Document:

Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of February 16, 2021, between Bio-Path Holdings, Inc. a Delaware
corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including
its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act
(as defined below), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires
to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

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

 

ARTICLE I.

DEFINITIONS

 

1.1            Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“Acquiring Person”
shall have the meaning ascribed to such term in Section 4.4.

 

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

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential
employee”  or any other similar orders or restrictions or the closure of any physical branch locations at the direction
of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks
in The City of New York generally are open for use by customers on such day.

 

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

 

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

 

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“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

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

 

“Company
Counsel” means Winstead PC, with offices located at 600 Travis Street, Suite 5200, Houston, TX 77002.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York
City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day
immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if
this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later
than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement
Agent.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

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

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options or other equity awards to employees, officers
or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee
members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose
for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that
such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations)
or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved
by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities”
(as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement
in connection therewith during the prohibition period in Section 4.10(a) herein, and provided that any such issuance
shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company
or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional
benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Lock-Up
Agreements” means the Lock-Up Agreements, each dated as of the date hereof, by and between the Company and each of the
directors and officers of the Company, in the form of Exhibit A attached hereto.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

“PC”
means Pryor Cashman LLP, with offices located at 7 Times Square, New York, New York 10036.

 

“Per
Share Purchase Price” equals $7.60, subject to adjustment for reverse and forward stock splits, stock dividends, stock
combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

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

 

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

 

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“Placement
Agent” means Roth Capital Partners, LLC.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

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

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is
filed with the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.7.

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-231537 which registers the sale
of the Shares to the Purchasers.

 

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

 

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

 

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

 

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

 

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

 

“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

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

 

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

 

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“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a), and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, the OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements
executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company, with a
mailing address of 6201 15th Avenue, Brooklyn, NY 11219 and a facsimile number of (972) 582-1890, and any successor
transfer agent of the Company.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.10(b).

 

ARTICLE II.

PURCHASE AND SALE

 

2.1            Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers,
severally and not jointly, agree to purchase, up to an aggregate of $13,000,560.00 of Shares. Each Purchaser’s Subscription
Amount as set forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery Versus
Payment” settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares,
and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon
satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of PC or
such other location as the parties shall mutually agree. Unless otherwise directed by the Placement Agent, settlement of the Shares
shall occur via “Delivery Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company shall issue the
Shares registered in the Purchasers’ names and addresses and released by the Transfer Agent directly to the account(s) at
the Placement Agent identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically
deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm)
by wire transfer to the Company). Notwithstanding anything herein to the contrary, if at any time on or after the time of execution
of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing
(the “Pre-Settlement Period”), if such Purchaser sells to any Person all, or any portion, of any Common Stock
to be issued hereunder to such Purchaser at the Closing (collectively, the “Pre-Settlement Shares”), such Purchaser
shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally
bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares to such Purchaser
at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior to
the Company’s receipt of the Subscription Amount for such Pre-Settlement Shares hereunder; provided, further, that the Company
hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether
or not such Purchaser will elect to sell any Pre-Settlement Shares during the Pre-Settlement Period.  The decision to sell
any shares of Common Stock will be made in the sole discretion of such Purchaser from time to time, including during the Pre-Settlement
Period. Notwithstanding anything to the contrary herein and the Purchaser’s Subscription Amount set forth on the signature
pages attached hereto, the number of Shares purchased by a Purchaser (and its Affiliates) hereunder shall not, when aggregated
with all other shares of Common Stock owned by such Purchaser (and its Affiliates) at such time, result in such Purchaser beneficially
owning (as determined in accordance with Section 13(d) of the Exchange Act) in excess of 9.9% of the then issued and
outstanding Common Stock outstanding at the Closing (the “Beneficial Ownership Maximum”), and such Purchaser’s
Subscription Amount, to the extent it would otherwise exceed the Beneficial Ownership Maximum immediately prior to the Closing,
shall be conditioned upon the issuance of Shares at the Closing to the other Purchasers signatory hereto. To the extent that a
Purchaser’s beneficial ownership of the Shares would otherwise be deemed to exceed the Beneficial Ownership Maximum, such
Purchasers’ Subscription Amount shall automatically be reduced as necessary in order to comply with this paragraph.

 

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2.2            Deliveries.

 

(a)            On
or prior to the Closing Date (except as indicated below), the Company shall deliver or cause to be delivered to each Purchaser
the following:

 

(i)            this
Agreement duly executed by the Company;

 

(ii)           a
legal opinion of Company Counsel, in a form acceptable to the Placement Agent and each Purchaser;

 

(iii)          subject
to the fifth sentence of Section 2.1, the Company shall have provided each Purchaser with the Company’s wire instructions,
on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer;

 

(iv)          subject
to the fifth sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer
Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”)
Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such
Purchaser;

 

(v)           the
duly executed Lock-Up Agreements; and

 

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(vi)          the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)            On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)            this
Agreement duly executed by such Purchaser; and

 

(ii)           such
Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with
the Company or its designee.

 

2.3            Closing
Conditions.

 

(a)            The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)            the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

(ii)           all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii)          the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)            The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

 

(i)            the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)           all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)          the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)          there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

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(v)           from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Shares at the Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1            Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)            Subsidiaries.
All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). The Company owns, directly
or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the
issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free
of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references
to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

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

 

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

 

(d)            No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,
anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement,
credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which
the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected,
or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject
(including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary
is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected
to result in a Material Adverse Effect.

 

(e)            Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the
filings required pursuant to Section 4.3 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) application(s) to each applicable Trading Market for the listing of the Shares for trading thereon in the time
and manner required thereby and (iv) such filings as are required to be made under applicable state securities laws (collectively,
the “Required Approvals”).

 

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(f)            Issuance
of the Shares; Registration. The Shares are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company. The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable
pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements of
the Securities Act, which became effective on June 5, 2019 (the “Effective Date”), including the Prospectus,
and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration Statement
is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement
or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have
been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and
regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The Company was at the time of the filing of the Registration Statement eligible to
use Form S-3. The Company is eligible to use Form S-3 under the Securities Act and it meets the transaction requirements
with respect to the aggregate market value of securities being sold pursuant to this offering and during the twelve (12) months
prior to this offering, as set forth in General Instruction I.B.6 of Form S-3.

 

(g)            Capitalization.
The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall
also include the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company as of the date
hereof. The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other
than pursuant to the terms of the At The Market Offering Agreement with H.C. Wainwright & Co., LLC dated as of July 13,
2020, pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of
Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise
of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person
has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as set forth on Schedule 3.1(g), there are no outstanding options, warrants,
scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations
convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of
Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock
of any Subsidiary. The issuance and sale of the Shares will not obligate the Company or any Subsidiary to issue shares of Common
Stock or other securities to any Person (other than the Purchasers). There are no outstanding securities or instruments of the
Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or
instrument upon an issuance of securities by the Company or any Subsidiary. Except as set forth on Schedule 3.1(g), there
are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions,
and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities
laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or
purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for
the issuance and sale of the Shares. There are no stockholders agreements, voting agreements or other similar agreements with respect
to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any
of the Company’s stockholders.

 

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(h)            SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with
the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on
a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company
included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. The Company is not,
and has not been for a period of at least one year prior to the date hereof, an issuer identified in Rule 144(i)(1) of
the 1933 Act. The Company filed current "Form 10 information" (as defined in Rule 144 (i)(3)) with the SEC
reflecting its status as an entity that was no longer an issuer described in Rule 144(i)(1)(i) more than one (1) year
ago from the date hereof.

 

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(i)             Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development
that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred
any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course
of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial
statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method
of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders
or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has
not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans.
The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance
of the Shares contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance,
occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its
Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required
to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has
not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

(j)             Litigation.
Except as set forth on Schedule 3.1(j), there is no action, suit, inquiry, notice of violation, proceeding or investigation
pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective
properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county,
local or foreign) (collectively, an “Action”). None of the Actions set forth on Schedule 3.1(j), (i) adversely
affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Shares or (ii) could,
if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company
nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation
of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge
of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current
or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness
of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

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

 

(l)            Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not
been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor
has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of
any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to
taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except
in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(m)           Environmental
Laws. The Company and its Subsidiaries (i) are in
compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment
(including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges,
releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively,
 “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees,
demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations,
issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits
licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are
in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii),
the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

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(n)            Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(o)            Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and
do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and
(ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under
lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company
and the Subsidiaries are in compliance.

 

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

 

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

 

(r)            Transactions
With Affiliates and Employees. Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company
or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case
in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement
for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under
any stock option plan of the Company.

 

(s)            Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of
the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations
promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Company and the
Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions
are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to
assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information
required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying
officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the
end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation
Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the
certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation
Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined
in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect,
the internal control over financial reporting of the Company and its Subsidiaries.

 

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(t)            Certain
Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation
with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in
this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(u)            Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares, will not
be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration
under the Investment Company Act of 1940, as amended.

 

(v)            Registration
Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act
of any securities of the Company or any Subsidiary.

 

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

 

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

 

(y)            Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the
Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which
they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this
Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2
hereof.

 

(z)            No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Shares to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

(aa)         Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Shares hereunder, (i) the fair saleable value of the Company’s assets
exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small
capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account
the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements
and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company
would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient
to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend
to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable
on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will
file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the
Closing Date. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the
Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness”
means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred
in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness
of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes
thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required
to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

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

 

(cc)          Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent
or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made
any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary
(or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated
in any material respect any provision of FCPA.

 

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(dd)         Accountants.
The Company’s accounting firm is set forth on Schedule 3.1(dd) of the Disclosure Schedules. To the knowledge and
belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and
(ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report
for the fiscal year ending December 31, 2020.

 

(ee)         Acknowledgment
Regarding Purchasers’ Purchase of Shares. The Company acknowledges and agrees that each of the Purchasers is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions
contemplated thereby is merely incidental to the Purchasers’ purchase of the Shares. The Company further represents to each
Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely
on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

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

 

(gg)         Regulation
M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or
indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for
soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation
paid to the Company’s placement agent in connection with the placement of the Shares.

 

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(hh)         FDA.
As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal
Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged,
labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical
Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed
by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating
to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good
laboratory practices, good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports,
except where the failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the
Company's knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding,
charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries
has received any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests
the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging
of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval
of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials
relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any
of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or
proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise
alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either individually
or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company have been and
are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the FDA. 
The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States
of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving
or clearing for marketing any product being developed or proposed to be developed by the Company.

 

(ii)            Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in
accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair
market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock
option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there
is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate
the grant of stock options with, the release or other public announcement of material information regarding the Company or its
Subsidiaries or their financial results or prospects.

 

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(jj)            Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(kk)          U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(ll)            Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company
Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System
(the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(mm)        Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

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

 

(a)            Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar
as indemnification and contribution provisions may be limited by applicable law.

 

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

 

(c)            Purchaser
Status. At the time such Purchaser was offered the Shares, it was, and as of the date hereof it is either: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12), or (a)(13) under the Securities
Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

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

 

(e)            Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as
it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of
the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company
and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate
its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such
Purchaser with any information or advice with respect to the Shares nor is such information or advice necessary or desired. 
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Shares
and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it.  In connection with the issuance of the Shares to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

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(f)            Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Shares covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such
Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute
a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales
or similar transactions in the future.

  

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

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1            Furnishing
of Information. Until the time that no Purchaser owns Shares, the Company covenants to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

4.2            Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares for purposes of the rules and
regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction
unless shareholder approval is obtained before the closing of such subsequent transaction.

 

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4.3            Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material
terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents
required to be filed as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the
issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public
information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers,
directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective
upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers,
directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand,
shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect
to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise
make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or
without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not
publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory
agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities
law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure
is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such
disclosure permitted under this clause (b).

 

4.4            Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Purchaser, as of the Closing Date, is an “Acquiring Person” under any control share acquisition, business combination,
poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser, as of the Closing Date, could be deemed to trigger the provisions of any such plan
or arrangement, by virtue of receiving Shares under the Transaction Documents or under any other agreement between the Company
and the Purchasers as of the Closing Date.

 

4.5            Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.3, the Company covenants and agrees that neither it, nor any other Person acting
on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably
believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt
of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that
each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent
that the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates delivers
any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees
that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective
officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective
officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided
that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands and confirms that each
Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

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4.6            Use
of Proceeds. Except as set forth on Schedule 4.6 attached hereto, the Company shall use the net proceeds from the sale
of the Shares hereunder for working capital and general corporate purposes and shall not use such proceeds: (a) for the satisfaction
of any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s
business and prior practices), (b) for the redemption of any Common Stock or Common Stock Equivalents, (c) for the settlement
of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

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

 

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

 

4.9            Reserved.

 

4.10          Subsequent
Equity Sales.

 

(a)            From
the date hereof until ninety (90) days after the Closing Date, neither the Company nor any Subsidiary shall (i) issue, enter
into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents
or (ii) file any registration statement or amendment or supplement thereto, other than the Prospectus Supplement or filing
a registration statement on Form S-8 in connection with any employee benefit plan.

 

(b)            Notwithstanding
the foregoing, this Section 4.10 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction
shall be an Exempt Issuance.

 

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

 

4.12          Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.3.  Each Purchaser, severally and not jointly with
the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed
by the Company pursuant to the initial press release as described in Section 4.3, such Purchaser will maintain the confidentiality
of the existence and terms of this transaction and the information included in the Disclosure Schedules.  Notwithstanding
the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and
agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions
in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced
pursuant to the initial press release as described in Section 4.3, (ii) no Purchaser shall be restricted or prohibited
from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the
time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as
described in Section 4.3 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities
of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.3. 
Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above
shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Shares covered by this Agreement.

 

4.13          Capital
Changes. Until the one year anniversary of the Closing Date, the Company shall not undertake a reverse or forward stock split
or reclassification of the Common Stock without the prior written consent of the Purchasers holding a majority in interest of the
Shares; provided, however, that the prohibition in this Section 4.13 shall not apply to a reverse stock split
or reclassification that is effected in order to maintain the listing of the Company’s Common Stock on a national securities
exchange.

 

4.14          Lock-Up
Agreements. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to
extend the term of the lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms.
If any party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts
to seek specific performance of the terms of such Lock-Up Agreement.

 

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ARTICLE V.

MISCELLANEOUS

 

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

 

5.2            Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company),
stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchasers.

 

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

 

5.4            Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached
hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as
set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to
be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

5.5            Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the
initial Subscription Amounts hereunder (or, prior to the Closing, the Company and each Purchaser) or, in the case of a waiver,
by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver
disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted
Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or
a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately,
materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations
of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in
accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Shares and the Company.

 

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

 

5.7            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Shares, provided that such transferee agrees in writing to be bound, with respect
to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8            No
Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of
the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is
intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.7 and this Section 5.8.

 

5.9            Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action
or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under
Section 4.7, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding.

 

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5.10          Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

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

 

5.12          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13          Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights.

 

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

 

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5.15          Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

5.16          Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

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

 

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

 

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5.19          Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition,
each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment
for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that
occur after the date of this Agreement.

 

5.20          WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE
PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

    32

     

    

 

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.

