not less than 100% of the maximum number of Ordinary Shares and ADSs issuable upon exercise of the Warrants (without
taking into account any limitations on the exercise of the Warrants set forth in the Warrants).

 

(ii)             
The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which
became effective on December 31, 2020, including the Prospectus, and such amendments and supplements thereto as may have been required
to the date of this Agreement. The Company was at the time of the filing of the Registration Statement eligible to use Form F-3. The Company
is eligible to use Form F-3 under the Securities Act and it meets the transaction requirements as set forth in General Instruction I.B.1
of Form F-3. The Company and the Depositary have prepared and filed with the Commission a registration statement relating to ADSs on Form
F-6 (File No. 333-185197) for registration under the Securities Act (the “ADS Registration Statement”). The Registration
Statement and the ADS Registration Statement are effective under the Securities Act and no stop order preventing or suspending the effectiveness
of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings
for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. At the time the Registration
Statement, ADS Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date,
the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at the
time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material
respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading.

 

    10

     

    

 

(g)           Capitalization.
The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall
also include the number of ADSs and Ordinary Shares. Except as set forth in Schedule 3.1(g), the Company has not issued any capital
stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options
under the Company’s stock option plans, the issuance of ADSs and Ordinary Shares to employees pursuant to the Company’s employee
stock purchase plans and pursuant to the conversion and/or exercise of Ordinary Share Equivalents outstanding as of the date of the most
recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation,
or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase
and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person
any right to subscribe for or acquire, any ADSs and Ordinary Shares or the capital stock of any Subsidiary, or contracts, commitments,
understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional ADSs, Ordinary Shares
or Ordinary Share Equivalents or capital stock of any Subsidiary. The issuance and sale of the Shares will not obligate the Company or
any Subsidiary to issue ADSs and Ordinary Shares or other securities to any Person (other than the Purchasers). There are no outstanding
securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset
price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There are no outstanding securities
or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments,
understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such
Subsidiary. The Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar
plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and
nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued
in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization
of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no shareholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a
party or, to the knowledge of the Company, between or among any of the Company’s shareholders.

 

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

 

    11

     

    

 

(i)            Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included within
the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development that has had or
that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice
and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings
made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend
or distribution of cash or other property to its shareholders 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. The Company does not have pending before the Commission any request for confidential treatment
of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no
event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with
respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition
that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed
made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

(j)             Litigation.
Except as set forth on Schedule (j), there is no action, suit, inquiry, notice of violation, proceeding or investigation pending
or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of
any of the Transaction Documents or the Securities or (ii) would have or reasonably be expected to result in a Material Adverse Effect.
Except as set forth on Schedule (j), neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been
the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach
of fiduciary duty. Except as set forth on Schedule (j), there has not been, and to the knowledge of the Company, there is not
pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the
Company that would have or reasonably be expected to result in a Material Adverse Effect. The Commission has not issued any stop order
or other order suspending the effectiveness of any outstanding registration statement filed by the Company or any Subsidiary under the
Exchange Act or the Securities Act.

 

    12

     

    

 

(k)           Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement. The Company and its Subsidiaries are in compliance
with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions
of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

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

 

(m)          Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to
pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or
subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the
environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder
(“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under
applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of
any such permit, license or approval, except where in each clause (i), (ii) and (iii), the failure to so comply or the failure of
such receipt could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

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

 

    13

     

    

 

 

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

 

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

 

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

 

    14 

     

    

 

(r)               
 Transactions With Affiliates and Employees. Except as set forth on Schedule 3.1(r), none of the officers or directors
of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently
a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal
property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial
interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment
of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other
employee benefits, including stock option agreements under any stock option plan of the Company.

 

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

 

(t)                 Certain
Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be
payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker,
bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no
obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type
contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

    15 

     

    

 

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

 

(v)            
Registration Rights. Except as set forth on Schedule (v), no Person has any right to cause the Company or any Subsidiary
to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

(w)            
Listing and Maintenance Requirements. The ADSs are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and
the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of
ADSs under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.
The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the ADSs or Ordinary
Shares are or have been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements
of such Trading Market. Except as set forth in the Company’s most recent Annual Report on Form 20-F, the Company is, and has no
reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements.
The ADSs are currently eligible for electronic transfer through The Depository Trust Company or another established clearing corporation
and the Company is current in payment of the fees to The Depository Trust Company (or such other established clearing corporation) in
connection with such electronic transfer.

 

(x)              
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under the Company’s articles of association (or similar charter documents)
or the laws of its jurisdiction of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a
result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

    16 

     

    

 

(y)               Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise
disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing
representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the
Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated
hereby, including the Disclosure Schedules to this Agreement, is true and correct in all material respects and does not contain any
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in
light of the circumstances under which they were made, not misleading. The press releases disseminated by the Company during the
twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes
or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set
forth in Section 3.2 hereof.

 

(z)              
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section
3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any
offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the
Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration
of any securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any
of the securities of the Company are listed or designated.

 

(aa)            Solvency.
Except as set forth in the Company’ most recent Annual Report on Form 20-F, based on the consolidated financial condition of
the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the
Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount that will be required to be paid
on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities) as they
mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted and
as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business
conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current
cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking
into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such
amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature
(taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any
facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or
reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(aa) sets forth as of the date
hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any
Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for
borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business),
(y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are
or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of
negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present
value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither the
Company nor any Subsidiary is in default with respect to any Indebtedness.

 

    17 

     

    

 

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

 

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

 

(dd)          
Accountants. The Company’s independent registered public accounting firm is BDO USA, LLP. To the knowledge and belief
of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) has expressed
its opinion with respect to the financial statements included in the Company’s Annual Report for the fiscal year ended December
31, 2020.

 

(ee)           Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company
(or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions
contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to each
Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on
the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

    18 

     

    

 

(ff)            Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except
for Sections 3.2(e) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked
by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company,
or “derivative” securities based on securities issued by the Company or to hold the Securities for
any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation,
Short Sales or “derivative” transactions, before or after the closing of this or future private placement transactions, may
negatively impact the market price of the Company’s publicly-traded securities; (iii) any Purchaser, and counter-parties in “derivative”
transactions to which any such Purchaser is a party, directly or indirectly, presently may have a “short” position in the
Ordinary Shares and/or ADSs, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s
length counter-party in any “derivative” transaction. The Company further understands and acknowledges that (y) one
or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, including,
without limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being determined,
and (z) such hedging activities (if any) could reduce the value of the existing shareholders' equity interests in the Company at and
after the time that the hedging activities are being conducted.  The Company acknowledges that such aforementioned hedging activities
do not constitute a breach of any of the Transaction Documents.

 

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

 

(hh)           FDA.
As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal
Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged,
labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a
 “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested,
distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar laws, rules
and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval, good
manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising, record
keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. Except as set
forth on Schedule (hh), there is no pending, completed or, to the Company's knowledge, threatened, action (including any
lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company
or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter or other
communication from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or
approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and
promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or
withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii)
imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any
facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction
with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the
Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have a Material Adverse Effect. The
properties, business and operations of the Company have been and are being conducted in all respects in accordance with all
applicable laws, rules and regulations of the FDA except where the failure to be in compliance would not have a Material Adverse
Effect.  The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the
United States of any product proposed to be developed, produced or marketed by the Company.

 

    19 

     

    

 

(ii)            Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance
with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the
Ordinary Shares on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under
the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company
policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the
release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or
prospects.

 

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

 

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

 

    20 

     

    

 

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

 

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

 

(nn)       Material
Agreements. The agreements and documents described in the Registration Statement, Prospectus or F-6 Registration Statement conform
in all material respects to the descriptions thereof contained or incorporated by reference therein conformed in all material respects
to the requirements of the Securities Act or the Exchange Act, as applicable at the time filed, and were filed on a timely basis with
the Commission and none of such documents contained an untrue statement of a material fact or omitted to state a material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; any further documents so
filed and there are no agreements or other documents required by the Securities Act and the rules and regulations thereunder to be described
in the Prospectus or to be filed with the Commission as exhibits to the Registration Statement or F-6 Registration Statement, or to be
incorporated by reference in the Registration Statement, F-6 Registration Statement or Prospectus, that have not been so described or
filed or incorporated by reference.

 

3.2             
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which
case they shall be accurate as of such date):

 

(a)              
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement and
each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been
duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such
Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser
in accordance with the terms hereof, will constitute the valid and legally binding obligation of such 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.

 

    21 

     

    

 

(b)              
Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct
or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this
representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or
otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the
ordinary course of its business. Such Purchaser is acquiring such Securities as principal for its own account, not as nominee or agent,
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any
applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or
any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or
regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation
and warranty not limiting such Purchaser’s right to sell such Securities pursuant to a registration statement, if applicable, or
otherwise in compliance with applicable federal and state securities laws).

 

(c)              
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on
each date on which it exercises any Warrants, it will be either: (i) an “accredited investor” as defined in Rule 501(a) of
Regulation D promulgated under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under
the Securities Act. Such purchaser is not required to be registered as a broker-dealer under Section 15 of the Exchange Act.

 

(d)             Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, 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. Such 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)               Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all
exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has
deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering
of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its
financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its
investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.  Such
Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such
Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or
desired.  Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality
of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company
which such Purchaser agrees need not be provided to it.  In connection with the issuance of the Securities to such Purchaser,
neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

    22 

     

    

 

(f)            
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales of the securities of the Company during the period commencing as of the time that such Purchaser first received
a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions
contemplated hereunder and ending immediately prior to the execution hereof. In addition to the foregoing, such Purchaser has not, nor
has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any Short Sales
of the securities of the Company during the period commencing 60 days prior to the date hereof and ending immediately prior to the execution
hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above
shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser
has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms
of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation
or warranty against, or a prohibition of, any actions with respect to the borrowing of, arrangement to borrow, identification of the availability
of, and/or securing of, securities of the Company in order for such Purchaser (or its broker or other financial representative) to effect
Short Sales or similar transactions in the future.

 

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

 

    23 

     

    

 

  

(h)              
 Beneficial Ownership. Such Purchaser represents that neither such Purchaser nor any group of Purchasers (as identified
in a public filing made with the SEC) of which such Purchaser is a part in connection with the transactions contemplated hereby, acquired,
or obtained the right to acquire, 9.99%, or more of the ADSs (or securities convertible into or exercisable for ADSs) or the voting power
of the Company on a post transaction basis; provided, that the Company acknowledges that such Purchaser is relying on the Ordinary Shares
issued and outstanding as set forth in Section 3.1(g) in calculating the such beneficial ownership.

 

The Company acknowledges and
agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on
the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any
other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation
of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute
a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or
similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1            ADSs.

 

(a)              
Legends. The ADSs, Warrant Shares and, except in the case of a cashless exercise, Warrant ADSs shall be issued free of legends.

 

(b)              
Warrant Shares and Warrant ADSs. If all or any portion of a Warrant is exercised at a time when there is an effective registration
statement to cover the issuance or resale of the Warrant Shares or Warrant ADSs the Warrant Shares issued pursuant to any such exercise
shall be issued free of all legends. If at any time following the date hereof the Registration Statement (or any subsequent registration
statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise available for the sale or resale
of the Warrant Shares, the Company shall promptly notify the holders of the Warrants in writing that such registration statement is not
then effective and thereafter shall promptly notify such holders when the registration statement is effective again and available for
the sale or resale of the Warrant Shares or Warrant ADSs (it being understood and agreed that the foregoing shall not limit the ability
of the Company to issue, or any Purchaser to sell, any of the Warrant Shares or Warrant ADSs in compliance with applicable federal and
state securities laws). The Company shall use commercially reasonable best efforts to keep a registration statement (including the Registration
Statement) registering the issuance or resale of the Warrant Shares or Warrant ADSs effective.

 

4.2            Furnishing
of Information. Until the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired, the Company
covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to
be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements
of the Exchange Act.

 

    24 

     

    

 

4.3           
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes
of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.4           Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms of
the transactions contemplated hereby, and (b) file a Report on Form 6-K, including the Transaction Documents as exhibits thereto, with
the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents
to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the
Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions
contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and
agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any
of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers
or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing
any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue
any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press
release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent
shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall
promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company
shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any
regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities
law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required
by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted
under this clause (b).

 

4.5            Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser
is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser
could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents
or under any other agreement between the Company and the Purchasers.

 

    25 

     

    

 

4.6           Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its
behalf will provide any Purchaser or any Purchaser’s agents or counsel with any information that constitutes, or the Company reasonably
believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such
information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser
shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers
any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that
such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers,
directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors,
agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall
remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains,
material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such material non-public
information with the Commission pursuant to a Report on Form 6-K. The Company understands and confirms that each Purchaser shall be relying
on the foregoing covenant in effecting transactions in securities of the Company.

 

4.7             
Use of Proceeds. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from
the sale of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of any portion
of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business and prior practices),
(b) for the redemption of any Ordinary Shares or Ordinary Share Equivalents, (c) for the settlement of any outstanding litigation or (d)
in violation of FCPA or OFAC regulations.

 

4.8              Indemnification
of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its
directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such
Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations,
warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action
instituted against the Purchaser Party in any capacity, or any of them or their respective Affiliates, by any stockholder of the
Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is solely based upon a breach of such Purchaser Party’s representations, warranties or covenants
under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any
violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally
judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any
Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify
the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing
reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action
and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party
except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has
failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the
reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of
such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such
separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser
Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the
extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any
of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other
Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others
and any liabilities the Company may be subject to pursuant to law.

 

    26 

     

    

 

4.9             
Authority to Allot Ordinary Shares. As of the date hereof, the directors of the Company have authority to allot a sufficient
number of Ordinary Shares and ADSs to enable the Company to issue the Placed ADSs and Placed Shares pursuant to this Agreement and Warrant
Shares pursuant to any exercise of the Warrants.

 

4.10         
Listing of Shares. The Company hereby agrees to use reasonable efforts to maintain the listing or quotation of the ADSs
on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all
of the Placed Shares, Placed ADSs and Warrant ADSs on such Trading Market and promptly secure the listing of all of the Placed Shares,
Placed ADSs and Warrant ADSs on such Trading Market. The Company further agrees, if the Company applies to have the ADSs traded on any
other Trading Market, it will then include in such application all of the Placed ADSs and Warrant ADSs, and will take such other action
as is necessary to cause all of the ADSs to be listed or quoted on such other Trading Market as promptly as possible. The Company will
then take all action reasonably necessary to continue the listing and trading of its ADSs 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. The Company agrees to
maintain the eligibility of the ADSs and Ordinary Shares for electronic transfer through the Depository Trust Company or another established
clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established
clearing corporation in connection with such electronic transfer.

 

4.11         
Reserved.

 

4.12         
Reserved.

 

    27 

     

    

 

4.13            
 Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such
time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described
in Section 4.4.  Each Purchaser, severally and not jointly with the other Purchasers, covenants
that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial
press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction
and the information included in the Disclosure Schedules.  Notwithstanding the foregoing, and notwithstanding
anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation,
warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the
transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section
4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance
with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced
pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty
not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described
in Section 4.4.  Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby
separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge
of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set
forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Securities covered by this Agreement.

 

4.14            
Exercise Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required
of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required
of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to
exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with the terms,
conditions and time periods set forth in the Transaction Documents.

