Exhibit 4.1


 





REGISTRATION RIGHTS AGREEMENT


 


REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of December 15, 2015, by and between HARVARD APPARATUS REGENERATIVE
TECHNOLOGY, INC., a Delaware corporation (the “Company”), and ASPIRE 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 Common Stock 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:


 


A.          Upon the terms
and subject to the conditions of the Purchase Agreement, (i) the Company has agreed to issue to the Buyer, and the Buyer has
agreed to purchase, up to Fifteen Million Dollars ($15,000,000) of the Company’s common stock, par value $0.01 per share
(the “Common Stock”), pursuant to Section 1 of the Purchase Agreement (such shares, the “Purchase Shares”),
and (ii) the Company has agreed to issue to the Buyer such number of shares of Common Stock as is required pursuant to Section
4(e) of the Purchase Agreement (the “Commitment Shares”); and


 


B.          To induce the
Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities
Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933
Act”), and applicable state securities laws.


 


NOW, THEREFORE,
in consideration of the 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.          “Person”
means any person or entity including any corporation, a limited liability company, an association, a partnership, an organization,
a business, an individual, a governmental or political subdivision thereof or a governmental agency.


 


b.          “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 1933 Act and pursuant to Rule 415 under the 1933 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 U.S. Securities and Exchange Commission (the “SEC”).


 


c.          “Registrable
Securities” means (i) all of the Commitment Shares and Initial Purchase Shares and (ii) such number of additional Purchase
Shares as reasonably determined by the Company, which may from time to time be, issued or issuable to the Buyer upon purchases
of the Available Amount under the Purchase Agreement, and any shares of capital stock issued or issuable with respect to the Purchase
Shares, the Commitment Shares or the Purchase Agreement as a result of any stock split, stock dividend, recapitalization,
exchange or similar event, without regard to any limitation on purchases under the Purchase Agreement.


 






     


     


    

 


d.          “Registration
Statement” means a registration statement of the Company covering only the sale of the Registrable Securities.


 


		2.	REGISTRATION.



 


a.          Mandatory Registration.
The Company shall within Ten (10) Business Days from the date hereof file with the SEC the Registration Statement. The Registration
Statement shall register only the Registrable Securities and no other securities of the Company. The Buyer and its counsel shall
have a reasonable opportunity to review and comment upon such Registration Statement or any amendment to such Registration Statement
and any related prospectus prior to its filing with the SEC. The Buyer shall furnish all information reasonably requested by the
Company for inclusion therein. The Company shall use its reasonable best efforts to have the Registration Statement or any amendment
declared effective by the SEC as soon as reasonably practicable. Subject to Section 3(e), the Company shall use reasonable best
efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the 1933 Act and available for sales
of all of the Registrable Securities at all times until the earlier of (i) the date as of which the Buyer may sell all of the Registrable
Securities without restriction pursuant to Rule 144 promulgated under the 1933 Act (or successor thereto) or (ii) the date on which
the Buyer shall have sold all the Registrable Securities 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 under 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 1933 Act, a prospectus and prospectus supplements, if any, to be used in connection with sales of the Registrable
Securities under the Registration Statement. The Buyer and its counsel shall have two (2) Business Days to review and comment upon
such prospectus prior to its filing with the SEC. The Buyer shall use its reasonable best efforts to comment upon such prospectus
within two (2) Business Days from the date the Buyer receives the final 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
the Registrable Securities, the Company shall, to the extent necessary and permissible, amend the Registration Statement or file
a new registration statement (a “New Registration Statement”), so as to cover all such Registrable Securities
as soon as practicable, but in any event not later than ten (10) Business Days after the necessity therefor arises. The Company
shall use its reasonable best efforts to have such amendment and/or New Registration Statement become effective as soon as reasonably
practicable following the filing thereof.


 






    	 	2	 



     


    

 


		3.	RELATED OBLIGATIONS.



 


With respect to the
Registration Statement and whenever any Registrable Securities are to be registered pursuant to Sections 2(a) and (c), including
on any New Registration Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following
obligations:


 


a.          The
Company shall 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, as may be necessary to keep the Registration
Statement or any New Registration Statement effective at all times during the Registration Period, subject to Section 3(e)
hereof and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable
Securities of the Company covered by 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 seller or sellers
thereof as set forth in such Registration Statement. Should the Company file a post-effective amendment to the Registration Statement
or a New Registration Statement, the Company will use its reasonable best efforts to have such filing declared effective by the
SEC within thirty (30) consecutive Business Days as of the date of filing, which such period shall be extended for an additional
thirty (30) Business Days if the Company receives a comment letter from the SEC in connection therewith.


  


b.          The Company shall
submit to the Buyer for review and comment any disclosure in the Registration Statement, any New Registration Statement and all
amendments and supplements thereto (other than prospectus supplements that consist only of a copy of a filed Form 10-K, Form 10-Q
or a Current Report on Form 8-K or any amendment as a result of the Company’s filing of a document that is incorporated by
reference into the Registration Statement or New Registration Statement) containing information provided by the Buyer for inclusion
in such document and any descriptions or disclosure regarding the Buyer, the Purchase Agreement, including the transaction contemplated
thereby, or this Agreement at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form
to which Buyer reasonably and timely objects. Upon request of the Buyer, the Company shall provide to the Buyer all disclosure
in the Registration Statement or any New Registration Statement and all amendments and supplements thereto (other than prospectus
supplements that consist only of a copy of a filed Form 10-K, Form 10-Q or Current Report on Form 8-K or any amendment as a result
of the Company’s filing of a document that is incorporated by reference into the Registration Statement or New Registration
Statement) at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which Buyer
reasonably and timely objects. The Buyer shall use its reasonable best 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 Buyer receives
the final version thereof. The Company shall furnish to the Buyer, 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.


 






    	 	3	 



     


    

 


c.          Upon request of
the Buyer, the Company shall furnish to the Buyer, (i) promptly after the same is prepared and filed with the SEC, at least one
copy of the 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 a 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 Buyer may reasonably
request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Buyer may reasonably request
from time to time in order to facilitate the disposition of the Registrable Securities owned by the Buyer.


 


d.          The Company shall
use reasonable best efforts to (i) register and qualify, unless an exemption from registration and qualification is available,
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 Buyer 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 Buyer 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 threat of any proceeding for such purpose.


 


e.          As promptly as
reasonably practicable after becoming aware of such event or facts, the Company shall notify the Buyer in writing if the Company
has determined that 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, and as promptly as reasonably practical (taking into account the
Company’s good faith assessment of any adverse consequences to the Company and its stockholders of premature disclosure of
such event or facts) prepare a prospectus supplement or amendment to such Registration Statement to correct such untrue statement
or omission, and, upon the Buyer’s request, deliver a copy of such prospectus supplement or amendment to the Buyer. In providing
this notice to the Buyer, the Company shall not include any other information about the facts underlying the Company’s determination
and shall not in any way communicate any material nonpublic information about the Company or the Common Stock to the Buyer. The
Company shall also promptly notify the Buyer 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 Buyer by facsimile or e-mail on the same day of such effectiveness), (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. In no event shall the
delivery of a notice under this Section 3(e), or the resulting unavailability of a Registration Statement, without regard to its
duration, for disposition of securities by Buyer be considered a breach by the Company of its obligations under this Agreement.
The preceding sentence in this Section 3(e) does not limit whether an event of default has occurred as set forth in Section 9(a)
of the Purchase Agreement.


 






    	 	4	 



     


    

 


f.          The Company shall
use its reasonable best 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 practical time and to notify the
Buyer 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.


 


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 if the Principal Market (as such term
is defined in the Purchase Agreement) is an automated quotation system. The Company shall pay all fees and expenses in connection
with satisfying its obligation under this Section.


 


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


 


i.            The Company shall
at all times provide a transfer agent and registrar with respect to its Common Stock.


 


j.             If reasonably requested
by the Buyer, the Company shall (i) promptly incorporate in a prospectus supplement or post-effective amendment to the Registration
Statement such information as the Buyer believes should 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 promptly 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 (including
by means of any document incorporated therein by reference).


 


k.           The
Company shall use its reasonable best efforts to cause the Registrable Securities covered by any Registration Statement to be
registered with or approved by such other governmental agencies or authorities in the United States as may be necessary to consummate
the disposition of such Registrable Securities.


 






    	 	5	 



     


    

 


l.            Within
one (1) Business Day after any Registration Statement is ordered effective by the SEC, the Company shall deliver to the Transfer
Agent for such Registrable Securities (with copies to the Buyer) confirmation that such Registration Statement has been declared
effective by the SEC in the form attached hereto as Exhibit A. Thereafter, if reasonably requested by the Buyer at any
time, the Company shall deliver to the Buyer a written confirmation of 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) and whether or not the Registration
Statement is currently effective and available to the Buyer for sale of all of the Registrable Securities.


 


m.          The Company agrees
to take all other reasonable actions as necessary and reasonably requested by the Buyer to expedite and facilitate disposition
by the Buyer of Registrable Securities pursuant to any Registration Statement.


 


		4.	OBLIGATIONS OF THE BUYER.



 


a.          The Buyer has furnished
to the Company in Exhibit B hereto such information regarding itself, the Registrable Securities held by it and the intended
method of disposition of the Registrable Securities held by it as 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. The Company shall
notify the Buyer in writing of any other information the Company reasonably requires from the Buyer in connection with any Registration
Statement hereunder. The Buyer will as promptly as practicable notify the Company of any material change in the information set
forth in Exhibit B, other than changes in its ownership of the Common Stock.


 


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


 


c.          The Buyer 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 any notice of the kind described in 3(e), the Buyer will immediately discontinue disposition of Registrable Securities
pursuant to any registration statement(s) covering such Registrable Securities until the Buyer’s receipt (which may be accomplished
through electronic delivery) of the copies of the filed supplemented or amended prospectus contemplated by Section 3(f) or 3(e).
In addition, upon receipt of any notice from the Company of the kind described in Section 3(e), the Buyer will immediately discontinue
purchases or sales of any securities of the Company unless such purchases or sales are in compliance with applicable U.S. securities
laws. Notwithstanding anything to the contrary, the Company shall cause its Transfer Agent to deliver as promptly as practicable
shares of Common Stock 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 Buyer has received a Purchase Notice or VWAP Purchase Notice (both
as defined in the Purchase Agreement) prior to the Buyer’s receipt of a notice from the Company of the happening of any event
of the kind described in Section 3(f) or 3(e) and for which the Buyer has not yet settled.


 






    	 	6	 



     


    

 


		5.	EXPENSES OF REGISTRATION.



 


All reasonable expenses
of the Company, other than sales or brokerage commissions and fees and disbursements of counsel for the Buyer, 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.


 


		6.	INDEMNIFICATION.



 


a.          To the fullest
extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Buyer, each Person, if any,
who controls the Buyer, the members, the directors, officers, partners, employees, agents, representatives of the Buyer and each
Person, if any, who controls the Buyer within the meaning of the 1933 Act or the Securities Exchange Act of 1934, as amended (the
“1934 Act”) (each, an “Indemnified Person”), against any losses, claims, damages, liabilities,
judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, (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
or 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 (“Blue Sky Filing”), or the omission or alleged omission to state
a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement
or alleged untrue statement of a material fact contained in 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, or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including,
without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable
Securities pursuant to the Registration Statement or any New Registration Statement (the matters in the foregoing clauses (i) through
(iii) being, collectively, “Violations”). The Company shall reimburse each Indemnified Person promptly as such
expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection
with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(a): (A) shall not apply to a Claim by an Indemnified Person arising out of or based upon
a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified
Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement or any
such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company; (B) with respect to
any superseded prospectus, shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased
the Registrable Securities that are the subject thereof (or to the benefit of any other 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 Buyer was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation; (C)
shall not be available to the extent such Claim is based on a failure of the Buyer to deliver, or to cause to be delivered, the
prospectus made available by the Company, if such prospectus was theretofore made available by the Company pursuant to Section
3(c) or Section 3(e); and (D) 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. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer
of the Registrable Securities by the Buyer pursuant to Section 9.


