Document:

Exhibit 10.1

 

July 11, 2019

 

Via Hand Delivery

Personal and Confidential

 

Michael Zientek

 

		Re:	Separation Agreement and Release

 

Dear Michael:

 

As you know, your employment with EVO Transportation
& Energy Services, Inc. (the “Company”) will terminate effective July 11, 2019. While we are not required to do
so, we are willing to offer separation pay to assist you with your transition as described in this letter. The purpose of this
Separation Agreement and Release letter (the “Agreement”) is to set forth the specific separation pay that the Company
will provide you in exchange for your agreement to the terms and conditions of this Agreement.

 

By your signature below, you agree to the
following terms and conditions:

 

1. End of Employment.
Your employment with the Company ended effective July 11, 2019 (the “Separation Date”). Upon your receipt of your final
paycheck, which includes payment for services through the Separation Date, you will have received all wages, compensation and benefits
owed to you by virtue of your employment with the Company or termination thereof. If applicable, information regarding your right
to elect COBRA coverage will be sent to you via separate letter.

 

You are not eligible
for any other payments or benefits by virtue of your employment with the Company or termination thereof except for those expressly
described in this Agreement. You will not receive the separation pay and benefits described in Section 2 of this Agreement if you
(i) do not sign this Agreement and return it to the Company by the Offer Expiration, (ii) rescind this Agreement after signing
it, or (iii) violate any of the terms and conditions set forth in this Agreement.

 

2. Separation Pay
and Benefits. Specifically in consideration of your signing this Agreement and subject to the limitations, obligations, and
other provisions contained in this Agreement, the Company agrees to pay you one (1) month separation pay, in the amount of Nineteen
thousand one-hundred sixty-seven Dollars ($19,167), less applicable payroll taxes, deductions, and withholding, to be paid in lump
sum within seven (7) days after the Company receives a copy of this signed agreement, provided that you sign and deliver this Agreement
to John Yeros by 5:00 pm on July 18, 2019.

 

     

     

    

 

3. Release of Claims.
Specifically in consideration of the separation pay and benefits described in Section 2, and the release provided to you by the
Company below, and to which you would not otherwise be entitled, by signing this Agreement you, for yourself and anyone who has
or obtains legal rights or claims through you, agree to the following:

 

a. Except as to claims
that cannot be released under applicable law, you hereby do release and forever discharge the “Released Parties” (as
defined in Section 3.e. below) of and from any and all manner of claims, demands, actions, causes of action, administrative claims,
liability, damages, claims for punitive or liquidated damages, claims for attorney’s fees, costs and disbursements, individual
or class action claims, or demands of any kind whatsoever, you have or might have against them or any of them, whether known or
unknown, in law or equity, contract or tort, arising out of or in connection with your employment or independent contractor engagement
with the Company, or the termination of that employment or engagement, or otherwise, and however originating or existing, from
the beginning of time through the date of your signing this Agreement.

 

b. This release includes,
without limiting the generality of the foregoing, any claims you may have for, wages, bonuses, commissions, penalties, deferred
compensation, vacation, sick, and/or paid time off (PTO) pay, separation pay and/or benefits; tortious conduct, defamation, libel,
slander, invasion of privacy, negligence, emotional distress; breach of implied or express contract, estoppel; wrongful discharge
(based on contract, common law, or statute, including any federal, state or local statute or ordinance prohibiting discrimination
or retaliation in employment); violation of any of the following: the United States Constitution, the Arizona Constitution, the
Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., Arizona Fair Employment Act, Arizona Wage Claim and
Payment Law, Arizona Business Closing and Mass Layoff Law, Arizona Cessation of Health Care Benefits Law, Arizona Family and Medical
Leave Law, Arizona Personnel Records Statute, Arizona Employment Peace Act, any paid sick leave law, any local human rights ordinance,
Title VII of the Civil Rights Act, 42 U.S.C. § 2000e et seq., the Americans with Disabilities Act, 42 U.S.C. §
12101 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., the Family and
Medical Leave Act, 29 U.S.C. § 2601 et seq., the National Labor Relations Act, 29 U.S.C. § 151 et seq.,
the Sarbanes-Oxley Act, 15 U.S.C. § 7201 et seq.; any claim for retaliation; all waivable claims arising under Arizona
and local statutes. You hereby waive any and all relief not provided for in this Agreement. You hereby waive any and all relief
not provided for in this Agreement. You understand and agree that, by signing this Agreement, you waive and release any claim to
employment with the Company.

 

c. If you file, or have
filed on your behalf, a charge, complaint, or action, you agree that the payments and benefits described above in Section 2 are
in complete satisfaction of any and all claims in connection with such charge, complaint, or action and you waive, and agree not
to take, any award of money or other damages from such charge, complaint, or action. Notwithstanding the foregoing, you do not
waive your right to receive and fully retain a monetary award from a government-administered whistleblower award program for providing
information directly to a governmental agency.

 

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d. You are not, by signing
this Agreement, releasing or waiving (1) any vested interest you may have in any 401(k) or profit sharing plan by virtue of your
employment with the Company, (2) any rights or claims that may arise after the Agreement is signed, (3) the post-employment payments
and benefits specifically promised to you under Section 2 of this Agreement, (4) the right to institute legal action for the purpose
of enforcing the provisions of this Agreement, (5) any rights you have to workers compensation benefits, (6) any rights you have
under unemployment compensation benefits laws, (7) the right to file a charge or complaint with a governmental agency such as the
Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Occupational
Safety and Health Administration (“OSHA”), the Securities and Exchange Commission (“SEC”) or any other
federal, state or local governmental agency, subject to Section 2(c) above, (8) the right to communicate with, testify, assist,
or participate in an investigation, hearing, or proceeding conducted by, the EEOC, NLRB, OSHA, SEC or other governmental agency,
(9) any rights you may have under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), or (10) any rights
arising under any agreements between you and the Company related to any equity interests you may have in the Company.

 

e. The “Released
Parties,” as used in this Agreement, shall mean the Company and its parent, subsidiaries, divisions, affiliated entities,
insurers, if any, and its and their present and former officers, directors, shareholders, trustees, employees, agents, attorneys,
representatives and consultants, and the successors and assigns of each, whether in their individual or official capacities, and
the current and former trustees or administrators of any pension or other benefit plan applicable to the employees or former employees
of the Released Parties in their official and individual capacities.

 

4. Notice of Right
to Consult Attorney and Twenty-One (21) Calendar Day Consideration Period. By signing this Agreement, you acknowledge and agree
that the Company has informed you by this Agreement that (1) you have the right to consult with an attorney of your choice prior
to signing this Agreement, and (2) you are entitled to at least Twenty-One (21) calendar days from your receipt of this Agreement
to consider whether the terms are acceptable to you. You have the right, if you choose, to sign this Agreement prior to the expiration
of the Twenty-One (21) day period.

 

5. Notification
of Rights under the Federal Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.). You are hereby notified of
your right to rescind the release of claims contained in Section 3 with regard to claims arising under the federal Age Discrimination
in Employment Act, 29 U.S.C. § 621 et seq.), within seven (7) calendar days of your signing this Agreement. In order
to be effective, the rescission must (a) be in writing; (b) delivered to John P. Yeros, CEO, EVO Transportation & Energy
Services, Inc., 8285 West Lake Pleasant Parkway, Peoria, AZ 85382, by hand or mail within the required period; and (c) if delivered
by mail, the rescission must be postmarked within the required period, properly addressed to John P. Yeros, as set forth above,
and sent by certified mail, return receipt requested. You understand and agree that if you rescind any part of this Agreement in
accordance with this Section 5, the Company will have no obligation to provide you the payments and benefits described in Section
2 of this Agreement and you will be obligated to return to the Company any payment(s) and benefits already received in connection
with Section 2 of this Agreement.

 

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6. Return of Property.
You acknowledge and agree that all documents and materials relating to the business of, or the services provided by, the Company
are the sole property of the Company. You further agree and represent that you have returned to the Company all of its property,
including but not limited to, all customer, client, and employee records and other documents and materials, whether on computer
disc, hard drive or other form, and all copies thereof, within your possession or control, which in any manner relate to the business
of, or the duties and services you performed on behalf of Company. In addition, if you have used any personal computer, server,
or email system (including, but not limited to, computers, laptops, cell phones, iPhones, iPads, Smartphones, tablets, etc.) to
receive, store, review, prepare or transmit any Company information, including but not limited to confidential and/or proprietary
information (as defined in Section 7 below), you agree to provide the Company a computer-useable copy of all such confidential
and/or proprietary information and then permanently delete such information from those systems. You represent that you have fully
complied with your obligations in this Section and agree to provide the Company access to your system(s) as reasonably requested
to verify that the necessary copying and deletion is completed.

 

7. Confidential
and Proprietary Information. You have had access in your employment with the Company to confidential and proprietary information
of the Company and agree that the release or disclosure of any confidential or proprietary information of the Company will cause
Company irreparable injury. You acknowledge that you have not used or disclosed (other than for Company’s sole benefit during
your employment with the Company), and agree that you will not at any time use or disclose, to any other entity or person, directly
or indirectly, any confidential or proprietary information of the Company. For purposes of this Agreement, the term “confidential
or proprietary information” will include, but not be limited to customer lists or client lists and information pertaining
to such lists; contact lists; and information about the personal or business affairs of the Company and/or the Company’s
customers, clients, employees, or vendors.

 

8. On-Going Obligations.
If you breach any term of this Agreement or Section 9 of your Employment Agreement, the Company shall be entitled to its available
legal and equitable remedies, including but not limited to suspending and recovering any and all payments and benefits made or
to be made under Section 2 of this Agreement and payment by you of its attorneys’ fees and costs. If the Company seeks and/or
obtains relief from an alleged breach of this Agreement, all of the provisions of this Agreement shall remain in full force and
effect.

 

9. Cooperation.
You agree that through August 11, 2019 [THE SEVERANCE PERIOD], you will respond to the Company in a timely and helpful manner via
email or telephone should it have questions for you regarding your work for the Company such as, but not limited to, status of
projects, location of data and documents, and passwords, provided that such questions must be reasonable in volume and time commitment.

 

10. Confidentiality
and Non-Disparagement. You promise and agree not to disclose or discuss, directly or indirectly, in any manner whatsoever,
any information regarding the substance and/or nature of any dispute between the Company and any employee or former employee, including
yourself. You agree that the only people with whom you may discuss this confidential information are your legal and financial advisors
and your spouse, if applicable, provided they agree to keep the information confidential, federal and state tax authorities, the
state unemployment compensation department, other government agencies, or as otherwise required by law.

 

You promise and agree
not to disparage the Released Parties, the Company’s employees, products or services. You further promise and agree not to
make or induce any other person to make derogatory or disparaging statements (whether or not you believe the statements to be true)
of any kind, oral or written, regarding the Released Parties (as defined in Section 3.e.) to any person or organization whatsoever.

 

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11. Remedies.
In the event of litigation arising out of this Agreement or the Employment Agreement, the prevailing party will be entitled to
an award of its costs and reasonable attorneys’ fees. If either party breaches any term of this Agreement or the Employment
Agreement, the prevailing party shall be entitled to its available legal and equitable remedies. For the Company, this also includes
but is not limited to suspending and recovering any and all payments and benefits made or to be made under Section 2 of this Agreement.
If the Company seeks and/or obtains relief from an alleged breach of this Agreement, all of the provisions of this Agreement shall
remain in full force and effect.

 

12. Non-Admission.
It is expressly understood that this Agreement does not constitute, nor shall it be construed as, an admission by the Released
Parties or you of any liability or unlawful conduct whatsoever. The Released Parties and you specifically deny any liability or
unlawful conduct.

 

13. Successors and
Assigns. This Agreement is personal to you and may not be assigned by you without the written agreement of the Company. The
rights and obligations of this Agreement shall inure to the successors and assigns of the Released Parties.

 

14. Enforceability.
If a court finds any term of this Agreement to be invalid, unenforceable, or void, the parties agree that the court shall modify
such term to make it enforceable to the maximum extent possible. If the term cannot be modified, the parties agree that the term
shall be severed, and all other terms of this Agreement shall remain in effect.

 

15. Law, Jurisdiction
and Venue, Jury Trial Waiver. This Agreement will be construed and interpreted in accordance with, and any dispute or controversy
arising from any breach or asserted breach of this Agreement will be governed by, the laws of the State of Arizona, without regard
to any choice of law rules. Any action brought to enforce or interpret this Agreement must be brought in the state or federal courts
for the State of Arizona, and the parties hereby consent to the jurisdiction and venue of such courts in the event of any dispute.
Each of the parties knowingly and voluntarily waives all right to trial by jury in any action or proceeding arising out of or relating
to this Agreement or for recognition or enforcement of any judgment.

 

16. Full Agreement.
This Agreement contains the full agreement between you and the Released Parties as to your employment with the Company or termination
thereof and may not be modified, altered, or changed in any way except by written agreement signed by both parties. The parties
agree that this Agreement supersedes and terminates any and all other written and oral agreements and understandings between the
parties as to your employment with the Company or termination thereof. Notwithstanding the foregoing, if you have previously signed
an agreement or agreements with the Company containing confidentiality, trade secret, noncompetition, nonsolicitation, intellectual
property, return of property, and/or similar provisions your obligations under such agreement(s) (including, without limitation,
under Section 9 of your Employment Agreement) shall continue in full force and effect according to their terms and will survive
the termination of your employment.

 

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17. Counterparts.
This Agreement may be executed by facsimile or electronic transmission and in counterparts, each of which shall be deemed an original
and all of which shall constitute one instrument.

 

18. Acknowledgment
of Reading and Understanding. By signing this Agreement, you acknowledge that you have read this Agreement, including the release
of claims contained in Section 3, and understand that the release of claims is a full and final release of all claims you may have
against the Company and the other entities and individuals covered by the release. By signing, you also acknowledge and agree that
you have entered into this Agreement knowingly and voluntarily.

 

The deadline for accepting
this Agreement is 5:00 p.m. on the 22nd calendar day following your receipt of this Agreement (the “Offer Expiration”).
If not accepted by such time, the offer contained herein will expire. After you have reviewed this Agreement and obtained whatever
advice and counsel you consider appropriate regarding it, please evidence your agreement to the provisions set forth in this Agreement
by dating and signing the Agreement. Please then return a signed Agreement to me no later than the Offer Expiration. Please keep
a copy for your records.

 

We wish you all the best.

 

Sincerely,

 

EVO Transportation & Energy Services, Inc.

 

	/s/ John Yeros	 
	John Yeros, Chief Executive Officer

 

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ACKNOWLEDGMENT AND SIGNATURE

 

By signing below, I, Michael Zientek, acknowledge
and agree to the following:

 

		●	I have had adequate time to consider whether
to sign this Separation Agreement and Release.

		●	I have read this Separation Agreement
and Release carefully.

		●	I understand and agree to all of the terms
of the Separation Agreement and Release.

		●	I am knowingly and voluntarily releasing
my claims against the Company and the other persons and entities defined as the Released Parties.

		●	I have not, in signing this Agreement,
relied upon any statements or explanations made by the Company except as for those specifically set forth in this Separation Agreement
and Release. 

		●	I intend this Separation Agreement and
Release to be legally binding.

		●	I am signing this Separation Agreement
and Release on or after my last day of employment with the Company.

 

Accepted this 15th day of July 2019.

 

	/s/ Michael Zientek	 
	Michael Zientek

 

 

A-7Exhibit 10.1

 

EXECUTION COPY

 

IMMUNIC, INC.

