REGISTRATION
RIGHTS AGREEMENT


REGISTRATION
RIGHTS AGREEMENT (this "Agreement"), dated as of August 4, 2020, by and among Generex Biotechnology Corporation,
a Delaware corporation, with headquarters located at 10102 USA Today Way, Miramar, Florida 33025 (the "Company"),
and the investors listed on the Schedule of Buyers attached hereto (each, a "Buyer" and collectively, the "Buyers").


WHEREAS:


A. In
connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the "Securities
Purchase Agreement"), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase
Agreement, to issue and sell to each Buyer (i) shares (the "Common Shares") of the Company's common stock, par
value $0.001 per share (the "Common Stock") and (ii) four (4) series of warrants (collectively, the "Warrants")
which will be exercisable to purchase shares of Common Stock (as exercised, collectively, the "Warrant Shares")
in accordance with the terms and conditions of the Warrants.


B. In
accordance with the terms of the Securities Purchase Agreement, the Company has agreed to provide certain registration rights
under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively,
the "1933 Act"), and applicable state securities laws.


NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows:


1. 
Definitions.


Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement.
As used in this Agreement, the following terms shall have the following meanings:


(a) 
"Additional Effective Date" means the date an Additional Registration Statement is declared effective by the
SEC.


(b) 
"Additional Effectiveness Deadline" means the date which is the earlier of (i) the fiftieth (50th)
calendar day after the earlier of the applicable Additional Filing Date and the Additional Filing Deadline and (ii) the fifth
(5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that
such Additional Registration Statement will not be reviewed or will not be subject to further review; provided, however,
that if the Additional Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the
Additional Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.


(c) 
"Additional Filing Date" means the date on which an Additional Registration Statement is filed with the SEC.


(d) 
"Additional Filing Deadline" means if Cutback Shares are required to be included in any Additional Registration
Statement, the later of (i) the date sixty (60) calendar days after the date substantially all of the Registrable Securities registered
under the immediately preceding Registration Statement are sold and (ii) the date six (6) months from the Initial Effective Date,
the most recent Subsequent Effective Date or the most recent Additional Effective Date, as applicable.


(e) 
"Additional Registrable Securities" means, (i) any Cutback Shares not previously included on a Registration Statement,
and (ii) any capital stock of the Company issued or issuable with respect to the Series A Warrants, the Series B Warrants, the
Series C Warrants, the Series D Warrants, the Series A Warrant Shares, the Series B Warrant Shares, the Series C Warrant Shares,
the Series D Warrant Shares or the Cutback Shares, as applicable, as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise, without regard to any limitations on exercise of the Warrants.


(f) 
"Additional Registration Statement" means a registration statement or registration statements of the Company
filed under the 1933 Act covering the resale any Additional Registrable Securities.


(g) 
"Additional Required Registration Amount" means any Cutback Shares not previously included on a Registration
Statement, all subject to adjustment as provided in Section 2(g), without regard to any limitations on the exercise of the Warrants.


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


(i) 
"Closing Date" shall have the meaning set forth in the Securities Purchase Agreement.


(j) 
"Cutback Shares" means any of the Initial Required Registration Amount, the Subsequent Required Registration
Amount or the Additional Required Registration Amount of Registrable Securities not included in all Registration Statements previously
declared effective hereunder as a result of a limitation on the maximum number of shares of Common Stock of the Company permitted
to be registered by the staff of the SEC pursuant to Rule 415. For the purpose of determining the Cutback Shares, in order to
determine any applicable Required Registration Amount, unless an Investor gives written notice to the Company to the contrary
with respect to the allocation of its Cutback Shares, first the Series A Warrant Shares shall be excluded on a pro rata basis
among the Investors until all of the Series A Warrant Shares have been excluded, second the Series B Warrant Shares shall be excluded
on a pro rata basis among the Investors until all of the Series B Warrant Shares have been excluded, third the Series C Warrant
Shares shall be excluded on a pro rata basis among the Investors until all of the Series C Warrant Shares have been excluded,
and fourth the Series D Warrant Shares shall be excluded on a pro rata basis among the Investors until all of the Series D Warrant
Shares have been excluded.


(k) 
"Designee" means Anson Investments Master Fund LP.


(l) 
"effective" and "effectiveness" refer to a Registration Statement that has been declared effective
by the SEC and is available for the resale of the Registrable Securities required to be covered thereby.


(m) 
"Effective Date" means the Initial Effective Date, each Subsequent Effective Date and/or each Additional Effective
Date, as applicable.


(n) 
"Effectiveness Deadline" means the Initial Effectiveness Deadline, each Subsequent Effectiveness Deadline and/or
each Additional Effectiveness Deadline, as applicable.


(o) 
"Eligible Market" means the Principal Market, the NYSE American, The Nasdaq Capital Market, The Nasdaq Global
Select Market, The Nasdaq Global Market or The New York Stock Exchange, Inc.


(p) 
"End Reset Date" shall have the meaning ascribed to such term in the Series B Warrants


(q) 
"Filing Deadline" means the Initial Filing Deadline, each Subsequent Filing Deadline and/or each Additional Filing
Deadline, as applicable.


(r) 
"Initial Effective Date" means the date that the Initial Registration Statement has been declared effective by
the SEC.


(s) 
"Initial Effectiveness Deadline" means the date which is the earlier of (x) the seventy fifth (75th)
calendar day after the Closing Date and (y) the fifth (5th) Business Day after the date the Company is notified (orally
or in writing, whichever is earlier) by the SEC that such Initial Registration Statement will not be reviewed or will not be subject
to further review; provided, however, that if the Initial Effectiveness Deadline falls on a Saturday, Sunday or
other day that the SEC is closed for business, the Initial Effectiveness Deadline shall be extended to the next Business Day on
which the SEC is open for business.


(t) 
"Initial Filing Deadline" means the date which is twelve (12) Business Days after the Closing Date.


(u) 
"Initial Registrable Securities" means (i) the Common Shares; (ii) the Series A Warrant Shares issued or issuable
upon exercise of the Series A Warrants, (iii) the Series B Warrant Shares issued or issuable upon exercise of the Series B Warrants,
(iv) the Series C Warrant Shares issued or issuable upon exercise of the Series C Warrants, (v) the Series D Warrant Shares issued
or issuable upon exercise of the Series D Warrants and (vi) any capital stock of the Company issued or issuable with respect to
the Series A Warrant Shares, the Series A Warrants, the Series B Warrant Shares, the Series B Warrants, the Series C Warrant Shares,
the Series C Warrants, the Series D Warrant Shares or the Series D Warrants, in each case as a result of any stock split, stock
dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitations on the exercise of the Series
A Warrants, the Series B Warrants, the Series C Warrants and/or the Series D Warrants.


(v) 
"Initial Registration Statement" means a registration statement or registration statements of the Company filed
under the 1933 Act covering the resale of Initial Registrable Securities.


