REGISTRATION
RIGHTS AGREEMENT


 


This
Registration Rights Agreement (this “Agreement”) is made and entered into as of March 6, 2018, between PolarityTE,
Inc., a Delaware corporation (the “Company”), and Denver Lough (the “Holder”).


 


Recital


 


The
Company and the Holder hereby agree as follows:


 


1.       Definitions.
As used in this Agreement, the following terms shall have the following meanings:


 


“Advice”
shall have the meaning set forth in Section 7(b).


 


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


 


“Effectiveness
Period” shall have the meaning set forth in Section 2(a).


 


“Holder”
means the holder from time to time of Registrable Securities.


 


“Indemnified
Party” shall have the meaning set forth in Section 5(c).


 



“Indemnifying
Party” shall have the meaning set forth in Section 5(c).


 


“Losses”
shall have the meaning set forth in Section 5(a).


 


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


 


“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering
of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to
the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by
reference in such Prospectus.


 


“Registrable
Securities” means all of the Shares, together with any shares of Common Stock issued or issuable upon any stock split,
dividend or other distribution, recapitalization or similar event with respect to the foregoing.


 


“Registration
Statement” means the registration statement(s) required to be filed hereunder, including (in each case) the Prospectus,
amendments and supplements to such registration statement(s) or Prospectus, including pre- and post-effective amendments, all
exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement(s).


 




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“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended 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 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.


 


“Shares”
means [         ] shares of Common Stock held by the holder on the date hereof that
were issued to the Holder pursuant to exemptions from registration under the Securities Act.


 


“Trading
Day” means (i) a day on which the Common Stock is traded on the Nasdaq Stock Market, or (ii) if the Common Stock is
not quoted by the Nasdaq Stock Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by
the National Quotation Bureau Incorporated (or any similar organization or agency succeeding to its functions of reporting prices);
provided, that in the event that the Common Stock is not listed or quoted as set forth in (i) and (ii) hereof, then Trading Day
shall mean a Business Day.



 


2.       Registration.


 


(a)       No
later than the six (6) month anniversary of the date of this Agreement, the Company shall prepare and file with the Commission
a Registration Statement covering the resale of all of the Registrable Securities for an offering to be made on a continuous basis
pursuant to Rule 415. The Registration Statement required hereunder shall be on Form S-3 (except if the Company is not then eligible
to register for resale the Registrable Securities on Form S-3, in which case the Registration shall be on another appropriate
form in accordance herewith). Subject to the terms of this Agreement, the Company shall use its best efforts to cause the Registration
Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, and shall use its
best efforts to keep the Registration Statement continuously effective under the Securities Act until the earlier of: (i) the
date when all Registrable Securities covered by the Registration Statement have been sold, and (ii) when all Registrable Securities
covered by the Registration Statement may be sold without volume restrictions pursuant to Rule 144(b)(i) promulgated under the
Securities Act (the “Effectiveness Period”).


 


(b)       In
the event that the Company is subject to limitations on the number or aggregate market value of securities that the Company can
sell in any period, including, without limitation, under Instruction I.B.6 of Form S-3, and any sales or other transfers of Common
Stock by the Holder under a Registration Statement filed pursuant to this Agreement would be included in such limit due to the
Holder’s status as an “affiliate” (as defined in Rule 405 of the Securities Act) of the Company or otherwise
(“Sale Limits”), (i) the Holder shall not sell or otherwise transfer any shares of Common Stock under the Registration
Statement without the prior written consent of the Company, which consent shall be in the sole discretion of the Company; and
(ii) the Company shall have the right to suspend the Holder’s use of the Registration Statement or withdraw the Registration
Statement; provided, however, that if the Company withdraws the Registration Statement and the Sale Limits become no longer applicable,
the Holder shall have the demand registration rights described in Section 2(e) below.


 




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(c)       If
for any reason the Commission does not permit all of the Shares to be included in the Registration Statement filed pursuant to
Section 2(a) or for any other reason any Registrable Securities are not then included in a Registration Statement filed
under this Agreement, then the Company shall prepare and file as soon as possible after the date on which such filing may be made
an additional Registration Statement covering the resale of all Registrable Securities not already covered by an existing and
effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. The Company shall use
its best efforts to cause each such Registration Statement to be declared effective under the Securities Act as soon as possible
and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act during its
entire Effectiveness Period.


 


(d)       Notwithstanding
anything to the contrary contained in this Agreement, in the event the staff of the Commission (the “Staff”)
or the Commission requires the Holder seeking to sell securities under a Registration Statement filed pursuant to this Agreement
to be specifically identified as an “underwriter” in order to permit such Registration Statement to become effective,
and the Holder does not consent to being so named as an underwriter in such Registration Statement, then in such case, the Company
shall reduce the total number of Registrable Securities to be registered on behalf of the Holder, until such time as the Staff
or the Commission does not require such identification or until the Holder accepts such identification and the manner thereof.