 

	BIO-PATH HOLDINGS, INC.   	 	Address for Notice:
	 	 	 
	 	 	 
	By:	 	 	4710 Bellaire Boulevard
	 	Name: Peter H. Nielsen	 	Suite 210 
	 	Title: President and Chief Executive Officer	 	Bellaire, Texas 77401
	 	 	 E-Mail: pnielsen@biopathholdings.com
	With a copy to (which shall not constitute notice):	 	 
	       	 	Winstead PC 
	 	 	600 Travis Street
	 	 	Suite 5200
	 	 	Houston, Texas 77002
	 	 	Attention: William R. Rohrlich, II
	 	 	Email: wrohrlich@winstead.com
	 	 	Facsimile: (281) 681-5901

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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[PURCHASER SIGNATURE PAGES TO BPTH SECURITIES
PURCHASE AGREEMENT

 

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

 

Name of Purchaser: ________________________________________________________

 

Signature
of Authorized Signatory of Purchaser: _________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:_________________________________________

 

Address for Notice to Purchaser:

 

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

 

Subscription Amount: $_________________

 

Shares: _________________

 

EIN Number: ____________________

 

 ̈
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the
above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and
the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to
Closing shall be disregarded, (ii) the Closing shall occur on the second (2nd) Trading Day following the date
of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by
clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or
the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of
the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase
price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]

 

    34

     

    

 

Annex A

 

EXHIBIT A

 

Form of Lock-Up Agreement

 

    35Exhibit 10.1

 

Execution Version

 

SUBSCRIPTION AGREEMENT

 

Alpha Healthcare Acquisition Corp.

1177 Avenue of the Americas, 5th
Floor

New York, NY 10036

 

This Subscription Agreement
(this “Subscription Agreement”) is being entered into in connection with the proposed business combination (the
“Transaction”) between Alpha Healthcare Acquisition Corp., a Delaware corporation (“Alpha”),
and Humacyte, Inc., a Delaware corporation (the “Company”), pursuant to a merger agreement to be entered into
among Alpha, the Company, and the other parties thereto (the “Transaction Agreement”).

 

Alpha is seeking commitments
from interested investors to purchase shares of Alpha Class A common stock, par value $0.0001 per share (the “Shares”),
in a private placement (the “Private Placement”) for a purchase price of $10.00 per share (the “Per
Share Purchase Price”). The aggregate purchase price to be paid by the undersigned (the “Investor”)
for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription Amount.”
On or about the date of this Subscription Agreement, Alpha is entering into subscription agreements (the “Other Subscription
Agreements” and together with the Subscription Agreement, the “Subscription Agreements”) with certain
other investors (the “Other Investors” and together with the Investor, the “Investors”),
severally and not jointly, pursuant to which the Investors, severally and not jointly, have agreed to purchase on the closing date
of the Transaction, inclusive of the Shares subscribed for by the Investor, an aggregate amount of up to [●] Shares, at a
per share price equal to the Per Share Purchase Price.

 

In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Investor and Alpha acknowledges and agrees as follows:

 

		1.	Subscription. The Investor hereby irrevocably subscribes for and agrees to purchase from Alpha the number of Shares set forth
on the signature page of this Subscription Agreement on the terms and subject to the conditions provided for herein. The Investor
acknowledges and agrees that Alpha reserves the right to accept or reject the Investor’s subscription for the Shares for
any reason or for no reason, in whole or in part, at any time prior to its acceptance, and the same shall be deemed to be accepted
by Alpha only when this Subscription Agreement is signed by a duly authorized person by or on behalf of Alpha; Alpha may do so
in counterpart form. In the event of rejection of the subscription by Alpha or the termination
of this Subscription Agreement in accordance with the terms hereof, the Investor’s payment hereunder will be returned promptly
to the Investor along with this Subscription Agreement, and this Subscription Agreement shall have no force or effect

 

     

    

    

 

		2.	Closing. The closing of the sale of the Shares contemplated hereby (the “Closing”) is contingent upon the
substantially concurrent consummation of the Transaction. The Closing shall occur on the date of, and substantially concurrently
with and conditioned upon the effectiveness of the Transaction and concurrently with the Merger (as defined in the Transaction
Agreement). Upon (a) satisfaction or waiver (in writing by the person who has the authority to make such waiver) of the conditions
set forth in Section 3 of this Subscription Agreement and (b) delivery of written notice from (or on behalf of) Alpha to
the Investor (the “Closing Notice”), that Alpha reasonably expects all conditions to the closing of the Transaction
to be satisfied or waived (in writing by the person who has the authority to make such waiver) on a date that is not less than
five (5) Business Days (as defined below) from the date on which the Closing Notice is delivered to the Investor (the “Closing
Date”), the Investor shall deliver to Alpha, two (2) Business Days prior to the Closing Date specified in the Closing
Notice, the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account(s) specified
by Alpha in the Closing Notice, such funds to be held by Alpha in escrow until the Closing. On the Closing Date, Alpha shall issue
the number of Shares to the Investor set forth on the signature page to this Subscription Agreement and subsequently cause such
Shares to be registered in book entry form in the name of the Investor (or its nominee in accordance with its delivery instructions)
on Alpha’s share register free and clear of any liens or other restrictions (other than those arising under this Subscription
Agreement or applicable securities laws); provided, however, that Alpha’s obligation to issue the Shares to
the Investor is contingent upon Alpha having received the Subscription Amount in full accordance with this Section 2 of
this Subscription Agreement. In the event that the consummation of the Transaction does not occur within two (2) Business Days
after the anticipated Closing Date specified in the Closing Notice, unless otherwise agreed to in writing by Alpha and the Investor,
Alpha shall promptly (but in no event later than three (3) Business Days after the anticipated Closing Date specified in the Closing
Notice) return the funds so delivered by the Investor to Alpha by wire transfer in immediately available funds to the account specified
by the Investor, and any book entries shall be deemed cancelled. For purposes of this Subscription Agreement, “Business
Day” shall mean any day, other than a Saturday or Sunday, on which commercial banks in New York, New York and Boston,
Massachusetts are open for the general transaction of business.

 

		3.	Closing Conditions.

 

		a.	The obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant
to this Subscription Agreement is subject to the following conditions:

 

		(i)	no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered
any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the
effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation
of the transactions contemplated hereby;

 

		(ii)	the Shares shall have been approved for listing on the Nasdaq Capital Market; and

 

    2

    

    

 

		(iii)	all conditions precedent to the closing of the Transaction under the Transaction Agreement shall
have been satisfied (as determined by the parties to the Transaction Agreement and other than those conditions under the Transaction
Agreement which, by their nature, are to be satisfied at the closing of the Transaction, including to the extent that any such
condition is dependent upon the consummation of the purchase and sale of the Shares pursuant to this Subscription Agreement) or
waived (in writing by the person who has the authority to make such waiver).

 

		b.	The obligation of Alpha to consummate the issuance and sale of the Shares pursuant to this Subscription
Agreement shall be subject to the condition that all representations and warranties of the Investor contained in this Subscription
Agreement are true and correct in all material respects (other than representations and warranties that are qualified as to materiality,
which representations and warranties shall be true in all respects), at and as of the Closing Date, and consummation of the Closing
shall constitute a reaffirmation by the Investor of each of the representations, warranties, covenants and agreements of the Investor
contained in this Subscription Agreement as of the Closing Date.

 

		c.	The obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription Agreement shall be subject
to the condition that (i) all representations and warranties of Alpha contained in this Subscription Agreement shall be true and
correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse
Effect (as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date,
and consummation of the Closing shall constitute a reaffirmation by Alpha of each of the representations and warranties of Alpha
contained in this Subscription Agreement as of the Closing Date; (ii) Alpha shall have performed, satisfied and complied in all
material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied
or complied with by it at or prior to the Closing, (iii) the Shares shall not have been suspended, as of the applicable Closing
Date, by the U.S. Securities and Exchange Commission (the “SEC”) or The Nasdaq Stock Market (“Nasdaq”)
from trading on Nasdaq; and (iv) there shall have been no amendment, waiver or modification to the Transaction Agreement that would
reasonably be expected to materially and adversely affect the economic benefits that the Investor would reasonably expect to receive
under this Subscription Agreement without having received the Investor’s prior written consent (not to be unreasonably withheld,
conditioned or delayed).