(w) 
"Initial Required Registration Amount" means the sum of (i) the number of Common Shares issued and (ii) the number
of shares of Common Stock issued and issuable pursuant to the Series A Warrants, the Series B Warrants, the Series C Warrants
and the Series D Warrants equal the greater of (A) the sum of (x) the maximum number of Series A Warrant Shares and Series B Warrant
Shares issued and issuable pursuant to the Series A Warrants and Series B Warrants, in each case, without giving effect to any
limitation on exercise set forth therein and (y) the number of Series C Warrant Shares and Series D Warrant Shares issued and
issuable pursuant to the Series C Warrants and Series D Warrants (as applicable) assuming that the Maximum Eligibility Number
(as defined in the Series C Warrant and Series D Warrant, as applicable) is determined based on a Reset Price (as defined in the
Series D Warrant) equal to the Reset Floor Price without giving effect to any limitation on exercise set forth therein and (B)
100% of the number of shares of Common Stock issuable upon exercise of the Warrants without giving effect to any limitation on
exercise set forth therein without giving effect to any limitation on exercise set forth in the Warrants, in each case, calculated
as of the Trading Day immediately preceding the applicable date of determination and all subject to adjustment as provided in
Section 2(g).


(x) 
"Investor" means a Buyer or any transferee or assignee thereof to whom a Buyer assigns its rights under this
Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or
assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the
provisions of this Agreement in accordance with Section 9.


(y) 
"Person" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization and a government or any department or agency thereof.


(z) 
"Principal Market" means OTC QB market.


(aa) 
"register," "registered," and "registration" refer to a registration effected
by preparing and filing one or more Registration Statements (as defined below) in compliance with the 1933 Act and pursuant to
Rule 415, and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC.


(bb) 
"Registrable Securities" means the Initial Registrable Securities, the Subsequent Registrable Securities and/or
the Additional Registrable Securities, as applicable.


(cc) 
"Registration Statement" means the Initial Registration Statement, the Subsequent Registration Statement(s) and/or
the Additional Registration Statement(s), as applicable.


(dd) 
"Required Holders" means the holders of at least a majority of the Registrable Securities and shall include the
Designee so long as the Designee or any of its affiliates holds any Warrants or Registrable Securities.


(ee) 
"Required Registration Amount" means either the Initial Required Registration Amount, the Subsequent Required
Registration Amount and/or the Additional Required Registration Amount, as applicable.


(ff) 
"Reservation Date" shall have the meaning ascribed to such term in the Warrants.


(gg) 
"Reset Floor Price" shall have the meaning ascribed to such term in the Series D Warrants.


(hh) 
"Rule 415" means Rule 415 promulgated under the 1933 Act or any successor rule providing for offering securities
on a continuous or delayed basis.


(ii) 
"SEC" means the United States Securities and Exchange Commission.


(jj) 
"Series A Warrants" shall have the meaning set forth in the Securities Purchase Agreement.


(kk) 
"Series A Warrant Shares" shall have the meaning set forth in the Securities Purchase Agreement.


(ll) 
"Series B Warrants" shall have the meaning set forth in the Securities Purchase Agreement.


(mm) 
"Series B Warrant Shares" shall have the meaning set forth in the Securities Purchase Agreement.


(nn) 
"Series C Warrants" shall have the meaning set forth in the Securities Purchase Agreement.


(oo) 
"Series C Warrant Shares" shall have the meaning set forth in the Securities Purchase Agreement.


(pp) 
"Series D Warrants" shall have the meaning set forth in the Securities Purchase Agreement.


(qq) 
"Series D Warrant Shares" shall have the meaning set forth in the Securities Purchase Agreement.


(rr) 
"Subsequent Effective Date" means the date that a Subsequent Registration Statement has been declared effective
by the SEC.


(ss) 
"Subsequent Effectiveness Deadline" means the date which is the earlier of (x) the fiftieth (50th)
calendar day after the earlier of the applicable Subsequent Filing Date and the applicable Subsequent Filing Deadline and (y)
the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by
the SEC that such Subsequent Registration Statement will not be reviewed or will not be subject to further review; provided,
however, that if a Subsequent Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for
business, the Subsequent Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.


(tt) 
"Subsequent Filing Date" means the date on which the applicable Subsequent Registration Statement is filed with
the SEC.


(uu) 
"Subsequent Filing Deadline" means the date which is ten (10) calendar days after each End Reset Date.


(vv) 
"Subsequent Registrable Securities" means (i) the Series C Warrant Shares issued or issuable upon exercise of
the Series C Warrants to the extent such Series C Warrant Shares were not included in all Registration Statements previously declared
effective hereunder, (ii) the Series D Warrant Shares issued or issuable upon exercise of the Series D Warrants to the extent
such Series D Warrant Shares were not included in all Registration Statements previously declared effective hereunder and (iii)
any capital stock of the Company issued or issuable with respect to the Series C Warrant Shares, Series C Warrants, Series D Warrant
Shares or Series D Warrants to the extent such capital stock was not included in all Registration Statements previously declared
effective hereunder, in each case as a result of any stock split, stock dividend, recapitalization, exchange or similar event
or otherwise, without regard to any limitations on the exercise of the Series C Warrants or Series D Warrants.


(ww) 
"Subsequent Registration Statement" means a registration statement or registration statements of the Company
filed under the 1933 Act covering the resale of Subsequent Registrable Securities.


(xx) 
"Subsequent Required Registration Amount" means the number of shares of Common Stock issued and issuable pursuant
to the Series C Warrants and the Series D Warrants equal to the sum of (x) 100% of the maximum number of Series C Warrant Shares
issued and issuable pursuant to the Series C Warrants, without giving effect to any limitation on exercise set forth therein,
to the extent such Series C Warrant Shares were not included in all Registration Statements previously declared effective hereunder
and (y) 100% of the number of shares of Common Stock issuable upon exercise of the Series D Warrants, without giving effect to
any limitation on exercise set forth in the Series D Warrants, to the extent such Series D Warrant Shares were not included in
all Registration Statements previously declared effective hereunder, calculated as of the Trading Day immediately preceding the
applicable date of determination and all subject to adjustment as provided in Section 2(g).


(yy) 
"Trading Day" means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock on such day, then on the principal securities exchange or securities
market on which the Common Stock is then traded.


2. 
Registration.


(a) 
Initial Mandatory Registration. The Company shall prepare, and, as soon as practicable but in no event later than the Initial
Filing Deadline, file with the SEC the Initial Registration Statement on Form S-1 covering the resale of all of the Initial Registrable
Securities. The Initial Registration Statement prepared pursuant hereto shall register for resale at least the number of shares
of Common Stock equal to the Initial Required Registration Amount determined as of the date the Initial Registration Statement
is initially filed with the SEC, subject to adjustment as provided in Section 2(g). The Initial Registration Statement shall contain
(except if otherwise directed by the Required Holders) the "Plan of Distribution" and "Selling Stockholders"
sections in substantially the form attached hereto as Exhibit B. The Company shall use its commercially reasonable best
efforts to have the Initial Registration Statement declared effective by the SEC as soon as practicable, but in no event later
than the Initial Effectiveness Deadline. By 9:30 a.m. New York time on the Business Day following the Initial Effective Date,
the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection
with sales pursuant to such Initial Registration Statement.


