Document:

Advaxis,
Inc.

 

PLACEMENT
AGENCY AGREEMENT 

 

August
16, 2016

 

Jefferies
LLC

Barclays Capital Inc.

As
Representatives of the several Placement Agents

 

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022 

And

 

c/o
Barclays Capital Inc.

745
Seventh Avenue

New York, New York 10019

 

Ladies
and Gentlemen:

 

Introductory.
Advaxis, Inc., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions herein,
to issue and sell to certain investors (each, an “Investor”, and collectively, the “Investors”)
up to an aggregate of 2,244,443 shares (the “Shares”) of its Common Stock, par value $0.001 per share (the
“Common Stock”).

 

Jefferies
LLC (“Jefferies”) and Barclays Capital Inc. (“Barclays”) have agreed to act as representatives
(in such capacity, the “Representatives”) of the several placement agents named in Schedule A (the “Placement
Agents”) in connection with such issuance and sale of the Shares.

 

The
Company has prepared and filed with the Securities and Exchange Commission (the “Commission”) a shelf registration
statement on Form S-3, File No. 333-203497, including a base prospectus (the “Base Prospectus”) to be used
in connection with the public offering and sale of the Shares. Such registration statement, as amended, including the financial
statements, exhibits and schedules thereto, in the form in which it became effective under the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder (collectively, the “Securities Act”), including all documents
incorporated or deemed to be incorporated by reference therein and any information deemed to be a part thereof at the time of
effectiveness pursuant to Rule 430A or 430B under the Securities Act, is called the “Registration Statement.”
Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act in connection with the offer
and sale of the Shares is called the “Rule 462(b) Registration Statement,” and from and after the date and
time of filing of any such Rule 462(b) Registration Statement the term “Registration Statement” shall include the
Rule 462(b) Registration Statement. As used herein, the term “Prospectus” shall mean the prospectus supplement
to the Base Prospectus that describes the Shares and the offering thereof (the “Prospectus Supplement”), together
with the Base Prospectus. References herein to the Prospectus shall refer to both the Prospectus Supplement and the Base Prospectus
components of such prospectus. As used herein, “Applicable Time” is 9:00 a.m. (New York City time) on August
16, 2016. As used herein, “free writing prospectus” has the meaning set forth in Rule 405 under the
Securities Act, and “Time of Sale Prospectus” means the Base Prospectus, as amended or supplemented immediately
prior to the Applicable Time, together with the free writing prospectuses, if any, identified in Schedule B-1 hereto and
the pricing information set forth on Schedule B-2 hereto. As used herein, “Road Show” means a “road
show” (as defined in Rule 433 under the Securities Act) relating to the offering of the Shares contemplated hereby that
is a “written communication” (as defined in Rule 405 under the Securities Act).

 

    	 	 	 

     

    

 

All
references in this Agreement to the Registration Statement, the Base Prospectus and the Prospectus shall include the documents
incorporated or deemed to be incorporated by reference therein. All references in this Agreement to financial statements and schedules
and other information which are “contained,” “included” or “stated” in, or “part of”
the Registration Statement, the Rule 462(b) Registration Statement, the Base Prospectus, the Time of Sale Prospectus or the Prospectus,
and all other references of like import, shall be deemed to mean and include all such financial statements and schedules and other
information which is or is deemed to be incorporated by reference in the Registration Statement, the Rule 462(b) Registration
Statement, the Base Prospectus, the Time of Sale Prospectus or the Prospectus, as the case may be. All references in this Agreement
to amendments or supplements to the Registration Statement, the Base Prospectus, the Time of Sale Prospectus or the Prospectus
shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder (collectively, the “Exchange Act”) that is or is deemed to be
incorporated by reference in the Registration Statement, the Base Prospectus, or the Prospectus, as the case may be. All references
in this Agreement to (i) the Registration Statement, the Base Prospectus or the Prospectus, any amendments or supplements to any
of the foregoing, or any free writing prospectus, shall include any copy thereof filed with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval System (“EDGAR”) and (ii) the Prospectus shall be deemed to include
any “electronic Prospectus” provided for use in connection with the offering of the Shares as contemplated by Section
3(n) of this Agreement.

 

The
Company hereby confirms its agreements with the Placement Agents as follows:

 

Section
1.Representations and Warranties of the Company. The Company hereby represents, warrants and covenants to each Placement
Agent, as of the date of this Agreement, as of the Closing Date (as hereinafter defined), as follows:

 

(a)Compliance
with Registration Requirements. The Registration Statement has become effective under the Securities Act. The Company
has complied, to the Commission’s satisfaction, with all requests of the Commission for additional or supplemental information,
if any. No stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose
have been instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission.
At the time the Company’s Annual Report on Form 10-K for the year ended October 31, 2015 (the “Annual Report”)
was filed with the Commission, or, if later, at the time the Registration Statement was originally filed with the Commission,
the Company met the then-applicable requirements for use of Form S-3 under the Securities Act. The Company meets the requirements
for use of Form S-3 under the Securities Act specified in the Financial Industry Regulatory Authority, Inc. (“FINRA”)
Conduct Rule 5110(b)(7)(C)(i). The documents incorporated or deemed to be incorporated by reference in the Registration Statement,
the Time of Sale Prospectus and the Prospectus, at the time they were or hereafter are filed with the Commission, or became effective
under the Exchange Act, as the case may be, complied and will comply in all material respects with the requirements of the Exchange
Act.

 

    	 	 	 

     

    

 

(b)Disclosure.
The Base Prospectus and the Prospectus when filed complied in all material respects with the Securities Act and, if filed
by electronic transmission pursuant to EDGAR, was identical (except as may be permitted by Regulation S-T under the Securities
Act) to the copy thereof delivered to the Placement Agents for use in connection with the Offering (as defined below). Each of
the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective, complied and
will comply in all material respects with the Securities Act and did not and will not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
As of the Applicable Time, the Time of Sale Prospectus did not, and at the Closing Date (as defined in Section 2), will not, contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading. The Prospectus as of its date, did not, and at the Closing Date,
will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set
forth in the three immediately preceding sentences do not apply to statements in or omissions from the Registration Statement
or any post-effective amendment thereto, or the Prospectus or the Time of Sale Prospectus, or any amendments or supplements thereto,
made in reliance upon and in conformity with written information relating to any Placement Agent furnished to the Company in writing
by the Representatives expressly for use therein, it being understood and agreed that the only such information consists of the
information described in Section 9(b) below. There are no contracts or other documents required to be described in the Time of
Sale Prospectus or the Prospectus or to be filed as an exhibit to the Registration Statement which have not been described or
filed as required.

 

(c)Free
Writing Prospectuses; Road Show. As of the determination date referenced in Rule 164(h) under the Securities Act, the
Company was not, is not or will not be (as applicable) an “ineligible issuer” in connection with the offering of the
Shares pursuant to Rules 164, 405 and 433 under the Securities Act. Each free writing prospectus that the Company is required
to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the
requirements of the Securities Act. Each free writing prospectus that the Company has filed, or is required to file, pursuant
to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies
or will comply in all material respects with the requirements of Rule 433 under the Securities Act, including timely filing with
the Commission or retention where required and legending, and each such free writing prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and sale of the Shares did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, the Prospectus
and not superseded or modified. Except for the free writing prospectuses, if any, identified in Schedule B-1, and electronic
road shows, if any, furnished to you before first use, the Company has not prepared, used or referred to, and will not, without
your prior written consent, prepare, use or refer to, any free writing prospectus. Each Road Show, when considered together with
the Time of Sale Prospectus, did not, as of the Applicable Time, contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(d)Distribution
of Offering Material By the Company. Prior to the Closing Date, the Company has not distributed and will not distribute
any offering material in connection with the offering and sale of the Shares other than the Registration Statement, the Time of
Sale Prospectus, the Prospectus or any free writing prospectus reviewed and consented to by the Representatives, and the free
writing prospectuses, if any, identified on Schedule B-1 hereto.

 

(e)The
Placement Agency Agreement. This Agreement has been duly authorized, executed and delivered by the Company.

 

(f)Authorization
of the Shares. The Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued
and delivered by the Company against payment therefor as provided by the Securities Purchase Agreement (as defined below), shall
be validly issued, fully paid and nonassessable, and the issuance and sale of the Shares is not subject to any preemptive rights,
rights of first refusal or other similar rights to subscribe for or purchase the Shares.

  

    	 	 	 

     

    

 

(g)No
Applicable Registration or Other Similar Rights. There are no persons with registration or other similar rights to have
any equity or debt securities registered for sale under the Registration Statement or included in the offering contemplated by
this Agreement, except for such rights as have been duly waived.

 

(h)No
Material Adverse Change. Except as otherwise disclosed in the Registration Statement, the Time of Sale Prospectus and
the Prospectus, subsequent to the respective dates as of which information is given in the Registration Statement, the Time of
Sale Prospectus and the Prospectus: (i) there has been no material adverse change, or any development that could be expected to
result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, properties, operations,
assets, liabilities or prospects, whether or not arising from transactions in the ordinary course of business, of the Company
(any such change being referred to herein as a “Material Adverse Change”); (ii) the Company has not incurred
any material liability or obligation, indirect, direct or contingent, including without limitation any losses or interference
with its business from fire, explosion, flood, earthquakes, accident or other calamity, whether or not covered by insurance, or
from any strike, labor dispute or court or governmental action, order or decree, that are material, individually or in the aggregate,
to the Company, or has entered into any transactions not in the ordinary course of business; and (iii) there has not been any
material decrease in the capital stock or any material increase in any short-term or long-term indebtedness of the Company and
there has been no dividend or distribution of any kind declared, paid or made by the Company or, except for dividends paid to
the Company.

 

(i)Independent
Accountants. Marcum LLP (“Marcum”), who has expressed its opinion with respect to the financial statements
(which term as used in this Agreement includes the related notes thereto) filed with the Commission as a part of the Registration
Statement, the Time of Sale Prospectus and the Prospectus, is (i) an independent registered public accounting firm as required
by the Securities Act and the Exchange Act and the rules of the Public Company Accounting Oversight Board (“PCAOB”),
(ii) in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation
S-X under the Securities Act and (iii) a registered public accounting firm as defined by the PCAOB whose registration has not
been suspended or revoked and who has not requested such registration to be withdrawn.

 

(j)Financial
Statements. The financial statements filed with the Commission as a part of the Registration Statement, the Time of Sale
Prospectus and the Prospectus present fairly the consolidated financial position of the Company as of the dates indicated and
the results of their operations, changes in stockholders’ equity and cash flows for the periods specified. Such financial
statements have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout
the periods involved, except as may be expressly stated in the related notes thereto. The interactive data in eXtensible Business
Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information called
for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.
No other financial statements or supporting schedules are required to be included in the Registration Statement, the Time of Sale
Prospectus or the Prospectus. The financial data set forth in each of the Registration Statement, the Time of Sale Prospectus
and the Prospectus under the caption “Capitalization” fairly present the information set forth therein on a basis
consistent with that of the audited financial statements contained in the Registration Statement, the Time of Sale Prospectus
and the Prospectus. To the Company’s knowledge, no person who has been suspended or barred from being associated with a
registered public accounting firm, or who has failed to comply with any sanction pursuant to Rule 5300 promulgated by the PCAOB,
has participated in or otherwise aided the preparation of, or audited, the financial statements, supporting schedules or other
financial data filed with the Commission as a part of the Registration Statement, the Time of Sale Prospectus and the Prospectus.

 

    	 	 	 

     

    

 

(k)Company’s
Accounting System. The Company makes and keeps accurate books and records and 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 authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is
permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets
is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and
(v) the interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement,
the Time of Sale Prospectus and the Prospectus fairly presents the information called for in all material respects and is prepared
in accordance with the Commission’s rules and guidelines applicable thereto.

 

(l)Disclosure
Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting. The Company has established
and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act), which (i) are
designed to ensure that material information relating to the Company is made known to the Company’s principal executive
officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic
reports required under the Exchange Act are being prepared; (ii) have been evaluated by management of the Company for effectiveness
as of the end of the Company’s most recent fiscal quarter; and (iii) are effective in all material respects to perform the
functions for which they were established. Since the end of the Company’s most recent audited fiscal year, there have been
no significant deficiencies or material weakness in the Company’s internal control over financial reporting (whether or
not remediated) and no change in the Company’s internal control over financial reporting that has materially affected, or
is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is not aware
of any change in its internal control over financial reporting that has occurred during its most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

(m)Incorporation
and Good Standing of the Company. The Company has been duly incorporated and is validly existing as a corporation in good
standing under the laws of the jurisdiction of its incorporation and has the corporate power and authority to own, lease and operate
its properties and to conduct its business as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus
and to enter into and perform its obligations under this Agreement. The Company is duly qualified as a foreign corporation to
transact business and is in good standing in the State of New Jersey and each other jurisdiction in which such qualification is
required, whether by reason of the ownership or leasing of property or the conduct of business.

