Exhibit 10.2


  



REGISTRATION RIGHTS AGREEMENT


 





THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of June 7, 2022, is made by and between EVAXION BIOTECH A/S,
a company incorporated under the laws of the Kingdom of Denmark (the “Company”), and LINCOLN PARK CAPITAL FUND,
LLC, an Illinois limited liability company (together with its permitted assigns, the “Buyer”). Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement by and between the
parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase
Agreement”).


 


WHEREAS:


 


The Company has the right,
upon the terms and subject to the conditions of the Purchase Agreement, to sell and issue to the Buyer up to Forty Million Dollars ($40,000,000)
of Purchase Shares and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration
rights with respect to the American Depositary Shares of the Company representing the Purchase Shares, under the Securities Act of 1933,
as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”),
and applicable state securities laws.


 


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


 


1.            DEFINITIONS.


 


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


 


a.            “Depositary”
means the depositary bank for the American Depositary Shares, which as of the date hereof is The Bank of New York Mellon, or such other
Person who is then serving as the depositary bank for the Company with respect to the American Depositary Shares.


 


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


 


c.            “Person”
means any individual or entity including but not limited to any corporation, a limited liability company, an exempted company, an association,
a partnership, an exempted limited partnership, an organization, a business, an individual, a governmental or political subdivision thereof
or a governmental agency.


 


d.           “Register,”
 “Registered,” and “Registration” refer to a registration effected by preparing and filing one or
more registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities
Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the
declaration or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission
(the “SEC”).


 






     


     


    

 


e.            “Registrable
Securities” means all of the Ordinary Shares in the form of American Depositary Shares issued or issuable with respect to the
Commitment Shares and all of the Ordinary Shares in the form of American Depositary Shares issued or issuable with respect to the Purchase
Shares that may, from time to time, be issued or become issuable to the Investor under the Purchase Agreement (without regard to any
limitation or restriction on purchases), and any and all Ordinary Shares in the form of American Depositary Shares issued or issuable
with respect to the Purchase Shares or the Commitment Shares as a result of any share split, share dividend, recapitalization, exchange
or similar event or otherwise, without regard to any limitation on purchases under the Purchase Agreement.


 


f.            “Registration
Statement” means one or more registration statements of the Company covering only the resale of the Registrable Securities.


 


2.            REGISTRATION.


 


a.            Mandatory
Registration. The Company shall, on or before July 7, 2022, file with the SEC an initial Registration Statement on
Form F-3 covering the maximum number of Registrable Securities as the Company shall be permitted to be included thereon in
accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by
the Investor under Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices), as mutually
determined by both the Company and the Investor in consultation with their respective legal counsel (in any case including all of
the Commitment Shares), subject to the aggregate number of authorized Purchase Shares of the Company then available for issuance in
the Company’s articles of association. The Company shall cause such initial Registration Statement to be declared effective on
or before September 5, 2022. The initial Registration Statement shall register only the Registrable Securities. The Investor
and its counsel shall have a reasonable opportunity to review and comment upon such initial Registration Statement and any amendment
or supplement to such initial Registration Statement and any related prospectus prior to its filing with the SEC, and the Company
shall give due consideration to all comments. The Investor acknowledges that it will be identified in the initial Registration
Statement as an underwriter within the meaning of Section 2(a)(11) of the Securities Act and shall furnish all information
reasonably requested by the Company for inclusion therein. The Company shall use commercially reasonable efforts to have the
Registration Statement and any amendment declared effective by the SEC as soon as practicable. The Company shall use commercially
reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act
and available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the date on
which the Investor shall have resold all the Registrable Securities covered thereby and no Available Amount remains under the
Purchase Agreement (the “Registration Period”). The 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 light of the circumstances in which
they were made, not misleading.


 


b.            Rule 424
Prospectus. The Company shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant to
Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with
resales of the Registrable Securities by the Buyer under the Registration Statement. The Investor and its counsel shall have a reasonable
opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give due consideration
to all comments. The Investor shall use its reasonable best efforts to provide any such comments within one (1) Business Day from
the date the Investor receives the final pre-filing version of such prospectus.


 


c.           Sufficient
Number of Shares Registered. In the event the number of shares available under the Registration Statement is insufficient to cover
all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement (a “New
Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations set forth in Section 2(a))
as soon as practicable, but in any event not later than thirty (30) days after the necessity arises, subject to any limits that may be
imposed by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its commercially reasonable efforts to cause
such amendment and/or New Registration Statement to become effective as soon as practicable following the filing thereof.


 






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d.           Offering. If the
staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement
filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become
effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not fixed prices), or if
after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company is otherwise required
by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration Statement, then the Company
shall reduce the number of Registrable Securities to be included in such initial Registration Statement (with the prior consent, which
shall not be unreasonably withheld, delayed or conditioned, of the Investor and its legal counsel as to the specific Registrable Securities
to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and
be used as aforesaid. In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall file one
or more New Registration Statements in accordance with Section 2(c) until such time as all Registrable Securities have
been included in Registration Statements that have been declared effective and the prospectus contained therein is available for use
by the Investor. Notwithstanding any provision herein or in the Purchase Agreement to the contrary, the Company’s obligations to
register Registrable Securities (and any related conditions to the Investor’s obligations) shall be qualified as necessary to comport
with any requirement of the SEC or the Staff as addressed in this Section 2(d).


 


3.            RELATED
OBLIGATIONS.


 


With respect to the initial
Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2, including on any
New Registration Statement, the Company shall use its commercially reasonable 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 prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any 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 Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective
at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to
the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New 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 Investor as set forth in such Registration Statement.


 


b.           The
Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments
and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to
which Investor reasonably objects. The Investor shall use its commercially reasonable efforts to comment upon the Registration Statement
or any New Registration Statement and any amendments or supplements thereto within two (2) Business Days from the date the Investor
receives the substantially complete draft thereof. The Company shall furnish to the Investor, without charge any correspondence from
the SEC or the staff of the SEC to the Company or its representatives relating to the Registration Statement or any New Registration
Statement.


 






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c.            Upon
request of the Investor, the Company shall furnish to the Investor, (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 and all exhibits, (ii) upon the effectiveness of any Registration Statement, a copy
of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies
as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus,
as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by
the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR system shall be deemed
 “furnished to the Investor” hereunder.


 


d.            The
Company shall use commercially reasonable efforts to (i) register and qualify the resale by the Investor of the Registrable
Securities covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in
the United States as the Investor reasonably requests, (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 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(d), (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 the 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.


 


e.            As
promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor of the happening of any event
or existence of such facts as a result of which the prospectus included in any Registration Statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain
any material, non-public information regarding the Company), and promptly prepare a supplement or amendment to such Registration Statement
to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number
of copies as the Investor may reasonably request). The Company shall also promptly notify the 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 the Investor by email or facsimile on the same day of
such effectiveness or by overnight mail), (ii) of any request by the SEC for amendments or supplements to any 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.


 


f.            The
Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness
of any Registration Statement, or the suspension of the qualification of any 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 the Investor 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.


 






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g.            The
Company shall (i) cause all the Registrable Securities 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 designation and quotation of all the Registrable Securities on the Principal Market.
The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(g).


 


h.            The
Company shall comply with Section 6(b) of the Purchase Agreement with respect to the issuance of Registrable Securities.


 


i.            The
Company shall at all times provide a Depositary with respect to its American Depositary Shares.


 


j.            The
Company shall cooperate with the Investor to facilitate the timely preparation and delivery of American Depositary Shares (not bearing
any restrictive legend) representing the Registrable Securities to be offered pursuant to the Registration Statement or any New Registration
Statement and enable such American Depositary Shares to be in such denominations or amounts as the Investor may reasonably request and
registered in such names as the Investor may request.


 


k.            If
reasonably requested by the Investor, the Company shall (i) as soon as practicable after receipt of written notice from the Investor,
incorporate in a prospectus supplement or post-effective amendment such information as the Investor reasonably believes necessary 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 sold, the purchase price being paid therefor and any other terms of the offering
of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon
as practicable 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.


 


l.            The
Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by any 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.


 


m.           Within
one (1) Business Day after any Registration Statement which includes the Registrable Securities is declared effective by the SEC,
the Company shall deliver, and shall cause its legal counsel for the Company to deliver, to the transfer agent and the Depositary for
such Registrable Securities (with copies to the Investor) confirmation that such Registration Statement has been declared effective by
the SEC in a form acceptable to the transfer agent. Thereafter, if reasonably requested by the Buyer at any time, the Company (acting
directly or through its counsel) shall deliver to the Buyer, which may be via e-mail, a written confirmation whether or not the effectiveness
of such Registration Statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order by
the SEC) and whether or not the Registration Statement is available to the Buyer for sale of all of the Registrable Securities.


 


n.            Company
agrees to take all other reasonable actions as necessary and reasonably requested in writing by the Investor to expedite and facilitate
disposition by the Investor of the Registrable Securities pursuant to any Registration Statement.


 






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o.            The
Investor agrees that, upon receipt of any notice from the Company of the existence of any suspension or stop order as set forth in Section 3(f),
the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such
Registrable Securities until the Investor's receipt of the copies of a notice regarding the resolution or withdrawal of the suspension
or stop order as contemplated by Section 3(f).. Notwithstanding anything to the contrary, the Company shall cause
its Depositary to promptly deliver to the Investor American Depository Shares without any restrictive legend in accordance with the terms
of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which the 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(f), and for which the Investor has not yet settled.





 


4.            OBLIGATIONS
OF THE INVESTOR.


 


a.            The
Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with
any Registration Statement hereunder. The Investor shall as soon as practicable 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 the registration of such Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request.


 


b.            The
Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of
any Registration Statement hereunder and any amendments and supplements thereto.


 


c.            The
Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described
in Section 3(f) or the first sentence of Section 3(e), the Investor will immediately discontinue disposition
of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until the Investor’s
receipt of the copies of a notice regarding the resolution or withdrawal of the stop order or suspension as contemplated by Section 3(f) or
the supplemented or amended prospectus as contemplated by the first sentence of Section 3(e). Notwithstanding anything to
the contrary, the Company shall cause the Depositary to promptly deliver American Depositary Shares without any restrictive legend in
accordance with the terms of the 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 to the Investor of the happening
of any event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which
the Investor has not yet settled.


 


5.            EXPENSES
OF REGISTRATION.


 


All reasonable expenses, other
than sales or brokerage 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.


 






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6.            INDEMNIFICATION.


 


a.            To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person,
if any, who controls the Investor, the members, directors, officers, partners, employees, agents, managers, and representatives of the
Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of
1934, as amended (the “Exchange Act”) (each, an “Indemnified Person”), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or reasonable
expenses, joint or several, (collectively, “Claims”) reasonably 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 the Registration Statement, any New 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, 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 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 Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any
rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement
or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the foregoing
clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified
Person promptly as such expenses are incurred and are due and payable, for any reasonable and documented legal fees or other reasonable
expenses incurred by them in connection with investigating or defending any such Claim; provided, however, that such Indemnified Person
shall be required to repay any and all amounts advanced or paid by the Company pursuant to this Section 6(a) (without
interest) to the extent that it is ultimately determined that such Indemnified Person was not entitled to be indemnified by the Company.
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 about the Investor furnished in writing to the Company by such Indemnified Person expressly for use in
connection with the preparation of the Registration Statement, any New Registration Statement or any such amendment thereof or supplement
thereto or prospectus contained therein, if such Registration Statement, New Registration Statement or amendment thereof or supplement
thereto or prospectus was timely made available to the Investor by the Company pursuant to Section 3(c) or Section 3(e);
(ii) with respect to any superseded prospectus, shall not inure to the benefit of any Indemnified Person from whom the Indemnified
Person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any person controlling
such Indemnified Person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected in
the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company pursuant
to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus
prior to the use giving rise to a Violation and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be
available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available
by the Company, if such prospectus was timely made available to the Investor by the Company pursuant to Section 3(c) or
Section 3(e); and (iv) 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, delayed or conditioned. 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 rights and obligations hereunder pursuant to Section 9.


 






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b.            In
connection with the Registration Statement or any New Registration Statement, the Investor agrees to 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 or any New Registration Statement, each Person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange
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 about the Investor set
forth on Exhibit A attached hereto and furnished to the Company by the Investor expressly for use in connection with such
Registration Statement (as such information about the Investor may be updated and furnished to the Company by the Investor expressly
for use in connection with any New Registration Statement or prospectus); and, subject to Section 6(d), the Investor will
reimburse any legal or other expenses reasonably incurred by any 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 the Investor, which consent shall not be unreasonably withheld, delayed or conditioned; 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 the 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 Investor 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
to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation
by such counsel of the Indemnified Person or Indemnified Party 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.
The Indemnified Party or Indemnified Person shall cooperate fully 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 written consent, provided,
however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without
the 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. 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.


 






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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. Any Person receiving a payment pursuant
to this Section 6 which person is later determined to not be entitled to such payment shall return such payment to the Person
making it.


 


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 applicable 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 seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any seller 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 net amount of proceeds received
by such seller from the sale of such Registrable Securities.


 


8.            REPORTS
AND DISCLOSURE UNDER THE SECURITIES ACT.


 


With a view to making available
to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the
SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”),
the Company agrees, at the Company’s sole expense, so long as the 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 Securities Act and the Exchange Act
so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144;





 


c.            furnish
to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company
that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a
copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such
other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration;
and


 


d.            take
such additional action as is reasonably requested by the Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions
to the Company’s Transfer Agent as may be reasonably requested from time to time by the Investor and otherwise fully cooperate
with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.


 






    9 


     


    

 


The Company agrees that damages
may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether
or not it is pursuing any remedies at law, be entitled to seek equitable relief in the form of a preliminary or permanent injunction,
without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.


 


 9.             ASSIGNMENT OF REGISTRATION RIGHTS.




 


The Company shall not assign
this Agreement or any rights or obligations hereunder without the prior written consent of the Investor; provided, however, that any
transaction, whether by merger, reorganization, restructuring, consolidation, financing or otherwise, whereby the Company remains the
surviving entity immediately after such transaction shall not be deemed an assignment. The Investor may not assign its rights under this
Agreement without the written consent of the Company, other than to an affiliate of the Investor controlled by Jonathan Cope or Josh
Scheinfeld, in which case the assignee must agree in writing to be bound by the terms and conditions of this Agreement.


 


10.            AMENDMENT
OF REGISTRATION RIGHTS.


 


No provision of this Agreement
may be amended or waived by the parties from and after the date that is one (1) Business Day immediately preceding the initial filing
of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision of this Agreement may be (i) amended
other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the
party against whom enforcement of such waiver is sought. 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.


 


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 the registered 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 receipt, when sent by facsimile
or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or
(iii) one (1) 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 for such communications shall be:


 


If to the Company:


 


	 	Evaxion Biotech A/S

Dr. Neergaards Vej 5f


DK-2970 Hoersholm, Denmark


Telephone: + 45 53 53 18 50


E-mail: jnn@evaxion-biotech.com


Attention: Jesper
Nyegaard Nissen






 










    10 


     


    

 


With a copy to (which shall
not constitute notice or service of process):


 





	 	Duane Morris LLP


230 Park Avenue, Suite 1130


New York, New York 10169

















	 	Telephone:	212.818.9200
	 	Facsimile:	212.818.9606
	 	E-mail:	DAKinsey@duanemorris.com
	 	Attention:	Dwight A. Kinsey, Esq.


