Form 8-K
8-K — Pluri Inc.
Accession: 0001213900-26-094638
Filed: 2026-08-28
Period: 2026-08-26
CIK: 0001158780
SIC: 2836 (BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES))
Item: Entry into a Material Definitive Agreement
Item: Unregistered Sales of Equity Securities
Item: Financial Statements and Exhibits
Documents
8-K — ea0303582-8k_pluri.htm (Primary)
EX-4.1 — FORM OF COMMON WARRANT (ea030358201ex4-1.htm)
EX-4.2 — FORM OF PRE-FUNDED WARRANT (ea030358201ex4-2.htm)
EX-5.1 — LEGAL OPINION OF SULLIVAN & WORCESTER LLP (ea030358201ex5-1.htm)
EX-10.1 — FORM OF SECURITIES PURCHASE AGREEMENT (ea030358201ex10-1.htm)
EX-10.2 — PLACEMENT AGENCY AGREEMENT (ea030358201ex10-2.htm)
GRAPHIC (ea030358201ex5-1img1.jpg)
GRAPHIC (ea030358201ex5-1img2.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K — CURRENT REPORT
8-K (Primary)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
August 28, 2026 (August 26, 2026)
PLURI INC.
(Exact Name of Registrant as Specified in Its Charter)
Nevada
001-31392
98-0351734
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
MATAM
Advanced Technology Park
Building No. 5
Haifa, Israel
3508409
(Address of Principal Executive Offices)
(Zip Code)
011 972 74 710 7171
(Registrant’s telephone number, including
area code)
Not applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares, par value $0.00001 per share
PLUR
The Nasdaq Capital Market
Indicate by check mark whether the registrant
is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On August 26, 2026, Pluri Inc. (the “Company”)
entered into a securities purchase agreement (the “Purchase Agreement”) with a certain institutional investor (the “Purchaser”)
pursuant to which the Company agreed to issue and sell in a registered direct offering (the “Registered Direct Offering”)
registered under the Securities Act of 1933, as amended (the “Securities Act”), an aggregate of (i) 1,200,000 (the “Shares”)
of the Company’s common shares (“Common Shares”) and (ii) pre-funded warrants (the “Pre-Funded Warrants”)
to purchase up to 1,028,940 Common Shares (such shares issuable upon exercise of the Pre-Funded Warrants, the “Pre-Funded Warrant
Shares”, and together with the Shares and the Pre-Funded Warrants, the “Securities”). Each Share was offered
and sold at an offering price of $1.50 before deducting placement agent fees and other offering expenses, and each Pre-Funded Warrant was
offered and sold at an offering price of $1.49999 which is equal to the offering price per share less the $0.00001 exercise price of each Pre-Funded Warrant, before
deducting placement agent fees and other offering expenses.
Each Pre-Funded Warrant has
an initial exercise price per share of $0.00001, subject to certain adjustments. The Pre-Funded Warrants are
exercisable immediately and may be exercised at any time until all of the Pre-Funded Warrants are exercised in
full.
Additionally, pursuant to the Purchase Agreement,
the Company agreed to issue to the Purchaser, in a concurrent private placement (the “Concurrent Private Placement” and, together
with the Registered Direct Offering, the “Offering”), common purchase warrants (the “Common Warrants”) to purchase
one Common Share for each Share or Pre-Funded Warrant purchased in the Registered Direct Offering for an aggregate of 2,228,940 Common
Shares. The Common Warrants will be initially exercisable six (6) months following their issuance and will be exercisable for a period
of five (5) years from the initial exercise date. The exercise price of the Common Warrants is $1.65 per share.
The Offering is expected to close on August 28,
2026. The net proceeds from the Offering are expected to be approximately $2,984,808, after deducting placement agent fees and other estimated
offering expenses. The Company intends to use the net proceeds from the Offering for corporate development and general purposes and working
capital.
In connection with the Offering, the Company entered
into a placement agency agreement (the “Placement Agency Agreement”) with A.G.P./Alliance Global Partners (the “Placement
Agent”), pursuant to which the Placement Agent agreed to serve as the Company’s sole placement agent in connection with the
Offering. As compensation for the services provided by the Placement Agent in connection with the Offering, the Company agreed to pay
the Placement Agent a cash fee of 6.50% of the gross proceeds which will be received by the Company from the sale of the securities at
the closing. The Company also agreed to reimburse the Placement Agent for certain of its out-of-pocket accountable expenses incurred in
connection with its services as placement agent in an amount not to exceed $50,000 in the aggregate.
The Securities were offered by the Company pursuant
to the Company’s shelf registration statement on Form S-3 (File No. 333-273347) declared effective by the Securities and Exchange
Commission (the “SEC”) on September 21, 2023 and the related prospectus supplement and accompanying prospectus.
Pursuant to the Purchase Agreement, the
Company agreed that: (A) for a period of 45 days after the closing date of the Offering, the Company will not (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 (as
defined in the Purchase Agreement) or (ii) file any registration statement or any amendment or supplement thereto, in each case
subject to certain limited exceptions; and (B) from the date of the Purchase Agreement and until six (6) month following the closing
date of the Offering, the Company will be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of
its subsidiaries of Common Shares or Common Share Equivalents (as defined in the Purchase Agreement) (or a combination of units
thereof) involving a Variable Rate Transaction (as defined in the Purchase Agreement), provided however, that the Company may enter into and/or issue Common Shares in an “at the market offering” with A.G.P./Alliance
Global Partners after 30 days following the closing date of the Offering.
1
The Purchase Agreement contains customary representations
and warranties, agreements and obligations, conditions to closing and termination provisions. In connection with the Offering, the Company’s
directors and executive officers also entered into lock-up agreements with the Company, pursuant to which such directors and officers
will not be permitted to, for a period of 45 days after the closing to offer, sell, contract to sell, hypothecate, pledge or otherwise
dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition at any time,
including in the future (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by such
directors and officers or their affiliates), their Company securities, subject to certain limited exceptions.
The foregoing descriptions of the Common Warrants,
Pre-Funded Warrants, Purchase Agreement and Placement Agency Agreement do not purport to be complete and are qualified in their entirety
by reference to the full text of the Form of Common Warrant, Form of Pre-Funded Warrants, Form of Securities Purchase Agreement and Placement
Agency Agreement, which are attached as Exhibits 4.1, 4.2, 10.1 and 10.2, respectively, hereto and incorporated by reference herein.
The legal opinion of Sullivan & Worcester
LLP relating to the legality of the issuance and sale of the securities in the Registered Direct Offering is filed as Exhibit 5.1 to this
Current Report on Form 8-K.
Item 3.02 Unregistered Sales of Equity Securities.
Pursuant to the Concurrent Private Placement described
in Item 1.01 above, which description is incorporated into this Item 3.02 by reference, the Common Warrants (including the Common Stock
issuable upon exercise of the Common Warrants) (collectively, the “Private Securities”) were issued in reliance upon the exemption
from registration pursuant to Section 4(a)(2) under the Securities Act and Regulation D under the Securities Act, and corresponding provisions
of state securities or “blue sky” laws. The sale of the Private Securities did not involve a public offering and was made
without general solicitation or general advertising. Accordingly, the Private Securities have not been registered under the Securities
Act or any state securities laws and such securities may not be offered or sold in the United States absent registration, or an exemption
from registration, under the Securities Act and any applicable state securities laws.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit
No.
Description
4.1
Form of Common Warrant
4.2
Form of Pre-Funded Warrant
5.1
Legal opinion of Sullivan & Worcester LLP
10.1
Form of Securities Purchase Agreement
10.2
Placement Agency Agreement
23.1
Consent of Sullivan & Worcester LLP (included in Exhibit 5.1)
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PLURI INC.
Date: August 28, 2026
By:
/s/ Liat Zalts
Name:
Liat Zalts
Title:
Chief Financial Officer
3
EX-4.1 — FORM OF COMMON WARRANT
EX-4.1
Filename: ea030358201ex4-1.htm · Sequence: 2
Exhibit 4.1
THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, THIS
SECURITY MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS.
COMMON
SHARES PURCHASE WARRANT
Pluri
Inc.
Warrant Shares: [____]
Original Issuance Date: [_____], 2026
THIS COMMON SHARES PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, [_____] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the six (6) month anniversary of the Original Issuance Date (the “Initial Exercise Date”) and on or prior to 5:00 p.m.
(New York City time) on the date which is the five year anniversary of the Initial Exercise Date (the “Termination Date”),
but not thereafter, to subscribe for and purchase from Pluri Inc., a Nevada corporation (the “Company”), up to [____]
of the Company’s common shares, par value $0.00001 per share (the “Common Shares”) (as subject to adjustment
hereunder, the “Warrant Shares”). The purchase price of one Common Share under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).
Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Agreement”), dated [____], 2026, among the Company and the purchaser signatory thereto.
Section 2. Exercise.
a) Exercise
of Warrant. Subject to the terms and conditions hereof, exercise of the purchase rights represented by this Warrant may be made, in
whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the
Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form
annexed hereto (the “Notice of Exercise”). Within the earlier of (i) one (1) Trading Day and (ii) the number of
Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is
specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares
available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company
for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial
exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the
effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such
purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof. For the avoidance of doubt, there is no circumstances that would require the
Company to net cash settle this Warrant.
b) Exercise
Price. The exercise price per Common Share under this Warrant shall be $[__], subject to adjustment hereunder (the “Exercise
Price”).
c) Cashless
Exercise. If, after the applicable deadline for causing a resale registration statement to become effective as set forth in clause
d) of Annex A to the Agreement, at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance or resale of the Warrant Shares to or by the Holder, then this Warrant may also be
exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
(A) =
as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
2
(B) =
the Exercise Price of this Warrant, as adjusted hereunder; and
(X) =
the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.
“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares
are then listed or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date)
on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares
are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The Pink Open Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Shares so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected
in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.
“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date)
on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares
are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The Pink Open Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Shares so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected
in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.
If Warrant Shares
are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act,
the Warrant Shares shall take on the characteristics of the Warrants being exercised. The Company agrees not to take any position contrary
to this Section 2(c).
3
d) Mechanics
of Exercise.
i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of
the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and
otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earlier of (A) the earlier of (i) one (1) Trading Day and (ii) the number of days comprising
the Standard Settlement Period, in each case after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading
Day after delivery of the aggregate Exercise Price to the Company (such date, the “Warrant Share Delivery Date”). Upon
delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that
payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the Warrant Share Delivery Date.
If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
Date, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company
by such date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares
subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day
(increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after
such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain
a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.
4
ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant.
iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such
exercise.
iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition
to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other
than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which
(x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the
amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with
the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the
option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was
not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have
been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases
Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an
aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the
Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the
Warrant as required pursuant to the terms hereof.
v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price or round up to the next whole share.
5
vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of
the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the
Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the
Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery
of the Warrant Shares.
vii. Closing of Books. The Company will not close its stockholder books or records in any manner which
prevents the timely exercise of this Warrant, pursuant to the terms hereof.
e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common
Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the
Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion
of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution
Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by
the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange
Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the
sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall
have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises
of the Warrant that are not in compliance with the Beneficial Ownership Limitation, except to the extent that the Holder relies on the
number of outstanding Common Shares that was provided by the Company. For purposes of this Section 2(e), in determining the number of
outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s most recent
periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding. Upon the written
request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of Common Shares
then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise
of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which
such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the
number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant.
The Holder, upon written notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e),
provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after
giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e)
shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice
is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.
6
Section 3. Certain Adjustments.
a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which,
for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding
Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into
a smaller number of shares, or (iv) issues by reclassification of Common Shares any shares of capital stock of the Company, then in each
case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury
shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that
the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.
b) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or
sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without
limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale
of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined
for the grant, issue or sale of such Purchase Rights (provided, however, that to the extent that the Holder’s right
to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall
not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such
Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever,
as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
c) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of
this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the
record holders of Common Shares are to be determined for the participation in such Distribution (provided, however, that
to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for
the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion
of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.