 

		4.	Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional
documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate
the Subscription as contemplated by this Subscription Agreement.

 

    3

    

    

 

		5.	Alpha Representations and Warranties. Alpha represents and warrants to the Investor, as of the
date hereof and as of the Closing Date, that:

 

		a.	Alpha has been duly incorporated, validly existing and is in good standing under the laws of the
State of Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

		b.	As of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the
Investor against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly
issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights
created under Alpha’s certificate of incorporation (as amended to the Closing Date) or under the General Corporation Law
of the State of Delaware.

 

		c.	This Subscription Agreement has been duly authorized, executed and delivered by Alpha and, assuming
that this Subscription Agreement constitutes the valid and binding agreement of the Investor, this Subscription Agreement is enforceable
against Alpha in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles
of equity, whether considered at law or equity.

 

		d.	The execution and delivery of this Subscription Agreement, the issuance and sale of the Shares
and the compliance by Alpha with all of the provisions of this Subscription Agreement and the consummation of the transactions
contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets
of Alpha or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease,
license or other agreement or instrument to which Alpha or any of its subsidiaries is a party or by which Alpha or any of its subsidiaries
is bound or to which any of the property or assets of Alpha is subject that would reasonably be expected to have a material adverse
effect on the business, financial condition or results of operations of Alpha and its subsidiaries, taken as a whole or materially
and adversely affect (A) the ability of Alpha to consummate the Transaction, (B) the validity of the Shares or (C) the legal authority
of Alpha to comply in all material respects with the terms of this Subscription Agreement (each, a “Material Adverse Effect”);
(ii) result in any violation of the provisions of the organizational documents of Alpha; or (iii) result in any violation of any
statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over Alpha or any of their properties that would reasonably be expected to have a Material Adverse Effect or materially affect
the validity of the Shares or the legal authority of Alpha to comply in all material respects with this Subscription Agreement.

 

    4

    

    

 

		e.	Alpha 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, self-regulatory organization (including Nasdaq)
or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without limitation,
the issuance of the Subscribed Shares), other than (i) notice filings required by applicable state securities laws, (ii) the filing
of the Registration Statement (as defined below) pursuant to Section 7 of this Subscription Agreement, (iii) the filing
of a Notice of Exempt Offering of Securities on Form D with the SEC under Regulation D of the Securities Act of 1933, as amended
(the “Securities Act”), if applicable, (iv) those required by Nasdaq, including with respect to obtaining stockholder
approval, (v) those required to consummate the Transaction as provided under the Transaction Agreement, (vi) the filing of notification
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable, and (vii) those the failure of which to obtain would
not have a Material Adverse Effect. Assuming the accuracy of the Investor’s representations and warranties set forth in Section
6 of this Subscription Agreement, no registration under the Securities Act or any state securities (or Blue Sky) laws is required
for the offer and sale of the Subscribed Shares by Alpha to the Investor.

 

		f.	As of their respective dates, all reports (the “SEC Reports”) required to be filed by Alpha with SEC complied
in all material respects with the applicable requirements of the Securities Act and the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports,
when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The financial statements of Alpha included in the SEC Reports comply in all material respects with applicable accounting requirements
and the rules and regulations of the SEC with respect thereto as in effect at the time of filing and fairly present in all material
respects the financial condition of Alpha as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. A copy of each SEC Report
is available to the Investor via the SEC’s EDGAR system. There are no outstanding or unresolved comments in comment letters
received by Alpha from the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports.

 

		g.	Except for such matters as have not had and would not be reasonably likely to have, individually
or in the aggregate, a Material Adverse Effect, as of the date hereof, there is no (i) action, suit, claim, arbitration or other
proceeding, in each case by or before any governmental authority or arbitrator pending, or, to the knowledge of Alpha, threatened
against Alpha or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against
Alpha.

 

    5

    

    

 

		h.	As of the date of this Subscription Agreement, the authorized capital stock of Alpha consists of
(i) 100,000,000 Shares and (ii) 10,000,000 shares of Class B common stock par value $0.0001 per share (“Class B Shares”).
As of the date of this Subscription Agreement, (A) 10,355,000 Shares are issued and outstanding, (B) 2,500,000 Class B Shares are
issued and outstanding and (C) 5,177,500 warrants to purchase Shares of Alpha are issued and outstanding. All (1) issued and outstanding
Shares and Class B Shares have been duly authorized and validly issued, are fully paid and are non-assessable and (2) outstanding
warrants have been duly authorized and validly issued. Except as set forth above and pursuant to the Other Subscription Agreements,
the Transaction Agreement and the other agreements and arrangements referred to therein or in the SEC Reports, as of the date hereof,
there are no outstanding options, warrants (other than those referenced in the immediately preceding clause (C)) or other rights
to subscribe for, purchase or acquire from Alpha any Shares, Class B Shares or other equity interests in Alpha, or securities convertible
into or exchangeable or exercisable for such equity interests. There are no securities or instruments issued by or to which Alpha
is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Shares pursuant to
this Subscription Agreement or (ii) the shares to be issued pursuant to any Other Subscription Agreement. As of the date hereof,
Alpha has no subsidiaries, other than Merger Sub, and does not own, directly or indirectly, interests or investments (whether equity
or debt) in any person, whether incorporated or unincorporated. There are no shareholder agreements, voting trusts or other agreements
or understandings to which Alpha is a party or by which it is bound relating to the voting of any securities of Alpha, other than
(1) as set forth in the SEC Reports and (2) as contemplated by the Transaction Agreement.

 

		i.	As of the date hereof, the issued and outstanding Shares are registered pursuant to Section 12(b)
of the Exchange Act and are listed for trading on the Nasdaq under the symbol “AHAC” (it being understood that the
trading symbol will be changed in connection with the Transaction). As of the date hereof, there is no suit, action, proceeding
or investigation pending or, to the knowledge of Alpha, threatened against Alpha by Nasdaq or the SEC, respectively, to prohibit
or terminate the listing of Alpha’s Shares on Nasdaq or to deregister the Shares under the Exchange Act. Alpha has taken
no action that is designed to terminate the registration of the Shares under the Exchange Act.

 

		j.	Alpha has not received any written communication from a governmental authority that alleges that
Alpha is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default
or violation would not reasonably be expected to have a Material Adverse Effect.

 

		k.	Neither Alpha nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general
advertising (within the meaning of Regulation D) in connection with any offer or sale of the Subscribed Shares. The Subscribed
Shares are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities
Act or any state securities laws. Neither Alpha nor any person acting on Alpha’s behalf has, directly or indirectly, at any
time within the past six (6) months, made any offer or sale of any security or solicitation of any offer to buy any security under
circumstances that would (i) eliminate the availability of the exemption from registration under Regulation D under the Securities
Act in connection with the offer and sale by Alpha of the Subscribed Shares as contemplated hereby or (ii) cause the offering of
the Subscribed Shares pursuant to this Subscription Agreement to be integrated with prior offerings by Alpha for purposes of the
Securities Act or any applicable stockholder approval provisions. Neither Alpha nor any person acting on Alpha’s behalf has
offered or sold or will offer or sell any securities, or has taken or will take any other action, which would reasonably be expected
to subject the offer, issuance or sale of the Subscribed Shares, as contemplated hereby, to the registration provisions of the
Securities Act.

 

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		l.	No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities
Act (a “Disqualification Event”) is applicable to Alpha, except for a Disqualification Event as to which Rule
506(d)(2)(ii–iv) or (d)(3) is applicable.

 

		m.	Alpha is not under any obligation to pay any broker’s fee or commission in connection with
the sale of the Shares hereunder other than to the Placement Agents (as defined herein).

 

		n.	Alpha is in all material respects in compliance with applicable provisions of the Sarbanes-Oxley
Act of 2002, as amended, and the rules and regulations thereunder.