 


If to the Investor:


 





	 	Lincoln Park Capital Fund, LLC


440 North Wells, Suite 410


Chicago, IL 60654

















	 	Telephone:	312.822.9300
	 	Facsimile:	312.822.9301
	 	E-mail:	jscheinfeld@lpcfunds.com
or jcope@lpcfunds.com
	 	Attention:	Josh
Scheinfeld or Jonathan Cope


 


With a copy to (which shall
not constitute notice or service of process):


 





	 	K&L Gates,
LLP


200 S. Biscayne
Blvd., Ste. 3900


Miami, Florida
33131

















	 	Telephone:	305.539.3306
	 	Facsimile:	305.358.7095
	 	E-mail:	 clayton.parker@klgates.com
	 	Attention:	Clayton
E. Parker, Esq.


 


If to the Transfer Agent:


 





	 	Computershare A/S


Lottenborgvej 26
D, 1.


DK- 2800 Kgs. Lyngby, Denmark

















	 	Telephone:	 +45 45 46 09 98
	 	E-mail:	  info@computershare.dk
	 	Attention:	 Jeppe Michael Christensen


 


If to the Depositary:


 





	 	The Bank of New York Mellon


240 Greenwich Street


New York, New York 10286

















	 	Telephone:	  212-495-1784
	 	Attention:	  Depositary Receipt Administration


 


or at such other address, email address and/or
facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party at least three (3) Business 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 email account containing the time, date, recipient facsimile number or email address, as applicable, or (C) provided
by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile, email
or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.


 






    11 


     


    

 





c.            No
failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.


 


d.            The
corporate laws of the Kingdom of Denmark shall govern all issues concerning the relative rights of the Company and its shareholders.


 


e.            All
other 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 and venue in the U.S. District Court
for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in the
City and County of New York, 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. If any
provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect
the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision
of this Agreement in any other jurisdiction. 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.


 


f.            This
Agreement and the Purchase Agreement 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 among the parties hereto, other than those set forth or
referred to herein and therein. This Agreement and the Purchase Agreement 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 successors and permitted
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.


 






    12 


     


    

 


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 by e-mail in a “.pdf” format data file 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 the 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.            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.


 


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


 


12.            TERMINATION.


 


The obligations of the Company
contained in Sections 2, 3, 5 and 8 of this Agreement shall terminate in their entirety upon the earlier of (i) the date on which
the Investor shall have sold all the Securities and no Available Amount remains under the Purchase Agreement and (ii) 180 days following
the earlier of (A) the Maturity Date and (B) the date of termination of the Purchase Agreement; provided that as long as any
Securities remain unsold by the Investor, the Company must make available “current public information” pursuant to Rule 144
promulgated under the Securities Act until the Investor may sell the Securities thereunder without any restrictions (including any restrictions
under Rule 144(c) or Rule 144(i)).


 


* * * * * *


 






    13 


     


    

 


IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be duly executed as of the day and year first above written.





 


	 	THE COMPANY:
	 	 
	 	EVAXION BIOTECH A/S
	 	 






	 	By:	 






	 	Name: Lars Staal Wegner
	 	Title: Chief Executive Officer
	 	 
	 	BUYER:
	 	 
	 	INVESTOR:
	 	 
	 	LINCOLN PARK CAPITAL FUND, LLC
	 	BY: LINCOLN PARK CAPITAL, LLC






	 	By:	 




	 	Name:	 




	 	Title:	 




 






    14 


     


    

 


EXHIBIT A


 


Information About The Investor Furnished To
The Company By The Investor


Expressly For Use In Connection With The Registration
Statement


 


Information With Respect to Lincoln Park Capital


 


As of the date of the Purchase
Agreement, Lincoln Park Capital Fund, LLC, beneficially owned zero American Depositary Shares of the Company. Josh Scheinfeld and Jonathan
Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial owners
of all of the American Depositary Shares owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting
and investment power over the shares being offered under the prospectus filed with the SEC in connection with the transactions contemplated
under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer.