Exhibit 10.2


 


ARMATA PHARMACEUTICALS, INC.

REGISTRATION RIGHTS AGREEMENT


 


This Registration Rights Agreement
(this “Agreement”) is made and entered into as of October 28, 2021, by and between Armata Pharmaceuticals, Inc., a
Washington corporation (the “Company”), Innoviva Strategic Opportunities LLC (“Innoviva”) and Cystic
Fibrosis Foundation, a Delaware corporation (“CFF” and together with Innoviva, each a “Holder” or
collectively, the “Holders”). The Company and the Holders are referred to each as a “Party” and
collectively herein as the “Parties.”


 


In consideration of the mutual
covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
by each Party, the Parties agree as follows:


 


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


 


“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such
Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made; provided,
that for purposes of this Agreement, a Holder shall not be deemed an Affiliate of the Company or any of its Subsidiaries. For purposes
of this definition, the term “control” (including the correlative meanings of the terms “controlled by” and “under
common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or otherwise.


 


“Agreement”
has the meaning set forth in the preamble.


 


“Approved Transferee”
means any Affiliate of a Holder who acquires Registrable Securities from the Holder.


 


“Business Day”
means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to remain closed for the
entirety of such day in New York, New York.


 


“Close of Business”
means 5:00 p.m. Eastern Time.


 


“Commission”
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.


 


“Company”
has the meaning set forth in the preamble.


 


“Company Common Stock”
means the shares of common stock, par value $0.01 per share, of the Company.


 


“Company Indemnified
Persons” has the meaning set forth in Section 5(a).


 


“Exchange Act”
means the Securities Exchange Act of 1934, as amended.


 


“FINRA”
means the Financial Industry Regulatory Authority.


 


“Form S-1 Shelf”
has the meaning set forth in Section 2(a).


 


“Form S-3 Shelf”
has the meaning set forth in Section 2(a).


 


“Holder(s)”
has the meaning set forth in the preamble.


 






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“Holder Indemnified
Persons” has the meaning set forth in Section 5(b).


 


“Indemnified Persons”
has the meaning set forth in Section 5(b).


 


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


 


“Parties”
has the meaning set forth in the preamble.


 


“Person”
means any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated
organization, entity or division, or any government, governmental department or agency or political subdivision thereof.


 


“Proceeding”
means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a deposition)
pending or known to the Company to be threatened.


 


“Prospectus”
means the prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from
a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A), all amendments and supplements to the Prospectus,
including post-effective amendments, all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.


 


“Registrable Securities”
means (a) any Company Common Stock issued to a Holder pursuant to the Securities Purchase Agreement, (b) any securities issued or issuable
with respect to, on account of or in exchange for Company Common Stock described in clause (a), whether by stock split, stock dividend,
recapitalization, merger, consolidation or other reorganization, charter amendment or otherwise and (c) any options, warrants or other
rights to acquire, and any securities received as a dividend or distribution in respect of, any of the securities described in clauses
(a) and (b) above, in each case that are held by a Holder and its Affiliates or any transferee or assignee of a Holder or its Affiliates,
all of which securities are subject to the rights provided herein until such rights terminate pursuant to the provisions of this Agreement.
As to any particular Registrable Securities, such securities shall not be Registrable Securities when (i) a Registration Statement registering
such Registrable Securities under the Securities Act has been declared effective and such Registrable Securities have been sold, transferred
or otherwise disposed of by a Holder thereof pursuant to such effective Registration Statement, (ii) such Registrable Securities are sold,
transferred or otherwise disposed of pursuant to Rule 144, (iii) such securities cease to be outstanding, or (iv) such securities have
become eligible for sale by a Holder pursuant to Rule 144 without any restriction on the volume or manner of such sale and all restrictive
legends and stop transfer instructions have been removed with respect to all book entries representing the applicable Registrable Securities.


 


“Registration Expenses”
means all expenses incurred by the Company in complying with this Agreement, including, without limitation, all registration, qualification
and filing fees, printing expenses, escrow fees, fees and expenses of counsel for the Company and one counsel for the Holders, blue sky
fees and expenses and the expense of any special audits incident to or required by any such registration.


 


“Registration Statement”
means a registration statement of the Company filed with or to be filed with the Commission under the Securities Act that covers the resale
of any of the Registrable Securities pursuant to the provisions of this Agreement, and including any Prospectus, amendments and supplements
to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement.


 


“Related Person”
has the meaning set forth in Section 7(m).


 


“Representatives”
of a Holder means its partners, shareholders, members, directors, officers, employees, agents, counsel, accountants, consultants, investment
advisers or other professionals or representatives, or its affiliates or wholly owned subsidiaries.


 


“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule.


 






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“Rule 405”
means Rule 405 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule.


 


“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule.


 


“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule.


 


“Rule 430A”
means Rule 430A promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule.


 


“Seasoned Issuer”
means an issuer eligible to use Form S-3 under the Securities Act and who is not an “ineligible issuer” as defined in Rule
405.


 


“Securities Act”
means the Securities Act of 1933, as amended.


 


“Securities Purchase
Agreement” means that certain Securities Purchase Agreement, dated October 28, 2021, by and among the Company and the Holders.


 


“Shelf Period”
has the meaning set forth in Section 2(a).


 


“Shelf Registration”
means the registration of an offering of Registrable Securities on a Form S-1 Shelf or a Form S-3 Shelf, as applicable, on a delayed or
continuous basis under Rule 415, pursuant to Section 2(a).


 


“Shelf Registration
Statement” has the meaning set forth in Section 2(a).


 


“Suspension Period”
has the meaning set forth in Section 2(b).


 


“Trading Market”
means the principal national securities exchange in the United States on which Registrable Securities are (or are to be) listed.


 


Unless the context requires
otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms; (b) references
to Sections, paragraphs and clauses refer to Sections, paragraphs and clauses of this Agreement; (c) the terms “include,”
 “includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation”;
(d) the terms “hereof,” “herein” or “hereunder” refer to this Agreement as a whole and not to any
particular provision of this Agreement; (e) unless the context otherwise requires, the term “or” is not exclusive and shall
have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms
and derivative forms of defined terms will have correlative meanings; (g) references to any law or statute shall be deemed to refer to
such law or statute as amended or supplemented from time to time and shall include all rules and regulations and forms promulgated thereunder,
and references to any law, rule, form or statute shall be construed as including any legal and statutory provisions, rules or forms consolidating,
amending, succeeding or replacing the applicable law, rule, form or statute; (h) references to any Person include such Person’s
successors and permitted assigns; and (i) references to “days” are to calendar days unless otherwise indicated. Each of the
Parties hereto acknowledges that each Party was actively involved in the negotiation and drafting of this Agreement and that no law or
rule of construction shall be raised or used in which the provisions of this Agreement shall be construed in favor or against any Party
hereto because one is deemed to be the author thereof.


 






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2.                  
Registration.


 


(a)                
Shelf Registration. No later than one hundred twenty (120) days after the Closing (as such term is defined in the Securities
Purchase Agreement), the Company shall file a Registration Statement for a Shelf Registration covering the resale of the Registrable Securities
with the SEC for an offering to be made on a continuous basis pursuant to Rule 415, or if Rule 415 is not available for offers and sales
of the Registrable Securities, by such other means of distribution of Registrable Securities as the Holders may reasonably specify (the
 “Initial Registration Statement”). The Initial Registration Statement shall be on Form S-3 (or any successor to Form
S-3) covering the resale of all of the Registrable Securities held by the Holders (the “Form S-3 Shelf”), or if the
Company is not a Seasoned Issuer at the time of filing, the Company shall file a Registration Statement for a Shelf Registration on Form
S-1 (or any successor to Form S-1) (the “Form S-1 Shelf” and, together with the Form S-3 Shelf, the “Shelf
Registration Statement”). Subject to the terms of this Agreement, including any applicable Suspension Period, the Company shall
use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as
promptly as possible after the filing thereof, but in any event (x) no later than the fifteenth (15th) day following the filing of the
Shelf Registration Statement in the event of no “review” by the Commission, (y) no later than the sixtieth (60th) day following
the filing of the Shelf Registration Statement in the event of “limited review” by the Commission, or (z) in the event of
a “review” by the Commission, the one hundred and twentieth (120th) day following the filing of the Shelf Registration Statement
(the number of days in (x), (y) and (z) each being a “Review Period,” depending on the nature of the Commission’s
review, and provided, for any days during the period following the initial filing of the Shelf Registration Statement and prior
to the effectiveness of the Shelf Registration Statement that the Commission is unable to review or declare effective registration statements
filed with the Commission due to a shutdown or partial shutdown of the U.S. Government (such days, “Tolled Days”),
the applicable number of days in such Review Period shall be extended by the number of Tolled Days), and shall use its commercially reasonable
efforts to keep such Shelf Registration Statement continuously effective under the Securities Act until the date that all Registrable
Securities covered by such Registration Statement are no longer Registrable Securities, including (the period during which the Company
shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective under the Securities Act
in accordance with this clause (i), the “Shelf Period”). The Company shall notify the Holders by e-mail with electronic
confirmation of the effectiveness of the Shelf Registration Statement as promptly as practicable, and in any event within twenty-four
(24) hours, after the Company telephonically or otherwise confirms effectiveness with the Commission. The Company shall file a final Prospectus
with the Commission to the extent required by Rule 424. The “Plan of Distribution” section of such Shelf Registration Statement
shall provide for all permitted means of disposition of Registrable Securities, including firm-commitment underwritten public offerings,
agented transactions, sales directly into the market, purchases or sales by brokers and sales not involving a public offering. Notwithstanding
anything to the contrary contained herein, in the event the Commission informs the Company that all of the Registrable Securities cannot,
as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company
agrees to promptly (A) inform the Holders, (B) use its reasonable efforts to file amendments to the Initial Registration Statement as
required by the Commission, and/or (C) withdraw the Initial Registration Statement and file a new Registration Statement (a “New
Registration Statement”), in either case covering the maximum number of Registrable Securities permitted to be registered by
the Commission, on Form S-3 or, if the Company is ineligible to register for resale the Registrable Securities on Form S-3, such other
form available to register for resale the Registrable Securities as a secondary offering; provided, however, that prior
to filing such amendment or New Registration Statement, the Company shall be obligated to use its reasonable efforts to advocate with
the Commission for the registration of all of the Registrable Securities. In the event the Company amends the Initial Registration Statement
or files a New Registration Statement, as the case may be, under clauses (B) or (C) above, the Company will use its reasonable efforts
to file with the Commission, as promptly as allowed by the Commission, one or more Registration Statements on Form S-3 or, if the Company
is ineligible to register for resale the Registrable Securities on Form S-3, such other form available to register for resale those Registrable
Securities that were not registered for resale on the Initial Registration Statement, as amended, or the New Registration Statement (the
 “Remainder Registration Statements”).


 






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(b)               
Suspension Period. Notwithstanding any other provision of this Section 2, the Company shall have the right, but not
the obligation, to defer the filing of (but not the preparation of), or suspend the use by the Holders of, any Registration Statement
for a period of up to sixty (60) days (unless a longer period is consented to by the Holders) (i) upon issuance by the Commission of a
stop order suspending the effectiveness of such Registration Statement with respect to Registrable Securities or the initiation of proceedings
with respect to such Registration Statement under Section 9(d) or 8(e) of the Securities Act; (ii) if the Company believes in good faith
that any such registration or offering would require the Company (after consultation with external legal counsel), under applicable securities
laws and other laws, to make disclosure of material nonpublic information that would not otherwise be required to be disclosed at that
time and the Company believes in good faith that such disclosures at that time would not be in the Company’s best interests; provided
that this exception (ii) shall continue to apply only during the time that such material nonpublic information has not been disclosed
and remains material; (iii) if the Company elects at such time to offer Company Common Stock or other equity securities of the Company
to (x) fund a merger, third-party tender offer or other business combination, acquisition of assets or similar transaction or (y) meet
rating agency and other capital funding requirements; or (iv) if the Company is pursuing a primary underwritten offering of Company Common
Stock pursuant to a registration statement (any such period, a “Suspension Period”); provided, that in no event
shall the Company declare a Suspension Period more than three times in any twelve (12) month period. The Company shall (i) give prompt
written notice to the Holders of its declaration of a Suspension Period and of the expiration or termination of the relevant Suspension
Period and (ii) promptly resume the process of filing or requesting for effectiveness, or update the suspended Registration Statement,
as the case may be, as may be necessary to permit the Holders to offer and sell its Registrable Securities in accordance with applicable
law.


 


(c)                
Required Information. The Company may require a Holder of Registrable Securities as to which any Registration Statement
is being filed or sale is being effected to furnish to the Company such information regarding the intended method of distribution of such
securities and such other information relating to such Holder and its ownership of Registrable Securities as the Company may from time
to time reasonably request in writing (provided that such information shall be used only in connection with such registration). The Holders
agree to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply
with the provisions of this Agreement.


 


(d)               
Cessation of Registration Rights. All registration rights granted under this Section 2 shall continue to be applicable
with respect to the Holders until the Holders no longer hold any Registrable Securities.


 


3.                  
Registration Procedures. The procedures to be followed by the Company and the Holders to register the sale of Registrable
Securities pursuant to a Registration Statement in accordance with this Agreement, and the respective rights and obligations of the Company
and the Holders with respect to the preparation, filing and effectiveness of such Registration Statement, are as follows:


 


(a)                
The Company will (i) prepare and file a Registration Statement with the Commission (within the time period specified in Section
2(a)) which Registration Statement (A) shall be on a form required by this Agreement (or if not so required, selected by the Company)
for which the Company qualifies, (B) shall be available for the sale of the Registrable Securities in accordance with the intended method
or methods of distribution, and (C) shall comply as to form in all material respects with the requirements of the applicable form and
include and/or incorporate by reference all financial statements required by the Commission to be filed therewith, (ii) use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective for the period provided under Section
2(a), (iii) use its commercially reasonable efforts to prevent the occurrence of any event that would cause a Registration Statement
to contain a material misstatement or omission or to be not effective and usable for resale of the Registrable Securities registered pursuant
thereto (during the period that such Registration Statement is required to be effective as provided under Section 2(a)), and (iv)
cause each Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of such
Registration Statement, amendment or supplement, (x) to comply in all material respects with any requirements of the Securities Act and
the rules and regulations of the Commission and (y) not to 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 not misleading (provided, however, the Company
shall have no liability for any information furnished in writing by or on behalf of a Holder to the Company specifically for inclusion
in (including by incorporation by reference) any such Registration Statement that has not been corrected in a subsequent writing to the
Company prior to the filing or other disclosure of such information). The Company will, (1) at least three (3) Business Days prior to
the anticipated filing of a Registration Statement or any related Prospectus or any amendment or supplement thereto (including any documents
incorporated by reference therein), furnish to the Holders and their counsel copies of all such documents proposed to be filed and make
such representatives of the Company as shall be reasonably requested by the Holders available for discussion of such documents, (2) use
its commercially reasonable efforts to address in each such document prior to being so filed with the Commission such comments as the
Holders or their counsel reasonably shall propose within two (2) Business Days of receipt of such copies by the Holders and (3) not file
any Registration Statement or any related Prospectus or any amendment or supplement thereto containing information regarding the Holders
to which the Holders object, unless such information is required to comply with any applicable law or regulation.


 






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(b)               
The Company will as promptly as reasonably practicable (i) prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as (A) may be reasonably requested
by a Holder of Registrable Securities covered by such Registration Statement necessary to permit such Holder to sell in accordance with
its intended method of distribution or (B) may be necessary under applicable law to keep such Registration Statement continuously effective
with respect to the disposition of all Registrable Securities covered thereby for the period provided under Section 2(a) in accordance
with the intended method of distribution and, subject to the limitations contained in this Agreement, prepare and file with the Commission
such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held
by the Holders, (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and as so supplemented
or amended, to be filed pursuant to Rule 424, (iii) respond to any comments received from the Commission with respect to each Registration
Statement or Prospectus or any amendment thereto, and (iv) as promptly as reasonably practicable, provide the Holders true and complete
copies of all correspondence from and to the Commission relating to such Registration Statement or Prospectus other than any comments
that the Company determines in good faith would result in the disclosure to the Holders of material non-public information concerning
the Company that is not already in the possession of the Holders.


 


(c)                
The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act (including Regulation
M under the Exchange Act) with respect to each Registration Statement and the disposition of all Registrable Securities covered by each
Registration Statement.


 


(d)               
The Company will notify the Holders as promptly as reasonably practicable: (i)(A) when a Registration Statement, any pre-effective
amendment, any Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed;
(B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever
the Commission comments on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all
written responses thereto to the Holders and their counsel, other than information which the Company determines in good faith would constitute
material non-public information that is not already in the possession of the Holders); and (C) with respect to each Registration Statement
or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other
federal or state governmental or regulatory authority for amendments or supplements to a Registration Statement or Prospectus or for additional
information (whether before or after the effective date of the Registration Statement) or any other correspondence with the Commission
or any such authority relating to, or which may affect, the Registration Statement; (iii) of the issuance by the Commission or any other
governmental or regulatory authority of any stop order, injunction or other order or requirement suspending the effectiveness of a Registration
Statement covering any or all of the Registrable Securities or preventing or suspending the use of any Prospectus or the initiation or
threatening of any Proceedings for such purpose; (iv) of the receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation
or threatening of any Proceeding for such purpose; or (v) of the occurrence of any event that makes any statement made in such Registration
Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or if, as a result of such event or the passage of time, such Registration Statement, Prospectus or other documents requires revisions
so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein (in the case
of the Prospectus, in light of the circumstances under which they were made) not misleading, or if, for any other reason, it shall be
necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities
Act, which shall correct such misstatement or omission or effect such compliance.


 


(e)                
The Company will use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i)
any stop order or other order suspending the effectiveness of a Registration Statement, or preventing or suspending the use of any Prospectus,
or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction,
as soon as reasonable practicable, or if any such order or suspension is made effective during any Suspension Period, as soon as reasonable
practicable after the Suspension Period is over.


 






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(f)                 
During the Shelf Period, the Company will furnish to the Holders and their counsel upon their request, without charge, at least
one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by the Holders or
their counsel (including those incorporated by reference) promptly after the filing of such documents with the Commission.


 


(g)               
The Company will promptly deliver to the Holders and their counsel as many copies of each Prospectus or Prospectuses (including
each form of prospectus) and each amendment or supplement thereto as the Holders or their counsel may reasonably request in order to facilitate
the disposition of the Registrable Securities by the Holders. The Company hereby consents to the use of such Prospectus and each amendment
or supplement thereto by the Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus
and any amendment or supplement thereto, so long as the same are used in compliance with the Securities Act and all other applicable laws
and regulations.


 


(h)               
To the extent that the Company has certificated shares of Company Common Stock, the Company will cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant
to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are
unregistered or unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such
Registrable Securities to be in such denominations and registered in such names as the Holders may request in writing. In connection therewith,
if required by the Company’s transfer agent, the Company will promptly, after the effective date of the Registration Statement,
cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with such transfer
agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the
transfer agent to issue such Registrable Securities without any such legend upon sale by a Holder of such Registrable Securities pursuant
to the Registration Statement.


 


(i)                 
Upon the occurrence of any event contemplated by Section 3(d)(v), as promptly as reasonably practicable, the Company will
prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any
other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of a Prospectus, in light of the circumstances under which they were made) not misleading, such that the Holders can resume disposition
of such Registrable Securities covered by such Registration Statement or Prospectus.


 


(j)                 
The Company will use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission,
the Trading Market and FINRA.


 


(k)               
Each Holder agrees by its acquisition of Registrable Securities that, upon receipt of a notice from the Company of the occurrence
of any event of the kind described in clauses (ii) through (v) of Section 3(d) or the occurrence of a Suspension Period, such Holder will
forthwith discontinue disposition of such Registrable Securities under the applicable Registration Statement until the Holder’s
receipt of the copies of the supplemental Prospectus or amended Registration Statement or until it is advised in writing by the Company
that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings
that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. In the event the Company
shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall
be extended by the number of days during the period from and including the date of the giving of such notice to and including the date
when the Holders either receive the copies of the supplemented Prospectus or amended Registration Statement or are advised in writing
by the Company that the use of the Prospectus may be resumed.


 


(l)                 
If such Registrable Securities are to be sold by any method or in any transaction other than on a national securities exchange
or in the over-the-counter market, in privately negotiated transactions, or in a combination of such methods, each Holder shall notify
the Company at least five Business Days prior to the date on which such Holder first offers to sell any such Registrable Securities.


 






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4.                  
Registration Expenses. All Registration Expenses incurred in connection with any registration, qualification, exemption
or compliance pursuant to Section 2.1(a) hereof shall be borne by the Company.


 


5.                  
Indemnification.


 


(a)                
The Company shall indemnify and hold harmless each Holder, its partners, stockholders, equity holders, general partners, managers,
members, and Affiliates and each of their respective officers and directors and any Person who controls such Holder (within the meaning
of the Securities Act or the Exchange Act) and any employee or Representative thereof (collectively, each, an “Company Indemnified
Person” and collectively, “Company Indemnified Persons”), to the fullest extent permitted by law, from and
against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of preparation and reasonable
attorneys’, accountants’ and experts’ fees) and expenses, judgments, fines, penalties, interest, settlements or other
amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative,
in which any Company Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities
Act, the Exchange Act or otherwise (collectively, “Losses”), as incurred, arising out of, based upon, resulting from
or relating to (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable
Securities were registered, Prospectus (including in any preliminary prospectus (if used prior to the effective date of such Registration
Statement)), or in any summary or final prospectus or in any amendment or supplement thereto or in any documents incorporated or deemed
incorporated by reference in any of the foregoing or (ii) any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements made therein (in the case of the Prospectus, in light of the circumstances under
which they were made) not misleading, or (iii) any violation or alleged violation by the Company or any of its Subsidiaries of the Securities
Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any
federal, state, foreign or common law rule or regulation in connection with such Registration Statement, disclosure document or related
document or report or any offering covered by such Registration Statement, and the Company shall reimburse such Company Indemnified Person
for any reasonable legal or other expenses reasonably incurred by it in connection with investigating or defending any such Loss, claim,
damage, liability, demand, action, suit or proceeding; provided, however, that the Company shall not be liable to any Company Indemnified
Person to the extent that any such Losses arise out of, are based upon or results from an untrue or alleged untrue statement or omission
or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or such amendment or supplement,
or other disclosure document, in reliance upon and in conformity with written information furnished to the Company by or on behalf of
such Company Indemnified Person specifically for use therein.


 


(b)               
In connection with any Registration Statement filed by the Company pursuant to Section 2(a) hereof in which a Holder has
registered for sale its Registrable Securities, such Holder agrees to indemnify and hold harmless, to the fullest extent permitted by
law, the Company, its directors and officers, employees, agents and each Person who controls the Company (within the meaning of the Securities
Act or the Exchange Act) (collectively, “Holder Indemnified Persons”, and together with the Company Indemnified Persons,
each an “Indemnified Person”, and collectively, the “Indemnified Persons”) from and against any
Losses resulting from (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which
such Registrable Securities were registered or sold under the Securities Act, Prospectus (including in any preliminary prospectus (if
used prior to the effective date of such Registration Statement)), or in any summary or final prospectus or in any amendment or supplement
thereto or in any documents incorporated by reference in any of the foregoing, (ii) any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of
the circumstances under which they were made) not misleading, or (iii) any violation or alleged violation by the Holder of any federal,
state or common law rule or regulation relating to action or inaction in connection with any information provided by the Holder in such
registration, disclosure document or related document or report in the case of clauses (i) and (ii) to the extent, but only to the extent,
that such untrue statement or omission occurs in reliance upon and in conformity with any information furnished in writing by or on behalf
of the Holder specifically for inclusion in such registration, disclosure document or related document or report and has not been corrected
in a subsequent writing prior to the sale of the Registrable Securities thereunder, and the Holder will reimburse the Company for any
legal or other expenses reasonably incurred by it in connection with investigating or defending such Losses. In no event shall the liability
of a Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder under the sale of Registrable
Securities giving rise to such indemnification obligation.


 