Shares of Common Stock

($0.0001 par value per share)

 

SALES AGREEMENT

 

July 17, 2019

 

SVB LEERINK LLC

1301 Avenue of the Americas, 12th Floor

New York, New York 10019

 

Ladies and Gentlemen:

 

IMMUNIC, INC. (formerly known as Vital Therapies, Inc. (“Vital
Therapies”)), a Delaware corporation (the “Company,” with all references in this agreement
to the “Company” also referring to Vital Therapies prior to the date on which, pursuant to the terms of the Exchange
Agreement, dated as of January 6, 2019, among Vital Therapies, Immunic AG (“Former Immunic”) and the
former shareholders of Former Immunic, the shareholders of Former Immunic exchanged all of their shares for shares of common stock
of Vital Therapies, resulting in Former Immunic becoming a wholly-owned subsidiary of Vital Therapies; and in connection therewith,
Vital Therapies changed its name to Immunic, Inc.), confirms its agreement (this “Agreement”) with SVB
Leerink LLC (the “Agent”), as follows:

 

1.                 
Issuance and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the
terms and subject to the conditions set forth herein, it may issue and sell through the Agent up to $40,000,000 of shares of common
stock, $0.0001 par value per share, of the Company (the “Common Stock”), subject to the limitations set
forth in Section 5(c) (the “Placement Shares”). Notwithstanding anything to the contrary contained herein,
the parties hereto agree that compliance with the limitation set forth in this Section 1 on the aggregate gross sales price of
Placement Shares that may be issued and sold under this Agreement from time to time shall be the sole responsibility of the Company,
and that the Agent shall have no obligation in connection with such compliance. The issuance and sale of Placement Shares through
the Agent will be effected pursuant to the Registration Statement (as defined below) filed by the Company with the Securities and
Exchange Commission (the “Commission”) on May 25, 2018, as amended on June 8, 2018, and declared effective
by the Commission on June 13, 2018, although nothing in this Agreement shall be construed as requiring the Company to issue any
Placement Shares.

 

     

     

    

 

The Company has prepared and filed, in accordance with the provisions
of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the “Securities
Act”), with the Commission a registration statement on Form S-3 (File No. 333-225230), including a base prospectus,
relating to certain securities, including the Common Stock, to be issued from time to time by the Company, and which incorporates
by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act
of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”). The
Company has prepared a prospectus supplement to the base prospectus included as part of such registration statement at the time
the registration statement became effective, which prospectus supplement specifically relates to the Placement Shares to be issued
from time to time pursuant to this Agreement (the “Prospectus Supplement”). The Company will furnish
to the Agent, for use by the Agent, copies of the base prospectus included as part of such registration statement at the time it
became effective, as supplemented by the Prospectus Supplement. Except where the context otherwise requires, such registration
statement, including all documents filed as part thereof or incorporated by reference therein, and including any information contained
in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed
to be a part of such registration statement pursuant to Rule 430B or Rule 462(b) under the Securities Act, is herein called the
“Registration Statement.” The base prospectus, including all documents incorporated therein by reference,
included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus
and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the
Securities Act, together with any “issuer free writing prospectus” (as used herein, as defined in Rule 433 under the
Securities Act (“Rule 433”)), relating to the Placement Shares that (i) is required to be filed
with the Commission by the Company or (ii) is exempt from filing pursuant to Rule 433(d)(5)(i), in each case, in the form
filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s
records pursuant to Rule 433(g), is herein called the “Prospectus.”

 

Any reference herein to the Registration Statement, the Prospectus
Supplement, the Prospectus or any issuer free writing prospectus shall be deemed to refer to and include the documents, if any,
that are or are deemed to be incorporated by reference therein (the “Incorporated Documents”), including,
unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein
to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement,
the Prospectus Supplement, the Prospectus or any issuer free writing prospectus shall be deemed to refer to and include the filing
of any document under the Exchange Act on or after the most-recent effective date of the Registration Statement, or the respective
dates of the Prospectus Supplement, Prospectus or such issuer free writing prospectus, as the case may be, and incorporated therein
by reference. For purposes of this Agreement, all references to the Registration Statement, the Prospectus or any amendment or
supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering
Analysis and Retrieval System or, if applicable, the Interactive Data Electronic Application system when used by the Commission
(collectively, “EDGAR”).

 

2.                 
Placements. Each time that the Company wishes to issue and sell any Placement Shares through the Agent hereunder
(each, a “Placement”), it will notify the Agent by email notice (or other method mutually agreed to in
writing by the parties) (each such notice, a “Placement Notice”) containing the parameters in accordance
with which it desires such Placement Shares to be sold, which at a minimum shall include the maximum number or amount of Placement
Shares to be sold, the time period during which sales are requested to be made, any limitation on the number or amount of Placement
Shares that may be sold in any one Trading Day (as defined in Section 3) and any minimum price below which sales may not be made,
a form of which containing such minimum sales parameters is attached hereto as Schedule 1. The Placement Notice must
originate from one of the individuals authorized to act on behalf of the Company and set forth on Schedule 2 (with
a copy to each of the other individuals from the Company listed on such Schedule 2), and shall be addressed to each
of the individuals from the Agent set forth on Schedule 2, as such Schedule 2 may be updated by either
party from time to time by sending a written notice containing a revised Schedule 2 to the other party in the manner
provided in Section 12 (including by email correspondence to each of the individuals of the Company set forth on Schedule
2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other
than via auto-reply). The Placement Notice shall be effective upon receipt by the Agent unless and until (i) in accordance
with the notice requirements set forth in Section 4, the Agent declines to accept the terms contained therein for any reason, in
its sole discretion, within two Trading Days of the date the Agent receives the Placement Notice, (ii) in accordance with the notice
requirements set forth in Section 4, the Agent suspends sales under the Placement Notice for any reason in its sole discretion,
(iii) the entire amount of the Placement Shares has been sold pursuant to this Agreement, (iv) in accordance with the notice
requirements set forth in Section 4, the Company suspends sales under or terminates the Placement Notice for any reason in
its sole discretion, (v) the Company issues a subsequent Placement Notice and explicitly indicates that its parameters supersede
those contained in the earlier dated Placement Notice or (vi) this Agreement has been terminated pursuant to the provisions of
Section 11. The amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with
the sale of the Placement Shares effected through the Agent shall be calculated in accordance with the terms set forth in Schedule
3. It is expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with
respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent
does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and
herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement
Notice will control with respect to the matters covered thereby.

 

    2 

     

    

 

3.                 
Sale of Placement Shares by the Agent. On the basis of the representations and warranties herein contained and subject
to the terms and conditions herein set forth, including Section 5(c), upon the effectiveness of a Placement Notice as provided
in Section 2, and unless the sale of the Placement Shares described therein has been declined, suspended or otherwise terminated
in accordance with the terms of this Agreement, the Agent, for the period specified in the Placement Notice, will use its commercially
reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations
and the rules of the Nasdaq Capital Market (“Nasdaq”) to sell such Placement Shares up to the number
or amount specified in, and otherwise in accordance with the terms of, such Placement Notice. The Agent will provide written confirmation
to the Company (including by email correspondence to each of the individuals of the Company set forth on Schedule 2,
if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via
auto-reply) no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has
made sales of Placement Shares hereunder setting forth the number or amount of Placement Shares sold on such Trading Day, the volume-weighted
average price of the Placement Shares sold, the Net Proceeds (as defined below) payable to the Company and an itemization of the
deductions made by the Agent from the gross proceeds that it receives from such sales. Unless otherwise specified by the Company
in a Placement Notice, the Agent may sell Placement Shares by any method permitted by law deemed to be an “at the market
offering” as defined in Rule 415 of the Securities Act, including sales made directly on or through Nasdaq, on or through
any other existing trading market for the Common Stock or to or through a market maker. If expressly authorized by the Company
(including in a Placement Notice), the Agent may also sell Placement Shares in negotiated transactions. Notwithstanding the provisions
of Section 6(tt), except as may be otherwise agreed by the Company and the Agent, the Agent shall not purchase Placement Shares
on a principal basis pursuant to this Agreement unless the Company and the Agent enter into a separate written agreement setting
forth the terms of such sale. The Company acknowledges and agrees that (i) there can be no assurance that the Agent will be successful
in selling Placement Shares, (ii) the Agent will incur no liability or obligation to the Company or any other person or entity
if it does not sell Placement Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts
consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules
of Nasdaq to sell such Placement Shares as required under this Agreement and (iii) the Agent shall be under no obligation to purchase
Placement Shares on a principal basis pursuant to this Agreement unless the Company and the Agent enter into a separate written
agreement setting forth the terms of such sale. For the purposes hereof, “Trading Day” means any day
on which the Common Stock is purchased and sold on Nasdaq.

 

    3 

     

    

 

4.                 
Suspension of Sales.

 

(a)       The
Company or the Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals
of the other party set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of
the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by email correspondence
to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Placement Shares; provided,
however, that such suspension shall not affect or impair either party’s obligations with respect to any Placement
Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4
shall be effective against the other party unless notice is sent by one of the individuals named on Schedule 2 hereto
to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on Schedule
2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other
than via auto-reply).

 

(b)       Notwithstanding
any other provision of this Agreement, during any period in which the Company is, or could be deemed to be, in possession of material
non-public information, the Company and the Agent agree that (i) no sale of Placement Shares will take place, (ii) the Company
shall not request the sale of any Placement Shares and shall cancel any effective Placement Notices instructing the Agent to make
any sales and (iii) the Agent shall not be obligated to sell or offer to sell any Placement Shares.

 

(c)       While
a suspension is in effect pursuant to this Section 4, any obligation under Sections 7(m), 7(n), 7(o)
and 7(p) with respect to the delivery of certificates, opinions or comfort letters to the Agent, shall be waived.

 

5.                 
Settlement and Delivery of the Placement Shares.

 

(a)       Settlement
of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares
will occur on the second Trading Day (or such earlier day as is industry practice or as is required for regular-way trading) following
the date on which such sales are made (each, a “Settlement Date”). The amount of proceeds to be delivered
to the Company on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”)
will be equal to the aggregate gross sales price received by the Agent at which such Placement Shares were sold, after deduction
of (i) the Agent’s commission, discount or other compensation for such sales payable by the Company pursuant to Section
2 hereof, (ii) any other amounts due and payable by the Company to the Agent hereunder pursuant to Section 7(g) hereof and (iii)
any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.

 

(b)       Delivery
of Placement Shares. On or before each Settlement Date, the Company will issue the Placement Shares being sold on such date
and will, or will cause its transfer agent to, electronically transfer such Placement Shares by crediting the Agent’s or
its designee’s account (provided the Agent shall have given the Company written notice of such designee prior to the
Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (“DWAC”)
or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be duly authorized,
freely tradeable, transferable, registered shares of Common Stock in good deliverable form. On each Settlement Date, the Agent
will deliver the related Net Proceeds in same day funds to an account designated by the Company on or prior to the Settlement Date.
The Agent shall be responsible for providing DWAC instructions or other instructions for delivery by other means with regard to
the transfer of the Placement Shares being sold. In addition to and in no way limiting the rights and obligations set forth in
Section 9(a) hereto, the Company agrees that if the Company or its transfer agent (if applicable), defaults in its obligation to
deliver duly authorized, freely tradeable, transferable, registered Placement Shares in good deliverable form by 2:30 P.M., New
York City time, on a Settlement Date (other than as a result of a failure by the Agent to provide instructions for delivery), and
as a result the Agent cancels such trade, the Company will (i) take all necessary action to cause the full amount of any Net Proceeds
that were delivered to the Company’s account with respect to such settlement, together with any costs incurred by the Agent
and/or its clearing firm in connection with recovering such Net Proceeds, to be immediately returned to the Agent or its clearing
firm no later than 5:00 P.M., New York City time, on such Settlement Date, by wire transfer of immediately available funds
to an account designated by the Agent or its clearing firm, (ii) indemnify and hold the Agent and its clearing firm harmless against
any reasonably incurred out-of-pocket loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred,
arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (iii) pay to the Agent
any commission, discount or other compensation to which it would otherwise have been entitled absent such default. Certificates
for the Placement Shares, if any, shall be in such denominations and registered in such names as the Agent may request in writing
one Business Day (as defined below) before the applicable Settlement Date. Certificates for the Placement Shares, if any, will
be made available by the Company for examination and packaging by the Agent in New York City not later than 12:00 P.M., New York
City time, on the Business Day prior to the applicable Settlement Date.

 

    4 

     

    

 

(c)       Limitations
on Offering Size. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if, after
giving effect to the sale of such Placement Shares, the aggregate number or gross sales proceeds of Placement Shares sold pursuant
to this Agreement would exceed the lesser of: (i) the number or dollar amount of shares of Common Stock registered pursuant to,
and available for offer and sale under, the Registration Statement pursuant to which the offering of Placement Shares is being
made, (ii) the number of authorized but unissued shares of Common Stock of the Company (less shares of Common Stock issuable upon
exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company’s authorized
capital stock), (iii) the number or dollar amount of shares of Common Stock permitted to be offered and sold by the Company under
Form S-3 (including General Instruction I.B.6. thereof, if such instruction is applicable), (iv) the number or dollar amount
of shares of Common Stock that the Company’s board of directors or a duly authorized committee thereof is authorized to issue
and sell from time to time, and notified to the Agent in writing, or (v) the dollar amount of shares of Common Stock for which
the Company has filed the Prospectus Supplement. Under no circumstances shall the Company cause or request the offer or sale of
any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company’s
board of directors or a duly authorized committee thereof, and notified to the Agent in writing. Notwithstanding anything to the
contrary contained herein, the parties hereto acknowledge and agree that compliance with the limitations set forth in this Section
5(c) on the number or dollar amount of Placement Shares that may be issued and sold under this Agreement from time to time shall
be the sole responsibility of the Company, and that the Agent shall have no obligation in connection with such compliance.

 

6.       Representations
and Warranties of the Company. The Company represents and warrants to, and agrees with, the Agent that, except as set forth
in the Registration Statement or the Prospectus, as of the date of this Agreement, and as of (i) each Representation Date (as defined
in Section 7(m)), (ii) each date on which a Placement Notice is given, (iii) the date and time of each sale of any Placement Shares
pursuant to this Agreement and (iv) each Settlement Date (each such time or date referred to in clauses (i) through (iv), an “Applicable
Time”):

 

    5 

     

    

 

(a)       The
Company and the transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use
of Form S-3 (including General Instructions I.A and I.B.1.) under the Securities Act. The Registration Statement has been filed
with the Commission and has been declared effective by the Commission under the Securities Act prior to the issuance of any Placement
Notices by the Company. At the time the Registration Statement originally became effective and at the time the Company’s
Annual Report on Form 10-K for the year ended December 31, 2018, was filed with the Commission, the Company met the then-applicable
requirements for use of Form S-3 (including General Instructions I.A and I.B.1.) under the Securities Act. The Registration Statement
meets, and the offering and sale of Placement Shares as contemplated hereby comply in all material respects with, the requirements
of Rule 415(a)(1)(x) under the Securities Act. The Agent is named as the agent engaged by the Company in the section entitled “Plan
of Distribution” in the Prospectus Supplement. The Company has not received, and has no notice from the Commission of, any
notice pursuant to Rule 401(g)(1) under the Securities Act objecting to the use of the shelf registration statement form.
No stop order of the Commission preventing or suspending the use of the base prospectus, the Prospectus Supplement or the Prospectus,
or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose are pending before or,
to the knowledge of the Company, threatened by the Commission. At the time of the initial filing of the Registration Statement,
the Company paid the required Commission filing fees relating to the securities covered by the Registration Statement, including
the Shares that may be sold pursuant to this Agreement, in accordance with Rule 457(o) under the Securities Act. Copies of the
Registration Statement, the Prospectus, any such amendments or supplements to any of the foregoing and all Incorporated Documents
that were filed with the Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR,
to the Agent and its counsel.