7
d) Fundamental
Transaction.
i. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one
or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any
Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
substantially all of the Company’s assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are
permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of more
than 50% of the outstanding Common Shares or more than 50% of the voting power of the common equity of the Company, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of Common
Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization or recapitalization that requires the approval
of the shareholders of the Company, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding Common Shares or more than 50% of the voting power of the common equity of the
Company (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have
the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant),
the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders
of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Provided, however, that, if the Fundamental Transaction is not within the Company’s control, including not approved
by the Company’s Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity the same
type or form of consideration (and in the same proportion), at the value of the unexercised portion of this Warrant, that is being offered
and paid to the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that consideration be
in the form of cash, stock or any combination thereof, or whether the holders of Common Shares are given the choice to receive from among
alternative forms of consideration in connection with the Fundamental Transaction; provided further, that if holders of Common Shares
of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Shares will be deemed
to have received shares of the Successor Entity (which Successor Entity may be the Company following such Fundamental Transaction) in
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the
survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and
the other Transaction Documents. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term
“Company” under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each
and every provision of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to
each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities,
jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor
Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with
the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company
herein.
8
ii. Redemption Right. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction,
the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with,
or within thirty (30) days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of
the applicable Fundamental Transaction), redeem this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black
Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental
Transaction; provided, however, that, if the Fundamental Transaction is not within the Company’s control, including not approved
by the Company’s Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity the same
type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that
is being offered and paid to the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that
consideration be in the form of cash, shares or any combination thereof, or whether the holders of Common Shares are given the choice
to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders
of Common Shares of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Shares
will be deemed to have received share equity of the Successor Entity (which Entity may be the Company following such Fundamental Transaction)
in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected
volatility equal to the volatility for the remaining exercise period as obtained from the HVT function on Bloomberg (determined utilizing
a 252 day annualization factor) as of the Trading Day immediately following the consummation of the applicable contemplated Fundamental
Transaction, (C) the underlying price per share used in such calculation shall be the VWAP for the 30 days prior to the Trading Day immediately
preceding the consummation of the applicable contemplated Fundamental Transaction and (D) a remaining option time equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) cost of borrow for
the Company’s shares at the exercise date. The payment of the Black Scholes Value will be made by wire transfer of immediately available
funds (or such other consideration) within the later of (i) five Business Days of the Holder’s election and (ii) the date of
consummation of the Fundamental Transaction.
e) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number
of Common Shares (excluding treasury shares, if any) issued and outstanding.
f) Notice
to Holder.
i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after
such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring
such adjustment.
9
ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution
in whatever form) on the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all
or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other
securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last
facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the
applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose
of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of
the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y)
the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close,
and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Company’s subsidiaries, the Company shall simultaneously file
such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during
the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be
expressly set forth herein.
Section 4. Transfer of
Warrant.
a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part,
upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.
10
b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical with
this Warrant except as to the number of Warrant Shares issuable pursuant thereto.
c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.
Section 5. Miscellaneous.
a) No
Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,” and
to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash
settle an exercise of this Warrant.
b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
c) 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 Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.
11
d) Authorized
Shares. The Company covenants that, at all times during the period the Warrant is outstanding, it will reserve from its authorized
and unissued Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The
Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.
The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant
will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be
duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect
of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).
Except and to
the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment (it being understood that this Warrant shall not in any
case prevent the Company from effecting any such amendment, reorganization, transfer, consolidation, merger, dissolution, issuance or
sale). Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of
this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
Before taking
any action, which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.
e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Agreement.
12
f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that the right to
exercise this Warrant terminates on the Termination Date. Without limiting any other provision of this Warrant or the Agreement, if the
Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder,
the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to,
reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant
hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in
accordance with the notice provisions of the Agreement.
i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.
j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.
k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.
l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
the Holder of this Warrant, on the other hand.
m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
********************
[Signature Page Follows]
13
IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
Pluri Inc.
By:
Name:
Title:
14
NOTICE
OF EXERCISE
TO: Pluri INC.
(1) The undersigned hereby elects to purchase
________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2) Payment shall take the form of (check applicable
box):
☐ in lawful money of the United States; or
☐ if permitted, the cancellation of such number of Warrant Shares as is necessary, in accordance with the
formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant
to the cashless exercise procedure set forth in subsection 2(c).
(3) Please issue said Warrant Shares in the name
of the undersigned or in such other name as is specified below:
The Warrant Shares shall be delivered to the following
DWAC Account Number:
[SIGNATURE OF HOLDER]
Name of Investing Entity:
Signature of Authorized Signatory of Investing Entity:
Name of Authorized Signatory:
Title of Authorized Signatory:
Date:
15
ASSIGNMENT
FORM
(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to purchase shares.)
FOR VALUE RECEIVED, the foregoing Warrant and
all rights evidenced thereby are hereby assigned to
Name:
(Please Print)
Address:
(Please Print)
Phone Number:
Email Address:
Dated:____________ _____, ______
Holder’s
Signature:
Holder’s
Address:
16
EX-4.2 — FORM OF PRE-FUNDED WARRANT
EX-4.2
Filename: ea030358201ex4-2.htm · Sequence: 3
Exhibit 4.2
PRE-FUNDED
COMMON SHARES PURCHASE WARRANT
Pluri
Inc.
Warrant Shares: [____]
Issue Date: [____], 2026
THIS PRE-FUNDED COMMON SHARES
PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [____] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date hereof (the “Initial Exercise Date”) and until this Warrant is exercised in full (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Pluri Inc., a Nevada corporation (the “Company”),
up to [____] of the Company’s common shares, par value $0.00001 per share (the “Common Shares”) (as subject to adjustment
hereunder, the “Warrant Shares”). The purchase price of one Common Share under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).
Section 1. Definitions. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase
Agreement”), dated [____], 2026, by and between the Company and the purchaser signatory thereto.
Section 2. Exercise.
a) Exercise
of Warrant. Subject to the terms and conditions thereof, exercise of the purchase rights represented by this Warrant may be made,
in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the
Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form
annexed hereto (the “Notice of Exercise”). Within the earlier of (i) one (1) Trading Day and (ii) the number of
Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is
specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares
available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company
for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial
exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the
effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such
purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.
b) Exercise
Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.00001 per Warrant Share, was pre-funded
to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise
price of $0.00001 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant.
The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance
or for any reason whatsoever. The remaining unpaid exercise price per Common Share under this Warrant shall be $0.00001, subject to adjustment
hereunder (the “Exercise Price”).
c) Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance or resale of the Warrant Shares to or by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
(A) =
as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
(B) =
the Exercise Price of this Warrant, as adjusted hereunder; and
(X) =
the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.
2
“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares is then listed
or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Shares is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the
Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares is not then listed
or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The Pink Open Market (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Shares so reported, or (d)
in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders
of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which
shall be paid by the Company.
“VWAP” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted
on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the
Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price
of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then
listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Shares so reported,
or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by
the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.
If Warrant Shares are issued
in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant
Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary
to this Section 2(c).
d) Mechanics
of Exercise.
i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of
the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and
otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earlier of (A) the earlier of (i) one (1) Trading Day and (ii) the number of days comprising
the Standard Settlement Period, in each case after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company (such date, the “Warrant Share Delivery Date”). Upon delivery
of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment
of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the Warrant Share Delivery Date. If the
Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject
to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing
to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing,
with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which
may be delivered at any time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject
to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share
Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise)
is received by such Warrant Share Delivery Date.
3
ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the
Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant.
iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition
to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if
after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any,
by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased
exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed,
and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such
exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common
Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding
sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts
payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares
upon exercise of the Warrant as required pursuant to the terms hereof.
v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price or round up to the next whole share.
4
vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of
the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the
Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the
Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery
of the Warrant Shares.
vii. Closing of Books. The Company will not close its stockholder books or records in any manner which
prevents the timely exercise of this Warrant, pursuant to the terms hereof.
e) Holder’s
Exercise Limitations.
i. Beneficial Ownership. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates,
and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the
foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include
the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of Common Shares which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates or Attribution Parties and (B) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution
Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e)(ii), beneficial ownership shall be calculated
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the
limitation contained in this Section 2(e)(ii) applies, the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability
for exercise of the Warrant that are not in compliance with the Benefinical Ownership Limitation, except to the extent the Holder relies
on the number of outstanding Ordinary Shares that was provided by the Company. For purposes of this Section 2(e), in determining
the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company
or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding. Upon the
written request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of Common
Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 9.99%
of the number of Common Share outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this
Warrant. The Holder, upon written notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this
Section 2(e)(ii), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Share outstanding
immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of
this Section 2(e)(ii) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(e)(ii) to correct this paragraph (or any portion hereof) which may
be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder
of this Warrant.
5
Section 3. Certain Adjustments.
a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on Common Share or any other equity or equity equivalent securities payable in Common Shares (which, for
avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding
Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into
a smaller number of shares, or (iv) issues by reclassification of Common Share any shares of capital stock of the Company, then in each
case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury
shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that
the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.
b) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding
the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro
rata to the record holders of any class of Common Shares (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the
Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common
Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that to the extent
that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for
the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
6
c) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of
this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the
record holders of Common Shares are to be determined for the participation in such Distribution (provided, however, that
to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for
the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion
of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.
d) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary),
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any direct or indirect purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender
or exchange their shares for other securities, cash or property and has been accepted by the holders of more than 50% of the outstanding
Common Shares or more than 50% of the voting power of the share equity of the Company, (iv) the Company, directly or indirectly, in one
or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share
exchange pursuant to which the Common Shares is effectively converted into or exchanged for other securities, cash or property, or (v) the
Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization or recapitalization that requires the approval of the shareholders of the
Company, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires
more than 50% of the outstanding Common Shares or more than 50% of the voting power of the share equity of the Company (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant
Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option
of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of
the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which
this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on
the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such
Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to
the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction; provided, however, that,
if the Fundamental Transaction is not within the Company’s control, including not approved by the Board of Directors, the Holder
shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion),
at the value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Shares in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the
holders of Common Shares are given the choice to receive from among alternative forms of consideration in connection with the Fundamental
Transaction; provided, further, that if holders of Common Shares are not offered or paid any consideration in such Fundamental Transaction,
such holders will be deemed to have received Common Shares of the Successor Entity (which Successor Entity may be the Company following
such Fundamental Transaction) in such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction
in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Warrant and the other Transaction Documents. Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation of such
Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity
or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the
Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other
Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had
been named as the Company herein.
7
e) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of
the number of Common Shares (excluding treasury shares, if any) issued and outstanding.
f) Notice
to Holder.
ii. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price
after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring
such adjustment.
iii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution
in whatever form) on the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all
or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other
securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last
facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the
applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose
of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of
the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y)
the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close,
and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Share for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate
action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material,
non-public information regarding the Company or any of the Company’s subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set
forth herein.
8
Section 4. Transfer of Warrant.
a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part,
upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.
b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical with
this Warrant except as to the number of Warrant Shares issuable pursuant thereto.
c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.
Section 5. Miscellaneous.
a) No
Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set
forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,” and to receive
the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash settle
an exercise of this Warrant.
b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
9
c) 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 Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.
d) Authorized Shares. The
Company covenants that, at all times during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under
this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation
of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company
covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon
exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).
Except and to the extent as
waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of
incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment (it being understood that this Warrant shall not in any case
prevent the Company from affecting any such amendment, reorganization, transfer, consolidation, merger, dissolution, issuance or sale).
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this
Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
Before taking any action,
which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.
e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.
10
f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that the right to
exercise this Warrant terminates on the Termination Date. Without limiting any other provision of this Warrant or the Purchase Agreement,
if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the
Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited
to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant
hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in
accordance with the notice provisions of the Purchase Agreement.
i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.
j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.
k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.
l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
the Holder of this Warrant, on the other hand.
m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
[Signature page follows.]
11
IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
Pluri Inc.
By:
Name:
Title:
12
NOTICE OF EXERCISE
TO: Pluri Inc.
(1) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2) Payment shall take the
form of (check applicable box):
☐ in lawful money of the United States;
or
☐ if permitted the cancellation of
such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with
respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).
