Document:

THIS SUBORDINATED LOAN AGREEMENT
AND THE INDEBTEDNESS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN THE SUBORDINATION AGREEMENT
(AS DEFINED HEREIN) AND THE RESPECTIVE SUCCESSORS AND PERMITTED ASSIGNS OF THE PARTIES HERETO SHALL BE BOUND BY THE PROVISIONS
OF THE SUBORDINATION AGREEMENT.

 

SUBORDINATED LOAN AGREEMENT

 

THIS
SUBORDINATED LOAN AGREEMENT (as the same may from time to time be amended, modified, supplemented or restated, this “Agreement”)
dated as of June 6, 2017 (the “Effective Date”) among BIOTEST PHARMACEUTICALS CORPORATION, a Delaware corporation
with an office located at 5800 Park of Commerce Blvd. NW, Boca Raton, Florida 33487 (“Biotest”), as lender (in
such capacity, “Lender”), ADMA BIOMANUFACTURING, LLC, a Delaware limited liability company (“Borrower”)
with an office located at 5800 Park of Commerce Blvd. NW, Boca Raton, Florida 33487 and ADMA BIOLOGICS, INC., a Delaware corporation
(“ADMA”) with an office located at 5800 Park of Commerce Blvd. NW, Boca Raton, Florida 33487, provides the terms
on which Lender shall lend to Borrower and Borrower shall repay Lender. The parties agree as follows:

 

		1.	ACCOUNTING AND OTHER TERMS

 

1.1           Accounting terms not defined in this Agreement shall be construed in accordance with GAAP. Calculations and determinations
must be made in accordance with GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth
in Section 13. All references to “Dollars” or “$” are United States Dollars, unless otherwise
noted.

 

		2.	LOANS AND TERMS OF PAYMENT

 

2.1           Promise
to Pay. Borrower hereby unconditionally promises to pay Lender the outstanding principal amount of the Term Loan (as defined
below) advanced to Borrower by Lender and accrued and unpaid interest thereon and any other amounts due hereunder as and when
due in accordance with this Agreement and the Subordination Agreement.

 

		2.2	Term Loan.

 

(a)             Availability. Subject to the terms and conditions of this Agreement, Lender agrees to make a term loan to Borrower
on the Effective Date in an aggregate amount of Fifteen Million Dollars ($15,000,000.00) (the “Term Loan”).
After repayment, the Term Loan may not be re-borrowed.

 

(b)            Repayment.
Borrower shall make semi-annual payments of interest in accordance with Section 2.3 commencing on the first (1st)
Payment Date to occur following the Effective Date, and continuing on each Payment Date thereafter through and including the Payment
Date immediately preceding the Maturity Date. All unpaid principal and accrued and unpaid interest with respect to the Term Loan
is due and payable in full on the Maturity Date. The Term Loan may only be prepaid in accordance with Sections 2.2(c) and 2.2(d).

 

		(c)	Mandatory Prepayments.

 

(i)                 
If the Term Loan is accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Lender,
an amount equal to the sum of: (x) the outstanding principal of the Term Loan to be prepaid plus accrued and unpaid interest thereon
through the prepayment date, plus (y) all other Obligations that are due and payable, including interest at the Default Rate with
respect to any past due amounts.

 

(ii)                If
(A) the Borrower conveys, sells, transfers or otherwise disposes of all or substantially all of the assets of the
Biotest Therapy BU to an entity that is not a member of the Group, (B) ADMA or one of its subsidiaries conveys, sells,
transfers or otherwise disposes of all of the equity interests in Borrower to an entity that is not a member of the Group,
(C) ADMA or one of its subsidiaries engage in a merger or in a sale of equity resulting in the Borrower ceasing to be a
direct or indirect Subsidiary of ADMA, or (D) ADMA engages in a Liquidation Event (as defined in the Stockholders Agreement)
that occurs other than as the direct result of action taken by Biotest to acquire additional equity interests in ADMA (such
an event described in this clause (D), an “ADMA Change of Control Event”), then Borrower shall immediately
pay to Lender, upon such disposal, an amount equal to the sum of: (x) the outstanding principal of the Term Loan plus accrued
and unpaid interest thereon through the prepayment date, plus (y) all other Obligations that are due and payable.

 

     

     

    

 

(d)               
Permitted Prepayment of Term Loan. Borrower may prepay the Term Loan in whole at any time or from time to time in
part without premium or penalty. On the date of such prepayment, Borrower shall pay to Lender an amount equal to the sum of (A)
all outstanding principal of the Term Loan plus accrued and unpaid interest thereon through the prepayment date, plus (B) all other
Obligations that are due and payable, including interest at the Default Rate with respect to any past due amounts.

 

		2.3	Payment of Interest on the Term Loan.

 

(a)                
Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the Term Loan shall accrue interest
at a rate of 6.00% per annum, which interest shall be payable in arrears in accordance with Section 2.2(b) and Section 2.3(d).
Interest shall accrue on the Term Loan commencing on, and including, the Effective Date, and shall accrue on the principal amount
outstanding under the Term Loan through and including the day on which the Term Loan is paid in full.

 

(b)               
Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall
accrue interest at a per annum rate equal to the rate that is otherwise applicable thereto plus five percentage points (5.00%)
(the “Default Rate”). Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is
not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice
or limit any rights or remedies of Lender.

 

(c)                
360-Day Year. Interest shall be computed on the basis of a three hundred sixty (360) day year, and the actual number
of days elapsed.

 

(d)               
Payments. Except as otherwise expressly provided herein, all payments by Borrower under the Loan Documents shall
be made to Lender at Lender’s office in immediately available funds on the date specified herein. Unless otherwise provided,
interest is payable semi-annually on each Payment Date. Payments of principal and/or interest received after 12:00 noon Eastern
time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a
Business Day, the payment is due the next Business Day and interest shall continue to accrue until paid. All payments to be made
by Borrower hereunder or under any other Loan Document, including payments of principal and interest, and all fees, expenses, indemnities
and reimbursements, shall be made without set-off, recoupment or counterclaim, in lawful money of the United States and in immediately
available funds.

 

		2.4	Taxes.

 

(a)                
Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of Borrower or Lender, as applicable) requires the deduction or withholding of any Tax from any such
payment by Borrower, then Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified
Tax, then the sum payable by Borrower shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section) Lender receives an amount
equal to the sum it would have received had no such deduction or withholding been made. The Borrower shall timely pay to the relevant
Governmental Authority in accordance with applicable law, or at the option of Lender, timely reimburse Lender for the payment of
Other Taxes.

 

(b)                Indemnification
by Borrower. Borrower shall indemnify Lender, within 10 days after written demand therefor, for the full amount of any
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)
payable or paid by Lender or required to be withheld or deducted from a payment to Lender and any reasonable out-of-pocket
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to
Borrower by Lender shall be conclusive absent manifest error.

 

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(c)                
Evidence of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant
to this Section 2.4, Borrower shall deliver to Lender the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to Lender.

 

(d)               
Status of Lender. (i) Lender shall deliver to Borrower, at the time or times reasonably requested by Borrower, such
properly completed and executed documentation reasonably requested by Borrower as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, Lender, if reasonably requested by Borrower, shall deliver such other
documentation prescribed by applicable law or reasonably requested by Borrower as will enable Borrower to determine whether or
not Lender is subject to backup withholding or information reporting requirements and to satisfy any such requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 2.4(d)(ii)(1), (ii)(2) and (ii)(4) below) shall not be required if in Lender’s
reasonable judgment such completion, execution or submission would subject Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of Lender.

 

(ii)               
Without limiting the generality of the foregoing,

 

(1)               
if Lender is a U.S. Person, it shall deliver to Borrower on or prior to the date on which Lender becomes a party to this
Agreement (and from time to time thereafter upon the reasonable request of Borrower), executed originals of IRS Form W-9 certifying
that Lender is exempt from U.S. federal backup withholding tax;

 

(2)               
if Lender is a Foreign Lender, it shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number
of copies as shall be requested by Borrower) on or prior to the date on which Lender becomes a party to this Agreement (and from
time to time thereafter upon the reasonable request of Borrower), whichever of the following is applicable:

 

i)              in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x)
with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of
such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

		ii)	executed originals of IRS Form W-8ECI;

 

iii)            in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit A-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Borrower within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code
(a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable;
or

 

iv)            to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN or IRS Form W- 8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit
A-2 or Exhibit A-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that
if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit A-4
on behalf of each such direct and indirect partner;

 

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(3)               
if Lender is a Foreign Lender, it shall, to the extent it is legally entitled to do so, deliver to Borrower (in such number
of copies as shall be requested by Borrower) on or prior to the date on which Lender becomes a party to this Agreement (and from
time to time thereafter upon the reasonable request of Borrower), executed originals of any other form prescribed by applicable
law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit Borrower to determine the withholding or deduction required to be
made; and

 

(4)               
if a payment made to Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), Lender shall deliver to Borrower at the time or times prescribed by law and at such time
or times reasonably requested by Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code) and such additional documentation reasonably requested by Borrower as may be necessary for Borrower to comply with
its obligations under FATCA and to determine that Lender has complied with Lender’s obligations under FATCA or to determine
the amount to deduct and withhold from such payment. Solely for purposes of this clause (4), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement.

 

Lender
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify Borrower in writing of its legal inability to do so.

 

(e)                
Treatment of Certain Refunds. If Lender determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.4 (including by the payment of additional
amounts pursuant to this Section 2.4), it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses
(including Taxes) of such Lender and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund). Borrower, upon the request of such Lender, shall repay to such Lender the amount paid over pursuant to
this paragraph (e) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event
that Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph
(e), in no event will Lender be required to pay any amount to Borrower pursuant to this paragraph (e) the payment of which would
place Lender in a less favorable net after-Tax position than Lender would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any Lender to make available
its Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to Borrower or any other
Person.

 

(f)                 
Survival. Each party’s obligations under this Section 2.4 shall survive any assignment of rights by, or the
replacement of, Lender and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

2.5                Subordination
Agreement. The Subordination Agreement, provides, among other things, that certain payments from Borrower to Lender
otherwise due and payable hereunder may not be paid, and in the event of any conflict between the terms of this Agreement and
the terms of the Subordination Agreement, the terms of the Subordination Agreement shall govern. As between Borrower and
Lender, nothing contained in the Subordination Agreement shall impair the unconditional and absolute obligation of Borrower
to Lender to pay all of the Obligations as such Obligations shall become due and payable in accordance with the Loan
Documents; provided that if any cash payment of interest hereunder is prohibited by the terms of the Subordination
Agreement, Borrower shall not be required to make such payment in cash and the amount of such payment (the “PIK
Amount”) shall instead be capitalized and added to the principal amount of the Term Loan (and any such PIK Amount
shall bear interest in accordance with the terms of this Agreement) and the capitalization of such PIK Amount shall satisfy
Borrower’s obligation hereunder with respect to such payment. If any such PIK Amount shall be so capitalized and added
to the principal amount of the Term Loan as a result of a cash payment of interest having been prohibited by the terms of the
Subordination Agreement, Borrower shall promptly notify Lender of such event; provided that any failure of Borrower to
so notify Lender shall not affect the operation of this Section 2.5 or the capitalization of such PIK Amount. As soon as
Borrower is no longer prohibited under the terms of the Subordination Agreement from making any payments due hereunder in
cash, Borrower shall so notify Lender and subsequent cash payments shall resume when due.

 

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2.6               
Subordinated Indebtedness. The Obligations shall be subordinate and junior in right of payment only to (1) Borrower’s
Indebtedness under the Loan and Security Agreement in accordance with the terms of the Subordination Agreement, (2) any additional
Indebtedness for borrowed money approved by ADMA’s Board of Directors and incurred by ADMA or Borrower following the Effective
Date which is secured solely by a mortgage on the BTBU Owned Real Property, and (3) any Refinancing of the Indebtedness under the
Loan and Security Agreement as expressly provided for under the Subordination Agreement. Except as otherwise provided in the preceding
sentence, the Obligations shall rank pari passu with all additional Indebtedness for borrowed money approved by ADMA’s
Board of Directors and incurred by ADMA or Borrower following the Effective Date; provided that, if such pari passu
Indebtedness shall be secured by any assets other than the BTBU Owned Real Property, then the Obligations shall also be secured
by such assets on a pari passu basis.

 

2.7               
Unsecured Obligations. In accordance with and to the extent required under the Subordination Agreement as in effect
from time to time, the Obligations are, and shall remain, unsecured. The preceding sentence shall not affect Borrower’s obligations
or Lender’s rights under Section 2.6.

 

		3.	CONDITIONS OF LOANS

 

3.1               
Conditions Precedent to Term Loan.  Lender’s obligation to make the Term Loan is subject to the condition precedent
that Lender shall have received, in form and substance reasonably satisfactory to Lender:

 

(a)           copies of the Amendment Agreement, the Subordination Agreement and this Agreement, each duly executed by Borrower and ADMA;

 

(b)           a copy of each of ADMA’s and Borrower’s corporate resolutions approving entry into this Agreement;

 

		(c)	a customary officer’s certificate of each of Borrower and ADMA; and

 

(d)           the conditions to closing as set out in Section 7.1, 7.2 and 7.3 of the Master Purchase Agreement shall have been satisfied
or waived in accordance with the terms of the Master Purchase Agreement and the transactions contemplated by the Master Purchase
Agreement close simultaneously with the making of the Term Loan.

 

		4.	REPRESENTATIONS AND WARRANTIES

 

Each of Borrower and ADMA, as applicable,
represents and warrants to Lender on the date of this Agreement as follows:

 

4.1               
Due Organization, Authorization: Power and Authority.

 

(a)                 
Borrower is duly organized, validly existing and in good standing under the laws of the State of Delaware. Borrower has
all limited liability company power and authority to own, lease and operate its properties and to carry on its business as such
business is presently conducted. Borrower is qualified and licensed to do business and is in good standing in any jurisdiction
in which the conduct of its businesses or its ownership of property requires that it be qualified except where the failure to do
so could not reasonably be expected to have a Material Adverse Change.

 

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(b)                ADMA
is duly organized, validly existing and in good standing under the laws of the State of Delaware. ADMA has all
requisite corporate power and authority to own, lease and operate its properties and to carry on its business as such
business is presently conducted. ADMA is qualified and licensed to do business and is in good standing in any jurisdiction in
which the conduct of its businesses or its ownership of property requires that it be qualified except where the failure to do
so could not reasonably be expected to have a Material Adverse Change.

 

(c)                
The execution, delivery and performance by each of the Borrower and AMDA of the Loan Documents to which it is a party have
been duly authorized, and do not (i) conflict with any of such Party’s organizational documents, including its respective
Operating Documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law applicable
thereto, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award
of any Governmental Authority by which such Party or any of its Subsidiaries or any of their property or assets may be bound or
affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental
Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or are being obtained
pursuant to Section 5.1(b), or (v) constitute an event of default under any material agreement by which such Party or any of such
Subsidiaries or their respective properties is bound, in each case under clauses (i) to (v) if such a case could reasonably be
expected to have a Material Adverse Change. Neither Borrower nor ADMA nor any of its Subsidiaries is in default under any agreement
to which it is a party or by which it or any of its assets is bound in which such default could reasonably be expected to have
a Material Adverse Change.

 

		4.2	Solvency. The Borrower is Solvent and the Group, taken as a whole, is Solvent.

 

4.3           Regulatory Compliance. Neither Borrower nor ADMA is an “investment company” or a company “controlled”
by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of
its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors).
ADMA and each of its Subsidiaries has complied in all respects with the U.S. federal Fair Labor Standards Act, except as would
not reasonably be expected to have a Material Adverse Change. Neither ADMA nor any of its Subsidiaries has violated any laws, ordinances
or rules, the violation of which could reasonably be expected to have a Material Adverse Change. ADMA and each of its Subsidiaries
has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all
Governmental Authorities that are necessary to continue their respective businesses as currently conducted, where failure to do
so could reasonably be expected to have a Material Adverse Change.