 

(n)Capitalization
and Other Capital Stock Matters. The authorized, issued and outstanding capital stock of the Company is as set forth in
the Registration Statement, the Time of Sale Prospectus and the Prospectus (other than for subsequent issuances, if any, pursuant
to employee benefit plans, or upon the exercise of outstanding options or warrants, in each case described in the Registration
Statement, the Time of Sale Prospectus and the Prospectus). The Shares conform in all material respects to the description thereof
contained in the Time of Sale Prospectus. All of the issued and outstanding Shares have been duly authorized and validly issued,
are fully paid and nonassessable and have been issued in compliance with all federal and state securities laws. None of the outstanding
Shares was issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase
securities of the Company. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal
or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock
of the Company other than those described in the Registration Statement, the Time of Sale Prospectus and the Prospectus. The descriptions
of the Company’s stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted
thereunder, set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus accurately and fairly presents
the information required to be shown with respect to such plans, arrangements, options and rights.

 

    	 	 	 

     

    

 

(o)Stock
Exchange Listing. The Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act and are listed on the
The NASDAQ Capital Market (the “NASDAQ”), and the Company has taken no action designed to, or likely to have
the effect of, terminating the registration of the Shares under the Exchange Act or delisting the Shares from the NASDAQ, nor
has the Company received any notification that the Commission or the NASDAQ is contemplating terminating such registration or
listing. To the Company’s knowledge, it is in compliance with all applicable listing requirements of NASDAQ.

 

(p)Non-Contravention
of Existing Instruments; No Further Authorizations or Approvals Required. The Company is not in violation of its charter
or by-laws, and is not in default (or, with the giving of notice or lapse of time, would be in default) (“Default”)
under any indenture, loan, credit agreement, note, lease, license agreement, contract, franchise or other instrument (including,
without limitation, any pledge agreement, security agreement, mortgage or other instrument or agreement evidencing, guaranteeing,
securing or relating to indebtedness) to which the Company is a party or by which it is bound, or to which any of its properties
or assets are subject (each, an “Existing Instrument”), except for such Defaults as could not be expected,
individually or in the aggregate, to have a material adverse effect on the condition (financial or other), earnings, business,
properties, operations, assets, liabilities or prospects of the Company (a “Material Adverse Effect”). The
Company’s execution, delivery and performance of this Agreement, consummation of the transactions contemplated hereby and
by the Registration Statement, the Time of Sale Prospectus and the Prospectus and the issuance and sale of the Shares (including
the use of proceeds from the sale of the Shares as described in the Registration Statement, the Time of Sale Prospectus and the
Prospectus under the caption “Use of Proceeds”) (i) have been duly authorized by all necessary corporate action and
will not result in any violation of the provisions of the charter or by-laws of the Company (ii) will not conflict with or constitute
a breach of, or Default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or imposition
of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of any other
party to, any Existing Instrument and (iii) will not result in any violation of any law, administrative regulation or administrative
or court decree applicable to the Company. No consent, approval, authorization or other order of, or registration or filing with,
any court or other governmental or regulatory authority or agency, is required for the Company’s execution, delivery and
performance of this Agreement and consummation of the transactions contemplated hereby and by the Registration Statement, the
Time of Sale Prospectus and the Prospectus, except such as have been obtained or made by the Company and are in full force and
effect under the Securities Act and such as may be required under applicable state securities or blue sky laws or FINRA. As used
herein, a “Debt Repayment Triggering Event” means any event or condition which gives, or with the giving of
notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting
on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness
by the Company.

 

(q)Compliance
with Laws. The Company has been and is in compliance with all applicable laws, rules and regulations, except where failure
to be so in compliance could not be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

(r)No
Material Actions or Proceedings. There is no action, suit, proceeding, inquiry or investigation brought by or before any
governmental entity now pending or, to the knowledge of the Company, threatened, against or affecting the Company, which could
be expected, individually or in the aggregate, to have a Material Adverse Effect or materially and adversely affect the consummation
of the transactions contemplated by this Agreement or the performance by the Company of its obligations hereunder. No material
labor dispute with the employees of the Company, or with the employees of any principal supplier, manufacturer, customer or contractor
of the Company, exists or, to the knowledge of the Company, is threatened or imminent.

 

    	 	 	 

     

    

 

(s)Intellectual
Property Rights. The Company owns, or has obtained valid and enforceable licenses for, the inventions, patent applications,
patents, trademarks, trade names, service names, copyrights, trade secrets and other intellectual property described in the Registration
Statement, the Time of Sale Prospectus and the Prospectus as being owned or licensed by them and which cover the products and
product candidates as identified in the Registration Statement, the Time of Sale Prospectus and the Prospectus (“Products”)
which are necessary for the conduct of any material portion of their respective businesses as currently conducted or as currently
proposed to be conducted, (collectively, “Intellectual Property”), except for such failure to own or license
which individually or in the aggregate would not reasonable be expected to result in a Material Adverse Effect. To the Company’s
knowledge: (i) there are no third parties who have rights to any Intellectual Property, except for customary reversionary rights
of third-party licensors with respect to Intellectual Property that is disclosed in the Registration Statement, the Time of Sale
Prospectus and the Prospectus as licensed to the Company; and (ii) there is no infringement by third parties of any Intellectual
Property in any material respect that would adversely affect the Company’s business; except as disclosed in the Registration
Statement, the Time of Sale Prospectus and the Prospectus. There is no pending or, to the Company’s knowledge, threatened
action, suit, proceeding or claim by others which would have a material adverse effect on the Company’s business: (A) challenging
the Company’s rights in or to any Intellectual Property, and the Company is unaware of any material facts which would form
a reasonable basis for any such action, suit, proceeding or claim; (B) challenging the validity, enforceability or scope of any
Intellectual Property, and the Company is unaware of any material facts which would form a reasonable basis for any such action,
suit, proceeding or claim; or (C) asserting that the Company infringes or otherwise violates, or would, upon the commercialization
of any Products described in the Registration Statement, the Time of Sale Prospectus or the Prospectus as under development, infringe
or violate, any patent, trademark, trade name, service name, copyright, trade secret or other proprietary rights of others, and
the Company is unaware of any material facts which would form a reasonable basis for any such action, suit, proceeding or claim.
The Company has complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company,
and all such agreements are in full force and effect. The Products described in the Registration Statement, the Time of Sale Prospectus
and the Prospectus as under development by the Company fall within the scope of the claims of one or more patents or patent applications
owned by, or exclusively licensed to the Company.

 

(t)All
Necessary Permits, etc. The Company possesses such valid and current certificates, authorizations, licenses or permits
required by state, federal or foreign regulatory agencies or bodies to conduct its businesses as currently conducted and as described
in the Registration Statement, the Time of Sale Prospectus or the Prospectus (collectively, “Permits”). The
Company has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments as required and all such reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments were materially complete and correct on the date filed (or were corrected or
supplemented by a subsequent submission) as required for maintenance of their Permits that are necessary for the conduct of their
respective businesses. The Company is not in violation of, or in default under, any of the Permits or has received any notice
of proceedings relating to the revocation or modification of, or non-compliance with, any such Permit. To the Company’s
knowledge, no state, federal or foreign regulatory agency or body granting any such Permit has taken any action to limit, suspend
or revoke the same in any material respect.

 

    	 	 	 

     

    

 

(u)Title
to Properties. The Company has good and marketable title to all of the real and personal property and other assets reflected
as owned in the financial statements referred to in Section 1(j) above (or elsewhere in the Registration Statement, the Time of
Sale Prospectus or the Prospectus), in each case free and clear of any security interests, mortgages, liens, encumbrances, equities,
adverse claims and other defects. The real property, improvements, equipment and personal property held under lease by the Company
are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the
use made or proposed to be made of such real property, improvements, equipment or personal property by the Company.

 

(v)Tax
Law Compliance. The Company has filed all necessary federal, state and foreign income and franchise tax returns or has
properly requested extensions thereof and have paid all taxes required to be paid by it and, if due and payable, any related or
similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate
proceedings. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in
Section 1(j) above in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax
liability of the Company has not been finally determined.

 

(w)Insurance.
The Company is insured by recognized, financially sound and reputable institutions with policies in such amounts and with
such deductibles and covering such risks as are generally deemed adequate and customary for their businesses including, but not
limited to, policies covering real and personal property owned or leased by the Company against theft, damage, destruction, acts
of vandalism and earthquakes and policies covering the Company for product liability claims and clinical trial liability claims.
The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies
expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business
as now conducted and at a cost that could not be expected to have a Material Adverse Effect. The Company has not been denied any
insurance coverage which it has sought or for which it has applied.

 

(x)Compliance
with Environmental Laws. Except as could not be expected, individually or in the aggregate, to have a Material Adverse
Effect: (i) the Company is not in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and
regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous
substances, petroleum or petroleum products (collectively, “Hazardous Materials”) or to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental
Laws”); (ii) the Company has all permits, authorizations and approvals required under any applicable Environmental Laws
and are each in compliance with their requirements; (iii) there are no pending or threatened administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating
to any Environmental Law against the Company; and (iv) there are no events or circumstances that might reasonably be expected
to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental
body or agency, against or affecting the Company relating to Hazardous Materials or any Environmental Laws.

 

(y)Periodic
Review of Costs of Environmental Compliance. In the ordinary course of its business, the Company conducts a periodic review
of the effect of Environmental Laws on the business, operations and properties of the Company, in the course of which it identifies
and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required
for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints
on operating activities and any potential liabilities to third parties). No facts or circumstances have come to the Company’s
attention that could result in costs or liabilities that could be expected, individually or in the aggregate, to have a Material
Adverse Effect.

 

    	 	 	 

     

    

 

(z)ERISA
Compliance. The Company and any “employee benefit plan” (as defined under the Employee Retirement Income Security
Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, “ERISA”))
established or maintained by the Company or its “ERISA Affiliates” (as defined below) are in compliance in all material
respects with ERISA. “ERISA Affiliate” means, with respect to the Company, any member of any group of organizations
described in Sections 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended, and the regulations and published
interpretations thereunder (the “Code”) of which the Company is a member. No “reportable event”
(as defined under ERISA) has occurred or is reasonably expected to occur with respect to any “employee benefit plan”
established or maintained by the Company, or any of their ERISA Affiliates. No “employee benefit plan” established
or maintained by the Company or any of their ERISA Affiliates, if such “employee benefit plan” were terminated, would
have any “amount of unfunded benefit liabilities” (as defined under ERISA). Neither the Company nor any of their ERISA
Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of ERISA with respect to termination of,
or withdrawal from, any “employee benefit plan” or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each employee
benefit plan established or maintained by the Company or any of their ERISA Affiliates that is intended to be qualified under
Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or failure to act, which would cause the
loss of such qualification.

 

(aa)Company
Not an “Investment Company.” The Company is not, and will not be, either after receipt of payment for the
Shares or after the application of the proceeds therefrom as described under “Use of Proceeds” in the Registration
Statement, the Time of Sale Prospectus or the Prospectus, required to register as an “investment company” under the
Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

(bb)No
Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly,
any action designed to or that might cause or result in stabilization or manipulation of the price of the Shares or of any “reference
security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect
to the Shares, whether to facilitate the sale or resale of the Shares or otherwise, and has taken no action which would directly
or indirectly violate Regulation M.

 

(cc)Related-Party
Transactions. There are no business relationships or related-party transactions involving the Company or any other person
required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus that have not been described
as required.

 

(dd)FINRA
Matters. All of the information provided to the Placement Agents or to counsel for the Placement Agents by the Company,
its counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities
of the Company in connection with the offering of the Shares is true, complete, correct and compliant with FINRA’s rules
and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD Conduct Rules is
true, complete and correct.

 

(ee)Parties
to Lock-Up Agreements. The Company has furnished to the Placement Agents a letter agreement in the form attached hereto
as Exhibit C (the “Lock-up Agreement”) from each of the persons listed on Exhibit D. Such Exhibit
D lists under an appropriate caption the directors and executive officers of the Company. If any additional persons shall
become directors or executive officers of the Company prior to the end of the Company Lock-up Period (as defined below), the Company
shall cause each such person, prior to or contemporaneously with their appointment or election as a director or executive officer
of the Company, to execute and deliver to the Representatives a Lock-up Agreement. 

 

    	 	 	 

     

    

 

(ff)Statistical
and Market-Related Data. All statistical, demographic and market-related data included in the Registration Statement,
the Time of Sale Prospectus or the Prospectus are based on or derived from sources that the Company believes, after reasonable
inquiry, to be reliable and accurate. To the extent required, the Company has obtained the written consent to the use of such
data from such sources.

