FORM OF EXCHANGE AGREEMENT, DATED AS OF JUNE 11, 2026, BY AND AMONG ADIAL PHARMACEUTICALS, INC. AND EACH NOTE HOLDER LISTED ON EXHIBIT A THERETO
ADIAL PHARMACEUTICALS, INC.
Execution Version
EXCHANGE AGREEMENT
This EXCHANGE AGREEMENT (this “Agreement”) is dated as of June 11, 2026, by and among Adial Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and each of the noteholders listed on Exhibit A attached to this Agreement (each, a “Holder” and together, the “Holders”).
WHEREAS, the Company and the Holders are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”);
WHEREAS, each Holder is the holder of one or more convertible promissory notes originally issued by Azora Therapeutics, Inc. (“Azora”) to such Holder (collectively, the “Notes”), in the aggregate principal amounts set forth opposite such Holder’s name on Exhibit A;
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