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(c)                
Any Indemnified Person under paragraph (a) or (b) of this Section 5 shall (i) give prompt written notice to the indemnifying
person under paragraph (a) or (b) of this Section 5 of any claim with respect to which it seeks indemnification (provided
that any delay or failure to so notify the indemnifying person shall not relieve the indemnifying party of its obligations hereunder except
to the extent, if at all, that the indemnifying person’s ability to defend such claim (through the forfeiture of substantive rights
or defenses) is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying person to assume
the defense of such claim with counsel reasonably satisfactory to the Indemnified Person; provided, however, that any Indemnified
Person shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Person unless (A) the indemnifying person has agreed in writing to pay such
fees or expenses, (B) the Indemnified Person has reasonably concluded (based upon advice of its counsel) that there may be legal defenses
available to it or other Indemnified Persons that are different from or in addition to those available to the indemnifying person, or
(C) in the reasonable judgment of any such Indemnified Person (based upon advice of its counsel) a conflict of interest may exist between
such Indemnified Person and the indemnifying person with respect to such claims (in which case, if the Indemnified Person notifies the
indemnifying person in writing that such Indemnified Person elects to employ separate counsel at the expense of the indemnifying person,
the indemnifying person shall not have the right to assume the defense of such claim on behalf of such Indemnified Person). If any action
is settled or if there be a final judgment for the plaintiff, the indemnifying person agrees to indemnify each Indemnified Person from
and against any Losses by reason of such settlement or judgment. No action may be settled without the written consent of the Indemnified
Person (which consent shall not be unreasonably withheld, delayed or conditioned), provided that the consent of the Indemnified
Person shall not be required if (A) such settlement includes an unconditional release of such Indemnified Person in form and substance
satisfactory to such Indemnified Person from all liability on the claims that are the subject matter of such settlement; (B) such settlement
provides for the payment by the indemnifying person of money as the sole relief for such action and (C) such settlement does not include
any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. It is understood
that the indemnifying person or persons shall not, except as specifically set forth in this Section 5(c), in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more
than one separate firm (in addition to any local counsel that is required to effectively defend against any such proceeding) for all Indemnified
Persons and that all such fees and expenses shall be paid or reimbursed promptly.


 


(d)               
If the indemnification provided for in this Section 5 is held by a court of a competent jurisdiction to be unavailable to
an Indemnified Person with respect to any loss, damage, claim or liability, the indemnifying party, in lieu of indemnifying such Indemnified
Person thereunder, shall to the extent permitted by law, contribute to the amount paid or payable by such Indemnified Person as a result
of such loss, damage, claim or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party
on the one hand and of the Indemnified Person on the other in connection with the actions that resulted in such loss, claim, damage or
liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying person and of the Indemnified
Person shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the indemnifying person or Indemnified Person
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Parties agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding
sentences. Notwithstanding the provisions of this Section 5(d), the Holders shall not be required to contribute any amount in excess of
the net proceeds (after deducting the underwriters’ discounts and commissions) received by it in the offering. No Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation.


 


(e)                
The remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to any Indemnified Person at law or in equity. The obligations of the Company and the Holders under this Section 5 shall survive
completion of any offering of Registrable Securities pursuant to a Registration Statement and the termination of this Agreement.


 






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6.                  
Facilitation of Sales Pursuant to Rule 144. The Company shall use its commercially reasonable efforts to timely file
the reports required to be filed by it under the Exchange Act or the Securities Act and the rules adopted by the Commission thereunder
(including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), all to the extent
required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the
limitations of the exemption provided by Rule 144. Upon the written request of a Holder in connection with that Holder’s sale pursuant
to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.


 


7.                  
Miscellaneous.


 


(a)                
Remedies. In the event of a breach by the Company or the Holders of any of its obligations under this Agreement, any Party,
in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled
to specific performance of its rights under this Agreement. The Parties agree that monetary damages would not provide adequate compensation
for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of
any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate and shall
waive any requirement for the posting of a bond. No failure or delay by any Person in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law.


 


(b)               
Amendment; Modification; Waivers. This Agreement may be amended or waived if, and only if, such amendment or waiver is in
writing and signed by the Company and the Holders, which writing shall specifically reference this Agreement, specify the provision(s)
hereof that it is intended to amend or waive and further specify that it is intended to amend or waive such provision(s).


 


(c)                
Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) upon delivery,
if served by personal delivery upon the Person for whom it is intended, (b) on the third Business Day after the date mailed if delivered
by registered or certified mail, return receipt requested, postage prepaid, (c) on the following Business Day if delivered by a nationally-recognized,
overnight courier or (d) when delivered or, if sent after the Close of Business, on the following Business Day if sent by email with electronic
confirmation, in each case, to the address set forth on the signature page of this Agreement or to such other address as may be designated
in writing, in the same manner, by such Person.


 


(d)               
Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws.
In any action or proceeding between any of the parties arising out of or relating to this Agreement, each of the parties: (a) irrevocably
and unconditionally consents and submits to the exclusive jurisdiction and venue of the Delaware Chancery Court or, to the extent such
court does not have subject matter jurisdiction, the United States District Court sitting in the State of Delaware; (b) agrees that all
claims in respect of such action or proceeding shall be heard and determined exclusively in accordance with clause (a) of this Section
7(d); (c) waives any objection to laying venue in any such action or proceeding in such courts; (d) waives any objection that such courts
are an inconvenient forum or do not have jurisdiction over any party hereto; and (e) irrevocably and unconditionally waives the right
to trial by jury.


