EX-10.28



 Exhibit 10.28 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

dated as of 

May 28, 2015 

among 
 BIOTIE
THERAPIES CORP. 
 and 

THE INVESTORS PARTY HERETO 







 TABLE OF CONTENTS 

 
  

 

									
	 	 	 	 	 	  	PAGE	 
				
		 		 	 ARTICLE 1
	  			
		 		 	 DEFINITIONS
	  			
				
		 	 Section 1.01.
	 	 Definitions
	  	 	4	  
		 	 Section 1.02.
	 	 Other Definitional and Interpretative Provisions
	  	 	7	  
				
		 		 	 ARTICLE 2
	  			
		 		 	 REGISTRATION RIGHTS
	  			
				
		 	 Section 2.01.
	 	 Shelf Registration and Registration Procedures
	  	 	8	  
		 	 Section 2.02.
	 	 Rule 144 Sales; Cooperation by the Company
	  	 	11	  
		 	 Section 2.03.
	 	 Company Registration
	  	 	11	  
		 	 Section 2.04.
	 	 Conversions of Ordinary Shares into ADSs
	  	 	12	  
		 	 Section 2.05.
	 	 Obligation to Register ADSs
	  	 	12	  
				
		 		 	 ARTICLE 3
	  			
		 		 	 PUBLIC OFFERING
	  			
				
		 	 Section 3.01.
	 	 Participation in Public Offering
	  	 	12	  
		 	 Section 3.02.
	 	 Other Agreements of Investors
	  	 	13	  
		 	 Section 3.03.
	 	 Underwriting of Public Offering
	  	 	13	  
		 	 Section 3.04.
	 	 Inspection of the Company’s Records
	  	 	14	  
		 	 Section 3.05.
	 	 The Company’s Participation in Road Shows
	  	 	15	  
				
		 		 	 ARTICLE 4
	  			
		 		 	 INDEMNIFICATION AND CONTRIBUTION
	  			
				
		 	 Section 4.01.
	 	 Indemnification by the Company
	  	 	15	  
		 	 Section 4.02.
	 	 Indemnification by Participating Investors
	  	 	15	  
		 	 Section 4.03.
	 	 Conduct of Indemnification Proceedings
	  	 	16	  
		 	 Section 4.04.
	 	 Survival
	  	 	17	  
		 	 Section 4.05.
	 	 Contribution
	  	 	17	  
				
		 		 	 ARTICLE 5
	  			
		 		 	 MISCELLANEOUS
	  			
				
		 	 Section 5.01.
	 	 Binding Effect; Assignability; Benefit
	  	 	18	  
		 	 Section 5.02.
	 	 Notices
	  	 	19	  
		 	 Section 5.03.
	 	 Waiver; Amendment; Termination
	  	 	20	  
		 	 Section 5.04.
	 	 Governing Law
	  	 	20	  
		 	 Section 5.05.
	 	 Jurisdiction
	  	 	21	  
		 	 Section 5.06.
	 	 WAIVER OF JURY TRIAL
	  	 	21	  









									
	 	 	 	 	 	  	PAGE	 
				
		 	Section 5.07.	 	Specific Enforcement	  	 	21	  
		 	 Section 5.08.
	 	 Counterparts; Effectiveness
	  	 	21	  
		 	 Section 5.09.
	 	 Entire Agreement
	  	 	22	  
		 	 Section 5.10.
	 	 Severability
	  	 	22	  
		 	 Section 5.11.
	 	 Confidentiality
	  	 	22	  
		 	 Section 5.12.
	 	Independent Nature of Investors’ Obligations and Rights	  	 	22	  
				
		 	Exhibit A	 	Joinder Agreement	  			

  
  
  

 
  

  
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 REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT dated as of May 28, 2015 (this “Agreement”) by and among Biotie Therapies Corp., a Finnish
public limited liability company (the “Company”), and the investors listed on the signature pages hereto, as well as any Permitted Transferees (as defined below). 

W I T N E S S E T H : 

WHEREAS, the Company and the Investors are parties to that certain Subscription Agreement dated as of April 23, 2015 (the
“Subscription Agreement”) among the Company and the Investors, pursuant to which, among other things, the Investors subscribed for Notes (as defined below) and Warrants (as defined below); 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) As used in this Agreement, the following terms have the following meanings: 

“ADSs” means those certain American depositary shares, representing Ordinary Shares. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person; provided that no security holder of the Company shall be deemed an Affiliate of the Company or any other security holder of the Company solely by reason of any investment in the Company or the existence or
exercise of any rights or obligations under this Agreement or the Registrable Securities held by such security holder. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized by law to close. 

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

“FINRA” means the Financial Industry Regulatory Authority. 







 “Investor” means at any time, any Person (other than the Company) who
shall then be a party to or bound by this Agreement, so long as such Person shall “beneficially own” (as such term is defined in Rule 13d-3 of the Exchange Act) any Registrable Securities. 

“IPO” means the Company’s first underwritten public offering in the United States of ADSs under the Securities
Act, with immediately available gross proceeds to the Company of at least $30,000,000. 
 “Notes” means the
promissory notes convertible into Ordinary Shares subscribed for by the Investors pursuant to the Subscription Agreement. 

“Ordinary Shares” means ordinary shares of the Company, no par value, and any shares into which such Ordinary Shares may
thereafter be converted or changed. 
 “Permitted Transferee” means in the case of any Investor, a Person to whom
Registrable Securities are Transferred by such Investor in accordance with Section 5.01(b); provided that (i) such transfer does not violate any agreements between such Investor and the Company or any of the Company’s
subsidiaries, (ii) such transfer is not made in a registered offering or pursuant to Rule 144 and (iii) such transferee shall only be a Permitted Transferee if and to the extent the transferor designates the transferee as a Permitted
Transferee entitled to rights hereunder pursuant to Section 5.01(b). 
 “Person” means an individual,
corporation, limited liability company, partnership, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Public Offering” means an underwritten public offering of Registrable Securities of the Company pursuant to an
effective registration statement under the Securities Act. 
 “Registrable Securities” means, at any time,
any (a) Ordinary Shares, including Ordinary Shares issuable upon exercise of Warrants, Ordinary Shares issuable upon conversion of Notes, and any other securities issued or issuable in respect of such Ordinary Shares by way of conversion,
exchange, share dividend, split, combination, recapitalization, merger, consolidation, other reorganization or otherwise and (b) ADSs, until (i) a registration statement covering such Ordinary Shares or ADSs has been declared effective by
the SEC and such Ordinary Shares or ADSs have been disposed of pursuant to such effective registration statement, (ii) such Ordinary Shares or ADSs or such other securities are sold under circumstances in which all of the applicable conditions
of Rule 144 (or any similar provisions then in force) under the Securities Act are met or (iii) such Ordinary Shares or ADSs are eligible for sale by the holder thereof without limitations as to volume or manner of sale pursuant to Rule 144.


  
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 “Registration Expenses” means any and all expenses incident to the
performance of, or compliance with, any registration or marketing of Registrable Securities, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities
exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable and documented fees and disbursements of counsel in connection with “blue
sky” qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any
amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties),
(vi) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated
with the delivery by independent certified public accountants of any comfort letters requested pursuant to Section 3.03(b), (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration,
(viii) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the reasonable and
documented fees and expenses of any counsel thereto, (ix) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions and ADS conversion fees
attributable to the sale of Registrable Securities, and any stock transfer taxes attributable to the sale of Registrable Securities, (x) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue
sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (xi) transfer agents’ and registrars’ fees and expenses and the
fees and expenses of any other agent or trustee appointed in connection with such offering, (xii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing
or selling of the Registrable Securities and (xiii) all out-of pocket costs and expenses incurred by the Company or its appropriate officers in connection with their compliance with Section 3.05. Registration Expenses shall not include any
out-of-pocket expenses of the Investors (or the agents who manage their accounts). 
 “Rule 144” means Rule
144 under the Securities Act, as such rule may be amended from time to time, or any similar successor rule that may be promulgated by the SEC. 

“SEC” means the Securities and Exchange Commission. 

  
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 “Securities Act” means the Securities Act of 1933, as amended, or any
similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

“Transfer” means, with respect to any Registrable Securities, (i) when used as a verb, to sell, assign, dispose
of, exchange, pledge, encumber, hypothecate or otherwise transfer such Registrable Securities or any participation or interest therein, whether directly or indirectly (including pursuant to a derivative transaction), or agree or commit to do any of
the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such Registrable Securities or any participation or interest therein or any
agreement or commitment to do any of the foregoing. 
 “Warrants” means the warrants exercisable for Ordinary
Shares subscribed for by the Investors pursuant to the Subscription Agreement 
 (b) Each of the following terms is defined in the
Section set forth opposite such term: 
  

			
	 Term
	  	Section
	 Agreement
	  	Preamble
	 Company
	  	Preamble
	 Damages
	  	4.01
	 Indemnified Party
	  	4.03
	 Indemnifying Party
	  	4.03
	 Inspectors
	  	3.04
	 Joinder Agreement
	  	5.01(b)
	 Notice
	  	5.02
	 Records
	  	3.04
	 Shelf Registration
	  	2.01
	 Subscription Agreement
	  	Preamble
	 Suspension Period
	  	2.01(e)

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections or Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. All Exhibits annexed
hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized term used in any Exhibit but not otherwise defined therein shall have the meaning as defined in this Agreement.
Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or  

  
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“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words
of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that
agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any law include all laws and regulations promulgated thereunder. References to any Person include the
successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. 

ARTICLE 2 

REGISTRATION RIGHTS 

Section 2.01. Shelf Registration and Registration Procedures. (a) Promptly following the first anniversary of the IPO,
but in any event within ten (10) days of the first anniversary of the IPO, the Company shall use its best efforts to (i) file and make effective a registration statement covering the resale of all of the Registrable Securities pursuant to
Rule 415 under the Securities Act (or any successor or similar rule) (a “Shelf Registration”) and (ii) maintain an effective Shelf Registration until all Registrable Securities shall have been sold under such
Shelf Registration or cease to be Registrable Securities. The Company shall promptly, and within two (2) Business Days after the Company confirms effectiveness of the Shelf Registration with the SEC, notify the Investors of the effectiveness of
the Shelf Registration. 
 (b) Prior to filing a registration statement or prospectus or any amendment or supplement thereto (other
than any report filed pursuant to the Exchange Act that is incorporated by reference therein), the Company shall furnish to each participating Investor and each underwriter, if any, of the Registrable Securities covered by such registration
statement copies of such registration statement as proposed to be filed, and thereafter the Company shall furnish to such Investor and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto
(in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed
under Rule 424, Rule 430A, Rule 430B or Rule 430C under the Securities Act and such other documents as such Investor or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Investor.

 (c) After the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any
required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the 

  
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Securities Act, including as may be necessary to keep such registration statement effective and current, (ii) comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the Investors thereof set forth in such registration statement or supplement to such
prospectus and (iii) promptly notify each Investor holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC or any state securities commission and take all reasonable actions
required to prevent the entry of such stop order or to remove it if entered. 
 (d) The Company shall use its best efforts to
(i) register or qualify the Registrable Securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Investor holding such Registrable Securities
reasonably (in light of such Investor’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue
of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Investor to consummate the disposition of the Registrable Securities owned by such Investor;
provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.01(d), (B) subject itself to taxation in any such
jurisdiction, unless the Company is already subject to taxation in such jurisdiction or (C) consent to general service of process in any such jurisdiction, unless the Company is already subject to service in such jurisdiction. 

(e) The Company shall promptly notify each Investor holding such 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 occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of
such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and
make available to each such Investor and file with the SEC any such supplement or amendment; provided that upon written notice to each Investor holding such Registrable Securities, the Company shall be entitled to delay the effectiveness of
any registration statement or to suspend, on two occasions during any period of 12 consecutive months for a reasonable time specified in the notice but not exceeding in the aggregate 45 days (each, a “Suspension Period”), the use of
any registration statement or prospectus and shall not be required to amend or supplement the registration statement, any related prospectus or any document incorporated therein by reference if the Company determines in its reasonably


  
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good faith judgment, after consultation with counsel that (i) the registration statement or any prospectus may contain an untrue statement of a material fact or omit any fact necessary
to make the statements in the registration statement or prospectus not misleading; provided, that in such event the Company shall promptly prepare and file a supplement or amendment to such registration statement or prospectus to correct such
disclosure or (ii) proceeding with the registration would materially interfere with a significant acquisition, corporate organization or other similar transaction involving the Company, require premature disclosure of material information that
the Company has bona fide business purposes for preserving as confidential or render the Company unable to comply with the requirements under the Securities Act or Exchange Act. 

(f) The Company shall use its best efforts to comply with all applicable rules and regulations of the SEC and make available to its security
holders, as soon as reasonably practicable, an earnings statement or such other document covering a period of 12 months, beginning within three months after the effective date of the registration statement, which earnings statement satisfies the
requirements of Rule 158 under the Securities Act. 
 (g) The Company may require each Investor promptly to furnish in writing to the
Company such information regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required in connection with such registration. 

(h) Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section
2.01(e), such Investor shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 2.01(e), and, if so directed by the Company, such Investor shall deliver to the Company all copies, other than any permanent file copies then in such Investor’s possession, of the most recent prospectus
covering such Registrable Securities at the time of receipt of such notice. 
 (i) Each Investor agrees that, in connection with any
offering pursuant to this Agreement, it will not prepare or use or refer to, any “free writing prospectus” (as defined in Rule 405 of the Securities Act) without the prior written authorization of the Company, and will not distribute any
written materials in connection with the offer or sale of the Registrable Securities pursuant to any Public Offering conducted hereunder other than the prospectus and any such free writing prospectus so authorized. 

(j) The Company shall use its best efforts to list all Registrable Securities on any securities exchange or quotation system on which any of
the Registrable Securities are then listed or traded. 

  
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 (k) The Company shall be liable for and pay all Registration Expenses incurred in connection with
a registration statement pursuant to this Agreement. The Company shall pay the registration expenses borne by the Investors pursuant to this Agreement (not to exceed $50,000 in the aggregate). 

Section 2.02. Rule 144 Sales; Cooperation by the Company. With a view to making available to the Investors the benefits of
Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit the Investors to sell 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 Rule 144 under the Securities Act at all
times after the date hereof; 
 (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; and 
 (c) furnish to each Investor forthwith upon request a written statement by the Company as to its
compliance with the reporting requirements of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other information as such Investor may reasonably request in order to avail itself
of any rule or regulation of the SEC allowing such Investor to sell any Registrable Securities without registration. 
 Section 2.03.
Company Registration. If at any time during the period between the IPO and the first anniversary of the IPO, the Company proposes to register (including, for this purpose, a registration effected by the Company for security holders other than
the Investors) any of its securities under the Securities Act in connection with the public offering of such securities (other than a registration on Form S-8, F-4 or S-4, or any successor or similar forms, relating to securities issuable upon
exercise of employee stock options or in connection with any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by the Company of another Person) the Company shall give notice of the filing of the
registration statement at least ten (10) Business Days prior to the anticipated filing date. Upon notice received by the Company no later than five (5) Business Days after the date of notice to the Investors, each Investor may request that
the Company also include all or any portion of such Investors’ Registrable Securities in the registration. Thereafter, the Company shall use best efforts to effect the registration of all Registrable Securities requested to be included in such
registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.03 before the effective date of such registration statement, whether or not any Investor elected to include
Registrable Securities in such registration. The expenses of such withdrawn registration shall be borne by the Company. 

  
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 Section 2.04. Conversions of Ordinary Shares into ADSs. To the extent that the
Company issues ADSs in the IPO, following the IPO and as requested by the Investors, the Company will deposit Ordinary Shares held by the Investors from time to time with the ADS depositary and cause the ADS depositary to issue ADSs to the Investors
upon deposit of such Ordinary Shares, provided that the Company shall not be required to deposit such Ordinary Shares in exchange for ADSs on or prior to the date that is six (6) months from the date of the final prospectus for the IPO or to do
so except in compliance with the Securities Act. The Company will pay reasonable expenses of the Investors for the exchange of Ordinary Shares for ADSs, such expenses not to exceed the aggregate amount of $ 250,000. 

Section 2.05. Obligation to Register ADSs. Notwithstanding anything to the contrary herein, unless the Company has
previously caused the Ordinary Shares to be listed on a national securities exchange or trading system in the United States (it being acknowledged that the Company shall have no obligation to so list the Ordinary Shares) and a market in the United
States for Ordinary Shares not held in the form of ADSs exists, in any registration pursuant to Section 2.01 or Section 2.03 any Registrable Securities registered and sold pursuant thereto shall be in the form of ADSs. 

ARTICLE 3 
 PUBLIC
OFFERING 
 Section 3.01. Participation in Public Offering. If the Company shall receive a request from an
Investor or group of Investors, in each case holding a majority of the Registrable Securities (as determined on a fully-diluted basis) that the Company effect a Public Offering, then the Company shall use best efforts to promptly prepare a
prospectus or a prospectus supplement to effect such Public Offering; provided that (i) the Company shall only be required to effectuate one Public Offering within any one-year period and (ii) the Company shall not be obligated to
effect a Public Offering unless the aggregate expected proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Public Offering equals or exceeds $10,000,000. The Company shall use best efforts to
give notice of such Public Offering at least ten (10) Business Days prior to the anticipated filing date of the prospectus or prospectus supplement relating to such Public Offering to the other Investors who hold Registrable Securities at such
time. Such other Investors may, upon notice received by the Company no later than five (5) Business Days after the date of notice of a Public Offering, request that the Company also include all or any portion of such other Investors’
Registrable Securities. Thereafter, the Company shall use best efforts to effect the Public Offering of all Registrable Securities requested to be included (in accordance with the methods thereof as aforesaid). Subject to Section 3.03(c), the
Company shall be permitted to include any 

  
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securities other than the Registrable Securities (including for the benefit of Persons not party to this Agreement) as part of any such Public Offering. 

Section 3.02. Other Agreements of Investors. No Investor may participate in any Public Offering hereunder unless such
Investor (i) agrees to sell such Investor’s Registrable Securities on the basis provided in any underwriting arrangements (in customary form) approved by the Company and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements, lock up agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights within the specified
timelines. 
 Section 3.03. Underwriting of Public Offering. (a) In connection with any Public Offering in
which the Investors are participating, other than a Public Offering initiated by the Company, the Investors requesting the Public Offering pursuant to Section 3.01 shall be entitled to select the underwriter or underwriters for such offering,
subject to the consent of the Company, such consent not to be unreasonably withheld, conditioned or delayed. In connection with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary
form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering. 

(b) In connection with any Public Offering, the Company shall use its best efforts to furnish to each underwriter, if any, a signed
counterpart, addressed to such underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering
such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the managing underwriter therefor reasonably requests. 

(c) If the total amount of securities to be sold in any Public Offering in which the Investors are participating exceeds the amount that the
underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities and securities other
than the Registrable Securities that the underwriters and the Company determine in their sole discretion shall not jeopardize the success of the offering. If the Investors determine to include any Registrable Securities in any such underwritten
Public Offering, other than a Public Offering initiated by the Company, the number of securities that are entitled to be included in the registration and underwriting shall be allocated in the following manner: (i) first, securities
other than the Registrable Securities requested to be included in such offering (including any securities that the Company proposes to register and sell for its own account) shall be excluded (as may be allocated pursuant to any agreement between
holders of any such securities other than the Company and the Company) and (ii) second, Registrable 

  
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Securities requested to be included in such offering by the Investors shall be excluded on a pro rata basis based on the number of securities requested to be included. If the Investors determine
to include any Registrable Securities in any such underwritten Public Offering initiated by the Company, the number of securities that are entitled to be included in the registration and underwriting shall be allocated in the following manner:
(i) first, securities other than the Registrable Securities requested to be included in such offering by Persons other than the Company shall be excluded on a pro rata basis based on the number of such securities requested to be
included, (ii) second, Registrable Securities requested to be included in such offering by the Investors shall be excluded on a pro rata basis based on the number of such securities requested to be included and (iii) third,
securities proposed to be registered and sold for the account of the Company shall be excluded. To facilitate the allocation of securities in accordance with the above provisions, the Company or the underwriters may round down the number of
securities allocated to any selling holder (including each Investor) to the nearest 100. 
 Section 3.04. Inspection of the
Company’s Records. Upon execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the Company shall, in connection with a Public Offering, make available for inspection by any underwriter
participating in such Public Offering and any attorney, accountant or other professional (the retention of which is reasonable under the circumstances) retained by any such underwriter (collectively, the “Inspectors”),
all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary or desirable to enable any of the Inspectors to exercise its
due diligence responsibility and in accordance with applicable law, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any Inspectors in connection with such Public Offering and in
accordance with applicable law. Records that the Company determines in good faith to be confidential and that it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is
necessary to avoid or correct a material. misstatement or omission in the registration statement related to such Public Offering or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction. Each Investor agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it or its Affiliates as the basis for any market transactions in the Ordinary Shares, ADSs or
other securities of the Company unless and until such information is made generally available to the public. Each Investor further agrees that, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, it shall
give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential 

  
 14 








 Section 3.05. The Company’s Participation in Road Shows. In connection
with any Public Offering, the Company shall have appropriate officers of the Company (i) prepare and make presentations at any “road shows” and before analysts and (ii) otherwise use their best efforts to cooperate as reasonably
requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 
 ARTICLE 4 

INDEMNIFICATION AND CONTRIBUTION 

Section 4.01. Indemnification by the Company. The Company agrees to indemnify and hold harmless each Investor beneficially
owning any Registrable Securities covered by a registration statement, its officers, directors and employees, and each Person, if any, who controls such Investor within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act from and against any and all losses, claims, damages, liabilities and expenses (including reasonable and documented expenses of investigation and reasonable and documented attorneys’ fees and expenses) (collectively,
“Damages”) caused by or relating to (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended
or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or free writing prospectus (as defined in Rule 405 under the Securities Act), (ii) any 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 applicable to the Company, except insofar as such Damages are caused by or related to any such untrue statement or omission or alleged
untrue statement or omission so made based upon information furnished in writing to the Company by such Investor or on such Investor’s behalf expressly for use therein. The Company also agrees to indemnify any underwriters of the Registrable
Securities, their officers and directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification
of the Investors provided in this Section 4.01. 
 Section 4.02. Indemnification by Participating Investors. Each
Investor holding Registrable Securities covered by a registration statement agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity from the Company to such Investor provided in Section 4.01, but only with respect to information furnished 


  
 15 








 
in writing by such Investor or on such Investor’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement
thereto, or any preliminary prospectus. Each such Investor also agrees to indemnify and hold harmless underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of
either Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Company provided in this Section 4.02. As a condition to including Registrable Securities in
any registration statement filed in accordance with Article 2, the Company may require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided
by underwriters with respect to similar securities. No Investor shall be liable under this Section 4.02 for any Damages in excess of the net proceeds realized by such Investor in the sale of Registrable Securities of such Investor to which such
Damages relate. 
 Section 4.03. Conduct of Indemnification Proceedings. If any proceeding (including any governmental
investigation) shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to Section 4.01 or 4.02, such Person (an “Indemnified Party”) shall promptly notify the Person against
whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified
Party, and shall assume the payment of all reasonable and documented fees and expenses, provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations
hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party unless (a) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (b) in the reasonable judgment of such Indemnified Party
representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the
Indemnifying Party shall not be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys (in addition to one local counsel per jurisdiction) at any time for all such Indemnified Parties, and that all
such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for
any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and
against any loss or liability (to the extent stated  

  
 16 








 
above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such proceeding. 
 Section 4.04. Survival. Unless otherwise superseded by an underwriting agreement
entered into in connection with an underwritten public offering, the obligations of the Company and the Investors under Section 4.01 and Section 4.02, respectively, shall survive the completion of any offering of Registrable Securities in
a registration statement under this Agreement or otherwise. 
 Section 4.05. Contribution. (a) If the indemnification
provided for in Section 4.01 or 4.02 is unavailable to the Indemnified Parties in respect of any Damages, then each Indemnifying Party, in lieu of indemnifying the Indemnified Parties, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Damages, 
 (i) as between the Company and the Investors holding Registrable
Securities covered by a registration statement on the one hand and the underwriters on the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and such Investors on the one hand and the underwriters
on the other, from the offering of the Registrable Securities, or if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Company and
such Investors on the one hand and of such underwriters on the other in connection with the statements or omissions that resulted in such Damages, as well as any other relevant equitable considerations and 

(ii) as between the Company on the one hand and each such Investor on the other, in such proportion as is appropriate to
reflect the relative fault of the Company and of each such Investor in connection with such statements or omissions, as well as any other relevant equitable considerations. 

The relative benefits received by the Company and such Investors on the one hand and such underwriters on the other shall be deemed to be in the same
proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company and such Investors bear to the total underwriting discounts and commissions received by such
underwriters, in each case as set forth in the table on the cover page of the applicable prospectus or prospectus supplement. The relative fault of the Company and such Investors on the one hand and of such underwriters on the


  
 17 








 
other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company and such Investors or by such underwriters. The relative fault of the Company on the one hand and of each such Investor on the other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. 
 (b) The Company and the Investors agree that it would not be just and equitable if
contribution pursuant to this Section 4.05 were determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.05, no underwriter shall
be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any Damages that such
underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no Investor shall be required to contribute any amount in excess of the amount by which the total price at which
the Registrable Securities of such Investor were offered to the public (less underwriters’ discounts and commissions) exceeds the amount of any Damages that such Investor has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. Each Investor’s obligation to contribute pursuant to this Section 4.05 is several in the proportion that the proceeds of the offering received by such Investor bears to the total proceeds of the offering received
by all such Investors and not joint. 
 ARTICLE 5 

MISCELLANEOUS 

Section 5.01. Binding Effect; Assignability; Benefit. (a) This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, successors, legal representatives and permitted assigns. Any Investor that ceases to own beneficially any Registrable Securities shall cease to 


  
 18 








 
be bound by the terms hereof (other than (i) the provisions of Article 4 applicable to such Investor with respect to any offering of Registrable Securities completed before the date such
Investor ceased to own any Registrable Securities and (ii) this Article 5). 
 (b) Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto pursuant to any Transfer of Registrable Securities or otherwise, except that each Investor may assign all or any portion of its rights hereunder to
any Permitted Transferee of such Investor with respect to securities representing not less than twenty percent (20%) of the Registrable Securities held by such Investor as of the date of completion of the IPO;
provided, however, that no such minimum assignment requirement shall be necessary for an assignment by an Investor which is (i) a partnership to its partners in accordance with their partnership
interests, (ii) a limited liability company to its members in accordance with their interests in the limited liability company, (iii) a corporation to its stockholders in accordance with their interests in the corporation or (iv) to
an Affiliate of such Investor. Any such Permitted Transferee shall (unless already bound hereby) execute and deliver to the Company an agreement to be bound by this Agreement in the form of Exhibit A hereto (a “Joinder Agreement”)
and shall thenceforth be a “Investor.” Any such transfer to a Permitted Transferee must be in compliance with the Securities Act and any other applicable securities “blue sky” laws. 

(c) Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Section 5.02. Notices. All notices, requests and other communications (each, a “Notice”) to any party shall be in
writing and shall be delivered in person, mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission or email transmission so long as receipt of such email is requested and received: 

if to the Company to: 

Biotie Therapies Corp. 

Joukahhaisenkatu 6, 20520 

Turku, Finland 

Attention: David Cook 

Fax: +358 2 274 89 10 

Email: david.cook@biotie.com 

  
 19 








 with a copy to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 

New York, New York 10017 

Attention: Sophia Hudson 

Fax: (212) 701-5762 

Email: sophia.hudson@davispolk.com 

if to any Investor, at the address for such Investor listed on the signature pages below or otherwise provided to the Company as set forth below. 

Any Notice shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and
such day is a Business Day in the place of receipt. Otherwise, any such Notice shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Any Person that becomes an Investor after the date hereof shall provide its address, fax number and email address to the Company. 

Section 5.03. Waiver; Amendment; Termination. (a) The provisions of this Agreement, including the provisions of this
sentence, may not be amended, waived, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of the Company and holders of a majority of the Registrable Securities (as
determined on a fully-diluted basis); provided, however, that in no event shall the obligations of any holder of Registrable Securities be materially increased or the rights of any Investor be adversely affected (without similarly
adversely affecting the rights of all Investors), except upon the written consent of such holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights
of holders of Registrable Securities whose securities are being sold pursuant to a registration statement and that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by holders of at least a
majority of the Registrable Securities being sold by such holders pursuant to such registration statement. 
 (b) This Agreement
shall terminate upon the earlier to occur of (i) the eighth anniversary of the IPO and (ii) the date on which there are no Registrable Securities. 

Section 5.04. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of New York, without regard to the conflicts of laws rules of such state. 

  
 20 








 Section 5.05. Jurisdiction. The parties hereby agree that any suit, action or
proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in any state or federal court sitting in The City of New York,
Borough of Manhattan, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business
in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in
an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in Section 5.02 shall be deemed effective service of process on such party. 
 Section 5.06.
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE COMPANY AND THE INVESTORS (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT EACH OF THE COMPANY AND THE INVESTORS HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION. 
 Section 5.07. Specific Enforcement. Each party hereto acknowledges that the
remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond or furnishing other security, and in addition to all
other remedies that may be available, shall be entitled to the fullest extent permitted by law to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable
remedy that may then be available. 

  
 21 








 Section 5.08. Counterparts; Effectiveness. This Agreement may be executed
(including by facsimile or other electronic image scan transmission) with counterpart signature pages or in any number of counterparts, each of which shall be deemed to be an original, and all of which shall, taken together, be considered one and
the same agreement, it being understood that each party need not sign the same counterpart. This Agreement shall become effective when each party hereto shall have executed and delivered this Agreement. Until and unless each party has executed and
delivered this Agreement, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 

Section 5.09. Entire Agreement. This Agreement constitutes the entire agreement and understanding among the parties hereto
with respect to the subject matter of this Agreement and supersedes all prior and contemporaneous agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter hereof. 

Section 5.10. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 5.11. Confidentiality. Each Investor agrees that any notice received pursuant to this Agreement, including any notice of a
proposed public offering, postponement of an offering or other similar notice regarding the Company’s securities, is confidential information and that any trading in securities of the Company following receipt of such information may only be
done in compliance with all applicable securities laws. 
 Section 5.12. Independent Nature of Investors’ Obligations
and Rights. The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor hereunder, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor
hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Investor shall be entitled to protect and


  
 22 








 
enforce its rights, including the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for
such purpose. 
 [Signature pages follow] 
  

 
  
  

 
  
  

 

  
 23 








 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement or have caused this
Agreement to be duly executed by their respective authorized officers as of the day and year first above written. 
  

					
	BIOTIE THERAPIES CORP.
		
	By:		/s/ Timo Veromaa
			Name:		Timo Veromaa
			Title:		President and CEO


  
  
  

 
  
  

  
 [Signature Page to
Biotie Registration Rights Agreement] 









					
	VIVO CAPITAL FUND VIII, L.P.
		
	By:		Vivo Capital VIII, LLC
	Its:		General Partner
		
			/s/ Albert Cha
			By:		Albert Cha
			Title:		Managing Member

  

					
	VIVO CAPITAL SURPLUS FUND VIII, L.P.
		
	By:		Vivo Capital VIII, LLC
	Its:		General Partner
		
			/s/ Albert Cha
			By:		Albert Cha
			Title:		Managing Member

 Address for Notices: 

Address: Vivo Capital 
 575 High Street, Suite
201, Palo Alto, CA. 94301 
 Fax number: 650-688-0815 
 Email
address: acha@vivocapital.net 

  
 [Signature Page to
Biotie Registration Rights Agreement] 









					
	ORBIMED PRIVATE INVESTMENTS V, LP
		
	By:		OrbiMed Capital GP V LLC
	Its:		General Partner
		
	By:		OrbiMed Advisors LLC
	Its:		Managing Member
		
			/s/ Jonathan Silverstein
			By:		Jonathan Silverstein
			Title:		Member

 Address for Notices: 

Address: 601 Lexington Avenue, 54th floor 
 New
York, NY 10022 
 Fax number: 212-739-6444 
 Email address:
silversteinj@orbimed.com 

  
 [Signature Page to
Biotie Registration Rights Agreement] 









					
	 VERSANT VENTURE CAPITAL III, L.P.

VERSANT SIDE FUND III, L.P.

		
	By:		Versant Ventures III, LLC
	Its:		General Partner
		
			/s/ Robin L. Praeger
			By:		Robin L. Praeger
			Title:		Managing Director

  

					
	 VERSANT VENTURE CAPITAL V, L.P.

VERSANT AFFILIATES FUND V, L.P.

VERSANT OPHTHALMIC AFFILIATES FUND I, L.P.

		
	By:		Versant Ventures V, LLC
	Its:		General Partner
		
			/s/ Kirk G. Nielson
			By:		Kirk G. Nielson
			Title:		Managing Director

  

					
	VERSANT VENTURE CAPITAL V (CANADA) LP
		
	By:		Versant Ventures V (Canada), L.P., Versant Ventures V GP-GP
	Its:		 (Canada), Inc.
 General
Partner

		
			/s/ Kirk G. Nielson
			By:		Kirk G. Nielson
			Title:		Director

 Address for Notices: 

Address: 
 Fax number: 

Email address: 

  
 [Signature Page to
Biotie Registration Rights Agreement] 









					
	BAUPOST PRIVATE INVESTMENTS A-1, L.L.C.
		
	By:		Baupost Limited Partnership 1983 A-1, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner

  

					
	BAUPOST PRIVATE INVESTMENTS B-1, L.L.C.
		
	By:		Baupost Limited Partnership 1983 B-1, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner

  

					
	BAUPOST PRIVATE INVESTMENTS C-1, L.L.C.
		
	By:		Baupost Limited Partnership 1983 C-1, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner

  

					
	BAUPOST PRIVATE INVESTMENTS BVI-1, L.L.C.
		
	By:		Baupost Value Partners, L.P.-I, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner


  
 [Signature Page to
Biotie Registration Rights Agreement] 









					
	BAUPOST PRIVATE INVESTMENTS BVII-1, L.L.C.
		
	By:		Baupost Value Partners, L.P.-II, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner

  

					
	BAUPOST PRIVATE INVESTMENTS BVIII-1, L.L.C.
		
	By:		Baupost Value Partners, L.P.-III, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner

  

					
	BAUPOST PRIVATE INVESTMENTS BVIV-1, L.L.C.
		
	By:		Baupost Value Partners, L.P.-IV, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner

  

					
	BAUPOST PRIVATE INVESTMENTS H-1, L.L.C.
		
	By:		HB Institutional Limited Partnership, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner


  
 [Signature Page to
Biotie Registration Rights Agreement] 









					
	BAUPOST PRIVATE INVESTMENTS P-1, L.L.C.
		
	By:		PB Institutional Limited Partnership, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner

  

					
	BAUPOST PRIVATE INVESTMENTS Y-1, L.L.C.
		
	By:		YB Institutional Limited Partnership, its sole member
		
	By:		The Baupost Group, L.L.C., its managing general partner
		
	By:		/s/ Gregory A. Ciongoli
			Gregory A. Ciongoli
			Partner

 Address for Notices: 

Address: 10 St. James Avenue, Suite 1700 

                Boston, Massachusetts 02116, USA 

Fax number: 617-451-7332 
 Email address: gac@baupost.com;
tk@baupost.com; cjb@baupost.com; jharvey@baupost.com 

  
 [Signature Page to
Biotie Registration Rights Agreement] 









	
	THE BAILEY 1995 FAMILY TRUST
	
	/s/ Don M. Bailey
	By: Don Bailey
	Title: Trustee

 Address for Notices: 

Address: 5748 Grandview Avenue 

               Yorba Linda CA 92886 

Fax number: 
 Email address: donmatthewbailey@sbcglobal.net 

  
 [Signature Page to
Biotie Registration Rights Agreement] 








 EXHIBIT A 

JOINDER TO REGISTRATION RIGHTS AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with the Registration Rights Agreement dated as of _________, 2015 (as amended, amended and restated or otherwise modified from time to time, the “Registration Rights Agreement”) among
Biotie Therapies Corp. and the investors party thereto listed on the signature pages, as well as any Permitted Transferees. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration Rights
Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the
Joining Party shall be deemed to be a party to the Registration Rights Agreement as of the date hereof as a Permitted Transferee of an Investor thereto and shall have all of the rights and obligations of an “Investor” thereunder as if it
had executed the Registration Rights Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Registration Rights Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 

Date:                         
    ,            
  

					
	[NAME OF JOINING PARTY]
		
	By:		 
			Name:		
			Title:		


 Address for Notices: 

Address: 

Fax number: 

Email address: