Document:

Exhibit 10.1

 

PARETEUM CORPORATION

AMENDED

2018 LONG-TERM INCENTIVE COMPENSATION
PLAN

 

ARTICLE I

PURPOSE

 

Section 1.1 Purpose. This 2018 Long-Term
Incentive Compensation Plan (the “Plan”) is established by Pareteum Corp., a Delaware corporation (the “Company”),
to create incentives which are designed to motivate Participants to put forth maximum effort toward the success and growth of the
Company and to enable the Company to attract and retain experienced individuals who by their position, ability and diligence are
able to make important contributions to the Company’s success. Toward these objectives, the Plan provides for the grant of
Options, Restricted Stock Awards, Stock Appreciation Rights (“SARs”), Performance Units and Performance Bonuses to
Eligible Employees and the grant of Nonqualified Stock Options, Restricted Stock Awards, SARs and Performance Units to Consultants
and Eligible Directors, subject to the conditions set forth in the Plan.

 

Section 1.2 Establishment. The Plan
is effective as of July 30, 2018 and for a period of ten years thereafter. The Plan shall continue in effect until all matters
relating to the payment of Awards and administration of the Plan have been settled. The Plan is subject to approval by the Company’s
stockholders in accordance with applicable law which approval must occur within the period ending twelve months after the date
the Plan is adopted by the Board. Pending such approval by the stockholders, Awards under the Plan may be granted, but no such
Awards may be exercised prior to receipt of stockholder approval of the Plan. In the event stockholder approval is not obtained
within a twelve-month period, all Awards granted shall be void.

 

Section 1.3 Shares Subject to the Plan.
Subject to the limitations set forth in the Plan, Awards may be made under this Plan for a total of 8,000,000 shares of the Company’s
common stock, par value $.00001 per share (the “Common Stock”), all of which may be issued in respect of Incentive
Stock Options.

 

Section 1.4 Automatic Increases of Shares
Subject to the Plan. Notwithstanding Section 1.3 above, on the first day of each calendar year, commencing January 1, 2019,
or the first business day of the calendar year if the first day of the calendar year falls on a Saturday or Sunday, the Awards
of Common Stock available under the Plan will automatically increase in an amount equal to the lesser of (i) 15% of the total number
of shares of Common Stock outstanding as of December 31st of the preceding fiscal year or
(ii) such number of shares of Common Stock as determined by the Board.

 

ARTICLE II

DEFINITIONS

 

Section 2.1 “Account”
means the recordkeeping account established by the Company to which will be credited an Award of Performance Units to a Participant.

 

Section 2.2 “Affiliated Entity”
means any corporation, partnership, limited liability company or other form of legal entity in which a majority of the partnership
or other similar interest thereof is owned or controlled, directly or indirectly, by the Company or one or more of its Subsidiaries
or Affiliated Entities or a combination thereof. For purposes hereof, the Company, a Subsidiary or an Affiliated Entity shall be
deemed to have a majority ownership interest in a partnership or limited liability company if the Company, such Subsidiary or Affiliated
Entity shall be allocated a majority of partnership or limited liability company gains or losses or shall be or control a managing
director or a general partner of such partnership or limited liability company.

 

Section 2.3 “Award” means,
individually or collectively, any Option, Restricted Stock Award, SAR, Performance Unit or Performance Bonus granted under the
Plan to an Eligible Employee by the Board or any Nonqualified Stock Option, Performance Unit, SAR or Restricted Stock Award granted
under the Plan to a Consultant or an Eligible Director by the Board pursuant to such terms, conditions, restrictions, and/or limitations,
if any, as the Board may establish by the Award Agreement or otherwise.

 

     

     

    

 

Section 2.4 “Award Agreement”
means any written instrument that establishes the terms, conditions, restrictions, and/or limitations applicable to an Award
in addition to those established by this Plan and by the Board’s exercise of its administrative powers.

 

Section 2.5 “Board” means
the Board of Directors of the Company and, if the Board has appointed a Committee as provided in Section 3.1, the term “Board”
shall include such Committee.

 

Section 2.6 “Change of Control
Event” means, except as otherwise provided in an Award Agreement, each of the following:

 

(i) Any
transaction in which shares of voting securities of the Company representing more than 50% of the total combined voting power
of all outstanding voting securities of the Company are issued by the Company, or sold or transferred by the stockholders of
the Company as a result of which those persons and entities who beneficially owned voting securities of the Company
representing more than 50% of the total combined voting power of all outstanding voting securities of the Company immediately
prior to such transaction cease to beneficially own voting securities of the Company representing more than 50% of the total
combined voting power of all outstanding voting securities of the Company immediately after such transaction;

 

(ii) The
merger or consolidation of the Company with or into another entity as a result of which those persons and entities
who beneficially owned voting securities of the Company representing more than 50% of the total combined voting power of all
outstanding voting securities of the Company immediately prior to such merger or consolidation cease to beneficially own
voting securities of the Company representing more than 50% of the total combined voting power of all outstanding voting
securities of the surviving corporation or resulting entity immediately after such merger of consolidation; or

 

(iii) The
sale of all or substantially all of the Company’s assets to an entity of which those persons and entities who
beneficially owned voting securities of the Company representing more than 50% of the total combined voting power of all
outstanding voting securities of the Company immediately prior to such asset sale do not beneficially own voting securities
of the purchasing entity representing more than 50% of the total combined voting power of all outstanding voting securities
of the purchasing entity immediately after such asset sale.

 

Section 2.7 “Code” means
the Internal Revenue Code of 1986, as amended. References in the Plan to any section of the Code shall be deemed to include any
amendments or successor provisions to such section and any regulations under such section.

 

Section 2.8 “Committee”
means the Committee appointed by the Board as provided in Section 3.1.

 

Section 2.9 “Common Stock”
means the common stock, par value $.00001 per share, of the Company, and after substitution, such other stock as shall be substituted
therefore as provided in Article X.

 

Section 2.10 “Consultant”
means any person or entity who is engaged by the Company, a Subsidiary or an Affiliated Entity to render consulting or advisory
services.

 

Section 2.11 “Date of Grant”
means the date on which the grant of an Award is authorized by the Board or such later date as may be specified by the Board in
such authorization.

 

Section 2.12 “Disability”
means, except as otherwise provided in an Award Agreement, the Participant is unable to continue employment by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months. For purposes of this Plan, the determination of Disability shall be made in the sole
and absolute discretion of the Board.

 

Section 2.13 “Eligible Employee”
means any employee of the Company, a Subsidiary, or an Affiliated Entity as approved by the Board.

 

Section 2.14 “Eligible Director”
means any member of the Board who is not an employee of the Company, a Subsidiary or an Affiliated Entity.

 

     

     

    

 

Section 2.15 “Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

Section 2.16 “Fair Market Value”
means (A) during such time as the Common Stock is registered under Section 12 of the Exchange Act, the closing price of the
Common Stock as reported by an established stock exchange or automated quotation system on the day for which such value is to be
determined, or, if no sale of the Common Stock shall have been made on any such stock exchange or automated quotation system that
day, on the next preceding day on which there was a sale of such Common Stock, or (B) during any such time as the Common Stock
is not listed upon an established stock exchange or automated quotation system, the mean between dealer “bid” and “ask”
prices of the Common Stock in the over-the-counter market on the day for which such value is to be determined, as reported by the
National Association of Securities Dealers, Inc., or (C) during any such time as the Common Stock cannot be valued pursuant to
(A) or (B) above, the fair market value shall be as determined by the Board considering all relevant information including, by
example and not by limitation, the services of an independent appraiser.

 

Section 2.17 “Incentive Stock Option” means
an Option within the meaning of Section 422 of the Code.

 

Section 2.18 “Nonqualified Stock Option” means
an Option which is not an Incentive Stock Option.

 

Section 2.19 “Option” means an Award granted
under Article V of the Plan and includes both Nonqualified Stock Options and Incentive Stock Options to purchase shares of Common
Stock.

 

Section 2.20 “Participant” means an Eligible
Employee, a Consultant or an Eligible Director to whom an Award has been granted by the Board under the Plan.

 

Section 2.21 “Performance Bonus” means the
cash bonus which may be granted to Eligible Employees under Article IX of the Plan.

 

Section 2.22 “Performance Units” means those
monetary units that may be granted to Eligible Employees, Consultants or Eligible Directors pursuant to Article VIII hereof.

 

Section 2.23 “Plan” means this Pareteum Corp.
2018 Long-Term Incentive Compensation Plan.

 

Section 2.24 “Restricted Stock Award” means
an Award granted to an Eligible Employee, Consultant or Eligible Director under Article VI of the Plan.

 

Section 2.25 “Retirement” means, except as
otherwise provided in an Award Agreement, the termination of an Eligible Employee’s employment with the Company, a Subsidiary
or an Affiliated Entity on or after attaining age 65.

 

Section 2.26 “SAR” means a stock appreciation
right granted to an Eligible Employee, Consultant or Eligible Director under Article VII of the Plan.

 

Section 2.27 “Subsidiary” shall have the
same meaning set forth in Section 424 of the Code.

 

Section 2.28 “Compensation Committee” means
the Compensation Committee of the Board.

 

ARTICLE III

ADMINISTRATION

 

Section 3.1 Administration. The
Board shall administer the Plan. The Board may, by resolution, appoint the Compensation Committee to administer the Plan and delegate
its powers described under this Section 3.1 and otherwise under the Plan for purposes of Awards granted to Eligible Employees and
Consultants.

 

Subject to the provisions of the Plan, the Board shall have
exclusive power to:

 

 (a) Select Eligible Employees and Consultants to participate in the Plan.

 

     

     

    

 

(b) Determine the time or times when Awards will be made to Eligible Employees or Consultants.

 

(c) Determine
the form of an Award, whether an Incentive Stock Option, Nonqualified Stock Option, Restricted Stock Award, SAR, Performance
Unit, or Performance Bonus, the number of shares of Common Stock or Performance Units subject to the Award, the amount and
all the terms, conditions (including performance requirements), restrictions and/or limitations, if any, of an Award,
including the time and conditions of exercise or vesting, and the terms of any Award Agreement, which may include the waiver
or amendment of prior terms and conditions or acceleration or early vesting or payment of an Award under certain
circumstances determined by the Board.

 

 (d) Determine whether Awards will be granted singly or in combination.

 

 (e) Accelerate the vesting, exercise or payment of an Award or the performance period of an Award.

 

(f) Determine
whether and to what extent a Performance Bonus may be deferred, either automatically or at the election of the Participant
or the Board.

 

(g) Reduce
the exercise price of any Option or SAR to the then current Fair Market Value if the Fair Market Value of the Common Stock
covered by such Option or SAR shall have declined since the date such Award was granted.

 

(h) Take
any and all other action it deems necessary or advisable for the proper operation or administration of the Plan.

 

Notwithstanding the foregoing, the Board
may authorize the Company Chief Executive Officer, another executive officer, or a committee of such directors (the “Authorized
Officers”) to grant Options under the Plan, to the extent permitted by applicable law. If so authorized, the Authorized Officers
shall have the same authority as the Board under this Section 3.1 and otherwise under the Plan with respect to the grant of Options,
subject to the limitations set forth in such authorization, if any.

 

Section 3.2 Administration of Grants
to Eligible Directors. The Board shall have the exclusive power to select Eligible Directors to participate in the Plan and
to determine the number of Nonqualified Stock Options, Performance Units, SARs or shares of Restricted Stock awarded to Eligible
Directors selected for participation. If the Board appoints a committee to administer the Plan, it may delegate to the committee
administration of all other aspects of the Awards made to Eligible Directors.

 

Section 3.3 Board to Make Rules and
Interpret Plan. The Board in its sole discretion shall have the authority, subject to the provisions of the Plan, to establish,
adopt, or revise such rules and regulations and to make all such determinations relating to the Plan, as it may deem necessary
or advisable for the administration of the Plan. The Board’s interpretation of the Plan or any Awards and all decisions and
determinations by the Board with respect to the Plan shall be final, binding, and conclusive on all parties.

 

Section 3.4 Section 162(m).
The Company intends for the Plan and the Awards made thereunder to be exempt from the deductibility limitation in Code
Section 162(m) if it is determined by the Board that such qualification is necessary or desirable for an Award. Under the
Code Section 162(m), no deduction is allowed in any taxable year of the Company for compensation in excess of $1 million paid
to the Company’s “covered employees.” A “covered employee” is the Company’s chief
executive officer, chief financial officer, and the next three most highly compensated officers of the Company other than the
chief executive officer and chief financial officer. Accordingly, the Board shall make determinations as to performance
targets and all other applicable provisions of the Plan as necessary in order for the Plan and Awards made thereunder to
satisfy the requirements of Section 162(m) of the Code. Subject to adjustment as provided in Article X, the maximum number of
shares with respect to which Options or SARs may be granted to any Participant in any one calendar year is 5 million. With
respect to other types of Awards intended to be exempt from the deductibility limitation in Code Section 162(m), no
Participant in any one calendar year may be granted Awards with respect to more than 5 million shares of Common Stock in the
aggregate, or if such Awards are payable in cash, the fair market value equivalent thereof. If an Award is cancelled, the
cancelled Award shall continue to be counted towards the applicable limitations. Recent changes to Section 162(m) in
connection with the passage of the Tax Cuts and Jobs Act repealed exceptions to the deductibility limit that were previously
available for “qualified performance-based compensation” effective for taxable years after December 31, 2017. As
a result, any compensation paid to certain of our executive officers in excess of $1 million following December 31, 2017 may
be non-deductible.

 

     

     

    

 

ARTICLE IV

GRANT
OF AWARDS

 

Section 4.1 Grant of Awards. Awards
granted under this Plan shall be subject to the following conditions:

 

(a) Any
shares of Common Stock related to Awards which terminate by expiration, forfeiture, cancellation or otherwise without the
issuance of shares of Common Stock or are exchanged in the Board’s discretion for Awards not involving Common
Stock, shall be available again for grant under the Plan and shall not be counted against the shares authorized under Section
1.3 or Section 1.4.

 

(b) Common Stock
delivered by the Company in payment of an Award authorized under Articles V and VI of the Plan may be authorized and unissued
Common Stock or Common Stock held in the treasury of the Company.

 

(c) The
Board shall, in its sole discretion, determine the manner in which fractional shares arising under this Plan shall
be treated.

 

(d) Separate
certificates or a book-entry registration representing Common Stock shall be delivered to a Participant upon the exercise of
any Option.

 

(e) Eligible
Directors may only be granted Nonqualified Stock Options, Restricted Stock Awards, SARs or Performance Units under this
Plan.

 

 (f) The maximum term of any Award shall be ten years.

 

ARTICLE V

STOCK
OPTIONS

 

Section 5.1 Grant of Options. The
Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant
Options to Eligible Employees. These Options may be Incentive Stock Options or Nonqualified Stock Options, or a combination of
both. The Board may, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant Nonqualified
Stock Options to Eligible Directors and Consultants. Each grant of an Option shall be evidenced by an Award Agreement executed
by the Company and the Participant, and shall contain such terms and conditions and be in such form as the Board may from time
to time approve, subject to the requirements of Section 5.2.

 

Section 5.2 Conditions of Options. Each
Option so granted shall be subject to the following conditions:

 

(a) Exercise
Price. Each Option shall state the exercise price which shall be set by the Board at the Date of Grant; provided, however,
no Option shall be granted at an exercise price which is less than the Fair Market Value of the Common Stock on the Date of
Grant.

 

(b) Form
of Payment. The exercise price of an Option may be paid (i) in cash or by check, bank draft or money order payable to the
order of the Company; (ii) by delivering shares of Common Stock having a Fair Market Value on the date of payment equal to
the amount of the exercise price, but only to the extent such exercise of an Option would not result in an adverse
accounting charge to the Company for financial accounting purposes with respect to the shares used to pay the exercise price
unless otherwise determined by the Board; or (iii) a combination of the foregoing. In addition to the foregoing, the Board
may permit an Option granted under the Plan to be exercised by a broker-dealer acting on behalf of a Participant through
procedures approved by the Board.

 

(c) Exercise
of Options. Options granted under the Plan shall be exercisable, in whole or in such installments and at such times,
and shall expire at such time, as shall be provided by the Board in the Award Agreement. Exercise of an Option shall be
by written notice to the Secretary of the Company at least two business days in advance of such exercise stating the election
to exercise in the form and manner determined by the Board. Every share of Common Stock acquired through the exercise of
an Option shall be deemed to be fully paid at the time of exercise and payment of the exercise price.

 

     

     

    

 

(d) Other
Terms and Conditions. Among other conditions that may be imposed by the Board, if deemed appropriate, are those relating to
(i) the period or periods and the conditions of exercisability of any Option; (ii) the minimum periods during which
Participants must be employed by the Company, its Subsidiaries, or an Affiliated Entity, or must hold Options before they may
be exercised; (iii) the minimum periods during which shares acquired upon exercise must be held before sale or transfer shall
be permitted; (iv) conditions under which such Options or shares may be subject to forfeiture; (v) the frequency of exercise
or the minimum or maximum number of shares that may be acquired at any one time; (vi) the achievement by the Company of
specified performance criteria; and (vii) non-compete and protection of business matters.

 

(e) Special
Restrictions Relating to Incentive Stock Options. Options issued in the form of Incentive Stock Options shall only be granted
to Eligible Employees of the Company or a Subsidiary, and not to Eligible Employees of an Affiliated Entity unless
such entity shall be considered as a “disregarded entity” under the Code and shall not be distinguished for
federal tax purposes from the Company or the applicable Subsidiary.

 

(f) Application
of Funds. The proceeds received by the Company from the sale of Common Stock pursuant to Options will be used for general
corporate purposes.

 

(g) Stockholder
Rights. No Participant shall have a right as a stockholder with respect to any share of Common Stock subject to an Option
prior to the purchase of such shares of Common Stock by exercise of the Option.

 

ARTICLE VI

RESTRICTED
STOCK AWARDS

 

Section 6.1 Grant of Restricted Stock
Awards. The Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may
determine, grant a Restricted Stock Award to Eligible Employees, Consultants or Eligible Directors. Restricted Stock Awards shall
be awarded in such number and at such times during the term of the Plan as the Board shall determine. Each Restricted Stock Award
shall be subject to an Award Agreement setting forth the terms of such Restricted Stock Award and may be evidenced in such manner
as the Board deems appropriate, including, without limitation, a book-entry registration or issuance of a stock certificate or
certificates.

 

Section 6.2 Conditions of Restricted
Stock Awards. The grant of a Restricted Stock Award shall be subject to the following:

 

(a) Restriction
Period. Restricted Stock Awards granted to an Eligible Employee shall require the holder to remain in the employment of the
Company, a Subsidiary, or an Affiliated Entity for a prescribed period. Restricted Stock Awards granted to Consultants or
Eligible Directors shall require the holder to provide continued services to the Company for a period of time. These
employment and service requirements are collectively referred to as a “Restriction Period”. The Board or the
Committee, as the case may be, shall determine the Restriction Period or Periods which shall apply to the shares of Common
Stock covered by each Restricted Stock Award or portion thereof. In addition to any time vesting conditions determined by the
Board or the Committee, as the case may be, Restricted Stock Awards may be subject to the achievement by the Company of
specified performance criteria based upon the Company’s achievement of all or any of the operational, financial or
stock performance criteria set forth on Exhibit A annexed hereto, as may from time to time be established by the Board or the
Committee, as the case may be. At the end of the Restriction Period, assuming the fulfilment of any other specified vesting
conditions, the restrictions imposed by the Board or the Committee, as the case may be shall lapse with respect to the shares
of Common Stock covered by the Restricted Stock Award or portion thereof. In addition to acceleration of vesting upon the
occurrence of a Change of Control Event as provided in Section 11.5, the Board or the Committee, as the case may be, may, in
its discretion, accelerate the vesting of a Restricted Stock Award in the case of the death, Disability or Retirement of the
Participant who is an Eligible Employee or resignation of a Participant who is a Consultant or an Eligible
Director.

 

(b) Restrictions.
The holder of a Restricted Stock Award may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of the
shares of Common Stock represented by the Restricted Stock Award during the applicable Restriction Period. The Board shall
impose such other restrictions and conditions on any shares of Common Stock covered by a Restricted Stock Award as it may
deem advisable including, without limitation, restrictions under applicable Federal or state securities laws, and may legend
the certificates representing Restricted Stock to give appropriate notice of such restrictions.

 

     

     

    

 

(c) Rights
as Stockholders. During any Restriction Period, the Board may, in its discretion, grant to the holder of a Restricted Stock
Award all or any of the rights of a stockholder with respect to the shares, including, but not by way of limitation, the
right to vote such shares and to receive dividends. If any dividends or other distributions are paid in shares of Common
Stock, all such shares shall be subject to the same restrictions on transferability as the shares of Restricted Stock with
respect to which they were paid.

 

ARTICLE VII

STOCK APPRECIATION RIGHTS

 

Section 7.1 Grant of SARs. The Board
may from time to time, in its sole discretion, subject to the provisions of the Plan and subject to other terms and conditions
as the Board may determine, grant a SAR to any Eligible Employee, Consultant or Eligible Director. SARs may be granted in tandem
with an Option, in which event, the Participant has the right to elect to exercise either the SAR or the Option. Upon the Participant’s
election to exercise one of these Awards, the other tandem Award is automatically terminated. SARs may also be granted as an independent
Award separate from an Option. Each grant of a SAR shall be evidenced by an Award Agreement executed by the Company and the Participant
and shall contain such terms and conditions and be in such form as the Board may from time to time approve, subject to the requirements
of the Plan. The exercise price of the SAR shall not be less than the Fair Market Value of a share of Common Stock on the Date
of Grant of the SAR.

 

Section 7.2 Exercise and Payment. SARs
granted under the Plan shall be exercisable in whole or in installments and at such times as shall be provided by the Board in
the Award Agreement. Exercise of a SAR shall be by written notice to the Secretary of the Company at least two business days in
advance of such exercise. The amount payable with respect to each SAR shall be equal in value to the excess, if any, of the Fair
Market Value of a share of Common Stock on the exercise date over the exercise price of the SAR. Payment of amounts attributable
to a SAR shall be made in shares of Common Stock.

 

Section 7.3 Restrictions. In the
event a SAR is granted in tandem with an Incentive Stock Option, the Board shall subject the SAR to restrictions necessary to ensure
satisfaction of the requirements under Section 422 of the Code. In the case of a SAR granted in tandem with an Incentive Stock
Option to an Eligible Employee who owns more than 10% of the combined voting power of the Company or its Subsidiaries on the date
of such grant, the amount payable with respect to each SAR shall be equal in value to the applicable percentage of the excess,
if any, of the Fair Market Value of a share of Common Stock on the Exercise date over the exercise price of the SAR, which exercise
price shall not be less than 110% of the Fair Market Value of a share of Common Stock on the date the SAR is granted.

 

ARTICLE VIII

PERFORMANCE
UNITS

 

Section 8.1 Grant of Awards. The
Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant
Performance Units to Eligible Employees, Consultants and Eligible Directors. Each Award of Performance Units shall be evidenced
by an Award Agreement executed by the Company and the Participant, and shall contain such terms and conditions and be in such form
as the Board may from time to time approve, subject to the requirements of Section 8.2.

 

Section 8.2 Conditions of Awards. Each
Award of Performance Units shall be subject to the following conditions:

 

(a) Establishment
of Award Terms. Each Award shall state the target, maximum and minimum value of each Performance Unit payable upon the
achievement of performance goals.

 

(b) Achievement of
Performance Goals. The Board shall establish performance targets for each Award for a period of no less than a year based
upon some or all of the operational, financial or performance criteria listed in Exhibit A attached. The Board shall also
establish such other terms and conditions as it deems appropriate to such Award. The Award may be paid out in cash or Common
Stock as determined in the sole discretion of the Board.

 

     

     

    

 

ARTICLE IX

PERFORMANCE
BONUS

 

Section 9.1 Grant of Performance Bonus.
The Board may from time to time, subject to the provisions of the Plan and such other terms and conditions as the Board may determine,
grant a Performance Bonus to certain Eligible Employees selected for participation. The Board will determine the amount that may
be earned as a Performance Bonus in any period of one year or more upon the achievement of a performance target established by
the Board. The Board shall select the applicable performance target(s) for each period in which a Performance Bonus is awarded.
The performance target shall be based upon all or some of the operational, financial or performance criteria listed in Exhibit
A attached.

 

Section 9.2 Payment of Performance Bonus.
In order for any Participant to be entitled to payment of a Performance Bonus, the applicable performance target(s) established
by the Board must first be obtained or exceeded. Payment of a Performance Bonus shall be made within 60 days of the Board’s
certification that the performance target(s) has been achieved unless the Participant has previously elected to defer payment pursuant
to a nonqualified deferred compensation plan adopted by the Company. Payment of a Performance Bonus may be made in either cash
or Common Stock as determined in the sole discretion of the Board.

 

ARTICLE X

STOCK
ADJUSTMENTS

 

In the event that the shares of Common
Stock, as constituted on the effective date of the Plan, shall be changed into or exchanged for a different number or kind of shares
of stock or other securities of the Company or of another corporation (whether by reason of merger, consolidation, recapitalization,
reclassification, stock split, spin-off, combination of shares or otherwise), or if the number of such shares of Common Stock shall
be increased through the payment of a stock dividend, or a dividend on the shares of Common Stock, or if rights or warrants to
purchase securities of the Company shall be issued to holders of all outstanding Common Stock, then there shall be substituted
for or added to each share available under and subject to the Plan, and each share theretofore appropriated under the Plan, the
number and kind of shares of stock or other securities into which each outstanding share of Common Stock shall be so changed or
for which each such share shall be exchanged or to which each such share shall be entitled, as the case may be, on a fair and equivalent
basis in accordance with the applicable provisions of Section 424 of the Code; provided, however, with respect to Options, in no
such event will such adjustment result in a modification of any Option as defined in Section 424(h) of the Code. In the event there
shall be any other change in the number or kind of the outstanding shares of Common Stock, or any stock or other securities into
which the Common Stock shall have been changed or for which it shall have been exchanged, then if the Board shall, in its sole
discretion, determine that such change equitably requires an adjustment in the shares available under and subject to the Plan,
or in any Award, theretofore granted, such adjustments shall be made in accordance with such determination, except that no adjustment
of the number of shares of Common Stock available under the Plan or to which any Award relates that would otherwise be required
shall be made unless and until such adjustment either by itself or with other adjustments not previously made would require an
increase or decrease of at least 1% in the number of shares of Common Stock available under the Plan or to which any Award relates
immediately prior to the making of such adjustment (the “Minimum Adjustment”). Any adjustment representing a change
of less than such minimum amount shall be carried forward and made as soon as such adjustment together with other adjustments required
by this Article X and not previously made would result in a Minimum Adjustment. Notwithstanding the foregoing, any adjustment required
by this Article X which otherwise would not result in a Minimum Adjustment shall be made with respect to shares of Common Stock
relating to any Award immediately prior to exercise, payment or settlement of such Award. No fractional shares of Common Stock
or units of other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment
shall be eliminated in each case by rounding downward to the nearest whole share.

 

     

     

    

 

ARTICLE XI

GENERAL

 

Section 11.1 Amendment or Termination
of Plan. The Board may alter, suspend or terminate the Plan at any time provided, however, that it may not, without stockholder
approval, adopt any amendment which would (i) increase the aggregate number of shares of Common Stock available under the Plan
(except by operation of Article X or Section 1.4), (ii) materially modify the requirements as to eligibility for participation
in the Plan, or (iii) materially increase the benefits to Participants provided by the Plan except as provided in Section 1.4.

 

Section 11.2 Termination of Employment;
Termination of Service. Except as otherwise provided in an Award Agreement: (i) if an Eligible Employee’s employment
with the Company, a Subsidiary or an Affiliated Entity terminates as a result of death, Disability or Retirement, the Eligible
Employee (or personal representative in the case of death) shall be entitled to purchase all or any part of the shares subject
to any (x) vested Incentive Stock Option for a period of up to three months from such date of termination (one year in the case
of death or Disability), and (y) vested Nonqualified Stock Option during the remaining term of the Option; and (ii) if an Eligible
Employee’s employment terminates for any other reason, the Eligible Employee shall be entitled to purchase all or any part
of the shares subject to any vested Option for a period of up to three months from such date of termination. In no event shall
any Option be exercisable past the term of the Option. The Board may, in its sole discretion, accelerate the vesting of unvested
Options in the event of termination of employment of any Participant.

 

Except as otherwise provided in an Award
Agreement: (i) in the event a Consultant ceases to provide services to the Company or an Eligible Director terminates service as
a director of the Company, the unvested portion of any Award shall be forfeited unless otherwise accelerated pursuant to the terms
of the Eligible Director’s Award Agreement or by the Board; and (ii) the Consultant or Eligible Director shall have a period
of three years following the date he ceases to provide consulting services or ceases to be a director, as applicable, to exercise
any Nonqualified Stock Options which are otherwise exercisable on his date of termination of service.

 

Section 11.3 Limited
Transferability – Options. The Board may, in its discretion, authorize all or a portion of the Nonqualified Stock
Options granted under this Plan to be on terms which permit transfer by the Participant to (i) the ex-spouse of the
Participant pursuant to the terms of a domestic relations order, (ii) the spouse, children or grandchildren of the
Participant (“Immediate Family Members”), (iii) a trust or trusts for the exclusive benefit of such Immediate
Family Members, (iv) a partnership or limited liability company in which such Immediate Family Members are the only partners
or members, or (v) as otherwise determined by the Board in accordance with applicable law. In addition, there may be no
consideration for any such transfer. The Award Agreement pursuant to which such Nonqualified Stock Options are granted
expressly provide for transferability in a manner consistent with this paragraph. Subsequent transfers of transferred
Nonqualified Stock Options shall be prohibited except as set forth below in this Section 11.3. Following transfer, any such
Nonqualified Stock Options shall continue to be subject to the same terms and conditions as were applicable immediately prior
to transfer, provided that for purposes of Section 11.2 hereof the term “Participant” shall be deemed to refer to
the transferee. The events of termination of employment of Section 11.2 hereof shall continue to be applied with respect to
the original Participant, following which the Nonqualified Stock Options shall be exercisable by the transferee only to
the extent, and for the periods specified in Section 11.2 hereof. No transfer pursuant to this Section 11.3 shall be
effective to bind the Company unless the Company shall have been furnished with written notice of such transfer together with
such other documents regarding the transfer as the Board shall request. With the exception of a transfer in compliance with
the foregoing provisions of this Section 11.3, all other types of Awards authorized under this Plan shall be transferable
only by will or the laws of descent and distribution; however, no such transfer shall be effective to bind the Company unless
the Board has been furnished with written notice of such transfer and an authenticated copy of the will and/or such other
evidence as the Board may deem necessary to establish the validity of the transfer and the acceptance by the transferee of
the terms and conditions of such Award.

 

Section 11.4 Withholding
Taxes. Unless otherwise paid by the Participant, the Company, its Subsidiaries or any of its Affiliated Entities shall be
entitled to deduct from any payment under the Plan, regardless of the form of such payment, the amount of all applicable
income and employment taxes required by law to be withheld with respect to such payment or may require the Participant to pay
to it such tax prior to and as a condition of the making of such payment. In accordance with any applicable administrative
guidelines it establishes, the Board may allow a Participant to pay the amount of taxes required by law to be withheld from
an Award by (i) directing the Company to withhold from any payment of the Award a number of shares of Common Stock having a
Fair Market Value on the date of payment equal to the amount of the required withholding taxes or (ii) delivering to the
Company previously owned shares of Common Stock having a Fair Market Value on the date of payment equal to the amount of the
required withholding taxes. However, any payment made by the Participant pursuant to either of the foregoing clauses (i) or
(ii) shall not be permitted if it would result in an adverse accounting charge with respect to such shares used to pay such
taxes unless otherwise approved by the Board.

 

     

     

    

 

Section 11.5 Change of Control. Notwithstanding
any other provision in this Plan to the contrary, Awards granted under the Plan to any Eligible Employee, Consultant or Eligible
Director shall be immediately vested, fully earned and exercisable upon the occurrence of a Change of Control Event unless the
terms of the Award state otherwise.

 

Section 11.6 Amendments to Awards. The
Board may at any time unilaterally amend the terms of any Award Agreement, whether or not presently exercisable or vested, to the
extent it deems appropriate. However, amendments which are adverse to the Participant shall require the Participant’s consent.

 

Section 11.7 Registration; Regulatory
Approval. Following approval of the Plan by the stockholders of the Company as provided in Section 1.2 of the Plan, the Board,
in its sole discretion, may determine to file with the Securities and Exchange Commission and keep continuously effective, a Registration
Statement on Form S-8 with respect to shares of Common Stock subject to Awards hereunder. Notwithstanding anything contained in
this Plan to the contrary, the Company shall have no obligation to issue shares of Common Stock under this Plan prior to the obtaining
of any approval from, or satisfaction of any waiting period or other condition imposed by, any governmental agency which the Board
shall, in its sole discretion, determine to be necessary or advisable.

 

Section 11.8 Right to Continued Employment.
Participation in the Plan shall not give any Eligible Employee any right to remain in the employ of the Company, any Subsidiary,
or any Affiliated Entity. The Company or, in the case of employment with a Subsidiary or an Affiliated Entity, the Subsidiary or
Affiliated Entity reserves the right to terminate any Eligible Employee at any time. Further, the adoption of this Plan shall not
be deemed to give any Eligible Employee or any other individual any right to be selected as a Participant or to be granted an Award.

 

Section 11.9 Reliance on Reports.
Each member of the Board and each member of the Board shall be fully justified in relying or acting in good faith upon any report
made by the independent public accountants of the Company and its Subsidiaries and upon any other information furnished in connection
with the Plan by any person or persons other than himself or herself. In no event shall any person who is or shall have been a
member of the Board be liable for any determination made or other action taken or any omission to act in reliance upon any such
report or information or for any action taken, including the furnishing of information, or failure to act, if in good faith.

 

Section 11.10 Construction. Masculine
pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the
Plan are for the convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles
or headings, shall control.

 

Section 11.11 Governing Law. The
Plan shall be governed by and construed in accordance with the laws of the State of Delaware except as superseded by applicable
Federal law.

 

Section 11.12 Other Laws. The Board
may refuse to issue or transfer any shares of Common Stock or other consideration under an Award if, acting in its sole discretion,
it determines that the issuance or transfer of such shares or such other consideration might violate any applicable law or regulation
or entitle the Company to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by
a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant
Participant, holder or beneficiary.

 

Section 11.13 No Trust or Fund Created.
Neither the Plan nor an Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company and a Participant or any other person. To the extent that a Participant acquires the right to receive payments
from the Company pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company.

 

     

     

    

 

Section 11.14 Conformance to
Section 409A of the Code To the extent that the Committee determines that any Award granted under the Plan is subject to
Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by
Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with
Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including
without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any
provision of the Plan to the contrary, in the event that the Committee determines that any Award may be subject to Section
409A of the Code and related Department of Treasury guidance, the Committee may adopt such amendments to the Plan and the
applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with
retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (i) exempt the
Award from Section 409A of the Code or (ii) comply with the requirements of Section 409A of the Code and related Department
of Treasury guidance.

 

 

 

     

     

    

 

EXHIBIT A

 

2018 Long-Term Incentive Compensation
Plan

 

Performance Criteria

 

Operational Criteria may include:

Reserve additions/replacements

Finding & development costs

Production volume

Production Costs

Acquisitions, dispositions, development and development related
activity

Financial Criteria may include:

Earnings (net income, earnings before interest, taxes, depreciation
and amortization (“EBITDA”)

 

Earnings per share:

Cash flow

Operating income

General and Administrative Expenses

Debt to equity ratio

Debt to cash flow

Debt to EBITDA

EBITDA to Interest

Return on Assets

Return on Equity

Return on Invested Capital

Profit returns/margins

Midstream margins

 

Stock Performance Criteria:

Stock price appreciation

Total stockholder return

Relative stock price performanceEX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is dated as of June 27, 2019, between Allena Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the
“Purchasers”). 
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective
registration statement under the Securities Act (as defined below), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully
described in this Agreement. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and
valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 

ARTICLE I. 
 DEFINITIONS

 1.1     Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this
Agreement, the following terms have the meanings set forth in this Section 1.1: 
 “Acquiring Person”
shall have the meaning ascribed to such term in Section 4.4. 
 “Action” shall have the meaning
ascribed to such term in Section 3.1(j). 
 “Affiliate” means any Person that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act. 

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

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

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

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

  
 1 

 “Closing Statement” means the Closing Statement in the form
on Annex A attached hereto. 
 “Commission” means the United States Securities and Exchange
Commission. 
 “Common Stock” means the common stock of the Company, par value $0.001 per share, and any
other class of securities into which such securities may hereafter be reclassified or changed. 
 “Common Stock
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 

“Company Counsel” means Goodwin Procter LLP, with offices located at 100 Northern Avenue, Boston, MA 02210.

 “Disclosure Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith, if
any. 
 “Disclosure Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or
after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof and (ii) if this Agreement is signed between midnight (New
York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof. 

“EL Pre-Notice” shall have the meaning ascribed to such term in
Section 4.9(j). 
 “EL Subsequent Financing Notice” shall have the meaning ascribed to such term in
Section 4.9(j). 
 “Equity Line Subsequent Financing” shall have the meaning ascribed to such term in
Section 4.9(j). 
 “Evaluation Date” shall have the meaning ascribed to such term in
Section 3.1(s). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder. 
 “Exempt Issuance” means the issuance of (a) shares of Common
Stock or options to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a
majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of
securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this 

  
 2 

 
Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or
conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the
disinterested directors of the Company, provided that such securities (i) are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement
in connection therewith during the prohibition period in Section 4.10 herein or (ii) are subject to a written lock-up agreement satisfactory to the Purchasers for the term of prohibition period in
Section 4.10 herein, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with
the business of the Company, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities, (d) for purposes of
Section 4.9 only, shares of capital stock of the Company in a firm commitment underwritten public offering, and (e) for purposes of Section 4.9 only, shares of Common Stock in the “at the market” offering pursuant to the
Sales Agreement, dated as of December 3, 2018, between the Company and Cowen and Company, LLC. 

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

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

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

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

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

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

“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right
or other restriction. 
 “Major Purchaser” means the Purchaser with a Subscription Amount of at least
$8,000,000 at the Closing. 
 “Material Adverse Effect” shall have the meaning assigned to such term in
Section 3.1(b). 
 “Material Permits” shall have the meaning ascribed to such term in
Section 3.1(n). 
 “Participation Maximum” shall have the meaning ascribed to such term in
Section 4.9(a). 

  
 3 

 “Per Share Purchase Price” equals $3.80, subject to
adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement. 

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

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

“Pre-Notice” shall have the meaning ascribed to such term in
Section 4.9(b). 
 “Pro Rata Portion” shall have the meaning ascribed to such term in
Section 4.9(e). 
 “Proceeding” means an action, claim, suit, investigation or proceeding (including,
without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

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

“Prospectus Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities
Act that is filed with the Commission and delivered by the Company to each Purchaser at the Closing. 
 “Purchaser
Party” shall have the meaning ascribed to such term in Section 4.7. 
 “Registration
Statement” means the effective registration statement with Commission file No. 333-228656 which registers the sale of the Shares. 

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

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

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

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

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

  
 4 

 “Shares” means the shares of Common Stock issued or
issuable to each Purchaser pursuant to this Agreement. 
 “Short Sales” means all “short sales” as
defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing shares of Common Stock).

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

“Subsequent Financing” shall have the meaning ascribed to such term in Section 4.9(a). 

“Subsequent Financing Notice” shall have the meaning ascribed to such term in Section 4.9(b). 

“Subsidiary” means any subsidiary of the Company as set forth in the SEC Reports, and shall, where applicable,
also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 
 “Trading
Day” means a day on which the principal Trading Market is open for trading. 
 “Trading Market”
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York
Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing). 
 “Transaction Documents” means
this Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder. 

“Transfer Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, with a
mailing address of 250 Royall Street, Canton, MA, and any successor transfer agent of the Company. 
 ARTICLE II. 

PURCHASE AND SALE 

2.1    Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially
concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $10,002,000.00 of Shares. The Company shall
deliver to each Purchaser its respective Shares, and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2
and 2.3, the Closing shall occur at such location as the parties shall mutually agree. 

  
 5 

 2.2    Deliveries. 

(a)    On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each
Purchaser the following: 
 (i)    this Agreement duly executed by the Company; 

(ii)    a legal opinion of Company Counsel, substantially in the form of Exhibit A attached hereto;

 (iii)    the Company shall have provided each Purchaser with the Company’s wire instructions, on
Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer; 
 (iv)    a
copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares equal to such
Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser; and 

(v)    the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under
the Securities Act). 
 (b)    On or prior to the Closing Date, each Purchaser shall deliver or cause to
be delivered to the Company the following: 
 (i)    this Agreement duly executed by such Purchaser; and

 (ii)    such Purchaser’s Subscription Amount. 

2.3    Closing Conditions.  

(a)    The obligations of the Company hereunder in connection with the Closing are subject to the following
conditions being met: 
 (i)    the accuracy in all material respects (or, to the extent representations
or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be
accurate as of such date); 
 (ii)    all obligations, covenants and agreements of each Purchaser
required to be performed at or prior to the Closing Date shall have been performed; and 

  
 6 

 (iii)    the delivery by each Purchaser of the items set
forth in Section 2.2(b) of this Agreement. 
 (b)    The respective obligations of the Purchasers
hereunder in connection with the Closing are subject to the following conditions being met: 
 (i)    the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company
contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 

(ii)    all obligations, covenants and agreements of the Company required to be performed at or prior to
the Closing Date shall have been performed; 
 (iii)    the delivery by the Company of the items set
forth in Section 2.2(a) of this Agreement; 
 (iv)    there shall have been no Material Adverse
Effect with respect to the Company since the date hereof; and 
 (v)    from the date hereof to the
Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall
not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or
New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market
which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Shares at the Closing. 

ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

3.1    Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which
Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the
following representations and warranties to each Purchaser: 
 (a)    Subsidiaries. All of the
direct and indirect subsidiaries of the Company are set forth in the SEC Reports. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and
outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to 

  
 7 

 
subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded. 

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

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

(d)    No Conflicts. The execution, delivery and performance by the Company of this Agreement and
the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any

  
 8 

 
provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a
default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination,
amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) to
which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or
asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect. 

(e)    Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the
Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.3 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii) application(s) to each applicable
Trading Market for the listing of the Shares for trading thereon in the time and manner required thereby and (iv) such filings as are required to be made under applicable state securities laws (collectively, the “Required
Approvals”). 
 (f)    Issuance of the Shares; Registration. The Shares are duly
authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its
duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements of the Securities Act, which became
effective on December 26, 2018 (the “Effective Date”), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under
the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been
instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the
Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements
of the Securities Act and did not and will not contain any 

  
 9 

 
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any
amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities Act and did not and
will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company was at the time of
the filing of the Registration Statement eligible to use Form S-3. The Company is eligible to use Form S-3 under the Securities Act and it meets the transaction
requirements as set forth in General Instruction I.B.1 of Form S-3. 

(g)    Capitalization. The summary capitalization of the Company as of March 31, 2019 is set
forth in the Prospectus Supplement. The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock
option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently
filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth
in the Prospectus, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or
giving any Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to
issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary. The issuance and sale of the Shares will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any
Person (other than the Purchasers). There are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance
of securities by the Company or any Subsidiary. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or
arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any
similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such
outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and
sale of the Shares. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the
Company’s stockholders. 

  
 10 

 (h)    SEC Reports; Financial Statements. The
Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding
the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus
and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any
such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an
issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with
respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material
respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments. 
 (i)    Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included within the SEC Reports, except as disclosed in the SEC Reports, (i) there has been no event, occurrence or
development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred
in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any
shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any
request for confidential treatment of information. Except for the issuance of the Shares contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or
exist with 

  
 11 

 
respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made. 

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

(k)    Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent
with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such
employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their
employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary
information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does
not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to
employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(l)    Compliance. To the knowledge of the Company, neither the Company nor any Subsidiary:
(i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would reasonably be expected to result in a default by the Company or any Subsidiary under), nor has the

  
 12 

 
Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to
which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or
(iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational
health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect. 

(m)    Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all
federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges,
releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits,
plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in
the aggregate, a Material Adverse Effect. 
 (n)    Regulatory Permits. The Company and the
Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the
failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the
revocation or modification of any Material Permit. 
 (o)    Title to Assets. The Company and the
Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free
and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries, (ii) Liens
for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties and (iii) Liens disclosed in the SEC
Reports. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance. 

  
 13 

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

(q)    Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as the Company believes to be prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers
insurance coverage at least equal to the aggregate Subscription Amount. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business (without an increase in cost of such insurance coverage that could have or reasonably be expected to result in a Material Adverse Effect). 

(r)    Transactions With Affiliates and Employees. Except as set forth in the SEC Reports, none of
the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for
services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of
money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is
an 

  
 14 

 
officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered,
(ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company. 

(s)    Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in
material compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as
of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls that the Company believes to be sufficient to provide reasonable assurance that: (i) transactions are executed in
accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to
assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under
the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and
procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently
filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have
been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over
financial reporting of the Company and its Subsidiaries. 
 (t)    Certain Fees. Except as set
forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other
Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated
in this Section that may be due in connection with the transactions contemplated by the Transaction Documents. 

(u)    Investment Company. The Company is not, and is not an Affiliate of, and immediately after
receipt of payment for the Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as 

  
 15 

 
amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as
amended. 
 (v)    Registration Rights. Except as disclosed in the SEC Reports, no Person has any
right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary. 

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

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

(y)    Disclosure. Except with respect to the material terms and conditions of the transactions
contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might
constitute material, non-public information which is not otherwise disclosed in the Prospectus Supplement.    The Company understands and confirms that the Purchasers will rely on the
foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the
transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct in all material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements made therein, in the light of the circumstances under which they were 

  
 16 

 
made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made and when made, not misleading. The Company acknowledges
and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof. 

(z)    No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and
warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
under circumstances that would cause this offering of the Shares to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company
are listed or designated. 
 (aa)    Solvency. The Company has no knowledge of any facts or
circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The SEC Reports set forth as of the date hereof all
outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for
borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or
not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness. 

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

  
 17 

 (cc)    Foreign Corrupt Practices. Neither the
Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts,
entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any
material respect any provision of FCPA. 
 (dd)    Accountants. Ernst & Young LLP
(i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending
December 31, 2019. 
 (ee)     Acknowledgment Regarding Purchasers’ Purchase of Shares.
The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges
that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their
respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Shares. The Company further represents to each Purchaser that
the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives. 

(ff)    Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or
elsewhere herein to the contrary notwithstanding (except for Sections 3.2(e) and 4.12 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser
agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Shares for any specified term; (ii) past or future open
market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement transactions, may negatively impact the
market price of the Company’s publicly-traded securities; (iii) any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently may have a
“short” position in the Common Stock, and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company further
understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Shares are outstanding, and (z) such hedging activities (if any) could reduce the value of the
existing 

  
 18 

 
stockholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities
do not constitute a breach of any of the Transaction Documents. 
 (gg)    Regulation M
Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for
soliciting another to purchase any other securities of the Company. 
 (hh)    FDA. As to each
product candidate subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured,
packaged, labeled, tested, distributed, and/or sold by the Company or any of its Subsidiaries (each such product candidate, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested,
distributed, and/or sold by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, licensure, application approval, good manufacturing practices,
good laboratory practices, good clinical practices, product listing, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed
or, to the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the
Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests the uses of, the distribution of, the manufacturing or packaging of, the testing
of, the sale of, or the labeling of any Pharmaceutical Product, (ii) requests the recall, suspension, or seizure of any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its
Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or
(vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have a Material Adverse Effect. To the knowledge of the Company, since
January 1, 2017, the properties, business and operations of the Company have been and are currently being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA. The Company has not been
informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to be developed, produced or marketed by the Company. 

(ii)    Stock Option Plans. Each stock option granted by the Company under the Company’s stock
option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered

  
 19 

 
granted under GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been
no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries
or their financial results or prospects.  
 (jj)    Office of Foreign Assets Control.
Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (“OFAC”). 
 (kk)    U.S. Real Property
Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request. 
 (ll)    Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or
Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company nor any
of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is
subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to
regulation by the Federal Reserve. 
 (mm)    Money Laundering. The operations of the Company and
its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering
statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the
Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened. 

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

(a)    Organization; Authority. Such Purchaser is either an individual or an entity duly
incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership limited liability company or similar power and authority to enter into and to
consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its 

  
 20 

 
obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have
been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and
when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

(b)    Understandings or Arrangements. Such Purchaser is acquiring the Shares as principal for its
own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Shares (this representation and warranty not limiting such Purchaser’s right to sell the Shares
pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Shares hereunder in the ordinary course of its business. 

(c)    Purchaser Status. At the time such Purchaser was offered the Shares, it was, and as of the
date hereof it is an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act. 

(d)    Experience of Such Purchaser. Such Purchaser, either alone or together with its
representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of
such investment. Such Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment. 

(e)    Certain Transactions and Confidentiality. Other than consummating the transactions
contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the
Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated
hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such
Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with
respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement. Other than to other Persons 

  
 21 

 
party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates,
such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future. 

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

OTHER AGREEMENTS OF THE PARTIES 

4.1    Furnishing of Information. Until the twenty four (24) month anniversary of the Closing Date, the
Company covenants to use commercially reasonable best efforts to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the
Exchange Act. 
 4.2    Integration. The Company shall not sell, offer for sale or solicit offers to buy or
otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that the Company believes, acting in good faith and after consultation with the Trading Market, would be integrated with the offer or sale of the
Shares for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent
transaction. 
 4.3    Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time,
issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the
Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material,
non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions
contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral,
between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and
each Purchaser shall consult 

  
 22 

 
with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor
otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent
shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the
foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser,
except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the
Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b). 

4.4    Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the
Company, any other Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or
arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Shares under the Transaction Documents or under any other agreement
between the Company and the Purchasers. 
 4.5    Non-Public Information.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.3, the Company covenants and agrees that neither it, nor any other Person
acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior
thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in
effecting transactions in securities of the Company. To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby
covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its
Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain
subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the
Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company. 
 4.6    Use of Proceeds. The Company shall use the net
proceeds from the sale of the Shares hereunder as set forth in the Prospectus Supplement. 

  
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 4.7    Indemnification of
Purchasers.    Subject to the provisions of this Section 4.7, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of
the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title)
of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court
costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the
Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate
of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a breach of such Purchaser Party’s representations, warranties or covenants under the
Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally
judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall
promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized
by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any
material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be
liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only
to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
Documents. The indemnification required by this Section 4.7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law. 

4.8    Listing of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or
quotation of the Common Stock on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of 

  
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the Shares on such Trading Market and promptly secure the listing of all of the Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded
on any other Trading Market, it will then include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed or quoted on such other Trading Market as promptly as possible. The
Company will then take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or
rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely
payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer. 

4.9    Participation in Future Financing. 

(a)    From the date hereof until the date that is the 12-month
anniversary of the date hereof, upon any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or any combination thereof) for cash consideration (a “Subsequent Financing”), each Purchaser
shall have the right to participate in up to an amount of the Subsequent Financing equal to 20% of the Subsequent Financing (the “Participation Maximum”) on the same terms, conditions and price provided for in the Subsequent
Financing, subject to Section 4.9(e) herein, and subject to Section 4.9(j) with respect to an Equity Line Subsequent Financing. 

(b)    At least five (5) Trading Days prior to the closing of the Subsequent Financing, the Company
shall deliver to each Purchaser a written notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask such
Purchaser if it wants to review the details of such financing (such additional notice, a “Subsequent Financing Notice”). Upon the request of a Purchaser, and only upon a request by such Purchaser, for a Subsequent Financing
Notice, the Company shall promptly, but no later than one (1) Trading Day after such request, deliver a Subsequent Financing Notice to such Purchaser. The Subsequent Financing Notice shall describe in reasonable detail the proposed terms
of such Subsequent Financing the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include a term sheet or similar document relating
thereto as an attachment. 
 (c)    Any Purchaser desiring to participate in such Subsequent Financing
must provide written notice to the Company by not later than 5:30 p.m. (New York City time) on the fifth (5th) Trading Day after all of the Purchasers have received the Pre-Notice that such Purchaser is willing to participate in the Subsequent Financing, the amount of such Purchaser’s participation, and representing and warranting that such Purchaser has such funds ready,
willing, and available for investment on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from a Purchaser as of such fifth (5th) Trading Day, such
Purchaser shall be deemed to have notified the Company that it does not elect to participate. 

  
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 (d)    If by 5:30 p.m. (New York City time) on the fifth
(5th) Trading Day after all of the Purchasers have received the Pre-Notice, notifications by the Purchasers of their willingness to participate in the
Subsequent Financing (or to cause their designees to participate) is, in the aggregate, less than the total amount of the Subsequent Financing, then the Company may effect the remaining portion of such Subsequent Financing on the terms and with the
Persons set forth in the Subsequent Financing Notice. 
 (e)    If by 5:30 p.m. (New York City time) on
the fifth (5th) Trading Day after all of the Purchasers have received the Pre-Notice, the Company receives responses to a Subsequent Financing Notice from
Purchasers seeking to purchase more than the aggregate amount of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro Rata Portion (as defined below) of the Participation Maximum. “Pro Rata
Portion” means the ratio of (x) the Subscription Amount of Shares purchased on the Closing Date by a Purchaser participating under this Section 4.9 and (y) the sum of the aggregate Subscription Amounts of Shares purchased on
the Closing Date by all Purchasers participating under this Section 4.9. 
 (f)    The Company must
provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of participation set forth above in this Section 4.9, if the Subsequent Financing subject to the initial Subsequent Financing Notice
is not consummated for any reason on the terms set forth in such Subsequent Financing Notice within thirty (30) Trading Days after the date of the initial Subsequent Financing Notice. 

(g)    The Company and each Purchaser agree that if any Purchaser elects to participate in the Subsequent
Financing, the transaction documents related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is intended to, exclude one or more of the Purchasers from participating in a Subsequent
Financing, including, but not limited to, provisions whereby such Purchaser shall be required to agree to any restrictions on trading as to any of the Shares purchased hereunder or be required to consent to any amendment to or termination of, or
grant any waiver, release or the like under or in connection with, this Agreement, without the prior written consent of such Purchaser. 

(h)    Notwithstanding anything to the contrary in this Section 4.9 and unless otherwise agreed to by
such Purchaser, the Company shall either confirm in writing to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent
Financing in either case in such a manner such that such Purchaser will not be in possession of any material, non-public information, by the tenth (10th) Business Day following delivery of the Subsequent
Financing Notice. If by such tenth (10th) Business Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by such
Purchaser, such transaction shall be deemed to have been abandoned and such Purchaser shall not be deemed to be in possession of any material, non-public information with respect to the Company or any of its
Subsidiaries. 

  
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 (i)    Notwithstanding the foregoing, this
Section 4.9 shall not apply in respect of an Exempt Issuance. 
 (j)    Notwithstanding the
foregoing, if a Subsequent Financing is an equity line of credit transaction (which may include any additional securities issued as a part of such equity line of credit transaction) (an “Equity Line Subsequent Financing”), then the
Company and the Purchasers agree that the participation right for the Equity Line Subsequent Financing set forth in this Section 4.9 is granted to the Major Purchaser only and the Major Purchaser’s participation right is 100% (but not less
than 100%) of the Equity Line Subsequent Financing, unless the Company and the Major Purchaser shall otherwise agree in writing. For purposes of clarity, the right of participation in an Equity Line Subsequent Financing applies to the definitive
agreements in an Equity Line Subsequent Financing and not to any securities issued or drawdowns in such Equity Line Subsequent Financing. At least ten (10) Trading Days prior to an Equity Line Subsequent Financing, the Company shall deliver to
Major Purchaser a written notice of its intention to effect an Equity Line Subsequent Financing (“EL Pre-Notice”), which EL Pre-Notice shall ask the
Major Purchaser if it wants to review the details of such financing (such additional notice, a “EL Subsequent Financing Notice”). Upon the request of the Major Purchaser, and only upon such request, for an EL Subsequent
Financing Notice, the Company shall promptly, but no later than one (1) Trading Day after such request, deliver a EL Subsequent Financing Notice to the Major Purchaser. The EL Subsequent Financing Notice shall describe in reasonable detail
the proposed terms of such Equity Line Subsequent Financing and the amount of proceeds intended to be raised thereunder and shall include a term sheet relating thereto as an attachment. During the ten (10) Trading Days following the delivery of
the EL Subsequent Financing Notice, the Company and the Major Purchaser shall negotiate in good faith to reach mutually agreeable terms and the definitive agreements for the Equity Line Subsequent Financing. If the Major Purchaser desires to
participate in such Equity Line Subsequent Financing, the Major Purchaser must provide written notice to the Company by not later than 5:30 p.m. (New York City time) on the tenth (10th) Trading Day after the Major Purchaser received the EL
Subsequent Financing Notice that the Major Purchaser is willing to participate in the Equity Line Subsequent Financing and representing and warranting that the Major Purchaser has sufficient and available funds for investment in the Equity Line
Subsequent Financing. If the Company receives no such notice from the Major Purchaser as of such tenth (10th) Trading Day, the Major Purchaser shall be deemed to have notified the Company that it does not elect to participate. If the Major Purchaser
does not deliver such notice on participation as of such tenth (10th) Trading Day, the Company may consummate the Equity Line Subsequent Financing with another Person and the Major Purchaser shall have no right of participation in connection with
such Equity Line Subsequent Financing, provided, however, that, in connection with a subsequent Equity Line Subsequent Financing, the Major Purchaser shall have the right set forth in this Section 4.9(j). The Company and the Major Purchaser
agree that if the Major Purchaser elects to participate in the Equity Line Subsequent Financing, the definitive agreements thereto shall not include any term or provision that, directly or indirectly, will, or is intended to, exclude the Major
Purchaser from participating in the Equity Line Subsequent Financing, including, but not limited to, provisions whereby the Major Purchaser shall be required to agree to any restrictions on trading as to any of the Shares

  
 27 

 
purchased hereunder or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection with, this Agreement, without the prior
written consent of the Major Purchaser. Notwithstanding anything to the contrary in this Section 4.9(j) and unless otherwise agreed to by Major Purchaser, the Company shall either confirm in writing to the Major Purchaser that the transaction
with respect to Equity Line Subsequent Financing has been abandoned or shall publicly disclose its execution of definitive agreements on the Equity Line Subsequent Financing in either case in such a manner such that Major Purchaser will not be in
possession of any material, non-public information, by the twentieth (20th) Trading Day following the delivery of the EL Subsequent Financing Notice. If by such twentieth (20th) Trading Day, no public
disclosure regarding a transaction with respect to the Equity Line Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by the Major Purchaser, such transaction shall be deemed to have
been abandoned and the Major Purchaser shall not be deemed to be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries. For purposes of clarity, in
connection with an Equity Line Subsequent Financing, the Company shall not deliver any notice thereof to any Purchaser other than the Major Purchaser. 

4.10    Subsequent Equity Sales. From the date hereof until 90 days after the date hereof, neither the Company nor
any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents.    Notwithstanding the foregoing, this Section 4.10 shall
not apply in respect of an Exempt Issuance. The restrictions set forth in this Section 4.10 shall terminate on the earliest of (i) 90 days after the date hereof, (ii) the Trading Day following the date that both (a) the closing price
of the Common Stock for each of 10 consecutive Trading Days (the “Measurement Period,” which 10 consecutive Trading Day period shall not have commenced until after the Closing Date) exceeds $5.13 (subject to adjustment for forward
and reverse stock splits, recapitalizations, stock dividends and the like after the Closing Date) and (b) daily trading volume for such Measurement Period exceeds 100,000 shares (subject to adjustment for forward and reverse stock splits,
recapitalizations, stock dividends and the like after the Closing Date) and (iii) the Trading Day following the date that the Company publicly releases (via a widely disseminated press release or Current Report on Form 8-K) topline data from its Phase 3 clinical trial of reloxaliase called URIROX-1. 

4.11    Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document)
shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to such Transaction Document. For clarification
purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as
the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Shares or otherwise. 

4.12    Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other
Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales 

  
 28 

 
of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first
publicly announced pursuant to the initial press release as described in Section 4.3. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement
are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.3, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the
Disclosure Schedules. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or
covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in
Section 4.3, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this
Agreement are first publicly announced pursuant to the initial press release as described in Section 4.3 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or
its Subsidiaries after the issuance of the initial press release as described in Section 4.3. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above
shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement. 

ARTICLE V. 
 MISCELLANEOUS

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

5.2    Fees and Expenses. At the Closing, the Company has agreed to reimburse Altium Growth Fund LP
(“Altium”) the non-accountable sum of $50,000 for its legal fees, due diligence and other expenses, $25,000 of which has been paid prior to the Closing. Accordingly, in lieu of the foregoing
payments, the aggregate amount that Altium is to pay for the Shares at the Closing shall be reduced by $25,000 in lieu thereof. The Company shall deliver to each Purchaser, prior to the Closing, a completed and executed copy of the Closing
Statement, attached hereto as Annex A. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other
expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchasers. 

  
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 5.3    Entire Agreement. The Transaction Documents, together with
the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or
written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules. 

5.4    Notices. Any and all notices or other communications or deliveries required or permitted to be provided
hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address
as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given.
The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K. 
 5.5    Amendments; Waivers. No provision of this Agreement may be
waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial Subscription Amounts hereunder
or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the
consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in
the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.
Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent
of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Shares and the Company. 

5.6    Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall
not be deemed to limit or affect any of the provisions hereof. 

  
 30 

 5.7    Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any
Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Shares, provided that such transferee agrees in writing to be bound, with respect to the transferred Shares, by the
provisions of the Transaction Documents that apply to the “Purchasers.” 
 5.8    No Third-Party
Beneficiaries.    This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other
Person, except as otherwise set forth in Section 4.7. 
 5.9    Governing Law. All questions concerning the
construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.    If any party shall commence an Action or Proceeding to enforce any provisions of the
Transaction Documents, then, in addition to the obligations of the Company under Section 4.7, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding. 

5.10    Survival. The representations and warranties contained herein shall survive the Closing and the delivery of
the Shares. 
 5.11    Execution. This Agreement may be executed in two or more counterparts, all of which when
taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In
the event that any 

  
 31 

 
signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

5.12    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 5.13    Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in
(and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related
obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice
to its future actions and rights. 
 5.14    Replacement of Shares. If any certificate or instrument evidencing
any Shares is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate
or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs
(including customary indemnity) associated with the issuance of such replacement Shares. 
 5.15    Remedies. In
addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree
that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such
obligation the defense that a remedy at law would be adequate. 
 5.16    Payment Set Aside. To the extent that
the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any
law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 

  
 32 

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

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

5.19    Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents
or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and
other similar transactions of the Common Stock that occur after the date of this Agreement. 
 5.20    WAIVER OF
JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY
ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.  
 (Signature Pages Follow) 

  
 33 

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

					
	ALLENA PHARMACEUTICALS, INC.	  	Address for Notice:

					
			
	By:	 	  
	  	        E-Mail:
	Name:	 		  	        Fax:
	Title:	 		  	
	With a copy to (which shall not constitute notice):	  	

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGE FOR PURCHASER FOLLOWS] 

  
 34 

 [PURCHASER SIGNATURE PAGES TO ALNA SECURITIES PURCHASE AGREEMENT] 

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

Signature of Authorized Signatory of Purchaser:
                                         
                                         
                         
 Name
of Authorized Signatory:
                                         
                                         
                                         
           
 Title of Authorized Signatory:
                                         
                                         
                                         
             
 Email Address of Authorized Signatory:
                                         
                                         
                                      

Facsimile Number of Authorized Signatory:
                                         
                                         
                                

Address for Notice to Purchaser: 
 Address for Delivery of
Shares to Purchaser (if not same as address for notice): 
 Subscription Amount: $
                                 

Shares:
                                     

EIN Number:
                                        

 [SIGNATURE PAGES CONTINUE] 

  
 35 

 Annex A 

CLOSING STATEMENT 
 Pursuant to the
attached Securities Purchase Agreement, dated as of the date hereto, the purchasers shall purchase up to $10,002,000.00 of Common Stock from Allena Pharmaceuticals, Inc., a Delaware corporation (the “Company”). All funds will be
wired into an account maintained by the Company. All funds will be disbursed in accordance with this Closing Statement. 
 Disbursement Date: June
    , 2019 
  
  

 

									
	 I.   PURCHASE PRICE
	  				  			
			
	Gross Proceeds to be Received	  	$	 	 	  	 	                                	 
			
	 II.  DISBURSEMENTS
	  				  			
		  	$	 	 	  			
		  	$	 	 	  			
		  	$	 	 	  			
		  	$	 	 	  			
		  	$	 	 	  			
			
	 Total Amount Disbursed:
	  	$	 	 	  			

 WIRE INSTRUCTIONS: 

Please see attached. 

Acknowledged and agreed to 
 this      day of
June, 2019 
 ALLENA PHARMACEUTICALS, INC. 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

  
 36

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