Document:

EXHIBIT
10.4

 

REGISTRATION
RIGHTS AGREEMENT FOR INVESTORS

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made as of       June 15         , 2015,
by and among Imagen Biopharma, Inc., a Delaware corporation (“Company”), and the persons listed on Schedule
A hereto and MDB Capital Group LLC for itself and for its affiliates, referred to individually as the “Holder”
and collectively as the “Holders”.

 

A.        In
connection with the Securities Purchase Agreement by and among the parties hereto, dated as of          June 15        ,
2015 (the “Securities Purchase Agreement”), the Company has agreed, upon the terms and subject to
the conditions of the Securities Purchase Agreement, to issue and sell to certain purchasers of common stock who are Holders up
to an aggregate of 3,703,704 shares of common stock (“Shares”), $0.001 par value per share, of the Company (the “Common
Stock”) and to issue to MDB Capital Group LLC and certain of its affiliates who are also Holders, warrants to acquire
up to 370,370 shares of Common Stock.

 

B.        To
induce the Holders to consummate the transactions contemplated by the Securities Purchase Agreement, the Company has agreed to
provide certain registration rights under the Securities Act, and applicable state securities laws to the Holders, and their assignees
or successors in interest, certain rights to provide for the registration for resale of the Shares by means of a Registration Statement
under the Securities Act, pursuant to the terms of this Agreement. Such Shares acquired by the Holders and their assignees or successors
in interest, are referred to collectively as the “Registrable Securities”.

 

C.        Unless
otherwise provided in this Agreement, capitalized terms used herein shall have the respective meanings set forth in the Securities
Purchase Agreement or in Section 13 hereof.

 

NOW, THEREFORE,
in consideration of the above premises and the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and Holder hereby agree as follows:

 

		1.	Registration.

 

(a)          Piggyback
Registrations Rights. If, at any time after the Company shall become subject to the periodic reporting obligations (a “Reporting
Company”) under the Securities and Exchange Act of 1934, as amended (the “1934 Act”), commencing one
hundred eighty (180) days after the day the Company becomes a Reporting Company, through the date that is five years after the
date the Company becomes a Reporting Company, there is not an effective Registration Statement covering the Registrable Securities,
and the Company shall determine to prepare and file with the Commission a Registration Statement relating to an offering for its
own account or the account of others under the Securities Act of any of its equity securities (other than on Form S-4 or Form S-8,
each as promulgated under the Securities Act, or their then equivalent relating to equity securities to be issued solely in connection
with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee
benefit plans), then the Company shall send to the Holders a written notice of such determination at least twenty (20) days prior
to the filing of any such Registration Statement and shall, include in such Registration Statement all Registrable Securities requested
by any Holder hereunder to be included in the registration within ten (10) days after the Company sends such notice to the Holders
for resale and offer on a continuous basis pursuant to Rule

 

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415; provided, that (i) if,
at any time after giving written notice of its intention to register any securities and prior to the effective date of the Registration
Statement filed in connection with such registration, the Company determines for any reason not to proceed with such registration,
the Company will be relieved of its obligation to register any Registrable Securities in connection with such registration, (ii)
in case of a determination by the Company to delay registration of its securities, the Company will be permitted to delay the registration
of Registrable Securities for the same period as the delay in registering such other securities, (iii) each Holder is subject to
confidentiality obligations with respect to any information gained in this process or any other material non-public information
he, she or it obtains, (iv) each Holder or assignee or successor in interest is subject to all applicable laws relating to insider
trading or similar restrictions; and (v) if all of the Registrable Securities of the Holders cannot be so included due to Commission
Comments or Underwriter Cutbacks, then the Company may reduce, in accordance with the provisions of Section 1(c) hereof, the number
of securities covered by such Registration Statement to the maximum number which would enable the Company to conduct such offering
in accordance with the provisions of Rule 415.

 

(b)         Initial
Registration Statement. At the election of each Holder, the Company shall be required to include up to all Registrable Securities
held by a Holder for resale and offer on a continuous basis pursuant to Rule 415 in the first Registration Statement filed one
hundred and eighty (180) days after the date that it becomes a Reporting Company (the “Initial Registration Statement”);
provided, however, that if all of the Registrable Securities of the Holders cannot be so included due to Commission Comments
or Underwriter Cutbacks, then the Company may reduce, in accordance with the provisions of Section 1(c) hereof, the number of securities
covered by the Initial Registration Statement to the maximum number which would enable the Company to conduct such offering in
accordance with the provisions of Rule 415.

 

(c)         Cutback
Provisions. In the event all of the Registrable Securities cannot be or are not included in a Registration Statement due to
Commission Comments or Underwriter Cutbacks, the Company and the Holders agree that securities shall be removed from such Registration
Statement in the following order until no further removal is required by Commission Comments or Underwriter Cutbacks:

 

(i)          First,
any securities held by any former employee, consultant or affiliate of the Company shall be removed, pro rata based on the number
of securities being registered for such former employees, consultants or affiliates held by all of the former employees of the
Company and any of their affiliates and successors in interest, whether pursuant to agreement or otherwise and any other person
with any registration rights outstanding on the date hereof;

 

(ii)         Second,
the securities held by MDB Capital Group, LLC (“MDB”) and its members and affiliates, if any, obtained solely by reason
of the original capitalization of the Company on January 1, 2015 or by providing services to the Company, which are being registered
pursuant to any registration rights agreement or otherwise (but excluding any securities that are acquired for a cash purchase
price equivalent to any other Holder of securities in an offering of securities by the Company other than in the Initial capitalization
on January 1, 2015); and

 

(iii)        Third,
the Registrable Securities held by the Holders who have acquired their Registrable Securities for a cash purchase price (other
than the initial capitalization on January 1, 2015), in an offering of those securities, that are requested to be included in the
Registration Statement

 

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shall be removed, pro rata
based on the number of Registrable Shares held by each Holder in comparison to the number of Registrable Securities held by all
Holders who have requested to include any Registrable Securities in the Registration Statement.

 

(d)          Mandatory
Registrations. In the event all of the Registrable Securities of the Holders that are requested to be registered are not included
in a Registration Statement due to Commission Comments or Underwriter Cutbacks, the Company shall prepare and file an additional
Registration Statement (the “Follow-up Registration Statement”) with the Commission within sixty (60) days following
the effectiveness of the previously filed Registration Statement; provided, however, that the time period for filing the
Follow-up Registration shall be extended to the extent that the Commission publishes written Commission Guidance or the Company
receives written Commission Guidance which provides for a longer period before a Follow-up Registration Statement may be filed.
The Follow-up Registration Statement shall cover the resale of all of the Registrable Securities that were excluded from any previously
filed Registration Statement. In the event that all of the requested Registrable Securities have not been registered in a Registration
Statement after the Follow-up Registration Statement has been declared effective, the Company shall use commercially reasonable
efforts thereafter to register any remaining unregistered Registrable Securities, subject to the provisions of Section 1(e) hereof.

 

(e)          Filing;
Content. The Company will use its commercially reasonable efforts to cause each Registration Statement pursuant to which any
Registrable Securities are included, including the Initial or Follow-up Registration Statement, to contain the Plan of Distribution
substantially similar to that attached hereto as Schedule B. The Company shall use its commercially reasonable efforts to
cause any Registration Statement filed under this Section 1, including the Initial and Follow-up Registration Statement, to be
declared effective under the Securities Act as promptly as practicable after the filing thereof and shall keep such Registration
Statement continuously effective under the Securities Act until the earlier of (i) one year after its Effective Date (provided,
however, the one year period shall be extended for any Grace Period), (ii) such time as all of the Registrable Securities covered
by such Registration Statement have been publicly sold by the Holders, or (iii) such time as all of the Registrable Securities
covered by such Registration Statement may be sold by the Holders pursuant to Rule 144 without regard to both the volume limitations
for sales as provided in Rule 144 and the limitations for such sales provided in Rule 144(i), if applicable, as determined by the
counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer
agent and the affected Holder (“Effectiveness Period”). By 5:00 p.m. (New York City time) on the business day
immediately following the Effective Date of a Registration Statement, the Company shall file with the Commission in accordance
with Rule 424 under the Securities Act the final Prospectus to be used in connection with sales pursuant to such Registration Statement
(whether or not such filing is technically required under such Rule).

 

(f)          Termination of Piggyback Registration Rights. The registration
rights afforded to the Holders under this Section 1 shall terminate on the earliest date when all Registrable Securities of the
Holder either: (i) have been publicly sold by the Holder pursuant to a Registration Statement, (ii) have been covered by an effective
Registration Statement which has been effective for an aggregate period of sixteen (16) months (whether or not consecutive), provided,
however, the time period shall be calculated so as to exclude any Grace Period, or (iii) may be sold by the Holder pursuant to
Rule 144 without regard to both the volume limitations for sales as provided in Rule 144 and the limitations for such sales provided
in Rule 144(i), if applicable, as determined by the counsel to the Company pursuant to a

 

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written opinion letter to such effect, addressed and acceptable
to the Company’s transfer agent and the affected Holder.

 

		2.	Demand Registration Rights.

 

(a)          Demand
Right. The Holders, other than the MDB Capital Group LLC and its members and affiliates, will have one demand registration
right under the terms of this Agreement, and the MDB Capital Group LLC and its members and affiliates separately will have one
demand registration right under the terms of this Agreement. Commencing on the date that is one hundred eighty (180) days after
the Company becomes a Reporting Company, the aforementioned groups of Holders, as a group representing more than 50% of the Registrable
Securities (a “Requesting Group”) shall have a one-time right, by written notice to the Company, signed by such
Holders (the “Demand Notice”), to request the Company to register for resale all the Registrable Securities
included by the Requesting Group in the Demand Notice (the “Demand Shares”) under and in accordance with the
provisions of the Securities Act by filing with the Commission a Registration Statement covering the resale of the Demand Shares
(the “Demand Registration Statement”). A copy of the Demand Notice also shall be provided by the Company
to each of the other Holders in their respective group who will have fifteen (15) days to notify the Company in writing to include
their Registrable Securities as part of the Demand Shares, the failure of which, however, shall not in any way affect the rights
of the Requesting Group pursuant to this Section 2(a). The Demand Registration Statement required hereunder shall be on any form
of registration statement then available for the registration of the Registrable Securities, as selected by the Company in accordance
with applicable law and regulation. The Company will use its commercially reasonable efforts to file the Demand Registration Statement
within forty-five (45) days of the receipt of the Demand Notice, provided if the Demand Notice is given within the forty-five (45)
days after the prior fiscal year end, then the Company will use its reasonably commercial efforts to file the Demand Registration
Statement within ninety (90) days of the fiscal year end of the Company. The Company shall use its commercially reasonable efforts
to cause the Demand Registration Statement to be declared effective under the Securities Act as promptly as practicable after the
filing thereof and to keep the Demand Registration Statement continuously effective under the Securities Act during the Effectiveness
Period.

 

(b)          Inclusion
of Other Registrable Shares and Cutback Provisions. If as a result of Commission Comments not all shares are included that
are desired to be included in a Registration Statement for the Demand Shares, the provisions of Section 1(c) shall apply, subject
to the Demand Priority (as defined below) of the Requesting Group. Pursuant to the piggyback registration rights granted under
this Agreement, the Company may include the Registrable Shares of all the other Holders with rights under this Agreement, which
will be subject to the provision of Section 1(c) hereof, except that under Section 1(c)(iii), there will be no cutback of the Registrable
Securities of the Requesting Group until the Holders of piggyback Registrable Shares and the shares of any other person exercising
piggyback rights under any other registration rights agreement (except for MDB and its current and former members and affiliates,
which shall have the priority established in Section 1(c)) have been removed, and thereafter if any further Registrable Securities
have to be removed then those of the Requesting Group will be removed pro rata (the “Demand Priority”). Notwithstanding
the foregoing, if any other securities of any person other than the Holders or the Requesting Group or MDB and its current and
former members and affiliates are included on the Demand Registration Statement, such securities will be removed, if required pursuant
to Commission Comments, after removal of the securities indicated in Section 1(c)(i) and before the securities indicated in Section
1(c)(ii), as such persons decide among themselves, and if there is no agreement at to such removal

 

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provided to the Company within
a reasonable time, time being of the essence, then all the such securities will be removed.

 

(c)          Termination
of Demand Registration Rights. The registration rights afforded to the Holders under this Section 2 shall terminate on the
earliest date when all Registrable Securities of the Holder either: (i) have been publicly sold by the Holder pursuant to a Registration
Statement, (ii) have been covered by an effective Registration Statement which has been effective for an aggregate period of sixteen
(16) months (whether or not consecutive), provided, however, the time period shall be calculated so as to exclude any Grace Period,
or (iii) may be sold by the Holder pursuant to Rule 144 without regard to both the volume limitations for sales as provided in
Rule 144 and the limitations for such sales provided in Rule 144(i), if applicable, as determined by the counsel to the Company
pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected
Holder.

 

3.         Registration
Procedures. Whenever any Registrable Securities are to be registered pursuant to this Agreement, the Company shall use its
commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method of disposition thereof, and pursuant thereto the Company shall have the following obligations:

 

(a)          The
Company shall prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use
its commercially reasonable efforts to cause such Registration Statement to become effective.

 

(b)          The
Company shall prepare and file with the Commission such amendments (including post-effective amendments) and supplements to a Registration
Statement and the Prospectus used in connection with such Registration Statement, which Prospectus is to be filed pursuant to Rule
424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during
the Effectiveness Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable
Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof
as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required
to be filed pursuant to this Agreement by reason of the Company filing a report on Forms 10-K, 10-Q or Current Report on Form 8-K,
or any analogous report under the Securities Exchange Act, the Company shall have incorporated such report by reference into such
Registration Statement, if applicable, or shall file such amendments or supplements with the Commission on the same day on which
the Securities Exchange Act report is filed which created the requirement for the Company to amend or supplement such Registration
Statement.

 

(c)          The
Company shall furnish to each Holder of Registrable Securities in any Registration Statement, without charge, (i) promptly after
the same is prepared and filed with the Commission at least one copy of such Registration Statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein by reference, if requested by such seller, all
exhibits and each preliminary Prospectus, (ii) upon the effectiveness of any Registration Statement, ten (10) copies of the Prospectus
included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such seller
may reasonably request), and (iii) such other documents, including copies of any preliminary or final Prospectus, as

 

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such seller may reasonably
request from time to time in order to facilitate the disposition of the Registrable Securities owned by such seller.

 

(d)          The
Company shall use its commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification
applies, the resale by any seller of the Registrable Securities covered by a Registration Statement under such other securities
or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions,
such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary
to maintain the effectiveness thereof during the Effectiveness Period, (iii) take such other actions as may be necessary to maintain
such registrations and qualifications in effect at all times during the Effectiveness Period, and (iv) take all other actions reasonably
necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that
the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction
where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation in any such
jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.

 

(e)          The
Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of a Registration Statement, or the suspension of the qualification of any of Registrable Securities for sale in any jurisdiction
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest practicable
time and to notify the Holder of any Registrable Securities included in the offering under such Registration Statement of such
order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

(f)          The
Company shall notify the Holder in writing of the happening of any event, as promptly as practicable after becoming aware of such
event, as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement
of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain
any material, nonpublic information), and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration
Statement to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to the Holder
(or such other number of copies as the Holder may reasonably request).

 

(g)          The
Company shall promptly notify the Holder in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment
has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Holder by facsimile on the same day of such effectiveness or by overnight delivery), (ii) of any request
by the Commission for amendments or supplements to a Registration Statement or related Prospectus or related information, and (iii)
of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.

 

(h)          If
the Holder is required under applicable securities laws to be described in a Registration Statement as an underwriter, at the reasonable
request of such Holder, the Company shall use its commercially reasonable efforts to furnish to such Holder, on the date of the
effectiveness of such Registration Statement and thereafter from time to time on such dates as the Holder may

 

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reasonably request (i) a
letter, dated such date, from the Company’s independent certified public accountants in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the Holder,
and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in
form, scope and substance as is customarily given in an underwritten public offering, addressed to the Holder.

 

(i)          If
the Holder is required under applicable securities laws to be described in a Registration Statement as an underwriter, then at
the request of such Holder in connection with such Holder’s due diligence requirements, the Company shall make available
for inspection by (i) the Holder, (ii) the Holder’s legal counsel, and (iii) one firm of accountants or other agents retained
by the Holders (collectively, the “Inspectors”), all pertinent financial and other records, and pertinent corporate
documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary
by each Inspector, and cause the Company’s officers, directors and employees to supply all information which any Inspector
may reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall
not make any disclosure (except to the Holder) or use of any Record or other information which the Company determines in good faith
to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary
to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act,
(b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body
of competent jurisdiction, or (c) the information in such Records has been made generally available to the public other than by
disclosure in violation of this or any other agreement of which the Inspector has knowledge. Each Holder agrees that it shall,
upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through
other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent
disclosure of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality
agreement between the Company and the Holder) shall be deemed to limit the Holder’s ability to sell Registrable Securities
in a manner which is otherwise consistent with applicable laws and regulations.

 

(j)          The
Company shall hold in confidence and not make any disclosure of information concerning the Holder provided to the Company unless
(i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information
is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information
is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction,
(iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or
any other agreement, or (v) the Holder provides information to the Company intended for inclusion in a Registration Statement.
The Company agrees that it shall, upon learning that disclosure of such information concerning the Holder is sought in or by a
court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Holder if permitted
by applicable law or regulation and allow the Holder, at the Holder’s expense, to undertake appropriate action to prevent
disclosure of, or to obtain a protective order for, such information.

 

(k)          The
Company shall (i) if applicable, use its commercially reasonable efforts to cause all of the Registrable Securities covered by
a Registration Statement to be listed on each United

 

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States national securities
exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange, or (ii) if, despite the Company’s commercially
reasonable efforts, as applicable, to satisfy, the preceding clauses (i) the Company is unsuccessful in satisfying the preceding
clauses (i) , to instead secure the inclusion for quotation on the Over-the-Counter Bulletin Board or similar trading medium for
such Registrable Securities and, without limiting the generality of the foregoing, to use its commercially reasonable efforts to
encourage at least two market makers to register with the Financial Industry Regulatory Authority, Inc. (“FINRA”)
as such with respect to such Registrable Securities. For the avoidance of doubt, subject to and in accordance with Section 5,
the Company shall pay all fees and expenses of the Company in connection with satisfying its obligation under this Section 3(k).

 

(l)          If
requested by the Holder, the Company shall (i) as soon as practicable incorporate in a Prospectus supplement or post-effective
amendment such information as the Holder reasonably requests to be included therein relating to the sale and distribution of Registrable
Securities, including, without limitation, information with respect to the number of Registrable Securities being offered or sold,
the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering;
(ii) as soon as practicable make all required filings of such Prospectus supplement or post-effective amendment after being notified
of the matters to be incorporated in such Prospectus supplement or post-effective amendment; and (iii) as soon as practicable,
supplement or make amendments to any Registration Statement if reasonably requested by the Holder holding any Registrable Securities.

 

(m)          The
Company shall cooperate with each Holder who holds Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities
to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the
case may be, as the Holder may reasonably request and registered in such names as the Holder may request.

 

(n)          The
Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to
be registered with or approved by such other U.S. governmental agencies or authorities, but only in matters not contemplated Section 3(d)
by or reasonably related to such matters (which matters are to be governed exclusively by Section 3(d)), as may be strictly necessary
to consummate the disposition of such Registrable Securities by the Holder strictly in accordance with the Plan of Distribution
included in the Registration Statement (as such Plan of Distribution may be modified from time to time in any filing with the Commission).

 

(o)          The
Company shall make generally available to its security holders as soon as practicable, but not later than ninety (90) days after
the close of the period covered thereby (or, if different, within the period permitted for the filing of reports on Forms 10-K
or 10-Q), an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under the Securities
Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following
the Effective Date of a Registration Statement.

 

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(p)          The
Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission
in connection with any registration hereunder.

 

(q)          Within
two (2) business days after a Registration Statement which covers Registrable Securities is ordered effective by the Commission,
the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Holder whose Registrable Securities are included in such Registration Statement) confirmation that
such Registration Statement has been declared effective by the Commission in the form attached hereto as Exhibit A and the
Irrevocable Transfer Agent Instructions in the form attached hereto as Exhibit B.

 

(r)          Notwithstanding
anything to the contrary herein, at any time after the Effective Date of a Registration Statement, the Company may delay the disclosure
of material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion
of the Board of Directors of the Company, in the best interest of the Company and not, after consultation with legal counsel, otherwise
required (a “Grace Period”); provided, that the Company shall promptly (i) notify the Holder in writing of the
existence of material, non-public information giving rise to a Grace Period (provided that in each notice the Company will not
disclose the content of such material, non-public information to the Holder) and the date on which the Grace Period will begin,
and (ii) notify the Holder in writing of the date on which the Grace Period ends; and, provided further, that no Grace Period shall
exceed sixty (60) consecutive days and during any three hundred sixty-five (365) day period such Grace Periods shall not exceed
an aggregate of one hundred twenty (120) days (each, an “Allowable Grace Period”). For purposes of determining
the length of a Grace Period above, the Grace Period shall begin on and include the date the Holder receives the notice referred
to in clause (i) and shall end on and include the later of the date the Holder receives the notice referred to in clause (ii) and
the date referred to in such notice. The provisions of Section 3(f) hereof shall not be applicable during the period of any Allowable
Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by Section 3(f) with respect to the information
giving rise thereto unless such material, non-public information is no longer applicable. Notwithstanding anything to the contrary,
the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of the Holder in connection
with any sale of Registrable Securities with respect to which the Holder has entered into a contract for sale, and delivered a
copy of the Prospectus included as part of the applicable Registration Statement (unless an exemption from such Prospectus delivery
requirements exists), prior to the Holder’s receipt of the notice of a Grace Period or, if earlier, Holders knowledge of
the material, non-public information concerning the Company that gave rise to the Grace Period, and for which the Holder has not
yet settled.

 

(s)          In
the event the number of shares available under any Registration Statement filed pursuant to this Agreement is insufficient to cover
all of the Registrable Securities required to be covered by such Registration Statement in accordance with the requirements of
this Agreement or a Holder’s allocated portion of the Registrable Securities pursuant to Sections 1(c) or 2(b), the Company
may, as an alternative, to filing a Follow-up Registration Statement, amend the Registration Statement (if permissible) on or before
the date the filing of a Follow-up Registration Statement would be required, so as to cover at least the required number of Registrable
Securities (but taking account of any SEC Staff position with respect to the date on which the Staff will permit such amendment
to the Registration Statement and/or such new Registration Statement (as the case may be) to be filed with

 

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the SEC). The Company shall
use its commercially reasonable efforts to cause any such amendment to the Registration Statement (as the case may be) to become
effective as soon as practicable following the filing thereof with the SEC.

 

		4.	Obligations of the Holders.

 

(a)          At
least five (5) business days prior to the first anticipated filing date of a Registration Statement, the Company shall notify the
Holders in writing of the information the Company requires from each Holder if the Holder’s Registrable Securities are to
be included in such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the
registration pursuant to this Agreement with respect to any Registrable Securities of the Holder that the Holder shall furnish
to the Company information regarding itself, the Registrable Securities held by it and the intended method of disposition of the
Registrable Securities held by it as shall be reasonably required to effect the effectiveness of the registration of the Registrable
Securities and shall execute documents in connection with the registration as the Company may reasonably request.

 

(b)          The
Holder, by the Holder’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested
by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless the Holder has notified
the Company in writing of the Holder’s election to exclude all of the Holder’s Registrable Securities from such Registration
Statement.

 

(c)          The
Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Sections
3(e) or 3(f) or of a Grace Period under Section 3(r), the Holder will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement(s) covering such Registrable Securities until the Holder’s receipt of the copies of
the supplemented or amended Prospectus contemplated by Sections 3(e) or 3(f) or receipt of notice that no supplement or amendment
is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares
of Common Stock to a transferee of the Holder in connection with any sale of Registrable Securities with respect to which the Holder
has entered into a contract for sale prior to the Holder’s receipt of a notice from the Company of the happening of any event
of the kind described in Sections 3(e) or 3(f) or of any Grace Period, or, if earlier, Holder’s knowledge of the material,
non-public information concerning the Company or the facts or circumstances that gave rise to the Grace Period or of the Section
3(e) or 3(f) event, and for which the Holder has not yet settled.

 

(d)          The
Holder covenants and agrees that it will comply with the Prospectus delivery requirements of the Securities Act as applicable to
it or an exemption therefrom in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

5.         Registration
Expenses. All expenses incident to the Company’s performance of, or compliance with, this Agreement, including without
limitation all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses,
messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Company and
all independent certified public accountants, underwriters (excluding discounts, commissions and placement agent fees) and other
Persons retained by the Company (all such expenses

 

    	 	10	 

     

    

 

being herein called “Registration
Expenses”), shall be borne by the Company. Further, the Company shall pay its internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit
or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered
on each securities exchange on which similar securities issued by the Company are then listed.

 

		6.	Indemnification.

 

In the event any Registrable
Securities are included in a Registration Statement under this Agreement:

 

(a)          To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Holder, the directors,
officers, members, partners, employees, agents, representatives of, and each Person, if any, who controls the Holder within the
meaning of the Securities Act or the Securities Exchange Act (each, an “Indemnified Person”), against any losses,
claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement
or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental,
administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an indemnified
party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar
as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon:
(i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky”
laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or
alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary Prospectus if used prior
to the effective date of such Registration Statement, or contained in the final Prospectus (as amended or supplemented, if the
Company files any amendment thereof or supplement thereto with the Commission) or the omission or alleged omission to state therein
any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein
were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act or the Securities Exchange
Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the
offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation of this Agreement (the matters
in the foregoing clauses (i) through (iv) being, collectively, “Violations”). Subject to Section 6(c), the Company
shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or
other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything
to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim
by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information
furnished in writing to the Company by such Indemnified Person or by a Related Information Provider expressly for use in connection
with the preparation of the Registration Statement or any such amendment thereof or supplement thereto and (ii) shall not be available
to the extent such Claim is based on a failure of the

 

    	 	11	 

     

    

 

Holder to deliver or to cause
to be delivered the Prospectus made available by the Company, including a corrected Prospectus, if such Prospectus or corrected
Prospectus was timely made available by the Company pursuant to Section 3(c); and (iii) shall not apply to amounts paid in settlement
of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably
withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Holder pursuant to Section 10. “Related
Information Provider” means, in respect of any Indemnified Person, the Holder to which such Indemnified Person is related
or another Indemnified Person that is related to the Holder to which such Indemnified Person is related.

 

(b)          To
the fullest extent permitted by law, in connection with any Registration Statement in which a Holder’s Registrable Securities
are included or in which a Holder is otherwise participating, such Holder will severally and not jointly indemnify and hold harmless
the Company, each of its directors, each of its officers who has signed the Registration Statement, each Person, if any, who controls
the Company within the meaning of the Securities Act, any underwriter, any other Holder or other Person selling securities in such
Registration Statement and any controlling person of any such underwriter or other Holder or other Person (each an “Other
Indemnified Person”), against any Claims or Indemnified Damages to which any of them may become subject, under the Securities
Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation,
in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written
information furnished by such Holder or by a Related Information Provider expressly for use in connection with such Registration
Statement; and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any Other Indemnified
Person intended to be indemnified pursuant to this Section 6(b), in connection with investigating or defending any such Claim;
provided, however, that the indemnity agreement contained in this Section 6(b) shall not apply to amounts paid in
settlement of any such Claim if such settlement is effected without the prior written consent of the Holder, which consent shall
not be unreasonably withheld; provided, further, however, that the Holder shall be liable under this Section
6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Holder as a result of the
sale of Registrable Securities pursuant to such Registration Statement, except in the case of fraud by such Holder. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Other Indemnified Person and
shall survive the transfer of the Registrable Securities by the Holder pursuant to Section 10.

 

(c)          Promptly
after receipt by an Indemnified Person or Other Indemnified Person under this Section 6 of notice of the commencement of any action
or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Other Indemnified
Person shall, if a claim for indemnification in respect thereof is to be made against any indemnifying party under this Section
6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right
to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed,
to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and reasonably satisfactory
to the Indemnified Person or the Other Indemnified Person, as the case may be; provided, however, that an Indemnified
Person or Other Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not more than one
counsel for all such Indemnified Persons or all such Other Indemnified Persons to be paid by the indemnifying party, if, in

 

    	 	12	 

     

    

 

the reasonable opinion of
counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Other Indemnified Person
and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person
or Other Indemnified Person and any other party represented by such counsel in such proceeding. The Other Indemnified Person or
Indemnified Person, as applicable, shall cooperate fully with the indemnifying party in connection with any negotiation or defense
of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available
to such Other Indemnified Person or such Indemnified Person which relates to such action or Claim. The indemnifying party shall
keep the Other Indemnified Person or Indemnified Person, as applicable, reasonably apprised at all times as to the status of the
defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action,
claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall
not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the
Other Indemnified Person or Indemnified Person, as applicable, consent to entry of any judgment or enter into any settlement or
other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Other
Indemnified Person or such Indemnified Person of a release from all liability in respect to the Claim at issue, and such settlement
shall not include any admission as to fault on the part of such Other Indemnified Person or such Indemnified Person. Following
indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Other Indemnified Person
or Indemnified Person, as applicable, with respect to all third parties, firms or corporations relating to the matter for which
indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the
commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Other Indemnified
Person, as applicable, under this Section 6, except to the extent that the indemnifying party is materially prejudiced in its ability
to defend such action.

 

(d)          The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred, subject to an undertaking by the Indemnified Person
or the Other Indemnified Person, as applicable, to return such payments to the extent a court of competent jurisdiction or other
competent authority determines that such payments were unlawful or were not required under this Agreement.

 

(e)          Without
any duplication or multiplication of damages, the indemnity agreements contained herein shall be in addition to (i) any cause of
action or similar right of the Other Indemnified Person or Indemnified Person against the indemnifying party or others, and (ii) any
liabilities the indemnifying party may be subject to pursuant to the law.

 

(f)          Unless
suspended by the underwriting agreement applicable to any registration, the obligations of the Company and Holders under this Section
6 shall survive the completion of any offering of Registrable Securities in a Registration Statement under this Agreement, or otherwise.

 

7.         Contribution.
To the extent any indemnification by an indemnifying party is prohibited or limited by law, such indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however, that: (i) no Person involved in the sale of Registrable Securities which Person

 

    	 	13	 

     

    

 

is guilty of fraudulent misrepresentation
(within the meaning of Section 10(f) of the Securities Act) in connection with such sale shall be entitled to contribution
from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution
by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the
sale of such Registrable Securities pursuant to such Registration Statement

 

8.         No
Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement.

 

9.         Reports
under Securities Exchange Act. With a view to making available to the Holder the benefits of Rule 144 promulgated under the
Securities Act or any other similar rule or regulation of the Commission that may at any time permit the Holder to sell securities
of the Company to the public without registration, once the Company becomes a Reporting Company, the Company agrees to use its
commercially reasonable efforts to continue to be a Reporting Company for five years and further during such time it is a Reporting
Company the Company agrees to use its commercially reasonable efforts to:

 

(a)          make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)          file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Securities Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents
is required for the applicable provisions of Rule 144; and

 

(c)          furnish
to the Holder so long as the Holder owns Registrable Securities, promptly upon request, (i) a written statement by the Company,
if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Securities Exchange Act,
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company,
and (iii) such other information as may be reasonably requested to permit the Holder to sell such securities pursuant to Rule 144
without registration.

 

10.       Assignment
of Registration Rights. The rights under this Agreement shall be automatically assignable by the Holder to any transferee of
all or any portion of the Holder’s Registrable Securities if: (i) the Holder agrees in writing with the transferee or assignee
to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment;
(ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name
and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are being transferred
or assigned; (iii) immediately following such transfer or assignment the further disposition of such securities by the transferee
or assignee is or might be restricted under the Securities Act and applicable state securities laws; and (iv) at or before the
time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in
writing with the Company to be bound by all of the provisions contained herein.

 

    	 	14	 

     

    

 

11.       Subsequent
Registration Rights. The Company agrees that after the date hereof and excluding any registration rights agreement with MDB
or its members and affiliates, it will not grant to any person any registration right or proceed to register any securities of
any person unless it provides in such agreement or registration that any securities being registered under such agreement or registration
will be subject to the cutback provisions of this Agreement as provided in Section 1(c) and Section 2(b).

 

12.       Amendment
of Registration Rights. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the holders
of at least a majority of the then outstanding Registrable Securities. Any amendment so effected will be binding upon all Holders,
whether or not such Holder consents thereto.

 

13.       Definitions.

 

(a)          “Commission”
means the Securities and Exchange Commission.

 

(b)          “Commission
Comments” means written comments pertaining solely to Rule 415 or other comments to the extent they relate to Rule 415
which are received by the Company from the Commission, and a copy of which shall have been provided by the Company to the Holder,
to a filed Registration Statement which limit the amount of shares which may be included therein to a number of shares which is
less than such amount sought to be included thereon as filed with the Commission.

 

(c)          “Commission
Guidance” means (i) any publicly-available written or oral guidance, comments, requirements or requests of the Commission
staff, (ii) the Securities Act or (iii) the Securities Exchange Act.

 

(d)          “Common
Stock” means the common stock, $0.001 par value per share, of the Company.

 

(e)          “Effective
Date” means, as to a Registration Statement, the date on which such Registration Statement is first declared effective
by the Commission.

 

(f)          “Person”
means an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

(g)          “Prospectus”
means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus

 

    	 	15	 

     

    

 

(h)          “Registrable
Securities” means (i) the shares of Common Stock issued the Holder or its assignees or successor in interest pursuant
to the Securities Purchase Agreement and (ii) any other shares of Common Stock or any other securities issued or issuable with
respect to the securities referred to in clause (i) by way of a stock dividend or stock split or in connection with an exchange
or combination of shares, recapitalization, merger, consolidation or other reorganization.

 

(i)          “Registration
Statement” means any registration statement (including, without limitation, the Initial Registration Statement or the
Follow-up Registration Statement) required to be filed hereunder (which, at the Company’s option, may be an existing registration
statement of the Company previously filed with the Commission, but not declared effective), including (in each case) the Prospectus,
amendments and supplements to the Registration Statement or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in the Registration Statement.

 

(j)          “Reporting
Company” means a company that is obligated to file periodic reports under Sections 13 or 15(d) of the Securities Exchange
Act.

 

(k)          “Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission that may at any time permit the Holder to sell securities
of the Company to the public without registration.

 

(l)          “Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

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

 

(n)          “Securities
Act” means the Securities Act of 1933, as amended from time to time together with the regulations promulgated thereunder.

 

(o)          “Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, together with the regulations
promulgated thereunder.

 

(p)          “Underwriter
Cutbacks” means any reduction in the number of shares suggested by any managing underwriter to be included in a registration
under a Registration Statement based upon the guidance in this Section 13(p). In connection with any offering involving an underwriting
of shares of the Company’s capital stock, the Company shall not be required under Section 1 to include any of the Holders’
securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters,
and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering
by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in
such offering exceeds the amount of securities to be sold other than by the Company that the underwriters determine in their sole
discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that
number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not

 

    	 	16	 

     

    

 

jeopardize the success of
the offering (the securities so included to be apportioned pro rata among the selling shareholders according to the total amount
of securities entitled to be included therein owned by each selling shareholder or in such other proportions as shall mutually
be agreed to by such selling shareholders); provided, that any such cutback will be effected in accordance with the priorities
established by Section 1(c); provided further that in no event shall the amount of securities of the selling Holders included in
the offering be reduced below 30% of the total amount of securities included in such offering.

 

14.       Market
Stand-Off. Unless subject to a separate lock-up agreement with more restrictive terms, in connection with the Initial Public
Offering of the Company’s securities, if any, each Holder hereby agrees not to sell, make any short sale of, loan, grant
any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever acquired (other than
those included in the registration, if any) without the prior written consent of the managing or lead underwriter of such offering,
for a period of one hundred and eighty (180) days from the effective date of such registration (the “Restricted Period”),
and to the extent requested by the underwriter, each Holder shall, at the time of such offering, execute a separate, additional
agreement reflecting these requirements binding on such Holder that are substantially consistent with this Section 14; provided,
however, that if during the last seventeen (17) days of the Restricted Period the Company issues an earnings release or
material news or a material event relating to the Company occurs, or prior to the expiration of the Restricted Period the Company
announces that it will release earnings results during the sixteen (16) day period beginning on the last day of the restricted
period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed
by this Section 14 shall continue to apply until the end of the third (3rd) trading day following the expiration of the fifteen
(15) day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In
no event will the Restricted Period extend beyond two hundred sixteen (216) days after the effective date of the registration statement.
In order to enforce the restriction set forth above or in the in the Securities Purchase Agreement or any other restriction agreed
by Holder, including without limitation any restriction requested by the underwriters of any Initial Public Offering of the securities
of the Company agreed by such Holder, the Company may impose stop-transfer instructions with respect to any security acquired under
or subject to this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be third-party
beneficiaries of the agreement set forth in this Section 14. Each Holder agrees that prior to the Company’s Initial Public
Offering it will not transfer securities of the Company unless each transferee agrees in writing to be bound by all of the provisions
of this Section 14, provided that this Section 14 shall not apply to transfers pursuant to a Registration Statement.

 

Each Holder agrees that a legend reading substantially
as follows shall be placed on all certificates representing all Registrable Securities of each Holder issued before the Company’s
Initial Public Offering (and the shares or securities of every other person subject to the restriction contained in this Section
14):

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER
THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH
MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

 

    	 	17	 

     

    

 

After the Company’s Initial Public Offering
and expiration of any lock-up period, upon request of any Holder who is a holder of record of the shares represented by any stock
certificate(s) bearing such legend and the surrender of such certificate(s) in connection with such request, the Company shall
cause its transfer agent to promptly issue replacement certificate(s) not bearing such legend representing the shares represented
by such surrendered stock certificate(s).

 

		15.	Miscellaneous.

 

(a)          A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from such record
owner of such Registrable Securities.

 

(b)          Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); or (iii) one business day after deposit with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If to the Company:

 

Imagen Biopharma, Inc.

401 Wilshire Boulevard, Suite 1020

Santa Monica, CA 90401

Facsimile: (310) 526-5020

Phone: (310) 526-5035

E-mail: awang@mdb.com

Attention: Amy Wang

 

With a copy (for informational purposes only) to:

 

Locke Lord LLP

500 Capitol Mall, Suite 1800

Sacramento, CA 95814

Phone: 916-930-2513

Facsimile: 916-720-0693

E-mail: sbartel@lockelord.com

Attention: Scott E. Bartel

 

and

 

If to any Holder, at the
address for such Holder on the records of the Company, which may include the information on Schedule A hereto.

 

    	 	18	 

     

    

 

or to such other address and/or facsimile number
and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five
(5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing
the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a courier or
overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(c)          Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

 

(d)          All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State
of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the
State of New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, 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 thereof to such
party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(e)          This
Agreement and the instruments referenced herein and therein constitute the entire agreement among the parties hereto with respect
to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein and therein. This Agreement and the instruments referenced herein and therein supersede all prior agreements
and understandings among the parties hereto with respect to the subject matter hereof and thereof.

 

(f)          Subject
to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors and
assigns of each of the parties hereto.

 

(g)          The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

    	 	19	 

     

    

 

(h)          This
Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or other electronic transmission (such as but not limited to an email attachment in PDF format) of a copy of this Agreement bearing
the signature of the party so delivering this Agreement. This Agreement may also be executed by electronic signature of such Person.

 

(i)          Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(j)          All
consents and other determinations required to be made by the Holder pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by the Holder.

 

(k)          The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party.

 

(l)          This
Agreement is intended for the benefit of, and shall be binding upon, the parties hereto and their respective successors and permitted
assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(m)          The
obligations of each Holder hereunder are several and not joint with the obligations of any other Holder, and no provision of this
Agreement is intended to confer any obligations on a Holder vis-à-vis any other Holder. Nothing contained herein, and no
action taken by any Holder pursuant hereto, shall be deemed to constitute the Holder as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Holder are in any way acting in concert or as a group with
respect to such obligations or the transactions contemplated herein.

 

(n)          Currency.
As used herein, “Dollar”, “US Dollar” and “$” each mean the lawful money of the United States.

 

[Signature pages follow immediately]

 

    	 	20	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	Imagen Biopharma, Inc.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

HOLDER:

 

	PRINT NAME:	 	 
	 	 	 
	SIGNATURE:	 	 

 

MDB Capital Group LLC, for itself and its
members and affiliates

 

	 	 

 

    	 	21Exhibit
10.5

 

Cue Biopharma, Inc.

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT (this “Agreement”), dated as of December ___, 2016, is made and entered into by and between Cue
Biopharma, Inc., a Delaware corporation (formerly Imagen Biopharma, Inc.) with its principal executive offices located at 675 W.
Kendall St., Cambridge, MA 02142 (the “Company”), and each of the purchasers listed on Schedule A hereto
(the “Purchasers”).

 

WHEREAS, certain
investors previously purchased from the Company its common stock, $0.001 par value per share (“Common Stock”),
pursuant to that certain Securities Purchase Agreement, dated as of June 15, 2015;

 

WHEREAS, each of
the Purchasers has indicated his, her or its interest to the Company in participating in an offering by the Company by purchasing
Common Stock pursuant to this Agreement;

 

WHEREAS, the Company
and the Purchasers are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the U.S. Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “Securities Act”);

 

WHEREAS, the Purchasers,
severally and not jointly, desire to purchase and the Company desires to issue and sell to the Purchasers, in each case upon the
terms and subject to the conditions set forth in this Agreement, at least 2,000,000 shares (the “Shares”) of
Common Stock, at a purchase price of $5.00 per share (the “Per Share Purchase Price”) (the Common Stock is sometimes
referred to herein as the “Securities”), which are being offered on a minimum $10,000,000 basis;

 

WHEREAS, each Purchaser,
severally and not jointly, wishes to purchase, upon the terms and conditions stated in this Agreement and for a purchase price
equal to the “Subscription Amount” set forth on Purchaser’s signature page hereto, such number of shares of Common
Stock as is set forth immediately next to such Purchaser’s name on Schedule A hereto;

 

WHEREAS, the Company
and certain investors (including certain of the Purchasers) previously entered into that certain Registration Rights Agreement,
dated as of June 15, 2015 (the “Registration Rights Agreement”), pursuant to which the Company agreed to provide
to such investors certain registration rights under the Securities Act and the rules and regulations promulgated thereunder, and
applicable state securities laws;

 

WHEREAS, simultaneously
with the execution and delivery of this Agreement, the parties hereto are executing and delivering a Joinder and Amendment to Registration
Rights Agreement (the “Joinder” and, collectively with this Agreement and the Escrow Agreement (as defined below),
the “Transaction Documents”), which amends the Registration Rights Agreement such that the Registration Rights
Agreement shall apply to any Securities sold under this Agreement and joins to the Registration Rights Agreement any Purchasers
not previously party thereto;

 

     

     

    

 

WHEREAS, the Company
has engaged MDB Capital Group, LLC as its exclusive placement agent (the “Placement Agent”) for the offering
contemplated hereby (the “Offering”); and

 

WHEREAS, the Company
has prepared and distributed a private placement memorandum, referred to as the “Memorandum”, for use by the
Placement Agent and the Purchasers, which describes, among other things, the Company and certain conditions to the closing of the
sale of the Securities offered hereby.

 

NOW THEREFORE, in
consideration of the foregoing and the representations, warranties, covenants and agreements herein contained, the Company and
each Purchaser severally (and not jointly) hereby agree as follows:

 

1.         Purchase
and Sale of Common Stock.

 

(a)        Purchase
of Common Stock. Subject to the terms and conditions set forth in this Agreement, on each Closing Date (as defined below),
the Company shall issue and sell to each Purchaser, and each Purchaser, severally and not jointly, agrees to purchase from the
Company, such number of Shares as is set forth on such Purchaser’s signature page hereto and next to such Purchaser’s
name on Schedule A hereto for a purchase price per share of $5.00 and the aggregate amount indicated on Purchaser’s
signature page hereto (“Purchaser’s Subscription Amount”).

 

(b)        Closing
Date. The date and time of the initial issuance and sale of the Shares pursuant to this Agreement (the “Initial Closing
Date”) shall be 3:00 p.m., New York time, on the day all of the conditions to closing set forth in Section 6 and Section
7 below have been satisfied (or waived), or such other mutually agreed upon date and time. The closing of the transactions contemplated
by this Agreement (the “Initial Closing”) shall occur on the Initial Closing Date at the executive offices of
the Company, or at such other location as may be agreed to by the parties and may be undertaken remotely by facsimile or other
electronic transmission. The Company and the Placement Agent may agree to one additional closing (the “Second Closing”
and together with the Initial Closing, each, a “Closing”), to occur no later than January 31, 2017 (the date
of the Second Closing, the “Final Closing Date” and together with the Initial Closing Date, each, a “Closing
Date”), to issue additional Shares. In the event the Second Closing occurs, the Company shall notify Purchasers of the
number of additional Shares sold and the aggregate gross proceeds received by the Company in the Offering.

 

(c)        Closing
and Escrow. Unless other arrangements have been made between the Company and a specific Purchaser, on or prior to each Closing,
each Purchaser acquiring Shares at such Closing shall deliver or cause to be delivered the following in accordance with the subscription
procedures described in Section 1(d) below:

 

(i)          this
Agreement and the Joinder, each duly executed by such Purchaser;

 

(ii)         an
amount equal to the Per Share Purchase Price multiplied by the number of Shares to be purchased by such Purchaser at such Closing
as set forth next to such Purchaser’s name on Schedule A hereto (such product, the “Subscription Amount”),
in the form of a wire transfer to the Escrow Agent, in accordance with the Escrow Agent’s written instructions; and

 

    	 	2	 

     

    

 

The funds received pursuant
to Section 1(c)(ii) will be placed with U.S. Bank National Association, who will serve as escrow agent for the Closing (the
“Escrow Agent”). At each Closing, upon receipt of a written certificate signed by the Company and the Placement
Agent certifying that the conditions to closing hereon have been met, the Escrow Agent will deliver the applicable funds to the
Company. If this Agreement is terminated prior to the applicable Closing, each Purchaser shall receive back its delivered Subscription
Amount delivered with respect to such Closing promptly, without interest.

 

Each Closing will not take
place until all the Transaction Documents have been duly delivered as provided herein, the Company has received in escrow the Subscription
Amount for all the Securities being sold to the Purchasers at such Closing, and all of the conditions set forth in Section 6
and Section 7 below with respect to such Closing have been satisfied (or waived). Certificates evidencing the Securities
may be delivered after the appilcable Closing, within a reasonable time.

 

(d)        Subscription
Procedure. Each Purchaser shall deliver or cause to be delivered a duly executed copy of this Agreement, the Joinder, to the
Placement Agent at the following address: MDB Capital Group, LLC, Attention: Gary Schuman, CFO, 2425 Springs Road, Dallas, TX 75201.
Unless other arrangements have been made with a particular Purchaser, each Purchaser shall also deliver or cause to be delivered
the Subscription Amount pursuant to Section 1(c)(ii) hereof.

 

(e)        Acceptance.
This Agreement sets forth various representations, warranties, covenants and agreements of the Company and the Purchasers, as the
case may be, all of which shall be deemed made, and shall be effective without further action by the Company and the Purchasers,
immediately upon the Company’s acceptance of a Purchaser’s subscription and shall thereupon be binding upon the Company
and the applicable Purchasers. Acceptance is evidenced only by execution of this Agreement by the Company on its signature page
attached hereto, and the Company shall have no obligation hereunder to a Purchaser until the Company shall have delivered to such
Purchaser an executed copy of this Agreement.

 

2.         Representations
and Warranties of the Purchasers. Each Purchaser severally (and not jointly) represents and warrants to the Company, solely
as to such Purchaser that, as of the date hereof and as of the applicable Closing Date:

 

(a)        Investment
Purpose. The Securities to be acquired by such Purchaser are being acquired or will be acquired for investment for such Purchaser’s
own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
Securities Act or the rules and regulations promulgated thereunder, and such Purchaser has no present intention of selling, granting
any participation in, or otherwise distributing the same in violation of the Securities Act or the rules and regulations promulgated
thereunder. Such Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell,
transfer or grant participations to such Person or to any third person, with respect to any of the Securities in violation of the
Securities Act or the rules and regulations promulgated thereunder. Such Purchaser has not been formed for the specific purpose
of acquiring the Securities.

 

(b)        Accredited
Investor Status. Such Purchaser is an “accredited investor,” as that term is defined in Rule 501(a) of Regulation
D promulgated under the Securities Act.

 

    	 	3	 

     

    

 

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

 

(d)        Information.
Such Purchaser and its advisors, if any, have been furnished with the Memorandum and all materials relating to the business, financial
condition, results of operations, management and operations of the Company and materials relating to the offer and sale of the
Securities which have been requested by such Purchaser or its advisors, and considered all factors such Purchaser deems material
in deciding on the advisability of investing in the Securities. Such Purchaser and its advisors, if any, have been afforded the
opportunity to ask questions of the Company. Notwithstanding the foregoing representations, neither such inquiries nor any other
due diligence investigation conducted by Purchaser or any of its advisors or representatives shall modify, amend or affect such
Purchaser’s right to rely on the Company’s representations and warranties contained in Section 3 below. To the
extent that the Purchaser has received information that is not included in the Memorandum, such Purchaser represents and warrants
that such Purchaser did not rely on such information in making a decision to purchase the Shares.

 

(e)        No
Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Securities.

 

(f)         Restricted
Securities. Such Purchaser understands that the Securities have not been registered under the Securities Act by reason of a
specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide
nature of the investment intent and the accuracy of such Purchaser’s representations as expressed herein. Such Purchaser
understands that the Securities are characterized as “restricted securities” under applicable U.S. federal and
state securities laws and that, pursuant to these laws, such Purchaser must hold the Securities indefinitely unless the Securities
are subsequently registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification
requirements is available.

 

(g)        Legends.
Such Purchaser understands that certificates evidencing the Securities may bear the following or substantially similar legends,
reflecting the restricted nature of the Securities and the lock up to which the Purchaser has agreed in this Agreement:

 

The securities represented hereby
have not been registered under the Securities Act of 1933, as amended, and may not be transferred, sold or otherwise disposed of
unless (i) sold pursuant to an effective registration statement under said act, (ii) sold or eligible to be sold pursuant to Rule
144 or 144A of said act, or (iii) an opinion of counsel reasonably satisfactory to the Company that registration is not required
under said act is provided to the Company. The securities represented hereby may be pledged in connection with a bona fide margin
account or other loan or financing arrangement secured by such securities.

 

The securities represented hereby
are subject to an agreement between the holder and the Company whereby the holder will not attempt to sell the securities directly
or

 

    	 	4	 

     

    

 

indirectly prior to the expiration
of the 180 day period following an initial public offering by the Company of its securities for capital raising purposes.

 

(h)        Authorization:
Enforcement. Each Transaction Document to which such Purchaser is a party: (i) has been duly and validly authorized by such
Purchaser, (ii) has been duly executed and delivered by or on behalf of such Purchaser, and (iii) will constitute, upon execution
and delivery by such Purchaser thereof and the Company, the valid and binding agreements of such Purchaser enforceable in accordance
with their terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors’ rights and general principles of equity that restrict the availability
of equitable or legal remedies.

 

(i)         Residency.
If the Purchaser is an individual, then such Purchaser resides in the state or province identified on the signature pages hereto
as the address for such Purchaser. If the Purchaser is a partnership, corporation, limited liability company or other entity, then
the office or offices of such Purchaser identified on the signature pages hereto as the address of such Purchaser is the location
of its principal place of business and such entity is duly organized in its state of formation.

 

(j)         Investment
Experience. Such Purchaser is experienced in investments and business matters, has made investments of a speculative nature
and has purchased securities of United States companies in private placements in the past, and, with its representatives, has such
knowledge and experience in financial, tax and other business matters as to enable such Purchaser to utilize the information made
available by the Company to evaluate the merits and risks of, and to make an informed investment decision with respect to, the
proposed purchase of the Securities, which represents a speculative investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and is able to afford a complete loss of such investment.

 

(k)        Communication
of Offer. Such Purchaser was contacted by either the Company or the Placement Agent with respect to a potential investment
in the Securities. Such Purchaser, to its knowledge, is not purchasing the Securities as a result of any “general solicitation”
or “general advertising,” as such terms are defined in Regulation D of the Securities Act, which include, but is not
limited to, any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine
or similar media or on the internet or broadcast over television, radio or the internet or presented at any seminar or any other
general solicitation or general advertisement.

 

(l)         Brokers
and Finders. Other than the Placement Agent, with respect to the Company, no Person will have, as a result of the transactions
contemplated by this Agreement, any valid right, interest or claim against or upon the Company or any Purchaser for any commission,
fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Purchaser.
The Company has agreed to pay a commission to, and reimburse certain expenses of, the Placement Agent in connection with the sale
of the Securities. Such Purchaser acknowledges that it is purchasing the Securities directly from the Company and not from the
Placement Agent.

 

(m)       FINRA.
Such Purchaser (i) has had no position, office or other material relationship within the past three years with the Company or Persons
known to it to be affiliates of the Company, and (ii) if such Purchaser is a member of the Financial Industry Regulatory Authority
(“FINRA”) or an associated person of a member of FINRA, such Purchaser, together

 

    	 	5	 

     

    

 

with its affiliates and any
other associated persons of such member of FINRA, does not, and as of the Closing will not, directly or indirectly have a beneficial
interest (as determined under FINRA Rule 5130(i)(1)) of more than 50% of the outstanding voting securities of the Company.

 

3.         Representations
and Warranties of the Company. The Company hereby represents and warrants to each Purchaser that, as of the date hereof
and as of each Closing Date:

 

(a)        Organization
and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and in good standing
under the laws of the State of Delaware, with the requisite power and authority to own and use its properties and assets and to
carry on its business as currently conducted. The Company is not in violation or default of any of the provisions of its Certificate
of Incorporation (as defined below), Bylaws (as defined below) or other organizational or charter documents. The Company is duly
qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the
nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so
qualified or in good standing, as the case may be, could not have or reasonably be expected to result in (i) a material adverse
effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of
operations, assets, business or condition (financial or otherwise) of the Company, taken as a whole, or (iii) a material adverse
effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction
Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no proceeding of which the Company has
received written notice or otherwise has Knowledge (as defined below) has been instituted in any such jurisdiction revoking, limiting
or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

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

 

(c)        Capitalization.
As of the date hereof, the authorized capital stock of the Company consists of 10,000,000 shares of preferred stock, $0.001 par
value, of which no shares are issued and outstanding and 50,000,000 shares of Common Stock, of which 7,352,704 shares are issued
and outstanding. There are 370,370 shares of Common Stock

 

    	 	6	 

     

    

 

reserved for issuance upon
the exercise of the warrant issued to the Placement Agent in connection with the closing of the private placement of Common Stock
on June 15, 2015. There are 1,663,221 shares of Common Stock reserved for issuance under stock option agreements granted and outstanding
pursuant to the Company’s 2016 Omnibus Incentive Plan and 2016 Non-Employee Equity Incentive Plan and 836,779 shares of Common
Stock reserved for future issuance under the Company’s 2016 Omnibus Incentive Plan and 2016 Non-Employee Equity Incentive
Plan. The Company has a contractual commitment to issue to the Albert Einstein College of Medicine of Yeshiva University (“Einstein”)
671,572 shares of Common Stock at the time of an initial public offering of Common Stock or other “Liquidity Event,”
as defined in that certain License Agreement, dated January 14, 2015, by and between the Company and Einstein. All of the outstanding
shares of the Company’s capital stock are duly authorized, validly issued, fully paid and non-assessable and free of pre-emptive
rights and were issued in compliance in all material respects with applicable state and federal securities law and any rights of
third parties. No shares of capital stock of the Company are subject to pre-emptive rights or any other similar rights of the stockholders
or any mortgage, lien, title claim, assignment, encumbrance, security interest, adverse claim, contract of sale, restriction on
use or transfer or other defect of title of any kind, other than those arising under applicable securities laws (each, a “Lien”).
The Certificate of Incorporation of the Company as in effect on the date hereof (the “Certificate of Incorporation”),
and the Company’s Bylaws, as in effect on the date hereof (the “Bylaws”), have been made available to
the Purchasers upon their request.

 

(d)        Issuance
of Shares. The Shares have been duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens, with the holders thereof
being entitled to all rights accorded to a holder of Common Stock. Subject to the accuracy of the representations and warranties
of the Purchasers in this Agreement, the offer and issuance by the Company of the Securities is exempt from registration under
the Securities Act.

 

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

 

(f)         Absence
of Litigation. There is no material action, suit, inquiry, notice of violation, proceeding or investigation pending or, to
the Knowledge of the Company, threatened against or affecting the Company or any of its properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which adversely affects the Company or challenges the legality, validity or enforceability of any of the Transaction Documents
or the Securities. Neither

 

    	 	7	 

     

    

 

the Company, nor any director
or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state
securities laws or a claim of breach of fiduciary duty.

 

(g)        Intellectual
Property. The Company owns, or holds a valid and enforceable license to, all trademarks, trade names, service marks, service
mark registrations, service names, patents, patent rights, copyrights, original works, inventions, licenses, approvals, governmental
authorizations, trade secrets, licenses, formulae, mask works, customer lists, internet domain names, know-how and other intellectual
property, including trade secrets and other unpatented and/or un-patentable proprietary or confidential information, systems, procedures
or registrations or applications relating to the same (collectively, “Intellectual Property”) in the manner
described in the Memorandum. The Company owns valid title, free and clear of any Liens, or possesses the requisite valid and current
licenses or rights, free and clear of any Liens, to use all Intellectual Property in connection with the conduct of its business
as operated as of the date hereof or as currently contemplated to be operated in the future. Except as disclosed in the Memorandum,
there is no claim or action by any person pertaining to, or proceeding pending, or, to the Company’s Knowledge, threatened,
which challenges the right of the Company to use any Intellectual Property as such Intellectual Property is being used in the Company’s
business as currently conducted and as currently contemplated to be conducted. To the Company’s Knowledge, the Company’s
current and intended products, services and processes do not infringe on any Intellectual Property or other rights held by any
Person, and the Company is unaware of any facts or circumstances which might give rise to any of the foregoing. Except as disclosed
in the Memorandum, the Company has not received any notice of infringement of, or conflict with, the asserted rights of others
with respect to the Intellectual Property. The Company has taken reasonable security measures to protect the secrecy, confidentiality
and value of its Intellectual Property.

 

(h)        Tax
Matters. The Company has (i) timely filed all necessary federal, state and foreign income and franchise tax returns, (ii) set
aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such
returns, reports or declarations apply and timely paid or accrued all taxes shown as due thereon and, to the Company’s Knowledge,
no tax deficiency has been asserted or threatened against the Company. The Company has not received notice that any of its tax
returns is presently being audited by any taxing authority.

 

(i)         Certain
Transactions. Other than as disclosed in the Memorandum, none of the officers or directors of the Company nor any of its employees
is presently a party to any transaction with the Company (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the Knowledge
of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director,
trustee or partner, in each case in excess of $120,000, other than for (i) payment of salary or consulting fees for services rendered,
(ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits.

 

(j)         Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents and the
Memorandum, the Company confirms that, to the Knowledge of the Company, neither it nor any other Person acting on its behalf has
provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute
material, nonpublic information. The

 

    	 	8	 

     

    

 

Company understands and confirms
that each of the Purchasers will rely on the foregoing representation in effecting the contemplated transaction in securities of
the Company under this Agreement. All disclosure contained in the Memorandum, or furnished to the Purchaser by an executive officer
of the Company acting in his or her role as an executive officer of the Company regarding the Company, its business and the transactions
contemplated hereby, is true and correct and does not contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

(k)        No
General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers
and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(l)         No
Integrated Offering. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security under circumstances that would
cause the offering of the Securities contemplated hereby to be integrated with prior offerings by the Company for purposes of the
Securities Act which would require the registration of any such Securities under the Securities Act.

 

(m)       No
Brokers. The Company has taken no action which would give rise to any claim by any Person for brokerage commissions, transaction
fees or similar payments relating to this Agreement or the transactions contemplated hereby, other than to the Placement Agent.

 

(n)        Permits;
Compliance. The Company possesses all material certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct its business (“Material Permits”), and the
Company has not received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(o)        Title
to Property. The Company has good and marketable title in fee simple to all real property owned by it, if any, and good title
in all personal property owned by it that is material to the business of the Company free and clear of all Liens, except for Liens
as do not materially affect the value of such property and do not materially interfere with the use currently made of such property
by the Company and Liens for the payment of federal, state or other taxes, the payment of which it is not delinquent nor subject
to penalties. Any real property and facilities held under lease by the Company is held by it under valid, subsisting and enforceable
leases with which the Company is in material compliance.

 

(p)        Questionable
Payments. Neither the Company nor, to the Company’s Knowledge, any of its current or former directors, officers, employees,
agents or other Persons acting on behalf of the Company, has on behalf of the Company or in connection with its business: (a) used
any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity;
(b) made any direct or indirect unlawful payments to any governmental officials or employees from corporate funds; (c) established
or maintained any unlawful or unrecorded fund of corporate monies or other assets; (d) made any false or fictitious entries on
the books and records of the Company; or (e) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful
payment of any nature.

 

    	 	9	 

     

    

 

(q)        Investments
in Other Persons. Except as disclosed in the Memorandum, the Company has not made any loan or advance to any Person, nor is
it committed or obligated to make any such loan or advance. The Company does not own any capital stock, assets comprising the business
of, obligations of, or any equity, or ownership in any Person.

 

(r)         Material
Contracts. Except as disclosed herein and in the Memorandum or as contemplated by this Agreement or another Transaction Document,
there are no agreements, understandings, commitments, instruments, contracts, employment agreements, or proposed transactions or
judgments (each, a “Material Agreement”) to which the Company is a party or by which it is bound which may involve
obligations (contingent or otherwise), or a related series of obligations (contingent or otherwise), of, or payments, or a related
series of payments, by the Company in excess of $250,000 in any one year. All Material Agreements are in full force and effect
and constitute legal, valid and binding obligations of the Company and, to the Company’s Knowledge, are enforceable in accordance
with their respective terms. To the Company’s Knowledge, neither the Company nor any other Person is in default under the
terms of any Material Agreement, and no circumstance exists that would, with the giving of notice or the passage of time, constitute
a default under any Material Agreement.

 

(s)        Employees.
No material labor dispute exists nor, to the Knowledge of the Company, is threatened or imminent with respect to any of the employees
or consultants of the Company. None of the Company’s employees is a member of a union that relates to such employee’s
relationship with the Company, the Company is not a party to a collective bargaining agreement, and the Company believes that its
relationships with its employees are good. No executive officer is, or is expected to be, in violation of any material term of
any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any
other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such
executive officer does not subject the Company to any liability with respect to any of the foregoing matters. The Company is in
material compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment
practices, terms and conditions of employment and wages and hours.

 

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

 

(u)        Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution of, delivery and performance by the Company of the Transaction Documents, other than the
filing of Form D with the SEC and such filings as are required to be made under applicable state securities laws (the “Required
Approvals”). Subject to the accuracy of the representations and warranties of each Purchaser set forth in Section
2 hereof, the Company has taken all action necessary to exempt (i) the issuance and sale of the

 

    	 	10	 

     

    

 

Securities under this Agreement
and (ii) the other transactions contemplated by the Transaction Documents from the provisions of any stockholder rights plan or
other “poison pill” arrangement, any anti-takeover, business combination or control share law or statute binding on
the Company or to which the Company or any of its assets and properties may be subject and any provision of the Certificate of
Incorporation or Bylaws that is or could reasonably be expected to become applicable to the Purchasers as a result of the transactions
contemplated hereby, including without limitation, the issuance of the Securities and the ownership, disposition or voting of the
Securities by the Purchasers or the exercise of any right granted to the Purchasers pursuant to this Agreement or the other Transaction
Documents.

 

(v)        Environmental
Matters. The Company (i) is in compliance with all Environmental Laws (as defined below), (ii) has received all permits, licenses
or other approvals required of them under applicable Environmental Laws to conduct its business and (iii) is in compliance with
all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii), the
failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term
“Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection of
human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment,
or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses,
notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

(w)       No
Undisclosed Events, Liabilities, Developments or Circumstances. Except as disclosed in the Memorandum, no event, liability,
development or circumstance has occurred or exists, or is reasonably expected to exist or occur with respect to the Company or
any of its businesses, properties, liabilities, operations (including results thereof) or condition (financial or otherwise), that
(i) would be required to be disclosed by the Company under applicable securities laws on a registration statement on Form S-1 filed
with the SEC relating to an issuance and sale by the Company of its Common Stock and which has not been disclosed to the Purchasers,
(ii) would reasonably be expected to have a Material Adverse Effect on the Company or (iii) could have a material adverse effect
on any Purchaser’s investment hereunder.

 

(x)        Transfer
Taxes. On each Closing Date, all stock transfer or other taxes (other than income or similar taxes) which are required to be
paid in connection with the issuance, sale and transfer of the Securities to be sold to each Purchaser hereunder will be, or will
have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been complied with.

 

(y)        Management.
During the past five year period, no current or former officer or director or, to the Knowledge of the Company, stockholder of
the Company has been the subject of:

 

(i)          a
petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal agent
or similar officer for such Person, or any partnership in which such Person was a general partner at or within two years before
the filing of such petition or such appointment, or any corporation

 

    	 	11	 

     

    

 

or business association
of which such person was an executive officer at or within two years before the time of the filing of such petition or such appointment;

 

(ii)         a
conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations);

 

(iii)        any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:

 

1.          Acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other Person regulated by the United States Commodity Futures Trading Commission or an associated person
of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person,
director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing
any conduct or practice in connection with such activity;

 

2.          Engaging
in any type of business practice; or

 

3.          Engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of securities
laws or commodities laws;

 

(iv)        any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise limiting
for more than 60 days the right of any such Person to engage in any activity described in the preceding sub paragraph, or to be
associated with Persons engaged in any such activity;

 

(v)         a
finding by a court of competent jurisdiction in a civil action or by any other governmental authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by a governmental authority has not been subsequently
reversed, suspended or vacated; or

 

(vi)        a
finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or
vacated.

 

(z)        ERISA.
There are no employee benefit plans maintained, established or sponsored by the Company, or in or to which the Company participates
or contributes, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The
Company has made all required contributions and has no liability to any such employee benefit plan, other than liability for health
plan continuation coverage described in Part 6 of Title I(B) of ERISA, and has complied with all applicable laws for any such employee
benefit plan.

 

(aa)      Insurance.
To the Knowledge of the Company, there is no circumstance currently existing that would result in the Company not being able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from 

 

    	 	12	 

     

    

 

similar insurers as may be
necessary to continue its business and in compliance with its contractual obligations.

 

(bb)      No
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” an affiliate of an “investment company,” a company
controlled by an “investment company” or an “affiliated person” of, or “promoter” or “principal
underwriter” for, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(cc)      Foreign
Corrupt Practices. Neither the Company nor, to its Knowledge, any director, officer, agent, employee or other Person acting
on behalf of the Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect
unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff,
influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

(dd)      Indebtedness
and Other Contracts. The Company, (i) does not have any outstanding Indebtedness (as defined below) in excess of $100,000,
(ii) is not a party to any contract, agreement or instrument, the violation of which, or default under which, by the other party(ies)
to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse Effect, (iii) is not in
violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness, and (iv) is
not a party to any contract, agreement or instrument relating to any Indebtedness. For purposes of this Agreement: (x) “Indebtedness”
of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed
as the deferred purchase price of property or services (including, without limitation, “capital leases” in accordance
with generally accepted accounting principles) (other than trade payables entered into in the ordinary course of business), (C)
all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all
obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds
of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which,
in connection with generally accepted accounting principles, consistently applied for the periods covered thereby, is classified
as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, claim, Lien, tax, right of first refusal,
pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights)
owned by any Person, even though the Person which owns such assets or property has not assumed or become liable for the payment
of such Indebtedness, and (H) all Contingent Obligations in respect of Indebtedness or obligations of others of the kinds referred
to in clauses (A) through (G) above; and (y) “Contingent Obligation” means, as to any Person, any direct or indirect
liability, contingent or otherwise, of that Person with respect to any indebtedness, lease, dividend or other obligation of another
Person if the primary purpose or intent of the Person

 

    	 	13	 

     

    

 

incurring such
liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will
be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability
will be protected (in whole or in part) against loss with respect thereto.

 

(ee)      U.S.
Real Property Holding Corporation. The Company is not, nor has ever been, and so long as any of the Securities are held by
any of the Purchasers, shall not become, a U.S. real property holding corporation within the meaning of Section 897 of the Code,
and the Company shall so certify upon any Purchaser’s request.

 

(ff)        No
Additional Agreements. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions
contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 

4.         Covenants.
In addition to the other agreements and covenants set forth herein, unless otherwise consented to in writing by the Company and
a majority in interest of the Purchasers, the applicable parties hereto hereby covenant as follows:

 

(a)        General
Affirmative Obligations. The Company will furnish to the Placement Agent, the Purchasers and/or their assignees such information
relating to the Company as is required by law, which may reasonably be requested by the Placement Agent, or any Purchaser; provided,
however, that the Company shall not be required to disclose material nonpublic information to the Purchaser, or to advisors to
or representatives of the Purchaser, unless prior to disclosure of information the Company identifies the information as being
material nonpublic information and provides the Purchasers such advisors and representatives with the opportunity to accept or
refuse to accept the material nonpublic information for review and the Purchaser wishing to obtain such information enters into
an appropriate confidentiality agreement with the Company, in the form prepared by the Company in its sole determination, with
respect thereto.

 

(b)        Form
D; Blue Sky Laws. The Company agrees to file a Form D with the SEC with respect to the Securities as required by Regulation
D promulgated under the Securities Act. The Company shall also take such action as the Company shall reasonably determine is necessary
to comply with all applicable securities or “blue sky” laws of the states of the United States.

 

(c)        Corporate
Existence. Subject to appropriate shareholder action, the Company will use reasonable commercial efforts to maintain its corporate
existence for at least two years after the date hereof, except in connection with a consolidation or merger of the Company with
or into another corporation or any transfer of all or substantially all of the assets of the Company.

 

(d)        Sarbanes-Oxley
Matters. When and if required to do so, the Company will comply with any and all applicable requirements of the Sarbanes-Oxley
Act of 2002 and any and all applicable rules and regulations promulgated by the SEC thereunder including, without limitation, implementing
such programs and taking such steps as reasonably necessary to provide for compliance (not later than the relevant statutory and
regulatory deadline therefor) with all provisions of Section 404 of the Sarbanes-Oxley Act of 2002.

 

(e)        No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the

 

    	 	14	 

     

    

 

Securities being offered or
sold hereunder under the Securities Act or cause the offering of the Securities to be integrated with any other offering of securities
by the Company for the purpose of any stockholder approval provision applicable to the Company or its securities.

 

(f)         Conduct
of Business. The business of the Company shall not be conducted in violation of any law, ordinance or regulation of any governmental
entity, except where such violations would not result, either individually or in the aggregate, in a Material Adverse Effect.

 

(g)        Passive
Foreign Investment Company. The Company shall conduct its business in such a manner as will ensure that the Company will not
be deemed to constitute a passive foreign investment company within the meaning of Section 1297 of the U.S. Internal Revenue Code
of 1986, as amended.

 

(h)        Purchaser
Lock Up. In connection with an initial public offering of the Company’s securities, if any, each Purchaser hereby agrees
not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the
Company however or whenever acquired (other than those included in the effective registration statement of the initial public offering,
if any) without the prior written consent of the managing or lead underwriter of such offering, for a period of one hundred and
eighty (180) days from the effective date of such registration statement (collectively, the “Lock Up Period”).
In order to enforce the restriction set forth above or any other restriction agreed to by a Purchaser including, without limitation,
any restriction requested by the underwriters of any initial public offering of the securities of the Company, the Company may
impose stop-transfer instructions with respect to any security acquired under or subject to this Agreement until the end of the
applicable Lock Up Period. The Company’s underwriters shall be third-party beneficiaries of the agreement set forth in this
section.

 

Each Purchaser agrees that
prior to an initial public offering by the Company it will not transfer securities of the Company unless each transferee agrees
in writing to be bound by all of the provisions of this section, provided that this section shall not apply to transfers pursuant
to an effective registration statement. If any Purchaser is permitted to make any transfer of the Securities during the Lock Up
Period, it shall be a condition to the transfer that (A) the transferee executes and delivers to the Placement Agent and the Company
not later than one business day prior to such transfer, a written agreement, in substantially the form of this section and otherwise
satisfactory in form and substance to the Placement Agent and the Company, and (B) if the undersigned is required to file a report
under Section 16(a) of the Securities Exchange Act of 1934, as amended, reporting a reduction in beneficial ownership of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock by the undersigned during the Lock Up
Period, the undersigned shall include a statement in such report to the effect that such transfer or distribution is not a transfer
for value and that such transfer is being made as a gift or by will or intestacy, as the case may be.

 

(i)         Down
Round Protection. In order to provide each Purchaser with certain protections from dilution resulting from issuances of shares
of Common Stock at a per share purchase price below the Per Share Purchase Price, the Company hereby covenants and agrees that
if at any time following the date hereof through December 31, 2019 it shall issue Additional Shares of Common Stock (including
Additional Shares of Common Stock deemed to be issued pursuant to this Subsection 4(i)), without consideration or for a consideration
per share less than the Effective Per Share Purchase Price (as defined below) deemed in effect immediately prior to such issuance,
then concurrently with such issuance, the Company shall

 

    	 	15	 

     

    

 

issue to each Purchaser, for
no additional consideration (the consideration for such issuance having already been paid), a number of additional Shares equal
to (1) Purchaser’s Subscription Amount divided by an amount equal to the greater of (A) the consideration per share
received by the Company for such issuance or deemed issuance of the Additional Shares of Common Stock and (B) $2.50 (the “Trigger
Price”) less (2) the number of Shares initially purchased by Purchaser plus any additional Shares previously issued to
Purchaser pursuant to this Subsection 4(i). All calculations made in connection with this Subsection 4(i) shall be equitably adjusted
to reflect the impact of any stock split or like event. If the Company at any time or from time to time after the date hereof shall
issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities),
then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of
any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a
subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and
Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common
Stock issued as of the time of such issue. Notwithstanding the foregoing, no Shares shall be issued to Purchasers as the result
of an issuance or deemed issuance of Additional Shares of Common Stock if the Company receives written notice from Purchasers who
purchased at least a majority of the Shares issued pursuant to this Agreement agreeing that no such issuance shall be made as the
result of such issuance or deemed issuance of such Additional Shares of Common Stock. Initially, the “Effective Per Share
Purchase Price” shall be equal to $5.00. Following any issuance of Shares to the Purchasers pursuant to the first sentence
of this this Subsection 4(i) the Effective Per Share Purchase Price shall be adjusted to equal the Trigger Price associated with
such issuance; provided that, for avoidance of doubt, in no event will the Trigger Price be reduced below $2.50. Capitalized terms
used in this Subsection 4(i) are defined in Schedule B attached hereto.

 

(j)         Use
of Proceeds. The Company shall use the proceeds of the sale of Securities pursuant to this Agreement only for general working
capital or for the business operations of the Company.         

 

5.         Register;
Transfer Agent Instructions; Legends.

 

(a)        Register.
The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to each holder of Securities), a register for the Shares and shall record the name and address of the Person the Shares
have been issued (including the name and address of each transferee, to the extent it is appropriately notified of transfers) and
held by such Person. The Company shall keep the register open and available at all times during normal business hours for inspection
of any Purchaser or its legal representatives upon reasonable notice so long as a Purchaser continues to hold any Shares.

 

(b)        Legend
Removal. In connection with any sale or disposition of the Shares by a Purchaser pursuant to Rule 144 or pursuant to any other
exemption or registration under the Securities Act such that the purchaser acquires freely tradable shares and upon compliance
by the Purchaser with the requirements of this Agreement, the Company shall or, in the case of Common Stock, shall cause the transfer
agent for the Common Stock (the “Transfer Agent”) to issue replacement certificates representing the Securities
sold or disposed of without restrictive legends, at the Company’s sole expense, provided that the Purchaser has provided
at its sole expense (1) a customary representation by the Purchaser that Rule 144 applies to the shares of Common Stock represented
thereby, or (2) a statement by the Purchaser that such Purchaser

 

    	 	16	 

     

    

 

has sold the shares of Common
Stock represented thereby in accordance with a plan of distribution contained in the registration statement, if any, used in connection
with the sale or disposition.

 

6.         Conditions
to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Securities to
a Purchaser at the Closing is subject to the satisfaction, at or before each Closing Date of each of the following conditions,
provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole
discretion:

 

(a)        The
applicable Purchaser shall have executed this Agreement and the Joinder, and delivered the same to the Company.

 

(b)        The
applicable Purchaser shall have delivered the Subscription Amount in accordance with Section 1(d) above.

 

(c)        The
representations and warranties of the applicable Purchaser shall be true and correct in all material respects, and the applicable
Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement and the other Transaction Documents to be performed, satisfied or complied with by the applicable Purchaser at
or prior to each Closing Date.

 

(d)        No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement
and the other Transaction Documents.

 

7.         Conditions
to Each Purchaser’s Obligation to Purchase. The obligation of each Purchaser hereunder to purchase the amount of
Securities offered to such Purchaser at the Closing is subject to the satisfaction, at or before the applicable Closing Date of
each of the following conditions, provided that these conditions are for such Purchaser’s sole benefit and may be waived
by such Purchaser at any time in its sole discretion:

 

(a)        The
Company shall have executed and delivered to such Purchaser this Agreement and each other Transaction Document to which the Company
is a party.

 

(b)        The
Company shall have delivered instructions to the Transfer Agent to deliver, as the case may be, to such Purchaser or the Placement
Agent, either book entry evidence of the Securities purchased at the Closing or a stock certificate of the Company, recording each
Purchaser as the holder of record of the number of Shares of Common Stock set forth opposite such Purchaser’s name on Schedule
A which stock certificate may be delivered after the Closing. Whether the evidence of ownership will be in book entry or certificate
form is in the discretion of the Company.

 

(c)        The
representations and warranties made by the Company in Section 3 hereof qualified as to materiality shall be true and correct
as of the date hereof and on each Closing Date, except to the extent any such representation or warranty expressly speaks as of
an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date, and the representations
and warranties made by the Company in Section 3 hereof not qualified as to materiality shall be true and correct in all
material respects as of the

 

    	 	17	 

     

    

 

date hereof and on each Closing
Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation
or warranty shall be true and correct in all material respects as of such earlier date. The Company shall have performed in all
material respects all obligations and covenants herein required to be performed by it on or prior to each Closing Date.

 

(d)        The
Company shall have obtained any and all consents, permits, approvals, registrations and waivers as necessary or appropriate for
consummation of the purchase and sale of the Securities and the consummation of the other transactions contemplated by the Transaction
Documents, all of which shall be in full force and effect, and the Company will have made all necessary pre-Closing filings under
the Blue Sky laws, if any.

 

(e)        The
Company shall have received Subscription Amounts or signed, enforceable agreements for Subscription Amounts aggregating at least
$10,000,000 from the sale of the Securities as contemplated hereby.

 

(f)         No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have
been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby
or in the other Transaction Documents.

 

(g)        No
event shall have occurred which would reasonably be expected to have a Material Adverse Effect on the Company.

 

(h)        The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer and its Chief Financial
Officer, dated as of each Closing Date, certifying to the fulfillment of the conditions of this Section 7.

 

(i)         The
Company shall have paid or made arrangements to pay to the Placement Agent all cash compensation due upon each Closing.

 

8.         Termination
of Obligations to Effect Closing; Effects. The obligations of the Company, on the one hand, and the Purchasers, on the
other hand, to effect the Closing may be terminated:

 

(a)        Upon
the mutual written consent of the Company, the Placement Agent and all of the Purchasers;

 

(b)        By
the Company if any of the conditions of the Purchaser set forth in this Section 8 shall have become incapable of fulfillment,
and shall not have been waived by the Company;

 

(c)        By
a Purchaser (with respect to itself only) if any of the conditions of the Company set forth in Section 7 hereof shall have
become incapable of fulfillment; or

 

(d)        By
either the Company or any Purchaser (with respect to itself only) if the Closing has not occurred on or prior to January 31, 2017;

 

provided, however, (i) the
right to terminate this Agreement under this Section 8 shall not be available to such Purchaser if the failure of the transactions
contemplated by this Agreement to

 

    	 	18	 

     

    

 

have been consummated by such date is the result of such Purchaser’s
breach of this Agreement and (ii) the abandonment of the sale and purchase of the Securities shall be applicable only to such Purchaser
providing such written notice; provided, further, that, except in the case of clause (a) above, the party seeking to terminate
its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements
contained in this Agreement or the other Transaction Documents if such breach has resulted in the circumstances giving rise to
such party’s seeking to terminate its obligation to effect the Closing.

 

In the event of termination
by the Company or any Purchaser of its obligations to effect the Closing pursuant to this Section 8, written notice thereof
shall forthwith be given to the Placement Agent and the other Purchasers by the Company and each other Purchaser shall have the
right to terminate its obligations to effect the Closing upon written notice to the Company, the Placement Agent and the other
Purchasers. Nothing in this Section 8 shall be deemed to release any party from any liability for any breach by such party of the
terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific
performance by any other party of its obligations under this Agreement or the other Transaction Documents.

 

9.         Governing
Law; Jurisdiction; Waiver of Jury Trial.

 

(a)        This
Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware without regard to
the choice of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts
of the Commonwealth of Massachusetts located in Middlesex County, Massachusetts and the United States District Court for the District
of Massachusetts for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the
transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each
party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of
the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the
laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action
or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY
LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

10.       Miscellaneous.

 

(a)        Counterparts;
Signatures by Facsimile. This Agreement may be executed in one or more counterparts (with the Purchasers each executing the
counterpart in the form of Annex A hereto). Each of such counterparts shall be deemed an original, and all of which shall, when
taken together, constitute one and the same agreement, and shall become effective when counterparts have been signed by each party
and delivered to the other party. This Agreement, once executed by a party (including in the manner described above), may be delivered
to the other party hereto by facsimile or other electronic transmission of a copy of this Agreement bearing the signature of the
party so delivering this Agreement.

 

    	 	19	 

     

    

 

(b)        Headings;
Gender. The headings of this Agreement are for convenience and reference only and shall not form part of, or affect the interpretation
of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include”
and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

(c)        Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

(d)        Entire
Agreement; Amendments. This Agreement, the other Transaction Documents and the instruments, documents, exhibits and schedules
referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except
as specifically set forth herein or therein, neither the Company nor any Purchaser makes any representation, warranty, covenant
or undertaking with respect to such matters. No provision of this Agreement may be amended other than by an instrument in writing
signed by the Company and the Required Holders (as defined below) (but all the Purchasers with respect to any amendment of Section
1(b), Schedule A or Section 10 hereof), and any amendment to any provision of this Agreement made in conformity
with the provisions of this Section 10(d) shall be binding on all Purchasers and holders of Securities, as applicable, provided
that no such amendment shall be effective to the extent that it (1) applies to less than all of the holders of the Securities then
outstanding or (2) imposes any obligation or liability on any Purchaser without such Purchaser’s prior written consent (which
may be granted or withheld in such Purchaser’s sole discretion). Neither the Company, the Placement Agent nor the Purchasers
make any representation or warranty as to any matter of fact except as expressly contained in this Agreement or the other Transaction
Agreements. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party,
provided that after each Closing Date, the Required Holders may waive any provision of this Agreement (other than Section 1(b)
or this Section 10), and any waiver of any provision of this Agreement made in conformity with the provisions of this Section
10(d) shall be binding on all Purchasers and holders of Securities, as applicable, provided that no such waiver shall be effective
to the extent that it (A) applies to less than all of the holders of the Securities then outstanding (unless a party gives a waiver
as to itself only) or (B) imposes any obligation or liability on any Purchaser without such Purchaser’s prior written consent
(which may be granted or withheld in such Purchaser’s sole discretion). “Required Holders” means (i) prior
to each Closing Date, each Purchaser entitled to purchase Shares at the Closing and (ii) on or after each Closing Date, holders
of a majority of all Securities (excluding any Securities held by the Company) issued or issuable hereunder (or all Purchasers,
with respect to any waiver or amendment of Section 1(b)).

 

    	 	20	 

     

    

 

(e)        Notices.
Any notices required or permitted to be given under the terms of this Agreement shall be sent by certified or registered mail (return
receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) or by email transmission
and shall be effective five days after being placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered
personally or by courier (including a recognized overnight delivery service) or by email transmission, with confirmation of receipt,
in each case addressed to a party. The addresses for such communications shall be:

 

If to the Company:

 

Cue Biopharma, Inc.

675 West Kendall Street

Cambridge, MA 02142

Attention: Amy Wang, Secretary

Telephone: (310) 526-5035

Email: awang@mdb.com

 

	 	If to a Purchaser:	To the address and fax number set forth immediately below such Purchaser’s name on the counterpart signature pages hereto.

 

With copy to (which will not constitute notice):

 

MDB Capital Group, LLC

2425 Springs Road

Dallas, TX 75201

Attention: Gary Schuman, CFO

Telephone: (310) 526-5006

Email: g@mdb.com

 

Each party shall provide
notice to the other party of any change in address, telephone or facsimile number (including, if a Purchaser is holding any Securities
purchased hereunder in street name, the address, telephone and facsimile of the beneficial owner of such Securities), and each
Purchaser and its assignees under Section 10(f) hereof acknowledge and agree that such parties must provide such notice
and contact information promptly (but in any event within thirty (30) days of any change in such information or assignment of any
rights hereunder).

 

(f)         Successors
and Assigns. Except as provided herein, this Agreement may not be assigned by a party hereto without the prior written consent
of the Company or the Required Holders, as applicable. The provisions of this Agreement shall inure to the benefit of and be binding
upon the respective permitted successors and assigns of the parties. Without limiting the generality of the foregoing, in the event
that the Company is a party to a merger, consolidation, share exchange or similar business combination transaction in which the
Common Stock is converted into the equity securities of another Person, from and after the effective time of such transaction,
such Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term
“Company” shall be deemed to refer to such Person and the term “Shares” shall be deemed to refer to the
securities received by the Purchasers in connection with such transaction. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

    	 	21	 

     

    

 

(g)        Survival;
Indemnification.

 

(i)          The
representations and warranties of the Company set forth in Section 3 hereof shall survive the Closing. The representations
and warranties of each Purchaser set forth in Section 2 shall survive the Closing.

 

(ii)         The
Company agrees to indemnify and hold harmless the Placement Agent, each Purchaser and its Affiliates and their respective stockholders,
partners, members, directors, officers, trustees, members, managers, employees and agents and direct or indirect investors and
any of the foregoing Persons’ agents or other representatives (including, without limitation, those retained in connection
with the transactions contemplated by this Agreement) and their respective successors and assigns (collectively, the “Indemnitees”),
from and against any and all losses, claims, damages, liabilities and expenses (including without limitation reasonable attorney
fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any action, claim or
proceeding, pending or threatened and the costs of enforcement thereof) (collectively, “Losses”) to which such
Person may become subject as a result of (a) any misrepresentation or breach of representation, warranty, covenant or agreement
made by or to be performed on the part of the Company under the Transaction Documents, or (b) any cause of action, suit or claim
brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of
the Company) and arising out of or resulting from (i) the execution, delivery, performance or enforcement of any of the Transaction
Documents, (ii) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the
issuance of the Securities, or (iii) the status of such Purchaser or holder of the Securities as an investor in the Company pursuant
to the transactions contemplated by the Transaction Documents, and will reimburse any such Person for all such amounts as they
are incurred by such Person. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the
Company shall make the maximum contribution to the payment and satisfaction of each of the Losses which is permissible under applicable
law. Except as otherwise set forth herein, the mechanics and procedures with respect to the rights and obligations under this Section
10(g) shall be the same as those set forth in Section 6 of the Registration Rights Agreement.

 

(h)        Further
Assurances. Each party hereto shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(i)         Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party. No specific representation or warranty shall limit the generality
or applicability of a more general representation or warranty. Each and every reference to share prices, shares of Common Stock
and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted for stock splits, stock
combinations and other similar transactions that occur with respect to the Common Stock after the date of this Agreement.

 

    	 	22	 

     

    

 

(j)         Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under the Transaction Documents are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction
Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers and/or
the Placement Agent as, and the Company acknowledges that the Purchasers (or any group thereof) and/or the Placement Agent does
not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group or entity with respect to such obligations or the transactions
contemplated by the Transaction Documents or any matters, and the Company acknowledges that the Purchasers and the Placement Agent
are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or the
transactions contemplated by the Transaction Documents. The decision of each Purchaser to purchase Securities pursuant to the Transaction
Documents has been made by such Purchaser independently of any other Purchaser. Each Purchaser acknowledges that no other Purchaser
has acted as agent for such Purchaser in connection with such Purchaser making its investment hereunder and that no other Purchaser
will be acting as agent of such Purchaser in connection with monitoring such Purchaser’s investment in the Securities or
enforcing its rights under the Transaction Documents. The Company and each Purchaser confirms that each Purchaser has independently
participated with the Company in the negotiation of the transactions contemplated hereby with the advice of its own counsel and
advisors. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the purchase
and sale of the Securities contemplated hereby was solely in the control of the Company, not the action or decision of any Purchaser,
and was done solely for the convenience of the Company and not because it was required or requested to do so by any Purchaser.
It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is
between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among
the Purchasers.

 

(k)        Definitions.
In addition to those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement, the following terms
shall have the meanings set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is
controlled by, or is under common Control with, such Person.

 

“Company’s
Knowledge,” “Knowledge of the Company” and words of similar import means the actual knowledge of the
executive officers (as defined in Rule 405 under the Securities Act) of the Company, after due inquiry.

 

“Control”
(including the terms “controlling”, “controlled by” or “under common control with”) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise.

 

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

 

    	 	23	 

     

    

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

[Remainder of page intentionally left blank;
signature pages follow.]

 

    	 	24	 

     

    

 

IN WITNESS WHEREOF, the
undersigned Purchasers and the Company have caused this Securities Purchase Agreement to be duly executed as of the date first
above written.

 

	 	Cue Biopharma, Inc.

 

	 	By: 	 
	 	 	Name:
	 	 	Title:

 

	 	PURCHASERS:
	 	 
	 	The Purchasers executing the Signature Page in the form attached hereto as Annex A and delivering the same to the Company or its agents shall be deemed to have executed this Agreement and agreed to the terms hereof.

 

    	 	25	 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart Signature Page

 

The undersigned, desiring
to: (i) enter into that certain Securities Purchase Agreement, dated ______________________ (the “Agreement”),
between the undersigned, Cue Biopharma, Inc., a Delaware corporation (the “Company”), and the other parties
thereto, in or substantially in the form furnished to the undersigned and (ii) purchase the securities of the Company appearing
next to the undersigned’s name on Schedule A to the Agreement, on the terms and subject to conditions contained therein,
hereby agrees to purchase such securities from the Company as of the Closing (as defined in the Agreement) and further agrees to
join the Agreement as a party thereto, with all the rights and privileges appertaining thereto, and to be bound in all respects
by the terms and conditions thereof.

 

IN WITNESS WHEREOF, the
undersigned has executed the Agreement as of _____________________.

 

	 	Subscription Amount: $	

 

	 	Common Stock Shares Purchased:	

 

	 	PURCHASER:
	 	 
	 	Name, Address, Phone No., Email and Social Security No./EIN of Purchaser:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

	 	Phone No.:	 

	 	Email.: 	 

	 	Soc. Sec. No./EIN: 	

 

	 	If a partnership, corporation, trust or other business entity:
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 
	 	If an individual:
	 	 
	 	 
	 	Signature

 

     

     

    

 

Schedule A

 

Purchasers

 

	Purchaser	Subscription Amount	Common Stock Shares 

Purchased
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

Schedule B

 

Certain Definitions

 

i.          Special
Definitions. For purposes of Subsection 4(i), the following definitions shall apply:

 

1)         “Option”
shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

 

2)         “Convertible
Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible
into or exchangeable for Common Stock, but excluding Options.

 

3)         “Additional
Shares of Common Stock” shall mean all shares of Common Stock issued (or deemed to be issued) by the Company other than
(1) the following shares of Common Stock and (2) shares of Common Stock deemed issued pursuant to the following Options and Convertible
Securities (clauses (1) and (2), collectively, “Exempted Securities”):

 

		a)	shares of Common Stock, Options or Convertible Securities issued as a dividend or distribution
on Series A Preferred Stock;

 

		b)	shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock
split, split-up or other distribution on shares of Common Stock;

 

		c)	shares of Common Stock or Options issued to employees or directors of, or consultants or advisors
to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors of the
Company or

 

		d)	shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or
shares of Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance
is pursuant to the terms of such Option or Convertible Security; or

 

		e)	shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or
other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing
transaction approved by the Board of Directors of the Company; or

 

		f)	shares of Common Stock, Options or Convertible Securities issued to suppliers or third party service
providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors of
the Company; or

 

		g)	shares of Common Stock, Options or Convertible Securities issued pursuant to the acquisition of
another company by the

 

     

     

    

 

Company by merger,
purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided that such
issuances are approved by the Board of Directors of the Company; or

 

		h)	shares of Common Stock, Options or Convertible Securities issued in connection with sponsored research,
collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships approved by
the Board of Directors of the Company.

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