Document:

Exhibit 4.2

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY NOT
BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED,
(II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

 

PURSUANT TO THE TERMS
OF SECTION 1 OF THIS WARRANT, ALL OR A PORTION OF THIS WARRANT MAY HAVE BEEN EXERCISED, AND THEREFORE THE ACTUAL NUMBER OF WARRANT
SHARES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE AMOUNT SET FORTH ON THE FACE HEREOF.

 

PLX
PHARMA INC.

 

Warrant
To Purchase Common Stock

 

Warrant No.: ________

Number of Shares of Common Stock: _____________

Date of Issuance: [ ], 2020 (“Issuance Date”)

 

PLx Pharma Inc., a Delaware corporation
(the “Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, [INVESTOR NAME], the registered holder hereof or its permitted assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then
in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in
exchange, transfer or replacement hereof, the “Warrant”), at any time or times after 5:00 p.m., New York time,
on [ ], 2020, provided that the Stockholder Approval (as defined below) has not been obtained (the “Exercisability Date”),
but not after 11:59 p.m., New York time, on the Expiration Date (as defined below), [_____] ([______]) fully paid nonassessable
shares of Common Stock (as defined below) (the “Warrant Shares”). Except as otherwise defined herein, capitalized
terms in this Warrant shall have the meanings set forth in Section 15. This Warrant is the Warrant to purchase Common Stock (this
“Warrant”) issued pursuant to the Purchase Agreement (the “Purchase Agreement”), dated as
of [ ], 2020 (the “Subscription Date”), by and among the Company and the investors party thereto. This Warrant
is one of a series of warrants containing substantially identical terms and conditions issued pursuant to Purchase Agreement (collectively,
the “Warrants”).

    	 

     

    

1.       EXERCISE
OF WARRANT.

(a)       Mechanics
of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day on or after
the Exercisability Date, in whole or in part (but not as to fractional shares), by (i) delivery of a written notice, in the form
attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this
Warrant and (ii) if both (A) the Holder is not electing a Cashless Exercise (as defined below) pursuant to Section 1(d) of this
Warrant and (B) a registration statement registering the resale or other disposition of the Warrant Shares by the Holder under
the Securities Act of 1933, as amended (the “Securities Act”), is effective and available for such resale or
disposition, or an exemption from registration under the Securities Act is available for the resale or disposition of the Warrant
Shares by the Holder, payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant
Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or wire transfer
of immediately available funds (a “Cash Exercise”) (the items under (i) and (ii) above, the “Exercise
Delivery Documents”). The Holder shall not be required to surrender this Warrant in order to effect an exercise hereunder;
provided, however, that in the event that this Warrant is exercised in full or for the remaining unexercised portion hereof, the
Holder shall deliver this Warrant to the Company for cancellation within a reasonable time after such exercise. On or before the
first Trading Day following the date on which the Company has received the Exercise Delivery Documents (the date upon which the
Company has received all of the Exercise Delivery Documents, the “Exercise Date”), the Company shall transmit
by facsimile or e-mail transmission an acknowledgment of confirmation of receipt of the Exercise Delivery Documents to the Holder
and the Company’s transfer agent for the Common Stock (the “Transfer Agent”). The Company shall deliver
any objection to the Exercise Delivery Documents on or before the second Trading Day following the date on which the Company has
received all of the Exercise Delivery Documents. On or before the second Trading Day following the date on which the Company has
received all of the Exercise Delivery Documents (the “Share Delivery Date”), the Company shall, (X) provided
that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities
Transfer Program (the “FAST Program”) and so long as the certificates therefor are not required to bear a legend
regarding restriction on transferability, upon the request of the Holder, credit such aggregate number of shares of Common Stock
to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit Withdrawal Agent Commission system, or (Y), if the Transfer Agent is not participating in the FAST Program
or if the certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight
courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in
the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such
exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become
the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such
Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant
Shares, as the case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the
number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being
acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three Trading Days after any
such submission and at its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares
with respect to which this Warrant has been and/or is exercised. The Company shall pay any and all taxes and other expenses of
the Company (including overnight delivery charges) that may be payable with respect to the issuance and delivery of Warrant Shares
upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may
be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name
other than that of the Holder or an affiliate thereof. The Holder shall be responsible for all other tax liability that may arise
as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

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(b)       Exercise
Price. For purposes of this Warrant, “Exercise Price” means $3.50, subject to adjustment as provided herein.

(c)       Company’s
Failure to Timely Deliver Securities. If a registration statement covering the Warrant Shares that are the subject of an Exercise
Notice is available or Rule 144 under the Securities Act is applicable to such Warrant Shares, if the Company shall fail for any
reason or for no reason to issue to the Holder within two (2) Business Days of the Exercise Date a certificate for the number of
shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share register
or to credit the Holder’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled
upon the Holder’s exercise of this Warrant, and if on or after such Trading Day the Holder purchases, or another Person purchases
on the Holder’s behalf or for the Holder’s account (in an open market transaction or otherwise) shares of Common Stock
to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated
receiving from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days after the Holder’s
written request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In
Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares)
shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such
Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A)
such number of shares of Common Stock, times (B) the Closing Bid Price on the date of exercise.

(d)       Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement covering the Warrant Shares
that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”), or an exemption from registration,
is not available for the resale of such Unavailable Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant
in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise
in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of
shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

	 	Net Number =	
        (A x B) - (A x C)
	 
	 	 	B	 
	 	For purposes of the foregoing formula:

 

		A=	the total number of shares with respect to which this Warrant is then being exercised.

		B=	the arithmetic average of the Closing Sale Prices of the shares of Common Stock for the five
(5) consecutive Trading Days ending on the date immediately preceding the date of the Exercise Notice.

		C=	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

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(e)       Rule
144. For purposes of Rule 144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the Holder
is not an affiliate of the Company, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have
been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this
Warrant was originally issued pursuant to the Purchase Agreement.

(f)       Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed.

(g)       Beneficial
Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise this
Warrant, to the extent that after giving effect to such exercise, such Person (together with such Person’s affiliates) would
beneficially own in excess of 9.9% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such Person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant
with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be
issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Person and its affiliates
and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned
by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of this Warrant, in determining the number
of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in
the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing
with the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any
other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason
at any time, upon the written or oral request of the Holder, the Company shall within two (2) Business Days confirm to the Holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and its affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the
Holder may from time to time increase or decrease the Maximum Percentage to any other percentage specified in such notice; provided
that (i) any such increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company,
and (ii) any such increase or decrease will apply only to the Holder. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 1(g) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation.

(h)       Surrender
of Warrant. Notwithstanding anything contained herein to the contrary, in the event that the Company obtains the Stockholder
Approval prior to the Exercisability Date, the Holder shall surrender the Warrant to the Company for cancellation.

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2.       ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from
time to time as follows:

(a)       Voluntary
Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

(b)       Adjustment
upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Subscription Date subdivides (by
any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its
outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision
will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time
on or after the Subscription Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement
or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price
in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately
decreased. Any adjustment under this Section 2(b) shall become effective at the close of business on the date the subdivision or
combination becomes effective.

(c)       Other
Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by
such provisions (including, without limitation, the granting of stock appreciation rights or phantom stock rights), then the Company’s
Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect
the rights of the Holder; provided that no such adjustment pursuant to this Section 2(c) will increase the Exercise Price or decrease
the number of Warrant Shares as otherwise determined pursuant to this Section 2.

3.       RIGHTS
UPON DISTRIBUTION OF ASSETS. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders
of Common Stock (and not to the Holders) evidences of its indebtedness or assets (including cash and cash dividends) or rights
or warrants to subscribe for or purchase any security other than the Common Stock (including, without limitation, any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement,
scheme of arrangement or other similar transaction), then in each such case the Exercise Price shall be adjusted by multiplying
the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such
distribution by a fraction of which the denominator shall be the Weighted Average Price determined as of the record date mentioned
above, and of which the numerator shall be such Weighted Average Price on such record date less the then per share fair market
value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding
share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described
in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription
rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall
become effective immediately after the record date mentioned above.

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4.       PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

(a)       Purchase
Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined
for the grant, issue or sale of such Purchase Rights.

(b)       Fundamental
Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes
in writing (unless the Company is the Successor Entity) all of the obligations of the Company under this Warrant and the other
Transaction Documents in accordance with the provisions of this Section 4(b) pursuant to written agreements in form and substance
reasonably satisfactory to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including
agreements to deliver to each holder of the Warrants in exchange for such Warrants a security of the Successor Entity evidenced
by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, an adjusted
exercise price equal to the value for the shares of Common Stock reflected by the terms of such Fundamental Transaction, and exercisable
for a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and reasonably satisfactory to the Required Holders. Upon the occurrence of any Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this
Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such
Successor Entity had been named as the Company herein. Upon consummation of the Fundamental Transaction, the Successor Entity
shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation
of the Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property) issuable
upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of the publicly traded common stock or common
shares (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to
receive upon the happening of such Fundamental Transaction had this Warrant been converted immediately prior to such Fundamental
Transaction, as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution for any other
rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock
are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate
Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive
upon an exercise of this Warrant at any time after the consummation of the Corporate Event but prior to the Expiration Date, in
lieu of shares of Common Stock (or other securities, cash, assets or other property) purchasable upon the exercise of this Warrant
prior to such Corporate Event, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants
or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of such Corporate
Event had this Warrant been exercised immediately prior to such Corporate Event. Provision made pursuant to the preceding sentence
shall be in a form and substance reasonably satisfactory to the Required Holders.

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(c)       Applicability
to Successive Transactions. The provisions of this Section shall apply similarly and equally to successive Fundamental Transactions
and Corporate Events and shall be applied without regard to any limitations on the exercise of this Warrant.

5.       NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Amended and Restated Certificate of Incorporation,
Amended and Restated Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, and will at all times in good faith comply with all the provisions of this Warrant and take all actions
consistent with effectuating the purposes of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall
not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price
then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long
as this Warrant is outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares
of Common Stock, solely for the purpose of effecting the exercise of this Warrant, 100% of the number of shares of Common Stock
issuable upon exercise of this Warrant then outstanding (without regard to any limitations on exercise).

6.       WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant.
In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company.

7.       REISSUANCE
OF WARRANTS.

(a)       Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company and deliver the completed
and executed Assignment Form, in the form attached hereto as Exhibit B, whereupon the Company will forthwith issue and
deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing
the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant
Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing
the right to purchase the number of Warrant Shares not being transferred.

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

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

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

8.       NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with Section 9.4 of the Purchase Agreement.

9.       AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Required Holders. Any such amendment shall apply to all Warrants and be binding upon all registered holders
of such Warrants. Notwithstanding the foregoing, neither the Exercise Price nor the number of Warrant Shares issuable hereunder
(except in each case for adjustments made pursuant to Section 2 herein), nor the Exercisability Date nor the Expiration Date,
may be amended without the written consent of each Holder.