 






    	 	7	 



     


    

 


b.          In connection with
the Registration Statement or any New Registration Statement, the Buyer 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 1933 Act or the 1934 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 1933 Act, the 1934 Act or otherwise,
insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only
to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Buyer set forth
on Exhibit B attached hereto or updated from time to time in writing by the Buyer and furnished to the Company by
the Buyer expressly for use in the Registration Statement or any New Registration Statement or from the failure of the Buyer to
deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available
by the Company pursuant to Section 3(c) or Section 3(e); and, subject to Section 6(d), the Buyer will reimburse any legal or other
expenses reasonably incurred by them 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 Buyer,
which consent shall not be unreasonably withheld; provided, further, however, that the Buyer 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 Buyer 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 Buyer pursuant to Section 9.


 






    	 	8	 



     


    

 


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, and upon
such notice, the indemnifying party shall not be liable to the Indemnified Person or Indemnified Party for any legal or other expenses
subsequently incurred by the Indemnified Person or Indemnified Party in connection with the defense thereof; 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 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 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.


 


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 the law.


 


		7.	CONTRIBUTION.



 


To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however,
that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
1933 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.


 






    	 	9	 



     


    

 


		8.	REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.



 


With a view to making
available to the Buyer the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC
that may at any time permit the Buyer to sell securities of the Company to the public without registration (“Rule 144”),
the Company agrees, at the Company’s sole expense, to:


 


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


 


b.          file with the SEC
in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company
remains subject to such requirements and the filing of such reports and other documents is required to satisfy the current public
information requirements of Rule 144;


 


c.          furnish to the
Buyer so long as the Buyer owns Registrable Securities, as promptly as practicable at Buyer’s request, (i) a written statement
by the Company that it has complied in all material respects with the requirements of Rule 144(c)(1)(i) and (ii), and (ii) such
other information, if any, as may be reasonably requested to permit the Buyer to sell such securities pursuant to Rule 144 without
registration; and


 


d.          take such additional action as
is reasonably requested by the Buyer to enable the Buyer 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 Buyer and otherwise fully cooperate with the Buyer and the Buyer’s
broker to effect such sale of securities pursuant to Rule 144.


 


The Company agrees
that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Buyer shall, whether
or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunctions,
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 Buyer. The Buyer may not
assign its rights under this Agreement without the prior written consent of the Company.


 


		10.	AMENDMENT OF REGISTRATION RIGHTS.



 


Provisions of this Agreement
may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Buyer.


 






    	 	10	 



     


    

 


		11.	MISCELLANEOUS.



 


a.          Any notices, consents
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 (provided confirmation
of transmission is mechanically or electronically generated and kept on file by the sending party); (iii) upon receipt, when sent
by electronic message (provided the recipient responds to the message and confirmation of both electronic messages are kept on
file by the sending party); or (iv) one (1) Business Day after timely deposit with a nationally recognized overnight delivery service,
in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall
be:


 


If to the Company:


 


Harvard
Apparatus Regenerative Technology, Inc.


84 October Hill Road, Suite 11


Holliston, MA 01746


		Telephone:	774-233-7300



		Attention:	Thomas McNaughton



		Email:	tmcnaughton@hartregen.com



 


With a copy (which
shall not constitute notice) to:


 


Burns
& Levinson LLP 


125
Summer Street 


Boston,
MA 02110


		Telephone:	617-345-3000



		Facsimile:	617-346-3299



		Attention:	Josef B Volman, Esq.



		Email:	jvolman@burnslev.com



 


If to the Buyer:


 


Aspire Capital Fund,
LLC


155 North Wacker Drive, Suite
1600


Chicago, IL 60606


		Telephone:	312-658-0400



		Facsimile:	312-658-4005



		Attention:	Steven G. Martin



		Email:	smartin@aspirecapital.com



 






    	 	11	 



     


    

 


With a copy (which
shall not constitute notice) to:


 


Morrison & Foerster LLP


2000 Pennsylvania Avenue, NW, Suite
6000


Washington, DC 20006


		Telephone:	202-778-1611



		Facsimile:	202-887-0763



		Attention:	Martin P. Dunn, Esq.