 

		o.	The Shares eligible for clearing through The Depository Trust Company (the “DTC”),
through its Deposit/Withdrawal At Custodian (DWAC) system, and Alpha is eligible and participating in the Direct Registration System
(DRS) of DTC with respect to the Shares. Alpha’s transfer agent is a participant in DTC’s Fast Automated Securities
Transfer Program. The Shares are not, and have not been at any time, subject to any DTC “chill,” “freeze”
or similar restriction with respect to any DTC services, including the clearing of Shares through DTC.

 

		p.	Upon consummation of the Transaction, the issued and outstanding Shares will continue to be registered pursuant to Section
12(b) of the Exchange Act and will be listed for trading on Nasdaq.

 

		q.	Alpha is not, and immediately after receipt of payment for the Subscribed Shares and consummation of the Transaction, will
not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

		r.	There has been no action taken by Alpha, or, to the knowledge of Alpha, any officer, director,
equityholder, manager, employee, agent or representative of Alpha, in each case, acting on behalf of Alpha, in violation of any
applicable Anti-Corruption Laws (as herein defined), (i) Alpha has not been convicted of violating any Anti-Corruption Laws or
subjected to any investigation by a governmental authority for violation of any applicable Anti-Corruption Laws, (ii) Alpha has
not conducted or initiated any internal investigation or made a voluntary, directed, or involuntary disclosure to any governmental
authority regarding any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption Laws and
(iii) Alpha has not received any written notice or citation from a governmental authority for any actual or potential noncompliance
with any applicable Anti-Corruption Laws. As used herein, “Anti-Corruption Laws” means any applicable laws relating
to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the UK Bribery Act 2010, and
any similar law that prohibits bribery or corruption.

 

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		6.	Investor Representations and Warranties. The Investor represents and warrants to Alpha that:

 

		a.	The Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under
the Securities Act) or an individual or institutional “accredited investor” (within the meaning of Rule 501(a) under
the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) if an institution,
is an “institutional account” (as defined in FINRA Rule 4512(c)), (iii) is acquiring the Shares only for his, her or
its own account and not for the account of others, or if the Investor is subscribing for the Shares as a fiduciary or agent for
one or more investor accounts, the Investor has full investment discretion with respect to each such account, and the full power
and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account,
and (iv) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation
of the Securities Act (and shall provide the requested information set forth on Schedule A). The Investor is not an entity
formed for the specific purpose of acquiring the Shares.

 

		b.	The Investor acknowledges and agrees that the Shares are being offered in a transaction not involving
any public offering within the meaning of the Securities Act and that the Shares have not been registered under the Securities
Act. The Investor acknowledges and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed
of by the Investor absent an effective registration statement under the Securities Act except (i) to Alpha or a subsidiary thereof,
(ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under
the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act,
and in each of clauses (i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of
the United States, and that any certificates representing the Shares shall contain a restrictive legend to such effect. The Investor
acknowledges and agrees that the Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule
144 promulgated under the Securities Act until at least one year from the date that Alpha files a Current Report on Form 8-K following
the Closing Date that includes the “Form 10” information required under applicable SEC rules and regulations. The Investor
acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, transfer, pledge or
disposition of any of the Shares.

 

		c.	The Investor acknowledges and agrees that the Investor is purchasing the Shares from Alpha. The
Investor further acknowledges that there have been no representations, warranties, covenants and agreements made to the Investor
by or on behalf of Alpha, the Company, any of their respective affiliates or any control persons, officers, directors, employees,
partners, agents or representatives of any of the foregoing or any other person or entity, expressly or by implication, other than
those representations, warranties, covenants and agreements of Alpha expressly set forth in Section 5 of this Subscription
Agreement.

 

    8

    

    

 

		d.	The Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt
prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the
Internal Revenue Code of 1986, as amended, or any applicable similar law.

 

		e.	The Investor acknowledges and agrees that the Investor has received such information as the Investor
deems necessary in order to make an investment decision with respect to the Shares, including, with respect to Alpha, the Transaction
and the business of the Company. Without limiting the generality of the foregoing, the Investor acknowledges that he, she or it
has reviewed the SEC Reports. The Investor acknowledges and agrees that the Investor and the Investor’s professional advisor(s),
if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the Investor and
such Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the
Shares and that the Investor has independently made his, her or its own analysis and decision to invest in Alpha.

 

		f.	The Investor became aware of this offering of the Shares solely by means of direct contact between
the Investor and Alpha, the Company or a representative of Alpha or the Company, and the Shares were offered to the Investor solely
by direct contact between the Investor and Alpha, the Company or a representative of Alpha or the Company. The Investor did not
become aware of this offering of the Shares, nor were the Shares offered to the Investor, by any other means. The Investor acknowledges
that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation
(including, without limitation, Alpha, the Company, Exos Securities LLC, a Delaware limited liability company (each, a “Placement
Agent” and together the “Placement Agents”), any of their respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the representations and
warranties of Alpha contained in Section 5 of this Subscription Agreement, in making its investment or decision to invest
in Alpha.

 

		g.	The Investor acknowledges that it is aware that there are substantial risks incident to the purchase
and ownership of the Shares, including those set forth in Alpha’s filings with the SEC. The Investor has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares,
and the Investor has sought such accounting, legal and tax advice as the Investor has considered necessary to make an informed
investment decision. The Investor will not look to the Placement Agent for all or part of any such loss or losses the Investor
may suffer and is able to sustain a complete loss on its investment in the Shares.

 

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		h.	Alone, or together with any professional advisor(s), the Investor has adequately analyzed and fully
considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the Investor and
that the Investor is able at this time and in the foreseeable future to bear the economic risk of a total loss of the Investor’s
investment in Alpha. The Investor acknowledges specifically that a possibility of total loss exists.

 

		i.	The Investor acknowledges that the Placement Agent: (i) has not provided the Investor with any
information or advice with respect to the Shares, (ii) has not made and do not make any representation, express or implied as to
Alpha, the Company, the Company’s credit quality, the Shares or the Investor’s purchase of the Shares, (iii) has not
acted as the Investor’s financial advisor or fiduciary in connection with the issue and purchase of Shares, (iv) may have
acquired, or during the term of the Shares may acquire, non-public information with respect to the Company or Alpha, which the
Investor agrees need not be provided to it, and (v) may have existing or future business relationships with Alpha and the Company
(including, but not limited to, lending, depository, risk management, advisory and banking relationships) and will pursue actions
and take steps that it deems or it deems necessary or appropriate to protect its or their interests arising therefrom without regard
to the consequences for a holder of Shares, and that certain of these actions may have material and adverse consequences for a
holder of Shares.

 

		j.	The Investor acknowledges that it has not relied on the Placement Agent in connection with its
determination as to the legality of its acquisition of the Shares or as to the other matters referred to herein and the Investor
has not relied on any investigation that the Placement Agent, any of their affiliates or any person acting on their behalf have
conducted with respect to the Shares, Alpha or the Company. The Investor further acknowledges that it has not relied on any information
contained in any research reports or other materials prepared by the Placement Agent or any of their affiliates.

 

		k.	The Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed
the merits of the offering of the Shares or made any findings or determination as to the fairness of this investment.

 

		l.	If the Investor is not an individual, the Investor has been duly formed or incorporated and is
validly existing and in good standing under the laws of its jurisdiction of formation or incorporation, with power and authority
to enter into, deliver and perform its obligations under this Subscription Agreement.

 

		m.	The execution, delivery and performance by the Investor of this Subscription Agreement are within
the powers of the Investor, have been duly authorized and will not constitute or result in a breach or default under or conflict
with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement
or other undertaking, to which the Investor is a party or by which the Investor is bound, and, if the investor is not an individual,
will not violate any provisions of the Investor’s organizational documents, including, without limitation, its incorporation
or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature of the
Investor on this Subscription Agreement is genuine, and the signatory, if the Investor is an individual, has the legal competence
and capacity to execute the same or, if the Investor is not an individual, the signatory has been duly authorized to execute the
same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the Investor, enforceable against the
Investor in accordance with its terms except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles
of equity, whether considered at law or equity.

 

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		n.	The Investor is not (i) a person or entity named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control
Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank.
The Investor agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law; provided,
that the Investor is permitted to do so under applicable law. If the Investor is a financial institution subject to the Bank Secrecy
Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001, and its implementing
regulations (collectively, the “BSA/PATRIOT Act”), the Investor maintains policies and procedures reasonably
designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it maintains policies and procedures
reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. To the extent
required by applicable law, the Investor maintains policies and procedures reasonably designed to ensure that the funds held by
the Investor and used to purchase the Shares were legally derived.

 

		o.	No disclosure or offering document has been prepared by the Placement Agent in connection with
the offer and sale of the Shares.

 

		p.	When required to deliver payment to Alpha pursuant to Section 2 of this Subscription Agreement,
will have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this
Subscription Agreement.

 

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		7.	Registration Rights

 

		a.	Alpha agrees that, within 30 calendar days after the consummation of the Transaction (the “Filing Deadline”),
it will file with the SEC (at its sole cost and expense) a registration statement registering the resale of such Shares (the “Registration
Statement”), and it shall use its commercially reasonable efforts to have the Registration Statement declared effective
as soon as practicable after the filing thereof, but no later than the earlier of (1) the 60th calendar day after the consummation
of the Transaction (or 90th calendar day if the SEC notifies (orally or in writing) Alpha that it will “review”
the Registration Statement) and (2) the fifth (5th) Business Day after the date Alpha is notified in writing by the
SEC that the Registration Statement will not be “reviewed” or will not be subject to further review (the “Effectiveness
Date”). Alpha shall provide a draft of the Registration Statement to the Investor for review at least four (4) Business
Days in advance of the date of filing the Registration Statement with the SEC (the “Filing Date”), and the Investor
shall provide any comments on the Registration Statement to Alpha no later than the day immediately preceding the Filing Date.
Alpha shall promptly notify the Investor of the effectiveness of the Registration Statement. Alpha agrees to cause such Registration
Statement, or another shelf registration statement that includes the Shares to be sold pursuant to this Subscription Agreement,
to remain effective, except for such times as Alpha is permitted hereunder to suspend the use of the prospectus forming part of
the Registration Statement, until the earliest of (i) the second anniversary of the Closing; (ii) the date on which the Investor
ceases to hold any Shares issued pursuant to this Subscription Agreement, or (ii) on the first date on which the Investor can sell
all of its Shares issued pursuant to this Subscription Agreement (or shares received in exchange therefor) under Rule 144 of the
Securities Act without volume or manner of sale limitations and without the requirement for Alpha to be in compliance with the
current public information required under Rule 144(c)(2) (or Rule 144(i)(2), if applicable). The Investor agrees to disclose its
beneficial ownership as determined in accordance with Rule 13d-3 of the Exchange Act to Alpha upon request to assist it in making
the determination described above. In no event shall the Investor be identified as a statutory underwriter in the Registration
Statement unless requested by the SEC; provided, that if the SEC requests that the Investor be identified as a statutory
underwriter in the Registration Statement, the Investor will have an opportunity to withdraw its Shares from the Registration Statement.
Notwithstanding the foregoing, if the SEC prevents Alpha from including any or all of the shares proposed to be registered under
the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the
applicable shareholders or otherwise, such Registration Statement shall register for resale such number of Shares which is equal
to the maximum number of Shares as is permitted by the SEC. In such event, the number of Shares to be registered for each selling
shareholder named in the Registration Statement shall be reduced pro rata among all such selling shareholders. Alpha’s obligations
to include the Shares issued pursuant to this Subscription Agreement (or shares issued in exchange therefor) for resale in the
Registration Statement are contingent upon the Investor furnishing in writing to Alpha such information regarding the Investor,
the securities of Alpha held by the Investor and the intended method of disposition of such Shares as shall be reasonably requested
by Alpha to effect the registration of such Shares, and shall execute such documents in connection with such registration as Alpha
may reasonably request that are customary of a selling stockholder in similar situations. For purposes of clarification, any failure
by Alpha to file the Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness
Date shall not otherwise relieve Alpha of its obligations to file or effect the Registration Statement set forth in this Section
7 of this Subscription Agreement. For as long as the Registration Statement shall remain effective pursuant to this Section
7(a) of this Subscription Agreement, Alpha will use commercially reasonable efforts to (1) qualify the Shares for listing on
the Nasdaq, and (2) update or amend the Registration Statement as necessary to include the Shares. For as long as the Investor
holds the Shares, Alpha will use commercially reasonable efforts to (A) make and keep public information available, as those terms
are understood and defined in Rule 144, (B) file in a timely manner all reports and other documents with the SEC required under
the Exchange Act, as long as Alpha remains subject to such requirements, and (C) provide all customary and reasonable cooperation
necessary, in each case, to enable the undersigned to resell the Shares pursuant to the Registration Statement or Rule 144 of the
Securities Act (when Rule 144 of the Securities Act becomes available to the Investor), as applicable.

 

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		b.	Notwithstanding anything to the contrary contained herein, Alpha may delay or postpone filing of such Registration Statement,
and from time to time require the Investor not to sell under the Registration Statement or suspend the use or effectiveness of
any such Registration Statement, if the board of directors of Alpha determines in good faith that either in order for the Registration
Statement to not contain a material misstatement or omission, an amendment thereto would be needed, or if such filing or use could
materially affect a bona fide business or financing transaction of Alpha or would require premature disclosure of information that
could materially adversely affect Alpha (each such circumstance, a “Suspension Event”); provided, that,
(i) Alpha shall not so delay filing or so suspend the use of the Registration Statement on more than two occasions or for a period
of more than 45 consecutive days or more than a total of 60 calendar days, in each case in any 360-day period and (ii) Alpha shall
use commercially reasonable efforts to make such Registration Statement available for the sale by the undersigned of such securities
as soon as practicable thereafter. If so directed by Alpha, the Investor will deliver to Alpha or, in the Investor’s sole
discretion destroy, all copies of the prospectus covering the Shares in the Investor’s possession; provided, however, that
this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply (i) to the extent the Investor
is required to retain a copy of such prospectus (A) in order to comply with applicable legal or regulatory requirements or (B)
in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers
as a result of automatic data back-up.

 

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		c.	At its expense Alpha shall advise the Investor within two (2) Business Days: (i) when a Registration
Statement or any post-effective amendment thereto has become effective; (ii) of the issuance by the SEC of any stop order suspending
the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; (iii) of the receipt by
Alpha of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; and (iv) subject to the provisions in this Subscription Agreement,
of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as
of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were
made) not misleading. Upon receipt of any written notice from Alpha (which notice shall not contain any material non-public information
regarding Alpha) of the happening of any of the foregoing or of a Suspension Event during the period that the Registration Statement
is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made (in the case of the prospectus) not misleading, the undersigned agrees
that (1) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance
of doubt, sales conducted pursuant to Rule 144) until the undersigned receives copies of a supplemental or amended prospectus (which
Alpha agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any
post-effective amendment has become effective or unless otherwise notified by Alpha that it may resume such offers and sales, and
(2) it will maintain the confidentiality of any information included in such written notice delivered by Alpha except (A) for disclosure
to the Investor’s employees, agents and professional advisers who need to know such information and are obligated to keep
it confidential, (B) for disclosures to the extent required in order to comply with reporting obligations to its limited partners
who have agreed to keep such information confidential and (C) as required by law or subpoena. Alpha shall use its commercially
reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as
reasonably practicable. Upon the occurrence of any event contemplated in clauses (i) through (iv) above, except for such times
as Alpha is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement,
Alpha shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to
such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter
delivered to purchasers of the Shares included therein, such prospectus will not include any untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.

 

		d.	For purposes of this Section 7 of this Subscription Agreement, (i) “Shares”
shall mean, as of any date of determination, the Shares acquired by the Investor pursuant to this Subscription Agreement and any
other equity security issued or issuable with respect to such Shares by way of stock split, dividend, distribution, recapitalization,
merger, exchange, replacement or similar event, and (ii) “Investor” shall include any affiliate of the undersigned
Investor to which the rights under this Section 7 of this Subscription Agreement have been duly assigned.

 

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		8.	Termination. This Subscription Agreement shall terminate and be void and of no further force and
effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any
party in respect thereof, upon the earlier to occur of (a) such date and time as the Transaction Agreement is terminated in accordance
with its terms, (b) upon the mutual written agreement of each of the parties hereto and Alpha to terminate this Subscription Agreement,
(c) Alpha’s notification to the Investor in writing that it has, with the written consent of the Company, abandoned its plans
to move forward with the Transaction and/or terminated the Investor’s obligations with respect to the Subscription without
the delivery of the Shares having occurred, (d) the Termination Date (as defined in the Transaction Agreement), if the Closing
has not occurred by such date, or (e) if any of the conditions to Closing set forth in Section 3 of this Subscription Agreement
are not satisfied or waived (in writing by the person who has the authority to make such waiver), or are not capable of being satisfied,
on or prior to the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement will not be and
are not consummated at the Closing (the termination events described in the immediately preceding clauses (a) through (e), collectively,
the “Termination Events”); provided, that nothing herein will relieve any party from liability for any
willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to
recover losses, liabilities or damages arising from any such willful breach. Alpha shall notify the Investor of the termination
of the Transaction Agreement promptly after the termination of such agreement. Upon the occurrence of any Termination Event, this
Subscription Agreement shall be void and of no further effect and any monies paid by the Investor to Alpha in connection herewith
shall promptly (and in any event within one (1) Business Day) following the Termination Event be returned to the Investor.

 

		9.	Trust Account Waiver. The Investor hereby acknowledges that Alpha has established a trust account
(the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)
and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon)
for the benefit of Alpha’s public stockholders and certain other parties (including the underwriters of the IPO). For and
in consideration of Alpha entering into this Subscription Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Investor hereby agrees that it does not now and shall not at any time hereafter
have any right, title, interest or claim of any kind in or to any assets held in the Trust Account, and shall not make any claim
against the Trust Account, regardless of whether such claim arises as a result of, in connection with or relating in any way to
this Subscription Agreement or any other matter, and regardless of whether such claim arises based on contract, tort, equity or
any other theory of legal liability (any and all such claims are collectively referred to hereafter as the “Released Claims”).
The Investor hereby irrevocably waives any Released Claims that it may have against the Trust Account now or in the future as a
result of, or arising out of, any discussions, contracts or agreements with Alpha and will not seek recourse against the Trust
Account for any reason whatsoever; provided, however, that nothing in this Section 9 of this Subscription
Agreement shall be deemed to limit the Investor’s right to distributions from the Trust Account in accordance with Alpha’s
certificate of incorporation in respect of any redemptions by the Investor in respect of Shares acquired by any means other than
pursuant to this Subscription Agreement.

 

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		10.	Miscellaneous.

 

		a.	Neither this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other
than the Shares acquired hereunder, if any) may be transferred or assigned other than an assignment to any fund or account managed
by the same investment manager as the Investor or an affiliate thereof.

 

		b.	Alpha may request from the Investor such additional information as Alpha may deem necessary to
register the resale of the Shares and evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall promptly
provide such information as may reasonably be requested; provided, that Alpha agrees to keep any such information provided
by the Investor confidential, except (i) as required by the federal securities laws, rules or regulations and (ii) to the extent
such disclosure is required by other laws, rules or regulations, at the request of the staff of the SEC or regulatory agency
or under the regulations of Nasdaq. The Investor acknowledges that Alpha may file a copy of this Subscription Agreement with the
SEC as an exhibit to a periodic report or a registration statement of Alpha.

 

		c.	The Investor acknowledges that Alpha, the Company, the Placement Agent and others will rely on
the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior
to the Closing, the Investor agrees to promptly notify Alpha and the Company if any of the acknowledgments, understandings, agreements,
representations and warranties set forth in Section 6 of this Subscription Agreement are no longer accurate. The Investor
acknowledges and agrees that each purchase by the Investor of Shares from Alpha will constitute a reaffirmation of the acknowledgments,
understandings, agreements, representations and warranties herein (as modified by any such notice) by the Investor as of the time
of such purchase.

 

		d.	Alpha, the Company and the Placement Agent are each entitled to rely upon this Subscription Agreement
and each is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby; provided, however, that the foregoing
clause of this Section 10(d) of this Subscription Agreement shall not give Alpha any rights other than those expressly set
forth herein and, without limiting the generality of the foregoing and for the avoidance of doubt, in no event shall the Company
be entitled to rely on any of the representations and warranties of Alpha set forth in this Subscription Agreement.

 

		e.	All of the agreements, representations and warranties made by each party hereto in this Subscription
Agreement shall survive the Closing.

 

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		f.	This Subscription Agreement may not be modified, waived or terminated (other than pursuant to the
terms of Section 8 of this Subscription Agreement) except by an instrument in writing, signed by each of the parties hereto,
provided, however, that no modification or waiver by Alpha of the provisions of this Subscription Agreement shall
be effective without the prior written consent of Alpha (other than modifications or waivers that are solely ministerial in nature
or otherwise immaterial and do not affect any economic or any other material term of this Subscription Agreement or the Transaction
Agreement). No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they
would otherwise have hereunder.

 

		g.	This Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and
supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties,
with respect to the subject matter hereof. Except as set forth in the last sentence of Section 10(k) of this Subscription
Agreement with respect to the persons specifically referenced therein, this Subscription Agreement shall not confer any rights
or remedies upon any person other than the parties hereto, and their respective successor and assigns, and the parties hereto acknowledge
that such persons so referenced are third party beneficiaries of this Subscription Agreement for the purposes of, and to the extent
of, the rights granted to them, if any, pursuant to the applicable provisions.

 

		h.	Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

		i.	If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction
to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription
Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

 

		j.	This Subscription Agreement may be executed in one or more counterparts (including by facsimile
or electronic mail or in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto
had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and
the same agreement.

 

		k.	The parties hereto acknowledge and agree that irreparable damage would occur in the event that
any of the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the parties may be entitled to an injunction or injunctions to prevent breaches of this
Subscription Agreement, without posting a bond or undertaking and without proof of damages, to enforce specifically the terms and
provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in
equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree that the Company shall be entitled to specifically
enforce the Investor’s obligations to fund the Subscription Amount and the provisions of the Subscription Agreement of which
the Company is an express third-party beneficiary, in each case, on the terms and subject to the conditions set forth herein.

 

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		l.	This Subscription Agreement shall be governed by and construed in accordance with the laws of the
State of New York (regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof)
as to all matters (including any action, suit, litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding,
hearing, audit, investigation or reviews by or before any governmental entity related hereto), including matters of validity, construction,
effect, performance and remedies.

 

		m.	THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION
AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND
IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT
OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT
OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS
SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE
THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL
COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT
MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN
THE MANNER PROVIDED IN THIS SECTION 10(M) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY
LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES
THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 10(M) OF THIS SUBSCRIPTION AGREEMENT.

 

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		11.	Disclosure. Alpha shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately following
the date of this Subscription Agreement, issue one or more press releases and file with the SEC a Current Report on Form 8-K (collectively,
the “Disclosure Document”) disclosing all material terms of the transactions contemplated hereby and by the
Other Subscription Agreements, the Transaction and any other material, non-public information that Alpha has provided to the Investor
at any time prior to the filing of the Disclosure Document and including as exhibits to the Disclosure Document, the form of this
Subscription Agreement and the Other Subscription Agreement (in each case, without redaction) . Upon the issuance of the Disclosure
Document, to the actual knowledge of Alpha, the Investor shall not be in possession of any material, non-public information received
from Alpha or any of its officers, directors, or employees or agents, and the Investor shall no longer be subject to any confidentiality
or similar obligations under any current agreement, whether written or oral, with Alpha or any of its affiliates, relating to the
transactions contemplated by this Subscription Agreement. No later than 9:00 a.m., New York City time, on the fourth (4th) Business
Day following the earlier to occur of the Closing Date or the termination of the Transaction Agreement, Alpha shall file with the
SEC a Current Report on Form 8-K (the “Super 8-K”) disclosing the requisite Form 10 information (within the
meaning of Rule 144), the consummation of the transactions contemplated hereby, the Transaction and the transactions contemplated
by this Subscription Agreement, the Other Subscription Agreements and the Transaction Agreement, or if applicable, the termination
of the Transaction Agreement, and, in each case, any other material, nonpublic information that Alpha has provided or made available
to the Investor or any of the Investor’s affiliates, attorneys, agents or representatives at any time prior to the filing
of the Super 8-K with respect to the Targets, the Transaction and the transactions contemplated by this Subscription Agreement,
the Other Subscription Agreements and the Transaction Agreement, and which then continues to constitute material, nonpublic information.
Notwithstanding anything in this Subscription Agreement to the contrary, Alpha shall not publicly disclose the name of the Investor
or any of its affiliates or advisers, or include the name of the Investor or any of its affiliates or advisers in any press release
or in any filing with the SEC or any regulatory agency or trading market, without the prior written consent of the Investor, except
(i) as required by the federal securities law or pursuant to other routine proceedings of regulatory authorities, (ii) to the extent
such disclosure is required by law, at the request of the staff of the SEC or regulatory agency or under the regulations of any
national securities exchange on which Alpha’ securities are listed for trading or (iii) to the extent such announcements
or other communications contain only information previously disclosed in a public statement, press release or other communication
previously approved in accordance with this Section 11 of this Subscription Agreement. Alpha shall provide the Investor
with prior written notice (including by e-mail) of such permitted disclosure, and shall reasonably consult with the Investor regarding
such disclosure.

 

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		12.	As applicable, for ease of administration, this single Subscription Agreement is being executed so as to enable the Investor
identified on the signature page to enter into a Subscription Agreement, severally, but not jointly. The parties agree that (i)
the Subscription Agreement shall be treated as if it were a separate agreement with respect to the Investor listed on the signature
page and the Other Investors, as if each of the Investors had executed a separate Subscription Agreement naming only itself as
subscriber, and (ii) the Investor listed on the signature page shall not have any liability under the Subscription Agreement for
the obligations of any Other Investor so listed. In addition, the obligations of the Investors under this Subscription Agreement
are several and not joint with the obligations of any Other Investor or any other investor under the Other Subscription Agreements,
and the Investor shall not be responsible in any way for the performance of the obligations of any Other Investor under this Subscription
Agreement or any Other Subscriber or other investor under the Other Subscription Agreements. Nothing contained herein or in any
Other Subscription Agreement, and no action taken by the Investor or Other Investor or other investor pursuant hereto or thereto,
shall be deemed to constitute the Investor and any Other Investors or other investors as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Investor and any Other Investors or other investors are in
any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription
Agreement and the Other Subscription Agreements. The Investor shall be entitled to independently protect and enforce its rights,
including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other
Investor to be joined as an additional party in any proceeding for such purpose.

 

		13.	This Subscription Agreement may not be amended, modified or waived except by an instrument in writing, signed by each of the
parties hereto.

 

		14.	Subscriber will promptly provide any information reasonably requested by Alpha for any regulatory application or filing made
or approval sought in connection with the Transaction (including filings with the SEC).

 

[SIGNATURE PAGES FOLLOW]

 

    20

    

    

 

IN WITNESS WHEREOF,
the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the
date set forth below.

 

	Name of Investor:	 	State/Country of Formation or Domicile:
	 	 	 
	By:	 	 	 
	 	 	 	 
	Name:  	                  	 	 
	 	 	 	 
	Title:	 	 	 

 

Name in which Shares are to be registered (if Date:
__________, 2021 different)

 

	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State Zip:
	 	 	 
	Attn:__________________________________________	 	Attn:__________________________________________
	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	Facsimile No.:	 	Facsimile No.:
	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by Alpha in the Closing
Notice.

 

    21

    

    

 

IN WITNESS WHEREOF,
Alpha has accepted this Subscription Agreement as of the date set forth below.

 

	 	ALPHA HEALTHCARE ACQUISITION CORP.
	 	 
	 	By:	 
	 	Name:  	                     
	 	Title:	 

 

Date: 2021

 

    22

    

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable
subparagraphs):

 

		☐	We are a “qualified institutional buyer” (as
defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please
check the applicable subparagraphs):

 

		1.	☐ We are an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act or an entity in which all of the equity holders are accredited investors within
the meaning of Rule 501(a) under the Securities Act), and have marked and initialed the appropriate box below indicating the provision
under which we qualify as an “accredited investor.”

 

		2.	☐ We are not a natural person.

 

Rule 501(a), in relevant part,
states that an “accredited investor” shall mean any person who comes within any of the below listed categories, or
who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to
that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply
to the Investor and under which the Investor accordingly qualifies as an “accredited investor.”

 

		☐	Any bank, registered broker or dealer, registered investment
adviser, insurance company, registered investment company, business development company, or small business investment company;

 

		☐	Any plan established and maintained by a state, its political
subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such
plan has total assets in excess of $5,000,000;

 

		☐	Any employee benefit plan, within the meaning of the Employee
Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment adviser makes the investment decisions,
or if the plan has total assets in excess of $5,000,000;

 

		☐	Any organization described in Section 501(c)(3) of the
Internal Revenue Code, corporation, similar business trust, or partnership or limited liability company, not formed for the specific
purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

    23

    

    

 

		☐	Any trust with assets in excess of $5,000,000, not formed
to acquire the securities offered, whose purchase is directed by a sophisticated person; or

 

		☐	Any entity in which all of the equity owners are accredited
investors meeting one or more of the above tests.

 

		C.	INSTITUTIONAL ACCOUNT STATUS

(Please
check the applicable subparagraphs):

 

		☐	We are an “institutional account” (as defined
in FINRA Rule 4512(c)).

 

		D.	INDIVIDUAL ACCOUNT STATUS

 

		☐	I am an individual “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act), and have marked and initialed the appropriate box below indicating the provision
under which I qualify as an “accredited investor.”

 

Rule 501(a), in relevant part,
states that an “accredited investor” shall mean any person who comes within any of the below listed categories, or
who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to
that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply
to the Investor and under which the Investor accordingly qualifies as an “accredited investor.”

 

		☐	The Investor is a natural person (or a 401(k)/IRA investor
directed by and for the benefit of a single natural person) whose net worth, either individually or jointly with the person’s
spouse or spousal equivalent, at of the date of this Subscription Agreement, exceeds US$1,000,000.

 

		☐	The Investor is a natural person (or a 401(k)/IRA investor
directed by and for the benefit of a single natural person) who had individual income in excess of US$200,000, or joint income
with the person’s spouse or spousal equivalent in excess of US$300,000, in each of the previous two calendar years and reasonably
expects to reach the same income level in the current calendar year.

 

In calculating the Investor’s
net worth: (i) the Investor’s primary residence may not be included as an asset; (ii) indebtedness that is secured by the
Investor’s primary residence, up to the estimated fair market value of the primary residence as of the date of this Subscription
Agreement, may not be included as a liability (except that if the amount of such indebtedness outstanding at the time of calculation
exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the
amount of such excess must be included as a liability); and (iii) indebtedness that is secured by the Investor’s primary
residence in excess of the estimated fair market value of the primary residence as of the date of this Subscription Agreement must
be included as a liability. In calculating the Investor’s joint net worth with the Investor’s spouse or spousal equivalent,
the Investor’s spouse’s primary residence (if different from the Investor’s own) and indebtedness secured by
such primary residence should be treated in a similar fashion.

 

This page should be completed
by the Investor and constitutes a part of the Subscription Agreement.

 

 

 24

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