 

(gg)No
Unlawful Contributions or Other Payments. The Company, to the best of the Company’s knowledge, and any employee
or agent of the Company, has not made any contribution or other payment to any official of, or candidate for, any federal, state
or foreign office in violation of any law or of the character required to be disclosed in the Registration Statement, the Time
of Sale Prospectus or the Prospectus.

 

(hh)Foreign
Corrupt Practices Act. The Company nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate
or other person acting on behalf of the Company has, in the course of its actions for, or on behalf of, the Company (i) used any
funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made
any direct or indirect unlawful payment to any domestic government official, “foreign official” (as defined in the
U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”)
or employee; (iii) violated or is in violation of any provision of the FCPA or any applicable non-U.S. anti-bribery statute or
regulation; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any domestic
government official, such foreign official or employee; and the Company and, to the knowledge of the Company, the Company’s
affiliates have conducted their respective businesses in compliance with the FCPA and any applicable non-U.S. anti-bribery statute
or regulation and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to
continue to ensure, continued compliance therewith.

 

(ii)Money
Laundering Laws. The operations of the Company are, and have been conducted at all times, in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar
applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money
Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body
or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the best knowledge of the
Company, threatened.

 

(jj)OFAC.
The Company is not nor, to the knowledge of the Company, after due inquiry, any director, officer, agent, employee, affiliate
(including majority owners or anyone in control of the Company) or person acting on behalf of the Company currently subject to
any U.S. economic sanctions including those administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(“OFAC”); and the Company will not directly or indirectly use the proceeds of this offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, or any joint venture partner or other person or entity, for the purpose
of financing the activities of or doing business with any person, or in any country or territory, that currently is the subject
to any U.S. sanctions including those administered by OFAC or in any other manner that will result in a violation by any person
(including any person participating in the transaction whether as placement agent underwriter, advisor, investor or otherwise)
of U.S. sanctions including those administered by OFAC.

 

    	 	 	 

     

    

 

(kk)Brokers.
Except pursuant to this Agreement, there is no broker, finder or other party that is entitled to receive from the Company
any brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement.

 

(ll)Forward-Looking
Statements. Each financial or operational projection or other “forward-looking statement” (as defined by Section
27A of the Securities Act or Section 21E of the Exchange Act) contained in the Registration Statement, the Time of Sale Prospectus
or the Prospectus (i) was so included by the Company in good faith and with reasonable basis after due consideration by the Company
of the underlying assumptions, estimates and other applicable facts and circumstances and (ii) is accompanied by meaningful cautionary
statements identifying those factors that could cause actual results to differ materially from those in such forward-looking statement.
No such statement was made with the knowledge of an executive officer or director of the Company that is was false or misleading.

 

(mm)Clinical
Data and Regulatory Compliance. The preclinical tests and clinical trials, and other studies (collectively, “studies”)
that are described in, or the results of which are referred to in, the Registration Statement, the Time of Sale Prospectus or
the Prospectus were and, if still pending, are being conducted in all material respects in accordance with the protocols, procedures
and controls designed and approved for such studies and with standard medical and scientific research procedures and all applicable
laws and regulations, including, without limitation, 21 C.F.R. Parts 50, 54, 56, 58, and 312; each description of the results
of such studies is accurate and complete in all material respects and fairly presents the data derived from such studies, and
the Company has no knowledge of any other studies the results of which are inconsistent with, or otherwise call into question,
the results described or referred to in the Registration Statement, the Time of Sale Prospectuses or the Prospectus; the Company
has made all such filings and obtained all such approvals as may be required by the Food and Drug Administration of the U.S. Department
of Health and Human Services or any committee thereof or from any other U.S. or foreign government or drug or medical device regulatory
agency, or health care facility Institutional Review Board (collectively, the “Regulatory Agencies”); the Company
has not received any notice of, or correspondence from, any Regulatory Agency requiring the termination, suspension or modification
of any clinical trials that are described or referred to in the Registration Statement, the Time of Sale Prospectus or the Prospectus;
and the Company has operated and currently is in compliance in all material respects with all applicable rules, regulations and
policies of the Regulatory Agencies.

 

(nn)Health
Care Law Compliance. The Company’s business practices have been structured in a manner reasonably designed to comply
with the state, federal and foreign health care laws applicable to the Company business, and the Company is in compliance with
such health care laws, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. Such
health care laws include, without limitation: (i) the federal Anti-Kickback Statute, 42 U.S.C. § 1320a-7b(b); (ii) the federal
civil False Claims Act, 31 U.S.C. §§ 3729-3733; (iii) all applicable federal, state, local and foreign criminal laws
relating to health care fraud and abuse, including without limitation, the federal criminal false claims law, 42 U.S.C. §
1320a-7b(a); (iv) the federal civil monetary penalties law, 42 U.S.C. § 1320a-7a; (v)18 U.S.C. §§286-287; (vi)
the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), 42 U.S.C. 1320d et seq.,, as amended by
the Health Information Technology for Economic and Clinical Health Act (“HITECH”), 42 U.S.C. 17921 et seq.; (vii)
the federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 301 et seq.; (viii) the Stark Law, 42 U.S.C. §1395nn; (ix) the
exclusion laws, 42 U.S.C. §1320a-7; (x) the Patient Protection and Affordable Care Act, Public Law 111-148, as amended by
the Health Care and Education Reconciliation Act, Public Law 111-152; (xi) Medicare, Title XVIII of the Social Security Act; (xii)
Medicaid, Title XIX of the Social Security Act; and (xiii) the regulations promulgated pursuant to such laws (collectively, “Health
Care Laws”). The Company has not received written notice of any claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action from any court, arbitrator or governmental or regulatory authority alleging a violation
of any such Health Care Laws, nor to the Company’s knowledge has any such claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action been threatened. The Company has filed, maintained or submitted all material and required
reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments to operate their
respective businesses, and all such reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments were complete and accurate on the date filed in all material respects (or were corrected or supplemented by a subsequent
submission). The Company is not a party to any corporate integrity agreements, plans of correction, monitoring agreements, consent
decrees, settlement orders, or similar agreements with or imposed by any governmental or regulatory authority. Additionally, the
Company nor any of its respective employees, officers or directors has not been excluded, suspended or debarred from participation
in any U.S. federal health care program or human clinical research or, to the knowledge of the Company, is subject to a governmental
inquiry, investigation, proceeding, or other similar action that could reasonably be expected to result in debarment, suspension,
or exclusion.

 

    	 	 	 

     

    

 

(oo)No
Rights to Purchase Preferred Stock. The issuance and sale of the Shares as contemplated hereby will not cause any holder
of any shares of capital stock, securities convertible into or exchangeable or exercisable for capital stock or options, warrants
or other rights to purchase capital stock or any other securities of the Company to have any right to acquire any shares of preferred
stock of the Company.

 

(pp)No
Contract Terminations. The Company has not sent or received any communication regarding termination of, or intent not
to renew, any of the contracts or agreements referred to or described in the Time of Sale Prospectus, the Prospectus or any free
writing prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement, or any document incorporated
by reference therein, and no such termination or non-renewal has been threatened by the Company or, to the Company’s knowledge,
any other party to any such contract or agreement, which threat of termination or non-renewal has not been rescinded as of the
date hereof.

 

(qq)FINRA
Exemption. The Company was subject to the requirements of Section 12 or 15(d) of the Exchange Act and filed all the material
required to be filed pursuant to Sections 13, 14 or 15(d) for a period of at least thirty-six calendar months immediately preceding
the filing of the Registration Statement. The Company filed in a timely manner all reports required to be filed pursuant to Section
13, 14 or 15(d) of the Exchange Act during the twelve calendar months and any portion of a month immediately preceding the filing
of the Registration Statement.

 

Any
certificate signed by any officer of the Company and delivered to any Placement Agent or to counsel for the Placement Agents in
connection with the Offering, or the purchase and sale, of the Shares shall be deemed a representation and warranty by the Company
to each Placement Agent as to the matters covered thereby.

 

The
Company has a reasonable basis for making each of the representations set forth in this Section 1. The Company acknowledges that
the Placement Agents and, for purposes of the opinions to be delivered pursuant to Section 6 hereof, counsel to the Company and
counsel to the Placement Agents, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents
to such reliance.

 

    	 	 	 

     

    

 

Section
2.Agreement to Act as Placement Agents.

 

(a)Placement
Agents. On the basis of the representations, warranties and agreements of the Company herein contained, and subject to
all the terms and conditions of this Agreement, between the Company and you, the Placement Agents shall be the Company’s
placement agents, acting on a reasonable best efforts basis, in connection with the issuance and sale by the Company of the Shares
to the Investors in a proposed offering pursuant to the Registration Statement, with the terms of the offering to be subject to
market conditions and negotiations among the Company, the Placement Agent and the prospective Investors (such offering shall be
referred to herein as the “Offering”). As compensation for services rendered, and provided that any of the
Shares are sold to Investors in the Offering, on the Closing Date (as defined in Section 2(c) hereof) of the Offering,
the Company shall pay to the Placement Agent an amount in the aggregate equal to 6% of the gross proceeds received by the Company
from the sale of the Shares on the Closing Date (the “Placement Fee”). The sale of the Shares shall be made
pursuant to the Registration Statement. The Company will enter into a securities purchase agreement with each Investor in the
form included as Exhibit A hereto (the “Securities Purchase Agreement”) on the terms set forth in the
Time of Sale Prospectus and the Prospectus and as described on Schedule B-2 hereto. The Company shall have the sole right
to accept offers to purchase the Shares and may reject any such offer in whole or in part.

 

(b)Reasonable
Best Efforts Basis. This Agreement shall not give rise to any commitment by the Placement Agent to purchase any of the
Shares, and the Placement Agent shall have no authority to bind the Company to accept offers to purchase the Shares. The Placement
Agent shall act on a reasonable best efforts basis and does not guarantee that it will be able to raise new capital in the Offering.
The Placement Agent may retain other brokers or dealers to act as sub-agents on its behalf in connection with the Offering, the
fees of which shall be paid out of the Placement Fee. Prior to the earlier of (i) the date on which this Agreement is terminated
and (ii) the Closing Date, the Company shall not, without the prior written consent of the Placement Agent, solicit or accept
offers to purchase Shares (other than pursuant to the exercise of options or warrants to purchase shares of Common Stock that
are outstanding at the date hereof) otherwise than through the Placement Agent in accordance herewith.

 

(c)The
Closing. Payment of the purchase price for, and delivery of, the Shares shall be made at a closing (the “Closing”)
at the offices of Cooley LLP, counsel for the Placement Agents, located at 1114 Avenue of the Americas, New York, New York 10036,
at 10:00 a.m., New York City time, on or before August 19, 2016 or at such time on such other date as may be agreed upon
in writing by the Placement Agent and the Company (such date of payment and delivery being herein called the “Closing
Date”). All such actions taken at the Closing shall be deemed to have occurred simultaneously. No Shares which the Company
has agreed to sell pursuant to this Agreement and the Securities Purchase Agreement shall be deemed to have been purchased and
paid for, or sold by the Company, until such Shares shall have been delivered to the Investor thereof against payment therefor
by such Investor. If the Company shall default in its obligations to deliver the Shares to an Investor whose offer it has accepted,
the Company shall indemnify and hold the Placement Agent harmless against any loss, claim or damage incurred by the Placement
Agent arising from or as a result of such default by the Company. 

 

(d)Payment
for the Shares. On the Closing Date, (i) the Company shall deliver, or cause to be delivered, the Shares to the Investors,
and the Investors shall deliver, or cause to be delivered, the purchase price for their respective Shares to the Company pursuant
to the terms of the Securities Purchase Agreement, “delivery versus payment” through the facilities of The Depository
Trust Company and (ii) the Company will wire the amounts owed to the Placement Agent as provided in this Agreement.

 

    	 	 	 

     

    

 

(e)Delivery
of the Shares. The Shares shall be registered in such names and in such denominations as the Placement Agents shall request
by written notice to the Company.

 

Section
3.Additional Covenants of the Company. The Company further covenants and agrees with each Placement Agent as follows:

 

(a)Delivery
of Registration Statement, Time of Sale Prospectus and Prospectus. The Company shall furnish to you in New York
City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the date of this Agreement and
during the period when a prospectus relating to the Shares is required by the Securities Act to be delivered (whether physically
or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with sales of the Shares, as many
copies of the Time of Sale Prospectus, the Prospectus and any supplements and amendments thereto or to the Registration Statement
as you may reasonably request.

 

(b)Representatives’
Review of Proposed Amendments and Supplements. During the period when a prospectus relating to the Shares is required
by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any
similar rule), the Company (i) will furnish to the Representatives for review, a reasonable period of time prior to the proposed
time of filing of any proposed amendment or supplement to the Registration Statement, a copy of each such amendment or supplement
and (ii) will not amend or supplement the Registration Statement (including any amendment or supplement through incorporation
of any report filed under the Exchange Act) without the Representatives’ prior written consent. Prior to amending or supplementing
the Time of Sale Prospectus or the Prospectus (including any amendment or supplement through incorporation of any report filed
under the Exchange Act), the Company shall furnish to the Representatives for review, a reasonable amount of time prior to the
time of filing or use of the proposed amendment or supplement, a copy of each such proposed amendment or supplement. The Company
shall not file or use any such proposed amendment or supplement without the Representatives’ prior written consent. The
Company shall file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus
required to be filed pursuant to such Rule.

 

(c)Free
Writing Prospectuses. The Company shall furnish to the Representatives for review, a reasonable amount of time
prior to the proposed time of filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement
thereto prepared by or on behalf of, used by, or referred to by the Company, and the Company shall not file, use or refer to any
proposed free writing prospectus or any amendment or supplement thereto without the Representatives’ prior written consent.
The Company shall furnish to each Placement Agent, without charge, as many copies of any free writing prospectus prepared by or
on behalf of, used by or referred to by the Company as such Placement Agent may reasonably request. If at any time when a prospectus
is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities
Act or any similar rule) in connection with sales of the Shares (but in any event if at any time through and including the Closing
Date) there occurred or occurs an event or development as a result of which any free writing prospectus prepared by or on behalf
of, used by, or referred to by the Company conflicted or would conflict with the information contained in the Registration Statement
or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances prevailing at such time, not misleading, the Company
shall promptly amend or supplement such free writing prospectus to eliminate or correct such conflict so that the statements in
such free writing prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at such
time, not misleading, as the case may be; provided, however, that prior to amending or supplementing any such free writing
prospectus, the Company shall furnish to the Representatives for review, a reasonable amount of time prior to the proposed time
of filing or use thereof, a copy of such proposed amended or supplemented free writing prospectus, and the Company shall not file,
use or refer to any such amended or supplemented free writing prospectus without the Representatives’ prior written consent.

 

(d)Filing
of Placement Agent Free Writing Prospectuses. The Company shall not take any action that would result in a Placement
Agent or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing
prospectus prepared by or on behalf of such Placement Agent that such Placement Agent otherwise would not have been required to
file thereunder.

 

    	 	 	 

     

    

 

(e)Amendments
and Supplements to Time of Sale Prospectus. If the Time of Sale Prospectus is being used to solicit offers to buy
the Shares at a time when the Prospectus is not yet available to prospective purchasers, and any event shall occur or condition
exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus so that the Time of Sale Prospectus
does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading, or if any event shall occur
or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration
Statement, or if, in the opinion of counsel for the Placement Agents, it is necessary to amend or supplement the Time of Sale
Prospectus to comply with applicable law, the Company shall (subject to Section 3(b) and Section 3(c) hereof) promptly prepare,
file with the Commission and furnish, at its own expense, to the Placement Agents and to any dealer upon request, either amendments
or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented
will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading or so that the Time of Sale
Prospectus, as amended or supplemented, will no longer conflict with the information contained in the Registration Statement,
or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable law.

 

(f)Certain
Notifications and Required Actions. After the date of this Agreement, the Company shall promptly advise the Representatives
in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission;
(ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement
to the Time of Sale Prospectus, any free writing prospectus or the Prospectus; (iii) the time and date that any post-effective
amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto or any amendment or supplement to the
Time of Sale Prospectus or the Prospectus or of any order preventing or suspending the use of the Time of Sale Prospectus, any
free writing prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the
Shares from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the
threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any
time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible moment. Additionally,
the Company agrees that it shall comply with all applicable provisions of Rule 424(b), Rule 433 and Rule 430A under the Securities
Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received
in a timely manner by the Commission.

 

(g)Amendments
and Supplements to the Prospectus and Other Securities Act Matters. If any event shall occur or condition exist as a result
of which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
when the Prospectus is delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar
rule) to a purchaser, not misleading, or if in the opinion of the Representatives or counsel for the Placement Agents it is otherwise
necessary to amend or supplement the Prospectus to comply with applicable law, the Company agrees (subject to Section 3(b) and
Section 3(c)) hereof to promptly prepare, file with the Commission and furnish, at its own expense, to the Placement Agents and
to any dealer upon request, amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended
or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances when the Prospectus is delivered (whether physically or through
compliance with Rule 172 under the Securities Act or any similar rule) to a purchaser, not misleading or so that the Prospectus,
as amended or supplemented, will comply with applicable law. Neither the Representatives’ consent to, nor delivery of, any
such amendment or supplement shall constitute a waiver of any of the Company’s obligations under Section 3(b) or Section
3(c).

 

    	 	 	 

     

    

 

(h)Blue
Sky Compliance. The Company shall cooperate with the Representatives and counsel for the Placement Agents to qualify or
register the Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian
provincial securities laws of those jurisdictions designated by the Representatives, shall comply with such laws and shall continue
such qualifications, registrations and exemptions in effect so long as required for the distribution of the Shares. The Company
shall not be required to qualify as a foreign corporation or to take any action that would subject it to general service of process
in any such jurisdiction where it is not presently qualified. The Company will advise the Representatives promptly of the suspension
of the qualification or registration of (or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction
or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such
qualification, registration or exemption, the Company shall use its best efforts to obtain the withdrawal thereof at the earliest
possible moment.

 

(i)Use
of Proceeds. The Company shall apply the net proceeds from the sale of the Shares sold by it in the manner described under
the caption “Use of Proceeds” in the Registration Statement, the Time of Sale Prospectus and the Prospectus.

 

(j)Transfer
Agent. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares.

 

(k)Earnings
Statement. The Company will make generally available to its security holders and to the Representatives as soon as practicable
an earnings statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal
quarter of the Company commencing after the date of this Agreement that will satisfy the provisions of Section 11(a) of the Securities
Act and the rules and regulations of the Commission thereunder.

 

(l)Continued
Compliance with Securities Laws. The Company will comply with the Securities Act and the Exchange Act so as to permit
the completion of the distribution of the Shares as contemplated by this Agreement, the Registration Statement, the Time
of Sale Prospectus and the Prospectus. Without limiting the generality of the foregoing, the Company will, during the period when
a prospectus relating to the Shares is required by the Securities Act to be delivered (whether physically or through compliance
with Rule 172 under the Securities Act or any similar rule), file on a timely basis with the Commission and the NASDAQ all reports
and documents required to be filed under the Exchange Act.

 

(m)Listing.
The Company will use its best efforts to list, subject to notice of issuance, the Shares on the NASDAQ.

 

    	 	 	 

     

    

 

(n)Company
to Provide Copy of the Prospectus in Form That May be Downloaded from the Internet. If requested by the Representatives,
the Company shall cause to be prepared and delivered, at its expense, within one business day from the effective date of this
Agreement, to the Representatives, and to any other Placement Agents with the consent of the Representatives, an “electronic
Prospectus” to be used by the Placement Agents in connection with the Offering. As used herein, the term “electronic
Prospectus” means a form of Time of Sale Prospectus, and any amendment or supplement thereto, that meets each of the
following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Representatives, that may be transmitted
electronically by the Representatives and the other Placement Agents to offerees and purchasers of the Shares; (ii) it shall disclose
the same information as the paper Time of Sale Prospectus, except to the extent that graphic and image material cannot be disseminated
electronically, in which case such graphic and image material shall be replaced in the electronic Prospectus with a fair and accurate
narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into
a paper format or an electronic format, satisfactory to the Representatives, that will allow investors to store and have continuously
ready access to the Time of Sale Prospectus at any future time, without charge to investors (other than any fee charged for subscription
to the Internet as a whole and for on-line time). The Company hereby confirms that it has included or will include in the Prospectus
filed pursuant to EDGAR or otherwise with the Commission and in the Registration Statement at the time it was declared effective
an undertaking that, upon receipt of a request by an investor or his or her representative, the Company shall transmit or cause
to be transmitted promptly, without charge, a paper copy of the Time of Sale Prospectus.

 

(o)Agreement
Not to Offer or Sell Additional Shares. During the period commencing on and including the date hereof and continuing through
and including the 90th day following the date of the Prospectus (such period, as extended as described below, being referred to
herein as the “Lock-up Period”), the Company will not, without the prior written consent of the Representatives
(which consent may be withheld in its sole discretion), directly or indirectly: (i) sell, offer to sell, contract to sell or lend
any Shares or Related Securities (as defined below); (ii) effect any short sale, or establish or increase any “put equivalent
position” (as defined in Rule 16a-1(h) under the Exchange Act) or liquidate or decrease any “call equivalent position”
(as defined in Rule 16a-1(b) under the Exchange Act) of any Shares or Related Securities; (iii) pledge, hypothecate or grant any
security interest in any Shares or Related Securities; (iv) in any other way transfer or dispose of any Shares or Related Securities;
(v) enter into any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership
of any Shares or Related Securities, regardless of whether any such transaction is to be settled in securities, in cash or otherwise;
(vi) announce the offering of any Shares or Related Securities; (vii) file any registration statement under the Securities Act
in respect of any Shares or Related Securities (other than as contemplated by this Agreement with respect to the Shares); or (viii)
publicly announce the intention to do any of the foregoing; provided, however, that the Company may (A) effect the transactions
contemplated hereby and (B) issue Shares or options to purchase Shares, or issue Shares upon exercise of options, pursuant to
any stock option, stock bonus or other stock plan or arrangement described in the Registration Statement, the Time of Sale Prospectus
and the Prospectus, but only if the holders of such Shares or options agree in writing with the Placement Agents not to sell,
offer, dispose of or otherwise transfer any such Shares or options during such Lock-up Period without the prior written consent
of the Representatives (which consent may be withheld in their sole discretion). For purposes of the foregoing, “Related
Securities” shall mean any options or warrants or other rights to acquire Shares or any securities exchangeable or exercisable
for or convertible into Shares, or to acquire other securities or rights ultimately exchangeable or exercisable for, or convertible
into, Shares. If (i) during the last 17 days of the 90-day initial lock-up period, the Company issues an earnings release or discloses
material news or a material event relating to the Company occurs, or (ii) prior to the expiration of such period, the Company
announces that it will release earnings results during the 16-day period beginning on the last day of such period, then in each
case the Lock-up Period will be extended until the expiration of the 18-day period beginning on the date of the issuance of the
earnings release or the disclosure of the material news or occurrence of the material event, as applicable, unless the Representatives
waive, in writing, such extension (which waiver may be withheld in its sole discretion). The Company will provide the Representatives
with prior notice of any such announcement that gives rise to an extension of the Lock-up Period.

 

    	 	 	 

     

    

 

(p)Future
Reports to the Representatives. During the period of five years hereafter, the Company will furnish to the Representatives,
c/o Jefferies, at 520 Madison Avenue, New York, New York 10022, Attention: Global Head of Syndicate and c/o Barclays, 745 Seventh
Avenue, New York, New York 10019, Attention: Syndicate Registration (Fax: (646) 834-8133): (i) as soon as practicable after the
end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of the Company as of the close
of such fiscal year and statements of income, stockholders’ equity and cash flows for the year then ended and the
opinion thereon of the Company’s independent public or certified public accountants; (ii) as soon as practicable after the
filing thereof, copies of each proxy statement, Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form
8-K or other report filed by the Company with the Commission or any securities exchange; and (iii) as soon as available, copies
of any report or communication of the Company furnished or made available generally to holders of its capital stock; provided,
however, that the requirements of this Section 3(p) shall be satisfied to the extent that such reports, statement, communications,
financial statements or other documents are available on EDGAR.

 

(q)Investment
Limitation. The Company shall not invest or otherwise use the proceeds received by the Company from its sale of the Shares
in such a manner as would require the Company to register as an investment company under the Investment Company Act.

 

(r)No
Stabilization or Manipulation; Compliance with Regulation M. The Company will not take, and will ensure that no affiliate
of the Company will take, directly or indirectly, any action designed to or that might cause or result in stabilization or manipulation
of the price of the Shares or any reference security with respect to the Shares, whether to facilitate the sale or resale of the
Shares or otherwise, and the Company will, and shall cause each of its affiliates to, comply with all applicable provisions of
Regulation M.

 

(s)Enforce
Lock-Up Agreements. During the Lock-up Period, the Company will enforce all agreements between the Company and any of
its security holders that restrict or prohibit, expressly or in operation, the offer, sale or transfer of Shares or Related Securities
or any of the other actions restricted or prohibited under the terms of the form of Lock-up Agreement. In addition, the Company
will direct the transfer agent to place stop transfer restrictions upon any such securities of the Company that are bound by such
“lock-up” agreements for the duration of the periods contemplated in such agreements, including, without limitation,
“lock-up” agreements entered into by the Company’s officers, directors and stockholders pursuant to Section
6(j) hereof.