(b) 
Subsequent Mandatory Registrations. The Company shall prepare, and, as soon as practicable but in no event later than the
Subsequent Filing Deadline, file with the SEC a Subsequent Registration Statement on Form S-1 covering the resale of all of the
Subsequent Registrable Securities not previously registered on a Subsequent Registration Statement hereunder. Each Subsequent
Registration Statement prepared pursuant hereto shall register for resale at least that number of shares of Common Stock equal
to the Subsequent Required Registration Amount determined as of the date such Subsequent Registration Statement is initially filed
with the SEC, subject to adjustment as provided in Section 2(g). Each Subsequent Registration Statement shall contain (except
if otherwise directed by the Required Holders) the "Plan of Distribution" and "Selling Stockholders"
sections in substantially the form attached hereto as Exhibit B. The Company shall use its commercially reasonable best
efforts to have each Subsequent Registration Statement declared effective by the SEC as soon as practicable, but in no event later
than the Subsequent Effectiveness Deadline. By 9:30 a.m. New York time on the Business Day following the Subsequent Effective
Date, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection
with sales pursuant to such Subsequent Registration Statement.


(c) 
Additional Mandatory Registrations. The Company shall prepare, and, as soon as practicable but in no event later than the
Additional Filing Deadline, file with the SEC an Additional Registration Statement on Form S-1 covering the resale of all of the
Additional Registrable Securities not previously registered on an Additional Registration Statement hereunder. To the extent the
staff of the SEC does not permit the Additional Required Registration Amount to be registered on an Additional Registration Statement,
the Company shall file Additional Registration Statements successively trying to register on each such Additional Registration
Statement the maximum number of remaining Additional Registrable Securities until the Additional Required Registration Amount
has been registered with the SEC. Each Additional Registration Statement prepared pursuant hereto shall register for resale at
least that number of shares of Common Stock equal to the Additional Required Registration Amount determined as of the date such
Additional Registration Statement is initially filed with the SEC, subject to adjustment as provided in Section 2(g). Each Additional
Registration Statement shall contain (except if otherwise directed by the Required Holders) the "Plan of Distribution"
and "Selling Stockholders" sections in substantially the form attached hereto as Exhibit B. The Company
shall use its commercially reasonable best efforts to have each Additional Registration Statement declared effective by the SEC
as soon as practicable, but in no event later than the Additional Effectiveness Deadline. By 9:30 a.m. New York time on the Business
Day following the Additional Effective Date, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act
the final prospectus to be used in connection with sales pursuant to such Additional Registration Statement.


(d) 
Allocation of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement
and any increase or decrease in the number of Registrable Securities included therein shall be allocated pro rata among the Investors
based on the number of Registrable Securities held by each Investor at the time the Registration Statement covering such initial
number of Registrable Securities or increase or decrease thereof is declared effective by the SEC. In the event that an Investor
sells or otherwise transfers any of such Investor's Registrable Securities, each transferee shall be allocated a pro rata portion
of the then remaining number of Registrable Securities included in such Registration Statement for such transferor. Any shares
of Common Stock included in a Registration Statement and which remain allocated to any Person which ceases to hold any Registrable
Securities covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on the number
of Registrable Securities then held by such Investors which are covered by such Registration Statement. In no event shall the
Company include any securities other than Registrable Securities on any Registration Statement without the prior written consent
of the Required Holders.


(e) 
Legal Counsel. Subject to Section 5 hereof, the Required Holders shall have the right to select one legal counsel to review
and oversee any registration pursuant to this Section 2 ("Legal Counsel"), which shall be Schulte Roth &
Zabel LLP or such other counsel as thereafter designated by the Required Holders. The Company and Legal Counsel shall reasonably
cooperate with each other in performing the Company's obligations under this Agreement.


(f) 
Sufficient Number of Shares Registered. In the event the number of shares available under a Registration Statement filed
pursuant to Section 2(a), Section 2(b) or Section 2(c) is insufficient to cover the Required Registration Amount of Registrable
Securities required to be covered by such Registration Statement or an Investor's allocated portion of the Registrable Securities
pursuant to Section 2(d), the Company shall amend the applicable Registration Statement, or file a new Registration Statement
(on the short form available therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of
the Trading Day immediately preceding the date of the filing of such amendment or new Registration Statement, in each case, as
soon as practicable, but in any event not later than fifteen (15) calendar days after the necessity therefor arises. The Company
shall use its commercially reasonable best efforts to cause such amendment and/or new Registration Statement to become effective
as soon as practicable following the filing thereof. For purposes of the foregoing provision, the number of shares available under
a Registration Statement shall be deemed "insufficient to cover all of the Registrable Securities" if at any time the
number of shares of Common Stock available for resale under the Registration Statement is less than the Required Registration
Amount as of such time. The calculation set forth in the foregoing sentence shall be made without regard to any limitations on
the exercise of the Warrants, and such calculation shall assume that the Series A Warrants, the Series B Warrants, the Series
C Warrants and the Series D Warrants are then exercisable in full into a number of shares of Common Stock equal to the greater
of the (i) sum of (x) the maximum number of Series A Warrant Shares issued and issuable pursuant to the Series A Warrants and
Series B Warrants without giving effect to any limitation on exercise set forth therein and (y) Series C Warrant Shares and Series
D Warrant Shares issued and issuable pursuant to the Series C Warrants and Series D Warrants (as applicable) assuming that the
Maximum Eligibility Number (as defined in the Series C Warrant and Series D Warrant, as applicable) is determined based on a Reset
Price (as defined in the Series D Warrants) equal to the Reset Floor Price without giving effect to any limitation on exercise
set forth therein and (ii) 100% of the maximum number of shares of Common Stock as shall from time to time be necessary to effect
the exercise of all of the Warrants then outstanding without giving effect to any limitation on exercise included therein.


(g) 
Effect of Failure to File and Obtain and Maintain Effectiveness of Registration Statement. If (x) a Registration Statement
covering all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to
this Agreement is (A) not filed with the SEC on or before the applicable Filing Deadline (a "Filing Failure")
or (B) not declared effective by the SEC on or before the applicable Effectiveness Deadline, (an "Effectiveness Failure")
or (y) on any day after the applicable Effective Date sales of all of the Registrable Securities required to be included on such
Registration Statement cannot be made (other than during an Allowable Grace Period (as defined in Section 3(r)) pursuant to such
Registration Statement or otherwise (including, without limitation, because of the suspension of trading or any other limitation
imposed by an Eligible Market, a failure to keep such Registration Statement effective, a failure to disclose such information
as is necessary for sales to be made pursuant to such Registration Statement, a failure to register a sufficient number of shares
of Common Stock or a failure to maintain the listing of the Common Stock) (a "Maintenance Failure"), then, as
partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the Registrable
Securities (which remedy shall not be exclusive of any other remedies available at law or in equity, including, without limitation,
specific performance or the additional obligation of the Company to register any Cutback Shares), the Company shall pay to each
holder of Registrable Securities relating to such Registration Statement an amount in cash equal to two percent (2.0%) of the
aggregate Purchase Price (as such term is defined in the Securities Purchase Agreement) of such Investor's Registrable Securities
whether or not included in such Registration Statement on each of the following dates: (i) the day of a Filing Failure; (ii) the
day of an Effectiveness Failure; (iii) the initial day of a Maintenance Failure; (iv) on the thirtieth day after the date of a
Filing Failure and every thirtieth day thereafter (prorated for periods totaling less than thirty days) until such Filing Failure
is cured; (v) on the thirtieth day after the date of an Effectiveness Failure and every thirtieth day thereafter (prorated for
periods totaling less than thirty days) until such Effectiveness Failure is cured; and (vi) on the thirtieth day after the initial
date of a Maintenance Failure and every thirtieth day thereafter (prorated for periods totaling less than thirty days) until such
Maintenance Failure is cured. The payments to which a holder shall be entitled pursuant to this Section 2(h) are referred to herein
as "Registration Delay Payments." Registration Delay Payments shall be paid on the earlier of (I) the dates set
forth above and (II) the third Business Day after the event or failure giving rise to the Registration Delay Payments is cured.
In the event the Company fails to make Registration Delay Payments in a timely manner, such Registration Delay Payments shall
bear interest at the rate of one and one-half percent (1.5%) per month (prorated for partial months) until paid in full.


3. 
Related Obligations.


At
such time as the Company is obligated to file a Registration Statement with the SEC pursuant to Section 2(a), 2(b), 2(c), 2(f)
or 2(g), the Company will use its commercially reasonable best efforts to effect the registration of the Registrable Securities
in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:


(a) 
The Company shall promptly prepare and file with the SEC a Registration Statement with respect to the Registrable Securities and
use its commercially reasonable best efforts to cause such Registration Statement relating to the Registrable Securities to become
effective as soon as practicable after such filing (but in no event later than the Effectiveness Deadline). The Company shall
use commercially reasonable best efforts to keep each Registration Statement effective pursuant to Rule 415 at all times until
the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration
Statement without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1)
(or any successor thereto) promulgated under the 1933 Act or (ii) the date on which the Investors shall have sold all of the Registrable
Securities covered by such Registration Statement (the "Registration Period"). The Company shall ensure that
each Registration Statement (including any amendments or supplements thereto and 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 the light of the circumstances in which they were made) not misleading. The
term "commercially reasonable best efforts" shall mean, among other things, that the Company shall submit to the SEC,
within two (2) Business Days after the later of the date that (i) the Company learns that no review of a particular Registration
Statement will be made by the staff of the SEC or that the staff has no further comments on a particular Registration Statement,
as the case may be, and (ii) the approval of Legal Counsel pursuant to Section 3(c) (which approval is immediately sought), a
request for acceleration of effectiveness of such Registration Statement to a time and date not later than two (2) Business Days
after the submission of such request. The Company shall respond in writing to comments made by the SEC in respect of a Registration
Statement as soon as practicable, but in no event later than fifteen (15) days after the receipt of comments by or notice from
the SEC that an amendment is required in order for a Registration Statement to be declared effective.


(b) 
The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to
Rule 424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective at all times during
the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of
all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth
in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required to be
filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K,
Form 10-Q or Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended (the "1934 Act"),
the Company shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such
amendments or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for
the Company to amend or supplement such Registration Statement.


(c) 
The Company shall (A) permit Legal Counsel to review and comment upon (i) a Registration Statement at least five (5) Business
Days prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports) within
a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement
thereto in a form to which Legal Counsel reasonably objects. The Company shall not submit a request for acceleration of the effectiveness
of a Registration Statement or any amendment or supplement thereto without the prior approval of Legal Counsel, which consent
shall not be unreasonably withheld. The Company shall furnish to Legal Counsel, without charge, (i) copies of any correspondence
from the SEC or the staff of the SEC to the Company or its representatives relating to any Registration Statement, (ii) unless
the following are filed with the SEC through EDGAR and are available to the public through the EDGAR system, promptly after the
same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto, including financial
statements and schedules, all documents incorporated therein by reference, if requested by an Investor, and all exhibits and (iii)
unless the following are filed with the SEC through EDGAR and are available to the public through the EDGAR system, upon the effectiveness
of any Registration Statement, one copy of the prospectus included in such Registration Statement and all amendments and supplements
thereto. The Company shall reasonably cooperate with Legal Counsel in performing the Company's obligations pursuant to this Section
3.


(d) 
The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge,
upon request, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement
and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, if
requested by an Investor, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement,
ten (10) copies of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such
other number of copies as such Investor may reasonably request) and (iii) such other documents, including copies of any preliminary
or final prospectus, as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by such Investor.


(e) 
The Company shall use its commercially reasonable best efforts to (i) register and qualify, unless an exemption from registration
and qualification applies, the resale by Investors of the Registrable Securities covered by a Registration Statement under such
other securities or "blue sky" laws of all applicable jurisdictions in the United States, (ii) prepare and file in those
jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as
may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be
reasonably necessary to maintain such registrations and qualifications in effect at all times during the Registration Period,
and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to
do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The
Company shall promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of
any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for
sale under the securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice
of the initiation or threatening of any proceeding for such purpose.


(f) 
The Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable
after becoming aware of such event but in any event on the same Trading Day as such event, as a result of which the prospectus
included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information),
and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration Statement to correct such untrue
statement or omission, and, if requested by an Investor, unless filed with the SEC through EDGAR and available to the public through
the EDGAR system, deliver one copy of such supplement or amendment to Legal Counsel and each Investor (or such other number of
copies as Legal Counsel or such Investor may reasonably request). The Company shall also promptly notify Legal Counsel and each
Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a
Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered
to Legal Counsel and each Investor by facsimile or email on the same day of such effectiveness and by overnight mail), (ii) of
any request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information
and (iii) of the Company's reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.
By 9:30 a.m. New York City time on the Trading Day following the date any post-effective amendment has become effective, the Company
shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales
pursuant to such Registration Statement.


(g) 
The Company shall use its commercially reasonable best efforts to prevent the issuance of any stop order or other suspension of
effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale
in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the
earliest possible moment and to notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance
of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such
purpose.