 

4.4           Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty
is made to ADMA’s or Borrower’s knowledge or awareness, to the “best of” ADMA’s or Borrower’s
knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation,
of the Responsible Officers.

 

4.5           Use of Proceeds. Borrower shall use the proceeds of the Term Loan for working capital and other general corporate purposes
of Borrower and its Subsidiaries; provided that, the proceeds of the Term Loan shall not be used to pay down the loans outstanding
under the Loan and Security Agreement or any other Indebtedness for borrowed money of ADMA or its Subsidiaries or to make Acquisitions.

 

		5.	AFFIRMATIVE COVENANTS

 

ADMA and Borrower shall, and Borrower shall cause each
of its Subsidiaries to, do all of the following:

 

5.1           Government
Compliance.

 

(a)                
Maintain its and all of Borrower’s Subsidiaries’ legal existence and good standing in their respective jurisdictions
of organization and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected
to have a Material Adverse Change. Comply with all laws, ordinances and regulations to which Borrower or any of its Subsidiaries
is subject, the noncompliance with which could reasonably be expected to have a Material Adverse Change.

 

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(b)           Obtain and keep in full force and effect, all of the material Governmental Approvals necessary for the performance by ADMA,
Borrower and Borrower’s Subsidiaries relating to the Biotest Therapy BU and obligations under the Loan Documents. ADMA and
Borrower shall promptly provide copies to Lender of any material Governmental Approvals obtained by Borrower or any of its Subsidiaries
relating to the Biotest Therapy BU.

 

5.2           Financial
Statements, Reports, Certificates. Unless otherwise provided to Lender in its capacity as a stockholder or director of
ADMA and in each case only to the extent required to be delivered by ADMA to the lenders under the Loan and
Security Agreement and in the form delivered to the lenders under the Loan and Security Agreement:

 

(a)           Deliver to Lender:

 

(i)                 
as soon as available, but no later than forty-five (45) days after the last day of each fiscal quarter, a company prepared
consolidated and consolidating balance sheet, income statement and cash flow statement covering the consolidated operations of
ADMA and its Subsidiaries for such quarter (which may be on Form 10-Q and each year end on Form 10-K, if ADMA is then subject to
the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended) certified by a Responsible Officer;

 

(ii)               
as soon as available, but no later than one hundred twenty (120) days after the last day of Borrower’s fiscal year
or within five (5) days of filing with the SEC, audited consolidated financial statements prepared under GAAP, consistently applied
from an independent certified public accounting firm accompanied by any management report and opinion from such Auditor;

 

(iii)

 

(1)               
sixty (60) days after Borrower’s fiscal year end, ADMA’s annual financial projections for the entire current
fiscal year, which annual financial projections may not have been approved by ADMA's Board of Directors at the time of their transmittal
to Lender; and

 

(2)                 
to the extent not provided under subsection (1) above, as soon as available after approval thereof by ADMA’s Board
of Directors, but no later than the earlier of (A) ten (10) days after the filing of ADMA's Form 10-K with the Securities and Exchange
Commission or (B) ninety (90) days after Borrower’s fiscal year end, ADMA’s annual financial projections for the entire
current fiscal year as approved by ADMA’s Board of Directors (such annual financial projections as originally delivered to
Lender are referred to herein as the “Annual Projections”; provided that, any revisions of the Annual Projections
approved by ADMA’s Board of Directors shall be delivered to Lender no later than ten (10) days after such approval);

 

(iv)          in the event that ADMA becomes subject to the reporting requirements under the Securities Exchange Act of 1934, as amended,
within five (5) days of filing, all reports on Form 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission;

 

(v)           prompt notice of any material amendments of or other material changes to the capitalization table of Borrower and of any
amendments or changes to the Operating Documents of Borrower or any of its Subsidiaries, together with any copies reflecting such
amendments or changes with respect thereto; and

 

		(vi)	other information as reasonably requested by Lender.

 

Notwithstanding the foregoing,
documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise
filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on
which Borrower or ADMA posts such documents, or provides a link thereto, on Borrower’s or ADMA’s website on the internet
at Borrower’s or ADMA’s website address.

 

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(b)               
Keep proper books of record and account in accordance with GAAP in all material respects, in which full, true and correct
entries shall be made of all dealings and transactions in relation to its business and activities. When an Event of Default has
occurred and is continuing, Borrower shall and shall cause each of its Subsidiaries to, allow Lender, at the sole cost of Borrower,
during regular business hours to visit and inspect any of its properties, to examine and make abstracts or copies from any of its
books and records.

 

5.3               
Insurance. Keep Borrower’s and its Subsidiaries’ business insured for risks and in amounts standard for
companies in Borrower’s and its Subsidiaries industry and location in a manner consistent with the past practice of the Group.

 

5.4               
Litigation Cooperation. Commencing on the Effective Date and continuing through the termination of this Agreement, make
reasonably available to Lender during regular business hours and upon reasonable prior notice, ADMA, Borrower and each of ADMA’s
and Borrower’s officers, employees and agents and ADMA’s and Borrower’s Books to the extent that Lender may reasonably
deem them necessary to prosecute or defend any third-party suit or proceeding instituted by or against Lender relating to ADMA
or Borrower in connection with the Loan Documents.

 

5.5               
Notices of Litigation and Default. Borrower will give prompt written notice to Lender of any litigation or governmental
proceedings pending or threatened (in writing) against Borrower or any of its Subsidiaries, which ADMA or its Subsidiaries is required
to deliver to the lenders under the Loan and Security Agreement. Without limiting or contradicting any other more specific provision
of this Agreement, promptly (and in any event within three (3) Business Days) upon Borrower becoming aware of the existence of
any Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default,
Borrower shall give written notice to Lender of such occurrence, which such notice shall include a reasonably detailed description
of such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default.

 

5.6               
Further Assurances. Execute any further instruments and take further action as Lender reasonably requests to effect
the purposes of this Agreement, including executing any and all financing statements, agreements and instruments, and taking all
such further actions (including filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other
documents), which Lender may reasonably request, to effectuate the granting of a security interest in any collateral and executing
any amendments to this Agreement to provide customary provisions relating to the grant of such collateral in each case to the
extent required by Section 2.6 or which may be required under applicable law.

 

		6.	NEGATIVE COVENANTS

 

ADMA shall
not, and shall not permit any of its Subsidiaries (including Borrower) to, do any of the following without the prior written consent
of Lender:

 

6.1               
Indebtedness. Create, incur or assume any Indebtedness that would violate Section 2.6.

 

6.2               
Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any
Affiliate of Borrower or any of its Subsidiaries, except for transactions that are (i) with any member of the Group or (ii) in
the ordinary course of Borrower’s or such Subsidiary’s business, upon fair and reasonable terms that are no less favorable
to Borrower or such Subsidiary than would be obtained in an arm’s length transaction with a non-affiliated Person.

 

6.3               
Subordinated Debt. Make any optional or voluntary prepayment of any Subordinated Indebtedness except in accordance with
the subordination agreement, intercreditor or other similar agreement to which such Subordinated Indebtedness is subject, unless
the Obligations are also prepaid on a pro rata basis.

 

    8 

     

    

 

6.4                Compliance.
Become an “investment company” or a company controlled by an “investment company”, under the
Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or
carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the
proceeds of the Term Loan for that purpose. Except as would not reasonably be expected to have a Material Adverse Change, (i)
fail to meet the minimum funding requirements of ERISA, (ii) permit a “reportable event” (other than those events
as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived) or non-exempt “prohibited
transaction”, each as defined in ERISA, to occur, (iii)  fail
to comply with the U.S. federal Fair Labor Standards Act or violate any other law or regulation, or permit any of its
Subsidiaries to do so, (iv) withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete
termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing or deferred
compensation plan, in each case which could reasonably be expected to result in any liability of Borrower or any of its
Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental
Authority.

 

		7.	EVENTS OF DEFAULT

 

Any one
of the following shall constitute an event of default (an “Event of Default”) under this Agreement:

 

7.1               
Payment Default. Borrower fails to (a) make any payment of principal or interest due hereunder on its due date (including
a mandatory prepayment of the Obligations pursuant to Section 2.2(c)), or (b) pay any other Obligations within three (3) Business
Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the
Maturity Date or the date of acceleration pursuant to Section 8.1 hereof).

 

7.2               
Covenant Default. ADMA, or any of its Subsidiaries, fails or neglects to perform, keep, or observe any term, provision,
condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified
in this Section 7) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the
default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured
within the ten (10) day period or cannot after diligent attempts by ADMA or Borrower be cured within such ten (10) day period,
and such default is likely to be cured within a reasonable time, then ADMA and Borrower shall have an additional period (which
shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure
to cure the default shall not be deemed an Event of Default. Grace Periods provided under this Section shall not apply to any covenant
in Section 6 except for Section 6.3.

 

7.3               
Attachment; Levy; Restraint on Business. (a) any material portion of ADMA’s, Borrower’s or any of their
respective Subsidiaries’ assets is attached, seized, levied on, or comes into possession of a trustee or receiver, or (b)
any court order enjoins, restrains, or prevents ADMA, Borrower or any of their respective Subsidiaries from conducting any part
of its business.

 

7.4               
Insolvency. (a) ADMA, Borrower or any of their respective Subsidiaries begins an Insolvency Proceeding; or (b) an Insolvency
Proceeding is begun against ADMA, Borrower or any of Borrower’s Subsidiaries and not dismissed or stayed within forty-five
(45) days.

 

7.5               
Other Agreements. There is a default in any agreement to which ADMA, Borrower or any of their respective Subsidiaries
is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate
the maturity of any Indebtedness in an amount in excess of Seven Hundred and Fifty Thousand Dollars ($750,000); provided that if
any default or event of default shall occur under the Loan and Security Agreement or any agreement which Refinances the Loan and
Security Agreement (a “Refinancing Agreement”), it shall not constitute an Event of Default unless and until
the Indebtedness under the Loan and Security Agreement or the Refinancing Agreement shall have been accelerated.

 

7.6               
Judgments. One or more judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate,
of at least One Million Dollars ($1,000,000) (not covered by independent third-party insurance as to which liability has been accepted
by such insurance carrier) shall be rendered against ADMA, Borrower or any of Borrower’s Subsidiaries and shall remain unsatisfied,
unvacated, or unstayed for a period of twenty (20) days after the entry thereof.

 

    9 

     

    

 

7.7               
Misrepresentations. ADMA, Borrower or any of Borrower’s Subsidiaries or any Person acting for ADMA, Borrower or
any of Borrower’s Subsidiaries makes any representation, warranty, or other statement now or later in this Agreement, any
Loan Document or in any writing delivered to Lender or to induce Lender to enter this Agreement or any Loan Document, and such
representation, warranty, or other statement is incorrect in any material respect when made.

 

		8.	RIGHTS AND REMEDIES

 

8.1               
Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Lender may, without notice
or demand, do any or all of the following: (i) deliver notice of the Event of Default to Borrower or (ii) by notice to Borrower
declare all Obligations immediately due and payable (but if an Event of Default described in Section 7.4 occurs, all Obligations
shall be immediately due and payable without any action by Lender).

 

8.2               
Application of Payments. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and
during the continuance of an Event of Default, each of ADMA and Borrower irrevocably waives the right to direct the application
of any and all payments at any time or times thereafter received by Lender from or on behalf of ADMA or Borrower or any of their
respective Subsidiaries of all or any part of the Obligations, and, as between ADMA and Borrower on the one hand and Lender on
the other, Lender shall have the continuing and exclusive right to apply and to reapply any and all payments received against the
Obligations in such manner as Lender may deem advisable notwithstanding any previous application by Lender.

 

8.3               
No Waiver; Remedies Cumulative. Failure by Lender, at any time or times, to require strict performance by ADMA or Borrower
of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Lender thereafter
to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by Lender
and then is only effective for the specific instance and purpose for which it is given. The rights and remedies of Lender under
this Agreement and the other Loan Documents are cumulative. Lender has all rights and remedies provided under any applicable law,
by law, or in equity. The exercise by Lender of one right or remedy is not an election, and Lender’s waiver of any Event
of Default is not a continuing waiver. Lender’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 

8.4               
Demand Waiver. Borrower waives, to the fullest extent permitted by law, demand, notice of default or dishonor, notice
of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal
of guarantees held by Lender on which Borrower or any Subsidiary is liable.

 

		9.	GUARANTEE

 

To induce Lender to enter into this
Agreement, ADMA (as primary obligor and not as surety only) irrevocably, absolutely and unconditionally:

 

(a)                
guarantees to Lender, on the terms and subject to the conditions of this Section 9 (this “Guarantee”),
the prompt performance of, compliance with and satisfaction of all Guaranteed Obligations of Borrower hereunder when due strictly
in accordance with the terms and conditions hereof.

 

(b)               
waives any requirement that Lender exhaust any right, remedy or take any action against Borrower before proceeding hereunder,
provided that Lender shall proceed simultaneously against both ADMA and Borrower hereunder unless such Party is not legally permitted
to do so as a result of Equitable Exceptions (as defined in the Master Purchase Agreement), in which case Lender shall be permitted
to proceed solely against ADMA hereunder subject to the terms and conditions set forth herein.

 

    10 

     

    

 

(c)                 waives,
to the fullest extent permitted by law, all claims of waiver, release, surrender, abstraction or compromise and all set-offs,
counterclaims, cross-claims, recoupments and any circumstance which might otherwise constitute a defense available to, or a
discharge of, ADMA as a guarantor, including acceptance of this Guarantee and of the Guaranteed Obligations,
presentment, demand, promptness, diligence, protest, notice of non-performance, default, dishonor, notice of the Guaranteed
Obligations incurred and any and all other notices not provided for herein (other than any and all notices to ADMA and
Borrower required to be provided or otherwise delivered pursuant to this Agreement), and all suretyship defenses generally
(other than payment of the Guaranteed Obligations in full and fraud or willful misconduct by Lender). Notwithstanding the
foregoing, ADMA hereby reserves the right to raise and assert any defenses, claims, counterclaims, set-offs, cross claims,
recoupments or limitations (including limitations on and exclusions of certain damages) that could be raised or asserted by
Borrower, pursuant to this Agreement or applicable Law with respect to any obligation owed or claimed to be owed by Borrower
to Lender under this Agreement, in each case other than defenses arising from Equitable Exceptions with respect to Borrower,
and the obligations and liabilities of ADMA shall be limited thereby.

 

(d)               
waives any and all notice of the creation, renewal, extension or accrual of the Guaranteed Obligations (other than notices
to ADMA and Borrower required to be provided or otherwise delivered pursuant to this Agreement) and notice of or proof of reliance
by Lender upon this Guarantee or acceptance of this Guarantee. ADMA acknowledges that Lender entered into this Agreement in reliance
upon this Guarantee.

 

(e)                
ADMA agrees to pay the reasonable costs and expenses of Lender in connection with the enforcement of this Guarantee only
to the extent that Lender prevails in such enforcement. If Lender elects to enforce this Guarantee against ADMA and Borrower, then
Lender shall pay the reasonable costs and expenses of ADMA in the event that Lender fails to prevail in such enforcement action;
provided, that it is hereby acknowledged and agreed that if Lender pursues an action against ADMA and Borrower and Borrower satisfies
its obligations hereunder such that AMDA does not have any direct liability, then Lender will have no liability or obligation to
pay the reasonable costs and expenses of ADMA and Borrower in connection with such action.