 

Section
4.Payment of Expenses. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance
of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i) all
expenses incident to the issuance and delivery of the Shares (including all printing and engraving costs), (ii) all fees and expenses
of the registrar and transfer agent of the Shares, (iii) all necessary issue, transfer and other stamp taxes in connection with
the issuance and sale of the Shares to the Placement Agents, (iv) all fees and expenses of the Company’s counsel, independent
public or certified public accountants and other advisors, (v) all costs and expenses incurred in connection with the preparation,
printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules,
consents and certificates of experts), the Time of Sale Prospectus, the Prospectus, each free writing prospectus prepared by or
on behalf of, used by, or referred to by the Company, and all amendments and supplements thereto, and this Agreement, (vi) the
costs and expenses of the Company relating to investor presentations on any “road show”, including, without limitation,
expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production
of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations
with the prior approval of the Company, travel and lodging expenses of the representatives, employees and officers of the Company
and any such consultants, and the cost of any aircraft chartered in connection with the road show, (vii) the fees and expenses
associated with listing the Shares on the NASDAQ, and (viii) all other fees, costs and expenses of the nature referred to in Item
14 of Part II of the Registration Statement. Except as provided in this Section 4 or in Section 7, Section 9 or Section 10 hereof,
the Placement Agents shall pay their own expenses, including the fees and disbursements of their counsel.

 

    	 	 	 

     

    

 

Section
5.Covenant of the Placement Agents. Each Placement Agent severally and not jointly covenants with the Company not to take
any action that would result in the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities
Act a free writing prospectus prepared by or on behalf of such Placement Agent that otherwise would not, but for such actions,
be required to be filed by the Company under Rule 433(d).

 

Section
6.Conditions of the Obligations of the Placement Agents. The respective obligations of the several Placement Agents hereunder
shall be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section 1 hereof
as of the date hereof and as of the Closing Date as though then made, to the timely performance by the Company of its covenants
and other obligations hereunder, and to each of the following additional conditions:

 

(a)Comfort
Letter. No less than one day prior to the Closing Date, the Representatives shall have received from Marcum, the current
independent registered public accountant for the Company, a letter dated the date hereof addressed to the Placement Agents, in
form and substance satisfactory to the Representatives, containing statements and information of the type ordinarily included
in accountant’s “comfort letters” to placement agents, delivered according to Statement of Auditing Standards
No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information
contained in the Registration Statement, the Time of Sale Prospectus, and each free writing prospectus, if any.

 

(b)Compliance
with Registration Requirements; No Stop Order; No Objection from FINRA. 

 

(i)The
Company shall have filed the Prospectus with the Commission (including the information previously omitted from the Registration
Statement pursuant to Rule 430B under the Securities Act) in the manner and within the time period required by Rule 424(b) under
the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information
previously omitted from the Registration Statement pursuant to Rule 430B, and such post-effective amendment shall have become
effective.

 

(ii)No
stop order suspending the effectiveness of the Registration Statement or any post-effective amendment to the Registration Statement
shall be in effect, and no proceedings for such purpose shall have been instituted or threatened by the Commission.

 

(c)No
Material Adverse Change or Ratings Agency Change. For the period from and after the date of this Agreement and through
and including the Closing Date, in the judgment of the Representatives there shall not have occurred any Material Adverse Change.

 

(d)Opinion
of Counsel for the Company. On the Closing Date, the Representatives shall have received the opinion of Alston & Bird
LLP, counsel for the Company, dated as of such date, in the form attached hereto as Exhibit B-1 and to such further effect
as the Representatives shall reasonably request.

 

(e)Opinion
of IP Counsel for the Company. On the Closing Date, the Representatives shall have received the opinion of Alston
& Bird LLP, counsel for the Company with respect to intellectual property matters, dated as of such date, in the form attached
hereto as Exhibit B-2 and to such further effect as the Representatives shall reasonably request. 

 

    	 	 	 

     

    

 

(f)Opinion
of Counsel for the Placement Agents. On the Closing Date, the Representatives shall have received the opinion of Cooley
LLP, counsel for the Placement Agents, in form and substance satisfactory to the Placement Agents, dated as of such date.

 

(g)Officers’
Certificate. On the Closing Date, the Representatives shall have received a certificate executed by the Chief Executive
Officer or President of the Company and the Chief Financial Officer of the Company, dated as of such date, to the effect set forth
in Section 6(b)(ii) and further to the effect that:

 

(i)for
the period from and including the date of this Agreement through and including such date, there has not occurred any Material
Adverse Change;

 

(ii)the
representations, warranties and covenants of the Company set forth in Section 1 of this Agreement are true and correct with the
same force and effect as though expressly made on and as of such date; and

 

(iii)the
Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied
hereunder at or prior to such date.

 

(h)Chief
Financial Officer Certificate. On the date hereof, and on the Closing Date, the Representatives shall have received a
certificate executed by the Chief Financial Officer of the Company substantially in the form attached hereto as Exhibit E.

 

(i)Bring-down
Comfort Letter. On the Closing Date, the Representatives shall have received from Marcum, the independent registered public
accountant for the Company, a letter dated such date, in form and substance satisfactory to the Representatives, which letter
shall: (i) reaffirm the statements made in the letter furnished by them pursuant to Section 6(a), except that the specified date
referred to therein for the carrying out of procedures shall be no more than three business days prior to the Closing Date; and
(ii) cover certain financial information contained in the Prospectus.

 

(j)Lock-Up
Agreements. On or prior to the date hereof, the Company shall have furnished to the Representatives an agreement in the
form of Exhibit C hereto from each of the persons listed on Exhibit D hereto, and each such agreement shall be in
full force and effect on the Closing Date.

 

(k)Rule
462(b) Registration Statement. In the event that a Rule 462(b) Registration Statement is filed in connection with the
offering contemplated by this Agreement, such Rule 462(b) Registration Statement shall have been filed with the Commission on
the date of this Agreement and shall have become effective automatically upon such filing.

 

(l)Additional
Documents. On or before the Closing Date, the Representatives and counsel for the Placement Agents shall have received
such information, documents and opinions as they may reasonably request for the purposes of enabling them to pass upon the issuance
and sale of the Shares as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties,
or the satisfaction of any of the conditions or agreements, herein contained; and all proceedings taken by the Company in connection
with the issuance and sale of the Shares as contemplated herein and in connection with the other transactions contemplated by
this Agreement shall be satisfactory in form and substance to the Representatives and counsel for the Placement Agents.

 

If
any condition specified in this Section 6 is not satisfied when and as required to be satisfied, this Agreement may be terminated
by the Representatives by notice from the Representatives to the Company at any time on or prior to the Closing Date, which termination
shall be without liability on the part of any party to any other party, except that Section 4, Section 7, Section 9 and Section
10 shall at all times be effective and shall survive such termination.

 

    	 	 	 

     

    

 

Section
7.Reimbursement of Placement Agents’ Expenses. If this Agreement is terminated by the Representatives pursuant to
Section 6 or Section 11., or if the sale to the Investors of the Shares on the Closing Date is not consummated because
of any refusal, inability or failure on the part of the Company to perform any agreement herein or in a Securities Purchase Agreement
or to comply with any provision hereof or thereof, the Company agrees to reimburse the Representatives and the other Placement
Agents (or such Placement Agents as have terminated this Agreement with respect to themselves), severally, upon demand for all
out-of-pocket expenses that shall have been reasonably incurred by the Representatives and the Placement Agents in connection
with the proposed purchase and the offering and sale of the Shares, including, but not limited to, fees and disbursements of counsel,
printing expenses, travel expenses, postage, facsimile and telephone charges.

 

Section
8.Effectiveness of this Agreement. This Agreement shall become effective upon the execution and delivery hereof by the
parties hereto.

 

Section
9.Indemnification.

 

(a)Indemnification
of the Placement Agents. The Company agrees to indemnify and hold harmless each Placement Agent, its affiliates, directors,
officers, employees and agents, and each person, if any, who controls any Placement Agent within the meaning of the Securities
Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which such Placement Agent or such
affiliate, director, officer, employee, agent or controlling person may become subject, under the Securities Act, the Exchange
Act, other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have
been offered or sold or at common law or otherwise (including in settlement of any litigation, if such settlement is effected
with the written consent of the Company), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof
as contemplated below) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, or any amendment thereto, or the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue statement or
alleged untrue statement of a material fact included in the Time of Sale Prospectus, any free writing prospectus that the Company
has used, referred to or filed, or is required to file, pursuant to Rule 433(d) of the Securities Act, any Marketing Material
or the Prospectus (or any amendment or supplement to the foregoing), or the omission or alleged omission to state therein a material
fact necessary in order to make the statements, in the light of the circumstances under which they were made, not misleading;
or (iii) any act or failure to act or any alleged act or failure to act by any Placement Agent in connection with, or relating
in any manner to, the Shares or the offering contemplated hereby, and which is included as part of or referred to in any loss,
claim, damage, liability or action arising out of or based upon any matter covered by clause (i) or (ii) above; and to reimburse
each Placement Agent and each such affiliate, director, officer, employee, agent and controlling person for any and all expenses
(including the fees and disbursements of counsel) as such expenses are incurred by such Placement Agent or such affiliate, director,
officer, employee, agent or controlling person in connection with investigating, defending, settling, compromising or paying any
such loss, claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall
not apply to any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon
any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with
information relating to any Placement Agent furnished to the Company by the Representatives in writing expressly for use in the
Registration Statement, the Time of Sale Prospectus, any such free writing prospectus, any Marketing Material or the Prospectus
(or any amendment or supplement thereto), it being understood and agreed that the only such information consists of the information
described in Section 9(b) below. The indemnity agreement set forth in this Section 9(a) shall be in addition to any liabilities
that the Company may otherwise have.

 

    	 	 	 

     

    

 

(b)Indemnification
of the Company, its Directors and Officers. Each Placement Agent agrees, severally and not jointly, to indemnify and hold
harmless the Company, each of its directors, each of its officers who signed the Registration Statement and each person, if any,
who controls the Company within the meaning of the Securities Act or the Exchange Act, against any loss, claim, damage, liability
or expense, as incurred, to which the Company, or any such director, officer or controlling person may become subject, under the
Securities Act, the Exchange Act, or other federal or state statutory law or regulation, or at common law or otherwise (including
in settlement of any litigation, if such settlement is effected with the written consent of such Placement Agent), insofar as
such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based
upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment
thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading or (ii) any untrue statement or alleged untrue statement of a material fact included in
the Time of Sale Prospectus, any free writing prospectus that the Company has used, referred to or filed, or is required to file,
pursuant to Rule 433 of the Securities Act or the Prospectus (or any such amendment or supplement) or the omission or alleged
omission to state therein a material fact necessary in order to make the statements, in the light of the circumstances under which
they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in the Registration Statement, the Time of Sale Prospectus, such free writing
prospectus or the Prospectus (or any such amendment or supplement), in reliance upon and in conformity with information relating
to such Placement Agent furnished to the Company by the Representatives in writing expressly for use therein; and to reimburse
the Company, or any such director, officer or controlling person for any and all expenses (including the fees and disbursements
of counsel) as such expenses are incurred by the Company, or any such director, officer or controlling person in connection with
investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. The Company
hereby acknowledges that there is no information that the Representatives have furnished to the Company expressly for use in the
Registration Statement, the Time of Sale Prospectus, any free writing prospectus that the Company has filed, or is required to
file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement to the foregoing). The indemnity
agreement set forth in this Section 9(b) shall be in addition to any liabilities that each Placement Agent may otherwise have.

 

(c)Notifications
and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this Section 9 of notice of
the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying
party under this Section 9, notify the indemnifying party in writing of the commencement thereof, but the omission so to notify
the indemnifying party will not relieve the indemnifying party from any liability which it may have to any indemnified party to
the extent the indemnifying party is not materially prejudiced as a proximate result of such failure and shall not in any event
relieve the indemnifying party from any liability that it may have otherwise than on account of this indemnity agreement. In case
any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an
indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it shall elect, jointly
with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving
the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified
party; provided, however, that if the defendants in any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying
party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to
it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified
party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in
the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party
to such indemnified party of such indemnifying party’s election so to assume the defense of such action and approval by
the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 9 for
any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i)
the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it being
understood, however, that the indemnifying party shall not be liable for the fees and expenses of more than one separate counsel
(together with local counsel), representing the indemnified parties who are parties to such action), which counsel (together with
any local counsel) for the indemnified parties shall be selected by the Representatives (in the case of counsel for the indemnified
parties referred to in Section 9(a) above) or by the Company (in the case of counsel for the indemnified parties referred to in
Section 9(b) above)) or (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent
the indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party has
authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party, in each of
which cases the fees and expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred.

 

    	 	 	 

     

    

 

(d)Settlements.
The indemnifying party under this Section 9 shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees
to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel as contemplated by Section 9(c) hereof, the indemnifying party shall be
liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than
30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed
the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without
the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any
pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity
was or could have been sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding
and does not include an admission of fault or culpability or a failure to act by or on behalf of such indemnified party.

 

Section
10.Contribution. If the indemnification provided for in Section 9 is for any reason held to be unavailable to or otherwise
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred
to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as
incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company, on the one hand, and the Placement Agents, on the other
hand, from the offering of the Shares pursuant to this Agreement or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the Company, on the one hand, and the Placement Agents, on the other hand, in connection
with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Placement Agents, on
the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the same respective
proportions as the total proceeds from the offering of the Shares pursuant to this Agreement (before deducting expenses) received
by the Company, and the Placement Fee received by the Placement Agents, in each case as set forth on the front cover page of the
Prospectus, bear to the aggregate public offering price of the Shares as set forth on such cover. The relative fault of the Company,
on the one hand, and the Placement Agents, on the other hand, shall be determined by reference to, among other things, whether
any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company, on the one hand, or the Placement Agents, on the other hand, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

    	 	 	 

     

    

 

The
amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall
be deemed to include, subject to the limitations set forth in Section 9(c), any legal or other fees or expenses reasonably incurred
by such party in connection with investigating or defending any action or claim. The provisions set forth in Section 9(c) with
respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 10; provided,
however, that no additional notice shall be required with respect to any action for which notice has been given under Section
9(c) for purposes of indemnification.

 

The
Company and the Placement Agents agree that it would not be just and equitable if contribution pursuant to this Section 10 were
determined by pro rata allocation (even if the Placement Agents were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations referred to in this Section 10.

 

Notwithstanding
the provisions of this Section 10, no Placement Agent shall be required to contribute any amount in excess of the Placement Fee
received by such Placement Agent. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The
Placement Agents’ obligations to contribute pursuant to this Section 10 are several, and not joint, in proportion to their
respective placement commitments as set forth opposite their respective names on Schedule A. For purposes of this Section
10, each affiliate, director, officer, employee and agent of an Placement Agent and each person, if any, who controls an Placement
Agent within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such Placement
Agent, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if
any, who controls the Company within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution
as the Company.

 

Section
11.Termination of this Agreement. Prior to the purchase of the Shares by the Investors on the Closing Date, this
Agreement may be terminated by the Representatives by notice given to the Company if at any time: (i) trading or quotation in
any securities of or guaranteed by the Company shall have been suspended or limited by the Commission or by the NASDAQ, or trading
in securities generally on either the NASDAQ or the NYSE shall have been suspended or limited, or minimum or maximum prices shall
have been generally established on any of such stock exchanges; (ii) a general banking moratorium shall have been declared by
any of federal, New York or New Jersey authorities; (iii) there shall have occurred any outbreak or escalation of national or
international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or
any substantial change or development involving a prospective substantial change in United States’ or international political,
financial or economic conditions, as in the judgment of the Representatives is material and adverse and makes it impracticable
to market the Shares in the manner and on the terms described in the Time of Sale Prospectus or the Prospectus or to enforce contracts
for the sale of securities; (iv) in the judgment of the Representatives there shall have occurred any Material Adverse Change;
or (v) the Company shall have sustained a loss by strike, fire, flood, earthquake, accident or other calamity of such character
as in the judgment of the Representatives may interfere materially with the conduct of the business and operations of the Company
regardless of whether or not such loss shall have been insured. Any termination pursuant to this Section 11 shall be without liability
on the part of (a) the Company to any Placement Agent, except that the Company shall be obligated to reimburse the expenses of
the Representatives and the Placement Agents pursuant to Section 4 or Section 7 hereof or (b) any Placement Agent to the Company;
provided, however, that the provisions of Section 9 and Section 10 shall at all times be effective and shall survive such
termination.

 

    	 	 	 

     

    

 

Section
12.No Advisory or Fiduciary Relationship. The Company acknowledges and agrees that (a) the purchase and sale of the Shares
pursuant to the Securities Purchase Agreements with the Investors, including the determination of offering price of the Shares
and the determination of the Placement Fee pursuant to this Agreement, are arm’s-length commercial transactions between
the Company, on the one hand, and the Investors or the several Placement Agents, as the case may be, on the other hand, (b) in
connection with the offering contemplated hereby and the process leading to such transaction, each Placement Agent is and has
been acting solely as a principal and is not the agent or fiduciary of the Company, or its stockholders, or its creditors, employees
or any other party, (c) no Placement Agent has assumed or will assume an advisory or fiduciary responsibility in favor of the
Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Placement
Agent has advised or is currently advising the Company on other matters) and no Placement Agent has any obligation to the Company
with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement, (d) the Placement
Agents and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Company, and (e) the Placement Agents have not provided any legal, accounting, regulatory or tax advice with respect
to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the
extent it deemed appropriate.

 

Section
13.Representations and Indemnities to Survive Delivery. The respective indemnities, agreements, representations,
warranties and other statements of the Company, of its officers and of the several Placement Agents set forth in or made pursuant
to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Placement
Agent or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and,
anything herein to the contrary notwithstanding, will survive delivery of and payment for the Shares sold hereunder and any termination
of this Agreement.

 

Section
14.Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed
to the parties hereto as follows:

 

	If
    to the Representatives:	Jefferies
    LLC
	 	520
    Madison Avenue
	 	New
    York, New York 10022
	 	Facsimile:
    (646) 619-4437
	 	Attention:
    General Counsel 
	 	 
	 	Barclays
    Capital Inc. 
	 	745
    Seventh Avenue
	 	New
    York, New York 10019
	 	Facsimile:
    (646) 834-8133
	 	Attention:
    Syndicate Registration

 

    	 	 	 

     

    

 

	with
    a copy to:	Cooley
    LLP
	 	1114
    Avenue of the Americas
	 	New
    York, New York 10036
	 	Facsimile:
    (212) 479-6275
	 	Attention:
    Divakar Gupta
	 	 
	If
    to the Company:	Advaxis,
    Inc.
	 	305
    College Road East
	 	Princeton,
    New Jersey 08540
	 	Facsimile:
    (609) 452-9818
	 	Attention:
    Daniel J. O’Connor
	 	 
	with
    a copy to:	Alson
    & Bird LLP
	 	90
    Park Avenue, 15th Floor
	 	New
    York, New York 10016
	 	Facsimile:
    (212) 922-3952
	 	Attention:
    Matthew W. Mamak

 

Any
party hereto may change the address for receipt of communications by giving written notice to the others.

 

Section
15.Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit
of the affiliates, directors, officers, employees, agents and controlling persons referred to in Section 9 and Section 10, and
in each case their respective successors, and no other person will have any right or obligation hereunder. The term “successors”
shall not include any purchaser of the Shares as such from any of the Placement Agents merely by reason of such purchase.

 

Section
16.Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph
or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such
minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

 

Section
17.Governing Law Provisions. 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 in such state. Any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated hereby (“Related Proceedings”)
may be instituted in the federal courts of the United States of America located in the Borough of Manhattan in the City of New
York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York (collectively,
the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings
instituted in regard to the enforcement of a judgment of any such court (a “Related Judgment”), as to which
such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice
or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or
other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue
of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead
or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient
forum.

 

    	 	 	 

     

    

 

Section
18.General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes
all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless
in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by
each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and
shall not affect the construction or interpretation of this Agreement.

 

Each
of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during
negotiations regarding the provisions hereof, including, without limitation, the indemnification provisions of Section 9 and the
contribution provisions of Section 10, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges
that the provisions of Section 9 and Section 10 hereof fairly allocate the risks in light of the ability of the parties to investigate
the Company, its affairs and its business in order to assure that adequate disclosure has been made in the Registration Statement,
the Time of Sale Prospectus, each free writing prospectus and the Prospectus (and any amendments and supplements to the foregoing),
as contemplated by the Securities Act and the Exchange Act.

 

[signature
pages follow]

 

    	 	 	 

     

    

 

If
the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies
hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its
terms.

 

	 	Very
    truly yours,
	 	 
	 	ADVAXIS,
    Inc.
	 	 	 
	 	By:
    	/s/
    Daniel O'Connor
	 	Name:	Daniel
    O'Connor
	 	Title:	President,
    Chief Executive
	 	 	Officer
    and Director

 

The
foregoing Placement Agency Agreement is hereby confirmed and accepted by the Placement Agents in New York, New York as of the
date first above written.

 

JEFFERIES
LLC

BARCLAYS
CAPITAL INC.

Acting
individually and as Representatives

of
the several Placement Agents named in

the
attached Schedule A.

 

JEFFERIES
LLC

 

	By:	/s/
    Ashley Delp Walker	 
	Name:	Ashley
    Delp Walker	 
	Title:	Managing
    Director	 

 

BARCLAYS
CAPITAL INC.

 

	By:	/s/
    Aaron Schwimmer	 
	Name:	Aaron
    Schwimmer	 
	Title:	Managing
    Director	 

 

    	 	 	 

     

    

 

Schedule
A

 

Placement
Agents

Jefferies
LLC

Barclays
Capital Inc.

Cantor
Fitzgerald & Co.

Guggenheim
Securities, LLC

 

 

    	 	 	 

     

    

 

Schedule
B-1

 

Free
Writing Prospectuses Included in the Time of Sale Prospectus

 

None.

 

Schedule
B-2

 

Pricing
Information Included in the Time of Sale Prospectus

 

	Price
    per share:	$13.50
    
	Number
    of shares being sold by the Company:	2,244,443
	Placement
    Fee:	6%
    of the gross proceeds

  

    	 	 	 

     

    

 

  Exhibit
A

 

Form
of Securities Purchase Agreement

 

[See
Exhibit 10.2]

 

    	 	A-1	 

     

    

 

Exhibit
B-1

 

Form
of Opinion of Company Counsel

 

 

    	 	B-1	 

     

    

 

Exhibit
B-2

 

Form
of IP Opinion of Company Counsel

 

 

    	 	B-2	 

     

    

 

Exhibit
C

 

Lock-up
Agreement

 

August
, 2016

Jefferies
LLC

Barclays Capital Inc.

As
Representatives of the Several Placement Agents

c/o
Jefferies LLC

520 Madison Avenue

New York, New York 10022

and

c/o Barclays Capital Inc.

745
Seventh Avenue

New York, New York 10019

 

	RE:		Advaxis,
                                         Inc. (the “Company”)

 

Ladies
& Gentlemen:

 

The
undersigned is an owner of shares of common stock, par value $0.001 per share, of the Company (“Shares”) or
of securities convertible into or exchangeable or exercisable for Shares. The Company proposes to conduct a public offering of
Shares (the “Offering”) for which Jefferies LLC (“Jefferies”) and Barclays Capital Inc.
(“Barclays”) will act as the representatives (the “Representatives”) of the placement agents.
The undersigned recognizes that the Offering will benefit each of the Company and the undersigned. The undersigned acknowledges
that the placement agents are relying on the representations and agreements of the undersigned contained in this letter agreement
in conducting the Offering and, at a subsequent date, in entering into a placement agency agreement (the “Placement Agency
Agreement”) and other placement agency arrangements with the Company with respect to the Offering.

 

Annex
A sets forth definitions for capitalized terms used in this letter agreement that are not defined in the body of this agreement.
Those definitions are a part of this agreement.

 

In
consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned hereby agrees that, during the Lock-up Period, the undersigned will not (and will cause any Family
Member not to), without the prior written consent of the Representatives, which may withhold their consent in their sole discretion:

 

	 	●	Sell
    or Offer to Sell any Shares or Related Securities currently or hereafter owned either of record or beneficially (as defined
    in Rule 13d-3 under the Exchange Act) by the undersigned or such Family Member,
	 	 	 
	 	●	enter
    into any Swap,
	 	 	 
	 	●	make
    any demand for, or exercise any right with respect to, the registration under the Securities Act of the offer and sale of
    any Shares or Related Securities, or cause to be filed a registration statement, prospectus or prospectus supplement (or an
    amendment or supplement thereto) with respect to any such registration, or
	 	 	 
	 	●	publicly
    announce any intention to do any of the foregoing. 

 

    	 	C-1	 

     

    

 

The
foregoing will not apply to the registration of the offer and sale of the Shares, and the sale of the Shares to investors, in
each case as contemplated by the Placement Agency Agreement. In addition, the foregoing restrictions shall not apply to (A) the
exercise of options granted under the Company’s 2011 Omnibus Incentive Plan or 2015 Incentive Plan, (B) transfers of Shares
to the Company (i) as forfeitures to satisfy tax withholding and remittance obligations of the undersigned in connection with
the vesting or exercise of equity awards granted pursuant to the Company’s 2011 Omnibus Incentive Plan or 2015 Incentive
Plan, (ii) pursuant to a net exercise or cashless exercise by the undersigned of outstanding equity awards pursuant to the Company’s
2011 Omnibus Incentive Plan or 2015 Incentive Plan, or (iii) forfeitures to the Company to satisfy tax obligations in connection
with existing arrangements for the purchase of restricted shares from the Company automatically on a monthly basis from the undersigned’s
salary, and (C) the transfer of Shares or Related Securities by gift, or by will or intestate succession, to a Family Member or
to a trust whose beneficiaries consist exclusively of one or more of the undersigned and/or a Family Member; provided, however,
that in the case of subsections (A) and (B) above, no public disclosure or filing shall be
voluntarily made and any filing required under Section 16(a) of the Exchange Act shall clearly indicate in the footnotes thereto
that the filing relates to the circumstances described in the applicable subsection; and provided further that in
the case of subsection (C) above, it shall be a condition to such transfer that:

 

	 	●	each
    transferee executes and delivers to the Representatives an agreement in form and substance satisfactory to the Representatives
    stating that such transferee is receiving and holding such Shares and/or Related Securities subject to the provisions of this
    letter agreement and agrees not to Sell or Offer to Sell such Shares and/or Related Securities, engage in any Swap or engage
    in any other activities restricted under this letter agreement except in accordance with this letter agreement (as if such
    transferee had been an original signatory hereto), and
	 	 	 
	 	●	prior
    to the expiration of the Lock-up Period, no public disclosure or filing under the Exchange Act by any party to the transfer
    (donor, donee, transferor or transferee) shall be required, or made voluntarily, reporting a reduction in beneficial ownership
    of Shares in connection with such transfer.

 

The
undersigned may enter into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the sale
of Shares or Related Securities of the Company, provided that the Shares or Related Securities subject to such plan may
not be sold and no public disclosure of any such plan shall be required or shall be voluntarily made by any person until after
the expiration of the Lock-up Period.

 

The
undersigned acknowledges and agrees that written notice by the Representatives to the Company of any extension of the 90-day initial
lock-up period will be deemed to have been given to, and received by, the undersigned. The undersigned further agrees that, prior
to engaging in any transaction or taking any other action that is subject to the terms of this letter agreement during the period
from the date of this letter agreement through the close of trading on the date that is the 34th day following the expiration
of the 90-day initial lock-up period, the undersigned will give notice thereof to the Company and will not consummate any such
transaction or take any such action unless the undersigned has received written confirmation from the Company that the Lock-Up
Period has expired.

 

    	 	C-2	 

     

    

 

The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of Shares or Related Securities held by the undersigned and the undersigned's Family Members, if any, except
in compliance with the foregoing restrictions.

 

With
respect to the Offering only, the undersigned waives any registration rights relating to registration under the Securities Act
of the offer and sale of any Shares and/or any Related Securities owned either of record or beneficially by the undersigned, including
any rights to receive notice of the Offering.

 

The
undersigned confirms that the undersigned has not, and has no knowledge that any Family Member has, directly or indirectly, taken
any action designed to or that might reasonably be expected to cause or result in the stabilization or manipulation of the price
of any security of the Company to facilitate the sale of the Shares. The undersigned will not, and will cause any Family Member
not to take, directly or indirectly, any such action.

 

Whether
or not the Offering occurs as currently contemplated or at all depends on market conditions and other factors. The Offering will
only be made pursuant to the Placement Agency Agreement, the terms of which are subject to negotiation between the Company and
the placement agents.

 

The
undersigned hereby represents and warrants that the undersigned has full power, capacity and authority to enter into this letter
agreement. This letter agreement is irrevocable and will be binding on the undersigned and the successors, heirs, personal representatives
and assigns of the undersigned.

 

This
letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

[signature
page follows]

 

    	 	C-3	 

     

    

 

 

 

 

Signature

 

 

 

Printed
Name of Person Signing

 

(Indicate
capacity of person signing if 

signing as custodian or trustee, or on behalf )

 

    	 	C-4	 

     

    

 

 

Certain
Defined Terms

Used in Lock-up Agreement

 

For
purposes of the letter agreement to which this Annex A is attached and of which it is made a part:

 

	 	●	“Call
    Equivalent Position” shall have the meaning set forth in Rule 16a-1(b) under the Exchange Act.
	 	 	 
	 	●	“Exchange
    Act” shall mean the Securities Exchange Act of 1934, as amended.
	 	 	 
	 	●	“Family
    Member” shall mean the spouse of the undersigned, an immediate family member of the undersigned or an immediate
    family member of the undersigned's spouse, in each case living in the undersigned's household or whose principal residence
    is the undersigned's household (regardless of whether such spouse or family member may at the time be living elsewhere due
    to educational activities, health care treatment, military service, temporary internship or employment or otherwise). “Immediate
    family member” as used above shall have the meaning set forth in Rule 16a-1(e) under the Exchange Act.
	 	 	 
	 	●	“Lock-up
    Period” shall mean the period beginning on the date hereof and continuing through the close of trading on the date
    that is 90 days after the date of the Prospectus (as defined in the Placement Agency Agreement); provided, that if
    (i) during the last 17 days of the 90-day initial lock-up period, the Company issues an earnings release or discloses material
    news or a material event relating to the Company occurs or (ii) prior to the expiration of such period, the Company announces
    that it will release earnings results during the 16-day period beginning on the last day of such period, then, in each case,
    the Lock-up Period will be extended until the expiration of the 18-day period beginning on the date of the issuance of the
    earnings release or the disclosure of the material news or occurrence of the material event, as applicable, unless the Representatives
    waive, in writing, such extension. If the initial lock-up period is extended pursuant to the provisions above, “Lock-up
    Period” shall mean the period described in the first clause of this paragraph, as so extended. 
	 	 	 
	 	●	“Put
    Equivalent Position” shall have the meaning set forth in Rule 16a-1(h) under the Exchange Act.
	 	 	 
	 	●	“Related
    Securities” shall mean any options or warrants or other rights to acquire Shares or any securities exchangeable
    or exercisable for or convertible into Shares, or to acquire other securities or rights ultimately exchangeable or exercisable
    for or convertible into Shares.
	 	 	 
	 	●	“Securities
    Act” shall mean the Securities Act of 1933, as amended.
	 	 	 
	 	●	“Sell
    or Offer to Sell” shall mean to: 

 

	 	–	sell,
    offer to sell, contract to sell or lend,
	 	 	 
	 	–	effect
    any short sale or establish or increase a Put Equivalent Position or liquidate or decrease any Call Equivalent Position
	 	 	 
	 	–	pledge,
    hypothecate or grant any security interest in, or
	 	 	 
	 	–	in
    any other way transfer or dispose of,

 

in
each case whether effected directly or indirectly

 

	 	●	“Swap”
    shall mean any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership
    of Shares or Related Securities, regardless of whether any such transaction is to be settled in securities, in cash or otherwise.

 

Capitalized
terms not defined in this Annex A shall have the meanings given to them in the body of this lock-up agreement.

 

    	 	C-5	 

     

    

 

Exhibit
D

 

Directors
and Executive Officers

Signing Lock-up Agreement 

 

Non-Employee
Directors:

Dr.
David Sidransky

Dr.
James P. Patton

Roni A. Appel

Richard J. Berman

Dr. Samir Khleif

Dr. Thomas J. McKearn

Thomas
J. Ridge

 

Executive
Officers:

Daniel
J. O’Connor

Gregory
T. Mayes

Sara M. Bonstein

Robert
G. Petit

 

    	 	D-1	 

     

    

 

Exhibit
E

 

Chief
Financial Officer Certificate

 

August
[●], 2016

 

I,
Sara M. Bonstein, do hereby certify that I am the Chief Financial Officer of Advaxis, Inc. (the “Company”)
and, solely in my capacity as such (and not in my individual capacity), and based upon a diligent examination of the Company’s
financial records, the scope and nature of such examination being designed to identify information relevant to the subjects addressed
below, do hereby certify on behalf of the Company that:

 

	 	1.	I
    am providing this certificate in connection with the public offering (the “Offering”) by the Company of
    2,244,443 shares of common stock pursuant to a placement agency agreement, dated August 16, 2016 (the “Placement
    Agency Agreement”), between the Company and Jefferies LLC and Barclays Capital Inc. as representatives of the several
    placement agents named therein (the “Placement Agents”), pursuant to the registration statement on Form
    S-3 (No. 333-203497) (the “Registration Statement”) filed with the Securities and Exchange Commission (the
    “SEC”) under the Securities Act of 1933, as amended, [and] the Time of Sale Prospectus (as defined in the
    Placement Agency Agreement)[ and the prospectus supplement dated August 16, 2016 (the “Prospectus Supplement”)].
    
	 	 	 
	 	2.	I
    am familiar with the accounting, operations and records systems of the Company. I have (i) read the Registration Statement
    [and][,] Time of Sale Prospectus [and Prospectus] and (ii) supervised the compilation of and reviewed the disclosure set forth
    in or incorporated by reference into the Registration Statement [and][,] Time of Sale Prospectus [and Prospectus], including
    the circled items attached as Annex A hereto (such circled items, collectively, the “Financial Information”).
	 	 	 
	 	3.	In
    connection with the preparation of the Registration Statement [and][,] the Time of Sale Prospectus [and Prospectus], I or
    members of my staff who are responsible for the Company’s financial and accounting matters reviewed the Financial Information,
    reviewed the minutes of meetings of the board of directors and committees of the board of the Company as set forth in the
    minute books as of the date hereof (to the extent such minutes are relevant to the certifications set forth herein), made
    such further investigations as I deemed necessary to make the certifications set forth herein and compared such information
    to the Company’s accounting books and records which I believe are accurate, complete and reliable in all material respects,
    and found such information to be consistent with, or derived from, such books and records. 
	 	 	 
	 	4.	To
    my knowledge, the Financial Information has been prepared in conformity with accounting principles consistently applied
    with prior periods and presents fairly in all material respects the preliminary results of operation of the Company as of
    July 31, 2016, as reasonably estimated as of the date hereof, and I am not aware of any fact or circumstance that is reasonably
    likely to cause the Financial Information to not be true and correct in any material respect.
	 	 	 
	 	5.
    	I
    am sufficiently familiar with the present financial affairs of the Company so that any material changes in the facts underlying
    the data relied upon by me in making this certification, occurring since the respective dates of such data, would reasonably
    be expected to have come to my attention prior to the date hereof in the regular course of business.

 

I
acknowledge and agree that the Placement Agents will be relying upon this certificate in conducting and documenting their investigation
of the affairs of the Company in connection with the Offering and that Cooley LLP and Alston & Bird LLP may rely on this certificate
in connection with the opinions and disclosure letters such firms are rendering and delivering pursuant to the Placement Agency
Agreement.

 

[Signature
page follows]

 

    	 	E-1	 

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed and delivered this Chief Financial Officer’s Certificate on behalf of the
Company as of the date first written above.

 

		By:
    	
	 	Name:	Sara
    M. Bonstein
	 	Title:
    	Chief
    Financial Officer

 

    	 	E-2SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of the 16th day of
August, 2016, by and among Advaxis, Inc., a Delaware corporation (the “Company”) and the purchaser executing
the purchase signature page attached hereto (the “Purchaser”);

 

WHEREAS,
the Company has prepared and filed with the Securities and Exchange Commission (the “SEC”), in accordance with
the provisions of the Securities Act of 1933, as amended (the “Securities Act”), and the applicable rules and
regulations thereunder, a registration statement on Form S-3 (Commission File No. 333-203497), including a prospectus, relating
to the shares to be issued and sold pursuant to this Agreement. The term “Registration Statement” as used herein
refers to such registration statement (including all financial schedules and exhibits), as amended or as supplemented and includes
information contained in the form of final prospectus and supplements thereto (the “Prospectus”) filed with
the SEC pursuant to Rule 424(b) of the rules under the Securities Act and deemed to be part thereof at the time of effectiveness
(the “Effective Date”) pursuant to Rule 430A of the rules under the Securities Act; and

 

WHEREAS,
the Company intends to pay each of Jefferies LLC, Barclays Capital Inc., Cantor Fitzgerald & Co. and Guggenheim Securities,
LLC (collectively, the “Placement Agents”) a fee in respect of the sale of Shares (as defined below) to Purchaser,
and the Company has entered into a Placement Agency Agreement (the “Placement Agency Agreement”) with Jefferies LLC
and Barclays Capital Inc., as representatives (the “Representatives”) of the Placement Agents, that contains certain
customary representations, warranties, covenants and agreements of the Company for the benefit of the Placement Agents alone.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and Purchaser agree as follows:

 

ARTICLE
I

PURCHASE
AND SALE

 

1.1
Closing. Purchaser shall purchase from the Company, and the Company shall issue and sell to Purchaser, a number of
shares (the “Shares”) of common stock of the Company, par value $0.001 (the “Common Stock”),
equal to Purchaser’s subscription amount as set forth on the signature page hereto (the “Subscription Amount”)
divided by the Purchase Price (as defined below). Upon satisfaction of the conditions set forth in Section 1.3, the closing shall
occur at the offices of the Company on August 19, 2016, or at such other place or on such other date as the parties shall mutually
agree (the “Closing”). By executing this Agreement, Purchaser consents and agrees to any later date and time
for the Closing agreed to by the Company and the Representatives.

 

1.2Per
Share Purchase Price. The per share purchase price shall be equal to $13.50 (the “Purchase Price”).

 

1.3
Closing Conditions.

 

(a)
As a condition to the Purchaser’s obligation to close, at the Closing, the Company shall have satisfied each of the conditions
set forth below or shall deliver or cause to be delivered to Purchaser the items set forth below, as appropriate:

 

(i)this
Agreement duly executed by the Company;

 

(ii)within
five (5) business days of the Closing, a certificate evidencing the Shares, registered in the name of Purchaser (unless such shares
have been previously issued to Purchaser through the book-entry facilities of The Depository Trust Company);

 

    	 	 	 

     

    

 

(iii)the
representations and warranties made by the Company herein shall be true and correct in all material respects on the date made
and on the date of the Closing;

 

(iv)all
covenants, agreements and conditions contained in this Agreement to be performed by the Company on or prior to the date of the
Closing shall have been performed or complied with in all material respects;

 

(v)no
statute, regulation, executive order, decree, ruling or injunction shall have been enacted, promulgated, endorsed or threatened
or is pending by or before any governmental authority of competent jurisdiction which prohibits or threatens to prohibit the consummation
of the transaction contemplated by this Agreement; and

 

(vi)the
Company shall have filed an application with The Nasdaq Stock Market for the listing of the Shares.

 

(b)
As a condition to the Company’s obligation to close, at the Closing, Purchaser shall have satisfied each of the conditions
set forth below or shall deliver or cause to be delivered to the Company the items set forth below, as appropriate:

 

(i)this
Agreement duly executed by Purchaser;

 

(ii)the
Subscription Amount by wire transfer to the account of the Company as set forth on the signature pages hereto;

 

(iii)the
representations and warranties made by Purchaser herein shall be true and correct in all material respects on the date made and
on the date of the Closing;

 

(iv)Purchaser
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by Purchaser at or before the Closing; and

 

(v)no
statute, regulation, executive order, decree, ruling or injunction shall have been enacted, promulgated, endorsed or threatened
or is pending by or before any governmental authority of competent jurisdiction which prohibits or threatens to prohibit the consummation
of the transaction contemplated by this Agreement.

 

(c)As
of the date of the Closing, there shall have been no Material Adverse Effect (as defined below) with respect to the Company since
the date hereof.

 

(d)Purchaser’s
obligation to purchase the Shares will be subject to the termination rights set forth in the Placement Agency Agreement having
not been exercised.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES

 

2.1
 Representations and Warranties of the Company. Except as set forth in the Company’s public filings under the
Securities Exchange Act of 1934, as amended, the Company hereby makes the following representations and warranties as of the date
hereof and as of the date of the Closing to Purchaser:

 

(a)
Organization and Qualification. The Company is an entity duly incorporated, validly existing and in good standing under
the laws of the State of Delaware, with the requisite corporate power and authority to own and use its properties and assets and
to carry on its business as currently conducted. The Company is duly qualified to conduct business and is in good standing as
a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by
the Company makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may
be, would not have or reasonably be expected to result in (i) a material adverse effect on the legality, validity or enforceability
of this Agreement, (ii) a material adverse effect on the results of operations, assets, business or financial condition of the
Company, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis
its obligations under this Agreement (any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

    	 	2	 

     

    

 

(b)
Authorization; Enforcement.The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized
by all necessary corporate action on the part of the Company and no further action is required by the Company in connection therewith.
This Agreement has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with
the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies.

 

(c)
No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the
Company of the transactions contemplated hereby do not and will not (i) conflict with or violate any provision of the Company’s
Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws, 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, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt
or other instrument (evidencing a Company debt or otherwise) or other understanding to which the Company is a party or by which
any property or asset of the Company is bound or affected, or (iii) result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including
federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected; except
in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in a Material Adverse
Effect.

 

(d)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other person in connection with the execution, delivery and performance by the Company of this Agreement, other than
(i) the filing with the SEC of a Form 8-K and prospectus supplement relating to the Registration Statement, and applicable Blue
Sky filings, if any, and (ii) such as have already been obtained.

 

(e)
Capitalization. All of the outstanding shares of the Company’s Common Stock are, and all of the Shares, when
issued, will be, duly authorized, validly issued, fully paid and nonassessable, and free and clear of all liens created by the
Company, and all such shares were, and the Shares, will be issued in material compliance with all applicable federal and state
securities laws, including available exemptions therefrom, and none of such issuances were, and the issuance of the Shares will
not be, made in violation of any pre-emptive or other rights. The Company has reserved from its duly authorized capital stock
the number of shares of Common Stock issuable pursuant to this Agreement. The issuance of the Shares will not trigger any anti-dilution
rights of any existing securities of the Company.

 

(f)Registration
Statement. The Registration Statement has become effective under the Securities Act, and no stop order suspending the effectiveness
of the Registration Statement is in effect, and no proceedings for such purpose are pending before or threatened by the SEC; and
any request on the part of the SEC for additional information has been complied with.

 

    	 	3	 

     

    

 

2.2
Representations and Warranties of Purchaser. Purchaser hereby represents and warrants as of the date hereof and as of the
date of the Closing to the Company as follows:

 

(a)
Organization; Authority. If Purchaser is not a natural person, such Purchaser is an entity duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization with full right, corporate, limited liability or partnership
power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out
its obligations hereunder. The execution, delivery and performance by Purchaser of the transactions contemplated by this Agreement
has been duly authorized by all necessary corporate or similar action on the part of Purchaser. This Agreement to which it is
a party has been duly executed by Purchaser, and when delivered by Purchaser in accordance with the terms hereof, will constitute
the valid and legally binding obligation of Purchaser, enforceable against it in accordance with its terms except (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.

 

(b)
 Information; Confidentiality. Purchaser and its advisors, if any, have been furnished with all publicly available materials
relating to the business, finances and operations of the Company and such other publicly available materials relating to the offer
and sale of the Shares as have been requested by Purchaser. Purchaser and its advisors, if any, have been afforded the opportunity
to ask questions of the Company. Neither such inquiries nor any other due diligence investigations conducted by Purchaser or its
advisors, if any, or its representatives shall modify, amend or affect such Purchaser’s right to rely on the Company’s
representations and warranties contained herein. Purchaser understands that its investment in the Shares involves a high degree
of risk. Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Shares.

 

(c)
No Governmental Review. Purchaser understands that no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the
investment in the Shares, nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

(d)
Sales; Short Selling. From and after the date Purchaser received any information about the existence of this offering,
Purchaser has not offered, pledged, sold, contracted to sell, sold any option or contract to purchase, purchased any option or
contract to sell, granted any option, right or warrant to purchase, loaned, or otherwise transferred or disposed of, directly
or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock,
entered into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Common Stock, or directly or indirectly, through related parties, affiliates or otherwise sold “short”
or “short against the box” (as those terms are generally understood) any equity security of the Company. Purchaser
covenants that it will not, nor will it authorize or permit any person acting on its behalf to, engage in any such transactions
until following the Closing.

 

(e)
Information Regarding Purchaser. Purchaser has provided the Company with true, complete, and correct information regarding
all applicable items set forth on Purchaser’s signature page to this Agreement.

 

(f)
Placement Agents as Beneficiaries. Purchaser expressly acknowledges and agrees that all representations, warranties, covenants
and agreements made or given by the Purchaser to the Company herein, are also irrevocably made and given for the benefit of the
Placement Agents and that the Placement Agents are entitled to rely on the same in connection with the placement of the Shares
as if such representations, warranties, covenants and agreements, as applicable, were made directly to the Placement Agents.

 

    	 	4	 

     

    

 

(g)
Non-Reliance on Placement Agents. Purchaser understands that the Placement Agents have acted solely as the agents of the
Company in this placement of the Shares and not to the Purchaser. Purchaser further acknowledges that (i) the Placement Agents,
their affiliates, and their respective representatives make no representation or warranty with regard to the merits of the offering
of the Shares or as to the completeness or accuracy of any information or materials such Purchaser may have received in connection
therewith, and Purchaser has not relied and will not rely on any information, representations or advice furnished by or on behalf
of any of the Placement Agents, their affiliates or their respective representatives, orally or in writing, in making a decision
to purchase the Shares, (ii) it will be responsible for conducting its own due diligence investigation with respect to the Company
and the offer and sale of the Shares, (iii) it will be purchasing Shares based on the results of its own due diligence investigation
of the Company and (iv) it has negotiated the offer and sale of the Shares directly with the Company, and the Placement Agents
will not be responsible for the ultimate success of any such investment.

 

ARTICLE
III

MISCELLANEOUS

 

3.1
Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement. The Company shall pay all stamp and other taxes and duties levied in connection with the sale of the Shares.

 

3.2
 Entire Agreement. This Agreement, together with the exhibits and schedules thereto, contains the entire understanding
of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

3.3
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified on the signature pages attached hereto prior to 6:30 p.m. (New York
City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number on the signature pages attached hereto on a day that is not a Trading Day or later than
6:30 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The
address for such notices and communications is set forth on the signature pages attached hereto. For purposes of this Agreement,
“Trading Day” shall mean a day on which the Company’s Common Stock is traded on the Nasdaq National Market,
or, if the Company’s Common Stock is not eligible for trading on the Nasdaq National Market, any day except Saturday, Sunday
and any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

3.4
Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in
the case of an amendment, by the Company and Purchaser or, in the case of a waiver, by the party against whom enforcement of any
such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the
exercise of any such right.

 

3.5
Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

    	 	5	 

     

    

 

3.6
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. Neither Company nor Purchaser may assign this Agreement or any rights or obligations hereunder without
the prior written consent of the other party.

 

3.7
Termination. In the event that the Placement Agency Agreement is terminated by the Placement Agents pursuant to the terms
thereof, this Agreement shall terminate without any further action or obligation on the part of the parties hereto.

 

3.8
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of New York.

 

3.9
Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing and delivery
of the Shares.

 

3.10
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

 

3.11
Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and
the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

 

3.12
Replacement of Securities. If any certificate or instrument evidencing any of the Shares is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in
lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction and customary and reasonable indemnity, if requested. The applicants for a new
certificate or instrument under such circumstances shall also pay any reasonable third-party costs associated with the issuance
of such replacement certificate.

 

3.13
Exculpation of the Placement Agents. Each of the Company and Purchaser agrees for the express benefit of the Placement
Agents, their affiliates and their respective representatives that:

 

(a)
None of the Placement Agents, their affiliates or their representatives: (i) have any duties or obligations under this Agreement;
(ii) shall be liable for any improper payment made in accordance with this Agreement and the information provided herein by the
Company; (iii) make any representation or warranty, or have any responsibilities as to the validity, accuracy, value or genuineness
of any information, certificates or documentation delivered by or on behalf of the Company pursuant to this Agreement; or (iv)
shall be liable (x) for any action taken, suffered or omitted by any of them in good faith and reasonably believed to be authorized
or within the discretion or rights or powers conferred upon it by this Agreement or (y) for anything which any of them may do
or refrain from doing in connection with this Agreement, except for such party’s own gross negligence or willful misconduct
or required by law.

 

(b)
The Placement Agents, their affiliates and their respective representatives shall be entitled to rely on, and shall be protected
in acting upon, any certificate, instrument, opinion, notice, letter or any other document or security delivered to any of them
by or on behalf of the Company.

 

(Signature
Pages Follow)

 

    	 	6	 

     

    

 

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

 

	ADVAXIS,
    INC.	 
	 	 	 
	By:		 
	Name:	Daniel
    J. O’Connor	 
	Title:	President
    and Chief Executive Officer	 

 

Address
for Notice:

305
College Road East

Princeton,
New Jersey

Attn:
Daniel J. O’Connor

Tel:
609-452-9813 extension 104

 

With
a copy to (which shall not constitute notice):

 

Alston
& Bird LLP

90
Park Avenue

New
York, New York 10016

Attn:
Matthew W. Mamak

Tel:
(212) 210-1256

Fax:
(212) 210-9444

 

[Company
Signature Page to Securities Purchase Agreement]

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