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10.       GOVERNING
LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. This Warrant shall be governed by, and construed in accordance with, the
internal laws of the State of New York, without reference to the choice of law provisions thereof. The Company and, by accepting
this Warrant, the Holder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located
in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action,
proceeding or judgment relating to or arising out of this Warrant and the transactions contemplated hereby. Service of process
in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods
as are specified for the giving of notices under this Warrant. The Company and, by accepting this Warrant, the Holder, each irrevocably
consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.
The Company and, by accepting this Warrant, the Holder, each irrevocably waives any objection to the laying of venue of any such
suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER HEREBY
WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN
CONSULTED SPECIFICALLY AS TO THIS WAIVER.

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

12.       DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or other form of electronic
communication within two (2) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to
the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the
Warrant Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder,
then the Company shall, within two (2) Business Days submit via facsimile or other form of electronic communication (a) the disputed
determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder,
which approval shall not be unreasonably withheld, or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s
independent, outside accountant. The Company shall cause the investment bank or the accountant, as the case may be, to perform
the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from
the time it receives the disputed determinations or calculations. The prevailing party in any dispute resolved pursuant to this
Section 12 shall be entitled to the full amount of all reasonable expenses, including all costs and fees paid or incurred in good
faith, in relation to the resolution of such dispute. Such investment bank’s or accountant’s determination or calculation,
as the case may be, shall be binding upon all parties absent demonstrable error.

13.       REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other
injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company
to comply with the terms of this Warrant.

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14.       TRANSFER.
Subject to applicable laws, this Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company;
provided the Holder provides written notice of such transfer to the Company promptly after such transfer is effected.

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

(a)       “Bloomberg”
means Bloomberg Financial Markets.

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

(c)       “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price
and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York
time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such
security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or
trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing
bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for
such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security
by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported
on the OTC Pink marketplace operated by OTC Markets Group Inc. If the Closing Bid Price or the Closing Sale Price cannot be calculated
for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case
may be, of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. All
such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction
during the applicable calculation period.

(d)       “Common
Stock” means (i) the Company’s shares of Common Stock, par value $0.001 per share, and (ii) any share
capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common
Stock.

(e)       “Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable
or exchangeable for shares of Common Stock.

(f)       “Eligible
Market” means the Principal Market, The New York Stock Exchange, Inc., The NYSE MKT, The NASDAQ Global Market or The
NASDAQ Global Select Market.

    	10

     

    

(g)       “Expiration
Date” means the tenth anniversary of the Exercisability Date or, if such date falls on a day other than a Trading Day
or on which trading does not take place on the Principal Market, or, if the Principal Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded (a
 “Holiday”), the next date that is not a Holiday.

(h)       “Fundamental
Transaction” means that the Company shall, directly or indirectly, in one or more related transactions, (i) consolidate
or merge with or into (whether or not the Company is the surviving corporation) another Person (but excluding a migratory merger
effected solely for the purpose of changing the jurisdiction of incorporation of the Company), or (ii) sell, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (iii)
allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than the 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or party to, or associated
or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a stock purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock
(not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock purchase agreement or other business combination), (v) reorganize, recapitalize
or reclassify its Common Stock, or (vi) any “person” or “group” (as these terms are used for purposes of
Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding
Common Stock.

(i)       “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

(j)       “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

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

(l)        “Principal
Market” means The NASDAQ Capital Market.

(m)      “Required
Holders” means, as of any date, the holders of at least a majority of the Warrants outstanding as of such date.

    	11

     

    

(n)       “Stockholder
Approval” means the approval by the stockholders of the Company in accordance with applicable law, the Company’s
Certificate of Incorporation and Bylaws and the applicable requirements of The NASDAQ Capital Market for the issuance and sale
to the Investors (as defined in the Purchase Agreement) of the Securities (as defined in the Purchase Agreement) (including all
of the Conversion Shares (as defined in the Purchase Agreement) issuable upon the full conversion of the Shares (as defined in
the Purchase Agreement) and all of the Warrant Shares issuable upon the full exercise of the Warrants).

(o)       “Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving
any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction
shall have been entered into.

(p)       “Trading
Day” means any day on which the Common Stock are traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock are then traded; provided that “Trading Day” shall not include any day on which the Common Stock are scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are suspended from trading during
the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

(q)       “Weighted
Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security on
the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly
announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market
publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on
the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time
as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such
other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid
price and the lowest closing ask price of any of the market makers for such security as reported on the OTC Pink marketplace operated
by OTC Markets Group Inc. If the Weighted Average Price cannot be calculated for a security on a particular date on any of the
foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for
the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend, stock split,
stock combination or other similar transaction during the applicable calculation period.

[Signature Page Follows]

    	12

     

    

IN WITNESS WHEREOF, the Company
has caused this Warrant to Purchase Common Stock to be duly executed
as of the Issuance Date set out above.

	 	PLX PHARMA INC.
	 	 
	 	By:	
   

	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

EXHIBIT A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED
HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

PLX
PHARMA INC.

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

 

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

 

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

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

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

 

3. Delivery of Warrant Shares. The Company
shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant and, after delivery of such Warrant
Shares, _____________ Warrant Shares remain subject to the Warrant.

 

	Date: _______________ __, ______	 
	 	 
	
   

	 
	Name of Registered Holder	 

 

 

	 	 	 
	 	 	 
	By:	
   

	 	 	 
	 	Name:	 	 	 	 	 
	 	Title:	 	 	 	 	 

 

    	A-1

     

    

EXHIBIT B

ASSIGNMENT FORM

PLX
PHARMA INC.

(To assign the foregoing Warrant,
execute this form and supply required information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

	Name:	 	 	
   

	 	 	 	(Please Print)
	 	 	 	 	 
	Address:	 	 	
   

	 	 	 	(Please Print)
	 	 	 	 
	Dated:	
   

	 	 	 	 
	 	 	 	 	 	 
	Holder’s Signature:	
   

	 	 	 	 
	 	 	 	 	 	 
	Holder’s Address:	
   

	 	 	 	 
	 	 	 	 	 	 	 	 	 

 NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever. Officers of
corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.

    	B-1Exhibit 10.1

 

EXECUTION VERSION

 

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT
(“Agreement”) is made as of the 12th day of March, 2020 by and among PLx Pharma Inc., a Delaware corporation (the “Company”),
and the Investors set forth on the signature pages affixed hereto (each an “Investor” and collectively the “Investors”).

 

Recitals

 

A.      The Company
and the Investors are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange Commission (the
“SEC”) under the Act (as defined below); and

 

B.      The Company
proposes to sell and issue to one or more investors, upon the terms and conditions stated in this Agreement, up to an aggregate
of 8,000 shares (the “Shares”) of the Company’s Series B Convertible Preferred Stock, par value $0.001 per share
(the “Preferred Stock”), such shares of Preferred Stock to have the relative rights, preferences and designations set
forth in the Certificate of Designations, Preferences and Rights set forth in Exhibit A attached hereto (the “Certificate
of Designation”) at a purchase price of $1,000 per Share; and

 

C.      Contemporaneous
with the sale of the Shares, the parties hereto will execute and deliver a Registration Rights Agreement, in the form attached
hereto as Exhibit C (the “Registration Rights Agreement”), pursuant to which the Company will agree to provide
certain registration rights under the Act, and the rules and regulations promulgated thereunder, and applicable state securities
laws; and

 

D.       Contemporaneous
with the execution of this Agreement, the Company is issuing and delivering the Commitment Warrants (as defined below) to the Investors,
in the denominations and registered in such names as each Investor or its designees have requested prior to the date hereof.

 

In consideration of the
mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

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

 

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

 

    

    

    

 

“Business Day”
means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

 

“Commitment
Warrants” means warrants to purchase an aggregate of 267,000 shares of Common Stock at an exercise price of $3.50 per
share (subject to adjustment), in the form attached hereto as Exhibit B.

 

“Common Stock”
means the Company’s common stock, par value $0.001 per share, together with any securities into which such shares may be
reclassified, whether by merger, charter amendment or otherwise.

 

“Common Stock
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into, exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company’s
Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company,
except for the Company’s Chief Medical Officer, after due inquiry.

 

“Confidential
Information” means trade secrets, confidential information and know-how (including but not limited to ideas, formulae,
compositions, processes, procedures and techniques, research and development information, computer program code, performance specifications,
support documentation, drawings, specifications, designs, business and marketing plans, and customer and supplier lists and related
information).

 

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

 

“Conversion
Shares” means the shares of Common Stock issuable upon the conversion of the Shares.

 

“Effective Date”
means the date on which the initial Registration Statement is declared effective by the SEC.

 

“Effectiveness
Deadline” means the date on which the initial Registration Statement is required to be declared effective by the SEC
under the terms of the Registration Rights Agreement.

 

“Insider”
means each director or executive officer of the Company, any other officer of the Company participating in the offering, any beneficial
owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, and
any promoter connected with the Company in any capacity on the date hereof.

 

    -2-

    

    

 

“Intellectual
Property” means all of the following: (i) patents, patent applications, patent disclosures and inventions (whether or
not patentable and whether or not reduced to practice); (ii) trademarks, service marks, trade dress, trade names, corporate names,
logos, slogans and Internet domain names, together with all goodwill associated with each of the foregoing; (iii) copyrights and
copyrightable works; (iv) registrations, applications for registration and renewals of registration for any of the foregoing; and
(v) proprietary computer software (including but not limited to data, databases and documentation).

 

“Material Adverse
Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial or
otherwise), business or prospects of the Company and its Subsidiaries taken as a whole, or (ii) the ability of the Company to perform
its obligations under the Transaction Documents.

 

“Material Contract”
means any contract, instrument or other agreement to which the Company or any Subsidiary is a party or by which it is bound which
has been filed as an exhibit to the SEC Filings pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K.

 

“Nasdaq”
means The Nasdaq Capital Market.

 

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

 

“Park West”
means Park West Asset Management LLC and its Affiliates.

 

“Proposal”
has the meaning set forth in Section 7.9.

 

“Purchase Price”
means one thousand Dollars ($1,000) per Share.

 

“Registration
Statement” has the meaning set forth in the Registration Rights Agreement.

 

“Required Investors”
has the meaning set forth in the Registration Rights Agreement.

 

“SEC Filings”
has the meaning set forth in Section 4.6.

 

“Securities”
means the Shares, the Conversion Shares, the Warrants and the Warrant Shares.

 

“Shares”
means the shares of Preferred Stock to be purchased by the Investors hereunder.

 

    -3-

    

    

 

“Stockholder
Approval” means the approval of the Proposal by the stockholders of the Company, in accordance with applicable law, the
Company’s Certificate of Incorporation and Bylaws and the applicable requirements of Nasdaq.

 

“Subsidiary”
of any Person means another Person, an amount of the voting securities, other voting ownership or voting partnership interests
of which is sufficient to elect at least a majority of its Board of Directors or other governing body (or, if there are no such
voting interests, 50% or more of the equity interests of which) is owned directly or indirectly by such first Person.

 

“Transaction
Documents” means this Agreement, the Certificate of Designation, the Warrants and the Registration Rights Agreement.

 

“Warrants”
means the Commitment Warrants.

 

“Warrant Shares”
means the shares of Common Stock issuable upon the exercise of the Warrants.

 

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

 

“1934 Act”
means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 

2.       Purchase
and Sale of the Shares: Issuance of Commitment Warrants.

 

(a)       Subject
to the terms and conditions of this Agreement, on the Closing Date (as defined below), each of the Investors shall severally, and
not jointly, purchase, and the Company shall sell and issue to the Investors, the Shares in the respective amounts set forth opposite
the Investors’ names on the signature pages attached hereto in exchange for such Investor’s pro rata portion of the
Purchase Price as specified in Section 3 below.

 

(b)       On
the date hereof, and contemporaneous with the execution of this Agreement, the Company shall issue and deliver the Commitment Warrants
to the Investors, in the respective denominations and registered in such names as each Investor or its designees have requested
on or prior to the date hereof.

 

3.       Closing.
Upon confirmation that the other conditions to closing specified herein have been satisfied or duly waived by the Investors, the
Company shall file the Certificate of Designation with the Secretary of State of Delaware. Unless other arrangements have been
made with a particular Investor, upon confirmation that the Certificate of Designation has been filed and has become effective,
the Company shall deliver to Lowenstein Sandler LLP, in trust, a certificate or certificates, registered in such name or names
as the Investors may designate, representing the Shares, with instructions that such certificates are to be held for release to
the Investors only upon payment in full of the Purchase Price to the Company by all the Investors. Unless other arrangements have
been made with a particular Investor, upon such receipt by Lowenstein Sandler LLP of the certificates, each Investor shall promptly,
but no more than one Business Day thereafter, cause a wire transfer in same day funds to be sent to the account of the Company
as instructed in writing by the Company, in an amount representing such Investor’s pro rata portion of the Purchase Price
as set forth on the signature pages to this Agreement. On the date (the “Closing Date”) the Company receives the Purchase
Price, the certificates evidencing the Shares shall be released to the Investors (the “Closing”). The Closing of the
purchase and sale of the Shares shall take place at the offices of Lowenstein Sandler LLP, 1251 Avenue of the Americas, 18th Floor,
New York, New York 10020, or at such other location and on such other date as the Company and the Investors shall mutually agree.

 

    -4-

    

    

 

4.       Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investors, except as set forth on the Disclosure
Schedule attached as Exhibit D to this Agreement, which exceptions shall be deemed to be part of the representations and
warranties made hereunder, that:

 

4.1       Organization,
Good Standing and Qualification. Each of the Company and its Subsidiaries is a corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority
to carry on its business as now conducted and to own or lease its properties, in each case as described in the SEC Filings. Each
of the Company and its Subsidiaries is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction
in which the conduct of its business or its ownership or leasing of property makes such qualification or leasing necessary unless
the failure to so qualify or to be in good standing has not had and could not reasonably be expected to have a Material Adverse
Effect.

 

4.2       Authorization.
The Company has the corporate power and authority to enter into this Agreement and, except for
approval of the Proposal by its stockholders as contemplated in Section 7.9, has
taken all requisite action on its part, its officers, directors and stockholders necessary for (i) the authorization, execution
and delivery of the Transaction Documents, (ii) the authorization of the performance of all obligations of the Company hereunder
or thereunder, and (iii) the authorization, issuance (or reservation for issuance) and delivery of the Securities The Transaction
Documents constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with
their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability,
relating to or affecting creditors’ rights generally and to general equitable principles.

 

4.3       Capitalization.
The Company has duly and validly authorized capital stock as set forth in the SEC Filings and in the Amended and Restated Certificate
of Incorporation of the Company, as amended and as in effect as of the Closing Date (the “Certificate of Incorporation”).
All of the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and
are fully paid, nonassessable and free of pre-emptive rights and were issued in full compliance with applicable state and federal
securities law and any rights of third parties. Except as described in the SEC Filings, all of the issued and outstanding shares
of capital stock of each Subsidiary have been duly authorized and validly issued and are fully paid, nonassessable and free of
pre-emptive rights, were issued in full compliance with applicable state and federal securities law and any rights of third parties
and are owned by the Company, beneficially and of record, subject to no lien, encumbrance or other adverse claim. Except as described
in the SEC Filings, no Person is entitled to pre-emptive or similar statutory or contractual rights with respect to any securities
of the Company. Except as described in the SEC Filings, there are no outstanding warrants, options, convertible securities or other
rights, agreements or arrangements of any character under which the Company or any of its Subsidiaries is or may be obligated to
issue any equity securities of any kind and except as contemplated by this Agreement, neither the Company nor any of its Subsidiaries
is currently in negotiations for the issuance of any equity securities of any kind. Except as described in the SEC Filings and
except for the Registration Rights Agreement, there are no voting agreements, buy-sell agreements, option or right of first purchase
agreements or other agreements of any kind among the Company and any of the securityholders of the Company relating to the securities
of the Company held by them. Except as described in the SEC Filings and except as provided in the Registration Rights Agreement,
no Person has the right to require the Company to register any securities of the Company under the 1933 Act, whether on a demand
basis or in connection with the registration of securities of the Company for its own account or for the account of any other Person.

 

    -5-

    

    

 

Except as described in
the SEC Filings, the issuance and sale of the Securities hereunder will not obligate the Company to issue shares of Common Stock
or other securities to any other Person (other than the Investors) and will not result in the adjustment of the exercise, conversion,
exchange or reset price of any outstanding security.

 

Except as described in
the SEC Filings, the Company does not have outstanding stockholder purchase rights or “poison pill” or any similar
arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the occurrence of certain
events.

 

4.4       Valid
Issuance. Subject to approval of the Proposal by the Company’s stockholders
as contemplated in Section 7.9, the Shares will be duly and validly authorized and, when issued and paid for pursuant to
this Agreement, will be validly issued, fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions,
except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws and will have
the relative rights, powers and preferences set forth in the Certificate of Designation. Upon the due conversion of the Shares
in accordance with the Certificate of Designation, the Conversion Shares will be validly issued, fully paid and nonassessable,
and shall be free and clear of all encumbrances and restrictions, except for restrictions on transfer set forth in the Transaction
Documents or imposed by applicable securities laws. The Warrants have been duly and validly authorized. Upon the due exercise of
the Warrants and full payment for the exercise price thereof, the Warrant Shares will be validly issued, fully paid and non-assessable,
and shall be free and clear of all encumbrances and restrictions, except for restrictions on transfer set forth in the Transaction
Documents or imposed by applicable securities laws. The Company has reserved a sufficient number of shares of Common Stock for
issuance upon the conversion of the Shares and the exercise of the Warrants, free and clear of all encumbrances and restrictions,
except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws.

 

    -6-

    

    

 

4.5       Consents.
Except for approval of the Proposal by its stockholders
as contemplated in Section 7.9 and as set forth on Schedule 4.5, the execution, delivery and performance by the Company
of the Transaction Documents and the offer, issuance and sale of the Securities require no consent of, action by or in respect
of, or filing with, any Person, governmental body, agency, or official other than filings that have been made pursuant to applicable
state securities laws and post-sale filings pursuant to applicable state and federal securities laws which the Company undertakes
to file within the applicable time periods. Subject to the accuracy of the representations and warranties of each Investor set
forth in Section 5 hereof, the Company has taken all action necessary to exempt (i) the issuance and sale of the Securities, (ii)
the issuance of the Conversion Shares upon the due conversion of the Shares, (iii) the issuance of the Warrant Shares upon due
exercise of the Warrants, and (iv) the other transactions contemplated by the Transaction Documents from the provisions of any
stockholder rights plan or other “poison pill” arrangement, any anti-takeover, business combination or control share
law or statute binding on the Company or to which the Company or any of its assets and properties may be subject and any provision
of the Certificate of Incorporation or the Company’s Amended and Restated Bylaws, as amended and as in effect as of the closing
date (the “Bylaws”), that is or could reasonably be expected to become applicable to the Investors as a result of the
transactions contemplated hereby, including, without limitation, the issuance of the Securities and the ownership, disposition
or voting of the Securities by the Investors or the exercise of any right granted to the Investors pursuant to this Agreement or
the other Transaction Documents.

 

4.6       Delivery
of SEC Filings; Business. The Company has made available to the Investors through the EDGAR system, true and complete copies
of the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (as amended prior to
the date hereof, the “10-K”), and all other reports filed by the Company pursuant to Sections 13(a), 13(e), 14 and
15(d) of the 1934 Act since the filing of the 10-K and during the twelve (12) months preceding the date hereof (collectively, the
“SEC Filings”). The SEC Filings are the only filings required of the Company pursuant to the 1934 Act for such period.
The Company and its Subsidiaries are engaged in all material respects only in the business described in the SEC Filings and the
SEC Filings contain a complete and accurate description in all material respects of the business of the Company and its Subsidiaries,
taken as a whole. Since the filing of each of the SEC Filings, no event has occurred that would require an amendment or supplement
to any such SEC Filing and as to which such an amendment or supplement has not been filed prior to the date hereof.

 

4.7       Use
of Proceeds. The net proceeds of the sale of the Shares hereunder shall be used by the Company for working capital and general
corporate purposes.

 

4.8       No
Material Adverse Change. Since December 31, 2018, except as described in the SEC Filings or as set forth in Schedule 4.8, there
has not been:

 

(i)       any
change in the consolidated assets, liabilities, financial condition or operating results of the Company from that reflected in
the financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019,
except for changes in the ordinary course of business which have not had and could not reasonably be expected to have a Material
Adverse Effect, individually or in the aggregate;

 

    -7-

    

    

 

(ii)       any
declaration or payment of any dividend, or any authorization or payment of any distribution, on any of the capital stock of the
Company, or any redemption or repurchase of any securities of the Company;

 

(iii)       any
material damage, destruction or loss, whether or not covered by insurance to any assets or properties of the Company or its Subsidiaries;

 

(iv)       any
waiver, not in the ordinary course of business, by the Company or any Subsidiary of a material right or of a material debt owed
to it;

 

(v)       any
satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation by the Company or a Subsidiary, except
in the ordinary course of business and which is not material to the assets, properties, financial condition, operating results
or business of the Company and its Subsidiaries taken as a whole (as such business is presently conducted and as it is proposed
to be conducted);

 

(vi)       any
change or amendment to the Certificate of Incorporation (other than in connection with the transactions contemplated hereby) or
Bylaws, or material change to any material contract or arrangement by which the Company or any Subsidiary is bound or to which
any of their respective assets or properties is subject;

 

(vii)       any
material labor difficulties or labor union organizing activities with respect to employees of the Company or any Subsidiary;

 

(viii)       any
material transaction entered into by the Company or a Subsidiary other than in the ordinary course of business;

 

(ix)       the
loss of the services of any key employee, or material change in the composition or duties of the senior management of the Company
or any Subsidiary;

 

(x)       the
loss or, to the Company’s Knowledge, threatened loss of any customer which has had or could reasonably be expected to have
a Material Adverse Effect; or

 

(xi)       any
other event or condition of any character that has had or could reasonably be expected to have a Material Adverse Effect.

 

4.9       SEC
Filings; S-3 Eligibility.

 

(a)       At
the time of filing thereof, the SEC Filings complied as to form in all material respects with the requirements of the 1934 Act
and did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.