 

ARTICLE V.

MISCELLANEOUS

 

5.1             
Termination.  This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder
only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other
parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided,
however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

    28 

     

    

 

5.2             
 Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Depositary fees (including,
without limitation, any fees required for same-day processing of any instruction letter delivered by the Company to issue ADSs), stamp
taxes and other taxes and duties levied in connection with the delivery of any ADSs to the Purchasers.

 

5.3             
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus
Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof 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.

 

5.4             
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached
hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the
signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c)
the second (2nd)Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall
be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes,
or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Report on Form 6-K.

 

5.5             
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and holders of at least a majority of Warrant Shares and of the aggregate
amount of Ordinary Shares issued hereunder and shares issuable under the Warrants (without regard to any restriction or limitation on
the exercise of the Warrants contained therein) or, in the case of a waiver, by the party against whom enforcement of any such waived
provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group
of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. 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 any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or
waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable
rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment
effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

 

    29 

     

    

 

5.6             
 Headings. 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.

 

5.7             
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 each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom
such Purchaser assigns or transfers any Ordinary Shares or ADSs, provided that such transferee agrees in writing to be bound, with respect
to the transferred Ordinary Shares or ADSs, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8             
No Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties
of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. 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, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

5.9             
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 New York, without regard to the principles
of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and
federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents),
and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing
a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations
of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for
its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such
Action or Proceeding.

 

5.10         
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

    30 

     

    

 

5.11         
 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 each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, 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 effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

5.12         
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by
such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

 

5.13         
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may
rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in respect of the securities or other matter to which the default relates without prejudice to its future actions and rights.

 

5.14         
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to
the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also
pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

5.15         
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties
agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in
the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the
defense that a remedy at law would be adequate.

 

    31 

     

    

 

5.16          Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a
Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by
or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law
(including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the
extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17         
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the
performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in
any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any
way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each
Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this
Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional
party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation
of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to
communicate with the Company through the legal counsel of the Placement Agent. The legal counsel of the Placement Agent does not represent
any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and
Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers.
It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

5.18         
Saturdays, Sundays, Holidays, etc.If the last or appointed day for the taking of any action or the expiration of any
right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

5.19         
Construction. The parties agree that each of them and/or their respective counsel have 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 thereto. In addition,
each and every reference to share prices and ADSs or Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the ADSs or Ordinary Shares that occur
after the date of this Agreement.

 

5.20         
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER
PARTY,

 

THE PARTIES EACH KNOWINGLY AND INTENTIONALLY,
TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL
BY JURY. 

  

(Signature Pages Follow)

 

    32 

     

    

 

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

 

 

	Akari Therapeutics, PLC    	 	Address for Notice:
	 	 	 
	By:	 	 	Fax: 
	 	Name:	 	E-mail:
	 	Title:  	 	 
	 	 	 
	With a copy to (which shall not constitute notice):	 	 

  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    33 

     

    

 

[PURCHASER SIGNATURE PAGES TO AKTX SECURITIES PURCHASE
AGREEMENT]

 

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

 

Name of Purchaser: ______________________________________________________

 

Signature of Authorized Signatory of Purchaser:
_________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:_________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

Address for Delivery of Warrants to Purchaser (if not same as address
for notice):

 

Name:

 

Address:

 

Number of Warrants

 

Subscription Amount: $__________

  

EIN Number: ____________________

  

Address for Delivery of ADSs to Purchaser (if not same as address for
notice):

 

DWAC for ADSs:

 

DTC Participant name and number: ________________________

Contact of DTC Participant: _______________________

Telephone Number of Participant Contact: _____________________

 

    34 

     

    

 

Subscription Amount: $_________________

 

ADSs: _________________

 

EIN Number: ____________________

 

o
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to
purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company
to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing
shall occur by the second (2nd) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this
Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement,
instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional
obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase
price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    35 

     

    

 

Exhibit A

 

    

     

    

   

EXHIBIT B

 

    37

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]