(3) Please issue said Warrant
Shares in the name of the undersigned or in such other name as is specified below:
_______________________________
The Warrant Shares shall be delivered to the following
DWAC Account Number:
_______________________________
_______________________________
_______________________________
[SIGNATURE OF HOLDER]
Name of Investing Entity: ______________________________________________________
Signature of Authorized Signatory of Investing Entity: _________________________________
Name of Authorized Signatory: ___________________________________________________
Title of Authorized Signatory: ____________________________________________________
Date: ________________________________________________________________________
13
EXHIBIT B
ASSIGNMENT FORM
(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to exercise the Warrant to purchase shares.)
FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to
Name:
(Please Print)
Address:
(Please Print)
Phone Number:
Email Address:
Dated: _______________ __, ______
Holder’s Signature:
Holder’s Address:
14
EX-5.1 — LEGAL OPINION OF SULLIVAN & WORCESTER LLP
EX-5.1
Filename: ea030358201ex5-1.htm · Sequence: 4
Exhibit 5.1
August 28, 2026
Pluri Inc.
Matam Advanced Technology Park
Building No. 5
Haifa, Israel 3508409
Re: Sale of Common Shares and Pre-Funded Warrant Shares pursuant
to Registration Statement on Form S-3
Ladies and Gentlemen:
This opinion is furnished
to you in connection with a Registration Statement on Form S-3 (Registration No. 333-273347) (the “Registration Statement”),
the prospectus included therein and the related prospectus supplement (such prospectus, as supplemented by such prospectus supplement,
the “Prospectus Supplement”) filed or to be filed with the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Securities Act”), by Pluri Inc. (the “Company”),
with respect to the sale of (a) 1,200,000 (the “Shares”) of the Company’s common shares, par value $0.00001
per share (the “Common Shares”), and (b) pre-funded warrants to purchase up to 1,028,940 Common Shares (the “Pre-Funded
Warrants” and the Common Shares underlying the Pre-Funded Warrants, the “Warrant Shares” and the Pre-Funded
Warrants and Warrant Shares together with the Shares, the “Securities”), pursuant to a securities purchase agreement
dated as of August 26,2026 between the Company and the purchaser named therein (the “Purchase Agreement”).
We are acting as counsel for
Company in connection with the registration and sale of the Securities. We have examined copies of the Registration Statement and Prospectus
Supplement filed or to be filed with the Commission. We have also examined and relied upon minutes of meetings of the Board of Directors
of the Company as provided to us by the Company, the Articles of Incorporation and By-Laws of the Company, each as restated and/or amended
to date, and such other documents as we have deemed necessary for purposes of rendering the opinions hereinafter set forth.
In our examination of the
foregoing documents, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals,
the conformity to original documents of all documents submitted to us as copies, the authenticity of the originals of such latter documents
and the legal competence of all signatories to such documents.
For purposes of our opinion,
we have examined the applicable laws of the state of New York and an official compilation of “Title 7 – Business Associations;
Securities; Commodities, Chapter – 78 – Private Corporations” of the Nevada Revised Statutes. We do not purport to be
experts on the laws of the State of Nevada, and with your permission our opinion is based upon such limited experience. Other than such
examination and our examination of the documents indicated above, we have made no other examination in connection with this opinion. We
express no opinion herein concerning the federal laws of the United States of America or any state securities or blue sky laws.
Our opinions set forth below
with respect to the validity or binding effect of the Pre-Funded Warrants or obligation may be limited by (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance, marshaling, moratorium or other similar laws affecting the enforcement generally of the rights
and remedies of creditors and secured parties or the obligations of debtors, (ii) general principles of equity (whether considered in
a proceeding in equity or at law), including but not limited to principles limiting the availability of specific performance or injunctive
relief, and concepts of materiality, reasonableness, good faith and fair dealing, (iii) the possible unenforceability under certain circumstances
of provisions providing for indemnification, contribution, exculpation, release or waiver that may be contrary to public policy or violative
of federal or state securities laws, rules or regulations, and (iv) the effect of course of dealing, course of performance, oral agreements
or the like that would modify the terms of an agreement or the respective rights or obligations of the parties under an agreement.
Based upon and subject to
the foregoing, we are of the opinion that (A) the Shares have been duly and validly authorized and, when issued by the Company and delivered
by the Company against payment therefor as contemplated by the Prospectus Supplement and the Purchase Agreement, will be validly issued,
fully paid and non-assessable; (B) the Pre-Funded Warrants have been duly and validly authorized, and upon their issuance, delivery and
payment therefor in the manner contemplated by the Prospectus Supplement and the Purchase Agreement, will be valid and binding obligations
of the Company; and (C) following (i) the exercise of the Pre-Funded Warrants pursuant to their terms, and (ii) receipt by the Company
of the exercise price for the Common Shares as specified in the Pre-Funded Warrants, the Warrant Shares will be validly issued, fully
paid and non-assessable.
Please note that we are opining
only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion is rendered
to you in connection with the Registration Statement, and is based upon currently existing statutes, rules, regulations and judicial decisions,
as further limited above, and we disclaim any obligation to advise you of any change in any of these sources of law or subsequent legal
or factual developments which might affect any matters or opinions set forth herein.
We hereby consent to the filing
of this opinion with the Commission as an exhibit to the Current Report on Form 8-K of the Company being filed on the date hereof and
to the reference to our firm in the Prospectus Supplement. In giving such consent, we do not hereby admit that we are in the category
of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.
Very truly yours,
/s/ Sullivan & Worcester LLP
SULLIVAN & WORCESTER LLP
EX-10.1 — FORM OF SECURITIES PURCHASE AGREEMENT
EX-10.1
Filename: ea030358201ex10-1.htm · Sequence: 5
Exhibit 10.1
SECURITIES
PURCHASE AGREEMENT
This Securities Purchase
Agreement (this “Agreement”) is dated as of August 26, 2026, between Pluri Inc., a Nevada corporation (the “Company”),
and each of the purchasers identified on the signature pages hereto (including its successors and assigns, the “Purchaser”).
WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of 1933, as amended
(the “Securities Act” or “Act”), and the rules and regulations (the “Rules and Regulations”)
of the Securities and Exchange Commission (the “Commission”) thereunder as to the Shares (as defined below), the Pre-Funded
Warrants (as defined below) and the Pre-Funded Warrant Shares (as defined below); and an exemption from the registration requirements
of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder as to the Common Warrants
(as defined below) and the Common Warrant Shares (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:
1 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 4.5.
“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.
“Board of
Directors” means the board of directors of the Company.
“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close; 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 Securities 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 Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the first (1st) Trading
Day following the date hereof.
“Commission”
means the United States Securities and Exchange Commission.
“Common Shares”
means the Common Shares of the Company, par value $0.00001, and any other class of securities into which such securities may hereafter
be reclassified or changed.
“Common Share
Equivalents” means any securities of the Company or its subsidiaries which would entitle the holder thereof to acquire at any
time Common Shares, 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 Shares.
“Common Warrants”
means, collectively, the Common Warrants delivered to each Purchaser at the Closing in accordance with Section 2.2.1 hereof, which Common
Warrants shall be exercisable at any time on or after the six (6) month anniversary of the Closing Date and have a term of exercise equal
to five (5) years from the date on which they become exercisable, in the form of Exhibit A attached hereto.
“Common Warrant
Shares” means the Common Shares issuable upon exercise of the Common Warrants.
“Company
Counsel” means Sullivan & Worcester LLP.
“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.
“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
2
“Exempt Issuance”
means (i) the issuance of securities to directors, officers, employees and consultants of the Company pursuant to employee benefit plans,
equity incentive plans or other employee compensation plans existing on the date hereof and as described in the Prospectus or pursuant
to Nasdaq Rule 5635(c)(4), (ii) the issuance of securities upon the exercise or exchange of or conversion of any Securities issued hereunder
and/or the issuance of securities pursuant to the exercise, exchange or conversion of any options, warrants, restricted stock units, rights
or convertible securities outstanding on the date hereof, as the same may be amended from time to time, provided that such options, warrants,
restricted stock units, rights or convertible 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 or to extend the term of such
securities, (iii) securities issued in connection with any joint venture, commercial or collaborative relationship, or the acquisition
or license by the Company of the securities, businesses, property or other assets of another person, provided that such issuance is approved
by the majority of the disinterested directors of the Company and provided such securities are issued as restricted securities, (iv) 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 4.12,
and provided that any such issuance shall only be to a Person (or to the equity holders 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, (v) an agreement that permits the conversion of existing Company indebtedness
existing as of the date of this Agreement, the conversion of which shall be subject to shareholder approval, and (vi) issuances of
Common Shares upon the exercise or exchange of rights issued pursuant to any stockholder rights agreement entered into between the Company
and Transfer Agent.
“Lock-Up
Agreements” means the lock-up agreements in substantially the form of Exhibit B.
“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1.1.
“Per Pre-Funded
Warrant Unit Purchase Price” means $1.49999, subject to adjustment for reverse and forward share splits, share dividends, share
combinations and other similar transactions of the Common Shares that occur after the date of this Agreement.
“Per Unit
Purchase Price” means $1.50, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Shares that occur after the date of this Agreement and prior to the Closing Date.
“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.
“Placement
Agent” means A.G.P./Alliance Global Partners.
3
“Pre-Funded
Warrants” means, collectively, the Pre-Funded Common Shares purchase warrants delivered to the Purchasers at the Closing in
accordance with Section 2.2.1 hereof, in the form of Exhibit C attached hereto.
“Prospectus
Supplement” means the prospectus supplement filed pursuant to the Registration Statement relating to the offering of Securities
pursuant to this Agreement, including the base prospectus included in the Registration Statement at the time it was declared effective
and all information, documents and exhibits filed with or incorporated by reference into such final prospectus supplement.
“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.
“Registration
Statement” means the effective registration statement with Commission (File No. 333-273347), including all information,
documents and exhibits filed with or incorporated by reference into such registration statement, which registers the sale of the Shares,
the Pre-Funded Warrants and the Pre-Funded Warrant Shares to the Purchaser.
“Resale Registration
Statement” shall have the meaning ascribed to such term in Section 4.15.
“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.
“Securities”
means the Shares, the Warrants and the Warrant Shares.
“Shares”
means the Common Shares 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 Common Shares).
“Subscription
Amount” means, as to the Purchaser, the aggregate amount to be paid for Shares, Pre-Funded Warrants and Common Warrants purchased
hereunder as specified below the 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.
“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Reports and shall, where applicable, also include any direct or indirect subsidiary
of the Company formed or acquired after the date hereof.
4
“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 Shares are 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 or the New York Stock
Exchange (or any successors to any of the foregoing).
“Transaction
Documents” means this Agreement, the Pre-Funded Warrants, the Common Warrants, the Lock-Up Agreements, the Placement Agency
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 Equiniti Trust Company, LLC.
“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12.2.
“Warrants”
means, collectively, the Common Warrants and the Pre-Funded Warrants.
“Warrant
Shares” means the Common Shares issuable upon exercise of the Warrants.
2 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, (i) the number of Shares set forth under
the heading “Subscription Amount” on the Purchaser’s signature page hereto, at the Per Unit Purchase Price, and (ii)
Common Warrants exercisable for Common Shares as calculated pursuant to Section 2.2.1. Notwithstanding anything herein to
the contrary, to the extent that any Purchaser determines, in its sole discretion, that the Purchaser’s Subscription Amount would
cause such Purchaser’s beneficial ownership of the Common Shares to exceed the Beneficial Ownership Limitation, or as such Purchaser
may otherwise choose, such Purchaser may elect to purchase Pre-Funded Warrants in lieu of the Shares as determined pursuant to Section 2.2.1.