 


(e)       In
the event of any reduction pursuant to Section 2(b) or Section 2(d), the Holder shall not have any claim against
the Company as a result of such reduction. In the event of any reduction in Registrable Securities pursuant to Section 2(b)
or Section 2(d) (and, in the case of Section 2(b), only if the Company withdrew a Registration Statement pursuant
to Section 2(b) and the Sale Limits no longer apply), the Holder shall have the right to require, upon delivery of a written
request to the Company signed by the Holder, that the Company to file a registration statement within 60 days of such request
(subject to any restrictions imposed by Rule 415 or required by the Staff or the Commission) for re-sale by the Holder in a manner
acceptable to the Holder, and the Company shall following such request cause to be and keep effective such registration statement
in the same manner as otherwise contemplated in this Agreement for registration statements hereunder, in each case until the earlier
of such time as: (i) all Registrable Securities held by the Holder have been registered pursuant to an effective Registration
Statement in a manner acceptable to the Holder or (ii) the Registrable Securities may be resold by the Holder without restriction
(including volume limitations) pursuant to Rule 144(b)(i) of the Securities Act (taking account of any Staff position with respect
to “affiliate” status) or (iii) one year from the date of issuance of the applicable Registrable Securities or (iv)
the Holder agrees to be named as an underwriter in any such Registration Statement in a manner acceptable to the Holder as to
all Registrable Securities held by the Holder and that have not theretofore been included in a Registration Statement under this
Agreement (it being understood that the special demand right under this sentence may be exercised by the Holder multiple times
and with respect to limited amounts of Registrable Securities in order to permit the re-sale thereof by the Holder as contemplated
above).


 




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		3.	Registration
                                         Procedures



 


In
connection with the Company’s registration obligations hereunder, the Company shall:


 


(a)       (i)
Prepare and file with the Commission such amendments, including post-effective amendments, to the Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the
applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration
Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed
pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect
to the Registration Statement or any amendment thereto and, as promptly as reasonably possible, upon request, provide the Holder
true and complete copies of all correspondence from and to the Commission relating to the Registration Statement; and (iv) comply
in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all
Registrable Securities covered by the Registration Statement (to the extent such provisions are applicable to the Company). The
Company shall ensure that each Registration Statement (including any amendments or supplements or prospectuses contained therein)
shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary
to make the statements therein (in the case of prospectuses, in light of the circumstances in which they were made) not misleading.


 


(b)       Notify
the Holder of Registrable Securities as promptly as reasonably possible (and, in the case of (i)(A) below, not less than two Trading
Days prior to such filing) and (if requested by any such Person) confirm such notice in writing promptly following the day (i)(A)
when a Prospectus or any Prospectus supplement or post-effective amendment to the Registration Statement is proposed to be filed;
(B) when the Commission notifies the Company whether there will be a “review” of the Registration Statement and whenever
the Commission comments in writing on the Registration Statement; and (C) with respect to the Registration Statement or any post-effective
amendment, when the same has become effective; (ii) of any request by the Commission or any other Federal or state governmental
authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement
or Prospectus or for additional information; (iii) of the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registrable
Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event
or passage of time that makes the financial statements included in the Registration Statement ineligible for inclusion therein
or any statement made in the Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein
by reference untrue in any material respect or that requires any revisions to the Registration Statement, Prospectus or other
documents so that, in the case of the Registration Statement or the Prospectus, as the case may be, it 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, in light of the circumstances under which they were made, not misleading.


 




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(c)       Use
reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness
of the Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, at the earliest practicable moment.


 


(d)       Deliver
to the Holder, without charge, as many copies of the Prospectus or Prospectuses (including each form of prospectus) and each amendment
or supplement thereto as Holder may reasonably request in connection with resales by the Holder of Registrable Securities. Subject
to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto
by the selling Holder in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any
amendment or supplement thereto, subject to notices pursuant to Section 3(b).


 


(e)       Prior
to any resale of Registrable Securities by the Holder, use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holder in connection with the registration or qualification (or exemption from the Registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or “Blue Sky” laws of such jurisdictions
within the United States as the Holder reasonably requests in writing, to keep the Registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable
the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, that
the Company shall not be required to qualify generally to do business or file a general consent to service of process in any jurisdiction
where it is not then so qualified.


 


(f)       If
requested by the Holder, cooperate with the Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free
of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names
as the Holder may request.


 




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(g)       Upon
the occurrence of any event contemplated by this Section 3, as promptly as commercially reasonably possible under the circumstances
taking into account the good faith determination of the Company’s Board of Directors of adverse consequences to the Company
and its stockholders of the premature disclosure of material non-public information, prepare a supplement or amendment, including
a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither
the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading. If the Company notifies the Holder in accordance with clauses (ii) through (v) of Section 3(b) above
to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holder shall suspend
use of such Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly
as is commercially practicable.


 


(h)       Comply
with all applicable rules and regulations of the Commission.


 


(i)       If
requested by the Holder, the Company shall as soon as practicable after receipt of notice from the Holder, use reasonable best
efforts to (i) incorporate in a prospectus supplement or post-effective amendment such information as the Holder reasonably requests
to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information
with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other
terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such prospectus
supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment; and (iii) supplement or make amendments to any Registration Statement if reasonably requested by the
Holder holding any Registrable Securities.


 


(j)       The
Company shall make generally available to its security holders as soon as practical, but not later than 90 days after the close
of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions of
Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal
quarter next following the effective date of the Registration Statement or any additional registration statement required by the
terms of this Agreement.


 


4.       Registration
Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without
limitation, fees and expenses in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing
of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration
Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities
Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other persons or entities
retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the
Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any audit. In no event shall the Company be responsible for any broker or similar
commissions of the Holder.


 




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		5.	Indemnification



 


(a)       Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless the Holder
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 (collectively, “Losses”), as incurred, arising
out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in the 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 form of prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading, except to the extent, but only to the extent, that (A) such untrue statements or omissions are
based solely upon information regarding the Holder furnished in writing to the Company by the Holder expressly for use therein,
or to the extent that such information relates to the Holder or the Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by the Holder expressly for use in the Registration Statement, such
Prospectus or such form of Prospectus or in any amendment or supplement thereto, (B) in the case of an occurrence of an event
of the type specified in Section 3(b)(ii)-(v), the use by the Holder of an outdated or defective Prospectus after the Company
has notified the Holder in writing that the Prospectus is outdated or defective and prior to the receipt by the Holder of the
Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the
amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected and no grounds
for such Loss would have existed, or (C) the Holder fails to comply with any applicable prospectus delivery requirements of the
Securities Act applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement; or (ii)
any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation,
any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant
to a Registration Statement. The Company shall notify the Holder promptly of the institution, threat or assertion of any Proceeding
of which the Company is aware in connection with the transactions contemplated by this Agreement. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of the Holder and shall survive the transfer of
any of the Registrable Securities by the Holder.


 


(b)       Indemnification
by the Holder. The Holder shall indemnify and hold harmless the Company, its directors, officers, agents and employees, each
person or entity who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act), and the directors, officers, agents or employees of such controlling persons or entities, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon: (x) the Holder’s
failure to comply with the prospectus delivery requirements of the Securities Act to the extent that delivery of such Prospectus
would have avoided such Loss or (y) any untrue or alleged untrue statement of a material fact contained in any Registration Statement,
any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising
solely out of or based solely upon any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading to the extent, but only to the extent, that such untrue statements or omissions
are based solely upon information regarding the Holder furnished in writing to the Company by the Holder expressly for use therein.
In no event shall the liability of the selling Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by the Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. The indemnity
agreement contained in this Section 5(b) and the agreement with respect to contribution contained in Section 5(d)
shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the prior written consent of
the Holder, which consent shall not be unreasonably withheld or delayed.


 




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(c)       Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any person or entity entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the person or entity from
whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right
to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment
of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject
to appeal or further review) that such failure shall have proximately and materially prejudiced the Indemnifying Party.


 


An
Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying
Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the
defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or
(3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same
counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of such separate counsel shall
be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding
effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld, effect any settlement of any
pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release
of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.


 




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Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying
Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder;
provided, that such Indemnified Party shall promptly reimburse the Indemnifying Party all such fees and expenses to the
extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder).


 


(d)       Contribution.
If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public
policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in
such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified
Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates
to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party
as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Section 5, any reasonable
attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such
party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available
to such party in accordance with its terms.


 



The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined
by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred
to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), (i) the Holder shall not
be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by
the Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that the Holder
has otherwise been required to pay, or would otherwise be required to pay under Section 5(b), by reason of such untrue
or alleged untrue statement or omission or alleged omission; (ii) no contribution shall be made under circumstances where the
maker would not have been liable for indemnification under the fault standards set forth in this Section 5 and (iii) no
Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) in connection with such sale shall be entitled to contribution from any Person involved
in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation.


 




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The
indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties
may have to the Indemnified Parties.


 


6.       Reports
Under the Exchange Act. With a view to making available to the Holder the benefits of Rule 144 promulgated under the Securities
Act or any other similar rule or regulation of the Commission that may at any time permit the Holder to sell securities of the
Company to the public without registration, the Company agrees to use reasonable best efforts to:


 


(a)       make
and keep public information available, as those terms are understood and defined in Rule 144;


 


(b)       file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144;


 


(c)       furnish
to the Holder so long as the Holder owns Registrable Securities, promptly upon request, (i) a written statement by the Company,
if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (ii) a copy
of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company if such
reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably requested to permit the Holder
to sell such securities pursuant to Rule 144 without registration; and


 


(d)       procure
the removal of the restrictive legend on the Registrable Securities held by a Holder as soon as reasonably practicable following
the receipt by the Company of a request for such removal, provided that such Shares have been sold under an effective registration
statement under the Securities Act, (ii) in connection with a sale, assignment or other transfer, the Holder provides the Company
with an opinion of counsel, reasonably acceptable to the Company, to the effect that such sale, assignment or transfer is being
made pursuant to an exemption from the registration requirements of the Securities Act, or (iii) the Holder provides the Company
with reasonable assurance that the Shares are being sold, assigned or transferred pursuant to Rule 144 or Rule 144A under the
Securities Act.


 


7.       Miscellaneous


 


(a)       Compliance.
The Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to the Registration Statement.


 


(b)       Discontinued
Disposition. The Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind
described in Section 3(b), the Holder will forthwith discontinue further sales of such Registrable Securities under the
Registration Statement until the Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration
Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus
may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed
to be incorporated by reference in such Prospectus or Registration Statement. The Company will use its best efforts to ensure
that the use of the Prospectus may be resumed as promptly as is commercially practicable.


 




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(c)       Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.


 


(d)       Amendments
and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company
and the Holder. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed
to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise
of any such right.


 


(e)       Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of the Holder. The Holder may not assign any or all of its rights under this Agreement
to any person or entity to whom the Holder assigns or transfers any Registrable Securities or otherwise, without the prior written
consent of the Company. Any assignment by Holder of this Agreement permitted by the Company shall require that the transferee
agree in writing to be bound, with respect to the transferred securities, by the provisions hereof that apply to the “Holder.”
The Company may not assign its rights or obligations hereunder.


 


(f)       Governing
Law. The parties hereby agree that any dispute which may arise between them arising out of or in connection with this Agreement
shall be adjudicated only before a federal court located in the State of New York and they hereby submit to the exclusive jurisdiction
of the federal and state courts of the State of New York with respect to any action or legal proceeding commenced by any party,
and irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or proceeding brought
in such a court or respecting the fact that such court is an inconvenient forum, relating to or arising out of this Agreement
or any acts or omissions relating to the registration of the securities hereunder, and consent to the service of process in any
such action or legal proceeding by means of registered or certified mail, return receipt requested, in care of the address set
forth below or such other address as the undersigned shall furnish in writing to the other.


 


(g)       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.


 




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(h)       Remedies.
In the event of a breach by the Company or the Holder, of any of their obligations under this Agreement, the Holder or the Company,
as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery
of damages, will be entitled to specific performance of its rights under this Agreement. The Company and the Holder agree that
monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions
of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach,
it shall waive the defense that a remedy at law would be adequate.


 


(i)       Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.


 


(j)       Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with regard to the
subject matter hereof, and no party shall be liable or bound to any other party in any manner by any warranties, representations
or covenants except as specifically set forth herein.


 


(k)       Notices.
All notices and other communications required or permitted under this Agreement shall be in writing and shall be delivered personally
by hand or by overnight courier, mailed by United States first-class mail, postage prepaid, sent by facsimile or sent by electronic
mail directed (a) if to the Holder, at the Holder’s address, facsimile number or electronic mail address set forth in the
Company’s records, or at such other address, facsimile number or electronic mail address as the Holder may designate by
ten (10) days’ advance written notice to the other parties hereto; or (b) if to the Company, to its address, facsimile number
or electronic mail address set forth on its signature page to this Agreement and directed to the attention of its President, or
at such other address, facsimile number or electronic mail address as the Company may designate by ten (10) days’ advance
written notice to the other parties hereto. All such notices and other communications shall be effective or deemed given upon
delivery, on the date that is three (3) days following the date of mailing, upon confirmation of facsimile transfer or upon confirmation
of electronic mail delivery.


 


(l)       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 reasonable
best 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.


 


(m)       Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.


 


(n)       Execution
and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature
is delivered by facsimile or email transmission, such signature shall create a valid binding obligation of the party executing
(or on whose behalf such signature is executed) the same with the same force and effect as if such signature were the original
thereof.


 


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of page intentionally left blank]


 




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IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.


 


	 	POLARITYTE,
    INC.
	 	 	 
	 	By:
    	/s/
    John Stetson
	 	Name:	John
    Stetson 
	 	Title:
    	Chief
    Financial Officer
	 	Address:	1960 S 4250 W Salt Lake City,


UT 84104



 


	 	DENVER LOUGH
	 	 	 
	 	 	/s/ Denver Lough
	 	 	 
	 	Address: 	
        1960 S 4250 W Salt Lake City,

UT 84104





 


[Signature
Page to Registration Rights Agreement]