(h) 
If any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter or
an Investor believes that it could reasonably be deemed to be an underwriter of Registrable Securities, at the reasonable request
of such Investor, the Company shall furnish to such Investor, on the date of the effectiveness of the Registration Statement and
thereafter from time to time on such dates as an Investor may reasonably request (i) a letter, dated such date, from the Company's
independent certified public accountants in form and substance as is customarily given by independent certified public accountants
to underwriters in an underwritten public offering, addressed to the Investors, and (ii) an opinion, dated as of such date, of
counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given
in an underwritten public offering, addressed to the Investors.


(i) 
If any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter or
an Investor believes that it could reasonably be deemed to be an underwriter of Registrable Securities, the Company shall make
available for inspection by (i) such Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained by
the Investors (collectively, the "Inspectors"), all pertinent financial and other records, and pertinent corporate
documents and properties of the Company (collectively, the "Records"), as shall be reasonably deemed necessary
by each Inspector, and cause the Company's officers, directors and employees to supply all information which any Inspector may
reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure
(except to an Investor) or use of any Record or other information which the Company determines in good faith to be confidential,
and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or
correct a misstatement or omission in any Registration Statement or is otherwise required under the 1933 Act, (b) the release
of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent
jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure
in violation of this Agreement. Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in
or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow
the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the
Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall
be deemed to limit the Investors' ability to sell Registrable Securities in a manner which is otherwise consistent with applicable
laws and regulations.


(j) 
The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of
such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release
of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of
competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation
of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information
concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give
prompt written notice to such Investor and allow such Investor, at the Investor's expense, to undertake appropriate action to
prevent disclosure of, or to obtain a protective order for, such information.


(k) 
The Company shall use its commercially reasonable best efforts either to (i) cause all of the Registrable Securities covered by
a Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by the
Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange
or (ii) secure the inclusion for quotation of all of the Registrable Securities on the Principal Market or (iii) if, despite the
Company's commercially reasonable best efforts, the Company is unsuccessful in satisfying the preceding clauses (i) and (ii),
to secure the inclusion for quotation on an Eligible Market for such Registrable Securities and, without limiting the generality
of the foregoing, to use its commercially reasonable best efforts to arrange for at least two market makers to register with the
Financial Industry Regulatory Authority, Inc. ("FINRA") as such with respect to such Registrable Securities.
The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(k).


(l) 
The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities
to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the
case may be, as the Investors may reasonably request and registered in such names as the Investors may request.


(m) 
If requested by an Investor, the Company shall as soon as practicable (i) incorporate in a prospectus supplement or post-effective
amendment such information as an Investor 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 an Investor holding any Registrable Securities.


(n) 
The Company shall use its commercially reasonable best efforts to cause the Registrable Securities covered by a Registration Statement
to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.


(o) 
The Company shall make generally available to its security holders as soon as practical, but not later than ninety (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 applicable Effective Date of a Registration Statement.


(p) 
The Company shall otherwise use its commercially reasonable best efforts to comply with all applicable rules and regulations of
the SEC in connection with any registration hereunder.


(q) 
Within two (2) Business Days after a Registration Statement which covers Registrable Securities is declared effective by the SEC,
the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation
that such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A.


(r) 
Notwithstanding anything to the contrary herein, at any time after the Effective Date, the Company may delay the disclosure of
material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion
of the Board of Directors of the Company and its counsel, in the best interest of the Company and, in the opinion of counsel to
the Company, otherwise required (a "Grace Period"); provided, that the Company shall promptly (i) notify the
Investors in writing of the existence of material, non-public information giving rise to a Grace Period (provided that in each
notice the Company will not disclose the content of such material, non-public information to the Investors) and the date on which
the Grace Period will begin, and (ii) notify the Investors in writing of the date on which the Grace Period ends; and, provided
further, that no Grace Period shall exceed five (5) consecutive Trading Days and during any three hundred sixty five (365) day
period such Grace Periods shall not exceed an aggregate of thirty (30) calendar days and the first day of any Grace Period must
be at least five (5) Trading Days after the last day of any prior Grace Period (each, an "Allowable Grace Period").
For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors
receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice
referred to in clause (ii) and the date referred to in such notice. The provisions of Section 3(g) hereof shall not be applicable
during the period of any Allowable Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the
first sentence of Section 3(f) with respect to the information giving rise thereto unless such material, non-public information
is no longer applicable. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended
shares of Common Stock to a transferee of an Investor in accordance with the terms of the Securities Purchase Agreement in connection
with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale, prior to the Investor's
receipt of the notice of a Grace Period and for which the Investor has not yet settled.


(s) 
Neither the Company nor any Subsidiary or affiliate thereof shall identify any Investor as an underwriter in any public disclosure
or filing with the SEC, the Principal Market or any Eligible Market and any Investor being deemed an underwriter by the SEC shall
not relieve the Company of any obligations it has under this Agreement or any other Transaction Document (as defined in the Securities
Purchase Agreement); provided, however, that the foregoing shall not prohibit the Company from including the disclosure found
in the "Plan of Distribution" section attached hereto as Exhibit B in the Registration Statement.


(t) 
Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries,
on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of
impairing the rights granted to the Buyers in this Agreement or otherwise conflicts with the provisions hereof.


4. 
Obligations of the Investors.


(a) 
At least five (5) Business Days prior to the first anticipated Filing Date of a Registration Statement, the Company shall notify
each Investor in writing of the information the Company requires from each such Investor if such Investor elects to have any of
such Investor's Registrable Securities included in such Registration Statement. It shall be a condition precedent to the obligations
of the Company to complete any registration pursuant to this Agreement with respect to the Registrable Securities of a particular
Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by
it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect and
maintain the effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with
such registration as the Company may reasonably request.


(b) 
Each Investor, by such Investor's acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor
has notified the Company in writing of such Investor's election to exclude all of such Investor's Registrable Securities from
such Registration Statement.


(c) 
Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3(g) or the first sentence of Section 3(f), such Investor will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor's receipt of copies of the
supplemented or amended prospectus as contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt of notice
that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent
to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the terms of the Securities Purchase
Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract
for sale prior to the Investor's receipt of a notice from the Company of the happening of any event of the kind described in Section
3(g) or the first sentence of Section 3(f) and for which the Investor has not yet settled.


(d) 
Each Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable
to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.


5. 
Expenses of Registration.


All
reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees,
printers and accounting fees, and fees and disbursements of counsel for the Company shall be paid by the Company. The Company
shall also reimburse the Investors for the fees and disbursements of Legal Counsel in connection with the registration, filing
or qualification pursuant to Sections 2 and 3 of this Agreement, which amount shall be limited to $25,000 for each such registration,
filing or qualification without the prior written consent of the Company


6. 
Indemnification.


In
the event any Registrable Securities are included in a Registration Statement under this Agreement:


(a) 
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor,
the directors, officers, partners, members, employees, agents, representatives of, and each Person, if any, who controls any Investor
within the meaning of the 1933 Act or the 1934 Act (each, an "Indemnified Person"), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys' fees, amounts paid in settlement or expenses,
joint or several (collectively, "Claims"), incurred in investigating, preparing or defending any action, claim,
suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative
or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a
party thereto ("Indemnified Damages"), to which any of them may become subject insofar as such Claims (or actions
or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement
or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction
in which Registrable Securities are offered ("Blue Sky Filing"), or the omission or alleged omission to state
a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement
or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of
such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to
make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading,
(iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 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 or (iv) any violation of this Agreement (the matters in the foregoing clauses (i) through (iv) being,
collectively, "Violations"). For the avoidance of doubt, the Violations set forth in this Section 6(a) are intended
to apply, and shall apply, to direct claims asserted by any Buyer against the Company as well as any third party claims asserted
by an Indemnified Person (other than a Buyer) against the Company. Subject to Section 6(c), the Company shall reimburse the Indemnified
Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred
by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising
out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the
Company by such Indemnified Person for such Indemnified Person expressly for use in connection with the preparation of the Registration
Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant
to Section 3(d); and (ii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the
prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the
transfer of the Registrable Securities by the Investors pursuant to Section 9.


(b) 
In connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally and
not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the
Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls
the Company within the meaning of the 1933 Act or the 1934 Act (each, an "Indemnified Party"), against any Claim
or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such
Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor
expressly for use in connection with such Registration Statement; and, subject to Section 6(c), such Investor shall reimburse
the Indemnified Party for any legal or other expenses reasonably incurred by an Indemnified Party in connection with investigating
or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement
with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement
is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld or delayed; provided,
further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages
as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration
Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified
Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9.


(c) 
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying
party a written notice of the commencement thereof, and, the indemnifying party shall have the right to participate in, and, to
the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of
the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified
Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses of not more than one counsel for all such Indemnified Person or Indemnified Party to be
paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnified Person or Indemnified Party,
as applicable, the representation by such counsel of the Indemnified Person or Indemnified Party, as the case may be, and the
indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified
Party and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel
referred to in the immediately preceding sentence shall be selected by the Investors holding at least a majority in interest of
the Registrable Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified
Person shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action
or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified
Party or Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or
Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto.
No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written
consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying
party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment
or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such Claim or litigation
and such settlement shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification
as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person
with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not
relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to
the extent that the indemnifying party is prejudiced in its ability to defend such action. The provisions of this Section 6(c)
shall not apply to direct claims between the Company and a Buyer.


(d) 
The indemnification required by this Section 6 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 Indemnified Damages are incurred.


(e) 
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.


7. 
Contribution.


To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however, that: (i) 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 1933 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;
and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of net proceeds received
by such seller from the sale of such Registrable Securities pursuant to such Registration Statement.


8. 
Reports Under the 1934 Act.


With
a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule
or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration
("Rule 144"), the Company agrees to, so long as an Investor owns Registrable Securities:


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


(b) 
file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 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; and


(c) 
furnish to each Investor so long as such Investor 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 1933 Act and the 1934 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
(unless such report or document is already publicly available), and (iii) such other information as may be reasonably requested
to permit the Investors to sell such securities pursuant to Rule 144 without registration.


9. 
Assignment of Registration Rights.


The
rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such
Investor's Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights,
and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is,
within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such
transferee or assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned;
(iii) immediately following such transfer or assignment the further disposition of such securities by the transferee or assignee
is restricted under the 1933 Act or applicable state securities laws; (iv) at or before the time the Company receives the written
notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound
by all of the provisions contained herein; and (v) such transfer shall have been made in accordance with the applicable requirements
of the Securities Purchase Agreement.


10. 
Amendment of Registration Rights.


Provisions
of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and the Required Holders. Any amendment or waiver
effected in accordance with this Section 10 shall be binding upon each Investor and the Company. No such amendment shall be effective
to the extent that it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered
or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration
(other than the reimbursement of legal fees) also is offered to all of the parties to this Agreement.


11. 
Miscellaneous.


(a) 
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from such record
owner of such Registrable Securities.


(b) 
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when
sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party), (iii) upon delivery, when sent by electronic mail (provided that the sending party does not receive an automated rejection
notice); or (iv) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall
be:


If
to the Company:


Generex
Biotechnology Corporation


10102
USA Today Way


Miramar,
Florida 33025


Telephone:(416)
364-2551


Attention:Joseph
Moscato; Anthony S. Crisci, Esq., CPA


E-mail:jmoscato@nugenerex.com;
acrisci@nugenerex.com


 


With
a copy (for informational purposes only) to:


Carmel,
Milazzo & Feil LLP


55
West 39th Street, 18th Floor

New York, NY 11018

Telephone: (212) 658-0458

Facsimile: (646) 838-1314


Attention:Jeffrey
Wofford, Esq.


E-mail:jwofford@cmfllp.com


 


If
to the Transfer Agent:


Securities
Transfer Corporation


2901
N. Dallas Parkway, Suite 380


Plano,
Texas 75093


Telephone:(469)
633-0101


Facsimile:
(469) 633-0088


Attention:Stephanie
Zhang


E-mail:SZhang@stctransfer.com


If
to Legal Counsel:


Schulte
Roth & Zabel LLP


919
Third Avenue


New
York, New York 10022


Telephone:(212)
756-2000


Facsimile:(212)
593-5955


Attention:Eleazer
Klein, Esq.


Email:
eleazer.klein@srz.com


 


If
to a Buyer, to its address, facsimile number or email address set forth on the Schedule of Buyers attached hereto, with copies
to such Buyer's representatives as set forth on the Schedule of Buyers, or to such other address, facsimile number and/or email
address to the attention of such other Person as the recipient party has specified by written notice given to each other party
five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile machine or e-mail
transmission containing the time, date, recipient facsimile number or e-mail address and an image of the first page of such transmission
or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.


(c) 
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such
right or remedy, shall not operate as a waiver thereof.


(d) 
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State 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, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such 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. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING
OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.


(e) 
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).


(f) 
This Agreement, the other Transaction Documents (as defined in the Securities Purchase Agreement) and the instruments referenced
herein and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements
and understandings among the parties hereto with respect to the subject matter hereof and thereof.


(g) 
Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors
and assigns of each of the parties hereto.


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


(i) 
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile
transmission or electronic mail of a copy of this Agreement bearing the signature of the party so delivering this Agreement.


(j) 
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.


(k) 
All consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by the Required Holders, determined as if all of the Warrants held by Investors then outstanding
have been exercised for Registrable Securities without regard to any limitations on exercise of the Warrants.