The “Beneficial Ownership Limitation” shall be 4.99% (or, at the election of each Purchaser at Closing, 9.99%) of the
number of Common Shares outstanding immediately after giving effect to the issuance of the Securities on the Closing Date. 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” (“DVP”) settlement with the Company or its designees. Notwithstanding the foregoing, with respect to
any Notice(s) of Exercise (as defined in the Pre-Funded Warrants) delivered on or prior to 12:00 p.m. (New York City time) on the Closing
Date, which may be delivered at any time after the time of execution of this Agreement, the Company agrees to deliver the Pre-Funded Warrant
Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Closing Date and the Closing Date shall be the Warrant Share
Delivery Date (as defined in the Pre-Funded Warrants) for purposes hereunder, provided that payment of the aggregate Exercise Price (as
defined in the Pre-Funded Warrants) (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date. 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 remotely or such location
as the parties shall mutually agree. Settlement of the Shares shall occur via DVP when such Purchaser makes payment of the Subscription
Amount by wire transfer of immediately available funds to a bank account designated by the Company, upon which payment the
Company shall issue the Shares registered in such Purchaser’s name and address and released by the Transfer Agent directly to the
account(s) at the Placement Agent identified by such Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically
deliver such Shares to the Purchaser.
5
2.2 Deliveries.
2.2.1 On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser
the following:
2.2.1.1 this Agreement duly executed by the Company;
2.2.1.2 a legal opinion of Company Counsel in a form reasonably acceptable to the Placement Agent;
2.2.1.3 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;
2.2.1.4 subject to the last 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 the Purchaser’s Subscription Amount divided by the Per Unit Purchase Price, registered
in the name of the Purchaser;
2.2.1.5 if applicable, a Pre-Funded Warrant registered in the name of each Purchaser to purchase up to a number
of Common Shares equal to the difference between (A) the Purchaser’s Subscription Amount applicable to the Pre-Funded Warrants
divided by the Pre-Funded Warrant Purchase Price and (B) the number of Shares otherwise issuable to each Purchaser that would cause
the Purchaser’s beneficial ownership of Common Shares to be more than the Beneficial Ownership Limitation with an exercise price
equal to $0.00001 per Common Share, subject to adjustment therein;
2.2.1.6 a Common Warrant registered in the name of each Purchaser to purchase up to a number of Common Shares
equal to 100% of the Purchaser’s Shares, with an exercise price equal to $1.65, subject to adjustment therein;
2.2.1.7 the Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act);
2.2.1.8 an Officer’s Certificate, in form and substance reasonably satisfactory to the Placement Agent;
2.2.1.9 a Secretary’s Certificate, in form and substance reasonably satisfactory to the Placement Agent;
and
2.2.1.10 the Lock-Up Agreements duly executed by each executive officer and director of the Company.
6
2.2.2 On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company
the following:
2.2.2.1 this Agreement duly executed by such Purchaser; and
2.2.2.2 the Purchaser’s Subscription Amount, which shall be made available for DVP settlement with the Company
or its designees.
2.3 Closing Conditions.
2.3.1 The obligations of the Company hereunder in connection with the Closing are subject to the following conditions
being met:
2.3.1.1 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
Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);
2.3.1.2 all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the
Closing Date shall have been performed; and
2.3.1.3 the delivery by each Purchaser of the items set forth in Section 2.2.2 of this Agreement.
2.3.2 The respective obligations of each Purchaser in connection with the Closing are subject to the following
conditions being met:
2.3.2.1 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);
2.3.2.2 all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing
Date shall have been performed;
2.3.2.3 the delivery by the Company of the items set forth in Section 2.2.1 of this Agreement;
2.3.2.4 there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and
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2.3.2.5 from the date hereof to the Closing Date, trading in the Common Shares 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 the Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.
3 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 the Purchaser:
3.1.1 Organization and Good Standing. Each of the subsidiaries of the Company are set forth in the SEC
Reports. Each of the Company and its subsidiaries has been duly incorporated or organized, as applicable, is validly existing and is in
good standing (to the extent the concept of good standing is applicable in such jurisdiction) under the laws of its jurisdiction of incorporation
or organization. Each of the Company and its subsidiaries has the requisite power and authority to own its properties and conduct its
business as currently being carried on and as described in the Registration Statement and the Prospectus Supplement, and is duly qualified
to do business as a foreign corporation or other entity in good standing in each jurisdiction in which the conduct of its business or
ownership of property makes such qualification necessary and in which the failure to so qualify would have (a) a material adverse effect
upon the business, properties, operations, financial condition or results of operations of the Company and its subsidiaries, taken as
a whole, or (b) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations
under the Transaction Documents (“Material Adverse Effect”).
3.1.2 No Violations or Defaults. Except as set forth in the SEC Reports, neither the Company nor any
of its subsidiaries (A) is in violation of its respective charters, bylaws or other organizational documents, (B) is in breach
of or otherwise in default and no event has occurred which, with notice or lapse of time or both, would constitute such a default, in
the performance or observance of any term, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan agreement,
lease or other agreement or instrument to which it is a party or by which it is bound or to which any of its material property or assets
is subject, or (C) is in violation in any respect of any law, ordinance, governmental rule, regulation or court order, decree or
judgment to which it or its property or assets may be subject, including the Sarbanes–Oxley Act and the Exchange Act; except, in
the case of clauses (A), (B) and (C) of this paragraph (b), for any breaches, violations or defaults which, singularly or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect.
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3.1.3 Authorization; No Conflicts; Authority. This Agreement has been duly authorized, executed and delivered
by the Company, and constitutes a valid, legal and binding obligation of the Company, enforceable in accordance with its terms, except
as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited by
bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of
equity. The Warrants have been duly authorized, and when executed and delivered by the Company, shall constitute a valid, legal and binding
obligation of the Company, enforceable in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. The execution,
delivery and performance of the Transaction Documents and the consummation of the transactions herein and therein contemplated will not
(A) 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 property or assets of the Company or any of its subsidiaries pursuant
to any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any
of its subsidiaries is subject and which is material to the Company and its subsidiaries taken as a whole, (B) result in any violation
of the provisions of the Company’s charter or by-laws or (C) result in the violation of any law or statute or any judgment, order,
rule, regulation or decree of any court or arbitrator or federal, state, local or foreign governmental agency or regulatory authority
having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets (each, a “Governmental Authority”),
except in the case of clause (A) or (C) as would not result in a Material Adverse Effect. No consent, approval, authorization or order
of, or registration or filing with any Governmental Authority is required for the execution, delivery and performance of this Agreement
or for the consummation of the transactions contemplated hereby, including the issuance or sale of the Shares by the Company, except such
as may be required under the Act, the rules of the Financial Industry Regulatory Authority (“FINRA”) or state securities
or blue sky laws; and the Company has full power and authority to enter into the Transaction Documents and to consummate the transactions
contemplated hereby and thereby, including the authorization, issuance and sale of the Securities as contemplated by this Agreement.
3.1.4 Issuance of the Securities; 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. When paid for and issued in accordance with this Agreement, the Warrants will constitute valid and
binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except: (i) as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and
subject to general principles of equity. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be 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 issuable pursuant to this Agreement and shall reserve from its duly authorized capital stock
the maximum number of Warrant Shares issuable pursuant to the Warrants.
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The Company has prepared and filed the
Registration Statement in conformity with the requirements of the Securities Act, which became effective on September 21, 2023, including
the related base prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The
Company was at the time of the filing of the Registration Statement eligible to use Form S-3 and is eligible to sell the Securities under
Instruction I.B.6 of Form S-3. 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 Supplement or the Prospectus Supplement
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 Supplement
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
Supplement and any amendments or supplements thereto, at the time the Prospectus Supplement 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 is not a shell company (as defined
in Rule 405 under the Securities Act) and has not been a shell company for at least 12 calendar months previously.
3.1.5 Capitalization. The capitalization of the Company as of August 26, 2026, is as set forth on
Schedule 3.1.5. All of the issued and outstanding shares of capital stock of the Company, including the outstanding Common Shares,
are duly authorized and validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state and foreign
securities laws, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities
that have not been waived in writing, and the holders thereof are not subject to personal liability by reason of being such holders; the
capital stock of the Company, including the Common Shares and the Warrants, conforms in all material respects to the description thereof
in the Registration Statement and the Prospectus Supplement. Except as set forth on Schedule 3.1.5, there are no preemptive rights
or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any Common Shares pursuant to the
Company’s charter, by-laws or any agreement or other instrument to which the Company or any of its subsidiaries is a party or by
which the Company or any of its subsidiaries is bound; and (B) neither the filing of the Registration Statement nor the offering
or sale of the Securities as contemplated by this Agreement gives rise to any rights for or relating to the registration of any Common
Shares or other securities of the Company (collectively “Registration Rights”), except as have been validly waived
or complied with in connection with the sale of Securities as contemplated by this Agreement. No further approval or authorization of
any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. 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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3.1.6 SEC Reports. 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
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.
3.1.7 Financial Statements. The financial statements of the Company, together with the related notes,
set forth or incorporated by reference in the Registration Statement and the Prospectus Supplement comply in all material respects with
the requirements of the Securities Act and the Exchange Act and fairly present the financial condition of the Company and its consolidated
subsidiaries as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity
with generally accepted accounting principles in the United States consistently applied throughout the periods involved; the supporting
schedules included in the Registration Statement present fairly the information required to be stated therein; all non-GAAP financial
information included in the Registration Statement and the Prospectus Supplement complies with the requirements of Regulation G and Item
10 of Regulation S-K under the Act; and, except as disclosed in the Registration Statement and the Prospectus Supplement, there are no
material off-balance sheet arrangements (as defined in Regulation S-K under the Act, Item 303(a)(4)(ii)) or any other relationships with
unconsolidated entities or other persons, that may have a material current effect or, to the Company’s knowledge, material future
effect on the Company’s financial condition, results of operations, liquidity, capital expenditures, capital resources or significant
components of revenue or expenses. No other financial statements or schedules are required to be included in the Registration Statement,
the Prospectus or the Prospectus Supplement. To the Company’s knowledge, the Company’s independent accounting firm, Kesselman
& Kesselman, Certified Public Accountants (Isr.), a member firm of PricewaterhouseCoopers International Limited, which has expressed
its opinion with respect to the financial statements and schedules filed as a part of the Registration Statement and included in the Registration
Statement and the Prospectus Supplement is (x) an independent public accounting firm within the meaning of the Act and the Rules and Regulations,
(y) a registered public accounting firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”)) and (z) not in violation of the auditor independence requirements of the Sarbanes-Oxley Act.
3.1.8 Absence of Certain Events; Undisclosed Events, Liabilities or Developments. Subsequent to the respective
dates as of which information is given in the Prospectus Supplement, neither the Company nor any of its subsidiaries has (i) incurred
any material liabilities, direct or contingent, other than trade payables and accrued expenses incurred in the ordinary course of business
consistent with past practices and liabilities not required to be reflected in the Company’s financial statements pursuant to generally
accepted accounting principles or disclosed in filings made with the SEC; (ii) declared or paid any dividends or made any distribution
of any kind with respect to its capital stock; (iii) there has not been any change in the capital stock of the Company (other than
a change in the number of outstanding Common Shares due to the issuance of shares upon the exercise of outstanding options or warrants,
settlement of restricted stock units or conversion of convertible securities); (iv) any issuance of options, warrants, restricted
stock units, convertible securities or other rights to purchase the capital stock of the Company or any of its subsidiaries, or (v) any
event or development that has had a Material Adverse Effect or any development which could reasonably be expected to result in any Material
Adverse Effect. Except for the issuance of the Securities contemplated by this Agreement, no event, liability, fact, circumstance, occurrence
or development has occurred or exists or is reasonably expected to occur or exist with 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 prior
to the date that this representation is made.
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3.1.9 Absence of Proceedings. There is not pending or, to the knowledge of the Company, threatened, any
action, suit or proceeding (a) to which the Company or any of its subsidiaries is a party or (b) which has as the subject thereof any
officer or director of the Company or any subsidiary, any employee benefit plan sponsored by the Company or any subsidiary or any property
or assets owned or leased by the Company or any subsidiary before or by any court or Governmental Authority, or any arbitrator, which,
individually or in the aggregate, would reasonably be expected to result in any Material Adverse Effect, or would materially and adversely
affect the ability of the Company to perform its obligations under the Transaction Documents. There are no current or, to the knowledge
of the Company, pending, legal, governmental or regulatory actions, suits or proceedings including any proceeding before the Food and
Drug Administration (“FDA”) or comparable federal, state, local or foreign governmental bodies (it being understood
that the interaction between the Company and the FDA and such comparable governmental bodies relating to the clinical development and
product approval process shall not be deemed proceedings for purposes of this representation), (x) to which the Company or any of its
subsidiaries is subject or (y) which has as the subject thereof any officer or director of the Company or any subsidiary, any employee
plan sponsored by the Company or any subsidiary or any property or assets owned or leased by the Company or any subsidiary, that are required
to be described in the Registration Statement and the Prospectus Supplement by the Securities Act or by the Rules and Regulations and
that have not been so described in all material respects.
3.1.10 Labor Relations. No material labor dispute with the employees of the Company or any of its subsidiaries
exists or, to the Company’s knowledge, is threatened or imminent, and the Company is not aware of any existing or imminent labor
disturbance by the employees of any of its or its subsidiaries’ principal suppliers, contractors or customers, that would reasonably
be expected to have a Material Adverse Effect.
3.1.11 Regulatory Matters; Compliance. The material terms of all preclinical and other nonclinical studies
and clinical trials conducted by or on behalf of the Company that are material to the Company have been adequately described in the Registration
Statement or the Prospectus, in all material respects. The clinical trials and nonclinical studies conducted by or on behalf of the Company
that are described in the Registration Statement and the Prospectus or the results of such trials and studies which are referred to in
the Registration Statement and the Prospectus were and, if still ongoing, are being conducted in material compliance with all laws and
regulations applicable thereto in the jurisdictions in which they are being conducted. The descriptions in the Registration Statement
and the Prospectus of the results of such trials and studies are accurate and complete in all material respects and fairly present the
data derived from such trials and studies, and the Company has no knowledge of any clinical trials the aggregate results of which are
inconsistent with or otherwise call into question the results of any clinical trial conducted by or on behalf of the Company that are
described in the Registration Statement and the Prospectus or the results of which are referred to in the Registration Statement and the
Prospectus. Except as disclosed in the Registration Statement or the Prospectus, the Company has not received any written notices or other
communications from the FDA, the European Medicines Agency (“EMA”) or any other governmental agency or authority imposing,
requiring, requesting or suggesting a clinical hold, termination, suspension or material modification of any clinical trial that is described
in the Registration Statement and the Prospectus or the results of which are referred to in the Registration Statement and the Prospectus.
Except as disclosed in the Registration Statement or the Prospectus, the Company has not received any written notices or other communications
from the FDA, the EMA or any other governmental agency, and otherwise has no knowledge of, or reason to believe that, (i) any investigational
new drug application for a potential product of the Company is or has been rejected or determined to be non-approvable or conditionally
approvable; and (ii) any license, approval, permit or authorization to conduct any clinical trial of any potential product of the Company
has been, will be or may be suspended, revoked, modified or limited.
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3.1.12 Compliance with Environmental Laws. Except as disclosed in the Prospectus Supplement, neither the
Company nor any of its subsidiaries is (i) in violation of any statute, any rule, regulation, decision or order of any Governmental Authority
or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection
or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”),
(ii) owns or operates any real property contaminated with any substance that is subject to any environmental laws, (iii) is liable for
any off-site disposal or contamination pursuant to any Environmental Laws, or (iv) is subject to any claim relating to any Environmental
Laws, which violation, contamination, liability or claim would individually or in the aggregate, have a Material Adverse Effect.
3.1.13 Ownership of Assets. The Company and its subsidiaries have good and marketable title to all property
(whether real or personal) described in the Registration Statement and the Prospectus Supplement as being owned by them which is material
to the Company and its subsidiaries taken as a whole, in each case free and clear of all liens, claims, security interests, other encumbrances
or defects except such as are described in the Registration Statement and the Prospectus Supplement or as would not, individually or in
the aggregate, be reasonably expected to result in a Material Adverse Effect. The property held under lease by the Company and its subsidiaries
is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not
interfere in any material respect with the conduct of the business of the Company or its subsidiaries.
3.1.14 Intellectual Property The Company and each of its subsidiaries owns, possesses, or can acquire
on reasonable terms, all Intellectual Property (as defined below) necessary for the conduct of the Company’s and it subsidiaries’
business as now conducted or as described in the Registration Statement and the Prospectus Supplement to be conducted, except as such
failure to own, possess, or acquire such rights would not reasonably be expected to result in a Material Adverse Effect. Furthermore,
except as described in the Registration Statement and the Prospectus Supplement, (A) to the knowledge of the Company after reasonable
investigation (“Knowledge”), there is no infringement, misappropriation or violation by third parties of any such Intellectual
Property, except as such infringement, misappropriation or violation would not result in a Material Adverse Effect; (B) there is no pending
or, to the Knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company’s or any of
its subsidiaries’ rights in or to any such Intellectual Property, and the Company is unaware of any objective facts which would
form a reasonable basis for any such claim; (C) the Intellectual Property owned by the Company and its subsidiaries, and to the Knowledge
of the Company, the Intellectual Property licensed to the Company and its subsidiaries, has not been adjudged invalid or unenforceable,
in whole or in part, and there is no pending or, to the Knowledge of the Company, threatened action, suit, proceeding or claim by others
challenging the validity or scope of any such Intellectual Property; (D) there is no pending or, to the Knowledge of the Company, threatened
action, suit, proceeding or claim by others that the Company or any of its subsidiaries infringes, misappropriates or otherwise violates
any Intellectual Property or other proprietary rights of others, and neither the Company or any of its subsidiaries has received any written
notice of such claim; and (E) to the Company’s knowledge, no employee of the Company or any of its subsidiaries is in or has ever
been in violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition
agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis
of such violation relates to such employee’s employment with the Company or any of its subsidiaries or actions undertaken by the
employee while employed with the Company or any of its subsidiaries, except as such violation would not result in a Material Adverse Effect.
“Intellectual Property” shall mean all patents, patent applications, trademarks, trademark registrations, service marks,
service mark registrations, trade names, copyrights, copyright registrations, licenses, inventions, trade secrets, Internet domain names,
Internet domain name registrations, technology, registrations, trade secret rights, know-how and other intellectual property.
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3.1.15 Insurance. The Company and each of its subsidiaries carries, or is covered by, insurance from insurers
of recognized financial responsibility in such amounts and covering such risks as is customary for companies engaged in similar businesses
in similar industries; all policies of insurance and any fidelity or surety bonds insuring the Company or any of its subsidiaries or its
business, assets, employees, officers and directors are in full force and effect, except as would not have a Material Adverse Effect;
the Company and its subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and neither
the Company nor any of its subsidiaries has 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 at a cost
that would not have a Material Adverse Effect.
3.1.16 Internal Accounting Controls. The Company and its subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general
or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with generally accepted accounting principles in the United States and to maintain accountability for assets; (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 existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since
the end of the latest audited fiscal year, there has been no change in the Company’s internal control over financial reporting (whether
or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over
financial reporting. The Company’s board of directors has, subject to the exceptions, cure periods and the phase in periods specified
in the applicable stock exchange rules (“Exchange Rules”), validly appointed an audit committee to oversee internal
accounting controls whose composition satisfies the applicable requirements of the Exchange Rules and the Company’s board of directors
and/or the audit committee has adopted a charter that satisfies the requirements of the Exchange Rules.
3.1.17 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. Each Purchaser
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.
3.1.18 Investment Company. The Company is not and, after giving effect to the offering and sale of the
Securities, will not be an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended.
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3.1.19 Listing and Maintenance Requirements. The Common Shares are 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 Shares under the Exchange Act nor has the Company received any notification that the Commission
is contemplating terminating such registration. Except as set forth on Schedule 3.1.19, the Company has not, in the 12 months preceding
the date hereof, received notice from any Trading Market on which the Common Shares are 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,
except as set forth on Schedule 3.1.19. The Common Shares are 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.
3.1.20 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 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 each Purchaser as a result of each Purchaser 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 Securities
and the Purchaser’s ownership of the Securities.
3.1.21 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 to each Purchaser
or its 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 each Purchaser 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 each Purchaser regarding the Company and its subsidiaries, their respective businesses and the transactions contemplated hereby, including
the Disclosure Schedules to this Agreement, when taken together as a whole, 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 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.
3.1.22 No Integrated Offering. Assuming the accuracy of the Purchaser’s 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 Securities to be integrated with prior offerings by the Company for purposes of any applicable stockholder approval
provisions of any Trading Market on which any of the securities of the Company are listed or designated.
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3.1.23 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 Securities 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).
3.1.24 Tax Status. The Company and its subsidiaries (A) have timely filed all federal, state, local and
foreign income and franchise tax returns required to be filed and (B) are not in default in the payment of any taxes which were payable
pursuant to said returns or any assessments with respect thereto, other than any which the Company or any of its subsidiaries is contesting
in good faith; except those, in each of the cases described in clauses (A) and (B) of this paragraph (x), that would not, singularly or
in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no pending material dispute with any taxing authority
relating to any of such returns, and the Company has no knowledge of any proposed material liability for any tax to be imposed upon the
properties or assets of the Company for which there is not an adequate reserve reflected in the Company’s financial statements included
in the Registration Statement and the Prospectus Supplement.
3.1.25 Anti-Bribery and Anti-Money Laundering Laws. Each of the Company, its subsidiaries, its affiliates
and any of their respective officers, directors, supervisors, managers, agents, or employees, each in their respective roles with the
Company, has not violated, its participation in the offering will not violate, and the Company and each of its subsidiaries has instituted
and maintains policies and procedures designed to ensure continued compliance in all material respects with, each of the following laws:
anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality in which the Company does business,
including but not limited to any applicable law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery
of Foreign Public Officials in International Business Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt
Practices Act of 1977 (the “FCPA”), as amended, the U.K. Bribery Act 2010 (to the extent applicable), or any other
applicable law, rule or regulation of similar purposes and scope, or anti-money laundering laws, including but not limited to, applicable
federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including, without
limitation, Title 18 US. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering principles
or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the
United States is a member and with which designation the United States representative to the group or organization continues to concur,
all as amended, and any executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any orders or
licenses issued thereunder.
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3.1.26 Acknowledgment Regarding Purchaser’s Purchase of Securities. The Company acknowledges and
agrees that each Purchaser 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 each Purchaser is not 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 each Purchaser or any of its respective representatives or agents in connection with the Transaction Documents
and the transactions contemplated thereby is merely incidental to the Purchaser’s purchase of the Securities. 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.
3.1.27 Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere
herein to the contrary notwithstanding (except for Sections 3.2.6 and 4.14 hereof), it is understood and acknowledged
by the Company that: (i) each Purchaser has not been asked by the Company to agree, nor has each 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 Securities for any specified term; (ii) past or future open market or other transactions by the 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) the Purchaser,
and counter-parties in “derivative” transactions, if any, to which each Purchaser is a party, directly or indirectly, presently
may have a “short” position in the Common Shares, 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) each Purchaser may engage in hedging activities at various times during the period that the Securities 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.
3.1.28 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 Securities, (ii) sold, bid for, purchased, or, paid any compensation
for soliciting purchases of, any of the Securities, 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 Securities.
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3.1.29 Cybersecurity. Except as would not, individually or in the aggregate, have a Material Adverse Effect,
(i) the Company and the Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules
and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating
to the privacy and security of the Company’s or any Subsidiary’s information technology and computer systems, networks, hardware,
software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or
on behalf of it), equipment or technology (collectively, “IT Systems and Data”) and to the protection of such IT Systems
and Data from unauthorized use, access, misappropriation or modification; (ii) the Company and the Subsidiaries have implemented and maintained
commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation,
redundancy and security of all IT Systems and Data; and (iii) the Company and the Subsidiaries have implemented backup and disaster recovery
technology consistent with commercially reasonable industry standards and practices.
3.1.30 Stock Option Plans. Except as described in the Registration Statement and the Prospectus Supplement,
there are no options, warrants, restricted stock units, agreements, contracts or other rights in existence to purchase or acquire from
the Company or any subsidiary of the Company any shares of the capital stock of the Company or any subsidiary of the Company. The description
of the Company’s stock option, stock bonus and other stock plans or arrangements (the “Company Stock Plans”),
and the options (the “Options”) or other rights granted thereunder, set forth in the Registration Statement and the
Prospectus Supplement accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options
and rights. Each grant of an Option (A) was duly authorized no later than the date on which the grant of such Option was by its terms
to be effective by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly
constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or written consents,
and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto and (B) was made in accordance
in all material respects with the terms of the applicable Company Stock Plan, and all applicable laws and regulatory rules or requirements,
including all applicable federal securities laws.
3.1.31 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”).
3.1.32 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 a Purchaser’s request.
3.1.33 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 (25%) 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.
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3.1.34 No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has
offered or sold any of the Common Warrants or Common Warrant Shares by any form of general solicitation or general advertising. The Company
has offered the Common Warrants and Common Warrant Shares for sale only to the Purchasers and certain other “qualified institutional
buyers” within the meaning of Rule 144A under the Securities Act and institutional “accredited investors” within the
meaning of Rule 501 under the Securities Act.
3.1.35 No Issuer Disqualification Events. With respect to the Common Warrants and the Common Warrant Shares
to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated
issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of
20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as
that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer
Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii)
under the Securities Act (an “Issuer Disqualification Event”), except for an Issuer Disqualification Event covered
by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject
to an Issuer Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e),
and has furnished to each Purchaser a copy of any disclosures provided thereunder.
3.1.36 Notice of Issuer Disqualification Events. The Company will notify the Purchasers in writing, prior
to the Closing Date of (i) any Issuer Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with
the passage of time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case of
which it is aware.
3.1.37 Private Placement. Assuming the accuracy of the Purchaser’s representations and warranties
set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Common Warrants and
the Common Warrant Shares by the Company to the Purchaser as contemplated hereby.
3.2 Representations and Warranties of the Purchaser. Each 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):
3.2.1 Organization; Authority. Each 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 each 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 the Purchaser. Each Transaction
Document to which it is a party has been duly executed by the Purchaser, and when delivered by each Purchaser in accordance with the terms
hereof, will constitute the valid and legally binding obligation of the 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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3.2.2 Understandings or Arrangements. Each Purchaser is acquiring the Securities 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 Securities (this representation and warranty not limiting the Purchaser’s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Each Purchaser is acquiring the Securities hereunder
in the ordinary course of its business.
3.2.3 Purchaser Status. At the time each Purchaser was offered the Securities, it was, and as of the
date hereof it is, and on each date on which it exercises any Warrants, it will be either: (i) an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act.
3.2.4 No Purchaser Disqualification Events. Neither such Purchaser nor any person or entity with whom
such Purchaser will share beneficial ownership of the Securities (each, a “Purchaser Covered Person”) is subject to
any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Purchaser
Disqualification Event”).
3.2.5 Notice of Purchaser Disqualification Events. Such Purchaser will notify the Company in writing,
prior to the Closing Date of (i) any Purchaser Disqualification Event relating to any Purchaser Covered Person and (ii) any event that
would, with the passage of time, reasonably be expected to become a Purchaser Disqualification Event relating to any Purchaser Covered
Person, in each case of which such Purchaser is aware.
3.2.6 Experience of the Purchaser. The 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 Securities, and has so evaluated the merits and risks of such investment. Each Purchaser is able
to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.
3.2.7 Access to Information. Each 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 Securities and the merits and risks of investing in the Securities; (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. Each
Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided each Purchaser
with any information or advice with respect to the Securities 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 Securities and the Placement Agent
and any Affiliate may have acquired non-public information with respect to the Company which each Purchaser agrees need not be provided
to it. In connection with the issuance of the Securities to the Purchaser, neither the Placement Agent nor any of its Affiliates has acted
as a financial advisor or fiduciary to the Purchaser.
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3.2.8 Certain Transactions and Confidentiality. Other than consummating the transactions contemplated
hereunder, each Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the 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 each 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. Other
than to other Persons party to this Agreement or to the Purchaser’s representatives, including, without limitation, its officers,
directors, partners, legal and other advisors, employees, agents and Affiliates, each 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 the 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.
4 OTHER AGREEMENTS OF THE PARTIES
4.1 Legends.
4.1.1 The Shares and Pre-Funded Warrants will be issued free of legends.
4.1.2 The Securities may only be disposed of in compliance with state and federal securities laws. In connection
with any transfer of Common Warrants and issuance or transfer of Common Warrant Shares other than pursuant to an effective registration
statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section
4.1.4, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that
such transfer does not require registration of such transferred Common Warrant or Common Warrant Shares under the Securities Act.
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4.1.3 The Purchasers agree to the imprinting of a legend on the Common Warrants and, except as provided in the
first sentence of Section 4.1.5, any Common Warrant Shares in substantially the following form:
NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.
4.1.4 The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide
margin agreement with a registered broker-dealer or grant a security interest in some or all of the Common Warrants and Common Warrant
Shares to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act in connection
with any foreclosure by the pledgee or secured party pursuant to which the Common Warrants or Common Warrant Shares are required by the
terms of the pledge to be transferred to the pledgee or the secured party, the Company and the Purchaser, at the sole expense of the Purchaser,
will cooperate in good faith to execute and deliver such reasonable documentation as a pledgee or secured party of Common Warrants and
Common Warrant Shares may reasonably request in connection with such foreclosure and transfer, provided that in no event shall the Company
be required to take any action or deliver any opinions if the Company, in its sole discretion, determines that such transfer would not
comply with applicable law.
4.1.5 If all or any portion of a Common Warrant is exercised at a time when there is an effective registration
statement to cover the resale of the Common Warrant Shares, if such Common Warrant Shares may be sold under Rule 144 (assuming cashless
exercise of the Common Warrants) or if such legend is not otherwise required under applicable law, then such Common Warrant Shares shall
be issued free of all legends. Upon the reasonable request of a Purchaser, the Company shall cause its counsel to issue a legal opinion
to the Transfer Agent or the Purchaser promptly if required by the Transfer Agent or a transferee to effect the removal of a legend affixed
to the Common Warrant Shares pursuant to Section 4.1.3. Such opinion shall be delivered no later than four (4) Trading Days following
delivery of the Common Warrant Shares for such removal. We refer to the fourth (4th) Trading Day following any such request
as the “Legend Removal Date.”
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4.1.6 In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser,
in cash, either (i) as partial liquidated damages and not as a penalty, for each $1,000 of Common Warrant Shares (based on the VWAP of
the Shares on the date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject
to Section 4.1.3 and Section 4.1.5, $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages
have begun to accrue) for each Trading Day after the Legend Removal Date until delivery of such Common Warrant Shares without a legend
and (ii) if (a) the Company fails to issue and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date Common Warrant
Shares free from all restrictive and other legends and (b) after the Legend Removal Date such Purchaser purchases (in an open market transaction
or otherwise) Shares to deliver in satisfaction of a sale by such Purchaser of all or any portion of the number of Shares, or a sale of
a number of Shares equal to all or any portion of the number of Common Warrant Shares that such Purchaser anticipated receiving from the
Company without any restrictive legend, then an amount equal to the excess of such Purchaser’s total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the Shares so purchased (including brokerage commissions and other out-of-pocket
expenses, if any) over the product of (A) such number of Common Warrant Shares that the Company was required to deliver to such Purchaser
by the Legend Removal Date multiplied by (B) the price at which the sell order giving rise to such purchase obligation was executed.
4.1.7 Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such
Purchaser will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus
delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a Registration Statement, they will be sold
in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from any Securities
as set forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.
4.2 Furnishing of Information; Public Information. Until the earliest of the time that (i) no
Purchaser owns Securities, or (ii) the Common Warrants have expired, the Company covenants to use commercially reasonable efforts
to maintain the registration of the Shares under Section 12(b) or 12(g) of the Exchange Act and timely file (or obtain extensions
in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the Exchange Act.
4.3 Warrant Shares. If all or any portion of a Warrant is exercised at a time when there is an effective
registration statement to cover the issuance or resale of the Warrant Shares or if the Warrant is exercised via cashless exercise, the
Warrant Shares issued pursuant to any such exercise shall be issued free of all legends. If at any time following the date hereof the
Registration Statement (or any subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective
or is not otherwise available for the sale or resale of the Warrant Shares, the Company shall immediately notify the holders of the Warrants
in writing that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration
statement is effective again and available for the sale or resale of the Warrant Shares (it being understood and agreed that the foregoing
shall not limit the ability of the Company to issue, or each Purchaser to sell, any of the Warrant Shares in compliance with applicable
federal and state securities laws). The Company shall use best efforts to keep a registration statement (including the Registration Statement)
registering the issuance or resale of the Warrant Shares effective during the term of the Warrants.
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4.4 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 Securities
for purposes of the rules and regulations of any Trading Market such that it would require stockholder approval prior to the closing of
such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.
4.5 Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press
release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the
Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. The Company covenants and
agrees that neither it, nor any other Person acting on its behalf will provide each Purchaser or its respective agents or counsel with
any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto
each 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. 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 each Purchaser or any of its 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 each 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 the Purchaser, or without the prior consent of
the Purchaser, with respect to any press release of the Company which names the Purchaser, 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 the Purchaser, or include the name of each Purchaser in any filing with the Commission or any regulatory agency or Trading Market,
without the prior written consent of the 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 each Purchaser with prior notice of such disclosure permitted under this clause (b).
4.6 Furnishing of Information. 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, except in the event that
the Company consummates: (a) any transaction or series of related transactions as a result of which any Person (together with its Affiliates)
acquires then outstanding securities of the Company representing more than fifty percent (50%) of the voting control of the Company; (b) a
merger or reorganization of the Company with one or more other entities in which the Company is not the surviving entity; or (c) a sale
of all or substantially all of the assets of the Company, where the consummation of such transaction results in the Company no longer
being subject to the reporting requirements of the Exchange Act.
4.7 Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder
for general corporate purposes, which may include repayment of principal on the Company’s indebtedness, capital expenditures, and
funding its working capital needs, but shall not use such proceeds: (a) for the redemption of any Common Shares or Common Share Equivalents,
(b) for the settlement of any outstanding litigation or (c) in violation of FCPA or OFAC regulations.
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4.8 Indemnification of the Purchaser. Subject to the provisions of this Section 4.8, the Company
will indemnify and hold each Purchaser and its directors, officers, stockholders, 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 each Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and
the directors, officers, stockholders, 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 material 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 each 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), or (c) in connection with the Registration Statement the Company will indemnify each Purchaser
Party, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable attorneys’ fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged
untrue statement of a material fact contained in such registration statement, any prospectus or any form of prospectus or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or supplement thereto, in
the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue
statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser
Party expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or
any state securities law, or any rule or regulation thereunder in connection therewith. 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
each 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 (x) the
employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period
of time to assume such defense and to employ counsel or (z) 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 (1) for any settlement by a Purchaser Party effected without the Company’s prior written
consent, which shall not be unreasonably withheld or delayed; or (2) 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 4.8
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; provided, however, that if it is subsequently determined by a final, non-appealable judgment of a court of competent
jurisdiction that each Purchaser was not entitled to receive such payments, each Purchaser shall promptly (but in no event later than
five (5) Business Days) return such payments to the Company. 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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4.9 Reservation of Common Shares. As of the date hereof, the Company has reserved and the Company shall
continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of Common Shares for the purpose of
enabling the Company to issue Common Shares pursuant to this Agreement and the Warrant Shares pursuant to any exercise of the Warrants.
4.10 Listing of Common Shares. The Company hereby agrees to use commercially reasonable efforts to maintain
the listing or quotation of the Common Shares 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 and Warrant Shares on such Trading Market and promptly secure the listing of
all of the Shares and Warrant Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Shares
traded on any other Trading Market, it will then include in such application all of the Shares and Warrant Shares, and will take such
other action as is necessary to cause all of the Shares and Warrant 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 Shares 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 use commercially reasonable efforts to maintain the eligibility of the Common Shares 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.
4.11 [Reserved].
4.12 Subsequent Equity Sales.
4.12.1 From the date hereof until forty-five (45) days following the Closing Date, neither the Company nor any
Subsidiary shall (A) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Common Shares or Common
Share Equivalents, or (B) file any registration statement or any amendment or supplement to any existing registration statement (other
than the filing of (x) the Resale Registration Statement referred to herein or another registration statement on Form S-1 in
connection with an offering with A.G.P./Alliance Global Partners as underwriter or placement agent, (y) any prospectus or prospectus
supplement, including, but not limited to, any such filing related to an “at the market offering” with A.G.P./Alliance Global
Partners or (z) a registration statement on Form S-8 in connection with any employee benefit plan or a “shelf” registration
statement on Form S-3).
4.12.2 From the date hereof until the six (6) month anniversary following the Closing Date, the Company shall
be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common
Shares or Common Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate
Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible
into, exchangeable or exercisable for, or include the right to receive additional Common Shares either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Shares
at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that
is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified
or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares or (ii) enters
into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or an “at the market
offering”, whereby the Company may issue securities at a future determined price regardless of whether shares pursuant to such agreement
have actually been issued and regardless of whether such agreement is subsequently canceled; provided, however, that, the following shall
not be deemed a Variable Rate Transaction: after thirty (30) days following the Closing Date, the entry into and/or issuance of Common
Shares in an “at the market offering” with A.G.P./Alliance Global Partners as sales agent, as the same may be amended from
time to time. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy
shall be in addition to any right to collect damages.
26
4.12.3 Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance,
except that no Variable Rate Transaction shall be an Exempt Issuance.
4.13 Equal Treatment of Purchasers. No consideration (including any modification of any Transaction
Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents
unless the same consideration is also offered to all of the parties to the Transaction Documents. 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 Securities or otherwise.
4.14 Certain Transactions and Confidentiality. Each Purchaser 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 4.5.
Each Purchaser 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 4.5, each 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) each Purchaser makes no 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
4.5, (ii) each Purchaser shall not 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 4.5, and (iii) each Purchaser shall not 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 4.5.
4.15 Resale Registration Statement. As soon as practicable (and in any event within thirty (30) calendar
days following the Closing Date), the Company shall file a registration statement (the “Resale Registration Statement”)
(or any other available form) registering the issuance of the Common Warrant Shares and the resale by the Purchasers of the Common Warrants
and the Common Warrant Shares. The Company shall use commercially reasonable efforts to (a) cause the Resale Registration Statement to
become effective within sixty (60) days (ninety (90) days in the event the Commission elects to review the Resale Registration Statement)
(such sixty (60) days or ninety (90) days for effectiveness, as the case may be, is referred to herein as the “Effectiveness
Deadline”) following the filing date of the Resale Registration Statement and (b) keep the Resale Registration Statement effective
at all times until no Purchaser owns any Warrants or Warrant Shares issuable upon exercise thereof; provided, that if the Commission
is closed for operations due to a government shutdown or lapse in appropriations after the date on which the Company filed the Resale
Registration Statement with the SEC, the Effectiveness Deadline shall be extended by the same number of calendar days that the Commission
remains closed and/or shutdown for operations after the date on which the Company filed the Resale Registration Statement with the SEC,
and any amendment to the Registration Statement thereafter declared effective by the Commission at the earliest possible date. Purchaser
agrees that the information set forth on its signature page is accurate and sufficient for purposes of the Company’s preparation
of the selling stockholder table and related footnotes registration statement.
27
4.16 Exercise Procedures. The form of Notice of Exercise included in the Warrants set forth the totality
of the procedures required of each Purchaser in order to exercise the Warrants. No additional legal opinion, other information or instructions
shall be required of each Purchaser to exercise its Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required
in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance with
the terms, conditions and time periods set forth in the Transaction Documents.
4.17 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.
4.18 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Common
Warrants and the Common Warrant Shares as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser.
The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify
the Common Warrants and Common Warrant Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky”
laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.
5 MISCELLANEOUS
5.1 Termination. This Agreement may be terminated by each Purchaser by written notice to the Company,
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 and any exercise notice delivered by the Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery
of any Securities to the Purchaser.
5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto,
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.
28
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. To the extent that any notice provided pursuant to any Transaction Document
constitutes, or contains, material, non-public information regarding the Company or any subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K.
5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended
except in a written instrument signed, in the case of an amendment, by the Company and the Purchaser. 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.
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). Each Purchaser may assign any or all of its rights under this Agreement
to any Person to whom each Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound,
with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchaser.”
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 each Purchaser 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 4.8 and this Section
5.8.
29
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, stockholders, 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 4.8, the prevailing party in such Action or Proceeding shall be reimbursed
by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such Action or Proceeding.
5.10 Survival. The representations and warranties contained herein shall survive the Closing and the
delivery of the Securities.
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.
30
5.13 Replacement of Securities. If any certificate or instrument evidencing any Securities 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
Securities.
5.14 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law,
including recovery of damages, each Purchaser 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.
5.15 Payment Set Aside. To the extent that the Company makes a payment or payments to each Purchaser
pursuant to any Transaction Document or each 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.
5.16 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or
the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be
exercised on the next succeeding Business Day.
5.17 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 Common Shares 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 Shares that occur
after the date of this Agreement.
5.18 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)
31
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.
Pluri Inc.
Address for Notice:
[____________]
[____________]
[____________]
By:
Fax: [____________]
Name:
E-mail: [____________]
Title:
With a copy to (which shall not constitute notice):
Sullivan & Worcester LLP
1251 Avenue of the Americas
New York, New York 10021
Attn: Ron Ben-Bassat and Howard
Berkenblit
Email:
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE FOR PURCHASER FOLLOWS]
32
[PURCHASER SIGNATURE PAGES TO SECURITIES PURCHASE
AGREEMENT]
IN WITNESS WHEREOF, the undersigned
have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.
Name of Purchaser: ____________________________________________________________
Signature of Authorized Signatory of Purchaser:
_______________________________________
Name of Authorized Signatory: ____________________________________________________
Title of Authorized Signatory: _____________________________________________________
Email Address of Authorized Signatory: _____________________________________________
Facsimile Number of Authorized Signatory: __________________________________________
Address for Notice to Purchaser: ___________________________________________________
Address for Delivery of Warrants to Purchaser (if not same as address
for notice):
______________________________________________________________________________
Subscription Amount: $_____________________
Shares: _________________
Pre-Funded Warrant Shares: ________ Beneficial Ownership Blocker ☐
4.99% or ☐ 9.99%
Common Warrant Shares: _________ Beneficial Ownership Blocker ☐
4.99% or ☐ 9.99%
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 by the first
(1st) 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.
33
Exhibit A
Form of Common Warrant
(See attached)
34
Exhibit B
Form of Lock-Up Agreement
(See attached)
35
Exhibit C
Form of Pre-Funded Warrant
(See attached)
36
EX-10.2 — PLACEMENT AGENCY AGREEMENT
EX-10.2
Filename: ea030358201ex10-2.htm · Sequence: 6
Exhibit 10.2
A.G.P./Alliance Global Partners
590 Madison Avenue, 28th Floor
New York, NY 10022
August 26, 2026
Pluri Inc.
MATAM Advanced Technology Park, Building No. 5
Haifa, Israel 3508409
Attention: Liat Zalts
Re: Placement Agency Agreement
Dear Ms. Zalts:
Subject to the terms and conditions of this letter
agreement (the “Agreement”) between A.G.P./Alliance Global Partners, as the sole placement agent (“A.G.P.”)
(A.G.P. is also referred to herein as the “Placement Agent”), and Pluri Inc., a Nevada corporation (the “Company”),
the parties hereby agree that the Placement Agent shall serve as the placement agent for the Company, on a “reasonable best efforts”
basis, in connection with the proposed placement (the “Placement”) of registered securities of the Company, consisting
of: (i) the Company’s common shares, par value $0.00001 per share (“Common Shares”); (ii) Warrants
to purchase Common Shares (the “Common Warrants”); and (iii) Pre-Funded Warrants to purchase Common Shares (the
“Pre-Funded Warrants”, and together with the Common Warrants, the “Warrants”). The Common Shares
and Warrants actually placed by the Placement Agent are referred to herein as the “Placement Agent Securities.” The
Common Shares and the Pre-Funded Warrants shall be offered and sold under the Company’s registration statement on Form S-3 (File
No. 333-273347), which was declared effective by the Securities and Exchange Commission (the “Commission”) on September
21, 2023, and related prospectus supplements. The Common Warrants and the Common Shares issuable upon the exercise thereof shall be issued
in reliance on an exemption from the registration requirements of Section 5 of the Securities Act of 1933, as amended (the “Securities
Act”) contained in Section 4(a)(2) thereof and/or Regulation D thereunder. The documents executed and delivered by the
Company and the Purchasers (as defined below) in connection with the Placement, including, without limitation, a securities purchase agreement
(the “Purchase Agreement”), shall be collectively referred to herein as the “Transaction Documents.”
The terms of the Placement shall be mutually agreed upon by the Company and the purchasers listed in the Purchase Agreement (each, a “Purchaser”
and collectively, the “Purchasers”), and nothing herein constitutes that the Placement Agent would have the power or
authority to bind the Company or any Purchaser, or an obligation for the Company to issue any Placement Agent Securities or complete the
Placement. The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable best
efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Placement
Agent Securities and does not ensure the successful placement of the Placement Agent Securities or any portion thereof or the success
of the Placement Agent with respect to securing any other financing on behalf of the Company. The Placement Agent may retain other brokers
or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement, subject to the prior written approval
in each case of the Company. Certain affiliates of the Placement Agent may participate in the Placement by purchasing some of the Placement
Agent Securities. The sale of Placement Agent Securities to any Purchaser will be evidenced by the Purchase Agreement between the Company
and such Purchaser, in a form reasonably acceptable to the Company and the Purchaser. Capitalized terms that are not otherwise defined
herein have the meanings given to such terms in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers of the
Company will be available to answer inquiries from prospective Purchasers.
1 REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.
1.1 Representations of the Company. With respect to the Placement Agent Securities, each of the representations
and warranties (together with any related disclosure schedules thereto) and covenants made by the Company to the Purchasers in the Purchase
Agreement in connection with the Placement, is hereby incorporated herein by reference into this Agreement (as though fully restated herein)
and is, as of the date of this Agreement and as of the Closing Date, hereby made to, and in favor of, the Placement Agent. In addition
to the foregoing, the Company represents and warrants that there are no affiliations with any Financial Industry Regulatory Authority
(“FINRA”) member firm participating in the Placement among the Company’s officers, directors or, to the knowledge
of the Company, any five percent (5.0%) or greater stockholder of the Company, except as set forth in the FINRA questionnaires.
1.2 Covenants of the Company. The Company covenants and agrees to continue to retain (i) a firm
of Public Company Accounting Oversight Board independent registered public accountants for a period of at least two (2) years after the
Closing Date and (ii) a competent transfer agent for a period of two (2) years after the Closing Date, provided the Company is then
subject to the reporting requirement of the Exchange Act (as defined below).
2 REPRESENTATIONS OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is
a member in good standing of the FINRA, (ii) is registered as a broker/dealer under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), (iii) is licensed as a broker/dealer under the laws of the United States of America, applicable
to the offers and sales of the Placement Agent Securities by the Placement Agent, (iv) is and will be a corporate body validly existing
under the laws of its place of incorporation, and (v) has full power and authority to enter into and perform its obligations under
this Agreement. The Placement Agent will immediately notify the Company in writing of any change in its status with respect to subsections
(i) through (v) above. The Placement Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in
compliance with the provisions of this Agreement and the requirements of applicable law.
3 COMPENSATION. In consideration of the services to be provided for hereunder, the Company shall
pay to the Placement Agent and/or its respective designees a total cash fee equal to 6.5% of the aggregate purchase price paid by any
and all Purchasers at the Closing. Notwithstanding the foregoing, the Placement Agent shall be entitled to a reduced fee of 1.00% for
certain investors that shall be mutually agreed in writing to by the Company and the Placement Agent.
2
4 EXPENSES. The Company agrees to reimburse the Placement Agent for reasonable and documented out-of-pocket
accountable legal expenses incurred by the Placement Agent in connection with the transaction in the amount of up to $50,000 (provided,
however, that such reimbursement amount in no way limits or impairs the indemnification and contribution provisions of this Agreement).
5 INDEMNIFICATION.
5.1 To the extent permitted by law, with respect to the Placement Agent Securities, the Company shall indemnify
the Placement Agent and its affiliates, agents, stockholders, directors, officers, employees, members and controlling persons (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each such entity or person, an “Indemnified
Person”) from and against all claims, actions, suits, proceedings (including those of stockholders), damages, costs and liabilities
(collectively, “Claims”), and shall reimburse each Indemnified Person for all reasonable fees and expenses (including the
reasonable fees and expenses of counsel) (collectively, the “Expenses”) as they are incurred by an Indemnified Person in investigating,
preparing, pursuing or defending any Claim, whether or not an Indemnified Person is a party thereto, that is caused by, arises out of,
or is based upon (i) any untrue statements made or any statements omitted to be made in the Registration Statement or the Prospectus Supplement,
or by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading (other than untrue statements or alleged untrue statements in, or omissions or alleged omissions
from, information relating to an Indemnified Person furnished in writing by or on behalf of such Indemnified Person expressly for use
in the Registration Statement or the Prospectus Supplement) or (ii) any other actions taken or omitted to be taken by the Company or any
Indemnified Person in connection with this Agreement; provided, however, the Company will not be responsible for any Claims or Expenses
of any Indemnified Person that are determined to have resulted directly from such Indemnified Person’s (x) willful misconduct, violation
of law or gross negligence in connection with any of the action, inaction or the services described herein, or (y) use of any offering
materials or information concerning the Company in connection with the offer or sale of the Placement Agent’s Securities in the
Placement, which were not authorized for such use by the Company and which use constitutes gross negligence, violation of law or willful
misconduct. In no event shall the Company or any Indemnified Person be responsible for any special, indirect or consequential damages
incurred by the other.
5.2 Promptly after receipt by the Placement Agent of notice of any claim or the commencement of any action
or proceeding with respect to which any Indemnified Person is entitled to indemnity hereunder, the Placement Agent will notify the Company
in writing of such claim or of the commencement of such action or proceeding, but failure to so notify the Company shall not relieve the
Company from any obligation it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company
of substantial rights and defenses. If the Company so elects or is requested by the Placement Agent, the Company will assume the defense
of such action or proceeding and will employ counsel reasonably satisfactory to the Placement Agent and will pay the reasonable fees and
expenses of such counsel. Notwithstanding the preceding sentence, the Placement Agent will be entitled to employ its own counsel separate
from counsel for the Company and from any other party in such action if counsel for the Placement Agent reasonably determines that it
would be inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company and
the Placement Agent. In such event, the reasonable fees and disbursements of no more than one such separate counsel will be paid by the
Company, in addition to fees of local counsel.
3
5.3 The Company may not settle, compromise or consent to the entry of any judgment in any pending or threatened
Claim, in which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual or potential party thereto),
without the prior written consent of the Placement Agent (which will not be unreasonably delayed or withheld) unless such settlement,
compromise or consent provides for an unconditional and irrevocable release of each Indemnified Person from any and all liability arising
out of such Claim.
5.4 The Company agrees to notify the Placement Agent promptly of the assertion against it or any other person
of any Claim or the commencement of any action or proceeding relating to a transaction contemplated by this Agreement.
5.5 If for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold
the Placement Agent harmless, then the Company shall contribute to the amount paid or payable by the Placement Agent as a result of such
Claim or Expenses in such proportion as is appropriate to reflect (a) the relative benefits to the Company on the one hand, and the Placement
Agent on the other hand, in connection with the Placement, (b) the relative fault of the parties, and (c) other equitable considerations;
provided, however, that in no event shall the amount to be contributed by the Placement Agent exceed the fees actually received, or to
be received, by the Placement Agent under this Agreement. Notwithstanding the immediately preceding sentence, to the extent the exception
to indemnification contemplated by Paragraph A of this Section applies with respect to the Placement Agent, the Company shall contribute
to the amount paid or payable by the Placement Agent as a result of such Claim or Expenses in such proportion as is appropriate to reflect
the relative fault of the Company, on the one hand, and the Placement Agent, on the other hand, in connection with the matters contemplated
by the Agreement. The Company agrees that for the purposes of this paragraph the relative benefits to the Company and the Placement Agent
of the contemplated transaction (whether or not such transaction is consummated) shall be deemed to be in the same proportion that the
aggregate cash consideration payable (or contemplated to be payable) in such transaction bears to the fees paid or payable to the Placement
Agent under this Agreement.
5.6 These indemnification provisions shall remain in full force and effect whether or not the transaction
contemplated by this Agreement is completed, survive the termination of this Agreement, and be in addition to any liability that the Company
might otherwise have to any Indemnified Person.
4
6 ENGAGEMENT TERM. The Placement Agent’s engagement hereunder will commence on the date hereof
and continue through September 30, 2026. The date of termination of this Agreement is referred to herein as the “Termination
Date.” In the event, however, in the course of the Placement Agent’s performance of due diligence it deems it necessary
to terminate the engagement, the Placement Agent may do so prior to the Termination Date. The Company may elect to terminate the engagement
hereunder for any reason prior to the Termination Date but will remain responsible for fees pursuant to Section 3 hereof with respect
to the Placement Agent Securities if sold in the Placement. Notwithstanding anything to the contrary contained herein, the provisions
concerning the Company’s obligation to pay any fees actually earned pursuant to Section 3 hereof and the provisions concerning confidentiality,
indemnification and contribution contained herein, as well as provisions in Sections 10 – 14 hereof will survive any expiration
or termination of this Agreement. If this Agreement is terminated prior to the completion of the Placement, all fees and expenses due
to the Placement Agent as set forth in Section 3 and Section 4 shall be paid by the Company to the Placement Agent on or before
the Termination Date (only in the event such fees are in fact earned or owed as of the Termination Date). The Placement Agent agrees not
to use any confidential information concerning the Company provided to the Placement Agent by the Company for any purposes other than
those contemplated under this Agreement.
7 PLACEMENT AGENT INFORMATION. The Company agrees that any information or advice rendered by the
Placement Agent in connection with this engagement is for the confidential use of the Company only in its evaluation of the Placement
and, except as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information in any manner
without the Placement Agent’s prior written consent.
8 NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating
rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the indemnification provisions
hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and
shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement
or the retention of the Placement Agent hereunder, all of which are hereby expressly waived.
9 CLOSING. The obligations of the Placement Agent, and the closing of the sale of the Placement Agent
Securities hereunder are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part
of the Company contained herein and in the Purchase Agreement, to the performance by the Company of its obligations hereunder and in the
Purchase Agreement, and to each of the following additional terms and conditions, except as otherwise disclosed to and acknowledged and
waived by the Placement Agent:
9.1 All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery
and validity of each of this Agreement, the Placement Agent Securities, and all other legal matters relating to this Agreement and the
transactions contemplated hereby with respect to the Placement Agent Securities shall be reasonably satisfactory in all material respects
to the Placement Agent.
5
9.2 The Placement Agent shall have received from the Company’s counsel, Sullivan & Worcester LLP,
such counsel’s written opinion with respect to the Placement Agent Securities, addressed to the Placement Agent and the Purchasers
and dated as of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent.
9.3 The Placement Agent shall have received an executed FINRA questionnaire from each of the Company and the
Company’s executive officers and directors as well as executed Lock-Up Agreements from the Company’s executive officers and
directors.
9.4 Common Shares sold in the Placement, including Common Shares issuable upon the exercise of the Warrants,
must be registered under the Exchange Act. The Company shall have taken no action designed to, or likely to have the effect of, terminating
the registration of the Common Shares under the Exchange Act or delisting or suspending from trading the Common Shares from the Trading
Market or other applicable U.S. national exchange, nor has the Company received any information suggesting that the Commission or the
Trading Market or other U.S. applicable national exchange is contemplating terminating such registration or listing, except as disclosed
in the Registration Statement and the Prospectus Supplement.
9.5 No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted
or issued by any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Placement Agent
Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction,
restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the
Closing Date which would prevent the issuance or sale of the Placement Agent Securities or materially and adversely affect or potentially
and adversely affect the business or operations of the Company.
9.6 The Company shall have entered into a Purchase Agreement with each of the Purchasers of the Placement
Agent Securities that chooses to do so and such agreements shall be in full force and effect and shall contain representations, warranties
and covenants of the Company as agreed upon between the Company and the Purchasers.
9.7 FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements
of this Agreement. In addition, the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel
to make on the Company’s behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, if applicable,
with respect to the Placement and pay all filing fees required in connection therewith.
9.8 The Placement Agent shall have received customary certificates of the Company’s executive officers
(the “Officer’s Certificate”), as to the accuracy of the representations and warranties contained in the Purchase
Agreement, and a certificate of the Company’s secretary (the “Secretary’s Certificate”) certifying (i) that
the Company’s charter documents are true and complete, have not been modified and are in full force and effect; (ii) that the resolutions
of the Company’s Board of Directors relating to the Placement are in full force and effect and have not been modified; and (iii)
as to the incumbency of the officers of the Company. Each of the Officer’s Certificate and the Secretary’s Certificate shall
be dated as of the Closing Date.
6
If any of the conditions
specified in this Section 9 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement Agent
hereunder may be cancelled by the Placement Agent at, or at any time prior to, the Closing Date. Notice of such cancellation shall be
given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.
10 GOVERNING LAW. This Agreement will be governed by, and construed in accordance with, the laws
of the State of New York applicable to agreements made and to be performed entirely in such State, without regard to principles of conflicts
of law. This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall
be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial
by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute
arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New
York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally
and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by delivering a copy thereof via 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 manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of this Agreement,
then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and other
costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
11 ENTIRE AGREEMENT/MISCELLANEOUS. This Agreement embodies the entire agreement and understanding
between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision
of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any
other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended
or otherwise modified or waived except by an instrument in writing signed by both the Placement Agent and the Company. The representations,
warranties, agreements and covenants contained herein shall survive the Closing Date of the Placement and delivery of the Placement Agent
Securities for the applicable statute of limitations. This Agreement may be executed in two or more counterparts, all of which when taken
together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or a .pdf format 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.
7
12 NOTICES. Any and all notices or other communications or deliveries required or permitted to be
provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such
notice or communication is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City
time) on a business day, (b) the next business day after the date of transmission, if such notice or communication is sent to the email
address on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any
business day, (c) the third business day following the date of mailing, if sent by an internationally recognized air 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 hereto.
13 PRESS ANNOUNCEMENTS. The Company agrees that the Placement Agent shall, on and after the Closing
Date, have the right to reference the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s
marketing materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its
own expense.
14 PAYMENTS. All payments made or deemed to be made by the Company to the Placement Agent, its
affiliates, stockholders, directors, officers, employees, members and controlling persons (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, a “Payee”), if any, will be made without withholding or deduction for
or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature (other than taxes on net
income or similar taxes) imposed or levied by or on behalf of the United States or any political subdivision or any taxing authority thereof
or therein unless the Company is or becomes required by law to withhold or deduct such taxes, duties, assessments or other governmental
charges. In such event, the Company will pay such additional amounts as will result, after such withholding or deduction, in the receipt
by the Payee of the amounts that would otherwise have been receivable in respect thereof. For the avoidance of doubt, all sums payable,
paid or deemed payable under this Agreement shall be considered exclusive of value added tax, sales tax or other similar taxes which shall
be borne by, paid, collected and remitted by the Company in accordance with applicable law.
[The remainder of this page has been intentionally
left blank.]
8
Please confirm that the foregoing
correctly sets forth our agreement by signing and returning to the Placement Agent the enclosed copy of this Agreement.
Very truly yours,
A.G.P./ALLIANCE GLOBAL PARTNERS
By:
/s/ Thomas Higgins
Name:
Thomas Higgins
Title:
Managing Director
Address for notice:
590 Madison Avenue 28th Floor
New York, New York 10022
Attn: Thomas Higgins
Email:
Accepted and Agreed to as of
the date first written above:
Pluri Inc.
By:
/s/ Yaky Yanay, /s/ Liat Zalts
Name:
Yaky Yanay, Chief Executive
Officer and President
Liat Zalts, Chief Financial Officer
and Treasurer
Title:
Address for notice:
Matam Park, Building #5, Haifa 3508409 Israel
Attn:
Email:
[Signature Page to Placement Agency Agreement]
9
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Cover
Aug. 26, 2026
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Entity Incorporation, State or Country Code
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