		Email:	mdunn@mofo.com



 


or at such other 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 one (1) Business Day prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine
containing the time, date, and recipient facsimile number, (C) electronically generated by the sender’s electronic mail containing
the time, date and recipient email address or (D) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of receipt in accordance with clause (i), (ii), (iii) or (iv) above, respectively. Any party to this Agreement may give
any notice or other communication hereunder using any other means (including messenger service, ordinary mail or electronic mail),
but no such notice or other communication shall be deemed to have been duly given unless it actually is received by the party for
whom it is intended.


 


b.          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.


 


c.          The
corporate laws of the State of Delaware shall govern all issues concerning the relative rights of the Company and its stockholders.
All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of Illinois. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of Chicago 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.


 






    	 	12	 



     


    

 


d.          This Agreement,
the Purchase Agreement and the other Transaction Documents constitute the entire understanding among the parties hereto with respect
to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein and therein. This Agreement, the Purchase Agreement and the other Transaction Documents
supersede all other prior oral or written agreements between the Buyer, the Company, their affiliates and persons acting on their
behalf with respect to the subject matter hereof and thereof.


 


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


 


f.           The headings in
this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.


 


g.          This Agreement
may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile or pdf (or
other electronic reproduction of a) signature shall be considered due execution and shall be binding upon the signatory thereto
with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic reproduction of
a) signature.


 


h.           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.


 


i.            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.


 


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


 


* * * * *


 






    	 	13	 



     


    







 


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


 


	 	THE COMPANY:
	 	 	 	 
	 	HARVARD APPARATUS REGENERATIVE TECHNOLOGY, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/
                                         Thomas McNaughton
	 	Name:	 	Thomas McNaughton
	 	Title:	 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	BUYER:
	 	 	 	 
	 	ASPIRE CAPITAL FUND, LLC
	 	BY: ASPIRE CAPITAL PARTNERS, LLC
	 	BY: SGM HOLDINGS CORP.
	 	 	 	 
	 	By:	/s/
                                         Steven G. Martin
	 	Name:	Steven G. Martin
	 	Title:	President




 






     


     


    

 


EXHIBIT A


 


FORM OF NOTICE OF EFFECTIVENESS OF
REGISTRATION STATEMENT


 


[Date]


 


Computershare Trust Company, N.A.


480 Washington Blvd., 29th Floor


Jersey City, NJ 07310


Attention: Ralph Persico


 


RE: HARVARD APPARATUS REGENERATIVE TECHNOLOGY,
INC.


 


Ladies and Gentlemen:


 


We refer to that certain
Common Stock Purchase Agreement, dated as of December 15, 2015 (the “Purchase Agreement”), entered into by and
between HARVARD APPARATUS REGENERATIVE TECHNOLOGY, INC., a Delaware corporation (the “Company”) and ASPIRE
CAPITAL FUND, LLC (the “Buyer”) pursuant to which the Company has agreed to issue to the Buyer shares of
the Company’s Common Stock, par value $0.01 per share (the “Common Stock”), in an amount up to Fifteen
Million Dollars ($15,000,000), in accordance with the terms of the Purchase Agreement. In connection with the transactions contemplated
by the Purchase Agreement, the Company has registered with the U.S. Securities and Exchange Commission (the “SEC”)
the sale by the Buyer of the following shares of Common Stock:


 


		(1)	up to 2,538,933 shares of Common Stock to be issued upon purchase from the Company by the Buyer
from time to time (the “Purchase Shares.”); and



 


		(2)	150,000 shares of Common Stock which have been issued
to the Buyer as a commitment fee (the “Commitment Shares”).



 


In connection with the transactions contemplated
by the Purchase Agreement, the Company has filed a registration statement on Form S-1 (File No. 333_________) (the “Registration
Statement”) with the SEC relating to the sale by the Buyer of the Purchase Shares and the Commitment Shares. Accordingly,
we advise you that (i) the SEC has entered an order declaring the Registration Statement effective under the Securities Act of
1933 Act (the “1933 Act”) at ___ [A./P.]M. on __________, 201_, (ii) we have no knowledge, after review of the
stop order notification website maintained by the SEC, that any stop order suspending its effectiveness has been issued or that
any proceedings for that purpose are pending before, or threatened by, the SEC and (iii) the Purchase Shares and the Commitment
Shares are available for sale under the 1933 Act pursuant to the Registration Statement. Accordingly, and in reliance on certain
covenants made by the Buyer regarding the manner of sale of the Shares, certificates representing the Shares may be issued without
any restrictive legend.


 


	 	Very truly yours,
	 	 
	 	 
	 	By:	 ____________________
	 	 	[Company Counsel]




 


		CC:	Aspire Capital Fund, LLC



 






     


     


    







 


EXHIBIT B


 


Information About The Buyer Furnished
To The Company By The Buyer


Expressly For Use In Connection With
The Registration Statement and Prospectus


 


Aspire Capital Partners LLC (“Aspire
Partners”) is the Managing Member of Aspire Capital Fund LLC (“Aspire Fund”). SGM Holdings Corp (“SGM”)
is the Managing Member of Aspire Partners. Mr. Steven G. Martin (“Mr. Martin”) is the president and sole shareholder
of SGM, as well as a principal of Aspire Partners. Mr. Erik J. Brown (“Mr. Brown”) is the president and sole shareholder
of Red Cedar Capital Corp (“Red Cedar”), which is a principal of Aspire Partners. Mr. Christos Komissopoulos (“Mr.
Komissopoulos”) is president and sole shareholder of Chrisko Investors Inc (“Chrisko”), which is a principal
of Aspire Partners. Each of Aspire Partners, SGM, Red Cedar, Chrisko, Mr. Martin, Mr. Brown, and Mr. Komissopoulos may be deemed
to be a beneficial owner of common stock held by Aspire Fund. Each of Aspire Partners, SGM, Red Cedar, Chrisko, Mr. Martin, Mr.
Brown, and Mr. Komissopoulos disclaims beneficial ownership of the common stock held by Aspire Fund.


 


Plan of Distribution


 


The common stock may be sold or distributed from time to time
by the selling stockholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as
agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices,
or at fixed prices, which may be changed. The sale of the common stock offered by this prospectus may be effected in one or more
of the following methods:


 


		·	ordinary brokers’ transactions;



 


		·	transactions involving cross or block trades;



 


		·	through brokers, dealers, or underwriters who may act solely as agents;



 


		·	“at the market” into an existing market for the common
stock;



 


		·	in other ways not involving market makers or established business
markets, including direct sales to purchasers or sales effected through agents;



 


		·	in privately negotiated transactions; or



 


		·	any combination of the foregoing.



 


In order to comply with the securities laws of certain states,
if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition, in certain states, the
shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from the registration
or qualification requirement is available and complied with.


 


The selling stockholder may also sell shares of common stock
under Rule 144 promulgated under the Securities Act, if available, rather than under this prospectus. In addition, the selling
stockholder may transfer the shares of common stock by other means not described in this prospectus.


 


Brokers, dealers, underwriters, or agents participating in the
distribution of the shares as agents may receive compensation in the form of commissions, discounts, or concessions from the selling
stockholder and/or purchasers of the common stock for whom the broker-dealers may act as agent. Aspire Capital has informed us
that each such broker-dealer will receive commissions from Aspire Capital which will not exceed customary brokerage commissions.


 






     


     


    

 


The selling stockholder and its affiliates have agreed not to
engage in any direct or indirect short selling or hedging of our common stock during the term of the Purchase Agreement.


 


The selling stockholder is an “underwriter” within
the meaning of the Securities Act.


 


We have advised the selling stockholder that while it is engaged
in a distribution of the shares included in this prospectus, it is required to comply with Regulation M promulgated under the Securities
Exchange Act of 1934, as amended. With certain exceptions, Regulation M precludes the selling stockholder, any affiliated purchasers,
and any broker-dealer or other person who participates in the distribution from bidding for or purchasing, or attempting to induce
any person to bid for or purchase any security which is the subject of the distribution until the entire distribution is complete.
Regulation M also prohibits any bids or purchases made in order to stabilize the price of a security in connection with the distribution
of that security. All of the foregoing may affect the marketability of the shares offered hereby this prospectus.


 


We may suspend the sale of shares by the selling stockholder
pursuant to this prospectus for certain periods of time for certain reasons, including if the prospectus is required to be supplemented
or amended to include additional material information.


 


This offering as it relates to Aspire Capital will terminate
on the date that all shares offered by this prospectus have been sold by Aspire Capital.