(l) 
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and
no rules of strict construction will be applied against any party.


(m) 
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other Person.


(n) 
The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no provision
of this Agreement is intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing contained
herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated herein.


*
* * * * *


[Signature
Pages Follow]









    	 	1	 



     


    

 


IN
WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the date first written above.


 


	COMPANY:

	 
	GENEREX
        BIOTECHNOLOGY CORPORATION

         

        By:/s/
        Joseph Moscato

        Name: Joseph Moscato

        Title:
        President/CEO







    	 	2	 



     


    

 





IN
WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the date first written above.


 


	BUYERS: 

	 
	ANSON
        INVESTMENTS MASTER FUND LP

        By:
        Anson Advisors Inc., co-investment advisor to Anson Investments Master Fund LP

         

        By:/s/
        Amin Nathoo

        Name: Amin Nathoo

        Title:
        Director






 






    	 	3	 



     


    

 


IN
WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the date first written above.


 


	BUYERS: 

	 
	ANSON
        EAST MASTER FUND LP

        By:
        Anson Advisors Inc., co-investment advisor to Anson East Master Fund LP

         

        By:/s/
        Amin Nathoo

        Name: Amin Nathoo

        Title:
        Director







    	 	4	 



     


    

 


IN
WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the date first written above.


 


	L1
CAPITAL GLOBAL OPPORTUNITIES MASTER FUND 

	 
	By:/s/
David Feldman

Name: David Feldman

        Title:
        Portfolio Manager










    	 	5	 



     


    




SCHEDULE
OF BUYERS


 


	Buyer
	Buyer
    Address, Facsimile 

    Number and E-mail	Buyer's
    Representative's Address, Facsimile Number and E-Mail
	Anson
    Investments Master Fund LP	c/o
Anson Advisors Inc.

        155
        University Ave., Suite 207

        Toronto,
        ON

        CANADA
        M5H 3B7

        Attn:
        Amin Nathoo

        Notices@ansonfunds.com

        

	Schulte
Roth & Zabel LLP

        919
        Third Avenue

        New
        York, NY 10022

        Attn:
        Eleazer Klein, Esq.

        Facsimile:
        (212) 593-5955

        Telephone:
        (212) 756-2000

        Email:
        eleazer.klein@srz.com

	Anson
    East Master Fund LP	c/o
Anson Advisors Inc.

        155
        University Ave., Suite 207

        Toronto,
        ON

        CANADA
        M5H 3B7

        Attn:
        Amin Nathoo

        Notices@ansonfunds.com

        

	Schulte
Roth & Zabel LLP

        919
        Third Avenue

        New
        York, NY 10022

        Attn:
        Eleazer Klein, Esq.

        Facsimile:
        (212) 593-5955

        Telephone:
        (212) 756-2000

        Email:
        eleazer.klein@srz.com

	L1
        Capital Global Opportunities Master Fund

         
	

    1688 Meridian Ave, Miami Beach, FL 33139, Level 7	 






    	 	6	 



     


    

EXHIBIT
A


FORM
OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT


 


Securities
Transfer Corporation


2901
N. Dallas Parkway, Suite 380


Plano,
Texas 75093


Telephone:(469)
633-0101


Facsimile:
(469) 633-0088


Attention:Stephanie
Zhang


E-mail:SZhang@stctransfer.com


Re:Generex
Biotechnology Corporation


Ladies
and Gentlemen:


[We
are][I am] counsel to Generex Biotechnology Corporation, a Delaware corporation (the "Company"), and have represented
the Company in connection with that certain Securities Purchase Agreement, dated as of August [__], 2020 (the "Securities
Purchase Agreement"), entered into by and among the Company and the buyers named therein (collectively, the "Holders")
pursuant to which the Company issued to the Holders shares ("Common Shares") of common stock, par value $0.001
per share (the "Common Stock") and four (4) series of warrants (collectively, the "Warrants")
exercisable for shares of Common Stock. Pursuant to the Securities Purchase Agreement, the Company also has entered into a Registration
Rights Agreement with the Holders (the "Registration Rights Agreement") pursuant to which the Company agreed,
among other things, to register the resale of the Registrable Securities (as defined in the Registration Rights Agreement), including
the Common Shares and the shares of Common Stock issuable upon exercise of the Warrants under the Securities Act of 1933, as amended
(the "1933 Act"). In connection with the Company's obligations under the Registration Rights Agreement, on ____________
___, 20__, the Company filed a Registration Statement on Form S-_ (File No. 333-_____________) (the "Registration Statement")
with the Securities and Exchange Commission (the "SEC") relating to the Registrable Securities which names each
of the Holders as a selling stockholder thereunder.


In
connection with the foregoing, [we][I] advise you that a member of the SEC's staff has advised [us][me] by telephone that the
SEC has entered an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS]
on [ENTER DATE OF EFFECTIVENESS] and that notice of Effectiveness has been posted to the SEC’s EDGAR website.
Additionally, [we][I] have no knowledge, after telephonic inquiry of a member of the SEC's staff, that any stop order suspending
its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the
Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement.


This
letter shall serve as our standing instruction to you that the shares of Common Stock are freely transferable by the Holders pursuant
to the Registration Statement. You need not require further letters from us to effect any future legend-free issuance or reissuance
of shares of Common Stock to the Holders as contemplated by the Company's Irrevocable Transfer Agent Instructions dated August
[__], 2020.


Very
truly yours,


[ISSUER'S
COUNSEL]


By:_____________________


CC:[LIST
NAMES OF HOLDERS]









    	 	7	 



     


    

 


EXHIBIT
B


SELLING
STOCKHOLDERS


The
shares of common stock being offered by the selling stockholders are those previously issued to the selling stockholders, and
those issuable to the selling stockholders, upon exercise of the warrants. For additional information regarding the issuances
of those shares of common stock and the warrants, see "Private Placement of Common Shares and Warrants" above. We are
registering the Common Stock in order to permit the selling stockholders to offer the shares for resale from time to time. Except
for the ownership of the shares of common stock and the warrants, the selling stockholders have not had any material relationship
with us within the past three years.


The
table below lists the selling stockholders and other information regarding the beneficial ownership of the shares of common stock
by each of the selling stockholders. The second column lists the number of shares of common stock beneficially owned by each selling
stockholder, based on its ownership of the shares of common stock and the warrants, as of ________, 20__, assuming exercise of
the warrants held by the selling stockholders on that date, without regard to any limitations on exercises.


The
third column lists the shares of common stock being offered by this prospectus by the selling stockholders.