 

    -8-

    

    

 

(b)       Each
registration statement and any amendment thereto filed by the Company since January 1, 2017 pursuant to the 1933 Act and the rules
and regulations thereunder, as of the date such statement or amendment became effective, complied as to form in all material respects
with the 1933 Act and did not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements made therein not misleading; and each prospectus filed pursuant to
Rule 424(b) under the 1933 Act, as of its issue date and as of the closing of any sale of securities pursuant thereto did not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order
to make the statements made therein, in the light of the circumstances under which they were made, not misleading.

 

(c)       The
Company is eligible to use Form S-3 to register the Registrable Securities (as such term is defined in the Registration Rights
Agreement) for sale by the Investors as contemplated by the Registration Rights Agreement.

 

4.10       No
Conflict, Breach, Violation or Default. Subject to the approval of the Proposal by its stockholders
as contemplated in Section 7.9, the execution, delivery and performance of the Transaction Documents by the Company and
the issuance and sale of the Securities will not (i) conflict with or result in a breach or violation of (a) any of the terms and
provisions of, or constitute a default under the Certificate of Incorporation or the Bylaws (true and complete copies of which
have been made available to the Investors through the EDGAR system), or (b) any statute, rule, regulation or order of any governmental
agency or body or any court, domestic or foreign, having jurisdiction over the Company, any Subsidiary or any of their respective
assets or properties, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, result in the creation of any lien, encumbrance or other adverse claim upon any of the properties or assets
of the Company or any Subsidiary or give to others any rights of termination, amendment, acceleration or cancellation (with or
without notice, lapse of time or both) of, any Material Contract, except in the case of clauses (i)(b) and (ii) above, such as
could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate.

 

4.11       Tax
Matters. The Company and each Subsidiary has prepared and filed (or filed applicable extensions therefore) all tax returns
required to have been filed by the Company or such Subsidiary with all appropriate governmental agencies and paid all taxes shown
thereon or otherwise owed by it, other than any such taxes which the Company or any Subsidiary are contesting in good faith and
for which adequate reserves have been provided and reflected in the Company’s financial statements included in the SEC Filings.
The charges, accruals and reserves on the books of the Company in respect of taxes for all fiscal periods are adequate in all material
respects, and there are no material unpaid assessments against the Company or any Subsidiary nor, to the Company’s Knowledge,
any basis for the assessment of any additional taxes, penalties or interest for any fiscal period or audits by any federal, state
or local taxing authority except for any assessment which is not material to the Company and its Subsidiaries, taken as a whole.
All taxes and other assessments and levies that the Company or any Subsidiary is required to withhold or to collect for payment
have been duly withheld and collected and paid to the proper governmental entity or third party when due, other than any such taxes
which the Company or any Subsidiary are contesting in good faith and for which adequate reserves have been provided and reflected
in the Company’s financial statements included in the SEC Filings. There are no tax liens or claims pending or, to the Company’s
Knowledge, threatened in writing against the Company or any Subsidiary or any of their respective assets or property. Except as
described in the SEC Filings, there are no outstanding tax sharing agreements or other such arrangements between the Company and
any Subsidiary or other corporation or entity.

 

    -9-

    

    

 

4.12       Title
to Properties. Except as disclosed in the SEC Filings, the Company and each Subsidiary has good and marketable title to all
real properties and all other properties and assets (excluding Intellectual Property assets which are the subject of Section 4.15
hereof) owned by it, in each case free from liens, encumbrances and defects that would materially affect the value thereof or materially
interfere with the use made or currently planned to be made thereof by them; and except as disclosed in the SEC Filings, the Company
and each Subsidiary holds any leased real or personal property under valid and enforceable leases with no exceptions that would
materially interfere with the use made thereof by them.

 

4.13       Certificates,
Authorities and Permits. The Company and each Subsidiary possess adequate certificates, authorities or permits issued by appropriate
governmental agencies or bodies necessary to conduct the business now operated by it, except to the extent failure to possess such
certificates, authorities or permits could not reasonably be expected to have a Material Adverse Effect, individually or in the
aggregate, and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification
of any such certificate, authority or permit that, if determined adversely to the Company or such Subsidiary, could reasonably
be expected to have a Material Adverse Effect, individually or in the aggregate.

 

4.14       Labor
Matters.

 

(a)       Except
as set forth in the SEC Filings, the Company is not a party to or bound by any collective bargaining agreements or other agreements
with labor organizations. The Company has not violated in any material respect any laws, regulations, orders or contract terms,
affecting the collective bargaining rights of employees, labor organizations or any laws, regulations or orders affecting employment
discrimination, equal opportunity employment, or employees’ health, safety, welfare, wages and hours.

 

(b)       (i)
There are no labor disputes existing, or to the Company’s Knowledge, threatened, involving strikes, slow-downs, work stoppages,
job actions, disputes, lockouts or any other disruptions of or by the Company's employees, (ii) there are no unfair labor practices
or petitions for election pending or, to the Company's Knowledge, threatened before the National Labor Relations Board or any other
federal, state or local labor commission relating to the Company's employees, (iii) no demand for recognition or certification
heretofore made by any labor organization or group of employees is pending with respect to the Company and (iv) to the Company's
Knowledge, the Company enjoys good labor and employee relations with its employees and labor organizations.

 

(c)       The
Company is, and at all times has been, in compliance with all applicable laws respecting employment (including laws relating to
classification of employees and independent contractors) and employment practices, terms and conditions of employment, wages and
hours, and immigration and naturalization, except where the failure to so comply could not reasonably be expected to have
a Material Adverse Effect, individually or in the aggregate. There are no claims pending against
the Company before the Equal Employment Opportunity Commission or any other administrative body or in any court asserting any violation
of Title VII of the Civil Rights Act of 1964, the Age Discrimination Act of 1967, 42 U.S.C. §§ 1981 or 1983 or any other
federal, state or local Law, statute or ordinance barring discrimination in employment.

 

    -10-

    

    

 

(d)       Except
as disclosed in the SEC Filings and as set forth on Schedule 4.14(d), the Company is not a party to, or bound by, any employment
or other contract or agreement that contains any severance, termination pay or change of control liability or obligation, including,
without limitation, any “excess parachute payment,” as defined in Section 280G(b) of the Internal Revenue Code.

 

(e)       To
the Company’s Knowledge, the Company has no liability for the improper classification by the Company of its employees as
independent contractors or leased employees prior to the Closing.

 

4.15       Intellectual
Property.

 

(a)       To
the Company’s Knowledge, all Intellectual Property of the Company and its Subsidiaries, which is listed on Schedule 4.15(a),
is currently in compliance in all material respects with all legal requirements (including, for registered Intellectual Property
or pending applications for registration of Intellectual Property, timely filings, proofs and payments of fees) and is valid and
enforceable. No Intellectual Property of the Company or its Subsidiaries which is necessary for the conduct of Company’s
and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted has been
or is now involved in any cancellation, dispute or litigation, and, to the Company’s Knowledge, no such action is threatened.
No patent of the Company or its Subsidiaries has been or is now involved in any interference, reissue, re-examination or opposition
proceeding.

 

(b)       To
the Company’s Knowledge, all of the licenses and sublicenses and consent, royalty or other agreements concerning Intellectual
Property which are necessary for the conduct of the Company’s and each of its Subsidiaries’ respective businesses as
currently conducted or as currently proposed to be conducted to which the Company or any Subsidiary is a party or by which any
of their assets are bound (other than  generally commercially available, non-custom, off-the-shelf software application
programs having a retail acquisition price of less than $10,000 per license) (collectively, “License Agreements”):
(i) are valid and binding obligations of the Company or its Subsidiaries that are parties thereto and, to the Company’s Knowledge,
the other parties thereto; (ii) are enforceable in accordance with their terms, except to the extent that enforcement thereof may
be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement
of creditors’ rights generally; and (iii) to the Company’s Knowledge, there exists no event or condition which will
result in a violation or breach of or constitute (with or without due notice or lapse of time or both) a default by the Company
or any of its Subsidiaries under any such License Agreement, except for such violations, breaches and defaults as have not had
and could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate.

 

    -11-

    

    

 

(c)       To
the Company’s Knowledge, the Company and its Subsidiaries own or have the valid right to use all of the Intellectual Property
that is necessary for the conduct of the Company’s and each of its Subsidiaries’ respective businesses as currently
conducted or as currently proposed to be conducted and for the ownership, maintenance and operation of the Company’s and
its Subsidiaries’ properties and assets, free and clear of all liens, encumbrances, adverse claims or obligations to license
all such owned Intellectual Property and Confidential Information, other than licenses entered into in the ordinary course of the
Company’s and its Subsidiaries’ businesses. To the Company’s Knowledge, the Company and its Subsidiaries have
a valid and enforceable right to use all third party Intellectual Property and Confidential Information used or held for use in
the respective businesses of the Company and its Subsidiaries.

 

(d)       To
the Company’s Knowledge, the conduct of the Company’s and its Subsidiaries’ businesses as currently conducted
does not infringe or otherwise impair or conflict with (collectively, “Infringe”) any Intellectual Property rights
of any third party or any confidentiality obligation owed to a third party. To the Company’s Knowledge, the Intellectual
Property and Confidential Information of the Company and its Subsidiaries which are necessary for the conduct of Company’s
and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted, are
not being Infringed by any third party. There is no litigation or legal challenge pending or outstanding or, to the Company’s
Knowledge, threatened or imminent, that seeks to limit or challenge, or that concerns the ownership, use, validity or enforceability
of any Intellectual Property or Confidential Information of the Company and its Subsidiaries and the Company’s and its Subsidiaries’
use of any Intellectual Property or Confidential Information owned by a third party, and, to the Company’s Knowledge, there
is no valid basis for the same.

 

(e)       To
the Company’s Knowledge, the consummation of the transactions contemplated hereby and by the other Transaction Documents
will not result in the alteration, loss, impairment of or restriction on the Company’s or any of its Subsidiaries’
ownership or right to use any of the Intellectual Property or Confidential Information which is necessary for the conduct of Company’s
and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted.

 

(f)       To
the Company’s Knowledge, the Company and its Subsidiaries have taken reasonable steps to protect the Company’s and
its Subsidiaries’ rights in their Intellectual Property and Confidential Information. To the Company’s Knowledge, except
under confidentiality obligations, there has been no material disclosure of any of the Company’s or its Subsidiaries’
Confidential Information to any third party.

 

4.16       Environmental
Matters. To the Company’s Knowledge, neither the Company nor any Subsidiary, is in violation of any statute, rule, regulation,
decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release
of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous
or toxic substances (collectively, “Environmental Laws”), owns or operates any real property contaminated with any
substance that is subject to any Environmental Laws, is liable for any off-site disposal or contamination pursuant to any Environmental
Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim has had
or could reasonably be expected to have a Material Adverse Effect, individually or in the aggregate; and to the Company’s
Knowledge, there is no pending or threatened investigation that might lead to such a claim.

 

    -12-

    

    

 

4.17       Litigation.
There are no pending actions, suits or proceedings against or affecting the Company, its Subsidiaries or any of its or their properties;
and to the Company’s Knowledge, no such actions, suits or proceedings are threatened, except (i) as described in the
SEC Filings or (ii) any such proceeding, which if resolved adversely to the Company or any Subsidiary, could not reasonably
be expected to have a Material Adverse Effect, individually or in the aggregate. To the Company’s Knowledge, neither the
Company nor any Subsidiary, nor any director or officer thereof, is or since January 1, 2015 has been the subject of any action
involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There
has not been, and to the Company’s Knowledge, there is not pending or contemplated, any investigation by the SEC involving
the Company or any current or former director or officer of the Company. The SEC has not issued any stop order or other order suspending
the effectiveness of any registration statement filed by the Company or any Subsidiary under the 1933 Act or the 1934 Act.

 

4.18       Financial
Statements. The financial statements included in each SEC Filing comply in all material respects with applicable accounting
requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or to the extent
corrected by a subsequent restatement) and present fairly, in all material respects, the consolidated financial position of the
Company as of the dates shown and its consolidated results of operations and cash flows for the periods shown, and such financial
statements have been prepared in conformity with United States generally accepted accounting principles applied on a consistent
basis (“GAAP”) (except as may be disclosed therein or in the notes thereto, and, in the case of quarterly financial
statements, as permitted by Form 10-Q under the 1934 Act). Except as set forth in the SEC Filings filed prior to the date hereof,
neither the Company nor any of its Subsidiaries has incurred any liabilities, contingent or otherwise, except those incurred in
the ordinary course of business, consistent (as to amount and nature) with past practices since the date of such financial statements,
none of which, individually or in the aggregate, have had or could reasonably be expected to have a Material Adverse Effect.

 

4.19       Insurance
Coverage. The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably
situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the
Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is
customary for comparably situated companies to insure.

 

4.20       Compliance
with Nasdaq Continued Listing Requirements. Except as disclosed in the SEC Filings, (a) the Company is in compliance with applicable
Nasdaq continued listing requirements, (b) there are no proceedings pending or, to the Company’s Knowledge, threatened against
the Company relating to the continued listing of the Common Stock on Nasdaq, and (c) the Company has not received any currently
pending notice of the delisting of the Common Stock from Nasdaq.

 

    -13-

    

    

 

4.21       Brokers
and Finders. Except as set forth on Schedule 4.21, no Person will have, as a result of the transactions contemplated by the
Transaction Documents, any valid right, interest or claim against or upon the Company, any Subsidiary or an Investor for any commission,
fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company.

 

4.22       No
Directed Selling Efforts or General Solicitation. Neither the Company nor any Person acting on its behalf has conducted any
general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any
of the Securities.

 

4.23       No
Integrated Offering. Assuming the accuracy of the Investors’ representations and warranties set forth in Section 5 hereof,
neither the Company nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any
offers or sales of any Company security or solicited any offers to buy any security, which are or will be integrated with this
offering of the Securities hereunder in a manner that would adversely affect reliance by the Company on Section 4(a)(2) for the
exemption from registration for the transactions contemplated hereby or would require registration of the Securities under the
1933 Act.

 

4.24       Rule
506 Compliance. To the Company’s Knowledge, neither the Company nor any Insider is subject to any of the “Bad Actor”
disqualifications described in Rule 506(d)(1)(i) to (viii) under the 1933 Act (a “Disqualification Event”), except
for a Disqualification Event covered by Rule 506(d)(2)(i) or (d)(3) of the 1933 Act. The Company is not disqualified from relying
on Rule 506 of Regulation D under the 1933 Act (“Rule 506”) for any of the reasons stated in Rule 506(d) in connection
with the issuance and sale of the Securities to the Investors pursuant to this Agreement. The Company has exercised reasonable
care, including without limitation, conducting a factual inquiry that is appropriate in light of the circumstances, into whether
any such disqualification under Rule 506(d) exists. The Company has furnished to each Investor, a reasonable time prior to the
date hereof, a description in writing of any matters relating to the Company and the Insiders that would have triggered disqualification
under Rule 506(d) but which occurred before September 23, 2013, in each case, in compliance with the disclosure requirements of
Rule 506(e). The Company has exercised reasonable care, including without limitation, conducting a factual inquiry that is appropriate
in light of the circumstances, into whether any such disqualification under Rule 506(d) would have existed and whether any disclosure
is required to be made to Investor under Rule 506(e). To the Company’s Knowledge, any outstanding securities of the Company
(of any kind or nature) that were issued in reliance on Rule 506 at any time on or after September 23, 2013 have been issued in
compliance with Rule 506(d) and (e).

 

4.25       Private
Placement. Assuming the accuracy of the Investors’ representations and warranties set forth in Section 5 hereof, the
offer and sale of the Securities to the Investors as contemplated hereby is exempt from the registration requirements of the 1933
Act.

 

4.26       Shell
Company Status. The Company is not, and has never been, an issuer identified in Rule 144(i)(1).

 

    -14-

    

    

 

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

 

4.28       Transactions
with Affiliates. Except as disclosed in the SEC Filings and except as would not be required to be disclosed in the SEC Filings,
none of the officers or directors of the Company and, to the Company’s Knowledge, none of the employees of the Company is
presently a party to any transaction with the Company or any Subsidiary (other than as holders of stock options and/or warrants,
and for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments
to or from any officer, director or such employee or, to the Company’s Knowledge, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee or partner.

 

4.29       Internal
Controls. The Company is in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 currently applicable
to the Company. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded
accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate
action is taken with respect to any differences. The Company has established disclosure controls and procedures (as defined in
1934 Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such disclosure controls and procedures to ensure that material
information relating to the Company, including the Subsidiaries, is made known to the certifying officers by others within those
entities, particularly during the period in which the Company’s most recently filed periodic report under the 1934 Act, as
the case may be, is being prepared. The Company has established internal control over financial reporting (as defined in 1934 Act
Rules 13a-15(f) and 15d-15(f)) to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP. The Company's certifying officers have evaluated the effectiveness
of the Company's disclosure controls and procedures and the Company’s internal control over financial reporting (collectively,
“internal controls”) as of the end of the period covered by the most recently filed periodic report under the 1934
Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the
1934 Act the conclusions of the certifying officers about the effectiveness of such internal controls based on their evaluations
as of the Evaluation Date. Since the Evaluation Date, there have been no significant changes in the Company's internal controls
or, to the Company's Knowledge, in other factors that could significantly affect the Company's internal controls. The Company maintains
and will continue to maintain a standard system of accounting established and administered in accordance with GAAP and the applicable
requirements of the 1934 Act.

 

    -15-

    

    

 

4.30       Disclosures.
Neither the Company nor any Person acting on the Company’s behalf has provided the Investors or their agents or counsel with
any information that constitutes or might constitute material, non-public information, other than the terms of the transactions
contemplated hereby and information provided to the Investors pursuant to confidentiality agreements. The written materials delivered
to the Investors in connection with the transactions contemplated by the Transaction Documents do not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the
circumstances under which they were made, not misleading.

 

4.31       Investment
Company. The Company is not required to be registered as, and is not an Affiliate of, and immediately following the Closing
will not be required to register as, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended.

 

4.32       FDA.
The Company and each of its Subsidiaries have operated and currently are in compliance with all applicable rules and regulations
of the FDA or any other federal, state, local or foreign governmental body exercising comparable authority, except where the failure
to so operate or be in compliance would not have a Material Adverse Effect. All preclinical and clinical studies conducted by or,
to the Company’s Knowledge, on behalf of the Company to support approval for commercialization of the Company’s products
have been conducted by the Company, or to the Company’s Knowledge by third parties, in compliance with all applicable federal,
state or foreign laws, rules, orders and regulations, except for such failure or failures to be in compliance which could not reasonably
be expected to have, singly or in the aggregate, a Material Adverse Effect. The descriptions of the tests and preclinical and clinical
studies, and results thereof, conducted by or, to the Company’s Knowledge, on behalf of the Company contained in the SEC
Filings are accurate and complete in all material respects; and the Company has not received any oral or written notice or correspondence
from the FDA or any foreign, state or local governmental body exercising comparable authority requiring the termination, suspension,
or clinical hold of any tests or preclinical or clinical studies, or such written notice or correspondence from any Institutional
Review Board or comparable authority requiring the termination or suspension of a clinical study, conducted by or on behalf of
the Company, which termination, suspension, or clinical hold would reasonably be expected to have a Material Adverse Effect.

 

4.33.       No
Fiduciary. The Company acknowledges that none of the Investors is acting as a financial advisor or fiduciary of the Company
(or in any similar capacity) with respect to this Agreement, the other Transaction Documents and the transactions contemplated
hereby and thereby, and any advice or other guidance provided by any Investor or any of its representatives and agents with respect
to this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to
such Investor’s entry into such transactions. The Company’s decision to enter into this Agreement and the other Transaction
Documents has been based solely on the independent evaluation by the Company and its representatives and agents.

 

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Each of the Investors
acknowledges and agrees that the Company has not made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in this Section 4.

 

5.       Representations
and Warranties of the Investors. Each of the Investors hereby severally, and not jointly, represents and warrants to the Company
that:

 

5.1       Organization
and Existence. Such Investor is a corporation, limited partnership or limited liability company duly organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization and has all requisite corporate, partnership
or limited liability company power and authority to enter into and to consummate the transactions contemplated by the Transaction
Documents and otherwise to carry out its obligations hereunder and thereunder.

 

5.2       Authorization.
The execution, delivery and performance by such Investor of the Transaction Documents to which such Investor is a party have been
duly authorized and each will constitute the legal, valid and binding obligation of such Investor, enforceable against such Investor
in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability, relating to or affecting creditors’ rights generally.

 

5.3       Consents.
All consents, approvals, orders and authorizations required on the part of such Investor in connection with the execution, delivery
or performance of each Transaction Document and the consummation of the transactions contemplated hereby and thereby have been
obtained and are effective as of the date hereof.

 

5.4       Purchase
Entirely for Own Account. The Securities to be received by such Investor hereunder will be acquired for such Investor’s
own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
1933 Act, and such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same
and has no arrangement or understanding with any other Persons regarding the distribution of such Securities in violation of the
1933 Act or any applicable state securities law without prejudice, however, to such Investor’s
right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and
state securities laws. Such Investor is acquiring the Securities hereunder in the ordinary course of its business. Nothing
contained herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of time. Such
Investor is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require
it to be so registered.

 

5.5       Investment
Experience. Such Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Securities
and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of
the investment contemplated hereby.

 

    -17-

    

    

 

5.6       Disclosure
of Information. Such Investor has had an opportunity to receive all information related to the Company requested by it and
to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the
offering of the Securities. Such Investor acknowledges receipt of copies of the SEC Filings. Neither such inquiries nor any other
due diligence investigation conducted by such Investor shall modify, limit or otherwise affect such Investor’s right to rely
on the Company’s representations and warranties contained in this Agreement.

 

5.7       Restricted
Securities. Such Investor understands that the Securities are characterized as “restricted securities” under the
U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only
in certain limited circumstances.

 

5.8       Legends.
It is understood that, except as provided below, certificates evidencing the Securities may bear the following or any similar legend:

 

(a)       “THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY
NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED,
(II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL TO THE TRANSFEROR,
THE SUBSTANCE OF WHICH OPINION SHALL BE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933.”

 

(b)       If
required by the authorities of any state in connection with the issuance of sale of the Securities, the legend required by such
state authority.

 

5.9       Accredited
Investor. Such Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act.
Such Purchaser was not organized for the purpose of acquiring the Securities and is not required to be registered as a broker-dealer
under Section 15 of the 1934 Act.

 

5.10       No
General Solicitation. Such Investor did not learn of the investment in the Securities as a result of any general solicitation
or general advertising.

 

5.11       Brokers
and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right,
interest or claim against or upon the Company, any Subsidiary or an Investor for any commission, fee or other compensation pursuant
to any agreement, arrangement or understanding entered into by or on behalf of such Investor.

 

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5.12       Prohibited
Transactions. Since the earlier of (a) such time as such Investor was first contacted by the Company or any other Person acting
on behalf of the Company regarding the transactions contemplated hereby or (b) thirty (30) days prior to the date hereof, neither
such Investor nor any Affiliate of such Investor which (x) had knowledge of the transactions contemplated hereby, (y) has or shares
discretion relating to such Investor’s investments or trading or information concerning such Investor’s investments,
including in respect of the Securities, or (z) is subject to such Investor’s review or input concerning such Affiliate’s
investments or trading (collectively, “Trading Affiliates”) has, directly or indirectly, effected or agreed to effect
any short sale, whether or not against the box, established any “put equivalent position” (as defined in Rule 16a-1(h)
under the 1934 Act) with respect to the Common Stock, granted any other right (including, without limitation, any put or call option)
with respect to the Common Stock or with respect to any security that includes, relates to or derived any significant part of its
value from the Common Stock or otherwise sought to hedge its position in the Securities (each, a “Prohibited Transaction”).
Prior to the earliest to occur of (i) the termination of this Agreement, (ii) the Effective Date or (iii) the Effectiveness Deadline,
such Investor shall not, and shall cause its Trading Affiliates not to, engage, directly or indirectly, in a Prohibited Transaction
(other than any short sale, whether or not against the box). Such Investor shall not, and shall cause its Trading Affiliates not
to, engage, directly or indirectly, in any short sale, whether or not against the box, prior to the earliest to occur of (i) the
termination of this Agreement or (ii) the Closing Date. Such Investor acknowledges that the representations, warranties and covenants
contained in this Section 5.12 are being made for the benefit of the Investors as well as the Company and that each of the other
Investors shall have an independent right to assert any claims against such Investor arising out of any breach or violation of
the provisions of this Section 5.12.

 

The Company acknowledges
and agrees that each Investor has not made any representations or warranties with respect to the transactions contemplated by the
Transaction Documents other than those specifically set forth in this Section 5.

 

6.       Conditions to
Closing.

 

6.1       Conditions
to the Investors’ Obligations. The obligation of each Investor to purchase the Shares at the Closing is subject to the
fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which may
be waived by such Investor (as to itself only):

 

(a)       The
representations and warranties made by the Company in Section 4 hereof qualified as to materiality shall be true and correct at
all times prior to and on the Closing Date as so qualified, except to the extent any such representation or warranty expressly
speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date as
so qualified, and, the representations and warranties made by the Company in Section 4 hereof not qualified as to materiality shall
be true and correct in all material respects at all times prior to and on the Closing Date, except to the extent any such representation
or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in
all material respects as of such earlier date. The Company shall have performed in all material respects all obligations and covenants
herein required to be performed by it on or prior to the Closing Date.

 

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(b)       The
Company shall have obtained any and all consents, permits, approvals, registrations and waivers (other
than the approval of the Proposal by its stockholders in accordance with applicable law
and the applicable requirements of Nasdaq) necessary or appropriate for consummation of the purchase and sale of the Securities
and the consummation of the other transactions contemplated by the Transaction Documents, all of which shall be in full force and
effect.

 

(c)       The
Company shall have executed and delivered the Registration Rights Agreement.

 

(d)       The
Company shall have filed with Nasdaq a Notification Form: Listing of Additional Shares for the listing of the Conversion Shares
and the Warrant Shares on the Nasdaq Capital Market, a copy of which shall have been provided to the Investors.

 

(e)       The
Company shall have received gross proceeds from the sale of the Shares as contemplated hereby of at least eight million Dollars
($8,000,000).

 

(f)       The
Certificate of Designation shall have been filed with the Secretary of State of Delaware and shall be effective; a filed copy of
the Certificate of Designation shall have been provided to the Investors.

 

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

 

(h)       The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial
Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in subsections (a), (b), (g),
(k) and (l) of this Section 6.1.

 

(i)       The
Company shall have delivered a Certificate, executed on behalf of the Company by its Secretary, dated as of the Closing Date, certifying
the resolutions adopted by the Board of Directors of the Company or any duly authorized committee thereof approving the transactions
contemplated by this Agreement and the other Transaction Documents and the issuance of the Securities, certifying the current versions
of the Certificate of Incorporation and Bylaws and certifying as to the signatures and authority of persons signing the Transaction
Documents and related documents on behalf of the Company.

 

(j)       The
Investors shall have received an opinion with respect to corporate matters from Olshan Frome Wolosky LLP, special counsel to the
Company, dated as of the Closing Date, in form and substance reasonably acceptable to the Investors and addressing such legal matters
as the Investors may reasonably request.

 

(k)       No
stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body with
respect to public trading in the Common Stock.

 

(l)       The
Company shall have obtained Stockholder Approval.

 

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6.2       Conditions
to Obligations of the Company. The Company’s obligation to sell and issue the Shares and the Warrants at the Closing
is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any
of which may be waived by the Company:

 

(a)       The
representations and warranties made by the Investors in Section 5 hereof, other than the representations and warranties contained
in Sections 5.4, 5.5, 5.6, 5.7, 5.8, 5.9 and 5.10 (the “Investment Representations”), shall be true and correct in
all material respects when made, and shall be true and correct in all material respects on the Closing Date with the same force
and effect as if they had been made on and as of said date. The Investment Representations shall be true and correct in all respects
when made, and shall be true and correct in all respects on the Closing Date with the same force and effect as if they had been
made on and as of said date. The Investors shall have performed in all material respects all obligations and covenants herein required
to be performed by them on or prior to the Closing Date.

 

(b)       The
Investors shall have executed and delivered the Registration Rights Agreement.

 

(c)       The
Investors shall have delivered the Purchase Price to the Company.

 

(d)       The
Company shall have obtained Stockholder Approval.

 

6.3       Termination
of Obligations to Effect Closing; Effects.

 

(a)       The
obligations of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing shall terminate as follows:

 

(i)       Upon
the mutual written consent of the Company and the Investors;

 

(ii)       By
the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have been
waived by the Company;

 

(iii)       By
an Investor (with respect to itself only) if any of the conditions set forth in Section 6.1 shall have become incapable of fulfillment,
and shall not have been waived by the Investor; or

 

(iv)       By
either the Company or any Investor (with respect to itself only) if the Closing has not occurred on or prior to July 31, 2020;

 

    -21-

    

    

 

provided, however, that, except in the
case of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any
of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such
breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing.

 

(b)       In
the event of termination by the Company or any Investor of its obligations to effect the Closing pursuant to this Section 6.3,
written notice thereof shall forthwith be given to the other Investors by the Company and the other Investors shall have the right
to terminate their obligations to effect the Closing upon written notice to the Company and the other Investors. Nothing in this
Section 6.3 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of
this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other
party of its obligations under this Agreement or the other Transaction Documents.

 

7.       Covenants
and Agreements.

 

7.1       Reservation
of Common Stock. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common
Stock, solely for the purpose of providing for the conversion of the Shares and the exercise of the Warrants, such number of shares
of Common Stock as shall from time to time equal the Conversion Shares and the Warrant Shares issuable from time to time.

 

7.2       Reports.
The Company will furnish to the Investors and/or their assignees such information relating to the Company and its Subsidiaries
as from time to time may reasonably be requested by the Investors and/or their assignees; provided, however, that the Company shall
not disclose material nonpublic information to the Investors, or to advisors to or representatives of the Investors, unless prior
to disclosure of such information the Company identifies such information as being material nonpublic information and provides
the Investors, such advisors and representatives with the opportunity to accept or refuse to accept such material nonpublic information
for review and any Investor wishing to obtain such information enters into an appropriate confidentiality agreement with the Company
with respect thereto.

 

7.3       No
Conflicting Agreements. The Company will not take any action, enter into any agreement or make any commitment that would conflict
or interfere in any material respect with the Company’s obligations to the Investors under the Transaction Documents.

 

7.4       Insurance.
The Company shall not materially reduce the insurance coverages described in Section 4.19.

 

7.5       Compliance
with Laws. The Company will comply in all material respects with all applicable laws, rules, regulations, orders and decrees
of all governmental authorities.

 

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7.6       Listing
of Underlying Shares and Related Matters. Promptly following the date hereof, the Company shall take all necessary action to
cause the Conversion Shares and the Warrant Shares to be listed on the Nasdaq Capital Market no later than the Closing Date. Further,
if the Company applies to have its Common Stock or other securities traded on any other principal stock exchange or market, it
shall include in such application the Conversion Shares and the Warrant Shares and will take such other action as is necessary
to cause such Common Stock to be so listed. The Company will use commercially reasonable efforts to continue the listing and trading
of its Common Stock on the Nasdaq Capital Market and, in accordance, therewith, will use commercially reasonable efforts to comply
in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such market or exchange,
as applicable.

 

7.7       Termination
of Covenants. The provisions of Sections 7.2 through 7.5 shall terminate and be of no further force and effect on the date
on which the Company’s obligations under the Registration Rights Agreement to register or maintain the effectiveness of any
registration covering the Registrable Securities (as such term is defined in the Registration Rights Agreement) shall terminate.

 

7.8       Removal
of Legends. Upon the earlier of (i) the sale or disposition of any Securities by an Investor pursuant to Rule 144 or pursuant
to any other exemption under the 1933 Act such that the purchaser acquires freely tradable securities or (ii) any Securities of
the Investor becoming eligible to be sold without restriction pursuant to Rule 144, upon the written request of such Investor,
the Company shall or, in the case of Common Stock, shall cause the transfer agent for the Common Stock (the “Transfer Agent”)
to issue replacement certificates representing such Securities. From and after the earlier of such dates, upon an Investor’s
written request, the Company shall promptly cause certificates evidencing the Investor’s Securities to be replaced with certificates
which do not bear such restrictive legends, and Conversion Shares subsequently issued upon due conversion of the Shares and Warrant
Shares subsequently issued upon due exercise of the Warrants shall not bear such restrictive legends provided the provisions of
either clause (i) or clause (ii) above, as applicable, are satisfied with respect thereto. In addition, upon the earlier of (i)
registration of the Conversion Shares and the Warrant Shares for resale pursuant to the Registration Rights Agreement or (ii) the
Conversion Shares and/or the Warrant Shares becoming eligible to be sold without restriction pursuant to Rule 144, the Company
shall (A) deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall reissue a certificate representing
shares of Common Stock without legends upon receipt by such Transfer Agent of the legended certificates for such shares, together
with either (1) a customary representation by the Investor that Rule 144 applies to the shares of Common Stock represented thereby
or (2) a statement by the Investor that such Investor has sold the shares of Common Stock represented thereby in accordance with
the Plan of Distribution contained in the Registration Statement, and (B) cause its counsel to deliver to the Transfer Agent one
or more blanket opinions to the effect that the removal of such legends in such circumstances may be effected under the 1933 Act.
When the Company is required to cause an unlegended certificate to replace a previously issued legended certificate, if: (1) the
unlegended certificate is not delivered to an Investor within three (3) Business Days of submission by that Investor of a legended
certificate and supporting documentation to the Transfer Agent as provided above and (2) prior to the time such unlegended certificate
is received by the Investor after such three (3) Business Day period, the Investor, or any third party on behalf of such Investor
or for the Investor’s account, purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Investor of shares represented by such certificate (a “Buy-In”), then the Company shall
pay in cash to the Investor (for costs incurred either directly by such Investor or on behalf of a third party) the amount by which
the total purchase price paid for Common Stock as a result of the Buy-In (including brokerage commissions, if any) exceeds the
proceeds received by such Investor as a result of the sale to which such Buy-In relates. The Investor shall provide the Company
written notice together with a reasonably detailed summary indicating the amounts payable to the Investor in respect of the Buy-In.

 

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7.9       Proxy
Statement; Stockholders Meeting.

 

(a)       Promptly following the execution and delivery of this Agreement, the Company shall take
all action necessary to call a meeting of its stockholders (the “Stockholders Meeting”),
which shall occur not later than May 31, 2020 (the “Stockholders Meeting Deadline”), for the purpose of seeking approval
of the Company’s stockholders for the issuance and sale to the Investors of the
Securities (including all of the Conversion Shares issuable upon the full conversion of the Shares and all of the Warrant Shares
issuable upon the full exercise of the Warrants) (the “Proposal”). In connection therewith, the Company will promptly
prepare and file with the SEC proxy materials (including a proxy statement and form of proxy) for use at the Stockholders Meeting
and, after receiving and promptly responding to any comments of the SEC thereon, shall promptly mail such proxy materials to the
stockholders of the Company. Each Investor shall promptly furnish in writing to the Company
such information relating to such Investor and its investment in the Company as the Company may reasonably request for inclusion
in the Proxy Statement. The Company will comply with Section 14(a) of the 1934 Act and the rules promulgated thereunder in relation
to any proxy statement (as amended or supplemented, the “Proxy Statement”) and any form of proxy to be sent to the
stockholders of the Company in connection with the Stockholders Meeting, and the Proxy
Statement shall not, on the date that the Proxy Statement (or any amendment thereof or supplement thereto) is first mailed to stockholders
or at the time of the Stockholders Meeting, contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein not false or misleading, or omit to state any material fact necessary to
correct any statement in any earlier communication with respect to the solicitation of proxies or the Stockholders Meeting which
has become false or misleading. If the Company should discover at any time prior to the Stockholders Meeting, any event relating
to the Company or any of its Subsidiaries or any of their respective Affiliates, officers or directors that is required to be set
forth in a supplement or amendment to the Proxy Statement, in addition to the Company's obligations under the 1934 Act, the Company
will promptly inform the Investors thereof.

 

(b)       Subject
to their fiduciary obligations under applicable law (as determined in good faith by the Company’s Board of Directors after
consultation with the Company’s outside counsel), the Company's Board of Directors shall recommend to the Company's stockholders
that the stockholders vote in favor of the Proposal (the “Company Board Recommendation”)
and take all commercially reasonable action (including, without limitation, the hiring of a proxy solicitation firm of nationally
recognized standing) to solicit the approval of the stockholders for the Proposal unless
the Board of Directors shall have modified, amended or withdrawn the Company Board Recommendation pursuant to the provisions of
the immediately succeeding sentence. The Company covenants that the Board of Directors of the Company shall not modify, amend or
withdraw the Company Board Recommendation unless the Board of Directors (after consultation with the Company’s outside counsel)
shall determine in the good faith exercise of its business judgment that maintaining the Company Board Recommendation would violate
its fiduciary duty to the Company’s stockholders. Whether or not the Company's Board
of Directors modifies, amends or withdraws the Company Board Recommendation pursuant to the immediately preceding sentence, the
Company shall in accordance with applicable law and the provisions of its Certificate of Incorporation and Bylaws, (i) take all
action necessary to convene the Stockholders Meeting as promptly as practicable, but no later than the Stockholders Meeting Deadline,
to consider and vote upon the approval of the Proposal and (ii) submit the Proposal at the Stockholders Meeting to the stockholders
of the Company for their approval.

 

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(c)       Each
Investor agrees to vote all shares of capital stock of the Company that it beneficially owns in favor of the approval of the Proposal
at the Stockholders Meeting, and at any adjournment or postponement thereof.

 

7.10       Pre-emptive
Right for Future Financings. From the date hereof until one year after the Closing Date, each Investor shall have the right
to participate in any subsequent offering by the Company of its Common Stock or Common Stock Equivalents (other than with respect
to public “at-the-market” offerings of its Common Stock or Common Stock Equivalents not to exceed an aggregate of $10,000,000
in gross proceeds from the date hereof) (a “Subsequent Financing”) as provided herein. At least five (5) Business Days
prior to the execution of definitive documentation for a Subsequent Financing, the Company shall deliver to each Investor a written
notice (“Pre-Notice”), which Pre-Notice shall notify the Investor that the Company would like to share with the Investor
certain information which may constitute material non-public information with regard to the Company and which shall ask the Investor
if it wants to review such information. An Investor shall have the right, exercisable at any time within two (2) Business Days
after its receipt of the Pre-Notice, to notify the Company whether it wishes to review such information. Upon the written request
of an Investor, and only upon a request by such Investor, the Company shall promptly, but no later than one Business Day after
receipt of such request, deliver a subsequent notice to such Investor (a “Subsequent Financing Notice”). The Subsequent
Financing Notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended
to be raised thereunder, the Person with whom such Subsequent Financing is proposed to be effected, and attached to which shall
be a term sheet or similar document relating thereto. Each Investor shall notify the Company by 6:30 p.m. (New York City time)
on the third (3rd) Business Day after its receipt of the Subsequent Financing Notice of its willingness to participate in the Subsequent
Financing on the terms described in the Subsequent Financing Notice, subject to completion of mutually acceptable documentation,
based on such Investor’s Pro-Rata Share (as defined below) of such Subsequent Financing. The Company must provide the Investors
with a second Subsequent Financing Notice, and the Investors will again have the pre-emptive right set forth above in this Section
7.10, if the Subsequent Financing subject to the initial Subsequent Financing Notice is not consummated for any reason on the
terms set forth in such Subsequent Financing Notice within 60 Business Days after the date of the initial Subsequent Financing
Notice with the Person identified in the Subsequent Financing Notice. “Pro-Rata Share” means, with respect to an Investor,
the number of Common Stock or Common Stock Equivalents to be issued in a Subsequent Financing equal to the product of (i) the aggregate
amount of Common Stock or Common Stock Equivalents to be issued in such Subsequent Financing and (ii) the fraction determined by
dividing (x) the number of shares of Common Stock into which the shares of Series B Preferred Stock held by such Investor immediately
prior to such issuance are then convertible, in accordance with Section 4 of the Certificate of Designation (without regard to
the limitations set forth in Section 7 of the Certificate of Designation, and after giving effect to an adjustment under Section
4G of the Certificate of Designation, by (y) the total amount of Common Stock and Common Stock Equivalents (including, without
limitation, the Preferred Stock) on an as-converted-to-Common Stock basis (with respect to any Preferred Stock, without regard
to the limitations set forth in Section 7 of the Certificate of Designation, and after giving effect to an adjustment under Section
4G of the Certificate of Designation with respect to such Preferred Stock, as applicable), held by all stockholders of the Company
on such date immediately prior to such issuance. All of the transaction documentation related to a Subsequent Financing to which
the pre-emptive right in this Section 7.10 applies shall provide for beneficial ownership limitations that are substantially similar
to the limitations set forth in Section 7 of the Certificate of Designation (including, for the avoidance of doubt, the issuance
of pre-funded warrants or similar securities in lieu of shares of Common Stock). Notwithstanding the foregoing, this Section 7.10
shall not apply in respect of the issuance of (a) shares of Common Stock or options to employees, consultants, officers or directors
of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors
of the Company or a majority of the members of a committee of non-employee directors established for such purpose and (b) securities
upon the exercise of or conversion of any convertible securities, options or warrants issued and outstanding on the date of this
Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of shares
of Common Stock issuable thereunder or to lower the exercise or conversion price thereof.

 

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7.11       Subsequent
Equity Sales.

 

(a)       From
the date hereof until ninety (90) days after the Closing Date, without the consent of the Required Investors, neither the Company
nor any Subsidiary shall issue shares of Common Stock or Common Stock Equivalents. Notwithstanding the foregoing, the provisions
of this Section 7.11(a) shall not apply to (i) the issuance of the Securities, (ii) the issuance of Common Stock or Common Stock
Equivalents upon the conversion or exercise of any securities of the Company or a Subsidiary outstanding on the date hereof, provided
that the terms of such security are not amended after the date hereof to decrease the exercise price or increase the Common Stock
or Common Stock Equivalents receivable upon the exercise, conversion or exchange thereof or (iii) the issuance of any Common Stock
or Common Stock Equivalents pursuant to any Company equity incentive plan approved by the Company’s stockholders and in place
as of the date hereof.

 

(b)       From
the date hereof until the earlier of (i) two (2) years from the Closing Date or (ii) such time as no Investor holds any of the
Securities, the Company shall be prohibited from effecting or entering into an agreement to effect any “Variable Rate Transaction”.
The term “Variable Rate Transaction” shall mean a transaction in which the Company issues or sells (x) any debt or
equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional shares
of Common Stock either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the
trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities,
or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance
of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the
business of the Company or the market for the Common Stock or (y) enters into any agreement, including, but not limited to, an
equity line of credit, whereby the Company may sell securities at a future determined price. For the avoidance of doubt, the issuance
of a security which is subject to customary anti-dilution protections, including where the conversion, exercise or exchange price
is subject to adjustment as a result of stock splits, reverse stock splits and other similar recapitalization or reclassification
events, shall not be deemed to be a “Variable Rate Transaction.” Notwithstanding anything to the contrary contained
herein, an at-the-market offering shall not be deemed to be a “Variable Rate Transaction.”

 

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(c)       The
Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company shall, sell, offer
for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that
will be integrated with the offer or sale of the Securities in a manner that would require the registration under the 1933 Act
of the sale of the Securities to the Investors, or that will be integrated with the offer or sale of the Securities for purposes
of the rules and regulations of any trading market such that it would require stockholder approval prior to the closing of such
other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

 

(d)       The
Company shall not, from the date hereof until ninety (90) days after the Closing Date, prepare and file with the SEC a registration
statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities,
other than (i) a Registration Statement pursuant to the Registration Rights Agreement or (ii) any registration statement or post-effective
amendment to a registration statement (or supplement thereto) relating to the Company’s employee benefit plans registered
on Form S-8 or, in connection with an acquisition, on Form S-4.

 

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

 

8.       Survival
and Indemnification.

 

8.1       Survival.
The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing of the transactions
contemplated by this Agreement until the expiration of the applicable statute of limitations.

 

8.2      Indemnification.
The Company agrees to indemnify and hold harmless each Investor and its Affiliates and their respective directors, officers, trustees,
members, managers, employees and agents, and their respective successors and assigns, from and against any and all losses, claims,
damages, liabilities and expenses (including without limitation reasonable attorney fees and disbursements (subject to Section
8.3 below) and other expenses incurred in connection with investigating, preparing or defending any action, claim or proceeding,
pending or threatened and the costs of enforcement thereof) (collectively, “Losses”) to which such Person may become
subject as a result of any breach of any representation, warranty, covenant or agreement made by or to be performed on the part
of the Company under the Transaction Documents, and will reimburse any such Person for all such amounts as they are incurred by
such Person.

 

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8.3      Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice
to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person
entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such
claim, but the fees and expenses of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed
to pay such fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel
reasonably satisfactory to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel,
a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which case, if the
person notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying
party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such person); and provided,
further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying
party of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the
indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection
with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any
time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, consent to
entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. The Company will
not be liable to any indemnified party under this Agreement (i) for any settlement by such indemnified party effected without the
Company’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed, or (ii) for any Losses
incurred by such indemnified party which a court of competent jurisdiction determines in a final judgment which is not subject
to further appeal are solely attributable to (A) a breach of any of the representations, warranties, covenants or agreements made
by such indemnified party under this Agreement or in any other Transaction Document or (B) the fraud, gross negligence or willful
misconduct of such indemnified party.

 

9.       Miscellaneous.

 

9.1       Successors
and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company or the Investors,
as applicable, provided, however, that an Investor may assign its rights and delegate its duties hereunder in whole or in part
to an Affiliate or to a third party acquiring some or all of its Securities in a transaction complying with applicable securities
laws without the prior written consent of the Company or the other Investors, provided that such Investor provides written notice
of assignment to the Company promptly after such assignment is effected. The provisions of this Agreement shall inure to the benefit
of and be binding upon the respective permitted successors and assigns of the parties. Without limiting the generality of the foregoing,
in the event that the Company is a party to a merger, consolidation, share exchange or similar business combination transaction
in which the Common Stock is converted into the equity securities of another Person, from and after the effective time of such
transaction, such Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder,
the term “Company” shall be deemed to refer to such Person and the term “Common Stock” shall be deemed
to refer to the securities received by the Investors in connection with such transaction. Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

    -28-

    

    

 

9.2       Counterparts;
Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may be delivered by facsimile or other form of electronic
transmission, which shall be deemed an original.

 

9.3       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

9.4       Notices.
Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed
effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such
delivery, (ii) if given by telex or telecopier, then such notice shall be deemed given upon receipt of confirmation of complete
transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the
recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally
recognized overnight air courier, then such notice shall be deemed given one Business Day after delivery to such carrier. All notices
shall be addressed to the party to be notified at the address as follows, or at such other address as such party may designate
by ten days’ advance written notice to the other party:

 

If to the Company:

 

PLx Pharma Inc.

9 Fishers Lane, Unit E

Sparta, NJ 07871

Attention: Rita O’Connor,
Chief Financial Officer

Telephone: (973) 409-6543

Facsimile: (713) 842-3052

 

With a copy to:

 

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, NY 10019

Attention: Robert H. Friedman

Telephone: (212) 451-2300

Facsimile: (212) 451-2222

 

If to the Investors:

 

to the addresses set forth on the signature
pages hereto.

 

    -29-

    

    

 

9.5       Expenses.
The parties hereto shall pay their own costs and expenses in connection herewith, except that the Company shall pay the reasonable
fees and expenses of Lowenstein Sandler LLP not to exceed $50,000, regardless of whether the transactions contemplated hereby are
consummated; it being understood that Lowenstein Sandler LLP has only rendered legal advice to Park West and not to the Company
or any other Investor in connection with the transactions contemplated hereby, and that each of the Company and each Investor has
relied for such matters on the advice of its own respective counsel. Such expenses shall be paid upon demand upon presentation
of invoice(s) for such expenses. The Company shall reimburse the Investors upon demand for all reasonable out-of-pocket expenses
incurred by the Investors, including without limitation reimbursement of reasonable attorneys’ fees and disbursements, in
connection with any amendment, modification or waiver of this Agreement or the other Transaction Documents. Such expenses shall
be paid upon demand upon presentation of invoice(s) for such expenses. In the event that legal proceedings are commenced by any
party to this Agreement against another party to this Agreement in connection with this Agreement or the other Transaction Documents,
the party or parties which do not prevail in such proceedings shall severally, but not jointly, pay their pro rata share of the
reasonable attorneys’ fees and other reasonable out-of-pocket costs and expenses incurred by the prevailing party in such
proceedings.

 

9.6       Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Investors. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any
Securities purchased under this Agreement at the time outstanding, each future holder of all such Securities, and the Company.

 

9.7       Publicity.
Except as set forth below, no public release or announcement concerning the transactions contemplated hereby shall be issued by
the Company or the Investors without the prior consent of the Company (in the case of a release or announcement by the Investors)
or the Investors (in the case of a release or announcement by the Company) (which consents shall not be unreasonably withheld),
except as such release or announcement may be required by law or the applicable rules or regulations of any securities exchange
or securities market, in which case the Company or the Investors, as the case may be, shall allow the Investors or the Company,
as applicable, to the extent reasonably practicable in the circumstances, reasonable time to comment on such release or announcement
in advance of such issuance. By 8:30 a.m. (New York City time) on the trading day immediately following the execution and delivery
of this Agreement, or as soon as reasonably practicable thereafter in compliance with the 1934 Act, the Company shall (i) issue
a press release disclosing the execution of this Agreement and describing the transactions contemplated hereby and by the other
Transaction Documents and (ii) file a Current Report on Form 8-K attaching the press release described in the foregoing sentence
as well as copies of the Transaction Documents. In addition, the Company will make such other filings and notices in the manner
and time required by the SEC or Nasdaq.

 

    -30-

    

    

 

9.8       Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect.

 

9.9       Entire
Agreement. This Agreement, including any Exhibits and the Disclosure Schedules, and the other Transaction Documents constitute
the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof.

 

9.10       Further
Assurances. The parties shall execute and deliver, or cause to be executed and delivered, all such further instruments and
documents and take, or cause to be taken, all such other actions as may reasonably be required to carry out the transactions contemplated
hereby and to evidence the fulfillment of the agreements herein contained.

 

9.11       Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the internal laws of the State of New York applicable to agreements made and to be performed entirely within the State of New York
(except to the extent the provisions of the Delaware General Corporations Law would be mandatorily applicable to the issuance of
the Shares, the Conversion Shares, the Warrants or the Warrant Shares). Each of the parties hereto irrevocably submits to the exclusive
jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern
District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and
the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on
each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each
of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to
the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit,
action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in
any such court has been brought in an inconvenient forum. TO THE EXTENT ALLOWABLE UNDER APPLICABLE LAW, EACH OF THE PARTIES
HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL
HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

    -31-

    

    

 

9.12       Independent
Nature of Investors' Obligations and Rights. The obligations of each Investor under any Transaction Document are several and
not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the
obligations of any other Investor under any Transaction Document. The decision of each Investor to purchase Securities pursuant
to the Transaction Documents has been made by such Investor independently of any other Investor. Nothing contained herein or in
any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any
way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.
Each Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment
hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Securities
or enforcing its rights under the Transaction Documents. Each Investor shall be entitled to independently protect and enforce its
rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and
it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose. The Company
acknowledges that each of the Investors has been provided with the same Transaction Documents for the purpose of closing a transaction
with multiple Investors and not because it was required or requested to do so by any Investor.

 

[signature page follows]

 

    -32-

    

    

 

IN WITNESS WHEREOF, the
parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above
written.

 

	The Company:	PLX PHARMA INC.	 
	 	 	 	 
	 	By:	/s/ Natasha Giordano	 
	 	Name:  	Natasha Giordano	 
	 	Title:	President and Chief Executive Officer	 

 

    [Signature Page to Purchase Agreement]

    

    

 

The Investors:

 

	 	PARK WEST INVESTORS MASTER FUND, LIMITED	 
	 	 	 	 
	 	By:	Park West Asset Management
LLC, its Investment Manager	 
	 	 	 	 
	 	By:	/s/ Grace Jimenez	 
	 	Name:  	Grace Jimenez	 
	 	Title:	Chief Financial
Officer	 

 

Aggregate Purchase Price: $5,450,000

Number of Shares: 5,450

Number of Commitment Warrants: 181,850

 

Address for Notice:

 

c/o Park West Asset Management
LLC

900 Larkspur Landing Circle, Suite
165

Larkspur, CA 94939

Telephone Number: (415) 524-2900

Attention: Grace Jimenez

Email: operations@parkwestllc.com

 

with a copy to:

 

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, NY 10020

Attention: James O’Grady

Telephone Number: (646)
414-6849

Fax: (973) 422-6821

 

    [Signature Page to Purchase Agreement]

    

    

 

The Investors:

 

	 	PARK WEST PARTNERS INTERNATIONAL, LIMITED	 
	 	 	 	 
	 	By:	Park West Asset Management
LLC, its Investment Manager	 
	 	 	 	 
	 	By:	/s/ Grace Jimenez	 
	 	Name:  	Grace Jimenez	 
	 	Title:	Chief Financial
Officer	 

 

Aggregate Purchase Price: $550,000

Number of Shares: 550

Number of Commitment Warrants: 18,400

 

Address for Notice:

 

c/o Park West Asset Management
LLC

900 Larkspur Landing Circle, Suite
165

Larkspur, CA 94939

Telephone Number: (415) 524-2900

Attention: Grace Jimenez

Email: operations@parkwestllc.com

 

with a copy to:

 

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, NY 10020

Attention: James O’Grady

Telephone Number: (646)
414-6849

Fax: (973) 422-6821

 

    [Signature Page to Purchase Agreement]

    

    

 

	 	MSD CREDIT OPPORTUNITY MASTER FUND, L.P.	 
	 	 	 	 
	 	By:	/s/ Marcello Liguori	 
	 	Name:  	Marcello Liguori	 
	 	Title:	Managing Director	 

 

Aggregate Purchase Price: $2,000,000.00

Number of Shares: 2,000

Number of Commitment Warrants: 66,750

 

Address for Notice:

 

MSD Credit Opportunity Master
Fund, L.P.

645 Fifth Avenue, 21st
Floor

New York, NY 10022

Attention: Marcello Liguori

Telephone Number: 212-303-7822

Email: mliguori@msdpartners.com

 

    [Signature Page to Purchase Agreement]

    

    

 

Exhibit A

 

Form of Certificate of Designations

 

    

    

    

 

Exhibit B

 

Form of Warrant

 

    

    

    

 

Exhibit C

 

Form of Registration Rights Agreement

 

    

    

    

 

Exhibit D

 

Disclosure Schedule

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