Document:

NEITHER
THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERSISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN
THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)
AN EXEMPTION FROM THE REGISTRATION UNDER SUCH ACT AND, IF THE COMPANY REQUESTS, DELIVERY TO THE COMPANY OF AN OPINION REASONABLY
SATISFACTORY TO THE COMPANY AS TO THE APPLICABILITY OF SUCH EXEMPTION, UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144
OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

PROVENTION
BIO, INC.

 

Warrant
To Purchase Series A Preferred Stock

 

Warrant
No.: A-1

Date
of Issuance: April 25, 2017 (“Issuance Date”)

 

Provention
Bio, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, MDB Capital Group, LLC, the registered holder hereof or its permitted
assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at
the Exercise Price (as defined below) then in effect, upon exercise of this Warrant (including any Warrants to purchase Series
A Preferred Stock (as defined below) issued in exchange, transfer or replacement hereof, the “Warrant”), at
any time or from time to time on or after the Issuance Date (as defined below in Section 17), but not after 11:59 p.m., New York
time, on the Expiration Date (as defined below in Section 17), such number of fully paid and non-assessable shares of Series A
Preferred Stock, including the securities into which they are converted or exchanged (the “Warrant Shares”)
as set forth herein in Section 1(c), subject to adjustment as herein provided. Except as otherwise defined herein, capitalized
terms in this Warrant shall have the meanings set forth in Section 17. This Warrant has been issued in connection with that certain
Engagement Letter, dated as of September 19, 2016, by and between MDB Capital Group LLC (“MDB”) and the Company
(the “Engagement Letter”) and the completion of a private placement of shares of Series A Preferred Stock by
the Company through the services of MDB as placement agent.

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(g)), this Warrant may be exercised by the Holder on any day on or after the Issuance Date, in whole or in part, by
delivery to the Company of a notice, in the form attached hereto as Exhibit A (the “Exercise Notice”),
of the Holder’s election to exercise this Warrant. Within one (1) trading day following an exercise of this Warrant as aforesaid,
the Holder shall deliver payment to the Company of an amount equal to the Exercise Price (as defined below) multiplied by the
number of Warrant Shares as to which this Warrant was so exercised (the “Aggregate Exercise Price”) in cash
or via wire transfer of immediately available funds if the Holder did not notify the Company in such Exercise Notice that the
exercise was made pursuant to a Cashless Exercise (as defined in Section 1(e)). The Holder shall not be required to deliver the
original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to
less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant and issuance of
a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice
for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of this Warrant after
delivery of the Warrant Shares in accordance with the terms hereof. Notwithstanding the foregoing, if all or any portion of this
Warrant is cancelled, the Holder will promptly deliver this Warrant to the Company upon request (and in exchange for a replacement
Warrant in the event of partial cancellation as provided herein). Promptly, and in any event with in three (3) trading days, after
receipt of fully-completed and executed Exercise Notice, together with the Aggregate Exercise Price if applicable, the Company
shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Notice, in the form attached hereto as
Exhibit B, to the Holder and the Company’s transfer agent (the “Transfer Agent”), unless the Company
is acting as its own transfer agent, and, further, shall issue and deliver to the Holder or, at the Holder’s instruction
pursuant to the Exercise Notice, to any designee of the Holder to whom the Holder is permitted to transfer this Warrant, or any
agent thereof, in each case to the address as specified in the applicable Exercise Notice, a certificate, registered in the Company’s
share register in the name of the Holder or such designee (as indicated in the applicable Exercise Notice), for the number of
Warrant Shares to which the Holder is entitled pursuant to such exercise. Upon delivery of the executed Exercise Notice and payment
of the Aggregate Exercise Price if applicable, the Holder shall be deemed for all corporate purposes to have become the holder
of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of
the certificates evidencing such Warrant Shares. No fractional Warrant Shares are to be issued upon the exercise of this Warrant.
In lieu of any fractional Warrant Shares to which the Holder would otherwise be entitled hereunder, the Company shall make a cash
payment equal to the Exercise Price then in effect multiplied by such fraction.

 

    	 	 	 

     

    

 

(b)
Exercise Price. For purposes of this Warrant, the “Exercise Price” will be $[•] per Warrant Share,
as adjusted from time to time in accordance with Section 2 below.

 

(c)
Number of Shares. The Warrant Shares subject to this Warrant shall be [•] shares of Series A Preferred Stock, as adjusted
from time to time in accordance with Section 2 below.

 

(d)
Cashless Exercise. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole discretion, exercise
this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon
such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number”
of Warrant Shares determined according to the following formula (a “Cashless Exercise”):

 

Net
Number = Y(A-B)

      A

 

For
purposes of the foregoing formula:

 

Y
= The number of Warrant Shares being exercised.

 

A
= The fair market value of one Warrant Share (as calculated below).

 

B
= the Exercise Price then in effect at the time of such exercise.

 

    	 	 	 

     

    

 

For
purposes of the calculation above, the fair market value of one Warrant Share shall be determined by the Board of Directors of
the Company, acting in good faith; provided, however, that: (i) where a public market exists for the Company’s
common stock at the time of such exercise, the fair market value per Warrant Share shall be the product of (x) the last closing
trade price for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate
on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to
4:00:00 p.m., New York time, as reported by Bloomberg, and (y) the number of shares of common stock into which each Warrant Share
is convertible at the time of such exercise, as applicable; (ii) if the Warrant is exercised in connection with the Company’s
initial public offering of its common stock, the fair market value per Warrant Share shall be the product of (x) the per share
offering price to the public of the Company’s initial public offering and (y) the number of shares of common stock into
which each Warrant Share is convertible at the time of such exercise, as applicable, and (iii) if no public market exists for
the Company’s shares of common stock and the Warrant is exercised in connection with a Change of Control, the fair market
value per Warrant Share will be the purchase price per Warrant Share (or security into which the Warrant Share has been converted)
to be paid in such Change of Control transaction, or the portion of the proceeds received by the Company in connection with such
Change of Control transaction that is distributable to a Warrant Share (or security into which the Warrant Share has been converted),
as applicable. If this Warrant is exercisable for a class of securities into which the Series A Preferred Stock has been converted,
then the fair market value of the resulting security will be as set forth in this Warrant for a Warrant Share.

 

(e)
Reservation of Stock. The Company shall reserve and keep available from its authorized and unissued shares of Series A
Preferred Stock for the purpose of effecting the exercise of this Warrant such number of preferred shares (and shares of common
stock for issuance on conversion of such preferred shares) as shall from time to time be sufficient to effect the exercise of
the rights under this Warrant; and if at any time the number of authorized but unissued shares of Series A Preferred Stock (and
shares of common stock for issuance on conversion of such preferred shares) shall not be sufficient for purposes of the exercise
of this Warrant in accordance with its terms and the conversion of the Warrant Shares, without limitation of such other remedies
as may be available to the Holder, the Company will use its best efforts to take all corporate action as may be necessary to increase
its authorized and unissued shares of its Series A Preferred Stock (and shares of common stock for issuance on conversion of such
preferred shares) to a number of shares as shall be sufficient for such purposes. The Company represents and warrants that (i)
all Warrant Shares that may be issued upon the exercise of this Warrant will, when issued in accordance with the terms hereof,
and (ii) all shares of common stock issuable upon conversion of the Warrant Shares will, when issued in accordance with the terms
of the Company’s Amended and Restated Certificate of Incorporation, be validly issued, fully paid and nonassessable.

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF
WARRANT SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 2.

 

(a)
Change of Control. If at any time there shall be any merger, any consolidation or any sale of outstanding equity securities
(other than in connection with the initial public offering or other underwritten or best efforts public offering by the Company)
to any one person or group of persons acting in concert (within the meaning of Sections 13(d) or 14(d) of the Securities and Exchange
Act of 1934, as amended, and the rules and regulations thereunder) the result of which is the equity holders of the Company prior
to such transaction hold less than 50% of the outstanding voting securities of the surviving entity after such transaction, or
any sale of all or substantially all of the assets of the Company to a third party (each, a “Change of Control”),
and the fair market value, as determined in accordance with Sections 1(d)(i) or (iii) above (whichever yields the greater fair
market value), of one Warrant Share is greater than the Exercise Price in effect immediately prior to such Change of Control,
and the Holder has not exercised this Warrant pursuant to Section 1 as to all Warrant Shares, then this Warrant shall automatically
be deemed to be Cashless Exercised pursuant to Section 1(d) above as to all Warrant Shares not yet exercised effective immediately
prior to and contingent upon the consummation of such Change of Control. In connection with such Cashless Exercise, Holder shall
be deemed to have restated each of the representations and warranties in Section 8 of the Warrant as of the date thereof and the
Company shall promptly notify the Holder of the number of Warrant Shares (or such other securities) issued upon exercise. In the
event of a Change of Control where the fair market value of one Warrant Share as determined in accordance with Section 1(d)(iii)
above would be less than the Exercise Price in effect immediately prior to such Change of Control, then this Warrant will expire
immediately prior to the consummation of such Change of Control.

 

    	 	 	 

     

    

 

(b)
Merger or Reorganization Other than in Connection with a Change of Control. If at any time there shall be any reorganization,
recapitalization, merger or consolidation involving the Company in which shares of the Company’s stock are converted into
or exchanged for securities, cash or other property that does not result in a Change of Control (a “Reorganization”),
then, as a part of such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive
upon exercise of this Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting
from such Reorganization, equivalent in value to that which a holder of the Warrant Shares deliverable upon exercise of this Warrant
would have been entitled in such Reorganization if the right to purchase the Warrant Shares hereunder had been exercised immediately
prior to such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board of Directors
of the successor corporation) shall be made in the application of the provisions of this Warrant with respect to the rights and
interests of the Holder after such Reorganization, to the end that the provisions of this Warrant shall be applicable after such
Reorganization, as near as reasonably may be, in relation to any shares or other securities deliverable after that event, upon
the exercise of this Warrant.

 

(c)
Reclassification of Shares. If the securities issuable upon exercise of this Warrant are changed into the same or
a different number of the Company’s securities of any other class or classes by reclassification, capital reorganization,
conversion of all outstanding shares of the relevant class or series or otherwise (other than as otherwise provided for herein)
(a “Reclassification”), then, in any such event, in lieu of the number of Warrant Shares which the Holder would
otherwise have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a number of shares
of such other class or classes of stock that a holder of the number of securities deliverable upon exercise of this Warrant immediately
before that change would have been entitled to receive in such Reclassification, all subject to further adjustment as provided
herein with respect to such other securities.

 

    	 	 	 

     

    

 

(d)
Subdivisions and Combinations. In the event that the outstanding securities issuable upon exercise of this Warrant
are subdivided (by stock split, by payment of a stock dividend or otherwise) into a greater number of such securities, the number
of securities issuable upon exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently
with the effectiveness of such subdivision, be proportionately increased, and the Exercise Price shall be proportionately decreased,
and in the event that the outstanding securities issuable upon exercise of this Warrant are combined (by reclassification or otherwise)
into a lesser number of such securities, the number of securities issuable upon exercise of the rights under this Warrant immediately
prior to such combination shall, concurrently with the effectiveness of such combination, be proportionately decreased, and the
Exercise Price shall be proportionately increased.

 

(e)
Redemption; Conversion. In the event that all of the outstanding shares of Series A Preferred Stock are redeemed or converted
in accordance with the Company’s Amended and Restated Certificate of Incorporation, this Warrant shall thereafter be exercisable
for a number of shares of the Company’s common stock equal to the number of shares of common stock that would have been
received if this Warrant had been exercised in full immediately prior to such redemption or conversion and the preferred stock
received thereupon had been simultaneously converted into common stock.

 

(f)
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest
1/100th of a share, as applicable.

 

3.
[Intentionally Omitted].

 

4.
PURCHASE RIGHTS. In addition to any adjustments
pursuant to Section 2 above, if at any time prior to the consummation of the Company’s initial public offering of its common
stock and while this Warrant remains outstanding, the Company grants, issues or sells any options, convertible securities or rights
to purchase stock, warrants, securities or other property pro rata to the record holders of share of Series A Preferred Stock
or security into which it is converted or exchanged (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the same terms on which such Purchase Rights are offered to such record holders, the aggregate Purchase Rights
which the Holder could have acquired if the Holder had held the number of shares of securities acquirable upon complete exercise
of this Warrant immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights,
or, if no such record is taken, the date as of which the record holders of the securities into which this Warrant may be exercised
are to be determined for the grant, issue or sale of such Purchase Rights.

 

5.
NONCIRCUMVENTION. The Company shall not,
by amendment of its Amended and Restated Certificate of Incorporation, Bylaws or through any reorganization, transfer of assets,
consolidation, merger, scheme, arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out
all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder against impairment.

 

6.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER.
Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything
contained in this Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of
the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of
meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which
it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be
construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or
as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding
this Section 6, so long as this Warrant is outstanding, the Company shall provide the Holder with copies of the same notices and
other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

    	 	 	 

     

    

 

7.
REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered
in the name of the transferee, representing the right to purchase the number of Warrant Shares being transferred by the Holder
and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. The rights
and obligations of the Registration and Investor Rights Agreement may be assigned and transferred with any transfer of this Warrant.
For the abundance of clarity, there is no restriction on the assignment and transfer of this Warrant and the Registration and
Investor Rights Agreement, other than as provided by law, rule and regulation and the terms of the Registration and Investor Rights
Agreement and any other specific agreements between the Holder and the Company.

 

(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the
right to purchase the Warrant Shares then underlying this Warrant.

 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right
to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase
such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants
for fractional shares of Series A Preferred Stock shall be given.

 

(d)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Series
A Preferred Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant
Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is
the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

    	 	 	 

     

    

 

8.
COMPLIANCE WITH THE SECURITIES ACT.

 

(a)
Agreement to Comply with the Securities Act; Legends. The Holder, by acceptance of this Warrant, agrees to comply in all
respects with the provisions of this Section 8 and the restrictive legend requirements set forth on the face of this Warrant and
further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued
upon exercise hereof except under circumstances that will not result in a violation of the Securities Act of 1933, as amended
(the “Securities Act”). This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered
under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form:

 

“NEITHER
THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERSISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN
THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)
AN EXEMPTION FROM THE REGISTRATION UNDER SUCH ACT AND, IF THE COMPANY REQUESTS, DELIVERY TO THE COMPANY OF AN OPINION REASONABLY
SATISFACTORY TO THE COMPANY AS TO THE APPLICABILITY OF SUCH EXEMPTION, UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144
OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

(b)
Representations of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents, as
of the date hereof, to the Company by acceptance of this Warrant as follows:

 

(i)
The original Holder is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act. The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own
account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the
Warrant Shares, except pursuant to sales registered or exempted under the Securities Act.

 

(ii)
The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not
involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration
under the Securities Act only in certain limited circumstances.

 

    	 	 	 

     

    

 

9.
NOTICES. The Company will give notice
to the Holder (i) promptly upon each adjustment of the Exercise Price and the class and number of Warrant Shares, setting forth
in reasonable detail, and certifying, the calculation of such adjustment(s); and (ii) at least five (5) days prior to the date
on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the securities into
which this Warrant may be exercised, (B) with respect to any grants, issuances or sales of any options, convertible securities
or rights to purchase stock, warrants, securities or other property pro rata to record holders of the securities into which this
Warrant may be exercised, or (C) for determining rights to vote with respect to any dissolution or liquidation, provided in each
case that such information shall be made known to the public prior to or in conjunction with such notice being provided to the
Holder.

 

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, if delivered personally; (ii) when sent, if sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii)
when sent, if sent by e-mail by the sending party and the sending party does not receive an automatically generated message from
the recipient’s e-mail server that such e-mail could not be delivered to such recipient, provided that such sent
e-mail is kept on file (whether electronically or otherwise), and either (A) a copy of the relevant notice is sent on the same
day as such sent email in accordance with clause (i), (ii) or (iv) of this paragraph or (B) an authorized representative of the
Company affirmatively acknowledges receipt of such email by reply email or other written communication) and (iv) if sent by overnight
courier service, one (1) trading day after deposit with an overnight courier service with next day delivery specified, in each
case, properly addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications
shall be:

 

If
to the Company:

 

	 	Provention
    Bio, Inc.
	 	110
    Old Driftway Lane
	 	Lebanon,
    NJ 08833
	 	Attention:
    Chief Executive Officer

 

If
to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

Or,
in each of the above instances, to such other address, facsimile number or e-mail address 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 and recipient facsimile
number or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from an overnight courier service in accordance with clause (i), (ii) or (iv) above, respectively.

 

10.
AMENDMENT AND WAIVER. Except as otherwise
provided herein, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.
No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from
this Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege.

 

    	 	 	 

     

    

 

11.
SEVERABILITY. If any provision of this
Warrant 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 Warrant so long as this Warrant 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).

 

12.
GOVERNING LAW. This Warrant 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 State of Delaware and
the United States District Court for the District of Delaware for the purpose of any suit, action, proceeding or judgment relating
to or arising out of this Warrant. 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 Warrant. 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 WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
WAIVER.

 

13.
CONSTRUCTION; HEADINGS. This Warrant shall
be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof.
The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this
Warrant.

 

14.
DISPUTE RESOLUTION. In the case of a dispute
as to the determination of the Exercise Price, the fair market value or the arithmetic calculation of the Warrant Shares, as the
case may be, the Company or the Holder (as the case may be) shall submit the disputed determinations or arithmetic calculations
(as the case may be) via facsimile (i) within two (2) Business Days after receipt of the applicable notice giving rise to such
dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute, at any time after the
Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to agree upon such determination
or calculation (as the case may be) of the Exercise Price, the fair market value or the number of Warrant Shares (as the case
may be) within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Company
or the Holder (as the case may be), then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed
determination of the Exercise Price or the fair market value (as the case may be) to an independent, reputable investment bank
selected by the Company and reasonably acceptable to the Holder or (b) the disputed arithmetic calculation of the Warrant Shares
to the Company’s independent, outside accountant. The Company shall cause the investment bank or the accountant (as the
case may be) to perform the determinations or calculations (as the case may be) and notify the Company and the Holder of the results
as soon as reasonably practicable. Such investment bank’s or accountant’s determination or calculation (as the case
may be) shall be binding upon all parties absent demonstrable error. The fees and expenses of the investment bank or the accountant
shall be borne by the Company unless the number in question, as finally determined by such investment bank or accountant, is within
three percent (3%) of the Company’s originally proposed number, in which case such fees and expenses shall be borne by the
Holder.

 

    	 	 	 

     

    

 

15.
REMEDIES, CHARACTERIZATION, BREACHES AND INJUNCTIVE
RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available at law or
in equity. Each party acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the other party
and that the remedy at law for any such breach may be inadequate. The Company covenants to the Holder that there shall be no characterization
concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments,
exercises and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as
expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). Each party therefore
agrees that, in the event of any such breach or threatened breach, the other party shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond
or other security being required. The Company shall provide all information and documentation to the Holder that is requested
by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant.

 

16.
TRANSFER. This Warrant may be offered
for sale, sold, transferred or assigned without the consent of the Company, subject to compliance with Section 8 and other applicable
law. The issuance of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be made
without charge to the Holder or such shares for any issuance tax or other costs in respect thereof, provided that the Company
shall not be required to pay any tax (a) based upon the net income of the Holder or (b) that may be payable in respect of any
transfer involved in the issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.

 

17.
CERTAIN DEFINITIONS. For purposes of this
Warrant, the following terms shall have the following meanings:

 

(a)
“Bloomberg” means Bloomberg, L.P.

 

(b)
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City
of New York are authorized or required by law to remain closed.

 

    	 	 	 

     

    

 

(c)
“Expiration Date” means the date that is the seventh (7th) anniversary of the Issuance Date or,
if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”),
the next date that is not a Holiday.

 

(d)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(e)
“Principal Market” means the a national securities exchange in the United States or a recognized United States
trading medium which provides daily reports of the prices at which securities are offered and traded.

 

(f)
“Registration Rights Agreement” means the registration rights agreement entered into on even date herewith
for the benefit of, among others, the Holder.

 

(g)
“Series A Preferred Stock” means the Series A Preferred Stock, par value $0.0001 per share, of the Company.

 

[Signature
Page Follows]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to purchase Series A Preferred Stock to be duly executed as of the Issuance
Date set out above.

 

	 	PROVENTION
    BIO, INC.
	 	 
	 	By:	                                      
	 	Name:	 
	 	Title:	 
	 	 	 

    	 	 	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE Series A Preferred STOCK

 

PROVENTION
BIO, INC.

 

The
undersigned holder hereby exercises the right to purchase _________________ shares of Series A Preferred Stock (“Warrant
Shares”) of Provention Bio, Inc., a Delaware corporation (the “Company”), evidenced by the Warrant
to purchase Series A Preferred Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Warrant.

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________         
a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

____________
         a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.
Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the
Warrant Shares to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________
to the Company in accordance with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________
Warrant Shares in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, to the following
address:

 

	 	 	 
	 	 	 
	 	 	 
	 		 

 

	Date: _______________ __, ______	 
	 	 	 
	 	 	 
	Name of Registered Holder	 
	 	 
	By:	                                      	 
	Name:	 	 
	Title:	 	 

 

    	 	 	 

     

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares
of Series A Preferred Stock in accordance with the Transfer Agent Instructions dated _________, 20__, from the Company and acknowledged
and agreed to by _______________.

 

	 	PROVENTION
    BIO, INC.
	 	 	 
	 	By:
    	                    
	 	Name:	 
	 	Title:As
of September 19, 2016

 

Mr.
Ashleigh Palmer

Provention
Bio, Inc.

110
Old Driftway Lane

Lebanon,
NJ 08833

 

	 	Re:	Engagement
Agreement

 

Dear
Mr. Palmer:

 

This
letter agreement (the “Agreement”) confirms the terms and conditions that will govern the Provention Bio, Inc., a
Delaware corporation (together with its affiliates, subsidiaries, predecessors, and successors, the “Company”), engagement
(the “Engagement”) of MDB Capital Group, LLC (together with its affiliates, “MDB”) as the Company’s
exclusive financial advisor and placement agent in connection with an offering or series of offerings of Company securities.

 

1.
Exclusive Appointment; Services.

 

a.
Exclusive Appointment. The Company hereby appoints MDB to act as its exclusive placement agent and/or underwriter in connection
with the sale of its securities, including but not limited to equity, debt, equity-linked securities, or equity capital commitments
(“Securities”) to one or more financial, strategic, accredited, or other investors. The transactions currently contemplated
consist of the following: (1) a private placement of capital stock in an amount that will result in at least $25,000,000 million
in net proceeds to the Company based on a valuation of at least $25,000,000 prior to the consummation of the private placement
(the “Threshold Offering”); and (2) a firm commitment public offering of common stock for an amount of gross proceeds
to be determined, where the pre-money valuation of the Company will be at least $75,000,000. It is understood, however, that the
securities offered, number of securities, valuation, manner, gross proceeds amount, and timing of these contemplated transactions
may change, and more or fewer financing transactions may occur, but the exclusive appointment of MDB covers any and all offerings
or sales of any type or form, including but not limited to private placements, registered direct offerings, institutional offerings
under Rule 144A and similar arrangements, and public offerings, on any basis, including an agency or underwritten basis (each,
an “Offering”). Subject to consent by the Company, MDB may engage sub-agents and selected dealers and co-underwriters
in connection with any Offering.

 

The
Company shall use commercially reasonable efforts, subject to market conditions, to file an S-1 Registration Statement for an
initial public offering in approximately seven (7) months following the Closing of the Threshold Offering but not before six (6)
months following the Closing of the Threshold Offering. For the purposes of this Agreement, an IPO is to be an underwritten initial
public offering of the Company’s common stock.

 

During
the term of this Agreement, the Company will not, and the Company will not permit any of its advisors or representatives to, engage
any party other than MDB to act as selling agent, placement agent or underwriter for any Offering, or to perform any other financial
advisory, securities selling, underwriting or investment banking services for the Company. If the Company or, to the Company’s
knowledge, any of its subsidiaries, stockholders, members, partners, affiliates, advisors or representatives, is contacted by
any person concerning an Offering of Securities or expressing a desire to purchase Securities of the Company, the Company shall
provide to MDB all relevant details of the inquiry.

 

    	 

    	 

    

 

MDB
Engagement Letter 

As of September 19, 2016 

p. 2 of 13

 

b.
Services. MDB represents and warrants that it is a licensed broker/dealer under applicable federal and state securities
law. MDB shall assist the Company in identifying accredited and other investors, carrying out due diligence with respect to any
potential Offering(s), and analyzing, structuring, and negotiating the contemplated Offering(s) on the terms and conditions set
forth herein. In the case of Offerings that are not public, MDB shall undertake to arrange such transactions on a “best
efforts” basis; in the case of a public offering, where MDB is the managing or lead underwriter, it shall underwrite the
public offering, if any, on a “firm commitment” basis, in each case, consistent with this Agreement. However, nothing
contained herein constitutes a commitment or guarantee, express or implied, that any Offering will be consummated. MDB will not
have the power or authority to bind the Company to any sale of the Securities, and any Offering will be conducted at a price and
on terms satisfactory to the Company. MDB will have the right, but not the obligation, to determine the allocation of the Securities
among prospective purchasers, if necessary, provided that such allocation is reasonably acceptable to the Company.

 

2.
Compensation. As consideration for the services provided under this Agreement, the Company will pay MDB a fee as follows:

 

a.
Fee. The Company shall pay MDB a cash fee (the “Cash Fee”) equal to ten percent (10%) of the gross proceeds
from the sale of Securities in any Offering, which is due and payable immediately after the closing of an Offering (“Closing”).
Notwithstanding the foregoing, for the proposed Threshold Offering, the Cash Fee will be seven percent (7%) of the gross proceeds,
excluding an investment in the Threshold Offering made by Johnson & Johnson Innovation – JJDC, Inc. (“JJDC”)
and JDRF Therapeutics Fund, LLC (“JDRF”), for which no Cash Fee shall be paid by the Company to MDB.

 

If
the proceeds are paid in whole or in part in the form of Securities or property other than cash, the value of such Securities
or property, for purposes of calculating MDB’s fee, shall be deemed to be the fair market value thereof on the day prior
to the Closing, as the Company’s Board of Directors shall determine in its good faith estimate; provided, however, that
if such Securities consist of freely trading Securities for which there is an existing public trading market, the fair market
value thereof shall be deemed to be the average of the last sales prices for such Securities on the ten (10) trading days ending
five (5) days prior to Closing.

 

b.
Financing Warrants. In addition to the Cash Fee, immediately upon Closing, the Company shall sell to MDB warrants (“Warrants”)
to purchase the same type and character of equity Securities as are issued in the Offering or issuable on conversion of the Securities
issued in the Offering (e.g., Common Stock), in an amount equal to ten percent (10%) of the aggregate Securities issued
in the Offering for the purchase price of $1,000 (excluding any additional cost to exercise the Warrants); provided, however,
for the Threshold Offering, the percentage amount will be seven percent (7%), excluding the investment made by JJDC and JDRF in
the Threshold Offering for which no Warrants under this clause (b) shall be issuable by the Company to MDB and the exercise price
of the Warrants delivered in connection with the Threshold Offering shall be 100% of the offering price per share in such Threshold
Offering. Such Warrants will be for a term of seven (7) years; subject to any limitation imposed by the FINRA regulations in respect
of a public offering. In connection with any public Offering, the exercise price for the Warrants will be priced at not less than
120% (one hundred twenty percent) of the Offering price per share. In connection with any private Offering, including the Threshold
Offering, Warrants issued hereunder will have an exercise price equal to the per share or unit selling price of the Securities
sold to investors in the Offering. The Warrants will contain cashless exercise provisions and representations and warranties normal
and customary for warrants issued to placement agents or underwriters, including registration rights, a market standoff provision,
and will not be callable or terminable prior to the expiration date.

 

c.
Expenses. The Company is responsible for all costs and expenses associated with any Offering of its Securities, except
those that FINRA regulation requires to be borne by a selling agent, placement agent or underwriter. Promptly upon request, the
Company shall reimburse MDB for all reasonable out-of-pocket expenses incurred in connection with this Engagement, including but
not limited to reasonable travel, printing, and the fees and expenses of legal counsel and any other independent advisors selected
and retained by MDB (with the Company’s consent, which shall not be unreasonably withheld), subject to the following:

 

    	 

    	 

    

 

MDB
Engagement Letter 

As of September 19, 2016 

p.3 of 13

 

i.
MDB Expenses. With the exception of legal fees and expenses, any single expense in excess of $2,000 (two thousand dollars)
will not be incurred without the Company’s express written consent. Written consent will include email correspondence. In
connection with any public Offering, any advance of expenses will be on an accountable basis only, and the amount of expense reimbursement
will be as negotiated between the Company and MDB prior to commencement of the public Offering. For (i) the Threshold Offering,
the Company will be obligated to reimburse MDB no more than $20,000 for its expenses, which shall be paid at the closing of the
Threshold Offering and (ii) any public Offering.

 

ii.
Legal Expenses. Each party shall pay for its own legal fees and expenses. MDB shall be entitled to require for any Offering,
other than the Threshold Offering, an advance as a retainer amount for legal fees and expenses, a reasonable amount as is consistent
with counsel’s general requirements, which will be on an accountable basis only. For the Threshold Offering, the Company
shall be responsible for the legal fees and expenses of MDB in the amount of $50,000 on a non-accountable basis, which amount
will be paid at the closing of the Threshold Offering.

 

d.
Payments. All payments to be made to MDB hereunder will be made in cash by wire transfer of immediately available U.S.
funds. Except as expressly set forth herein, no fee payable to MDB hereunder shall be credited against any other fee due to MDB.
Any retainer or advance amount for a particular Offering will be an offset of the total amount due from the Company to be paid
at a closing.

 

3.
Manner of Offering; Representations and Warranties of the Company. The Company warrants and agrees that:

 

a.
Due Diligence. The Company will fully cooperate with MDB in any due diligence investigation reasonably requested by MDB
in connection with the Engagement and will furnish MDB with such information with respect to the business, operations, assets,
liabilities, financial condition and prospects of the Company, including but not limited to financial statements, closing certificates
of its senior officers regarding such information, and closing opinions of counsel and other independent advisors, and such other
documents as MDB may from time to time reasonably request (the “Company Information”) to assist in preparing a private
placement memorandum, registration statement, or similar document for use in connection with any Offering and will provide MDB
with access to the Company’s officers, directors, employees, accountants, counsel and other representatives necessary to
help consummate an Offering (collectively, the “Representatives”). The Company represents and warrants that all Company
Information provided to MDB will be complete and correct in all material respects and will not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading; provided that, the Company’s financial statements
shall be prepared in accordance with generally accepted accounting principles (“GAAP”) unless otherwise noted therein.
The Company acknowledges and confirms that MDB (i) will use and rely upon the accuracy and completeness of all such Company Information
without independently investigating or verifying same; (ii) has not been retained to independently verify any such Company Information;
(iii) assumes no responsibility for the accuracy, completeness, or adequacy for any purpose of such Company Information or any
other information regarding the Company; and (iv) will not make any appraisal of any assets of the Company.

 

b.
Offering Materials. The Company will be solely responsible for the contents of the private placement memorandum, registration
statement, or other offering document (as such may be amended or supplemented from time to time, and including any information
incorporated therein by reference, the “Offering Materials”) and any and all other written or oral communications
provided by or on behalf of the Company (excluding any communication made directly by MDB) to any actual or prospective purchaser
of the Securities, and the Company represents and warrants that the Offering Materials (other than with respect to any financial
projections contained therein, if any), registration statement, and such other communications will not, as of the date of the
offer or sale of the Securities, contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading; provided that the Company’s financial statements shall be prepared in accordance with GAAP unless noted
otherwise. With respect to any financial projections that may be contained in the Offering Materials (the “Projections”),
the Company represents and warrants that the Projections will be made with a reasonable basis and in good faith and that the Projections
will represent the best then-available estimate and judgment as to the future financial performance of the Company based on the
assumptions to be disclosed therein, which assumptions will be all the assumptions that are material in forecasting the financial
results of the Company and which will reflect the best then-available estimate of the events, contingencies and circumstances
described therein. The Company shall authorize, in each instance, MDB to provide the Offering Materials and related communications
to prospective and final purchasers of the Securities, provided, however, the Company in its sole discretion will determine if,
when and how copies of the license agreements on which its science and products will be based may be provide to prospective and
final purchasers of the Securities, unless in the public domain.

 

    	 

    	 

    

 

MDB
Engagement Letter 

As of September 19, 2016 

p.4 of 13

 

If,
at any time prior to the completion of the offer and sale of the Securities, an event occurs that would cause the Offering Materials
or other selling communications to contain an untrue statement of a material fact or to omit to state a material fact necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or that would
cause a material change in the Company’s view of the likelihood of achievement of the Projections or the reasonableness
of the underlying assumptions, then the Company will notify MDB immediately of such event, and MDB will suspend solicitations
of the prospective purchasers of the Securities until such time as the Company shall prepare a supplement or amendment to the
Offering Materials and selling communications that corrects such statement or omission or revises the Projections or such assumptions.

 

c.
Compliance with State Securities Laws. The Company will be solely responsible for all applicable state securities law compliance
with respect to the offer and sale of the Securities, including the timely making of any filings or taking other actions required
under the applicable securities or “blue sky” laws or regulations. The Company, for private placements that are offered
in the State of New York and other Offerings that require it, will file a Company registration form, consent to service, and state
notice and further state notice for each Offering. The Company will provide MDB with copies of any pertinent filings at the time
they are made, and to the extent any filing contains information relating to MDB and/or the terms of this Engagement, MDB will
be provided a copy of the intended filing sufficiently in advance to permit time for review and comment. Compliance with state
securities laws will be at the Company’s sole expense. For any public Offerings, the Company will cause its counsel to provide
to MDB and any other members of an offering syndicate a preliminary and final blue sky memorandum and, if necessary, any interim
updates.

 

d.
Offerings Exempt from Registration. To the extent that any Offering is designated as one to be made pursuant to an applicable
exemption from registration under the Securities Act of 1933, as amended (the “Act”), the Company agrees that it will
not knowingly, directly or indirectly, make any offer or sale of any Securities which would cause the contemplated Offering to
fail to be entitled to the applicable exemption or unreasonably limit the availability of a public registered Offering or an Offering
in which MDB will act. In particular, the Company represents and warrants to MDB that it has not knowingly, directly or indirectly,
made any offers or sales of Securities which would cause the Offering of the Securities contemplated hereunder to fail to be entitled
to the exemption from registration afforded by Section 4(a)(2) of the Act. As used herein, the terms “offer” and “sale”
have the meanings specified in Section 2(3) of the Act.

 

To
the extent that an Offering is designated as one to be made pursuant to Regulation D under the Act, the offer and sale of the
Securities will comply with certain requirements of Regulation D, including, without limitation, the requirements that:

 

(i)
The Company will not offer or sell the Securities by means of any form of general solicitation or general advertising, without
the express written consent of MDB.

 

(ii)
The Company will not offer or sell the Securities to any person who is not an “accredited investor” (as defined in
Rule 501 under the Act).

 

    	 

    	 

    

 

MDB
Engagement Letter 

As of September 19, 2016 

p.5 of 13

 

(iii)
The Company will exercise reasonable care to assure that the purchasers of the Securities are not underwriters within the meaning
of Section 2(11) of the Act and, without limiting the foregoing, that such purchasers will comply with Rule 502(d) under the Act.

 

(iv)
The Company will not make any filings with the Securities and Exchange Commission with respect to the offer and sale of the Securities
without prior notification to MDB.

 

The
Company represents and warrants that it and any predecessor of the Company, any affiliated issuer of the Company, any Company
director, executive officer, other officer participating in the Offering, any general partner or managing member of the Company,
if any, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, any promoter connected
with the Company in any capacity at the time of the Offering, any Company person or other person (excluding the MDB persons) that
has been or will be paid remuneration for the solicitation of purchasers in connection with the Offering is not now or at the
time of the Offering then subject to any of the “Bad Actor” disqualifications set forth in Rule 506(d) of Regulation
D, promulgated under the Securities Act.

 

e.
Bad Boy Representation by MDB. MDB represents and warrants to the Company that it and any predecessor of MDB, any affiliated
person of MDB, any MDB executive officer, other officer participating in an Offering, any managing member of MDB, any beneficial
owner of 20% or more of MDB’s outstanding voting equity securities, any MDB persons that has been or will be paid remuneration
for the solicitation of purchasers in connection with the Offering is not now or at the time of an Offering then subject to any
of the “Bad Actor” disqualifications set forth in Rule 506(d) of Regulation D, promulgated under the Securities Act.

 

f.
Use of Proceeds. None of the proceeds of the Offering will be used to make or repay loans to, or purchase assets from,
any officer, director or executive management of the Company, or any sponsor, general partner, manager or advisor or any of the
Company’s affiliates. The Company will pay immediately at Closing the fees and expenses of its counsel and the counsel to
the founders of the Company, incurred in connection with this transaction up to an aggregate of $15,000 and all the other expenses
directly associated with the Offering and the licensing of certain rights to medical technology and related intellectual property.
The remaining proceeds of the transaction will be used for general working capital purposes.

 

g.
Independent Directors. At the time of the closing of the Threshold Offering, the Company board of directors will be composed
of five (5) members, with one director to be designated by JJDC, who initially will be Francisco Leon, one director to be designated
by Company’s founders, Ashleigh Palmer and Francisco Leon who will initially be Ashleigh Palmer, two directors to be designated
by MDB who will initially be Cameroon Gray and Anthony DiGiandomenico, and one independent director mutually acceptable to the
Company, JJDC and MDB. At the time of the listing of the Securities on a national exchange, the Company shall identify and have
as its members independent directors in number satisfying the listing standards of the national exchange, using the standards
for independent board members set forth in NASD Rule 5605(b) or equivalent.

 

h.
No Disciplinary Action. Neither the Company, nor any officer, director, or executive management of the Company, nor any
sponsor, general partner, manager, advisor, or affiliate of the Company, has been the subject of SEC, FINRA, or state disciplinary
actions or proceedings or criminal complaints within the last ten years, except as identified in Schedule C hereto.

 

i.
Audits. The Company shall be solely responsible for performing, and shall perform, all financial audits necessary to meet
the requirements of a registration statement for use in a public Offering and listing requirements of the NASDAQ, NYSE, or AMEX
exchanges, as appropriate. The Company will engage an independent certified public accounting firm, registered with the PCAOB,
to perform and complete audits of the financial statements that is reasonably acceptable to the Company’s Board of Directors.

 

j.

 

    	 

    	 

    

 

MDB
Engagement Letter 

As of September 19, 2016 

p.6 of 13

 

k.
Lock-Up Period. In the event of an Offering that is an IPO or other public Offering, then all Securities held by officers,
directors and employees of the Company, Vactech Oy and Adoption, LLC and other holders of 5% or more of the Company’s Securities
issued and outstanding immediately prior to the IPO, Securities received pursuant to a merger, combination or consolidation, if
any, which closes within 180 days of the IPO closing, and all Securities issued as part of a Fee or shares of Common Stock underlying
Warrants received by MDB hereunder may not be sold or redeemed for a period of 12 months following the consummation of the IPO
or other public Offering. Additionally, any persons purchasing Securities in any private Offering that are “restricted securities”
will agree not to sell their equity Securities acquired in or acquirable as a result of the Offering that is an IPO for a period
of six months after the IPO. The lock up will not apply to any shares that are purchased in the IPO or in the public securities
market. MDB will have the right to release any of the securities subject to the lock up provisions in its discretion.

 

l.
Investor Relations Firm; Investor Conference Calls. For a period of two (2) years from the Closing of an Offering that
is public, the Company shall retain an investor relations firm reasonably acceptable to the Board of Directors of the Company,
with reasonable consideration given to any recommendations made by MDB

 

m.
Post-Offering Commitments. For a period of two (2) years from the Closing of an Offering that is public, the Company shall
subscribe to the Depository Trust Clearing Corporation weekly transfer sheet reports, and provide such reports to MDB immediately
upon receipt.

 

4.
Confidentiality. The terms and conditions of the Mutual Non-Disclosure Agreement entered into between the parties (the
“NDA”) will continue to govern the treatment of Confidential Information (as defined in the NDA) exchanged by the
parties in connection with the performance of this Agreement; the term of the NDA shall be deemed extended, if necessary, to coincide
with the Term of this Agreement. Notwithstanding any provision of the NDA to the contrary, MDB is authorized to transmit to any
prospective sub-agent and investor in the Offering the following: confidential material furnished by the Company or prepared by
MDB in conjunction with the Company for transmission to prospective sub-agents and investors; and forms of purchase agreements
and any other legal documentation supplied to MDB for transmission to any prospective sub-agent and investor by or on behalf of
the Company. The Company authorizes MDB to execute, on the Company’s behalf, confidentiality agreements in a form acceptable
to the Company with such prospective sub-agents and investors.

 

Notwithstanding
any of the foregoing, MDB is authorized to transmit to any prospective investor the following: confidential material furnished
by the Company or prepared by MDB in conjunction with the Company for transmission to prospective investors; and forms of purchase
agreements and any other legal documentation supplied to MDB for transmission to any prospective investor by or on behalf of the
Company; provided the Company has previously approved of the prospective investor and/or dissemination of information. The Company
authorizes MDB to execute, on the Company’s behalf, confidentiality agreement in a form acceptable to the Company with such
prospective investors.

 

5.
Indemnification. The Company agrees to indemnify MDB, any sub-agents and their related persons in accordance with the indemnification
agreement attached as Exhibit A, which is incorporated herein by this reference. The provisions of Exhibit A shall survive any
termination or expiration of this Agreement.

 

6.
Term and Termination. MDB’s Engagement will commence upon the execution of this Agreement and end six months after
the execution of this Agreement (the “Initial Term”), which will be automatically extended on a month to month basis
thereafter until the closing of the Threshold Offering or after the Initial Term upon 10 calendar days’ written notice of
termination given by one party to the other. The Agreement will be automatically extended for an additional 270 day period after
the closing of the Threshold Offering, provided however, if the registration statement for the IPO is filed and not effective
during the foregoing 270 day period, then the 270 day period will extend until the registration statement is declared effective
(the 270 day period, as it may be extended, is referred to as the “Extension Term”). During the Initial Term, and
if there is an Extension Term, during the Extension Period, this Agreement may not be terminated by the Company absent fraud,
gross misconduct or intentional misrepresentation by MDB. Upon termination of this Agreement for any reason, the rights and obligations
of the parties hereunder shall terminate, except for the obligations set forth in Sections 2, 3a-c, h-m, 4, 5, 6, 9-18 and 20,
and Exhibit A, which shall survive termination.

 

    	 

    	 

    

 

MDB
Engagement Letter 

As of September 19, 2016 

p.7 of 13

 

Notwithstanding
any termination of this Agreement, the Company will cooperate fully with MDB by promptly providing information, facilitating introductions,
and cooperating with investigations for the limited purposes of enabling MDB to ensure compliance with the terms of this Agreement
and assisting MDB in fulfilling its due diligence, reporting, or legal obligations in connection with the Engagement. Any Confidential
Information provided for this purpose will be subject to confidential treatment by MDB as set forth herein at Section 4.

 

7.
Additional Services. Should the Company request MDB to perform any services or act in any capacity not specifically addressed
in this Agreement, such services or activities shall constitute separate engagements, the terms and conditions of which will be
embodied in separate written agreement(s) and will include appropriate indemnification provisions. The indemnity provisions of
Exhibit A shall apply to any such additional engagements (whether or not covered by a separate written agreement), unless and
until superseded by a written indemnity provision set forth in a subsequent agreement.

 

8.
Other Transactions; Disclaimers. The Company acknowledges that MDB is engaged in a wide range of investing, investment
banking and other activities (including investment management, corporate finance, securities issuance, trading and research and
brokerage activities) from which conflicting interests or duties, or the appearance thereof, may arise. Information held elsewhere
within MDB but not accessible (absent a breach of internal procedures) to its investment banking personnel providing services
to the Company will not under any circumstances affect MDB’s responsibilities to the Company hereunder. The Company further
acknowledges that MDB and its affiliates have and may continue to have investment banking, broker-dealer and other relationships
with parties other than the Company pursuant to which MDB may acquire information of interest to the Company. MDB shall have no
obligation to disclose to the Company or to use for the Company’s benefit any such non-public information or other information
acquired in the course of engaging in any other transaction (on MDB’s own account or otherwise) or otherwise carrying on
the business of MDB. The Company further acknowledges that from time to time MDB’s independent research department may publish
research reports or other materials, the substance and/or timing of which may conflict with the views or advice of MDB’s
investment banking department and/or which may have an adverse effect on the Company’s interests in connection with the
transactions contemplated hereby or otherwise. In addition, the Company acknowledges that, in the ordinary course of business,
MDB may trade the securities of the Company for its own account and for the accounts of its customers, and may at any time hold
a long or short position in such securities. MDB shall nonetheless remain fully responsible for compliance with federal securities
laws in connection with such activities.

 

It
is expressly understood and agreed that MDB has not provided and is not undertaking to provide any advice to the Company relating
to legal, regulatory, accounting, or tax matters. The Company acknowledges and agrees that it has relied and will continue to
rely on the advice of its own legal, tax and accounting advisors in all matters relating to any Offering contemplated hereunder.

 

The
Company further acknowledges and agrees that MDB will act solely as an independent contractor hereunder, and that MDB’s
responsibility to the Company is solely contractual in nature and that MDB does not owe the Company or any other person or entity,
including but not limited to its shareholders, any fiduciary or similar duty as a result of the Engagement or otherwise.

 

The
Company agrees that neither MDB nor any of its controlling persons, affiliates, directors, officers, employees or consultants
shall have any liability to the Company or any person asserting claims on behalf of or in right of the Company for any losses,
claims, damages, liabilities or expenses arising out of or relating to the Engagement, unless it is finally judicially determined
that such losses, claims, damages, liabilities or expenses resulted solely from the gross negligence or willful misconduct of
MDB.

 

    	 

    	 

    

 

MDB
Engagement Letter 

As of September 19, 2016 

p.8 of 13

 

9.
Work Product and Announcements. MDB’s advice shall be the sole proprietary work product and intellectual property
of MDB, and such advice may not be disclosed, in whole or in part, to third parties other than the Company’s professional
advisors, as necessary, without the prior written permission of MDB unless such disclosure is required by law. The Company acknowledges
that MDB, at its option and expense, and no earlier than the first to occur of (i) the signing of definitive agreements regarding
the Offering or (ii) the public announcement of the Offering, may place announcements and advertisements or otherwise publicize
the Offering (which may include the reproduction of the Company’s logo and a hyperlink to the Company’s website) on
MDB’s website and in such financial and other newspapers and journals as it may choose, stating that MDB has acted as an
agent in connection with or advised the Company about such Offering.

 

10.
Complete Agreement; Amendments; Assignment. This Agreement and the NDA referred to in Section 4 of this Agreement, together
set forth the entire understanding of the parties relating to the subject matter hereof and supersedes and cancels any other prior
communications, understandings and agreements, whether oral or written, between MDB and the Company. This Agreement may not be
amended or modified except in writing. The rights of MDB hereunder shall be freely assignable to any affiliate of MDB, and this
Agreement shall apply to, inure to the benefit of and be binding upon and enforceable against each of the parties and their successors
and assigns.

 

11.
Third Party Beneficiaries. This Agreement is intended solely for the benefit of the parties hereto and, with the exception
of the rights and benefits conferred upon the Indemnified Parties by Section 5 and Exhibit A of this Agreement, shall not be deemed
or interpreted to confer any rights upon any third parties.

 

12.
Governing Law; Jurisdiction; Venue. All aspects of the relationship created by this Agreement shall be governed by and
construed in accordance with the laws of the State of New York, applicable to contracts made and to be performed in New York,
without regard to its conflicts of laws provisions. All actions and proceedings which are not submitted to arbitration pursuant
to Section 14 hereof shall be heard and determined exclusively in the state and federal courts located in the County of New York,
State of New York, and the Company and MDB hereby submit to the jurisdiction of such courts and irrevocably waive any defense
or objection to such forum, on forum non conveniens grounds or otherwise. The parties agree to accept service of process by mail,
to their principal business address, addressed to the chief executive officer and secretary thereof. The parties hereby agree
that this Section 12 shall survive the termination and/or expiration of this Agreement.

 

13.
Business Covenants. The Company will have a capital structure reasonably acceptable to MDB at the time of the closing of
the Threshold Offering and the IPO. The parties agree that an all common stock structure is an acceptable structure for the IPO.

 

As
a condition to closing the Threshold Offering, the Company will have entered into license agreements with Janssen Pharmaceuticals,
LLC, for specified medical technologies.

 

The
Company will adopt at or before the closing of the Threshold Offering an employee stock option or equity plan reasonably acceptable
to the Board of Directors, which will provide for not more than fifteen percent (15%) of the issued and outstanding common equity,
on a fully diluted basis, post money capitalization, which plan may be on an evergreen basis.

 

As
it is contemplated that the Threshold Offering will be a series of preferred stock, the terms of the preferred stock will be as
negotiated between the Company and the principal investors, and will be generally reflected in a term sheet, that will be prepared
by MDB and negotiated among MDB, the principal investors and the principal shareholders of the Company.

 

14.
Arbitration. Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination,
enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to
arbitrate, shall be determined by arbitration in Dallas, Texas (with the exception of claims to enforce the indemnity provision
contained herein, which may, at the option of the party seeking relief, be submitted either to arbitration or to any court of
competent jurisdiction). The arbitration shall be administered either by FINRA Dispute Resolution pursuant to its Code of Arbitration
Procedure, or if FINRA cannot or does not accept the arbitration, by JAMS pursuant to its Streamlined Arbitration Rules and Procedures.
Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional
remedies in aid of arbitration from a court of appropriate jurisdiction.

 

    	 

    	 

    

 

MDB
Engagement Letter 

As of September 19, 2016 

p.9 of 13

 

The
arbitrator may, in the award, allocate all or part of the costs of the arbitration, including the fees of the arbitrator and the
reasonable attorneys’ fees of the prevailing party.

 

The
parties hereby agree that this Section 14 shall survive the termination and/or expiration of this Agreement.

 

15.
Severability. Should any one or more covenants, restrictions and provisions contained in this Agreement be held for any
reason to be void, invalid or unenforceable, in whole or in part, such unenforceability will not affect the validity of any other
term of this Agreement, and the invalid provision will be binding to the fullest extent permitted by law and will be deemed amended
and construed so as to meet this intent. To the extent any provision cannot be so amended or construed as a matter of law, the
validity of the remaining provisions shall be deemed unaffected and the illegal or invalid provision will be deemed stricken from
this Agreement.

 

16.
Section Headings. The section headings herein are for convenience of reference only, and shall not limit or otherwise affect
the meaning hereof.

 

17.
Accounting. Any calculation, computation or accounting that may be required under this Agreement shall be made in accordance
and conformity with GAAP and other standards as determined by the Financial Accounting Standards board and regulatory agencies
with appropriate jurisdiction.

 

18.
Counterparts. This Agreement may be executed via facsimile transmission and may be executed in separate counterparts, each
of which shall be deemed to be an original and all of which together shall constitute a single instrument.

 

19.
Patriot Act. MDB hereby notifies the Company that pursuant to the requirements of the USA PATRIOT Act (the “Patriot
Act”), it is required to obtain, verify and record information that identifies the Company in a manner that satisfies the
requirements of the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act.

 

20.
Notice. All notices, demands, and other communications to given pursuant to this Agreement shall be in writing and shall
be personally delivered, sent by overnight delivery using a nationally recognized courier service, sent by facsimile transmission,
or emailed. Notice shall be deemed received: (a) if personally delivered, upon the date of delivery to the address of the receiving
party; (b) if sent by overnight courier, the date actually received by the recipient; (c) if sent by facsimile or email, when
sent. The parties will each promptly notify the other of any changes to the following contact information.

 

	Notices
    to MDB shall be sent to: 	Notices
    to the Company shall be sent to:
	 	 
	MDB
    Capital Group, LLC 	Mr.
    Ashleigh Palmer__________
	2425
    Cedar Springs Road 	Provention
    Bio, Inc.
	Dallas,
    Texas 75201 	110
    Old Driftway Lane
	 	Lebanon,
    NJ 08833
	Fax:
    (310) 526-5020 	Fax:
    
	Email:
    d@mdb.com	Email:
    apalmre@celimmune.com 

 

[Signature
Pages Follow]

 

    	 

    	 

    

 

If
the above accords with your understanding and agreement, kindly indicate your consent hereto by signing below. We look forward
to a long and successful relationship with you.

 

Very
truly yours,

 

	MDB
    CAPITAL GROUP, LLC	 
	 	 	 
	 /s/
    Gary Schuman	 
	By:
    	Gary
    Schuman	 
	Its:
    	Chief
    Financial Officer 	 

 

ACCEPTED
AND AGREED TO

AS
OF THE DATE FIRST ABOVE WRITTEN:

 

	PROVENTION
    BIO, INC. 	 
	 	 	 
	 /s/
    Ashleigh Palmer	 
	By:
    	Ashleigh
    Palmer	 
	Its:
    	 	 

 

    	 

    	 

    

 

EXHIBIT
A

 

MDB
Capital Group, LLC

2425
Cedar Springs Road

Dallas,
Texas 75201

 

Ladies
and Gentlemen:

 

In
further consideration of the engagement by Provention, Inc. (the “Company”) of MDB Capital Group, LLC (“MDB”)
to act as the Company’s exclusive placement agent in connection with a potential Offering or Offerings of securities, as
such engagement is described in that letter agreement between us of even date (the “Engagement Agreement”), the Company
agrees to indemnify MDB and certain other persons provided for herein, as follows:

 

A.
Indemnification Generally. The Company hereby agrees to indemnify and hold harmless MDB Capital and any sub-agents for
any private offering, co-underwriters and selected dealers for any public offering of the securities of the Company, and their
respective directors, officers, agents, employees, members, affiliates, subsidiaries, counsel, and each other person or entity
who controls MDB, such sub-agent, co-underwriter and selected dealer or any of their respective affiliates within the meaning
of Section 15 of the Securities Act (collectively, the “Indemnified Parties”) to the fullest extent permitted by law
from and against any and all third party losses, claims, damages, expenses, or liabilities (or actions in respect thereof) (“Losses”),
joint or several, to which they or any of them may become subject under any statute or at common law, and to reimburse such Indemnified
Parties for any reasonable legal or other expense (including but not limited to the cost of any investigation, preparation, response
to third party subpoenas) incurred by them in connection with any litigation or administrative or regulatory action (“Proceeding”),
whether pending or threatened, and whether or not resulting in any liability, insofar as such losses, claims, liabilities, or
litigation arise out of or are based upon (1) the engagement of MDB pursuant to the Engagement Agreement or subsequent agreement
between the Company and MDB; (2) the Offering of Company Securities contemplated by the Engagement Agreement or subsequent agreement
between the Company and MDB; (3) any other matter referred to or contemplated by the Engagement Agreement or subsequent agreement
between the Company and MDB; (4) any untrue statement or alleged untrue statement of any material fact contained in the private
placement memorandum, offering materials, registration statement, or other offering or selling document (as may be amended or
supplemented and including any information incorporated therein by reference, the “Company Documentation”), or in
any other written or oral communication provided by or approved on behalf of the Company to any actual or prospective purchaser
of Securities (as that term is defined in the Engagement Agreement), unless such untrue statement or alleged untrue statement
arises solely from information supplied by any members, officers, agents or employees of MDB, in writing specifically for use
therein; or (5) the omission or alleged omission to state in the Company Documentation a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided,
however, that while the indemnity provisions herein shall include any and all claims regardless of whether due to an Indemnified
Party’s negligence, active or passive, contributed to losses, they shall not apply to (i) amounts paid in settlement of
any such litigation if such settlement is effected without the consent of the Company, which consent will not be unreasonably
withheld, or (ii) Losses arising from the willful misconduct or gross negligence of Indemnified Parties (the “Exclusions”);
and provided that the Company will not be responsible for the fees and expenses of more than one counsel to all Indemnified
Parties, in addition to appropriate local counsel.

 

B.
Reimbursement. The Company will reimburse all Indemnified Parties for all reasonable expenses (including, but not limited
to, reasonable fees and disbursements of counsel for the Indemnified Parties) incurred by any such Indemnified Parties in connection
with investigating, preparing, and defending any such action or claim, whether or not in connection with pending or threatened
litigation in connection with the transaction to which an Indemnified Parties is a party, promptly as such expenses are incurred
or paid, unless requested in connection with the Exclusions or unless the Indemnified Parties request they be paid in advance
pursuant to Subsection C below.

 

    	 

    	 

    

 

C.
Advances. Notwithstanding any other provision hereof or any other agreement between the parties, the Company shall advance,
to the extent not prohibited by law, all expenses reasonably anticipated to be incurred by or on behalf of the Indemnified Parties
in connection with any Proceeding, whether pending or threatened, within fifteen (15) days of receipt of a statement or statements
(“Statement(s)”) from the Indemnified Parties, or any of them, requesting such advances from time to time, except
for Exclusions. If, due to conflict or other issues, the Indemnified Persons engage more than one law firm to represent them (or
any of them), the Company’s indemnification obligations under this Schedule A shall only apply as against one law firm representing
the Indemnified Parties. Any Statement requesting advances shall evidence the expenses anticipated or incurred by the Indemnified
Parties with reasonable particularity and may include only those expenses reasonably expected to be incurred within the 180-day
period following each Statement. In the event some portion of the amounts advanced pursuant to this Section C are unused, or in
the event a court of ultimate jurisdiction determines that the Indemnified Parties are not entitled to be indemnified against
certain expenses, Indemnified Parties shall return the unused or disallowed portion of any advances within thirty (30) days of
the final disposition of any Proceeding to which such advances pertain, together with interest thereon at an annual percentage
rate of 6%.

 

D.
Contribution. If such indemnification is for any reason not available or insufficient to hold an Indemnified Party harmless,
the Company agrees promptly to contribute to the Losses involved in such proportion as is appropriate to reflect the relative
benefits received (or anticipated to be received) by the Company, on the one hand, and by MDB, sub-agents, co-underwriters, and
selected dealers, on the other hand, with respect to the Engagement or, if such allocation is determined by a court or arbitral
tribunal to be unavailable, in such proportion as is appropriate to reflect other equitable considerations such as the relative
fault of the Company on the one hand and of MDB, sub-agents, co-underwriters, and selected dealers on the other hand; provided,
however, that, to the extent permitted by applicable law, the Indemnified Parties shall not be responsible for amounts
which in the aggregate are in excess of the amount of all cash fees, exclusive of costs, actually received by MDB, sub-agents,
co-underwriters, and selected dealers from the Company at the Closing in connection with the Engagement or any amounts recovered
through insurance or other administrative means available to MDB, sub-agents, co-underwriters, and selected dealers, which shall
be used as a means of recovery of first resort. Relative benefits to the Company, on the one hand, and to MDB, sub-agents, co-underwriters,
and selected dealers, on the other hand, with respect to the Engagement shall be deemed to be in the same proportion as (i) the
total value received or proposed to be received by the Company in connection with the Offering, whether or not consummated, bears
to (ii) all fees received or proposed to be received by MDB, sub-agents, co-underwriters, and selected dealers in connection with
the engagement. Relative fault shall be determined, in the case of Losses arising out of or based on any untrue statement or any
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company to MDB, sub-agents, co-underwriters, and selected dealers and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act of 1933, as amended)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

E.
No Liability Without Gross Negligence or Misconduct. The Company agrees that no Indemnified Party shall have any liability
to the Company or its respective owners, successors, heirs, parents, affiliates, security holders or creditors for any Losses,
except to the extent such Losses are determined, by a final, non-appealable judgment by a court or arbitral tribunal of competent
jurisdiction, to have resulted from such Indemnified Person’s gross negligence, willful misconduct, fraud or intentional
misrepresentation.

 

F.
Notice. MDB, sub-agents, co-underwriters, and selected dealers separately agree, promptly upon receipt, to notify the Company
in writing of the receipt of written notice of the commencement of any action against it or against any other Indemnified Parties,
in respect of which indemnity may be sought hereunder; however, the failure so to notify the Company will not relieve it from
liability under Sections A above unless and to the extent it did not otherwise learn of such action and such failure results in
the forfeiture by the Company of substantial rights or defenses.

 

    	 

    	 

    

 

G.
Settlement. The Company will not, without the Indemnified Party’s prior written consent, settle, compromise, or consent
to the entry of any judgment in or otherwise seek to terminate any pending Proceeding in respect of which indemnification may
be sought hereunder (whether or not any Indemnified Party is a party therein) unless the Company has given the Indemnified Party
reasonable prior written notice thereof and such settlement, compromise, consent or termination includes an unconditional release
of each Indemnified Party from any liabilities arising out of such Proceeding. The Company will not permit any such settlement,
compromise, consent or termination to include a statement as to, or an admission of, fault, culpability or a failure to act by
or on behalf of an Indemnified Party, without such Indemnified Party’s prior written consent. No Indemnified Party seeking
indemnification, reimbursement or contribution under this Agreement will, without the Company’s prior written consent, settle,
compromise, consent to the entry of any judgment in or otherwise seek to terminate any Proceeding referred to herein.

 

H.
Survival; Successors. The indemnity, contribution and expense reimbursement obligations set forth herein shall be in addition
to any liability the Company may have to any Indemnified Party at common law or otherwise, and shall remain operative and in full
force and effect notwithstanding the termination of this Agreement, the closing of the contemplated Offering, and any successor
of any Indemnified Parties shall be entitled to the benefit of the provisions hereof. Prior to entering into any agreement or
arrangement with respect to, or effecting, any merger, statutory exchange or other business combination or proposed sale or exchange,
dividend or other distribution or liquidation of all or a significant portion of its assets in one or a series of transactions
or any significant recapitalization or reclassification of its outstanding securities that does not directly or indirectly provide
for the assumption of the obligations of the Company set forth herein, the Company will promptly notify the Indemnified Parties
in writing thereof and, if requested by the Indemnified Parties, shall arrange in connection therewith alternative means of providing
for the obligations of the Company set forth herein, including the assumption of such obligations by another party, insurance,
surety bonds or the creation of an escrow, in each case in an amount and on terms and conditions reasonably satisfactory to the
Indemnified Parties.

 

I.
Consent to Jurisdiction; Attorneys’ Fees. Solely for the purpose of enforcing the Company’s obligations hereunder,
the Company consents to personal jurisdiction, service and venue in any court proceeding in which any claim subject to this Agreement
is brought by or against any Indemnified Party. In any action for enforcement of this indemnity provision, the prevailing party
shall be entitled to recover all costs, including reasonable attorneys’ fees, of bringing such an action.

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