In
accordance with the terms of a registration rights agreement with the selling stockholders, this prospectus generally covers the
resale of at least the sum of (i) the maximum number of shares of common stock issued and (ii) the maximum number of shares of
common stock issuable upon exercise of the related warrants, determined as if the outstanding warrants were exercised in full
as of the trading day immediately preceding the date this registration statement was initially filed with the SEC, each as of
the trading day immediately preceding the applicable date of determination and all subject to adjustment as provided in the registration
right agreement, without regard to any limitations on the exercise of the warrants and this registration statement registers the
greater of (A) the number of Series A Warrants, the Series B Warrants, the Series C Warrants and the Series D Warrants are then
exercisable in full into a number of shares of Common Stock equal to the sum of (x) 100% of the maximum number of Series A Warrant
Shares issued and issuable pursuant to the Series A Warrants, Series B Warrants and Series C Warrants without giving effect to
any limitation on exercise set forth therein and (y) 100% of the number of Series D Warrant Shares issued and issuable pursuant
to the Series D Warrants assuming that the Maximum Eligibility Number (as defined in the Series D Warrant) is determined based
on a Reset Price (as defined in the Series D Warrants) equal to the Reset Floor Price without giving effect to any limitation
on exercise set forth therein and (B) 100% of the maximum number of shares of Common Stock as shall from time to time be necessary
to effect the exercise of all of the Warrants then outstanding without giving effect to any limitation on exercise included therein.
The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus.


Under
the terms of the warrants, a selling stockholder may not exercise the warrants to the extent such exercise would cause such selling
stockholder, together with its affiliates, to beneficially own a number of shares of common stock which would exceed 4.99% or
9.99%, as applicable, of our then outstanding common stock following such exercise, excluding for purposes of such determination
common stock issuable upon exercise of the warrants which have not been exercised. The number of shares in the second column does
not reflect this limitation. The selling stockholders may sell all, some or none of their shares in this offering. See "Plan
of Distribution."









    	 	8	 



     


    




	

    

    

    Name of Selling Stockholder	Number
    of Shares of Common Stock Owned Prior to Offering	Maximum
    Number of Shares of Common Stock to be Sold Pursuant to this Prospectus	Number
    of Shares of Common Stock Owned After Offering	Percentage
    of Shares of Common Stock Owned After Offering if Greater than 1%
	Anson
Investments Master Fund LP (1)
	 	 	0	 
	Anson
    East Master Fund LP (1)	 	 	 	 
	L1
    Capital Global Opportunities Master Fund (2)	 	 	 	 


 


*
Denotes less than 1%.


(1)
Anson Advisors Inc. and Anson Funds Management LP, the Co-Investment Advisers of Anson Investments Master Fund LP (“AIMF”)
and Anson East Master Fund LP (“AEMF, and together with AIMF, “Anson”), hold voting and dispositive power over
the Common Shares held by Anson. Bruce Winson is the managing member of Anson Management GP LLC, which is the general partner
of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Winson, Mr. Kassam and Mr.
Nathoo each disclaim beneficial ownership of these Common Shares except to the extent of their pecuniary interest therein. The
principal business address of Anson is Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand
Cayman KY1-9008, Cayman Islands.


(2)
The principal business address of LI Capital Global Opportunities Fund is 161A Shedden Road, 1 Artillery Court, PO Box 10085,
Grand Cayman KY1-1001, Cayman Islands






    	 	9	 



     


    






PLAN
OF DISTRIBUTION


We
are registering the shares of common stock issued and issuable upon exercise of the warrants to permit the resale of these shares
of common stock by the holders of the common stock warrants from time to time after the date of this prospectus. We will not receive
any of the proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses
incident to our obligation to register the shares of common stock.


The
selling stockholders may sell all or a portion of the shares of common stock beneficially owned by them and offered hereby from
time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through
underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent's
commissions. The shares of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at
the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in
transactions, which may involve crosses or block transactions,


		•	on
                                         any national securities exchange or quotation service on which the securities may be
                                         listed or quoted at the time of sale;



		•	in
                                         the over-the-counter market;



		•	in
                                         transactions otherwise than on these exchanges or systems or in the over-the-counter
                                         market;



		•	through
                                         the writing of options, whether such options are listed on an options exchange or otherwise;



		•	ordinary
                                         brokerage transactions and transactions in which the broker-dealer solicits purchasers;



		•	block
                                         trades in which the broker-dealer will attempt to sell the shares as agent but may position
                                         and resell a portion of the block as principal to facilitate the transaction;



		•	purchases
                                         by a broker-dealer as principal and resale by the broker-dealer for its account;



		•	an
                                         exchange distribution in accordance with the rules of the applicable exchange;



		•	privately
                                         negotiated transactions;



		•	short
                                         sales;



		•	sales
                                         pursuant to Rule 144;



		•	broker-dealers
                                         may agree with the selling securityholders to sell a specified number of such shares
                                         at a stipulated price per share;



		•	a
                                         combination of any such methods of sale; and



		•	any
                                         other method permitted pursuant to applicable law.



If
the selling stockholders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers
or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions
from the selling stockholders or commissions from purchasers of the shares of common stock for whom they may act as agent or to
whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or
agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of common
stock or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn engage
in short sales of the shares of common stock in the course of hedging in positions they assume. The selling stockholders may also
sell shares of common stock short and deliver shares of common stock covered by this prospectus to close out short positions and
to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of common
stock to broker-dealers that in turn may sell such shares.


The
selling stockholders may pledge or grant a security interest in some or all of the warrants or shares of common stock owned by
them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell
the shares of common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3)
or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling stockholders
to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling
stockholders also may transfer and donate the shares of common stock in other circumstances in which case the transferees, donees,
pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.


The
selling stockholders and any broker-dealer participating in the distribution of the shares of common stock may be deemed to be
"underwriters" within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed
to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular
offering of the shares of common stock is made, a prospectus supplement, if required, will be distributed which will set forth
the aggregate amount of shares of common stock being offered and the terms of the offering, including the name or names of any
broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling stockholders and
any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.


Under
the securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed
brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been registered
or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.


There
can be no assurance that any selling stockholder will sell any or all of the shares of common stock registered pursuant to the
registration statement, of which this prospectus forms a part.


The
selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the
Exchange Act, which may limit the timing of purchases and sales of any of the shares of common stock by the selling stockholders
and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the
shares of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing
may affect the marketability of the shares of common stock and the ability of any person or entity to engage in market-making
activities with respect to the shares of common stock.


We
will pay all expenses of the registration of the shares of common stock pursuant to the registration rights agreement, estimated
to be $[ ] in total, including, without limitation, Securities and Exchange Commission filing fees
and expenses of compliance with state securities or "blue sky" laws; provided, however, that a selling stockholder will
pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities,
including some liabilities under the Securities Act, in accordance with the registration rights agreements, or the selling stockholders
will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities
under the Securities Act, that may arise from any written information furnished to us by the selling stockholder specifically
for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution.


Once
sold under the registration statement, of which this prospectus forms a part, the shares of common stock will be freely tradable
in the hands of persons other than our affiliates.