 

(b)       Each
of the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective, at each deemed
effective date with respect to the Agent pursuant to Rule 430B(f)(2) under the Securities Act and as of each Applicable Time,
complied, complies and will comply in all material respects with the requirements of the Securities Act and did not, does not and
will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, except that the representations and warranties set forth in this sentence do not
apply to the Agent’s Information (as defined below). The Prospectus and any amendment or supplement thereto, when so filed
with the Commission under Rule 424(b) under the Securities Act, complied, complies and as of each Applicable Time will comply in
all material respects with the requirements of the Securities Act, and each Prospectus Supplement, Prospectus or issuer free writing
prospectus (or any amendments or supplements to any of the foregoing) furnished to the Agent for use in connection with the offering
of the Placement Shares was identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR,
except to the extent permitted by Regulation S-T. Neither the Prospectus nor any amendment or supplement thereto, as of its date
and as of each Applicable Time, included, includes or will include an untrue statement of a material fact or omitted, omits or
will 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, except that the representations and warranties set forth in this sentence do not apply to the Agent’s
Information. Each Incorporated Document heretofore filed, when it was filed (or, if any amendment with respect to any such document
was filed, when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act and were
filed on a timely basis with the Commission, and any further Incorporated Documents so filed and incorporated after the date of
this Agreement will be filed on a timely basis and, when so filed, will conform in all material respects with the requirements
of the Exchange Act; no such Incorporated Document when it was filed (or, if an amendment with respect to any such document was
filed, when such amendment was filed), contained an 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; and no such Incorporated Document, when it is filed, will contain an untrue statement of a material fact
or will 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, not misleading. The foregoing shall not apply to statements in, or omissions from,
any such document made in reliance upon, and in conformity with, information furnished to the Company by the Agent specifically
for use in the preparation thereof.

 

    6 

     

    

 

(c)       (i)
At the time of filing the Registration Statement and (ii) at the time of the execution of this Agreement (with such date being
used as the determination date for purposes of this clause ii)), the Company was not and is not an “ineligible issuer”
(as defined in Rule 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary
that the Company be considered an ineligible issuer.

 

(d)       The
Company is, and since April 23, 2014 has been, an “emerging growth company,” as defined in Section 2(a) of the Securities
Act (an “Emerging Growth Company”).

 

(e)       Each
issuer free writing prospectus, as of its issue date and as of each Applicable Time, did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus,
including any Incorporated Document deemed to be a part thereof that has not been superseded or modified. Each issuer free writing
prospectus that the Company has filed, or is required to file, pursuant to Rule 433 or that was prepared by or on behalf of or
used by the Company complies or will comply in all material respects with the requirements of the Securities Act.

 

(f)       The
Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the Agent’s distribution
of the Placement Shares under this Agreement, will not distribute any offering material in connection with the offering and sale
of the Placement Shares other than the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus (as defined
below).

 

(g)       The
interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement
and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with
the Commission’s rules and guidelines applicable thereto.

 

(h)       The
Company is subject to and in compliance in all material respects with the reporting requirements of Section 13 or Section 15(d)
of the Exchange Act. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is listed on Nasdaq, and
the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common
Stock under the Exchange Act or delisting the Common Stock from Nasdaq, nor has the Company received any notification that the
Commission or Nasdaq is contemplating terminating such registration or listing. The Company is in compliance with the current listing
standards of Nasdaq. The Company has filed a Notification of Listing of Additional Shares with Nasdaq with respect to the Placement
Shares.

 

(i)       No
person (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) has the right to act as an
underwriter or as a financial advisor to the Company in connection with the offer and sale of the Placement Shares hereunder, whether
as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated hereby
or otherwise. Except for the Agent, there is no broker, finder or other party that is entitled to receive from the Company or any
of its Subsidiaries (as defined below) any brokerage or finder’s fee or other fee or commission as a result of any transactions
contemplated by this Agreement.

 

(j)       The
Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with full corporate power and authority to acquire, own, lease and operate its properties, and to lease the same to others, and
to conduct its business as described in the Registration Statement and the Prospectus and to enter into and perform its obligations
under this Agreement. The Company is duly qualified to transact business as a foreign corporation and is in good standing in the
State of California and under the laws of each other jurisdiction that requires such qualification, whether by reason of the ownership
or leasing of property or the conduct of business, except to the extent that the failure to be so qualified or in good standing
could not reasonably be expected, individually or in the aggregate, to have a material adverse effect on the condition (financial
or otherwise), earnings, results of operations, business, properties, operations, assets, liabilities or prospects of the Company
and its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business (a “Material
Adverse Effect”).

 

    7 

     

    

 

(k)       Each
of the Company’s “subsidiaries” (for purposes of this Agreement, as defined in Rule 405 under the Securities
Act) (each, a “Subsidiary” and collectively, the “Subsidiaries”) has been duly
organized and is validly existing in good standing (where such concept exists) under the laws of the jurisdiction of its organization
and has full power and authority to acquire, own, lease and operate its properties, and to conduct its business as described in
the Registration Statement and the Prospectus. Each Subsidiary is duly qualified to transact business and is in good standing (where
such concept exists) under the laws of each jurisdiction that requires such qualification, whether by reason of the ownership or
leasing of property or the conduct of business, except to the extent that the failure to be so qualified or in good standing could
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. All of the issued and outstanding
share capital or other equity or ownership interests of each Subsidiary has been duly authorized and validly issued, is fully paid
and nonassessable, has been issued in compliance with federal state and securities laws and is owned by the Company, directly or
through other wholly-owned Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or adverse
claim. The Company does not own or control, directly or indirectly, any corporation, association or other entity, other than the
Subsidiaries listed on Exhibit 21.1 to the Company’s most recent Annual Report on Form 10-K filed with the Commission and
Former Immunic. No Subsidiary is prohibited or restricted, directly or indirectly, from paying dividends to the Company, from making
any other distribution with respect to such Subsidiary’s equity securities, from repaying to the Company or any other Subsidiary
any amounts that may from time to time become due under any loans or advances to such Subsidiary from the Company or from transferring
any property or assets to the Company or to any other Subsidiary.

 

(l)       The
Company has the authorized and outstanding capitalization as set forth in the Company’s quarterly report on Form 10-Q for
the most recent fiscal quarter, as of the dates referred to therein (subject, in each case, to the issuance of Placement Shares
under this Agreement, the issuance of shares of Common Stock upon exercise of share options and warrants disclosed as outstanding
as of the date hereof in the Registration Statement and the Prospectus and the grant of options under existing share option plans
described in the Registration Statement and the Prospectus). The Common Stock conforms in all material respects to the description
thereof contained in the Registration Statement and the Prospectus, including under the heading “Description of Capital Stock.”
All of the issued and outstanding share capital or other equity or ownership interest of the Company (including the Common Stock)
has been duly authorized and validly issued and is fully paid and nonassessable, has been issued in compliance with all federal,
state and local securities laws and is free and clear of any security interest, mortgage, pledge, lien, encumbrance or adverse
claim. None of the outstanding shares of capital stock of the Company were issued in violation of any preemptive rights, rights
of first refusal or other similar rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding
options, warrants, preemptive rights, rights of first refusal or other rights to purchase or subscribe for, or equity or debt securities
convertible into or exchangeable or exercisable for, any share capital of the Company or any of its Subsidiaries or to which the
Company or any of its Subsidiaries is a party or by which any of them may be bound. The descriptions of the Company’s equity
incentive plan, stock option plans and other stock plans or arrangements described in the Prospectus and in effect as of the date
hereof (collectively, the “Stock Plans”) and the options or other rights granted thereunder, set forth
in the Registration Statement and the Prospectus accurately and fairly present the information required to be shown with respect
to such Stock Plans and the options or other rights granted thereunder.

 

    8 

     

    

 

(m)       The
Placement Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the
Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and nonassessable and will conform
in all material respects to the description thereof contained in the Prospectus. The issuance and sale of the Placement Shares
as contemplated hereby shall not be subject to any preemptive rights, rights of first refusal or other similar rights to subscribe
for or purchase the Placement Shares. When issued and delivered by the Company against payment therefor pursuant to this Agreement,
the purchasers of the Placement Shares issued and sold hereunder will acquire good, marketable and valid title to such Placement
Shares, free and clear of all pledges, liens, security interests, charges, claims or encumbrances. The issuance and sale of the
Placement Shares as contemplated hereby will not cause any holder of any share capital, securities convertible into or exchangeable
or exercisable for share capital or options, warrants or other rights to purchase share capital or any other securities of the
Company to have any right to acquire any preferred shares of the Company. There are no restrictions upon the voting or transfer
of the Common Stock under the Company’s amended and restated certificate of incorporation or amended and restated bylaws
or any agreement or other instrument to which the Company is a party or otherwise filed as an exhibit to the Registration Statement.

 

(n)       There
is no statute, regulation, contract, agreement or other document required to be described in the Registration Statement, Prospectus
or in any Incorporated Document, or to be filed as an exhibit to the Registration Statement or any Incorporated Document which
is not described or filed as required. The statements set forth or incorporated by reference in the Prospectus, insofar as they
purport to constitute summaries of the terms of the statutes, regulations, contracts, agreements or other documents described and
filed, constitute accurate summaries of the terms thereof in all material respects. The statements set forth or incorporated by
reference in the Prospectus under the headings “Risk Factors,” “Business—Intellectual Property,”
“Business—Government Regulation” and “Description of Capital Stock,” insofar as such statements summarize
legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements,
documents or proceedings. Neither the Company nor any of its Subsidiaries has sent or received any communication regarding termination
of, or intent not to renew or render performance under, any of the contracts or agreements referred to or described in the Prospectus
or any free writing prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement, or any Incorporated
Document, and no such termination or non-renewal has been threatened by the Company or any of its Subsidiaries or, to the Company’s
knowledge, any other party to any such contract or agreement, which threat of termination or non-renewal has not been rescinded
as of the date hereof.

 

(o)       This
Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a valid and legally binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability, including rights
of indemnification, may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally and by general principles of equity. This Agreement conforms in
all material respects to the descriptions thereof in the Registration Statement and the Prospectus.

 

(p)       The
Company is not and, after giving effect to the offering and sale of the Placement Shares and the application of the proceeds thereof
as described in the Prospectus, will not be an “investment company” as defined in the Investment Company Act of 1940,
as amended.

 

(q)       No
consent, approval, license, permit, qualification, authorization or other order or decree of, or registration or filing with, any
court or other governmental, taxing or regulatory authority or agency, is required for the Company’s execution, delivery
and performance of this Agreement or consummation of the transactions contemplated hereby or by the Registration Statement and
the Prospectus (including the issuance and sale of the Placement Shares hereunder), except such as have been already obtained or
made or as may be required under the Securities Act, applicable state securities or Blue Sky laws, applicable rules of Nasdaq,
or applicable rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

 

    9 

     

    

 

(r)       Neither
the execution and delivery by the Company of, nor the performance of the Company of its obligations under, this Agreement will
conflict with, result in a breach or violation of, or result in the creation or imposition of any lien, charge or encumbrance upon
any property or assets of the Company or any of its Subsidiaries pursuant to: (i) the certificate or articles of incorporation,
charter, bylaws, articles of association, limited liability company agreement, certificate or agreement of limited or general partnership
or other similar organizational documents, as the case may be, of such entity, (ii) the terms of any indenture, contract, license,
lease, mortgage, deed of trust, note agreement, agreement or other instrument, obligation, condition, covenant or instrument to
which it is a party or bound or to which its property or assets is subject or (iii) any statute, law, rule, regulation, judgment,
order or decree applicable to the Company or any of its Subsidiaries of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the Company, any of its Subsidiaries or any of their respective properties
or assets, as applicable, except, in the case of clauses (ii) and (iii) above, for any such conflict, breach, violation or default
that would not, individually or in the aggregate, have a Material Adverse Effect.

 

(s)       Subsequent
to the respective dates as of which information is given in the Registration Statement and the Prospectus: (i) there has been no
material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition
(financial or otherwise), earnings, results of operations, business, properties, operations, assets, liabilities or prospects of
the Company and its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business;
(ii) neither the Company nor its Subsidiaries has (A) incurred any material liability or obligation, indirect, direct or contingent,
including without limitation any losses or interference with its business from fire, explosion, flood, earthquakes, accident or
other calamity, whether or not covered by insurance, or from any strike, labor dispute or court or governmental action, order or
decree, that are material, individually or in the aggregate, to the Company and its Subsidiaries, considered as one entity, (B)
entered into any material transactions not in the ordinary course of business or (C) issued or granted any shares of the Company’s
capital stock or securities convertible into or exchangeable or exercisable for or that represent the right to receive shares of
the Company’s capital stock other than under the Stock Plans; and (iii) there has not been any material decrease in the share
capital or any material increase in any short-term or long-term indebtedness of the Company or any of its Subsidiaries and there
has been no dividend or distribution of any kind declared, paid or made by the Company or, except for dividends paid to the Company
or another Subsidiary, by any Subsidiary on any class of shares, or any repurchase or redemption by the Company or any of its Subsidiaries
of any class of shares.

 

(t)       There
are no persons (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act) with registration
or other similar rights to have any equity or debt securities of the Company registered for sale under the Registration Statement
or included in the offering contemplated by this Agreement, except for such rights as have been duly waived in a writing previously
furnished to the Agent.

 

    10 

     

    

 

(u)       The
financial statements of the Company and Former Immunic included or incorporated by reference in the Registration Statement and
the Prospectus, together with the related notes and schedules, present fairly the consolidated financial position of the Company
and the Subsidiaries and Former Immunic and its subsidiaries, respectively, as of the dates indicated and the consolidated results
of operations, cash flows and changes in stockholders’ equity of the Company and the Subsidiaries and Former Immunic and
its subsidiaries, respectively, for the periods specified and have been prepared in compliance in all material respects with the
requirements of the Securities Act and Exchange Act and in conformity with United States generally accepted accounting principles
(“GAAP”) applied on a consistent basis during the periods involved. To the extent applicable, any pro
forma financial statements, information or data included or incorporated by reference in the Registration Statement and the Prospectus
comply with the requirements of Regulation S-X of the Securities Act, including, without limitation, Article 11 thereof, fairly
present the information set forth therein, and the assumptions used in the preparation of such pro forma financial statements and
data are reasonable, the pro forma adjustments used therein are appropriate to give effect to the circumstances referred to therein
and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements and data.
The other financial data set forth or incorporated by reference in the Registration Statement and the Prospectus is accurately
and fairly presented in all material respects and prepared on a basis consistent with the financial statements and books and records
of the Company and Former Immunic. There are no financial statements (historical or pro forma) that are required to be included
or incorporated by reference in the Registration Statement or the Prospectus that are not included or incorporated by reference
therein as required. The Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent
(including any off-balance sheet obligations or any “variable interest entities” as that term is used in Accounting
Standards Codification Paragraph 810-10-25-20), not disclosed in the Registration Statement and the Prospectus. All disclosures
contained in the Registration Statement or the Prospectus that contain “non-GAAP financial measures” (as such term
is defined by the rules and regulations of the Commission) comply, in all material respects, with Regulation G under the Exchange
Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The statistical, industry-related and market-related
data included or incorporated by reference in the Registration Statement and the Prospectus were obtained or derived from sources
which the Company reasonably and in good faith believes are reliable and accurate, such data agree with the sources from which
they are derived, and the Company has obtained the written consent to the use of such data from such sources to the extent required.
To the Company’s knowledge, no person who has been suspended or barred from being associated with a registered public accounting
firm, or who has failed to comply with any sanction pursuant to Rule 5300 promulgated by the Public Company Accounting Oversight
Board (“PCAOB”), has participated in or otherwise aided the preparation of, or audited, the financial
statements, supporting schedules or other financial data filed with the Commission as a part of the Registration Statement and
the Prospectus.

 

(v)       There
are no actions, suits, claims, investigations or proceedings pending or, to the Company’s knowledge, threatened to which
the Company or any of the Subsidiaries is or would be a party, or of which any of the respective properties or assets of the Company
and the Subsidiaries is or would be subject, at law or in equity, before any court or arbitral body or by or before any federal,
state, local or foreign governmental or regulatory commission, board, body, authority or agency, that (i) are required to be described
in the Registration Statement or the Prospectus and are not so described, (ii) could reasonably be expected to have a material
adverse effect on the ability of the Company to perform its obligations under this Agreement or on the consummation of any of the
transactions contemplated hereby or (iii) could reasonably be expected to have a Material Adverse Effect. The aggregate of all
pending legal or governmental proceedings to which the Company or any of its Subsidiaries is a party or of which any of their respective
properties or assets is the subject which are not described in the Prospectus, including ordinary routine litigation incidental
to the Company’s business, could not reasonably be expected to (A) result in a Material Adverse Effect or (B) have a material
adverse effect on the ability of the Company to perform its obligations under this Agreement or the consummation of any of the
transactions contemplated hereby.

 

(w)       The
Company owns or leases all such real properties as are necessary to the conduct of its operations as presently conducted in all
material respects.

 

    11 

     

    

 

(x)       Neither
the Company nor any Subsidiary is in violation or default of (i) any provision of its certificate or articles of incorporation,
charter, bylaws, articles of association, limited liability company agreement, certificate or agreement of limited or general partnership,
or other similar organizational documents, as the case may be, of such entity; (ii) the terms of any indenture, contract, lease,
mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which
it is a party or bound or to which its property or assets is subject; or (iii) any statute, law, rule, regulation, judgment, order
or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction
over the Company, any of its Subsidiaries or any of their respective properties or assets, as applicable, except, in the case of
clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Material
Adverse Effect.

 

(y)       Baker
Tilly Virchow Krause LLP (“Baker Tilly”), whose report on the consolidated financial statements of Former
Immunic is filed with the Commission as part of the Company’s Current Report on Form 8-K/A filed with the Commission on June
21, 2019 and incorporated by reference in the Registration Statement and the Prospectus, is (i) an independent registered public
accounting firm as required by the Securities Act, the Exchange Act and the rules of the PCAOB, (ii) in compliance with the applicable
requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X under the Securities Act and (iii)
a registered public accounting firm as defined by the PCAOB whose registration has not been suspended or revoked and who has not
requested such registration to be withdrawn. Baker Tilly has not been engaged by the Company to perform any “prohibited activities”
or provided to the Company any “non-audit services” (as defined in Section 10A of the Exchange Act). PricewaterhouseCoopers
LLP (“PwC”), whose report on the consolidated financial statements of Vital Therapies is filed with the
Commission as part of the Company’s most recent annual report on Form 10-K filed with the Commission and incorporated by
reference in the Registration Statement and the Prospectus, is (i) an independent registered public accounting firm as required
by the Securities Act, the Exchange Act and the rules of the PCAOB, (ii) in compliance with the applicable requirements relating
to the qualification of accountants under Rule 2-01 of Regulation S-X under the Securities Act and (iii) a registered public accounting
firm as defined by the PCAOB whose registration has not been suspended or revoked and who has not requested such registration to
be withdrawn. PwC has not been engaged by the Company to perform any “prohibited activities” or provided to the Company
any “non-audit services” (as defined in Section 10A of the Exchange Act).

 

(z)       There
are no transfer taxes or other similar fees or charges under federal law, the laws of any state, any foreign law, or any political
subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the
Company or sale by the Company of the Placement Shares.

 

(aa)All United States federal income
tax returns of the Company and its Subsidiaries required by law to be filed have been filed or extensions thereof have been requested,
and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments that are
being contested in good faith and as to which adequate reserves have been provided under GAAP. The Company has no knowledge of
any material tax deficiency which has been or is likely to be threatened or asserted against the Company or its Subsidiaries. Each
of the Company and its Subsidiaries has filed all foreign, state, provincial, local or other tax returns that are required to have
been filed pursuant to applicable foreign, state, provincial, local or other law except insofar as the failure to file such returns
would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, and paid all taxes
due pursuant to such returns or pursuant to any assessment received by the Company and its Subsidiaries, except for such taxes,
if any, as are being contested in good faith and as to which adequate reserves have been provided and except for such taxes or
assessments the nonpayment of which would not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of any income or
other tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for additional
tax for any years not finally determined, except to the extent of any inadequacy that would not reasonably be expected to result
in a Material Adverse Effect. All material taxes which the Company and its Subsidiaries are required by law to withhold or to collect
for payment have been duly withheld and collected and have been paid to the appropriate governmental authority or agency or have
been accrued, reserved against and entered on the books of the Company and its Subsidiaries.

 

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(bb)No labor dispute with the employees
of the Company or any of its Subsidiaries exists or, to the Company’s knowledge, is threatened or imminent, and the Company
is not aware of any existing, threatened or imminent labor disturbance by the employees of any of its or any of its Subsidiaries’
principal suppliers, manufacturers, contractors or customers, in each case that would have a Material Adverse Effect. None of the
employees of the Company or any of its Subsidiaries is represented by a union and, to the knowledge of the Company, no union organizing
activities are taking place. Neither the Company nor any of its Subsidiaries has violated (or received notice of any violation
of) any federal, state or local law or foreign law relating to the discrimination in hiring, promotion or pay of employees, nor
any applicable wage or hour laws, or the rules and regulations thereunder, or analogous foreign laws and regulations, which would,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(cc)Each of the Company and its Subsidiaries
are insured by recognized and reputable institutions with policies in such amounts and with such deductibles and covering such
risks as are generally deemed adequate and customary for their businesses including, but not limited to, policies covering real
and personal property owned or leased by the Company and its Subsidiaries against theft, damage, destruction, acts of vandalism
and earthquakes and policies covering the Company and its Subsidiaries for clinical trial liability claims. The Company has no
reason to believe that it or any of its Subsidiaries will not be able (i) to renew its existing insurance coverage as and when
such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct
its business as now conducted and at a cost that could not reasonably be expected to have a Material Adverse Effect. Neither the
Company nor any of its Subsidiaries has been denied any material insurance coverage which it has sought or for which it has applied.

 

(dd)The Company and each of its Subsidiaries
has good and marketable title in fee simple to all real property owned by them and good and marketable title to all personal property
owned by them that is material to their business (except with respect to intellectual property, which is addressed exclusively
in Section 6(pp) and Section 6(ggg) below), in each case free and clear of all liens, encumbrances and defects except such as do
not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property
by the Company or any Subsidiary; and any real property and buildings held under lease by the Company or any of its Subsidiaries
are held by them under valid, subsisting and enforceable leases (subject to the effects of (A) bankruptcy, insolvency, fraudulent
conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies
of creditors generally; (B) the application of general principles of equity (including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity);
and (C) applicable law and public policy with respect to rights to indemnity and contribution) with such exceptions as are not
material and do not interfere with the use made and proposed to be made of such property and buildings by the Company or such Subsidiary.

 

    13 

     

    

 

(ee)The Company and its Subsidiaries
possess and are operating in compliance in all material respects with such valid and current material certificates, authorizations
or permits required by United States federal, state or foreign regulatory agencies or bodies to conduct their respective businesses
as currently conducted and as described in the Registration Statement and the Prospectus (collectively, “Permits”).
Neither the Company nor any of its Subsidiaries is in violation of, or in default under, any of the Permits or has received any
written notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization
or permit, which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could reasonably
be expected to result in a Material Adverse Effect.

 

(ff)The Company and each of its Subsidiaries
make and keep accurate books and records and 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 authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv)
the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken
with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects
and is prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 

(gg)The Company and each of its Subsidiaries
have established and maintain disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act),
which (i) are designed to ensure that material information relating to the Company, including its consolidated Subsidiaries, is
made known to the Company’s principal executive officer and its principal financial officer by others within those entities,
particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (ii) have been
evaluated by management of the Company for effectiveness as of the end of the Company’s most recent fiscal quarter; and (iii)
are effective in all material respects to perform the functions for which they were established. Since the end of the Company’s
most recent audited fiscal year, there has been no material weakness in the Company’s internal control over financial reporting
(whether or not remediated) and no change in the Company’s internal control over financial reporting, including any corrective
actions with regard to significant deficiencies or material weaknesses. The Company is not aware of any change in its internal
control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the Company’s internal control over financial reporting.

 

(hh)Neither the Company, nor any of
its Subsidiaries, nor to the knowledge of the Company, any of its or their respective directors, officers or controlling persons
has taken, directly or indirectly, without giving effect to any actions taken by the Agent, (i) any action designed to or that
might constitute or reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Placement Shares or (ii) any action designed
to or that might constitute or reasonably be expected to cause or result in a violation of Regulation M under the Exchange Act.

 

    14 

     

    

 

(ii)       Except
as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) neither the Company
nor any of its Subsidiaries is in violation of any United States federal, state or local, or any foreign, statute, law, rule, regulation,
ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial
or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including,
without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without
limitation, laws and regulations relating to the emissions, discharges, release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, “Hazardous
Materials”) or otherwise related to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials (collectively, “Environmental Laws”), which violation includes,
but is not limited to, noncompliance with any permits or other governmental authorizations required for the operation of the business
of the Company or any of its Subsidiaries under applicable Environmental Laws, or noncompliance with the terms and conditions thereof,
nor has the Company or any of its Subsidiaries received any written communication, whether from a governmental authority, citizens
group, employee or otherwise, that alleges that the Company or any of its Subsidiaries is in violation of any Environmental Law;
(ii) the Company and its Subsidiaries have all material permits, authorizations and approvals required under any applicable Environmental
Laws and are in compliance with their requirements; (iii) there are no pending or, to the Company’s knowledge, threatened
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigation or proceedings relating to any Environmental Law against the Company or any of its Subsidiaries, or any investigation
with respect to which the Company or any of its Subsidiaries has received written notice or any written notice by any person or
entity alleging potential liability for investigatory costs, cleanup costs, governmental responses costs, natural resources damages,
property damages, personal injuries, attorneys’ fees or penalties arising out of, based on or resulting from the presence,
or release into the environment, of any Hazardous Materials at any location owned, leased or operated by the Company or any of
its Subsidiaries, now or in the past; and (iv) to the Company’s knowledge, there are no past or present actions, activities,
events, conditions, incidents or circumstances that might reasonably be expected to result in a violation of any Environmental
Law or form the basis of an order for clean-up or remediation, or an action, suit, investigation or proceeding by any private party
or governmental body or agency, against or affecting the Company or any of its Subsidiaries relating to Hazardous Materials or
any Environmental Laws.

 

(jj)The Company and any “employee
benefit plan” (as defined under the Employee Retirement Income Security Act of 1974, as amended, and the regulations and
published interpretations thereunder (collectively, “ERISA”)) established or maintained by the Company,
or its “ERISA Affiliates” (as defined below) are in compliance in all material respects with ERISA. “ERISA Affiliates”
means, with respect to the Company, any member of any group of organizations described in Sections 414(b), (c), (m) or (o) of the
Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (the “Code”)
of which the Company is a member. No “reportable event” (as defined under ERISA) has occurred or is reasonably expected
to occur with respect to any “employee benefit plan” established or maintained by the Company, or any of its ERISA
Affiliates. No “employee benefit plan” established or maintained by the Company or any of its ERISA Affiliates, if
such “employee benefit plan” were terminated, would have any “amount of unfunded benefit liabilities” (as
defined under ERISA). Neither the Company nor any of its ERISA Affiliates has incurred or reasonably expects to incur any liability
under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any “employee benefit plan” or (ii)
Sections 412, 4971, 4975 or 4980B of the Code. Each “employee benefit plan” established or maintained by the Company
or any of its ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has
occurred, whether by action or failure to act, which would cause the loss of such qualification.

 

(kk)The Company is in compliance with,
and there is and has been no failure on the part of the Company and, to the Company’s knowledge, any of the Company’s
directors or officers, in their capacities as such, to comply with, any applicable provision of the Sarbanes-Oxley Act of 2002
and all rules and regulations promulgated thereunder or implementing the provisions thereof (the “Sarbanes-Oxley Act”)
and the rules and regulations promulgated in connection therewith, including Section 402 relating to loans.

 

    15 

     

    

 

(ll)Neither the Company, any of its
Subsidiaries, nor, to the knowledge of the Company, any of their respective directors, officers, agents, employees or affiliates,
has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the unlawful
payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official”
(including any officer or employee of a government or government-owned or controlled entity or of a public international organization,
or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official
or candidate for political office) to influence official action or secure an improper advantage; and the Company, each of its Subsidiaries
and, to the Company’s knowledge, each of their respective affiliates have conducted their businesses in compliance with applicable
anti-corruption laws.

 

(mm)None of the Company, any Subsidiary,
affiliate, director, officer or employee thereof or, to the best of the Company’s knowledge, any agent, representative or
other person acting on behalf of the Company or any of its Subsidiaries or affiliates, is aware of or has taken any action, directly
or indirectly, that would result in a violation by such persons of any applicable anti-corruption laws, including the Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including,
without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of
an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office or otherwise took any action (or failed to fully disclose
any action) in contravention of the FCPA; and the Company, its Subsidiaries and each of their respective affiliates have conducted
their businesses in compliance with the FCPA and have instituted and maintain, and will continue to maintain, policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

 

(nn)The operations of the Company and
its Subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping
and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money
Laundering Laws”) and no action, suit, investigation or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws
is pending or, to the best of the Company’s knowledge, threatened.

 

(oo)       Neither
the Company nor any of its Subsidiaries, nor any director or officer thereof, nor, to the Company’s knowledge, any employee,
agent, affiliate or representative of the Company or any of its Subsidiaries, is currently or is owned or controlled by an individual
or entity that is subject to any sanctions administered or enforced by the United States government (including, without limitation,
the Office of Foreign Assets Control of the United States Department of the Treasury), the United Nations Security Council, the
European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”)
or is located, organized or resident in a country or territory that is the subject or target of Sanctions; and the Company will
not directly or indirectly use the proceeds of the sale of the Placement Shares, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, or any joint venture partner or other person or entity, for the purpose of financing or facilitating
the activities of or business of any person or entity, or in any country or territory, that currently or at the time of such financing
or facilitation is the subject of any Sanctions or in any other manner that will result in a violation by any person or entity
(including any person participating in the transactions contemplated by this Agreement) of any Sanctions. For the past five years,
the Company and its Subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions
with any person or entity, or in any country or territory, that at the time of the dealing or transaction is or was the subject
of Sanctions.

 

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(pp)The Company and its Subsidiaries
own or possess the right to use all inventions, patent applications, patents, trademarks, trade names, service names, domain names,
copyrights, trade secrets, know-how and other intellectual property (collectively, “Intellectual Property”)
as are (i) necessary or material for the conduct of their respective businesses as currently conducted or as currently proposed
to be conducted and as described in the Registration Statement and the Prospectus and (ii) necessary or material for the commercialization
of the products described in the Registration Statement and the Prospectus as being under development. There is no pending or,
to the Company’s knowledge, threatened (i) action, suit, proceeding, or claim by others challenging the rights of the Company
or any of its Subsidiaries in or to any such Intellectual Property that, if decided adversely to the Company or such Subsidiary
would, individually or in the aggregate, have a Material Adverse Effect, and the Company is unaware of any facts which would form
a reasonable basis for any such claim; (ii) action, suit, proceeding, or claim by others that the Company or any of its Subsidiaries
infringes, misappropriates, or otherwise violates any Intellectual Property of others that, if decided adversely to the Company
or such Subsidiary would, individually or in the aggregate, have a Material Adverse Effect, and the Company is unaware of any facts
which would form a reasonable basis for any such claim; or (iii) action, suit, proceeding, or claim by others challenging the validity,
scope, or enforceability of any such Intellectual Property owned or licensed by the Company or its Subsidiaries and the Company
is unaware of any facts which would form a reasonable basis for any such claim. To the best of the Company’s knowledge, the
operation of the business of the Company and its Subsidiaries as now conducted, and as described in the Prospectus, and in connection
with the development and commercialization of the products described in the Prospectus does not infringe, misappropriate, conflict
with or otherwise violate any claim of any patent or published patent application of any other person or entity. There is no prior
art of which the Company or any of its Subsidiaries is aware that may render any patent owned or licensed by the Company or its
Subsidiaries invalid or any patent application owned or licensed by the Company or its Subsidiaries unpatentable which has not
been disclosed to the applicable government patent office. The Company’s granted or issued patents, registered trademarks
and registered copyrights have been duly maintained and are in full force and effect, and none of the patents, trademarks and copyrights
have been adjudged invalid or unenforceable in whole or in part. The Company knows of no infringement, misappropriation or violation
by others of any Intellectual Property owned or licensed by the Company or its Subsidiaries which would reasonably be expected
to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party to or bound by any options, licenses
or agreements with respect to the Intellectual Property of any other person or entity that are required to be set forth in the
Prospectus and that are not described therein in all material respects. The Company and its Subsidiaries have taken all reasonable
steps necessary to secure their interests in the Intellectual Property of the Company and its Subsidiaries from their employees
and contractors and to protect the confidentiality of all of their confidential information and trade secrets. None of the technology
or intellectual property used by the Company and its Subsidiaries in its business has been obtained or is being used by the Company
or its Subsidiaries in violation of any contractual obligation binding on the Company or its Subsidiaries, or, to the Company’s
knowledge, any of its officers, directors or employees or otherwise in violation of the rights of any persons. No third party has
been granted by the Company or its Subsidiaries rights to the Intellectual Property of the Company or its Subsidiaries, including
any rights that, if exercised, could enable such party to develop products competitive to those of the Company as described in
the Registration Statement and the Prospectus. All Intellectual Property owned or exclusively licensed by the Company or its Subsidiaries
are free and clear of all liens, encumbrances, defects or other restrictions (other than non-exclusive licenses granted in the
ordinary course of business), except those that could not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect. The Company and its Subsidiaries are not subject to any judgment, order, writ, injunction or decree of any court
or any federal, state, local, foreign or other governmental department, commission, board, bureau, agency or instrumentality, domestic
or foreign, or any arbitrator, nor has it entered into or is it a party to any agreement made in settlement of any pending or threatened
litigation, which materially restricts or impairs their use of any Intellectual Property.

 

    17 

     

    

 

(qq)The Company and each of its Subsidiaries
(i) are and have at all times been in material compliance with all laws, statutes, rules, regulations or guidance applicable to
the Company and its Subsidiaries and the ownership, testing, development, manufacture, packaging, processing, use, distribution,
marketing, advertising, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any pharmaceuticals or
biohazardous substances, materials or any other products developed, manufactured or distributed by the Company (including, without
limitation, from the United States Food and Drug Administration (“FDA”), European Medicines Agency (“EMA”)
and any local or other governmental or regulatory authority performing functions similar to those performed by the FDA or EMA)
(collectively, “Applicable Laws”), except as could not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect, (ii) have not received any notice of adverse finding, warning letter, untitled
letter or other correspondence or notice from the FDA or any other federal, state or foreign governmental authority having authority
over the Company, any of its Subsidiaries or their activities alleging or asserting noncompliance with any Applicable Laws or any
licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such
Applicable Laws (collectively, the “Governmental Permits”), (iii) have made all filings with, the appropriate
local, or other governmental or regulatory agencies or bodies that are necessary for the ownership or lease of their respective
properties or the conduct of their respective businesses as described in the Registration Statement and the Prospectus, except
where any failures to possess or make the same would not, singularly or in the aggregate, have a Material Adverse Effect, (iv) possess
all material Governmental Permits necessary to conduct their respective businesses as described in the Registration Statement and
the Prospectus, and such Governmental Permits are valid and in full force and effect and are not in violation of any term of any
such Governmental Permits, (v) have filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments as required by any Applicable Laws or Governmental Permits and that
all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete
and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission), and (vi)
are not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders or similar agreements
with or imposed by any governmental authority. All Governmental Permits are valid and in full force and effect, except where the
validity or failure to be in full force and effect would not, singularly or in the aggregate, have a Material Adverse Effect. Neither
the Company nor any Subsidiary has received notification of any revocation, modification, suspension, termination or invalidation
(or proceedings related thereto) of any such Governmental Permit and the Company has no reason to believe that any such Governmental
Permit will not be renewed. Neither the Company, any of its Subsidiaries nor, to the Company’s knowledge, any of their respective
directors, officers, employees or agents has been convicted of any crime under any Applicable Laws or has been the subject of an
FDA debarment proceeding. Neither the Company nor any of its Subsidiaries has been nor is now subject to the FDA’s Application
Integrity Policy. To the Company’s knowledge, neither the Company, any of its Subsidiaries nor any of its directors, officers,
employees or agents has made, or caused the making of, any false statements on, or material omissions from, any other records or
documentation prepared or maintained to comply with the requirements of the FDA or any other governmental authority.

 

    18 

     

    

 

(rr)There is no legal or governmental
proceeding to which the Company or any of its Subsidiaries is a party or of which any property or assets of the Company or any
of its Subsidiaries is the subject, including any proceeding before the FDA, the EMA or any foreign, local, national or other governmental
agency with jurisdiction over the types of products being developed by the Company that is required to be described in the Registration
Statement or the Prospectus and is not described therein, or which, singularly or in the aggregate, if determined adversely to
the Company or any of its Subsidiaries, could reasonably be expected to have a Material Adverse Effect; and no such proceedings
are threatened or contemplated by governmental or regulatory authorities or threatened by others. The Company and its Subsidiaries
(i) have not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other
action from any governmental authority or third party alleging that any product operation or activity is in violation of any Applicable
Laws or Governmental Permits and have no knowledge that any such governmental authority or third party is considering any such
claim, litigation, arbitration, action, suit, investigation or proceeding and (ii) have not received notice that any governmental
authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any Governmental Permits and the Company
has no knowledge that any such governmental authority is considering such action.

 

(ss)The research, non-clinical pre-clinical
studies and clinical studies and tests conducted or being conducted by or on behalf of the Company or any of its Subsidiaries or
in which any of their respective product candidates have participated and, to the Company’s knowledge, the preclinical studies
and clinical trials directed or sponsored by the Company’s collaborators (collectively, the “Studies”)
that are described in, or the results of which are referred to in, the Registration Statement and the Prospectus were and, if still
pending, are being conducted with reasonable care and in all material respects in accordance with the protocols, procedures and
controls pursuant to all Applicable Laws and Governmental Permits and with standard medical and scientific research procedures;
each description of the results of such Studies is accurate and complete in all material respects and fairly presents the data
derived from such Studies, and the Company and its Subsidiaries have no knowledge of any other research, non-clinical studies or
tests the results of which are inconsistent with, or otherwise call into question, the results described or referred to in the
Registration Statement and the Prospectus; the Company and its Subsidiaries have made all such filings and obtained all such approvals
as may be required by the EMA, the FDA or any committee thereof or from any other United States or foreign government agency with
jurisdiction over the types of products being developed by the Company; neither the Company nor any of its Subsidiaries has received
any notice of, or correspondence from, any governmental authority requiring the termination, suspension or modification of any
Study; and the Company and its Subsidiaries have each operated and currently are in compliance in all material respects with all
applicable rules, regulations and policies of all governmental authorities. There have been no material serious adverse events
resulting from any Study. To the Company’s knowledge, the manufacturing facilities and operations of its suppliers are operated
in compliance in all material respects with all Applicable Laws and Governmental Permits.

 

(tt)The Company acknowledges and agrees
that the Agent has informed the Company that the Agent may, to the extent permitted under the Securities Act and the Exchange Act,
purchase and sell shares of Common Stock for its own account while this Agreement is in effect; provided, that (i) no such
purchase or sales shall take place while a Placement Notice is in effect (except to the extent the Agent may engage in sales of
Placement Shares purchased or deemed purchased from the Company as a “riskless principal” or in a similar capacity)
and (ii) the Company shall not be deemed to have authorized or consented to any such purchases or sales by the Agent, except as
may be otherwise agreed by the Company and the Agent.

 

(uu)The Company is not a party to any
agreement with an agent or underwriter for any other “at the market” or continuous equity transaction.

 

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(vv)The Company is not required to register
as a “broker” or “dealer” in accordance with the provisions of the Exchange Act and does not, directly
or indirectly through one or more intermediaries, control or have any other association with (within the meaning of Article I of
the By-laws of FINRA) any member firm of FINRA. No relationship, direct or indirect, exists between or among the Company, on the
one hand, and the directors, officers or shareholders of the Company, on the other hand, which is required by the rules of FINRA
to be described in the Registration Statement and the Prospectus, which is not so described. All of the information (including,
but not limited to, information regarding affiliations, security ownership and trading activity) provided to the Agent or its counsel
by the Company, its officers and directors and the holders of any securities (debt or equity) or warrants, options or rights to
acquire any securities of the Company in connection with the filing to be made and other supplemental information to be provided
to FINRA pursuant to FINRA Rule 5110 in connection with the transactions contemplated by this Agreement is true, complete and correct.

 

(ww)As of the close of trading on Nasdaq
on June 24, 2019, the aggregate market value of the outstanding voting and non-voting common equity (as defined in Rule 405) of
the Company held by persons other than affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly,
or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Company)
(the “Non-Affiliate Shares”), was approximately $78,575,114.25 (calculated by multiplying (x) the price
at which the common equity of the Company was last sold on Nasdaq on June 24, 2019 by (y) the number of Non-Affiliate Shares outstanding
on June 24, 2019). The Company is not a shell company (as defined in Rule 405) and has not been a shell company for at least 12
calendar months previously.

 

(xx)       Neither
the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof by the Company as described
in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve
System or any other regulation of such Board of Governors.

 

(yy)Each of the independent directors
(or independent director nominees, once appointed, if applicable) named in the Registration Statement and Prospectus satisfies
the independence standards established by Nasdaq and, with respect to members of the Company’s audit committee, the enhanced
independence standards contained in Rule 10A-3(b)(1) promulgated by the Commission under the Exchange Act.

 

(zz)Neither the Company nor, to the
Company’s knowledge, any of its affiliates (within the meaning of Rule 144 under the Securities Act) has, prior to the date
hereof, made any offer or sale of any securities which could be “integrated” (within the meaning of the Securities
Act) with the offer and sale of the Placement Shares hereunder.

 

(aaa)Neither the Company nor any of
its Subsidiaries has (i) failed to pay any dividend or sinking fund installment on preferred stock or (ii) defaulted on any installment
or payment due on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

(bbb)Each financial or operational projection
or other “forward-looking statement” (as defined by Section 27A of the Securities Act or Section 21E of the Exchange
Act) contained in the Registration Statement or the Prospectus (i) was so included by the Company in good faith and with reasonable
basis after due consideration by the Company of the underlying assumptions, estimates and other applicable facts and circumstances
and (ii) as required, is accompanied by meaningful cautionary statements identifying those factors that could cause actual results
to differ materially from those in such forward-looking statement. No such statement was made with the knowledge of a director
or senior manager of the Company that was false or misleading.

 

(ccc)There are no relationships, direct
or indirect, or related party transactions involving the Company or any of its Subsidiaries or any other person (including any
director, officer, stockholder, customer or supplier of the Company or any of its Subsidiaries) required to be described in the
Registration Statement or the Prospectus that have not been described as required. There are no material outstanding loans, advances
(except normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the Company
or any of its Subsidiaries to or for the benefit of any of the officers or directors of the Company or any of its Subsidiaries,
or any of the family members of any of such persons.

 

    20 

     

    

 

(ddd)The Company is not in or subject
to a bankruptcy or insolvency proceeding in any jurisdiction.

 

(eee)The Company and its Subsidiaries
(i) are in compliance, in all material respects, with any and all applicable foreign, federal, state and local laws, rules, regulations,
treaties, statutes and codes promulgated by any and all governmental authorities (including pursuant to the Occupational Health
and Safety Act) relating to the protection of human health and safety the workplace (“Occupational Laws”);
(ii) have received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct
their respective businesses as currently conducted; and (iii) are in compliance, in all material respects, with all terms and conditions
of such permit, license or approval. No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to
the Company’s knowledge, threatened against the Company or any of its Subsidiaries relating to Occupational Laws, and the
Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices
that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings.

 

(fff)No director or officer of the Company
or any of its Subsidiaries is subject to any non-competition agreement or non-solicitation agreement with any employer or prior
employer which could materially affect each director’s or officer’s ability to be and act in the capacity of a director
or officer of the Company or a Subsidiary.

 

(ggg)The Company has duly and properly
filed or caused to be filed with the U.S. Patent and Trademark Office (the “PTO”) and applicable foreign
and international patent and trademark authorities all patents, trademarks, copyrights and applications relating to the same owned
by the Company and its Subsidiaries (the “Company Patent and Trademark Applications”). To the knowledge
of the Company, the Company has complied with the PTO’s duty of candor and disclosure for the Company Patent and Trademark
Applications and has made no material misrepresentation in the Company Patent and Trademark Applications. To the Company’s
knowledge, the Company Patent and Trademark Applications disclose patentable subject matter. The Company has not been notified
of any inventorship challenges nor has any interference been declared or provoked nor is any material fact known by the Company
that would preclude the issuance of patents with respect to the Company Patent and Trademark Applications or would render such
patents, if issued, invalid or unenforceable. Except as would not have a Material Adverse Effect, neither the Company nor any of
its Subsidiaries has breached and is currently in breach of any provision of any license, contract or other agreement governing
the use by the Company or its Subsidiaries of Intellectual Property owned by third parties (collectively, the “Licenses”)
and no third party has alleged any such breach and the Company is unaware of any facts that would form a reasonable basis for such
a claim. To the Company’s knowledge, no other party to the Licenses has breached or is currently in breach of any provision
of the Licenses. Each of the Licenses is in full force and effect and constitutes a valid and binding agreement between the parties
thereto, enforceable in accordance with its terms, and there has not occurred any breach or default under any such Licenses or
any event that, with the giving of notice or lapse of time, would constitute a breach or default thereunder. Except as would not
have a Material Adverse Effect, neither the Company nor any of its Subsidiaries has been and is currently involved in any disputes
regarding the Licenses. To the Company’s knowledge, all patents licensed to the Company pursuant to the Licenses are valid,
enforceable and being duly maintained. To the Company’s knowledge, all patent applications licensed to the Company pursuant
to the Licenses are being duly prosecuted.

 

    21 

     

    

 

Any certificate signed by any officer of
the Company and delivered to the Agent or its counsel in connection with the offering of the Placement Shares shall be deemed a
representation and warranty by the Company, as to matters covered thereby, to the Agent.

 

7.       Covenants
of the Company. The Company covenants and agrees with the Agent that:

 

(a)       Registration
Statement Amendments. After the date of this Agreement and during any period in which the Prospectus relating to any Placement
Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may
be satisfied pursuant to Rule 172 under the Securities Act or a similar rule); (i) the Company will notify the Agent promptly of
the time when any subsequent amendment to the Registration Statement, other than Incorporated Documents, has been filed with the
Commission and/or has become effective or any subsequent supplement to the Prospectus, other than Incorporated Documents, has been
filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional
information; (ii) the Company will prepare and file with the Commission, promptly upon the Agent’s request, any amendments
or supplements to the Registration Statement or Prospectus that, in the Agent’s reasonable opinion, may be necessary or advisable
in connection with the distribution of the Placement Shares by the Agent (provided, however, that the failure of
the Agent to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s
right to rely on the representations and warranties made by the Company in this Agreement and provided, further,
that the only remedy the Agent shall have with respect to the failure by the Company to make such filing (but without limiting
the Agent’s rights under Section 9 hereof) will be to cease making sales under this Agreement until such amendment or supplement
is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than
Incorporated Documents, relating to the Placement Shares or a security convertible into or exchangeable or exercisable for the
Placement Shares unless a copy thereof has been submitted to the Agent within a reasonable period of time before the filing and
the Agent has not reasonably objected thereto (provided, however, that the failure of the Agent to make such objection
shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the representations
and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall
have with respect to the Company’s making such filing notwithstanding the Agent’s objection (but without limiting the
Agent’s rights under Section 9 hereof) will be to cease making sales under this Agreement) and the Company will furnish to
the Agent at the time of filing thereof a copy of any Incorporated Document, except for those documents available via EDGAR; and
(iv) the Company will cause each amendment or supplement to the Prospectus, other than Incorporated Documents, to be filed with
the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act and, in the case of any Incorporated
Document, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.

 

(b)       Notice
of Commission Stop Orders. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof,
of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement,
of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction or of the initiation or
threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the
issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agent
promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements
to the Prospectus or for additional information related to the offering of the Placement Shares or for additional information related
to the Registration Statement or the Prospectus.

 

    22 

     

    

 

(c)       Delivery
of Prospectus; Subsequent Changes. During any period in which the Prospectus relating to the Placement Shares is required to
be delivered by the Agent under the Securities Act with respect to the offer and sale of the Placement Shares (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 under the Securities Act or a similar rule), the Company will comply
in all material respects with all requirements imposed upon it by the Securities Act, as from time to time in force, and will file
on or before their respective due dates (taking into account any extensions available under the Exchange Act) all reports and any
definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a),
13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event occurs as a result of which
the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such
period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company
will promptly notify the Agent to suspend the offering of Placement Shares during such period and the Company will promptly amend
or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission
or effect such compliance. If the Company has omitted any information from the Registration Statement pursuant to Rule 430B under
the Securities Act, it will use its best efforts to comply with the provisions thereof and make all requisite filings with the
Commission pursuant to said Rule 430B and to notify the Agent promptly of all such filings if not available on EDGAR.

 

(d)       Listing
of Placement Shares. During any period in which the Prospectus relating to the Placement Shares is required to be delivered
by the Agent under the Securities Act with respect to the offer and sale of the Placement Shares (including in circumstances where
such requirement may be satisfied pursuant to Rule 172 under the Securities Act or a similar rule), the Company will use its commercially
reasonable efforts to cause the Placement Shares to be listed on Nasdaq. The Company will timely file with Nasdaq all material
documents and notices required by Nasdaq of companies that have or will issue securities that are traded on Nasdaq.

 

(e)       Delivery
of Registration Statement and Prospectus. The Company will furnish to the Agent and its counsel (at the expense of the Company)
copies of the Registration Statement, the Prospectus (including all Incorporated Documents) and all amendments and supplements
to the Registration Statement or Prospectus that are filed with the Commission during any period in which the Prospectus relating
to the Placement Shares is required to be delivered under the Securities Act (including all Incorporated Documents filed with the
Commission during such period), in each case as soon as reasonably practicable and in such quantities as the Agent may from time
to time reasonably request and, at the Agent’s request, will also furnish copies of the Prospectus to each exchange or market
on which sales of the Placement Shares may be made; provided, however, that the Company shall not be required to
furnish any document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR.

 

(f)       Earnings
Statement. The Company will make generally available to its security holders and to the Agent as soon as practicable, but in
any event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement covering
a 12-month period that satisfies the provisions of Section 11(a) of and Rule 158 under the Securities Act.

 

    23 

     

    

 

(g)       Expenses.
The Company will pay all expenses incident to the performance of its obligations hereunder, including expenses relating to (i)
the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of the Prospectus
and of each amendment and supplement thereto and of this Agreement and such other documents as may be required in connection with
the offering, purchase, sale, issuance or delivery of the Placement Shares, (ii) the preparation, issuance, sale and delivery of
the Placement Shares and any taxes due or payable in connection therewith, (iii) the qualification of the Placement Shares under
securities laws in accordance with the provisions of Section 7(w) of this Agreement, including filing fees (provided,
however, that any fees or disbursements of counsel for the Agent in connection therewith shall be paid by the Agent except
as set forth in clauses (vii) and (viii) below), (iv) the printing and delivery to the Agent and its counsel of copies of the Prospectus
and any amendments or supplements thereto, and of this Agreement, (v) the fees and expenses incurred in connection with the listing
or qualification of the Placement Shares for trading on Nasdaq, (vi) the filing fees and expenses, if any, owed to the Commission
or FINRA and the fees and expenses of any transfer agent or registrar for the Shares, (vii) the fees and associated expenses of
the Agent’s outside legal counsel for filings with the FINRA Corporate Financing Department in an amount not to exceed $15,000
(excluding FINRA filing fees referred to in clause (vi) above and in addition to the fees and disbursements referred to in clause
(viii) below), and (viii) the reasonable fees and disbursements of the Agent’s outside legal counsel in an amount not to
exceed $50,000 (in addition to the fees and associated expenses referred to in clause (vii) above).

 

(h)       Use
of Proceeds. The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.”

 

(i)       Notice
of Other Sales. Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer to sell,
sell, contract to sell, grant any option to sell or otherwise dispose of any shares of Common Stock (other than the Placement Shares
offered pursuant to this Agreement) or securities convertible into or exchangeable or exercisable for shares of Common Stock, warrants
or any rights to purchase or acquire shares of Common Stock during the period beginning on the fifth Trading Day immediately prior
to the date on which any Placement Notice is delivered to Agent hereunder and ending on the second Trading Day immediately following
the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice
has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension
or termination); and will not directly or indirectly in any other “at the market offering” or continuous equity transaction
offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any shares of Common Stock (other than
the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable or exercisable for shares
of Common Stock, warrants or any rights to purchase or acquire, shares of Common Stock prior to the later of the termination of
this Agreement and the sixtieth day immediately following the final Settlement Date with respect to Placement Shares sold pursuant
to such Placement Notice; provided, however, that such restrictions will not be required in connection with the Company’s
issuance or sale of (i) shares of Common Stock, options to purchase shares of Common Stock, other securities under the Company’s
existing equity incentive plans, or shares of Common Stock issuable upon the exercise of options or vesting of other securities,
pursuant to any employee or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not
shares of Common Stock subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now
in effect or hereafter implemented, (ii) shares of Common Stock issuable upon conversion of securities or the exercise of
warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise
in writing to the Agent and (iii) shares of Common Stock or securities convertible into or exchangeable for shares of Common
Stock as consideration for mergers, acquisitions, other business combinations or strategic alliances occurring after the date of
this Agreement which are not issued for capital raising purposes.

 

    24 

     

    

 

(j)       Change
of Circumstances. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement
Notice or sell Placement Shares, advise the Agent promptly after it shall have received notice or obtained knowledge of any information
or fact that would alter or affect in any material respect any opinion, certificate, letter or other document provided or required
to be provided to the Agent pursuant to this Agreement.

 

(k)       Due
Diligence Cooperation. During the term of this Agreement, the Company will cooperate with any reasonable due diligence review
conducted by the Agent, its affiliates agents and counsel from time to time in connection with the transactions contemplated hereby,
including providing information and making available documents and senior corporate officers, during regular business hours and
at the Company’s principal offices, as the Agent may reasonably request.

 

(l)       Required
Filings Relating to Placement of Placement Shares. The Company agrees that on or prior to such dates as the Securities Act
shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b)
under the Securities Act, which prospectus supplement will set forth, within the relevant period, the number or amount of Placement
Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect
to such Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market
on which such sales were effected as may be required by the rules or regulations of such exchange or market; provided, that,
unless a prospectus supplement containing such information is required to be filed under the Securities Act, the requirement of
this Section 7(l) may be satisfied by Company’s inclusion in the Company’s Form 10-K or Form 10-Q, as applicable, of
the number or amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by
the Company to the Agent with respect to such Placement Shares during the relevant period.

 

(m)       Representation
Dates; Certificate. On or prior to the date on which the Company first delivers a Placement Notice pursuant to this agreement
(the “First Placement Notice Date”) and each time the Company:

 

(i)       amends
or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other than a prospectus supplement
filed in accordance with Section 7(l) of this Agreement) by means of a post-effective amendment, sticker or supplement but not
by means of incorporation of document(s) by reference into the Registration Statement or the Prospectus relating to the Placement
Shares;

 

(ii)       files
an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information or a material
amendment to the previously filed Form 10-K);

 

(iii)       files
a quarterly report on Form 10-Q under the Exchange Act; or

 

(iv)       files
a current report on Form 8-K containing amended financial information (other than an earnings release that is “furnished”
pursuant to Item 2.02 or Item 7.01 of Form 8-K) under the Exchange Act (each date of filing of one or more of the documents referred
to in clauses (i) through (iv) shall be a “Representation Date”),

 

    25 

     

    

 

the Company shall furnish the Agent (but in the case of clause
(iv) above only if (1) a Placement Notice is pending or in effect and (2) the Agent requests such certificate within three Business
Days after the filing of such Form 8-K with the Commission) with a certificate, in the form attached hereto as Exhibit 7(m)
(modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented), within two
Trading Days of any Representation Date. The requirement to provide a certificate under this Section 7(m) shall be waived for any
Representation Date occurring at a time at which no Placement Notice is pending or in effect, which waiver shall continue until
the earlier to occur of (1) the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be
considered a Representation Date) and (2) the next occurring Representation Date. Notwithstanding the foregoing, if the Company
subsequently decides to sell Placement Shares following a Representation Date on which the Company relied on the waiver referred
to in the previous sentence and did not provide the Agent with a certificate under this Section 7(m), then before the Company delivers
a Placement Notice or the Agent sells any Placement Shares pursuant thereto, the Company shall provide the Agent with a certificate,
in the form attached hereto as Exhibit 7(m), dated the date of such Placement Notice. Within two Trading Days
of each Representation Date, the Company shall have furnished to the Agent such further information, certificates and documents
as the Agent may reasonably request.

 

(n)       Legal
Opinions. On or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver a certificate
pursuant to Section 7(m) for which no waiver is applicable, the Company shall cause to be furnished to the Agent the written opinion
and negative assurance letter of each of Dentons US LLP (“U.S. Company Counsel”) and Dentons Europe LLP
(“German Company Counsel”), each counsel to the Company, or such other counsel satisfactory to the Agent,
each in form and substance satisfactory to the Agent and its counsel, dated the date that each such opinion and negative assurance
letter are required to be delivered, modified, as necessary, to relate to the Registration Statement and the Prospectus as then
amended or supplemented; provided, however, that the Company shall be required to furnish to the Agent no more than
one opinion from each of U.S. Company Counsel and German Company Counsel in connection with each Annual Report on Form 10-K and
Quarterly Report on Form 10-Q filing; and provided further, that in lieu of such opinion and negative assurance letter for
subsequent Representation Dates, each of U.S. Company Counsel and German Company Counsel may furnish the Agent with a letter to
the effect that the Agent may rely on a prior opinion or negative assurance letter delivered by such counsel under this Section
7(n) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion or negative assurance
letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation
Date).

 

(o)       Intellectual
Property Opinion. On or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver
a certificate pursuant to Section 7(m) for which no waiver is applicable, the Company shall cause to be furnished to the Agent
the written opinion of Boehmert & Boehmert, counsel for the Company with respect to intellectual property matters, or such
other intellectual property counsel reasonably satisfactory to the Agent (“Intellectual Property Counsel”),
in form and substance reasonably satisfactory to the Agent and its counsel, dated the date that the opinion letter is required
to be delivered, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented;
provided, however, that in lieu of such written opinion for subsequent Representation Dates, Intellectual Property
Counsel may furnish the Agent with a letter to the effect that the Agent may rely on a prior opinion letter delivered by such counsel
under this Section 7(o) to the same extent as if it were dated the date of such opinion letter (except that statements in such
prior opinion letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such
Representation Date).

 

    26 

     

    

 

(p)       Comfort
Letter. On or prior to the First Placement Notice Date and on any date which the Company is obligated to deliver a certificate
pursuant to Section 7(m) for which no waiver is applicable, the Company shall cause Baker Tilly to furnish the Agent a letter (the
“Comfort Letter”), dated the date the Comfort Letter is delivered, which shall meet the requirements
set forth in this Section 7(p); provided, that if requested by the Agent, the Company shall cause a Comfort Letter to be
furnished to the Agent within 10 Trading Days of the occurrence of any material transaction or event that necessitates the filing
of additional, pro forma, amended or revised financial statements (including any restatement of previously issued financial statements).
Each Comfort Letter from Baker Tilly shall be in form and substance reasonably satisfactory to the Agent and each Comfort Letter
from Baker Tilly shall (i) confirm that they are an independent registered public accounting firm within the meaning of the Securities
Act and the PCAOB, (ii) state, as of such date, the conclusions and findings of such firm with respect to the financial information
and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection with registered
public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) update the Initial Comfort
Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified
as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.
In addition, on or prior to the First Placement Notice Date, the Company shall cause PwC to furnish the Agent a Comfort Letter,
dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this Section 7(p). The Company shall
also be required to furnish a Comfort Letter from PwC in connection with the filing of each of the Company’s annual reports
on Form 10-K if such reports include financial information audited by PwC. Each Comfort Letter from PwC shall be in form and substance
reasonably satisfactory to the Agent and each Comfort Letter from PwC shall (A) confirm that they are an independent registered
public accounting firm within the meaning of the Securities Act and the PCAOB and (B) state, as of such date, the conclusions and
findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’ “comfort
letters” to underwriters in connection with registered public offerings.

 

(q)       Market
Activities. The Company will not, directly or indirectly, and will cause its officers, directors and Subsidiaries not to (i)
take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of shares of Common Stock or (ii)
sell, bid for, or purchase shares of Common Stock in violation of Regulation M, or pay anyone any compensation for soliciting purchases
of the Placement Shares other than the Agent; provided, however, that the Company may bid for and purchase shares
of Common Stock in accordance with Rule 10b-18 under the Exchange Act.

 

(r)       Investment
Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of its
Subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment company,” as
such term is defined in the Investment Company Act.

 

(s)       Securities
Act and Exchange Act. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities
Act and the Exchange Act as from time to time in force, so far as necessary to permit the sales of, or dealings in, the Placement
Shares as contemplated by the provisions hereof and the Prospectus.

 

(t)       No
Offer to Sell. Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance by
the Company and the Agent, neither the Agent nor the Company (including its agents and representatives, other than the Agent in
its capacity as agent) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405
under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer
to buy Placement Shares hereunder.

 

(u)       Blue
Sky and Other Qualifications. The Company will use its commercially reasonable efforts, in cooperation with the Agent, to qualify
the Placement Shares for offering and sale, or to obtain an exemption for the Placement Shares to be offered and sold, under the
applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Agent may designate and to maintain
such qualifications and exemptions in effect for so long as required for the distribution of the Placement Shares (but in no event
for less than one year from the date of this Agreement); provided, however, that the Company shall not be obligated
to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction
in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is
not otherwise so subject. In each jurisdiction in which the Placement Shares have been so qualified or exempt, the Company will
file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption,
as the case may be, in effect for so long as required for the distribution of the Placement Shares (but in no event for less than
one year from the date of this Agreement).

 

    27 

     

    

 

(v)       Sarbanes-Oxley
Act. The Company will maintain and keep accurate books and records reflecting its assets and maintain internal accounting controls
in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with GAAP and including those policies and procedures that (i) pertain to the maintenance
of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company,
(ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of the Company’s
financial statements in accordance with GAAP, (iii) that receipts and expenditures of the Company are being made only in accordance
with management’s and the Company’s directors’ authorization, and (iv) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a
material effect on its financial statements. The Company will maintain such controls and other procedures, including, to the extent
applicable to the Company, those required by Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder
that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules
and forms, including, without limitation, controls and procedures designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s
management, including its principal executive officer and principal financial officer, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure and to ensure that material information relating to the
Company is made known to it by others within the Company, particularly during the period in which such periodic reports are being
prepared.

 

(w)       Emerging
Growth Company. The Company will promptly notify the Agent if the company ceases to be an Emerging Growth Company at any time
prior to the completion of the Agent’s distribution of the Placement Shares pursuant to this Agreement.

 

(x)       Renewal
of Registration Statement. If, immediately prior to the third anniversary of the initial effective date of the Registration
Statement (the “Renewal Date”), any of the Placement Shares remain unsold and this Agreement has not
been terminated, the Company will, prior to the Renewal Date, file a new shelf registration statement or, if applicable, an automatic
shelf registration statement relating to the Common Stock that may be offered and sold pursuant to this Agreement (which shall
include a prospectus reflecting the number or amount of Placement Shares that may be offered and sold pursuant to this Agreement),
in a form reasonably satisfactory to the Agent and its counsel, and, if such registration statement is not an automatic shelf registration
statement, will use its best efforts to cause such registration statement to be declared effective within 180 days after the Renewal
Date. The Company will take all other reasonable actions necessary or appropriate to permit the public offer and sale of the Placement
Shares to continue as contemplated in the expired registration statement and this Agreement. From and after the effective date
thereof, references herein to the “Registration Statement” shall include such new shelf registration statement or such
new automatic shelf registration statement, as the case may be.

 

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(y)       Form
S-3. If, from and after the date of this Agreement, the Company is no longer eligible to use Form S-3 pursuant to General Instruction
I.B.1. at the time it files with the Commission an annual report on Form 10-K or any post-effective amendment to the Registration
Statement, then it shall promptly notify the Agent and, within two Business Days prior to the date of filing of such annual report
on Form 10-K or amendment to the Registration Statement, the Company shall, if still eligible to use Form S-3 pursuant to General
Instruction I.B.6., file a new prospectus supplement with the Commission reflecting the number of shares of Common Stock available
to be offered and sold by the Company under this Agreement pursuant to General Instruction I.B.6. of Form S-3; provided,
however, that the Company may delay the filing of any such prospectus supplement for up to 30 days if, in the reasonable
judgment of the Company, it is in the best interest of the Company to do so, provided that no Placement Notice is in effect or
pending during such time. Until such time as the Company shall have corrected such misstatement or omission or effected such compliance,
the Company shall not notify the Agent to resume the offering of Placement Shares.

 

(z)       Tax
Indemnity. The Company will indemnify and hold harmless the Agent against any documentary, stamp or similar issue tax, including
any interest and penalties, on the issue and sale of the Placement Shares.

 

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

 

8.       Conditions
to the Agent’s Obligations. The obligations of the Agent hereunder with respect to a Placement will be subject to the
continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance in
all material respects by the Company of its obligations hereunder, to the completion by the Agent of a due diligence review satisfactory
to the Agent in its reasonable judgment, and to the continuing satisfaction (or waiver by the Agent in its sole discretion) in
all material respects of the following additional conditions:

 

(a)       Registration
Statement Effective. The Registration Statement shall be effective and shall be available for all offers and sales of Placement
Shares (i) that have been issued pursuant to all prior Placement Notices and (ii) that will be issued pursuant to any Placement
Notice.

 

(b)       Prospectus
Supplement. The Company shall have filed with the Commission the Prospectus Supplement pursuant to Rule 424(b) under the Securities
Act not later than the Commission’s close of business on the second Business Day following the date of this Agreement.

 

(c)       No
Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company or any of
its Subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority
during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments
or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state
governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose; (iii) receipt by the Company or any of its Subsidiaries of any notification with respect to the suspension of
the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in
the Registration Statement or the Prospectus or any material Incorporated Document untrue in any material respect or that requires
the making of any material changes in the Registration Statement, the Prospectus or Incorporated Documents so that, in the case
of the Registration Statement, it 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, in the case of the Prospectus, so that it
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, in the light of the circumstances under which they were made, not misleading.

 

    29 

     

    

 

(d)       No
Misstatement or Material Omission. The Agent shall not have advised the Company that the Registration Statement or Prospectus,
or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent’s reasonable opinion is material,
or omits to state a fact that in the Agent’s reasonable opinion is material and is required to be stated therein or is necessary
to make the statements therein not misleading.

 

(e)       Material
Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there
shall not have been any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any
Material Adverse Effect or any development that could reasonably be expected to result in a Material Adverse Effect, or any downgrading
in or withdrawal of the rating assigned to any of the Company’s securities (other than asset backed securities), if any,
by any rating organization or a public announcement by any rating organization that it has under surveillance or review its rating
of any of the Company’s securities (other than asset backed securities), if any, the effect of which, in the judgment of
the Agent (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable
or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.

 

(f)       Company
Counsel Legal Opinions. The Agent shall have received the opinions and negative assurance letters, as applicable, of U.S. Company
Counsel, German Company Counsel and Intellectual Property Counsel required to be delivered pursuant to Section 7(n) and Section
7(o), as applicable, on or before the date on which such delivery of such opinions and negative assurance letters are required
pursuant to Section 7(n) and Section 7(o), as applicable.

 

(g)       Agent’s
Counsel Legal Opinion. The Agent shall have received from Covington & Burling LLP, counsel for the Agent, such opinion
or opinions, on or before the date on which the delivery of the legal opinions of U.S. Company Counsel and German Company Counsel
is required pursuant to Section 7(n), with respect to such matters as the Agent may reasonably require, and the Company shall have
furnished to such counsel such documents as they may request to enable them to pass upon such matters.

 

(h)       Comfort
Letters. The Agent shall have received the Comfort Letters required to be delivered pursuant to Section 7(p) on or before the
date on which such delivery of such Comfort Letters is required pursuant to Section 7(p).

 

(i)       Representation
Certificate. The Agent shall have received the certificate required to be delivered pursuant to Section 7(m) on or before the
date on which delivery of such certificate is required pursuant to Section 7(m).

 

(j)       Secretary’s
Certificate. On or prior to the First Placement Notice Date, the Agent shall have received a certificate, signed on behalf
of the Company by the Secretary of the Company and attested to by an executive officer of the Company, dated as of such date and
in form and substance satisfactory to the Agent and its counsel, certifying as to (i) the amended and restated certificate of incorporation
of the Company, (ii) the amended and restated bylaws of the Company, (iii) the resolutions of the board of directors of the Company
or duly authorized committee thereof authorizing the execution, delivery and performance of this Agreement and the issuance and
sale of the Placement Shares and (iv) the incumbency of the officers of the Company duly authorized to execute this Agreement and
the other documents contemplated by this Agreement (including each of the officers set forth on Schedule 2).

 

    30 

     

    

 

(k)       No
Suspension. The Common Stock shall be duly listed, and admitted and authorized for trading, subject to official notice of issuance,
on Nasdaq. Trading in the Common Stock shall not have been suspended on, and the Common Stock shall not have been delisted from,
Nasdaq.

 

(l)       Other
Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(m), the Company shall
have furnished to the Agent such appropriate further information, opinions, certificates, letters and other documents as the Agent
may have reasonably requested. All such information, opinions, certificates, letters and other documents shall have been in compliance
with the provisions hereof. The Company shall have furnished the Agent with conformed copies of such opinions, certificates, letters
and other documents as the Agent may have reasonably requested.

 

(m)       Securities
Act Filings Made. All filings with the Commission required by Rule 424(b) or Rule 433 under the Securities Act to have been
filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed
for such filing by Rule 424(b) (without reliance on Rule 424(b)(8) of the Securities Act) or Rule 433, as applicable.

 

(n)       Approval
for Listing. Either (i) the Placement Shares shall have been approved for listing on Nasdaq, subject only to notice of issuance,
or (ii) the Company shall have filed an application for listing of the Placement Shares on Nasdaq at, or prior to, the First Placement
Notice Date and Nasdaq shall have reviewed such application and not provided any objections thereto.

 

(o)       FINRA.
FINRA shall have raised no objection to the terms of the offering contemplated hereby and the amount of compensation allowable
or payable to the Agent as described in the Prospectus.

 

(p)       No
Termination Event. There shall not have occurred any event that would permit the Agent to terminate this Agreement pursuant
to Section 11(a).

 

9.       Indemnification
and Contribution.

 

(a)       Company
Indemnification. The Company agrees to indemnify and hold harmless the Agent, its affiliates and their respective partners,
members, directors, officers, employees and agents, and each person, if any, who (i) controls the Agent within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Agent,
in each case from and against any and all losses, claims, liabilities, expenses and damages (including any and all investigative,
legal and other expenses) reasonably incurred in connection with, and any and all amounts paid in settlement (in accordance with
this Section 9) of, any action, suit, investigation or proceeding between any of the indemnified parties and any indemnifying parties
or between any indemnified party and any third party (including any governmental or self-regulatory authority, or otherwise, or
any claim asserted or threatened), as and when incurred, to which the Agent, or any such other person may become subject under
the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar
as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus (or any amendment
or supplement to the Registration Statement or the Prospectus) or in any free writing prospectus or in any application or other
document executed by or on behalf of the Company or based on written information furnished by or on behalf of the Company filed
in any jurisdiction in order to qualify the Common Stock under the securities laws thereof or filed with the Commission, (y) the
omission or alleged omission to state in any such document a material fact required to be stated therein or necessary to make the
statements therein (solely with respect to the Prospectus, in light of the circumstances under which they were made) not misleading
or (z) any breach by any of the indemnifying parties of any of their respective representations, warranties or agreements contained
in this Agreement; provided, however, that this indemnity agreement shall not apply to the extent that such loss,
claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused, directly
or indirectly, by an untrue statement or omission, or alleged untrue statement or omission, made in reliance upon and in conformity
with the Agent’s Information. This indemnity agreement will be in addition to any liability that the Company might otherwise
have.

 

    31 

     

    

 

(b)       Agent
Indemnification. The Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company
that signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company
against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 9(a), as incurred,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement
(or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with
the Agent’s Information.

 

(c)       Procedure.
Any party that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of commencement
of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this
Section 9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the
omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have
to any indemnified party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party
under the foregoing provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of
substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies
the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it
elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action
from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action,
with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified
party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal
expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified
party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but
the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment
of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably
concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different
from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice
of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party
will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party
has not in fact employed counsel reasonably satisfactory to the indemnified party to assume the defense of such action within a
reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements
and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying
party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted to practice in such
jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be
reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating to such fees, disbursements
and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action
or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified
party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating
to the matters contemplated by this Section 9 (whether or not any indemnified party is a party thereto), unless such settlement,
compromise or consent (1) includes an unconditional release of each indemnified party, in form and substance reasonably satisfactory
to such indemnified party, from all liability arising out of such claim, action or proceeding and (2) does not include a statement
as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

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(d)       Settlement
Without Consent if Failure to Reimburse.  If an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for reasonable fees and expenses of counsel for which it is entitled to be reimbursed under this Section
9, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 9(a) effected
without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party
of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least
30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.

 

(e)       Contribution.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient
from the Company or the Agent, the Company and the Agent will contribute to the total losses, claims, liabilities, expenses and
damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement
of, any action, suit, investigation or proceeding or any claim asserted, but after deducting any contribution received by the Company
from persons other than the Agent, such as persons who control the Company within the meaning of the Securities Act, officers of
the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which
the Company and the Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits received by
the Company on the one hand and the Agent on the other hand. The relative benefits received by the Company on the one hand and
the Agent on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement
Shares (before deducting expenses) received by the Company bear to the total compensation received by the Agent from the sale of
Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted
by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative
benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Agent, on the
other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action,
suit, investigation or proceeding in respect thereof, as well as any other relevant equitable considerations with respect to such
offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the
Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant to this
Section 9(e) were to be determined by pro rata allocation or by any other method of allocation that does not take into account
the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim,
liability, expense or damage, or action, suit, investigation or proceeding in respect thereof, referred to above in this Section
9(e) shall be deemed to include, for the purpose of this Section 9(e), any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action, suit, investigation, proceeding or claim to the
extent consistent with this Section 9. Notwithstanding the foregoing provisions of this Section 9(e), the Agent shall not be required
to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(e), any person who controls a party to
this Agreement within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, any affiliates of the
Agent, any partners, members, directors, officers, employees and agents of the Agent and each person that is controlled by or under
common control with the Agent will have the same rights to contribution as that party, and each officer of the Company who signed
the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof.
Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect
of which a claim for contribution may be made under this Section 9(e), will notify any such party or parties from whom contribution
may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any
other obligation it or they may have under this Section 9(e) except to the extent that the failure to so notify such other party
materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement
entered into pursuant to the last sentence of Section 9(c) hereof or pursuant to Section 9(d) hereof, no party will be liable for
contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section
9(c) hereof.

 

    33 

     

    

 

10.       Representations
and Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 9 of this Agreement and
all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their
respective dates, regardless of (i) any investigation made by or on behalf of the Agent, any controlling persons, or the Company
(or any of their respective officers, directors, employees or controlling persons), (ii) delivery and acceptance of the Placement
Shares and payment therefor or (iii) any termination of this Agreement.

 

11.       Termination.

 

(a)       The
Agent shall have the right, by giving notice as hereinafter specified, at any time to terminate this Agreement if (i) any Material
Adverse Effect, or any development that could reasonably be expected to result in a Material Adverse Effect, has occurred that,
in the judgment of the Agent, may materially impair the ability of the Agent to sell the Placement Shares hereunder, (ii) the Company
shall have failed, refused or been unable to perform any agreement on its part to be performed hereunder; provided, however,
in the case of any failure of the Company to deliver (or cause another person to deliver) any certification, opinion or letter
required under Section 7(m), Section 7(n), Section 7(o) or Section 7(p), the Agent’s right to terminate shall not arise unless
such failure to deliver (or cause to be delivered) continues for more than 15 calendar days from the date such delivery was required,
(iii) any other condition of the Agent’s obligations hereunder is not fulfilled, (iv) any suspension or limitation of trading
in the Placement Shares or in securities generally on Nasdaq shall have occurred, (v) a general banking moratorium shall have been
declared by any of United States federal or New York authorities, or (vi) there shall have occurred any outbreak or escalation
of national or international hostilities or any crisis or calamity, or any change in the United States or international financial
markets, or any substantial change or development involving a prospective substantial change in United States or international
political, financial or economic conditions that, in the judgment of the Agent, may materially impair the ability of the Agent
to sell the Placement Shares hereunder or to enforce contracts for the sale of securities. Any such termination shall be without
liability of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10, Section 16 and
Section 17 hereof shall remain in full force and effect notwithstanding such termination. If the Agent elects to terminate this
Agreement as provided in this Section 11(a), the Agent shall provide the required notice as specified in Section 12.

 

    34 

     

    

 

(b)       The
Company shall have the right, by giving 10 days’ prior notice as hereinafter specified, to terminate this Agreement in its
sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any
other party except that the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section 17 hereof
shall remain in full force and effect notwithstanding such termination.

 

(c)       The
Agent shall have the right, by giving 10 days’ prior notice as hereinafter specified, to terminate this Agreement in its
sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any
other party except that the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section 17 hereof
shall remain in full force and effect notwithstanding such termination.

 

(d)       Unless
earlier terminated pursuant to this Section 11, this Agreement shall automatically terminate upon the issuance and sale of all
of the Placement Shares through the Agent on the terms and subject to the conditions set forth herein; provided that the
provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section 17 hereof shall remain in full force and
effect notwithstanding such termination.

 

(e)       This
Agreement shall remain in full force and effect unless terminated pursuant to Sections 11(a), (b), (c), or (d) above or otherwise
by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all
cases be deemed to provide that Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section 17 shall remain in full
force and effect.

 

(f)       Any
termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however,
that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or
the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares,
such Placement Shares shall settle in accordance with the provisions of this Agreement. Upon termination of this Agreement, the
Company shall not be required to pay to the Agent any discount or commission with respect to any Placement Shares not otherwise
sold by the Agent under this Agreement; provided, however, that the Company shall remain obligated to reimburse the
Agent’s expenses pursuant to Section 7(g).

 

12.       Notices.
All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of
this Agreement shall be in writing, unless otherwise specified in this Agreement, and if sent to the Agent, shall be delivered
to:

 

SVB Leerink LLC

1301 Avenue of the Americas, 12th Floor

New York, New York 10019

Attention: Gabriel Cavazos

E-mail: gabriel.cavazos@leerink.com

 

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

 

SVB Leerink LLC

1301 Avenue of the Americas, 12th Floor

New York, New York 10019

Attention: Stuart R. Nayman, Esq.

E-mail: stuart.nayman@svbleerink.com

 

    35 

     

    

 

and

 

Covington & Burling LLP

620 8th Avenue

New York, New York 10018

Attention: Brian K. Rosenzweig

E-mail: brosenzweig@cov.com

 

and if to the Company, shall be delivered to:

 

Immunic, Inc.

11440 West Bernardo Court, Suite 300

San Diego, California 92127

Attention: Dr. Daniel Vitt

E-mail: daniel.vitt@immunic.de

 

with copies (which shall not constitute notice) to:

 

Dentons US LLP

1221 Avenue of the Americas

New York, New York 10020

Attention: Ilan Katz

E-mail: ilan.katz@dentons.com

 

Each party to this Agreement may change such address for notices
by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication
shall be deemed given (i) when delivered personally on or before 4:30 P.M., New York City time, on a Business Day, or, if such
day is not a Business Day, on the next succeeding Business Day, (ii) by Electronic Notice as set forth in the next paragraph, (iii)
on the next Business Day after timely delivery to a nationally-recognized overnight courier or (iv) on the Business Day actually
received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes
of this Agreement, “Business Day” shall mean any day on which the Nasdaq and commercial banks in the
City of New York are open for business.

 

An electronic communication (“Electronic Notice”)
shall be deemed written notice for purposes of this Section 12 if sent to the electronic mail address specified by the receiving
party in Section 12. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives actual
acknowledgment of receipt from the person whom the notice is sent, other than via auto-reply. Any party receiving Electronic Notice
may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”),
which shall be sent to the requesting party within 10 days of receipt of the written request for Nonelectronic Notice.

 

13.       Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and the Agent and their respective
successors and the affiliates, controlling persons, officers, directors and other persons referred to in Section 9 hereof. References
to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of each such
party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto, the persons
referred to in the preceding sentence and their respective successors and permitted assigns any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its
rights or obligations under this Agreement without the prior written consent of the other party; provided, however,
that the Agent may assign its rights and obligations hereunder to an affiliate of the Agent without obtaining the Company’s
consent, so long as such affiliate is a registered broker-dealer.

 

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14.       Adjustments
for Share Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted
to take into account any share split, share dividend or similar event effected with respect to the Common Stock.

 

15.       Entire
Agreement; Amendment; Severability; Waiver. This Agreement (including all schedules (as amended pursuant to this Agreement)
and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all
other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the
subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed
by the Company and the Agent; provided, however, that Schedule 2 of this Agreement may be amended by
either party from time to time by sending a notice containing a revised Schedule 2 to the other party in the manner
provided in Section 12 and, upon such amendment, all references herein to Schedule 2 shall automatically be deemed
to refer to such amended Schedule 2. In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction,
then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable,
and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision
was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions
hereof shall be in accordance with the intent of the parties as reflected in this Agreement. No implied waiver by a party shall
arise in the absence of a waiver in writing signed by such party. No failure or delay in exercising any right, power, or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any right, power, or privilege hereunder.

 

16.       GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

17.       Consent
to Jurisdiction. 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 with any of the transactions
contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum, or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy (certified or registered
mail, return receipt requested) to such party at the address in effect for notices under Section 12 of this Agreement and agrees
that such service shall constitute good and sufficient notice of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law.

 

    37 

     

    

 

18.       Construction.

 

(a)       The
section and exhibit headings herein are for convenience only and shall not affect the construction hereof.

 

(b)       Words
defined in the singular shall have a comparable meaning when used in the plural, and vice versa.

 

(c)       The
words “hereof,” “hereto,” “herein” and “hereunder” and words of similar import,
when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(d)       Wherever
the word “include,” “includes” or “including” is used in this Agreement, it shall be deemed
to be followed by the words “without limitation.”

 

(e)       References
herein to any gender shall include each other gender.

 

(f)       References
herein to any law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority shall be deemed
to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any governmental authority as amended,
reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and regulations
promulgated thereunder.

 

19.       Permitted
Free Writing Prospectuses. Each of the Company and the Agent represents, warrants and agrees that, unless it obtains the prior
written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed, it has not made and
will not make any offer relating to the Placement Shares that would constitute an issuer free writing prospectus, or that would
otherwise constitute a free writing prospectus (as defined in Rule 405), required to be filed with the Commission. Any such free
writing prospectus consented to by the Agent or by the Company, as the case may be, is hereinafter referred to as a “Permitted
Free Writing Prospectus.” The Company represents and warrants that it has treated and agrees that it will treat each
Permitted Free Writing Prospectus as an issuer free writing prospectus, and that it has complied and will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping.

 

20.       Absence
of Fiduciary Relationship. The Company acknowledges and agrees that:

 

(a)       the
Agent has been retained to act as sales agent in connection with the sale of the Placement Shares, the Agent has acted at arms’
length and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other
equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or will
be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Agent has advised
or is advising the Company on other matters and the Agent has no duties or obligations to the Company with respect to the transactions
contemplated by this Agreement except the obligations expressly set forth herein;

 

(b)       the
Company is capable of evaluating, and understanding and understands and accepts, the terms, risks and conditions of the transactions
contemplated by this Agreement;

 

    38 

     

    

 

(c)       neither
the Agent nor its affiliates have provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated
by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;

 

(d)       the
Company has been advised and is aware that the Agent and its affiliates are engaged in a broad range of transactions which may
involve interests that differ from those of the Company and that the Agent and its affiliates have no obligation to disclose such
interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and

 

(e)       the
Company waives, to the fullest extent permitted by law, any claims it may have against the Agent or its affiliates for breach of
fiduciary duty or alleged breach of fiduciary duty in connection with the transactions contemplated by this Agreement and agrees
that the Agent and its affiliates shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary
claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders (or other
equity holders), creditors or employees of the Company.

 

21.       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile
or electronic transmission.

 

22.Use of Information.The
Agent may not provide any information gained in connection with this Agreement and the transactions contemplated by this Agreement,
including due diligence, to any third party other than its legal counsel advising it on this Agreement and the transactions contemplated
by this Agreement unless expressly approved by the Company in writing.

 

23.       Agent’s
Information. As used in this Agreement, “Agent’s Information” means solely the following information
in the Registration Statement and the Prospectus: the tenth paragraph under the heading “Plan of Distribution” in the
Prospectus Supplement.

 

All references in this Agreement to the
Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy
filed with the Commission pursuant to EDGAR. All references in this Agreement to financial statements and schedules and other information
that is “contained,” “included” or “stated” in the Registration Statement or the Prospectus
(and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other
information that is incorporated by reference in the Registration Statement or the Prospectus, as the case may be.

 

All references in this Agreement to “supplements”
to the Prospectus shall include any supplements, “wrappers” or similar materials prepared in connection with any offering,
sale or private placement of any Placement Shares by the Agent outside of the United States.

 

[Remainder of Page Intentionally Blank]

 

    39 

     

    

 

If the foregoing correctly sets forth the
understanding between the Company and the Agent, please so indicate in the space provided below for that purpose, whereupon this
letter shall constitute a binding agreement between the Company and the Agent.

 

	 	Very truly yours,
	 	 	 	 
	 	 	 	 
	 	IMMUNIC, INC.
	 	 	 	 
	 	By:	/s/ Dr. Daniel Vitt
	 	 	Name: 	Dr. Daniel Vitt
	 	 	Title:   	Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	ACCEPTED as of the date
	 	first-above written:
	 	 	 	 
	 	SVB LEERINK LLC
	 	 	 	 
	 	By: 	/s/ Gabriel P. Cavazos
	 	 	Name:  	Gabriel P. Cavazos
	 	 	Title: 	Managing Director

 

     

     

    

 

SCHEDULE 1

 

FORM OF PLACEMENT NOTICE

 

	From:	[                                     ]
	 	[TITLE]
	 	Immunic, Inc.
	Cc:	[                                     ]
	To:	SVB Leerink LLC
	Subject:	SVB Leerink—At the Market Offering—Placement Notice

 

Ladies and Gentlemen:

 

Pursuant to the terms and subject to the conditions
contained in the Sales Agreement, dated July 17, 2019 (the “Agreement”), by and between Immunic Inc.,
a Delaware corporation (the “Company”), and SVB Leerink LLC (“SVB
Leerink”), I hereby request on behalf of the Company that SVB Leerink sell up to [ ] shares of common stock,
$0.0001 par value per share, of the Company (the “Shares”), at a minimum market price of
$      per share[; provided that no more than [ ] Shares shall be sold in any one Trading Day
(as such term is defined in Section 3 of the Agreement)]. Sales should begin [on the date of this Placement Notice] and end
on [DATE] [until all Shares that are the subject of this Placement Notice are sold].

 

     

     

    

 

SCHEDULE 2

 

The Company

 

Daniel Vitt

Manfred Groeppel

 

SVB Leerink 

 

Gabriel Cavazos

Brian Swanson

Oren Karsen

Rahul Chaudhary

Patrick Morley

Sam Spector

Stuart Nayman

Eric Olson

 

     

     

    

 

SCHEDULE 3

 

Compensation

 

The Company shall pay SVB Leerink compensation in cash equal
to 3.0% of the gross proceeds from the sales of Placement Shares pursuant to the terms of the Sales Agreement of which this Schedule
3 forms a part.

 

     

     

    

 

Exhibit 7(m)

 

OFFICERS’ CERTIFICATE

 

Each of Daniel Vitt, the duly qualified and elected Chief
Executive Officer of Immunic, Inc., a Delaware corporation (the “Company”), and Sanjay S. Patel,
the duly qualified and elected  Chief Financial Officer of the Company, does hereby certify in his or her
respective capacity and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement, dated July 17, 2019 (the
“Sales Agreement”), by and between the Company and SVB Leerink LLC, that, after due inquiry, to the
best of the knowledge of the undersigned:

 

(i)       The
representations and warranties of the Company in Section 6 of the Sales Agreement (A) to the extent such representations and warranties
are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse Effect, are true and
correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, and (B)
to the extent such representations and warranties are not subject to any qualifications or exceptions relating to materiality or
Material Adverse Effect, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof
with the same force and effect as if expressly made on and as of the date hereof.

 

(ii)       The
Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the
Sales Agreement at or prior to the date hereof.

 

(iii)       As
of the date hereof, (A) the Registration Statement complies in all material respects with the requirements of the Securities Act
and does 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 not misleading, (B) the Prospectus complies in all material respects with the
requirements of the Securities Act does 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, not misleading and (C) no event has occurred as a result of which it is necessary to amend or supplement the Registration
Statement or the Prospectus in order to make the statements therein not untrue or misleading or for clauses (A) and (B) above,
to be true and correct.

 

(iv)       There
has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change,
in the condition (financial or otherwise), earnings, results of operations, business, properties, operations, assets, liabilities
or prospects of the Company and its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course
of business, since the date as of which information is given in the Prospectus, as amended or supplemented to the date hereof.

 

(v)       The
Company does not possess any material non-public information.

 

(vi)       The
maximum amount of Placement Shares that may be sold pursuant to the Sales Agreement has been duly authorized by the Company’s
board of directors or a duly authorized committee thereof pursuant to a resolution or unanimous written consent in accordance with
the Company’s amended and restated articles of incorporation, amended and restated bylaws and applicable law.

 

     

     

    

 

Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Sales Agreement.

 

IN WITNESS WHEREOF, each of the undersigned,
in such individual’s respective capacity as Chief Executive Officer or  Chief Financial Officer of the Company, has
executed this Officers’ Certificate on behalf of the Company.

 

	 	By: 	 
	 	 	Name: Daniel Vitt
	 	 	Title: Chief Executive Officer
	 	 	Date:
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: Sanjay S. Patel
	 	 	Title: Chief Financial Officer
	 	 	Date:

 

[Company Signature Page to Officers’
Certificate]

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