 


(e)                
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective
heirs, executors, administrators, successors, legal representatives, and permitted assigns. The holder may assign its rights under this
Agreement to the Approved Transferees or any third party who acquires all or a portion of the Registrable Securities.


 






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(f)                 
Waiver of Venue. The Parties irrevocably and unconditionally waive, to the fullest extent permitted by applicable law, (i)
any objection that they may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this
Agreement in any court referred to in Section 7(d) and (ii) the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court.


 


(g)               
Waiver of Trial by Jury. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PERSON HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT SUCH PERSON MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PERSON HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) SUCH PERSON UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PERSON MAKES THIS WAIVER VOLUNTARILY, AND (iv) SUCH PERSON HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT AND EACH ANCILLARY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


(h)               
Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision
hereof shall not affect the validity or enforceability of any other provision. Whenever possible, each provision or portion of any provision
of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Agreement, or the application thereof to any Person or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision
shall be substituted therefor to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable
provision and (ii) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be
affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of
such provision, or the application thereof, in any other jurisdiction; provided, that, if any one or more of the provisions contained
in this Agreement shall be determined to be excessively broad as to activity, subject, duration or geographic scope, it shall be reformed
by limiting and reducing it to the minimum extent necessary, so as to be enforceable under applicable law.


 


(i)                 
Business Days. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall be a day other than a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.


 


(j)                 
Entire Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof
and supersedes all prior contracts or agreements with respect to the subject matter hereof and supersedes any and all prior or contemporaneous
discussions, agreements and understandings, whether oral or written, that may have been made or entered into by or among any of the Parties
or any of their respective Affiliates relating to the transactions contemplated hereby.


 


(k)               
Execution of Agreement. This Agreement may be executed and delivered (by facsimile, by electronic mail in Adobe Portable
Document Format (.pdf) or otherwise) in any number of counterparts, each of which, when executed and delivered, shall be deemed an original,
and all of which together shall constitute the same agreement.


 


(l)                 
Determination of Ownership. In determining ownership of Company Common Stock hereunder for any purpose, the Company may
rely solely on the records of the transfer agent for the Company Common Stock from time to time, or, if no such transfer agent exists,
the Company’s stock ledger.


 






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(m)              
No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, each Party covenants, agrees and
acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be
had against any of the Company’s or any Holder’s former, current or future direct or indirect equity holders, controlling
persons, stockholders, directors, officers, employees, agents, Affiliates, members, financing sources, managers, general or limited partners
or assignees (each, a “Related Person” and collectively, the “Related Persons”), in each case other than the Company,
any Holder or any of their respective permitted assigns under this Agreement, whether by the enforcement of any assessment or by any legal
or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever
shall attach to, be imposed on or otherwise be incurred by any of the Related Persons, as such, for any obligation or liability of the
Company or any Holder under this Agreement or any documents or instruments delivered in connection herewith for any claim based on, in
respect of or by reason of such obligations or liabilities or their creation; provided, however, nothing in this Section
7(m) shall relieve or otherwise limit the liability of the Company or any Holder, as such, for any breach or violation of its obligations
under this Agreement or such agreements, documents or instruments.


 


(n)               
Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to confer upon any Person other than
a Party and its successors and permitted assigns any rights, benefits or remedies of any nature whatsoever.


 


(o)               
Headings; Section References; Signatories. All heading references contained in this Agreement are for convenience purposes
only and shall not be deemed to limit or affect any of the provisions of this Agreement.


 


[Signature Pages Follow]


  


 


 




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


 


	 	ARMATA PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	 	By:	                              
	 	Name:	 
	 	Title:	 



 


 


 


 




    [Signature Page to Registration Rights Agreement]


     


    

 


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


 





	 	INNOVIVA STRATEGIC OPPORTUNITIES LLC
	 	By: Innoviva, Inc. (its managing member)
	 	 	 
	 	 	 
	 	By:	                              
	 	Name:	 
	 	Title:	 


 


 


 


	 	CYSTIC FIBROSIS FOUNDATION
	 	 	 
	 	 	 
	 	By:	                              
	 	Name:	 
	 	Title:	 


 


 


 


 






    [Signature Page to Registration Rights Agreement]