EX-4.3



 Exhibit 4.3 

SYNCARDIA SYSTEMS, INC. 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (the
“Agreement”) is entered into as of the 5th day of March, 2013, by and among SynCardia Systems, Inc., a Delaware corporation (the “Company”),
Athyrium Opportunities Fund (A) LP, a Delaware limited partnership (“Athyrium A Fund”), and Athyrium Opportunities Fund (B) LP, a Delaware limited partnership (“Athyrium B Fund”, and together
with Athyrium A Fund and their permitted successors and permitted assigns, the “Lenders”). 

RECITALS 

WHEREAS, reference is made to that certain Credit Agreement dated as of the date hereof by
and among the Company, the Guarantors (as defined therein), Athyrium A Fund and the Lenders (the “Credit Agreement”); 

WHEREAS, the obligations in the Credit Agreement are conditioned upon the execution and delivery of this Agreement;
and 
 WHEREAS, in connection with the consummation of the transactions contemplated by the Credit Agreement,
the parties desire to enter into this Agreement in order to grant the registration rights as set forth below. 

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. GENERAL. 

1.1 Definitions. As used in this Agreement the following terms shall have the following respective meanings: 

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

(b) “Holder” means any person owning of record Registrable Securities that have not been sold to
the public or any assignee of record of such Registrable Securities in accordance with Section 2.7 hereof. For the avoidance of doubt, the parties acknowledge and agree that the term “Holder” shall include the owner of record of a
Warrant; provided, however, the term “Registrable Securities” shall not include a Warrant. 
 (c)
“Initial Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock registered under the Securities Act. 

  
 1. 








 (d) “Permitted Transferee” means, with respect to
any Holder (A) that is a partnership, a transferee that is a partner or former partner of such Holder and when receives a transfer of Registrable Securities in accordance with its partnership interests, (B) that is a corporation, a
transferee that is a wholly-owned subsidiary or a parent corporation that owns all of the capital stock of such Holder, (C) that is a limited liability company, a transferee that is a member or former member of such Holder and when receives a
transfer of Registrable Securities in accordance with its interest in the limited liability company, or (D) that is an individual, a transferee that is a family member of such Holder or trust for the benefit of such Holder. 

(e) “Register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement. 

(f) “Registrable Securities” means (a) Common Stock of the Company issuable upon conversion
of the Series E Convertible Preferred Stock of the Company issuable or issued upon exercise of the Warrants and (b) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security
which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) that may
be sold pursuant to Rule 144 during any ninety (90) day period, (ii) sold by a person to the public either pursuant to a registration statement or Rule 144 or (iii) sold in a private transaction in which the transferor’s rights
under Section 2 of this Agreement are not assigned. 
 (g) “Registration Expenses” shall
mean all expenses incurred by the Company in complying with Section 2.2 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and
disbursements not to exceed ten thousand dollars ($10,000) of a single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation
of regular employees of the Company which shall be paid in any event by the Company). 
 (h)
“SEC” means the Securities and Exchange Commission. 
 (i) “Securities
Act” shall mean the Securities Act of 1933, as amended. 
 (j) “Selling Expenses”
shall mean all underwriting discounts and selling commissions applicable to the sale. 
 (k) “Special
Registration Statement” shall mean (i) a registration statement relating to any employee benefit plan, (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any
registration statements related to the issuance or resale of securities issued in such a transaction, (iii) a shelf registration statement, or (iv) a registration related to stock issued upon conversion of debt securities or preferred
stock or upon exercise of warrants. 

  
 2. 








 (l) “Warrants” shall mean those certain warrants
to purchase the Company’s Series E Convertible Preferred Stock, dated as of the date hereof, issued to Athyrium A Fund and Athyrium B Fund (or their permitted transferees, successors and permitted assigns) pursuant to the terms of the Credit
Agreement. 
 (m) “Warrant Shares” shall mean the shares of the Company’s Series E
Convertible Preferred Stock issuable upon exercise of the Warrants. 
 SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER. 

2.1 Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Registrable Securities unless: 

(i) such disposition is made in accordance with an effective registration statement under the Securities Act and applicable state securities
laws or pursuant to an applicable exemption from the registration requirements of the Securities Act and such state securities laws; and 

(ii) the transferee has agreed in writing to be bound by the terms of this Agreement. 

(b) Each certificate representing any Registrable Securities shall be stamped or otherwise imprinted with legends
substantially similar to the following (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR
UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
CERTAIN REGISTRATION RIGHTS AGREEMENT BY AND BETWEEN THE HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

(c) The parties hereto acknowledge and agree that the provisions of the Warrants shall govern the removal of the first
legend listed above. The second legend listed 

  
 3. 








 
above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. 

(d) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions
with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

2.2 Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least fifteen (15) days
prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the
Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of the Registrable Securities held by such Holder. Each Holder desiring to include in any
such registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15) days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended
method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have
the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.

 (a) Underwriting. If the registration statement of which the Company gives notice under this Section 2.2
is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities in a registration pursuant to this Section 2.2 shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities
through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the Company
determines in good faith, based on consultation with the underwriter, that marketing factors require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to
the Company and second, to the Holders and all other holders exercising similar registration rights participating in the underwriting on a pro rata basis based on the total number of Registrable Securities held. If any Holder disapproves of
the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any
Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a partnership, limited liability company or corporation, the partners, retired partners, members,
retired members and stockholders of such Holder, or the estates and family members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single
“Holder,” and any pro rata reduction with respect to such “Holder” shall be 

  
 4. 








 
based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Section 2.2 whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to include shares in such registration of such termination or
withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.3 hereof. 

2.3 Expenses of Registration. Except as otherwise specifically provided herein, all Registration Expenses incurred in connection with
any registration, qualification or compliance pursuant to Section 2.2 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so
registered pro rata on the basis of the number of shares so registered. If the Holders are expressly required to pay any Registration Expenses under the terms of this Agreement, such Registration Expenses shall be borne by the
Holders of Registrable Securities requesting such registration in proportion to the number of shares for which registration was requested.  

2.4 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible: 
 (a) Prepare and file with the SEC such amendments and supplements to
such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement. 
 (b) Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in
conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(c) Use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions. 
 (d) In the event
of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also
enter into and perform its obligations under such an agreement. 
 (e) Notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a 

  
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material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The
Company will use commercially reasonable efforts to promptly amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing. 
 (f) Use
its commercially reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the
counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such
date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters.

 2.5 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

(b) It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.2
that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the registration of their
Registrable Securities. Each Holder, by such Holder’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any registration
statement hereunder. 
 (c) Each selling Holder covenants and agrees that it will comply with the prospectus delivery
requirements of the Securities Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to a registration statement filed hereunder. 

2.6 Indemnification. In the event any Registrable Securities are included in a registration statement under Section 2.2:

 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners,
members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against
any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a


  
 6. 








 
material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration
statement; and the Company will reimburse each such Holder, partner, member, officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided however, that the indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of
or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling
person of such Holder. 
 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within
the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder, against any
losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become
subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following statements: (i) any
untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the
Securities Act (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon and in conformity with written information furnished by such Holder
under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director,
officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially
determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 2.6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if
such 

  
 7. 








 
settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this
Section 2.6 exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by
an indemnified party under this Section 2.6 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 2.6, 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 the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses
thereof to be paid by the indemnifying party, if such indemnified party reasonably concludes in good faith that representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or
potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such
action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.6 to the extent, and only to the extent, prejudicial to its ability to defend such action, but the omission so to deliver written notice
to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.6. 

(d) If the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law
contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution
by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 
 (e) The obligations of the
Company and Holders under this Section 2.6 shall survive completion of any offering of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 2.6 would apply that is
covered by a registration filed before termination of this Agreement, such termination. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment
or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant 

  
 8. 








 
or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

2.7 Assignment of Registration Rights. The rights under this Agreement shall be automatically assignable by the Holders to (A) any
Permitted Transferee and (B) any transferee in connection with any assignment of at least five percent (5%) of the Registrable Securities issued or issuable as of the date of this Agreement or in connection with any assignment of a Warrant
exercisable for at least five percent (5%) of the Registrable Securities issued or issuable as of the date of this Agreement if: (i) the assigning Holder agrees in writing with the transferee or assignee to assign such rights and a copy of
such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such
transferee or assignee and (b) the securities with respect to which such registration rights are being transferred or assigned; and (iii) at or before the time the Company receives the written notice contemplated by clause (ii) of
this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained in this Agreement. 

2.8 Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which
may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a) make and keep public information available, as those terms are understood and defined in SEC Rule 144 or any
similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b) file with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange
Act; and 
 (c) so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a
written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent
annual or quarterly report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such
securities without registration. 
 SECTION 3. MISCELLANEOUS. 

3.1 Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York in all respects as such
laws are applied to agreements among New York residents entered into and to be performed entirely within New York, without reference to conflicts of laws or principles thereof. The parties agree that any action brought by either party under or in
relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue of, any state or federal court
located in the State of New York. 

  
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 3.2 Successors and Assigns. Except as otherwise expressly provided herein, the provisions
hereof shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each person who shall be a holder of
a Warrant or Registrable Securities from time to time or became a holder of rights under this Agreement in accordance with Section 2.7 from time to time; provided, however, that prior to the receipt by the Company of adequate written
notice of the transfer of a Warrant or any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder
of such shares for all purposes. 
 3.3 Entire Agreement. This Agreement, the Warrants, the Credit Agreement and the other documents
delivered pursuant thereto (the “Transaction Documents”) constitute the full and entire understanding and agreement among the parties thereto and hereto with regard to the subjects thereof and hereof and no party shall be liable or bound
to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and therein. Each party hereto expressly represents and warrants that it is not relying on any oral or
written representations, warranties, covenants or agreements outside of the Transaction Documents. 
 3.4 Severability. In the
event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement,
and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 

3.5 Amendment and Waiver. Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the
Company and the rights of the Holders under this Agreement may be waived, only upon the written consent of the Company and the holders of at least a majority of the Registrable Securities then-outstanding or issuable pursuant to the Warrants. Any
amendment or waiver effected in accordance with this Section 3.5 shall be binding upon each Holder and the Company. 
 3.6 Delays or
Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor
shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or
approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be
effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

3.7 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if 

  
 10. 








 
not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day
after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified pursuant to the contact information provided in accordance
with the terms of the Credit Agreement. 
 3.8 Attorneys’ Fees. In the event that any suit or action is instituted under or in
relation to this Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such
prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

3.9 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement. 
 3.10 Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original and all of which taken together shall constitute one and the same instrument, respectively. Delivery of an executed counterpart of this Agreement by facsimile or
transmitted electronically in either a Tagged Image Format File (TIFF) or Portable Document Format (PDF) shall be equally effective as delivery of a manually executed counterpart of such document. 

3.11 Aggregation of Stock. All Registrable Securities held or acquired by, or issuable upon the exercise of a Warrant to, affiliated
entities or persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

3.12 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 3.13 Termination. This Agreement shall
terminate and be of no further force or effect with respect to any Holder upon the date all Registrable Securities held by and issuable to such Holder (and its affiliates) may be sold pursuant to Rule 144 during any ninety (90) day period. 

 [THIS SPACE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS
WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

									
	COMPANY:	 		 	INVESTORS:
			
	SYNCARDIA SYSTEMS, INC.	 		 	 ATHYRIUM OPPORTUNITIES FUND (A) LP,

a Delaware limited partnership

	By:	 	 /s/ Michael Garippa
	 		 		 	
	Name:	 	 Michael Garippa
	 		 	By: ATHYRIUM OPPORTUNITIES ASSOCIATES LLC, its General Partner
					
	Title:	 	 Chairman, CEO, & President
	 		 	By:	 	 /s/ Jeffrey A. Ferrell

					
		 		 		 	Name:	 	 Jeffrey A. Ferrell

					
		 		 		 	Title:	 	 President

				
		 		 		 	 ATHYRIUM OPPORTUNITIES FUND (B) LP, 

a Delaware limited partnership

				
		 		 		 	By: ATHYRIUM OPPORTUNITIES ASSOCIATES LLC, its General Partner
					
		 		 		 	By:	 	 /s/ Jeffrey A. Ferrell

					
		 		 		 	Name:	 	 Jeffrey A. Ferrell

					
		 		 		 	Title:	 	 President