 

(f)                 
ADMA’s undertakings under this Agreement shall remain in full force and effect until final performance in full of
the Guaranteed Obligations under this Agreement notwithstanding any intermediate payment or performance or the invalidity or unenforceability
in whole or in part of any of the Guaranteed Obligations.

 

(g)               
The obligations of ADMA hereunder will not be discharged by: (i) any modification of, or amendment or supplement to, this
Agreement approved in writing by ADMA, in each case except to the extent expressly set forth therein, (ii) any change in the structure
of Borrower; (iii) any insolvency, bankruptcy, reorganization, arrangement, composition, liquidation, dissolution, or similar proceedings
with respect to Borrower; or (iv) any other occurrence whatsoever, except performance in full of all obligations of Borrower in
accordance with the terms and conditions of this Agreement or payment in full of the Guaranteed Obligations. In the event that
any payment to Lender in respect of any Guaranteed Obligation is rescinded or must otherwise be returned to Borrower for any reason
whatsoever other than the fact that Lender was not in fact entitled to the payment pursuant to the terms and conditions herein,
to the extent such amount is actually returned to Borrower, ADMA shall remain fully liable hereunder with respect to such Guaranteed
Obligation as if such payment had not been made.

 

(h)               
In addition to all such rights of indemnity and subrogation as ADMA may have under applicable law, the Borrower agrees that
in the event a payment shall be made by ADMA under this Agreement, the Borrower shall indemnify ADMA for the full amount of such
payment and ADMA shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such
payment; provided, however, that such indemnification and subrogation rights shall not be exercised until the Obligations
have been paid in full to Lender.

  

		10.	NOTICES

 

All
notices, consents, requests, approvals, demands, or other communication (collectively, “Communication”) by
any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served,
given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first
class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent
by facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges
prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified
and sent to the address, facsimile number, or email address indicated below. Lender or Borrower may change its mailing
address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section
10.

 

    11 

     

    

 

	 	If to Borrower or ADMA:	 	ADMA BIOLOGICS, INC.

                                             465 Route 17 South, Ramsey, NJ 07446

                                             Attn: Adam Grossman, President and Chief Executive Officer

                                             Fax: (201) 478-5553

                                             Email: agrossman@admabio.com
	 
	 	 	 	 	 
	 	with a copy (which shall not constitute notice) to:	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP

                                 1285 Avenue of the Americas

                                 New York, NY 10019-6064

                                 Attention: Ariel J. Deckelbaum, Esq.

                                 Facsimile: 212.757.3990

                                 Email: ajdeckelbaum@paulweiss.com:
	 
	 	 	 	 	 
	 	If to Lender:	 	BIOTEST PHARMACEUTICALS CORPORATION

                                 c/o Biotest AG

                                 Landsteinerstr. 5

                                 63303 Dreieich

                                 Germany

                                 Attention: Dr. Michael Ramroth and Dr. Martin Reinecke

                                 Facsimile:

                                 Email: michael.ramroth@biotest.com martin.reinecke@biotest..com
	 
	 	 	 	 	 
	 	with a copy (which shall not constitute notice) to:	 	Greenberg Traurig, LLP

                                 3333 Piedmont Road NE

                                 Suite 2500

                                 Atlanta, GA 30305

                                 Attn: Wayne H. Elowe, Esq.

                                 Fax: (678) 553-2453

                                 Email: elowew@gtlaw.com
	 

 

		11.	CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER

 

11.1            
Governing Law; Consent to Jurisdiction. New York law governs this Agreement without regard to principles of conflicts
of law. ADMA, Borrower and Lender each submit to the exclusive jurisdiction of the State and Federal courts in the City of New
York, Borough of Manhattan. ADMA and Borrower expressly submits and consents in advance to such jurisdiction in any action or suit
commenced in any such court, and each of ADMA and Borrower hereby waives any objection that it may have based upon lack of personal
jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as
is deemed appropriate by such court. Each of ADMA and Borrower hereby waives personal service of the summons, complaints, and other
process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered
or certified mail addressed to ADMA or Borrower at the address set forth in, or subsequently provided by ADMA or Borrower in accordance
with, Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of ADMA’s
or Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, first class, registered or certified
mail return receipt requested, proper postage prepaid.

 

    12 

     

    

 

11.2             Waiver
of Jury Trial. EACH PARTY (I) ACKNOWLEDGES AND AGREES THAT ANY ACTION THAT MAY ARISE UNDER OR RELATE TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND (II) HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT. EACH PARTY (A) CERTIFIES AND
ACKNOWLEDGES THAT NO REPRESENTATIVE OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) CERTIFIES AND ACKNOWLEDGES THAT IT AND THE OTHER
PARTY HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION OF THIS AGREEMENT, (C) UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (D) MAKES THIS WAIVER
VOLUNTARILY.

 

		12.	GENERAL PROVISIONS

 

12.1             Successors
and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party. No Party
may transfer, pledge or assign this Agreement or any rights or obligations under it without (i) in the case of ADMA and
Borrower, the prior written consent of Lender and (ii) in the case of Lender, the prior written consent of ADMA and
Borrower (which in each of (i) and (ii) such consent may be granted or withheld in such Party’s discretion).
Notwithstanding the preceding sentence, (a) Lender may transfer or assign this Agreement and its rights and obligations
hereunder without ADMA’s or Borrower’s consent in connection with the sale, directly or indirectly, of all or
substantially all of the assets or equity interests, of Lender or any of its Affiliates (whether by sale, merger,
consolidation or otherwise) to the acquirer of such assets or equity interests, (b) if Borrower conveys, sells, transfers or
otherwise disposes of all of substantially all of the assets of the Biotest Therapy BU to an entity that is a member of the
Group or if ADMA or one of its subsidiaries conveys, sells, transfers or otherwise disposes of all of the equity interests in
Borrower to any entity that is a member of the Group, then Borrower shall simultaneously transfer and assign the Obligations,
this Agreement and any Loan Documents to such entity; provided that in such event ADMA shall remain bound by this
Agreement, including the Guarantee set forth in Section 9 and (c) a pledge, sale, transfer, or other disposal of equity
interests in ADMA without the prior written consent of Lender shall not be prohibited by this Section 12.1 unless such
pledge, sale, transfer or other disposal constitutes an ADMA Change of Control Event.

 

12.2            
Indemnification. Borrower agrees to indemnify, defend and hold Lender and its respective directors, officers, employees,
agents, attorneys, or any other Person affiliated with or representing Lender (each, an “Indemnified Person”) harmless
against all losses, expenses, damages or other liabilities incurred, or paid by an Indemnified Person in connection with or arising
from the transactions contemplated by this Agreement or the other Loan Documents (including reasonable attorneys’ fees and
expenses), except for losses, expenses, damages or other liabilities directly caused by such Indemnified Person’s gross negligence,
willful misconduct or breach of any Loan Document. All amounts due to Lender under this Section 12.2 shall constitute Obligations
subject to the Guarantee by ADMA set forth in Section 9.

 

12.3            
Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement.

 

12.4            
Register. Lender, acting solely for this purpose as an agent of Borrower, shall maintain at its offices a register for
the recordation of the name and address of Lender and the principal amounts (and stated interest) of the Term Loan owing to Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive
absent manifest error, and Borrower and Lender shall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by Borrower, at any
reasonable time and from time to time upon reasonable prior notice.

 

12.5            
Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining
the enforceability of any provision.

 

    13 

     

    

 

12.6         Correction of Loan Documents. Lender may correct patent errors and fill in any blanks in this Agreement and the other
Loan Documents (other than the Subordination Agreement) consistent with the agreement of the parties.

 

		12.7	Amendments in Writing; Integration.

 

(a)                
No amendment, modification, termination or waiver of any provision of this Agreement or any other Loan Document, no approval
or consent thereunder, or any consent to any departure by ADMA or Borrower or any of their respective Subsidiaries therefrom, shall
in any event be effective unless the same shall be in writing and signed by ADMA, Borrower and Lender.

 

(b)               
Lender may, from time to time designate covenants in this Agreement less restrictive by notification to a representative
of Borrower.

 

(c)                
This Agreement and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations
or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the
subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan Documents.

 

12.8            
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement.

 

12.9            
Survival. All covenants, representations and warranties made in this Agreement continue in full force and effect until
this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other
obligations which, by their terms, are to survive the termination of this Agreement) have been satisfied. The obligations of Borrower
in Section 12.2 to indemnify Lender as well as the confidentiality provisions in Section 12.10 below, shall survive until the statute
of limitations with respect to such claim or cause of action shall have run.

 

12.10         Confidentiality.
In handling any confidential information of ADMA and Borrower, Lender shall exercise the same degree of care that it
exercises for its own proprietary information, but disclosure of information may be made: (a) to prospective transferees or
purchasers of any interest in the Obligations permitted hereunder (provided, however, Lender shall, except upon the
occurrence and during the continuance of an Event of Default, obtain such prospective transferee’s or purchaser’s
agreement to the terms of this provision or to similar confidentiality terms); (b) as required by law, regulation, subpoena,
or other order; (c) to regulators or as otherwise required in connection with an examination or audit; (d) as Lender
reasonably considers appropriate in exercising remedies under the Loan Documents; and (e) to third party service providers of
the Lender so long as such service providers have executed a confidentiality agreement with Lender with terms no less
restrictive than those contained herein. Confidential information does not include information that either: (i) is in the
public domain or in Lender’s possession when disclosed to Lender, or becomes part of the public domain after disclosure
to Lender; or (ii) is disclosed to Lender by a third party, if Lender does not know that the third party is prohibited from
disclosing the information. Lenders may (i) use confidential information for any of their internal record keeping, due
diligence, risk analysis, market analysis, maintenance and development of client databases, statistical and reporting
purposes; (ii)   use Borrower's
name and the principal terms of the Loans for customary client reference purposes; (iii) use confidential information for
regulatory reporting purposes to the extent required by or advisable under applicable law; and (iv) any related purpose so
long as Lender does not disclose Borrower’s identity or the identity of any person associated with Borrower
unless otherwise expressly permitted by this Agreement. The provisions of the immediately preceding sentence shall survive
the termination of this Agreement. The agreements provided under this Section 12.10 supersede all prior agreements,
understanding, representations, warranties, and negotiations between the parties about the subject matter of this Section
12.10.

 

    14 

     

    

 

12.11         Cooperation
of Borrower. Each of ADMA and Borrower agrees (i) to execute any documents (including promissory notes) reasonably
required to effectuate and acknowledge an assignment of the Term Loan and this Agreement to an assignee in accordance with
Section 12.1, (ii) to make ADMA’s or Borrower’s management available to meet with Lender and prospective
permitted assignees of the Term Loan and this Agreement (which meetings shall be arranged at mutually convenient times for
ADMA, Borrower and Lender), and (iii)  to
assist Lender in the preparation of information relating to the financial affairs of ADMA and Borrower as any prospective
permitted assignee of the Term Loan and this Agreement reasonably may request. Subject to the provisions of Section 12.10,
ADMA and Borrower authorizes Lender to disclose to any prospective assignee of the Term Loan and this Agreement, any and all
information in such Lender’s possession concerning ADMA, Borrower and its financial affairs which has been delivered to
such Lender by or on behalf of ADMA or Borrower pursuant to this Agreement.

 

12.12        
Borrower Liability. The Borrower waives (a) any suretyship defenses available to it under any applicable law, and (b)
any right to require Lender to: (i) proceed against any other person; or (ii) pursue any other remedy. Lender may exercise or not
exercise any right or remedy it has against ADMA or Borrower without affecting Borrower’s liability. Notwithstanding any
other provision of this Agreement or other related document, Borrower indefinitely waives enforcement of all rights that it may
have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Lender under this Agreement)
to seek contribution, indemnification or any other form of reimbursement from any other Person now or hereafter primarily or secondarily
liable for any of the Obligations, for any payment made by Borrower with respect to the Obligations in connection with this Agreement
or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section
shall be null and void. If any payment is made to Borrower in contravention of this Section, Borrower shall hold such payment in
trust for Lender and such payment shall be promptly delivered to Lender for application to the Obligations, whether matured or
unmatured.

 

		13.	DEFINITIONS

 

		13.1	Definitions. As used in this Agreement, the following terms have the following meanings:

 

“Acquisition”
means (a) any acquisition by ADMA, Borrower or any of their respective Subsidiaries of an interest in any other Person that (i)
shall then become consolidated with ADMA, Borrower or any of their respective Subsidiaries in accordance with GAAP (including,
by way of merger into ADMA, Borrower or any of their respective Subsidiaries or otherwise) or (ii) constitutes a 50% or greater
equity or economic interest in any Person, or (b) any acquisition by ADMA, Borrower or any of their respective Subsidiaries of
all or any substantial part of the assets of any other Person or of a division or line of business of any other Person, in each
case, whether by purchase, lease, exchange, issuance of equity or debt securities, merger, reorganization or any other method.

 

“ADMA” is defined in the preamble
hereof.

 

“ADMA Change of Control Event”
is defined in Section 2.2(c)(ii).

 

“Affiliate”
of any Person is a Person that owns or controls directly or indirectly the Person, any Person that controls or is controlled by
or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and,
for any Person that is a limited liability company, that Person’s managers and members.

 

“Agreement” is defined in the
preamble hereof.

 

“Amendment
Agreement” is the Second Amendment to the Loan and Security Agreement dated as of the date hereof, by and among Oxford
Finance LLC, as collateral agent, certain lenders party thereto from time to time and ADMA.

 

“Biotest Therapy BU” is
defined in the Master Purchase Agreement.

 

“Borrower” is defined in the preamble hereof.

 

“Borrower’s
Books” are ADMA’s or any of its Subsidiaries’ books and records including ledgers, federal, and state tax
returns, records regarding ADMA’s or its Subsidiaries’ assets or liabilities, business operations or financial condition,
and all computer programs or storage or any equipment containing such information.

 

    15 

     

    

 

“BTBU Owned Real Property” is defined
in the Master Purchase Agreement.

 

“Business
Day” is any day that is not a Saturday, Sunday or a day on which banks in New York, New York are authorized or obligated
by law to be closed.

 

“Code” is the U.S. Internal
Revenue Code of 1986, as amended.

 

“Communication” is defined in Section 10.

 

“Contingent
Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness,
lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations
for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against
fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include
endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the
primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability
for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee
or other support arrangement.

 

“Default Rate” is defined in
Section 2.3(b).

 

“Dollars,” “dollars”
and “$” each mean lawful money of the United States.

 

“Effective Date” is defined in the preamble
of this Agreement.

 

“ERISA” is the Employee
Retirement Income Security Act of 1974, as amended, and its regulations.

 

“Event of Default” is defined in Section
7.

 

“Excluded
Taxes” are any of the following Taxes imposed on or with respect to Lender or required to be withheld or deducted from
a payment to Lender, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of Lender being organized under the laws of, or having its principal office or its
applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are
Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Lender with respect
to an applicable interest in the Term Loan pursuant to a law in effect on the date on which Lender acquires such interest in the
Term Loan except in each case to the extent that, pursuant to Section 2.4, amounts with respect to such Taxes were payable either
to Lender's assignor immediately before Lender became a party hereto, (c) Taxes attributable to Lender’s failure to comply
with Section 2.4(d) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“FATCA”
is Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the
Code.

 

“Foreign Lender” is a Lender
or participant that is not a U.S. Person.

 

“GAAP”
is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession
in the United States, which are applicable to the circumstances as of the date of determination.

 

    16 

     

    

 

“Governmental
Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration,
filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority” is any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

“Guaranteed
Obligations” means any Obligations, provided that the liability of ADMA hereunder is limited to an amount equal to (x)
the amount that would render this guaranty void, voidable or unenforceable against ADMA’s creditors or creditors’ representatives
under any applicable fraudulent conveyance, fraudulent transfer or similar act or under Section 544 or 548 of the Bankruptcy Code
of 1978, as amended, minus (y) $1.00 (one U.S. dollar).

 

“Group” is ADMA and its Subsidiaries
from time to time.

 

“Indebtedness”
is (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations
for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations, and (d) Contingent Obligations.

 

“Indemnified Person” is defined
in Section 12.2.

 

“Insolvency
Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or
proceedings seeking reorganization, arrangement, or other relief.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a) of this definition,
Other Taxes.

 

“IRS” is the United States
Internal Revenue Service.

 

“Lender” is Biotest Pharmaceuticals Corporation.

 

“Loan
and Security Agreement” is that certain Loan and Security Agreement dated as of June 19, 2015, by and among Oxford Finance
LLC, as collateral agent, certain lenders party thereto from time to time, Borrower and the other parties thereto (as the same
may from time to time be amended, modified, supplemented or restated or as the same may be replaced from time to time in connection
with a Refinancing).

 

“Loan
Documents” are, collectively, this Agreement, the Subordination Agreement, any other subordination agreements, any notes
or guaranties executed by Borrower or any other Person, and any other present or future agreement entered into by Borrower, or
any other Person for the benefit of Lender in connection with this Agreement; all as amended, restated, or otherwise modified.

 

“Master
Purchase Agreement” is that certain Master Purchase and Sale Agreement dated as of January 21, 2017 among Lender, Borrower,
ADMA, Biotest AG and Biotest US Corporation.

 

“Material
Adverse Change” is (a) a material adverse change in the business, operations or financial condition of ADMA and its Subsidiaries
taken as a whole; or (b) a material impairment of the prospect of repayment of any portion of the Obligations when due.

 

“Maturity
Date” is the earlier to occur of (a) a Liquidation Event (as defined in Stockholders Agreement) and (b) June 6, 2022.

 

    17 

     

    

 

“Obligations”
are all of Borrower’s obligations to pay when due any debts, principal, interest and other amounts Borrower owes Lender now
or later, in connection with, related to, following, or arising from, out of or under, this Agreement or, the other Loan Documents,
or otherwise, and including interest accruing after Insolvency Proceedings begin (whether or not allowed) and debts, liabilities,
or obligations of Borrower assigned to Lender and the performance of Borrower’s duties under the Loan Documents.

 

“Operating
Documents” are, for any Person, such Person’s formation documents, as certified by the Secretary of State
(or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days
prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b)  if
such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c)  if
such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all
current amendments or modifications thereto.

 

“Other
Connection Taxes” are, with respect to Lender, Taxes imposed as a result of a present or former connection between Lender
and the jurisdiction imposing such Tax (other than connections arising from Lender having executed, delivered, become a party to,
performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in the Term Loan or any Loan Document).

 

“Other
Taxes” are all present or future stamp, court or documentary, intangible, recording, filing, or similar Taxes that arise
from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment by Lender of its interest in the Term Loan.

 

“Party” means Borrower, ADMA or
Lender.

 

“Payment
Date” is the first (1st) calendar day following each six calendar month period (i)
commencing on and including the Effective Date and (ii) commencing on and including each Payment Date thereafter.

 

“Person”
is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.

 

“Refinancing”
shall mean any issuance of Indebtedness which is in exchange for, or the net proceeds of which are used to extend, refinance, renew,
replace, defease or refund the Indebtedness being Refinanced (or previous Refinancings thereof).

 

“Register” is defined in Section
12.4.

 

“Requirement
of Law” is as to any Person, the organizational or governing documents of such Person, and any law (statutory or common),
treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible
Officer” is any of the President, Chief Executive Officer, or Chief Financial Officer of Borrower acting alone.

 

“Solvent”
is, with respect to any Person: the fair salable value of such Person’s consolidated assets (including goodwill minus disposition
costs) exceeds the fair value of such Person’s liabilities, including contingent liabilities; such Person is not left with
unreasonably small capital after the transactions in this Agreement; and such Person is able to pay its debts (including trade
debts) as they mature. In computing the amount of contingent liabilities at any time, such liabilities shall be computed in an
amount which, in light of the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability.

 

    18 

     

    

 

“Stockholders
Agreement” is that certain Stockholders Agreement dated as of the date hereof, by and among ADMA, Lender and the other
parties thereto (as the same may from time to time be amended, modified, supplemented or restated).

 

“Subordination
Agreement” is that certain Subordination Agreement, dated as of even date herewith, by and among Lender and Oxford Finance
LLC, a Delaware limited liability company, in its capacity as collateral agent for the lenders under the Loan and Security Agreement
(as such Subordination Agreement may from time to time be amended, modified, supplemented or restated and as the same may be replaced
from time to time in connection with a Refinancing in accordance with Section 11 of the Subordination Agreement).

 

“Subordinated
Indebtedness” means any Indebtedness for borrowed money incurred by ADMA or its Subsidiaries that is contractually subordinated
in right of payment to the Obligations.

 

“Subsidiary”
is, with respect to any Person, any Person of which more than fifty percent (50%) of the voting stock or other equity interests
(in the case of Persons other than corporations) is owned or controlled, directly or indirectly, by such Person or through one
or more intermediaries.

 

“Term Loan” is defined in Section
2.2(a) hereof.

 

[Balance of Page Intentionally Left Blank]

 

    19 

     

    

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as ofthe Effective Date.

 

BORROWER:

 

	ADMA BIOMANUF ACURING, LLC
	 	 
	By:  	/s/ Adam Grossman	 
	Name: 	Adam Grossman
	 
	Title:	Chief Executive Officer	 

 

ADMA:

 

ADMA BIOLOGICS, IN

 

	By:  	/s/ Adam Grossman	 
	Name: 	Adam Grossman
	 
	Title:	Chief Executive Officer	 

 

LENDER:

 

BIOTEST
PHARMACEUTICALS CORPORATION

 

	By:	/s/ Ileana Carlisle	 
	Name: 	Ileana Carlisle	 
	Title:	Chief Executive Officer	 

 

     

     

    

 

Exhibit
A-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That
Are Not Treated As Partnerships For

U.S. Federal Income
Tax Purposes)

 

Reference
is made to the Subordinated Loan Agreement, dated as of June 6, 2017 (as may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Loan Agreement”), among BIOTEST PHARMACEUTICALS CORPORATION, a
Delaware corporation, as lender (in such capacity, “Lender”), ADMA BIOMANUFACTURING, LLC, a Delaware limited
liability company (the “Borrower”) and ADMA BIOLOGICS, INC., a Delaware corporation (“ADMA”).
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement.

 

Pursuant
to the provisions of Section 2.4 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Term Loan(s) (as well as any promissory note(s) evidencing such Term Loan(s)) in respect of which it is providing
this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled
foreign corporation” related to Borrower as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished the Borrower with a certificate of its non-U.S. person status on IRS Form W-8BEN or W-8BEN-E, as
applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform Borrower in writing and (2) the undersigned shall have at all times
furnished Borrower with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding each such payment.

 

[Signature Page Follows]

 

     

     

    

 

	 	[Foreign
Lender]
	 	 
	 	By: 	
	 	 	Name:	

	 	 	Title:	
	 	 	 	 
	 	[Address]

 

Dated:                                                  , 20[ ]

 

[U.S. Tax Compliance Certificate]

 

     

     

    

 

Exhibit
A-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not
Treated As Partnerships For

U.S. Federal Income
Tax Purposes)

 

Reference
is made to the Subordinated Loan Agreement, dated as of June 6, 2017 (as may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Loan Agreement”), among BIOTEST PHARMACEUTICALS CORPORATION, a
Delaware corporation, as lender (in such capacity, “Lender”), ADMA BIOMANUFACTURING, LLC, a Delaware limited
liability company (the “Borrower”) and ADMA BIOLOGICS, INC., a Delaware corporation (“ADMA”).
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement.

 

Pursuant
to the provisions of Section 2.4 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the
Code and (iv) it is not a “controlled foreign corporation” related to Borrower as described in Section 881(c)(3)(C)
of the Code.

 

The undersigned
has furnished its participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN or W-8BEN-E, as applicable.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding each such payment.

 

[Signature Page Follows]

 

     

     

    

 

 

	 	[Foreign
Participant]
	 	 
	 	By: 	
	 	 	Name:	

	 	 	Title:	
	 	 	 	 
	 	[Address]

 

Dated:                                                  , 20[ ]

 

[U.S. Tax Compliance Certificate]

 

     

     

    

 

Exhibit
A-3

 

FORM OF U.S. TAX COMPLIANCE
CERTIFICATE

(For Foreign Participants
That Are Treated As Partnerships For

U.S. Federal Income
Tax Purposes)

 

Reference
is made to the Subordinated Loan Agreement, dated as of June 6, 2017 (as may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Loan Agreement”), among BIOTEST PHARMACEUTICALS CORPORATION, a
Delaware corporation, as lender (in such capacity, “Lender”), ADMA BIOMANUFACTURING, LLC, a Delaware limited
liability company (the “Borrower”) and ADMA BIOLOGICS, INC., a Delaware corporation (“ADMA”).
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement.

 

Pursuant
to the provisions of Section 2.4 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of
the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole
beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect
partners/members is a “controlled foreign corporation” related to Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned
has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or W- 8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall
have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year
in which each payment is to be made to the undersigned, or in either of the two calendar years preceding each such payment.

 

[Signature Page Follows]

 

     

     

    

 

 

	 	[Foreign
Participant]
	 	 
	 	By: 	
	 	 	Name:	

	 	 	Title:	
	 	 	 	 
	 	[Address]

 

Dated:                                                  , 20[ ]

 

[U.S. Tax Compliance Certificate]

 

     

     

    

 

Exhibit
A-4

 

FORM OF U.S. TAX COMPLIANCE
CERTIFICATE

(For Foreign Lenders That
Are Treated As Partnerships For

U.S. Federal Income
Tax Purposes)

 

Reference
is made to the Subordinated Loan Agreement, dated as of June 6, 2017 (as may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Loan Agreement”), among BIOTEST PHARMACEUTICALS CORPORATION, a
Delaware corporation, as lender (in such capacity, “Lender”), ADMA BIOMANUFACTURING, LLC, a Delaware limited
liability company (the “Borrower”) and ADMA BIOLOGICS, INC., a Delaware corporation (“ADMA”).
Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement.

 

Pursuant
to the provisions of Section 2.4 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of
the Term Loan(s) (as well as any promissory note(s) evidencing such Term Loan(s)) in respect of which it is providing this certificate,
(ii) its direct or indirect partners/members are the sole beneficial owners of such Term Loan(s) (as well as any promissory note(s)
evidencing such Term Loan(s)), (iii) with respect to the extension of credit pursuant to the Loan Agreement or any other Loan Document,
neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement
entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none
of its direct or indirect partners/members is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related
to Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned
has furnished Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is
claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform Borrower in writing and (2) the undersigned shall have at all
times furnished Borrower with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding each such payment.

 

[Signature Page Follows]

 

     

     

    

 

 

	 	[Foreign
Lender]
	 	 
	 	By: 	
	 	 	Name:	

	 	 	Title:	
	 	 	 	 
	 	[Address]

 

Dated:                                                  , 20[ ]

 

[U.S. Tax Compliance Certificate]STOCKHOLDERS AGREEMENT

 

by and among

 

ADMA Biologics, Inc.,

 

Biotest Pharmaceuticals Corporation

 

and

 

Such other Persons who become party hereto
pursuant to Section 4.1(c)

 

______________________________

 

Dated: June 6, 2017

 

______________________________

 

 

 

     

    

    

  

Table of Contents

 

	STOCKHOLDERS AGREEMENT	1
	ARTICLE I DEFINITIONS	1
	ARTICLE II REPRESENTATIONS AND WARRANTIES	8
	ARTICLE III STANDSTILL	9
	ARTICLE IV TRANSFER RESTRICTIONS	12
	ARTICLE V  CONTRACTUAL RIGHT TO PURCHASE PREFERRED SHARES; AFTER-ACQUIRED SECURITIES	15
	ARTICLE VI CORPORATE GOVERNANCE	17
	ARTICLE VII PROXIES	20
	ARTICLE VIII STOCK CERTIFICATE LEGEND	21
	ARTICLE IX CONFIDENTIALITY	22
	ARTICLE X MISCELLANEOUS	23

 

     

    

    

 

STOCKHOLDERS AGREEMENT

 

STOCKHOLDERS AGREEMENT, dated as of
June 6, 2017, by and among ADMA Biologics, Inc., a Delaware corporation (the “Company”), Biotest
Pharmaceuticals Corporation, a Delaware corporation (the “Biotest Stockholder”), and any other Stockholder
(as hereinafter defined) or other Person (as hereinafter defined) who becomes a party hereto pursuant to Section
4.1(c) or otherwise.

 

WHEREAS, the Company, ADMA BioManufacturing,
LLC, a limited liability company formed under the laws of Delaware, the Biotest Stockholder, Biotest AG, a company organized under
the laws of Germany, and Biotest US Corporation, a Delaware corporation, have entered into that certain Master Purchase and Sale
Agreement, dated as of January 21, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Master
Purchase and Sale Agreement”), pursuant to which the Biotest Stockholder agreed to sell, transfer and deliver to the
Company, and the Company agreed to purchase from the Biotest Stockholder, certain assets of the Biotest Stockholder specified in
such Master Purchase and Sale Agreement, in consideration for which the Company agreed to issue to the Biotest Stockholder 4,295,580
shares of Common Stock and 8,591,160 shares of Non-Voting Common Stock (each, as hereinafter defined) and to provide such other
consideration as specified in the Master Purchase and Sale Agreement; and

 

WHEREAS, in connection with the issuance
of such Common Stock and Non-Voting Common Stock to the Biotest Stockholder, the Company and the Biotest Stockholder are entering
into (a) that certain Registration Rights Agreement, dated as of the date hereof, pursuant to which the Biotest Stockholder is
granted certain registration rights, upon the terms and subject to the conditions set forth therein, a copy of which is attached
hereto as Exhibit B (as amended, restated, supplemented or otherwise modified from time to time, the “Registration
Rights Agreement”), and (b) this Agreement, to provide for certain other rights and obligations of the Biotest Stockholder
and the other Stockholders with respect to the Company, including certain restrictions on the transfer of the Equity Securities
(as hereinafter defined), and to provide for, among other things, certain corporate governance and other rights, all on the terms
and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1      Definitions.  As
used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:

 

    1 

    

    

   

“Affiliate” shall mean
any Person who is an “affiliate” as defined in Rule 12b-2 of the General Rules and Regulations under the Exchange
Act.

 

“Agreement” means this
Agreement as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms
and conditions hereof.

 

“Beneficially Own”, “Beneficial
Owner” and “Beneficial Ownership” mean, with respect to any securities (including Derivative Instruments),
having “beneficial ownership” of such securities for purposes of Rule 13d-3 or 13d-5 under the Exchange Act; provided
that any Person shall be deemed to be the Beneficial Owner of, and shall be deemed to Beneficially Own and have Beneficial Ownership
of, any securities (including Derivative Instruments) that such Person has the right to acquire, whether or not such right is exercisable
immediately; provided, further, that, when used with respect to the Biotest Stockholder, the terms Beneficially Own,
Beneficial Owner, and Beneficial Ownership shall include, without duplication, all securities (including Derivative Instruments)
otherwise Beneficially Owned by all of the Biotest Stockholder’s Affiliates.

 

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

 

“Business Day” means
any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or required
by law or executive order to close.

 

“Capital Raise” means
the issuance by the Company of Common Stock or other Equity Securities of the Company in a private placement or similar transaction
pursuant to which the Company raises additional capital.  For the avoidance of doubt, a “Capital Raise”
shall not include (a) the issuance of Common Stock and Non-Voting Common Stock to the Biotest Stockholder, and the payment
by the Biotest Stockholder therefor, at the Closing (as defined in the Master Purchase and Sale Agreement), (b)  options
to purchase Common Stock or restricted stock which may be issued pursuant to a Stock Option Plan, (c) a subdivision of the outstanding
shares of Common Stock into a larger number of shares of Common Stock, (d) Equity Securities of the Company issued upon exercise,
conversion or exchange of any Equity Rights of the Company issued (i) prior to the date of this Agreement, (ii) in accordance
with the terms of a Stock Option Plan or (iii) in accordance with the terms of this Agreement, (e) Equity Securities of the Company
issued in consideration of an acquisition, joint venture, partnership, strategic alliance or other similar transaction (whether
pursuant to a stock purchase, asset purchase, merger, joint venture agreement, partnership agreement or other similar agreement
or otherwise), approved in writing by the Board of Directors in accordance with the terms of this Agreement, (f) issuances to
commercial banks, lessors and licensors in non-equity financing transactions (provided that the foregoing will not include any
issuances to private equity or venture capital firms or any private equity division of any investment bank or commercial bank)
not exceeding more than five percent (5%) in the aggregate of the outstanding Common Stock on a fully diluted basis in transactions
approved in writing by the Board of Directors, or (g) issuances to the public pursuant to an effective registration statement
of the Company under the Securities Act.

 

    2 

    

    

  

“Capital Stock” means
capital stock of the Company.

 

“Cause” shall have the
meaning ascribed to such term in Adam Grossman’s employment agreement with the Company, as in effect from time to time.

 

“CEO” means the Chief
Executive Officer of the Company from time to time.

 

“Charter Documents” means
the certificate of incorporation and the by-laws of the Company, as the same may be amended, restated, supplemented or otherwise
modified from time to time in accordance with their respective terms and applicable law.

 

“Closing Date Charter”
means the Company’s certificate of incorporation in effect at the Closing (as defined in the Master Purchase and Sale Agreement).

 

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

 

“Common Stock” means
the “Common Stock” (as defined in the Closing Date Charter) and any other Capital Stock into which such stock is reclassified
or reconstituted.

 

“Confidential Information”
means all confidential or proprietary information of, and business or technical information about, the Company, including information
relating to its respective financial condition, prospects, affairs, plans, products, assets, properties, intellectual property,
analyses, projects, processes, systems, marketing, research or development activities, and all technical or scientific information
or know-how of the Company or of any other Person as to which the Company is obligated to maintain confidentiality (in each case,
whether such information is written or oral or provided through any electronic, facsimile or computer related communication), furnished
by or on behalf of the Company or any of its Representatives prior to, on or following the date hereof; provided, however,
that “Confidential Information” shall not include such information that (a) is or becomes available to the general
public, other than as a result of a disclosure by the restricted party or its Affiliates or any of their respective Representatives
in breach of this Agreement, (b) was available to such restricted party or its Affiliates, or becomes available to such restricted
party or its Affiliates, on a non-confidential basis from a source other than the Company or its Representatives; provided, that,
the source of such information was not bound by a confidentiality obligation with respect to such information, or otherwise prohibited
from transmitting the information to such restricted party or its Affiliates by a contractual, legal or fiduciary obligation, or
(c) is independently generated by such restricted party without use of or reference to any proprietary or confidential information
of the Company.

 

    3 

    

    

  

“Contract” means any
contract, agreement, instrument, undertaking, indenture, commitment, loan, license, settlement, consent, note or other legally
binding obligation.

 

“Control” means, when
used with respect to any specified Person, the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities or other interests, by Contract
or otherwise, and the terms “Controlled by” and “under common Control with” shall be construed
accordingly.

 

“Derivative Instrument”
means any and all derivative securities (as defined under Rule 16a-1 under the Exchange Act) that increase or decrease in value
as the value of any Equity Securities increases or decreases, as the case may be, including a long convertible security, a long
call option and a short put option position, in each case regardless of whether (a) such derivative security conveys any voting
rights in any Equity Security, (b) such derivative security is required to be, or is capable of being, settled through delivery
of any Equity Security or (c) other transactions hedge the value of such derivative security.

 

“Designation Rights Period”
means the period commencing on the date of this Agreement and ending upon the earlier of (a) the first time at which the Biotest
Stockholder’s Beneficial Ownership of Capital Stock is less than 10% of the Capital Stock issued and outstanding (calculated
on an As-Converted and Economic Interest Basis (as defined in Section 3.1(a)(i))) and (b) such time as the Biotest
Stockholder elects, in its sole discretion, to waive any of its designation rights pursuant to Section 6.1 or to remove
any of the Biotest Designees then in office.

 

“Equity Right” means,
with respect to any Person, any security (including any equity security, debt security or hybrid debt-equity security) or obligation
convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, or any options,
calls, warrants, restricted shares, deferred share awards, share units, “phantom” awards, dividend equivalents, participations,
interests, rights or commitments relating to, or any share appreciation right or other instrument the value of which is determined
in whole or in part by reference to the market price or value of, shares of capital stock or earnings of such Person.  For
the avoidance of doubt, Equity Rights of the Company shall include the Non-Voting Common Stock.

 

“Equity Securities” means
Capital Stock and Equity Rights that are directly or indirectly exercisable or exchangeable for or convertible into Capital Stock.  For
the avoidance of doubt, Equity Securities shall include Common Stock and the Non-Voting Common Stock.

 

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

 

 “GAAP” means United States
generally accepted accounting principles consistently applied, as in effect from time to time.

 

“Good Reason” shall have
the meaning ascribed to such term in Adam Grossman’s employment agreement with the Company, as in effect from time to time.

 

    4 

    

    

  

“Governmental Authority”
means the government of any nation, state, city, locality or other political subdivision thereof, any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity
owned or Controlled, directly or indirectly, by any of the foregoing.

 

“Grossman Family” means
Jerrold Grossman, Adam Grossman and their respective spouses, former spouses, siblings, descendants (whether natural or adopted),
parents, aunts, uncles and first cousins.

 

“Group” has the meaning
assigned to such term in Section 13(d)(3) of the Exchange Act.

 

 “Lien” means any
mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, claim, lien (statutory or other) or preference, priority,
right or other security interest, restriction on use or Transfer, or preferential arrangement of any kind or nature whatsoever
(excluding preferred stock and equity-related preferences).

 

“Liquidation Event” means
(a)(i) the merger or consolidation of the Company into or with one or more Persons, (ii) the merger or consolidation
of one or more Persons into or with the Company, or (iii) a tender or exchange offer or other business combination if, in
the case of the foregoing clauses (i), (ii) or (iii), the stockholders of the Company immediately prior to such merger, consolidation,
or business combination, or immediately prior to the commencement of such tender or exchange offer, do not retain a majority of
the voting power of the Person surviving or resulting from such merger, consolidation, tender or exchange offer or business combination,
(b) the acquisition (whether by purchase, tender or exchange offer, merger or otherwise) by any Person or Group, in one transaction
or a series of related transactions, of (i) a majority of the voting power of the Capital Stock or (ii) all or substantially
all of the assets of the Company (calculated in accordance with Section 271(c) of the Delaware General Corporation Law), or
(c) the dissolution, liquidation or winding up of the Company in accordance with the Charter Documents.

 

“Non-Voting Common Stock”
means the “Non-Voting Common Stock” (as defined in the Closing Date Charter) and any other Equity Securities of the
Company (other than Common Stock) into which such stock is reclassified or reconstituted.

 

“Permanent Disability”
shall have the meaning ascribed to the term “Disability” in Adam Grossman’s employment agreement with the Company,
as in effect from time to time.

 

“Person” means any individual,
firm, corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, limited
liability company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise)
of such entity.

 

    5 

    

    

  

“Preferred Shares” means
authorized shares of preferred stock under the Company’s Charter Documents as such Charter Documents may be amended from
time to time.

 

“Pro Rata Portion” means,
with respect to the Biotest Stockholder, on any issuance date for New Preferred Securities and to determine the Biotest Stockholder’s
participation right in connection with the issuance of New Preferred Securities, the number of New Preferred Securities to be offered
to the Biotest Stockholder equal to the product of (i) the total number of New Preferred Securities to be issued by the Company
on such date multiplied by (ii) Biotest Stockholders’ aggregate percentage ownership of the Company determined based
on a fraction, (x) the numerator of which is the Biotest Stockholders’ Beneficial Ownership of Capital Stock as of immediately
prior to the issuance of the Issuance Notice (calculated on an As-Converted and Economic Interest Basis), and (y) the denominator
of which is the issued and outstanding Equity Securities of the Company as of such time.

 

“Representatives” means,
as to any Person, its Affiliates and its and their respective directors, officers, managers, employees, agents, attorneys, accountants,
financial advisors and other advisors and representatives.

 

“Required Information”
means, as to any Biotest Designee, (i) the name, age, business address and residence address of such person, (ii) the
employer and principal occupation of such person, (iii) a biographical profile of such person, including educational background
and business and professional experience, (iv) any other information relating to such person required by the Charter Documents
or that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations
of proxies for the election of directors in a contested election (even if an election contest is not involved) pursuant to Section
14 of the Exchange Act, and (v) a representation of such person that he or she has reviewed, and if elected to the Board of
Directors would be in compliance with, all applicable publicly disclosed corporate governance, conflict of interest, confidentiality
and stock ownership and trading policies and guidelines of the Company.

 

“Securities Act” means
the United States Securities Act of 1933, as amended.

 

“Shares” means all shares
of Capital Stock the holders of which are entitled to vote for members of the Board of Directors, now owned or subsequently acquired,
however acquired, by a Stockholder.

 

“Stock Option Plan” means
any equity plan, incentive plan or similar arrangement adopted by the Board of Directors from time to time pursuant to which the
Company may issue restricted stock and options to purchase shares of Common Stock to officers, directors, employees, consultants
and other services providers of the Company.

 

“Stockholders” means,
collectively, the Biotest Stockholder and any Transferee thereof who has agreed to be bound by the terms and conditions of this
Agreement in accordance with Section 4.1(c)(i), and the term “Stockholder” shall mean any such Person.

 

    6 

    

    

  

“Subsidiary” means, with
respect to any Person, any other Person (a) more than 50% of whose outstanding shares of capital stock or other equity or voting
interests representing the right to vote for the election of directors or other managing authority of such other Person are owned
or Controlled, directly or indirectly, by such first Person, but such other Person shall be deemed to be a Subsidiary only so long
as such ownership or Control exists, or (b) which does not have outstanding shares of capital stock or other equity or voting interests
with such right to vote, as may be the case in a partnership, joint venture or unincorporated association, but more than 50% of
whose ownership interests representing the right to make the decisions for such other Person is owned or Controlled, directly or
indirectly, by such first Person, but such other Person shall be deemed to be a Subsidiary only so long as such ownership or Control
exists.

 

“Transfer” means any
direct, indirect or synthetic sale, assignment, pledge, lease, hypothecation, mortgage, gift or creation of any Lien or other disposition
or transfer (by operation of law or otherwise, including by means of reference under a Derivative Instrument or by direct or indirect
transfer, transfer by means of a Derivative Instrument or issuance of Equity Securities of any Person that is not a natural person),
or any offer, Contract or announcement of an intention to do any of the foregoing, and “Transferor” and “Transferee”
shall have correlative meanings.  Notwithstanding the foregoing, a change of control of the Biotest Stockholder shall
not constitute a Transfer.

 

1.2      Other
Capitalized Terms.  The following terms shall have the meanings specified in the indicated Section of this Agreement.

 

	Term	Section
	As-Converted and Economic Interest Basis	3.1(a)(i)
	Biotest Designee	6.1(a)(ii)
	Biotest Designees	6.1(a)(ii)
	Biotest Economic Ownership Cap	3.1(a)(i)
	Biotest First Designee	6.1(a)(i)
	Biotest Parties	9.1(a)
	Biotest Second Designee	6.1(a)(ii)
	Biotest Stockholder	Preamble
	Board Observer	0
	CEO Candidate	0
	CEO Candidates	0
	Company	Preamble
	Compelled Party	9.1(c)
	Designation Notice	6.1(e)
	Exercise Period	5.1(c)
	FDA	3.1(a)
	Initial Appointee	6.1(c)
	Initial Appointment	6.1(c)
	Issuance Notice	5.1(b)

 

    7 

    

    

  

	Lock-Up Period	4.1(a)
	Master Purchase and Sale Agreement	Recitals
	Meeting Materials	0
	Meeting Notice	0
	New Preferred Securities	5.1(a)
	Proxy End Date	0
	Registration Rights Agreement	Recitals
	Restricted Period	4.1(b)
	Similar Company	0
	Standstill	0
	Standstill Period	3.1(a)

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES

 

Each of the parties to this Agreement hereby
represents and warrants, severally and not jointly, to each other party to this Agreement that as of the date such party executes
this Agreement:

 

2.1      Existence;
Authority; Enforceability.  Such party has the power and authority to enter into this Agreement and to carry out
its obligations hereunder.  Such party is duly organized and validly existing under the laws of its jurisdiction of organization,
and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized by all
necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the consummation
of any of the transactions contemplated herein.  This Agreement has been duly executed by such party and constitutes
its legal, valid and binding obligations, enforceable against it in accordance with its terms.

 

2.2      Absence
of Conflicts.  The execution and delivery by such party of this Agreement and the performance of its obligations
hereunder do not and will not (a) conflict with, or result in the breach of, any provision of the constitutive documents of such
party; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time,
or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional
payment obligation, under the terms of any contract, agreement or permit to which such party is a party or by which such party’s
assets or operations are bound or affected; or (c) violate any law applicable to such party.

 

2.3      Consents.  Other
than any consents which have already been obtained, no consent, waiver, approval, authorization, exemption, registration, license
or declaration is required to be made or obtained by such party in connection with (a) the execution, delivery or performance
of this Agreement or (b) the consummation of any of the transactions contemplated herein.

 

    8 

    

    

 

ARTICLE III

 

STANDSTILL

 

3.1      General
Standstill Provisions.

 

(a)           Subject
to Section 3.2, from the date hereof until the earliest of (x) the five (5) year anniversary of the date on which the
U.S. Food and Drug Administration (the “FDA”) terminates or rescinds that certain Warning Letter issued to the
Biotest Stockholder by the FDA on November 25, 2014, (y) the seven (7) year anniversary of the Closing (as defined in the
Master Purchase and Sale Agreement), and (z) the termination of the Standstill (as hereinafter defined) pursuant to Section 3.3
(such earliest period, the “Standstill Period”), the Biotest Stockholder and the other Stockholders shall not,
and shall cause their respective Affiliates and their respective Representatives (to the extent acting on their behalf) not to,
directly or indirectly, without the prior written consent of, or waiver by, the Company:

 

(i)           acquire,
or offer or agree to acquire, of record or beneficially, by purchase or otherwise, any Equity Securities or Derivative Instruments
that would result in the Biotest Stockholder and its Affiliates collectively Beneficially Owning more than (A) 50%, less one
(1) share, of the issued and outstanding shares of Capital Stock (calculated both on an as-converted to Common Stock basis and,
if any outstanding shares of Capital Stock are not convertible into Common Stock, on the basis of such shares’ proportionate
claim on the total assets of the Company upon liquidation, dissolution or winding up of the Company (such calculation, the “As-Converted
and Economic Interest Basis”, and such cap, the “Biotest Economic Ownership Cap”)) or (B) 30% of the
issued and outstanding shares of Common Stock;

 

(ii)           make
or join or become a “participant” (as defined in Instruction 3 to Item 4 of Schedule 14A under the Exchange Act) in
(or in any way knowingly encourage) any “solicitation” of “proxies” (as such terms are defined in Regulation
14A under the Exchange Act) or consent to vote any securities of the Company or its Affiliates (including through action by written
consent), or otherwise advise or influence any Person with respect to the voting of any securities of the Company or its Affiliates,
including by seeking to call a meeting of, or initiating any stockholder proposal for action by, the Company’s stockholders,
or seeking to place a representative on the Board of Directors or to remove or suspend any director from the Board of Directors
(in each case, other than in respect of the election, appointment or removal of a Biotest Designee in accordance with ARTICLE
VI);

 

(iii)           conduct,
fund or otherwise become a participant in any “tender offer” (as such term is used in Regulation 14D under the Exchange
Act) involving Equity Securities, in each case not approved in advance in writing by the Board of Directors;

 

(iv)           form,
join, become a member of or in any way participate in a Group (other than a Group that consists solely of the Biotest Stockholder
and its Affiliates) with respect to the securities of the Company or any of its Affiliates or otherwise in connection with any
transaction or matter described in this Section 3.1; or

 

    9 

    

    

  

(v)           deposit
any Equity Securities in a voting trust or similar Contract or subject any Equity Securities to any voting agreement, pooling arrangement
or similar arrangement or Contract, or grant any proxy with respect to any Equity Securities (in each case, other than (A) pursuant
to this Agreement or (B) to the Company or a Person specified by the Company in a proxy card (paper or electronic) provided
to stockholders of the Company by or on behalf of the Company).

 

(b)           In
furtherance of the foregoing, during the Standstill Period, the Biotest Stockholder and the other Stockholders shall not, and shall
cause their respective Affiliates and their respective Representatives (to the extent acting on their behalf) not to, directly
or indirectly, without the prior written consent of, or waiver by, the Company, (i) seek, either alone or in concert with others,
to control or influence, in any manner, the management, policies, Board of Directors or stockholders of the Company or its Affiliates,
including by (A) advising, assisting, encouraging, arranging or entering into any discussions, negotiations, agreements or arrangements
(whether written or oral) with any third party (including any securityholders of the Company or its Affiliates) with respect to
any of the foregoing, or (B) making any proposal, disclosing any plan or taking any action that would require or would reasonably
be expected to require the Company or any of its Affiliates to publicly disclose any of the foregoing actions described in this
Section 3.1 or the possibility of a business combination, merger or other type of transaction or matter described in this
Section 3.1, or (ii) contest the validity of, or seek an amendment, waiver, suspension or termination of, any provision
of this Section 3.1 (including this subclause) or Section 7.1 (whether by legal action or otherwise); provided
that this clause (ii) shall not prohibit the Biotest Stockholder from making a confidential request to the Company seeking an amendment
or waiver of the provisions of this Section 3.1, which the Company may accept or reject in its sole discretion, so long
as any such request is made in a manner that does not require public disclosure thereof by any Person.

 

(c)           A
breach of this Section 3.1 by any Affiliate or Representative of the Biotest Stockholder, or by any Representative
of any Affiliate of the Biotest Stockholder, shall be deemed a breach by the Biotest Stockholder of this Section 3.1.

 

(d)           Except
as expressly set forth in this Section 3.1, the Standstill shall not otherwise limit the exercise of the Biotest Stockholder’s
rights in its capacity as a stockholder of the Company, including the exceptions set forth in Section 3.2.

 

3.2      Exceptions.  The
prohibitions in Section 3.1 (collectively, the “Standstill”) shall not apply to or otherwise restrict:

 

(a)           the
issuance or transfer to, or receipt by, the Biotest Stockholder or any of its Affiliates of securities of the Company as a result
of a stock split, stock dividend (or dividend of rights or options respecting stock), reorganization, recapitalization, reclassification,
combination, exchange of shares or other like change approved or recommended in writing by the Board of Directors;

 

    10 

    

    

  

(b)           the
manner in which any Biotest Designee may (i) vote on any matter submitted to the Board of Directors or (ii) participate
in deliberations or discussions of the Board of Directors (including making suggestions or raising issues to the Board of Directors)
in his or her capacity as a member of the Board of Directors; or

 

(c)           the
Biotest Stockholder or any of its Affiliates or its or their respective Representatives in:

 

(i)           making
and submitting to the Company or the Board of Directors any confidential proposal that is intended by the Biotest Stockholder to
be made and submitted on a non-publicly disclosed or announced basis;

 

(ii)           making
and submitting to the Company, the Board of Directors or the Company’s stockholders any acquisition proposal (including on
a publicly disclosed or announced basis), in each case, following the Company’s entry into a definitive agreement for a negotiated
transaction with one or more un-Affiliated third parties that is not the Biotest Stockholder or any of its Affiliates that, if
consummated, would result in the acquisition (whether by purchase, tender or exchange offer, merger or otherwise) by such third
party or third parties, an entity Controlled by it or them or its or their stockholders (or similar equity holders) of (A) a
majority of the voting power of the Capital Stock or (B) assets of the Company or its Subsidiaries having an aggregate market
value equal to 50% or more of either the aggregate market value of all of the assets of the Company (calculated on a consolidated
basis with its Subsidiaries) or the aggregate market value of all of the Capital Stock outstanding immediately prior to the Company’s
entry into such definitive agreement, in each case, as determined in good faith by the Board of Directors; or

 

(iii)           (A) participating
in, or purchasing securities issued or sold by the Company in, a Capital Raise or (B) acquiring Common Stock in open market
purchases; provided, however, in the case of either of the foregoing clause (A) or (B), that as a result of such
transaction the collective Beneficial Ownership of the Biotest Stockholder and its Affiliates of (I) Capital Stock does not
exceed the Biotest Economic Ownership Cap (calculated on as As-Converted and Economic Interest Basis) or (II) Common Stock
does not exceed 30% of the issued and outstanding shares of Common Stock.

 

3.3      Early
Termination of the Standstill Period.  The Standstill shall immediately terminate without any further action on the
part of any party hereto upon the occurrence of any of the following:

 

(a)           any
Person or Group (in each case, other than the Biotest Stockholder and its Affiliates) acquires (whether through a Capital Raise,
open market purchases or sales between existing stockholders of the Company or otherwise) Equity Securities and, immediately following
such acquisition, the collective Beneficial Ownership of Capital Stock of such Person or Group equals or exceeds 20% of the issued
and outstanding shares of Capital Stock (calculated on an As-Converted and Economic Interest Basis); provided, however,
that the Standstill shall not terminate pursuant to this Section 3.3(a) solely by reason of an acquisition in a Capital
Raise by (i) any member or members of the Grossman Family, (ii) any trust, corporation, partnership (general or limited)
or limited liability company, all of the beneficial or equity interests in which are held by one or more members of the Grossman
Family, (iii) Aisling Capital II LP, (iv) Biomark Capital Fund IV LP or (v) any Affiliate of the foregoing, that
results in the Beneficial Ownership of any such Person or Group being equal to or exceeding 20% of the issued and outstanding
Common Stock (as of immediately following such Capital Raise) if the Biotest Stockholder has a right to participate in such Capital
Raise and elects not to acquire a number of shares of Capital Stock that is greater than or equal to the product of (x) the number
of shares of Capital Stock issued in connection with such Capital Raise, multiplied by (y) a fraction the numerator of
which is the number of shares of Capital Stock collectively Beneficially Owned by the Biotest Stockholder and its Affiliates and
the denominator of which is the number of shares of Capital Stock Beneficially Owned collectively by all of the Persons who had
the right to participate in such Capital Raise (such Beneficial Ownership being calculated, in each of the numerator and the denominator,
as of immediately prior to such Capital Raise), multiplied by (z) one-half (1/2);

 

    11 

    

    

  

(b)           six
(6) months after the first date on which the Biotest Stockholder and its Affiliates collectively Beneficially Own less than twenty-five
percent (25%) of the issued and outstanding Capital Stock (calculated on an As-Converted and Economic Interest Basis);

 

(c)           Adam
Grossman (i) voluntarily leaves the employ of the Company and all of its Affiliates other than for Good Reason or, subject
to Section 6.3, as a result of his death or Permanent Disability or (ii) is terminated for Cause; or

 

(d)           the
Company ceases to be a reporting company under Sections 13 and 15(d) of the Exchange Act.

 

ARTICLE IV

 

TRANSFER RESTRICTIONS

 

4.1      Lock-Up;
Volume Limitations.

 

(a)           For
a period of six (6) months from and after the date hereof (the “Lock-Up Period”), except with the prior written
consent of the Board of Directors (which consent may be withheld in the sole discretion of the Board of Directors), neither the
Biotest Stockholder nor any of its Affiliates shall (i) Transfer any Equity Securities or any options or warrants to purchase
any Equity Securities or any securities convertible into, exercisable for, exchangeable for or that represent the right to receive
Equity Securities Beneficially Owned by the Biotest Stockholder or any of its Affiliates, (ii) enter into any swap or other agreement
that Transfers, in whole or in part, any of the economic consequences of ownership of Equity Securities, whether any such transaction
described in clause (i) or (ii) is to be settled by delivery of Equity Securities, in cash or otherwise, or (iii) make any demand
for or exercise any right with respect to the registration of any Equity Securities (except for such demands or exercises as will
not require or permit any public filing or other public disclosure to be made in connection therewith until after the expiration
of the Lock-Up Period).  The Biotest Stockholder hereby represents and warrants that it and each of its Affiliates now
has, and, except as contemplated by this Section 4.1, for the duration of the Lock-Up Period will have, good and marketable
title to its or their, as applicable, Equity Securities, free and clear of all Liens that could impact the ability of the Biotest
Stockholder or any of its Affiliates to comply with the foregoing restrictions.  The Biotest Stockholder agrees and
consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer
of any Equity Securities during the Lock-Up Period except in compliance with the foregoing restrictions.

 

    12 

    

    

  

(b)           For
a period of three (3) years from and after the expiration of the Lock-Up Period (the “Restricted Period”),
the Biotest Stockholder and its Affiliates shall not, in any twelve (12) month period, Transfer Equity Securities
collectively representing more than fifteen percent (15%) of the issued and outstanding Common Stock (calculated on an
As-Converted and Economic Interest Basis); provided, however, that if the market capitalization of the Company
increases to an amount equal to or greater than  an amount equal to or greater than an amount that is two times the amount of
the market capitalization of the Company at 4:00 P.M. (Eastern Time) on June 6, 2017, then the Biotest Stockholder and its
Affiliates may Transfer Equity Securities collectively representing up to twenty percent (20%) of the issued and outstanding
Capital Stock (but shall not Transfer Equity Securities in excess of such amount) in any twelve (12) month period; provided, further,
that from and after the earliest to occur of (x) the market capitalization of the Company increasing to an amount that is
equal to or greater than  an amount equal to or greater than an amount that is three times the amount of the market
capitalization of the Company at 4:00 P.M. (Eastern Time) on June 6, 2017, (y) the one (1) year anniversary of the first date
on which the Biotest Stockholder and its Affiliates collectively Beneficially Own Equity Securities representing less than
twenty-five percent (25%) of the issued and outstanding Capital Stock (calculated on an As-Converted and Economic Interest
Basis) and (z) the expiration of the Restricted Period, the Biotest Stockholder and its Affiliates may Transfer any or all of
the Equity Securities then held by them at any time or from time to time.

 

(c)           Notwithstanding
anything to the contrary in this Section 4.1, the Biotest Stockholder and its Affiliates shall be permitted to Transfer
Equity Securities at any time or from time to time under the following circumstances:

 

(i)           a
Transfer of Capital Stock to an Affiliate of the Biotest Stockholder; provided, however, that, as conditions precedent
to the effectiveness of any such Transfer, (A) the Transferee shall agree in writing to be bound by the terms and conditions
of this Agreement (including, without limitation, to grant the proxies granted by Section 7.1) to the same extent
as if such Transferee were the “Biotest Stockholder” hereunder pursuant to an instrument substantially in the form
attached hereto as Exhibit A; (B) the Transferor and the Transferee shall agree in writing that, if at any time
subsequent to such Transfer, such Transferee ceases to be an Affiliate of the Biotest Stockholder, then all such Transferred Equity
Securities, and all right, title and interest therein, shall, without any further action by any Person, automatically Transfer
back to the Transferor (or, if such Transferor is not the Biotest Stockholder and not then an Affiliate of the Biotest Stockholder,
back to the Biotest Stockholder), and the Biotest Stockholder hereby agrees to take, and to cause such former Affiliate to take
(including through the commencement of an action or similar proceeding to enforce the agreement entered into between the Transferor
and such former Affiliate Transferee), all such actions as the Company deems appropriate to document and effect such Transfer
back; and (C) the Biotest Stockholder shall give written notice to the Company in the manner provided by Section 10.1
of its or its Affiliate’s intention to make such Transfer not less than ten (10) days prior to effecting such Transfer,
which notice shall state the name and address of the Affiliate to whom such Transfer is proposed, the relationship of such Affiliate
to the Biotest Stockholder, and the number and kind of Equity Securities proposed to be Transferred to such Affiliate;

 

    13 

    

    

   

(ii)           a
Transfer that has been approved in advance in writing by the Board of Directors (other than the Biotest Designee(s)) and is effected
in accordance with all terms, conditions and limitations, if any, imposed by the Company as conditions to its granting such approval;

 

(iii)           a
Transfer pursuant to and in accordance with the terms of any Liquidation Event that has been approved or recommended in writing
by the Board of Directors; or

 

(iv)           a
Transfer to the Company or any Subsidiary of the Company (including pursuant to any “tender offer” (as such term is
used in Regulation 14D under the Exchange Act) by the Company or any of its Subsidiaries).

 

(d)           A
breach of this Section 4.1 by any Affiliate of the Biotest Stockholder shall be deemed a breach by the Biotest Stockholder
of this Section 4.1.

 

4.2      Transfers
in Compliance with Law.  Notwithstanding any other provision of this Agreement, no Transfer may be made pursuant
to this ARTICLE IV unless the Transfer complies in all respects with applicable federal and state securities laws, including
the Securities Act.  If requested by the Company, an opinion of counsel to such Transferor shall be supplied to the Company,
at such Transferor’s expense, to the effect that such Transfer complies with applicable federal and state securities laws.

 

4.3      Restricted
Transfers Void Ab Initio.  Any attempt to Transfer any Equity Securities or any right, title or interest therein
in violation of this ARTICLE IV shall be null and void ab initio.

 

    14 

    

    

  

ARTICLE V

 

CONTRACTUAL RIGHT TO PURCHASE PREFERRED
SHARES; AFTER-ACQUIRED SECURITIES

 

5.1      Contractual
Right to Purchase Preferred Shares.

 

(a)           Issuance
of Preferred Shares. From the date hereof until the termination of the Standstill Period, the Company hereby grants
to the Biotest Stockholder the right to purchase its Pro Rata Portion of any new Preferred Shares in any Capital Raise that the
Company may from time to time propose to issue or sell to any Person (such aggregate number of Preferred Shares to be issued in
the applicable Capital Raise, the “New Preferred Securities”), in each case in accordance with the terms and
conditions of this Section 5.1.

 

(b)           Additional
Issuance Notices. The Company shall give written notice (an “Issuance Notice”) of any proposed issuance
or sale described in subsection (a) above to the Biotest Stockholder within five (5) Business Days following any meeting of the
Board of Directors at which any such issuance or sale is approved. The Issuance Notice shall, if applicable, be accompanied by
a written offer from any prospective purchaser seeking to purchase New Preferred Securities and shall set forth the material terms
and conditions of the proposed issuance, including:

 

(i)           the
number and description of the New Preferred Securities proposed to be issued and the percentage of the Company's outstanding Equity
Securities such issuance would represent;

 

(ii)           the
proposed issuance date, which shall be at least fifteen (15) Business Days from the date of the Issuance Notice; and

 

(iii)           the
proposed purchase price per share of New Preferred Securities.

 

(c)           Exercise
of Right to Purchase Preferred Shares. The Biotest Stockholder shall for a period of ten (10) Business Days following
the receipt of an Issuance Notice (the “Exercise Period”) have the right to elect irrevocably to purchase its
Pro Rata Portion of the New Preferred Securities at the purchase price set forth in the Issuance Notice by delivering a written
notice to the Company.  The Biotest Stockholder’s election must be received by the Company prior to the expiration
of the Exercise Period and the failure of the Biotest Stockholder to deliver its written irrevocable election within the Election
Period shall be deemed a waiver by the Biotest Stockholder of its right to purchase its Pro Rata Portion of the New Preferred
Securities identified in the Issuance Notice.  The closing of any purchase by the Biotest Stockholder  shall
be consummated concurrently with the consummation of the issuance or sale described in the Issuance Notice; provided, however,
that the closing of any purchase by the Biotest Stockholder may be extended beyond the closing of the transaction in the Issuance
Notice to the extent necessary to obtain any required approvals or consents of any Governmental Authority and other required third
party approvals or consents (and the Company and the Biotest Stockholder shall use its respective commercially reasonable efforts
to obtain such approvals); provided, that the extension pursuant to this clause subsection (c) shall not exceed sixty (60)
days.

 

    15 

    

    

  

(d)           Sales
to the Prospective Buyer. If the Biotest Stockholder waives its right to purchase its allotment of the New Preferred
Securities or elects to purchase within the Election Period and then fails to purchase its allotment of the New Preferred Securities
within the time period described in subsection (c), the Company shall be free to complete the proposed issuance or sale of New
Preferred Securities described in the Issuance Notice with respect to which the Biotest Stockholder waived or failed to exercise
the option set forth in this Section 5.1 on terms no less favorable to the Company than those set forth in the Issuance
Notice (except that the amount of New Preferred Securities to be issued or sold by the Company may be reduced).

 

(e)           Closing
of the Issuance. Upon the issuance or sale of any New Preferred Securities in accordance with this Section 5.1, the
Company shall deliver to the Biotest Stockholder certificates (if any) evidencing the New Preferred Securities, which New Preferred
Securities shall be issued free and clear of any liens (other than those arising hereunder and those attributable to the actions
of the Biotest Stockholder), and the Company shall so represent and warrant to the Biotest Stockholder, and further represent and
warrant to the Biotest Stockholder that such New Preferred Securities shall be, upon issuance thereof to the Biotest Stockholder
and after payment therefor, duly authorized, validly issued, fully paid and non-assessable.  The Biotest Stockholder
shall deliver to the Company the purchase price for the New Preferred Securities purchased by it by certified or bank check or
wire transfer of immediately available funds. The Biotest Stockholder and the Company shall take all such other actions as may
be reasonably necessary to consummate the purchase and sale including, without limitation, entering into such additional agreements
as may be necessary or appropriate.

 

5.2      Review
of Financial Alternatives.  Notwithstanding anything contained herein to the contrary, but subject to the proviso
to this Section 5.2, during the Standstill Period the Board of Directors of the Company shall not approve the issuance of
any Preferred Shares subject to Section 5.1, including to Affiliates of the Company, unless the Board of Directors has satisfied
its fiduciary duties under applicable law with respect to the evaluation of financing alternatives which the Board of Directors
determinates in good faith are reasonably available following consultation with the Company’s management team and outside
financial and legal advisors; provided, however, that it is hereby acknowledged and agreed by the parties hereto that nothing herein
shall expand or modify any of the fiduciary duties of the Board of Directors under applicable law.

 

5.3      After-Acquired
Securities.  All of the provisions of this Agreement shall apply to all of the Equity Securities of the Company now
owned or which may be issued or Transferred hereafter to the Biotest Stockholder or any of its Affiliates, as applicable, in consequence
of any additional issuance, purchase, exchange or reclassification of any of such Equity Securities, corporate reorganization,
or any other form of recapitalization, consolidation, merger, share split or share dividend, or which are acquired by the Biotest
Stockholder or any of its Affiliates in any other manner.

 

    16 

    

    

  

ARTICLE VI

 

CORPORATE GOVERNANCE

 

6.1      Board
of Directors.

 

(a)           During
the Designation Rights Period, the Company shall take all actions that may be necessary, and each Stockholder shall vote or cause
to be voted all Shares owned by such Stockholder or over which such Stockholder has voting control, to ensure that at all such
times the following persons are nominated or renominated for election to (in the case of the Company), elected to (in the case
of the Stockholders), and otherwise installed in office as members of the Board of Directors:

 

(i)           one
person designated (in the manner specified in Section 6.1(e)) by the Biotest Stockholder in its reasonable discretion
(the “Biotest First Designee”); and

 

(ii)           if
either (x) the size of the Board of Directors is expanded to nine (9) or more members or (y) the Biotest Stockholder and its Affiliates
collectively pay the Company at least $15,000,000 in aggregate gross cash proceeds pursuant to one or more Capital Raises, one
additional person designated (in the manner specified in Section 6.1(e)) by the Biotest Stockholder in its reasonable
discretion (the “Biotest Second Designee” and, together with the Biotest First Designee, the “Biotest
Designees” and each, a “Biotest Designee”);

 

provided, however, that neither the Company nor
any Stockholder shall be required to nominate or renominate for election (in the case of the Company), vote in favor of the election
of (in the case of a Stockholder), or otherwise act to install in office any Biotest Designee to whom the Board of Directors in
good faith objects for a reasonable and compelling reason (which, for avoidance of doubt, may include if the Board of Directors
determines in good faith that it would be inconsistent with its fiduciary duties to nominate such person for election or otherwise
appoint such person to the Board of Directors); provided, further, that, as conditions precedent to the Company’s
and the Stockholders’ obligations under this Section 6.1 to nominate or renominate (in the case of the Company),
vote in favor of (in the case of the Stockholders), or otherwise install in office any Biotest Designee, (A) the Biotest Stockholder
shall satisfy the requirements of Section 6.1(e) with respect to such Biotest Designee and (B) such Biotest Designee shall
be required to deliver to the Company such person’s irrevocable resignation as a director effective upon the earlier to occur
of (I) the expiration of the Designation Rights Period and (II) the delivery to the Company of the Biotest Stockholder’s
written notice that the Biotest Stockholder wishes to remove such Biotest Designee (the delivery of which notice, for the avoidance
of doubt, shall cause the Designation Rights Period to expire).

 

    17 

    

    

  

(b)           In
addition, from the date hereof until the earlier of (x) the termination or expiration of the Designation Rights Period, and (y)
the termination or expiration of the Standstill  pursuant to Section 3.3, each Stockholder shall vote or
cause to be voted all Shares owned by such Stockholder or over which such Stockholder has voting control, to ensure that at all
such times the other persons nominated by or on behalf of the Board of Directors are elected to and otherwise installed in office
as members of the Board of Directors.

 

(c)           In
connection with the initial election of any Biotest Designee to the Board of Directors (an “Initial Appointee”)
in connection with or following the effectiveness of this Agreement or the occurrence of an event first giving rise to the Biotest
Stockholder’s right to appoint a Biotest Second Designee (an “Initial Appointment”), the Company shall
have the right, in its sole discretion, to procure the resignation of an incumbent member of the Board of Directors (who, in the
case of an Initial Appointment of a Biotest Second Designee, shall not be a Biotest First Designee) or to increase the size of
the Board of Directors (but subject to the Biotest Stockholder’s right to designate a Biotest Second Designee in accordance
with Section 6.1(a)(ii) in the case of an increase to the size of the Board of Directors), and in either case the Company
thereafter shall take all such actions as are necessary to cause the Board of Directors to fill the resulting vacancy or new directorship,
as applicable, with such Initial Appointee in accordance with the Charter Documents and applicable law; provided, however,
if the Charter Documents or applicable law do not permit the Board of Directors to effect an Initial Appointment in such manner,
then the Company shall instead nominate the Initial Appointee for election to the Board of Directors at the next annual or special
meeting of stockholders of the Company and the Stockholders shall vote in favor of the election of such Initial Appointee in accordance
with Section 6.1(a).  In connection with any Initial Appointment effected by filling a vacancy or newly created
directorship with an Initial Appointee at a time when the Charter Documents provide for the classification of the Board of Directors
into three classes, the Board of Directors shall have the right, to the extent permitted by the Charter Documents and applicable
law, to assign such Initial Appointee to any of such classes as the Board of Directors, in its sole discretion, shall determine.

 

(d)           If
at any time during the Designation Rights Period, a vacancy is created on the Board of Directors by reason of the incapacity,
death, removal or resignation of a Biotest Designee, then the Biotest Stockholder shall have the right to designate (in the manner
specified in Section 6.1(e)) a replacement Biotest Designee.  Provided that the Board of Directors does
not in good faith object for a reasonable and compelling reason to such replacement Biotest Designee (which, for the avoidance
of doubt, may include if the Board of Directors determines in good faith that it would be inconsistent with its fiduciary duties
to nominate such person for election or otherwise appoint such person to the Board of Directors), and provided further that (i)
the Biotest Stockholder satisfies the requirements of Section 6.1(e) with respect to such replacement Biotest Designee
and (ii) such replacement Biotest Designee first delivers to the Company the irrevocable resignation specified in clause (B) of
the final proviso of Section 6.1(a), the Company shall take all action as may be necessary to cause the Board of Directors
to fill such vacancy with such replacement Biotest Designee in accordance with the Charter Documents and applicable law or, if
the Charter Documents or applicable law do not permit the Board of Directors to appoint such replacement Biotest Designee to the
Board of Directors in such manner, then the Company shall instead nominate such replacement Biotest Designee for election to the
Board of Directors at the next annual or special meeting of stockholders of the Company and the Stockholders shall vote in favor
of the election of such replacement Biotest Designee in accordance with Section 6.1(a).

 

    18 

    

    

  

(e)           To
designate a Biotest Designee pursuant to Sections 6.1(a) or 6.1(d), the Biotest Stockholder shall deliver written
notice (a “Designation Notice”) to the Company containing the Required Information and such additional information
as may be reasonably requested by the Company to enable the Board of Directors to determine whether there is a reasonable and compelling
reason for it to object in good faith to such Biotest Designee.  No Designation Notice shall be deemed delivered to the
Company until such time as the Biotest Stockholder shall have provided all such additional information reasonably requested by
the Company pursuant to the immediately preceding sentence.

 

6.2      Board
Observer.  During the Designation Rights Period, the Biotest Stockholder shall be entitled to designate one (1)
person as a board observer (the “Board Observer”); provided, however, that the Company shall not be required
to perform any of its obligations under this Section 6.2 in respect of any Board Observer to whom the Board of Directors
in good faith objects for a reasonable and compelling reason (which, for the avoidance of doubt, may include if the Board of Directors
determines in good faith that it would be inconsistent with its fiduciary duties to permit such person to act as a Board Observer).  The
Board Observer shall have the right to attend (in person or telephonically, at his or her discretion) each meeting of the Board
of Directors as an observer (and not as a director) and shall not have the right to vote at any such meeting or otherwise act
on behalf of the Board of Directors or the Company; provided, however, that the Board Observer may be excluded from all or any
portion of any such meeting to the extent that the Board of Directors determines in good faith (a) upon the advice of counsel
that such exclusion is required to preserve the attorney-client privilege between the Company or the Board of Directors, on the
one hand, and its counsel, on the other hand, or (b) that the respective interests of the Company and its Subsidiaries, on
the one hand, and those of the Biotest Stockholder or its Affiliates, on the other hand, as to the matter(s) to be discussed or
actions to be taken during such meeting or portion thereof, conflict or could be perceived to conflict.  The Company
will send, or cause to be sent, to the Board Observer (x) the notice of the time and place of any such meeting (the “Meeting
Notice”) at the same time and in the same manner as the Meeting Notice is sent to the directors and (y) copies
of all notices, reports, minutes and other documents and materials (collectively, “Meeting Materials”) provided
to the Board of Directors in respect of each such meeting at the same time and in the same manner as they are provided to the
directors; provided, however, that: (i) the Company may redact from any Meeting Notice, and may redact or withhold entirely
any Meeting Materials, to the extent that the Board of Directors determines in good faith (a) upon the advice of counsel
that such redaction or withholding is required to preserve the attorney-client privilege between the Company or the Board of Directors,
on the one hand, and its counsel, on the other hand, or (b) that the respective interests of the Company and its Subsidiaries,
on the one hand, and those of the Biotest Stockholder or its Affiliates, on the other hand, as to the matter(s) referred to in
such redactions or withheld Meeting Materials, conflict or could be perceived to conflict; (ii) the failure to deliver or
make available to the Board Observer any Meeting Notice or Meeting Materials shall not affect the validity of any action taken
by the Board of Directors at any meeting to which such Meeting Notice or Meeting Materials relate; and (iii) it shall be
the obligation of the Biotest Stockholder at all times to provide the Company with current contact information of the Board Observer,
and the Company shall not be in breach of this Section 6.2 for failing to provide or make available any Meeting Notice
or Meeting Materials to the Board Observer if the Biotest Stockholder has not provided such current contact information, or has
provided inaccurate or no longer current contact information, to the Company.  Notwithstanding anything to the contrary
herein, prior to any Board Observer being entitled to attend any portion of any meeting of the Board of Directors or to receive
any Meeting Notice or Meeting Materials, the Board Observer shall execute and deliver to the Company a customary confidentiality
agreement in form and substance reasonably satisfactory to the Company.

 

    19 

    

    

  

6.3      Replacement
of CEO.  During the Standstill Period, in the event of the death or Permanent Disability of Adam Grossman at a time
when he is the CEO, the Biotest Stockholder shall have the right to nominate three (3) candidates (which candidates shall be, in
the good faith determination of the Board of Directors, qualified to serve as the chief executive officer of a company of the Company’s
size, stage and industry (a “Similar Company”)) (each such candidate meeting such qualification, a “CEO
Candidate” and collectively, the “CEO Candidates”), and the Company shall appoint one of such CEO
Candidates, as the replacement CEO on customary terms and conditions (as determined in good faith by the Board of Directors) for
a chief executive officer of a Similar Company.  If such initial replacement CEO shall cease to serve as the CEO for
any reason during the Standstill Period, the Biotest Stockholder shall have the right to nominate three (3) CEO Candidates, and
the Company shall appoint one of such CEO Candidates, as the replacement CEO to such initial replacement CEO on customary terms
and conditions (as determined in good faith by the Board of Directors) for a chief executive officer of a Similar Company.  Notwithstanding
anything in this Agreement to the contrary, the death or Permanent Disability of Adam Grossman shall not cause the Standstill to
terminate pursuant to Section 3.3(c)(i) so long as the Company has complied with its obligations under the two immediately
preceding sentences.  For the avoidance of doubt, the failure of the Biotest Stockholder to nominate CEO Candidates or
otherwise act in accordance with the procedures described in this Section 6.3 shall not result in the Company being
deemed not to have complied with its obligations for purposes of the immediately preceding sentence.

 

ARTICLE VII

 

PROXIES

 

7.1      Irrevocable
Proxy and Power of Attorney.  Each Stockholder hereby grants until the Proxy End Date (as hereinafter defined) a
proxy over such Stockholder’s Shares, and hereby constitutes and appoints as the proxy holder thereof, and grants a power
of attorney in respect thereof to, the Chairman of the Board of Directors, with full power of substitution, with respect to the
election of Biotest Designees to the Board of Directors in accordance with Section 6.1 and the other nominees to the
Board of Directors supported by the Board of Directors, and hereby authorizes the Chairman of the Board of Directors to represent
and vote, if and only if such Stockholder (i) fails to vote, or (ii) attempts to vote (whether by proxy, in person or
by written consent) for a nominee to the Board of Directors other than a Biotest Designee or the other nominees to the Board of
Directors supported by the Board of Directors, as applicable, all of such Stockholder’s Shares in favor of the election
of the Biotest Designees and such other nominees to the Board of Directors supported by the Board of Directors, in each case,
as members of the Board of Directors pursuant to and in accordance with the terms and provisions of this Agreement.  Each
of the  proxy and power of attorney granted pursuant to the immediately preceding sentence is given in consideration
of the agreements and covenants of the Company and the parties in connection with the transactions contemplated by this Agreement
and, as such, each is coupled with an interest and shall be irrevocable unless and until the earlier of (x) the termination or
expiration of the Designation Rights Period, and (y) the termination or expiration of the Standstill  pursuant to Section 3.3
(the applicable date, the “Proxy End Date”).  Each Stockholder hereby revokes any and all previous
proxies or powers of attorney with respect to such Stockholder’s Shares and shall not hereafter, unless and until the Proxy
End Date occurs, purport to grant any other proxy or power of attorney with respect to any of such Stockholder’s Shares,
deposit any of such Shares into a voting trust or enter into any agreement (other than this Agreement), arrangement or understanding
with any person, directly or indirectly, to vote, grant any proxy or give instructions with respect to the voting of any of such
Shares, in each case, with respect to any of the matters set forth herein and other than as otherwise provided in this Agreement
or a proxy granted to the Company in connection with a solicitation by the Company.

 

    20 

    

    

  

ARTICLE VIII

 

STOCK CERTIFICATE LEGEND

 

8.1      Legend.  A
copy of this Agreement shall be filed with the Secretary of the Company and kept with the records of the Company.  Each
certificate representing Capital Stock now held or hereafter acquired by the Biotest Stockholder and its Affiliates, or by any
Transferee of the Biotest Stockholder or any of its Affiliates pursuant to ARTICLE IV, shall for as long as this Agreement
is effective with respect to such Capital Stock bear legends substantially in the following forms, with such modifications or adjustments
thereto as may be necessary or appropriate under the circumstances pursuant to applicable laws, rules or regulations or upon the
advice of outside counsel:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY FOREIGN JURISDICTION.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

 

    21 

    

    

  

THE SALE, ASSIGNMENT,
HYPOTHECATION, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION (EACH A “TRANSFER”) AND VOTING OF ANY OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THAT CERTAIN STOCKHOLDERS AGREEMENT, DATED JUNE 6,
2017, AMONG ADMA BIOLOGICS, INC. (THE “COMPANY”) AND THE STOCKHOLDERS NAMED THEREIN (THE
“STOCKHOLDERS AGREEMENT”). A COPY OF THE STOCKHOLDERS AGREEMENT MAY BE INSPECTED AT THE COMPANY’S
PRINCIPAL OFFICE.  THE COMPANY WILL NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY UNLESS
AND UNTIL THE TRANSFER HAS BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS AGREEMENT.

 

ARTICLE IX

 

CONFIDENTIALITY

 

9.1      Confidentiality.

 

(a)           The
Biotest Stockholder shall, and shall direct its Affiliates and its and their respective Representatives, members, stockholders,
partners, consultants and trustees (including any Biotest Designees and Board Observers) (the “Biotest Parties”)
who have access to Confidential Information to, keep confidential and not disclose any Confidential Information without the prior
written consent of the Board of Directors, unless, such disclosure:

 

(i)           shall
be required (on the advice of outside legal counsel) by applicable law;

 

(ii)           is
reasonably required in connection with any tax audit involving the Company or the Biotest Stockholder or its Affiliates;

 

(iii)           is
reasonably required (on the advice of outside legal counsel) in connection with any litigation against the Company or the Biotest
Stockholder; or

 

(iv)           is
by any Person acting in his or her capacity as a member of the Board of Directors; provided, however, for the avoidance
of doubt, this subclause (iv) shall in no way be deemed an authorization by the Company or the Board of Directors for any
member of the Board of Directors to disclose Confidential Information or to waive or restrict the Company’s or its stockholders’
remedies against any member of the Board of Directors for misusing or wrongfully disclosing Confidential Information;

 

    22 

    

    

  

provided, however, that any such disclosure pursuant
to clauses (i), (ii) and (iii) shall be subject to Section 9.1(c).

 

(b)           Confidential
Information may be used by the Biotest Stockholder and the Biotest Parties only in connection with Company matters and not for
any other purpose.

 

(c)           In
the event that the Biotest Stockholder or any Biotest Party is required by applicable law or legal process to disclose any of the
Confidential Information and intends to disclose such Confidential Information pursuant to Section 9.1(a)(i), 9.1(a)(ii)
or 9.1(a)(iii) (the “Compelled Party”), such Person shall use reasonable efforts to provide the Company
with prompt written notice so that the Company may seek a protective order or other appropriate remedy and/or waive compliance
with the provisions of this Agreement, and such Compelled Party shall use reasonable efforts to cooperate with the Company in any
effort to obtain a protective order or other remedy.  In the event that such protective order or other remedy is not
obtained, or that the Company waives compliance with the provisions of this Section 9.1, such Compelled Party shall
furnish only that portion of the Confidential Information that is legally required and shall exercise all reasonable efforts to
obtain reasonably reliable assurance that the Confidential Information shall be accorded confidential treatment.

 

(d)           For
avoidance of doubt, the Biotest Designees (subject to their fiduciary duties to the Company and its stockholders) and the Board
Observer (subject to the terms of the confidentiality agreement referred to in the last sentence of Section 6.2) may,
subject to applicable law, disclose Confidential Information to the Biotest Stockholder and its Representatives.

 

(e)           The
obligations of confidentiality in this Article VIII shall survive any termination of this Agreement and shall remain in
full force and effect.

 

ARTICLE X

 

MISCELLANEOUS

 

10.1           Notices.  All
notices, demands or other communications provided for or permitted hereunder shall be made in writing and shall be by registered
or certified first class mail, return receipt requested, telecopier, email, courier service, or personal delivery:

 

(a)           if
to the Company:

 

ADMA Biologics, Inc.

465 Route 17 South

Ramsey, New Jersey 07446

Attn:  Adam Grossman

Brian Lenz

Email: agrossman@admabio.com

blenz@admabio.com

Fax:  (201) 478-5553

 

    23 

    

    

 

 

with copies (which shall not constitute notice) sent concurrently
to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Attention:  Ariel J. Deckelbaum, Esq.

Facsimile:  212.757.3990

Email:  ajdeckelbaum@paulweiss.com

 

(b)           if
to the Biotest Stockholder:

 

Biotest Pharmaceuticals Corporation

c/o Biotest AG

Landsteinerstr. 5

63303 Dreieich

Germany

Attention:  Dr. Michael Ramroth and Dr. Martin Reinecke

Facsimile:

Email:  michael.ramroth@biotest.com

martin.reinecke@biotest.com

 

and to:

 

Biotest Pharmaceuticals Corporation

5800 Park of Commerce Blvd. NW

Boca Raton, FL 33487

Attention:  Ileana Carlisle, CEO; and Donna Quinn,
General Counsel

Facsimile:

Email:    icarlisle@biotestpharma.com

  dquinn@biotestpharma.com

 

with copies (which shall not constitute notice) sent concurrently
to:

 

Greenberg Traurig, LLP

3333 Piedmont Road, NE

Suite 2500

Atlanta, Georgia 30305

Attention:  Wayne H. Elowe, Esq.

Facsimile:  678.553.2453

Email:  elowew@gtlaw.com

 

    24 

    

    

 

(c)           if
to any other Stockholder or other Person who becomes a party hereto pursuant to Section 4.1(c):

 

at the address, telecopy number or email address shown for such
Stockholder on the applicable signature page hereto, to the attention of the person who has signed this Agreement on behalf of
such Stockholder.

 

All such notices, demands and other communications shall be
deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial
courier service; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is mechanically
acknowledged, if telecopied; and when receipt is confirmed, if emailed.  Any party may by notice given in accordance
with this Section 10.1 designate another address or Person for receipt of notices hereunder.

 

10.2           Successors
and Assigns; Third Party Beneficiaries.  This Agreement shall inure to the benefit of and be binding upon successors
and permitted assigns of the parties hereto.  This Agreement is not assignable except in connection with a Transfer of
Equity Securities in accordance with this Agreement; provided, however, that under no circumstance may the Biotest Stockholder
assign or transfer any of its rights contained in ARTICLE VI.  No Person other than the parties hereto and their
successors and permitted assigns is intended to be a beneficiary of this Agreement.

 

10.3           Amendment
and Waiver.

 

(a)           No
failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the
exercise of any other right, power or remedy.  The remedies provided for herein are cumulative and are not exclusive
of any remedies that may be available to the parties hereto at law, in equity or otherwise.

 

(b)           Any
amendment, supplement or modification of or to any provision of this Agreement shall be effective only if it is made or given
in writing and signed by (i) the Company, and (ii) the Biotest Stockholder; provided, however, that any amendment,
supplement or modification to this Section 10.3 shall require the written consent of the Company and each Stockholder party
hereto.  Any such amendment, supplement, modification, waiver or consent provided in accordance with this Section 10.3
shall be binding upon the Company, the Biotest Stockholder and, if applicable, the other Stockholders party hereto.

 

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(c)           Any
waiver of any provision of this Agreement, and any consent to any departure by any party from the terms of any provision of this
Agreement, shall be effective only if it is made or given in writing and signed by the party against whom such waiver or consent
is to be enforced.

 

10.4           Counterparts.  This
Agreement may be executed in any number of counterparts, and by the parties hereto in separate counterparts each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

10.5           Specific
Performance.  The parties hereto intend that each of the parties have the right to seek damages or specific performance
in the event that any other party hereto fails to perform such party’s obligations hereunder.  Therefore, if any
party shall institute any action or proceeding to enforce the provisions hereof, any party against whom such action or proceeding
is brought hereby waives any claim or defense therein that the plaintiff party has an adequate remedy at law.  Any party
seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement when available pursuant to the terms of this Agreement shall not be required to provide any bond or other security
in connection with any such order or injunction.

 

10.6           Governing
Law; Consent to Jurisdiction.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.  The parties hereto irrevocably submit
to the exclusive jurisdiction of any state or federal court sitting in the State of Delaware over any suit, action or proceeding
arising out of or relating to this Agreement or the affairs of the Company.  To the fullest extent they may effectively
do so under applicable law, the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise,
any claim that they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to
the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient forum.  In connection with any such suit,
action or proceeding, the parties hereby consent to service of process in the manner specified in Section 10.1 or in
any other manner permitted by applicable law.

 

10.7           Severability.  If
any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect
and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable
shall substantially impair the benefits of the remaining provisions hereof.

 

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10.8           Interpretation;
Construction.  The headings contained in this Agreement are for convenience of reference only, do not constitute
part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof.  Unless the
context of this Agreement otherwise clearly requires, (a) references made in this Agreement to a Section or Article shall be to
a Section or Article, respectively, of this Agreement, (b) references to the plural include the singular, and references to the
singular include the plural, (c) words used herein, regardless of the gender specifically used, shall be deemed and construed to
include any other gender, masculine, feminine or neuter, as the context requires, (d) the words “include,” “includes”
and “including” do not limit the preceding terms or words and shall be deemed to be followed by the words “without
limitation,” (e) the terms “hereof,” “herein,” “hereunder,” “hereto” and
similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, (f) the
terms “day” and “days” mean and refer to calendar day(s), (g) the terms “year” and “years”
mean and refer to calendar year(s), (h) the term “dollar” or “$” means lawful currency of the United States,
(i) the terms “writing”, “written” and comparable terms refer to printing, typing and other means of reproducing
words (including electronic media) in a visible form, (j) references to any Person include the successors and permitted assigns
of that Person and (k) references from or through any date mean, unless otherwise specified, from and including or through and
including, respectively.  Unless otherwise set forth herein, any reference in this Agreement to (i) any document, instrument
or agreement (including this Agreement) (A) includes and incorporates all exhibits, schedules and other attachments thereto, (B)
includes all documents, instruments or agreements issued or executed in replacement thereof and (C) means, subject to the other
terms of this Agreement, such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified or
supplemented from time to time in accordance with its terms and in effect at any given time, and (ii) a particular law or statute
means such law or statute as amended, modified, supplemented or succeeded, from time to time and in effect at any given time, and
all rules and regulations promulgated thereunder.  The parties have participated jointly in negotiating and drafting
this Agreement.  In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any
party by virtue of the authorship of any provision of this Agreement.

 

10.9           Entire
Agreement.  This Agreement, the Master Purchase and Sale Agreement, the Registration Rights Agreement and the other
agreements contemplated hereby and thereby, together with the exhibits hereto and thereto, are intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein and therein.  There are no restrictions, promises, representations,
warranties or undertakings, other than those set forth or referred to herein or therein.  This Agreement, the Master
Purchase and Sale Agreement, the Registration Rights Agreement and the other agreements contemplated hereby and thereby, together
with the exhibits hereto and thereto, supersede all prior agreements and understandings among the parties with respect to such
subject matter.

 

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10.10           Term
of Agreement; Effect of Termination.  This Agreement shall become effective upon the execution and delivery hereof
and shall terminate upon the earlier of (a) the mutual written agreement of each of the parties hereto, (b) the first date upon
which neither the Biotest Stockholder nor any of its Affiliates Beneficially Owns any Equity Securities, (c) upon written notice
by the Company to the Biotest Stockholder, upon a material breach by the Biotest Stockholder or any of its Affiliates of their
respective representations or warranties or covenants or agreements contained herein; provided that such breach shall not have
been cured within twenty (20) Business Days after written notice thereof shall have been received by the Biotest Stockholder and
(d) the liquidation, dissolution or winding up of the Company.  In the event of any termination of this Agreement,
there shall be no further liability or obligation hereunder on the part of any party hereto as to whom the termination is effective,
and this Agreement shall thereafter be null and void as to such party; provided, however, that the rights and obligations set forth
in or provided for under ARTICLE IX and this ARTICLE X (and any related definitions) shall survive such termination;
and provided, further, that nothing contained in this Agreement (including this Section 10.10) shall relieve any party
from liability for any willful and intentional breach of any of its representations, warranties, covenants or agreements set forth
in this Agreement occurring prior to such termination.

 

10.11           Further
Assurances.  Notwithstanding anything to the contrary herein, each of the parties hereto shall, and shall cause their
respective Affiliates to, promptly execute and deliver such other certificates, instruments or other documents and promptly perform
such further acts as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement.

 

[Remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF, the undersigned have
executed, or have caused to be executed, this Agreement on the date first written above.

 

	 	Company:	 
	 	 	 
	 	ADMA BIOLOGICS, INC.	 
	 	 	 	 
	 	By:  	/s/ Adam Grossman	 
	 	 	Name:
    Adam Grossman	 
	 	 	Title: President and Chief Executive Officer	 
	 	 	 	 

 

 

Signature Page to Stockholders Agreement

 

     

    

    

  

	 	BIOTEST STOCKHOLDER:	 
	 	 	 	 
	 	BIOTEST PHARMACEUTICALS CORPORATION	 
	 	 	 	 
	 	By:  	/s/ Ileana Carlisle	 
	 	 	Name:
    Ileana Carlisle	 
	 	 	Title: Chief Executive Officer	 
	 	 	 	 

 

 

Signature Page to Stockholders Agreement

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