Document:

Exhibit 10.2

 

AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT

 

This AMENDED AND INVESTOR
RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of January 26, 2021 by and between Armata
Pharmaceuticals Inc., a Washington corporation (the “Company”), Innoviva, Inc., a Delaware corporation
(“Innoviva”), and Innoviva Strategic Opportunities LLC, a Delaware limited liability company and a wholly-owned
subsidiary of Innoviva (“Innoviva Sub” and, together with Innoviva, the “Purchasers”), in
connection with (i) that certain Securities Purchase Agreement, dated as of January 27, 2020, by and between the Company
and Innoviva (“2020 Purchase Agreement”), and (ii) that certain Securities Purchase Agreement, dated as
of January 26, 2021, by and between the Company and Innoviva Sub (the “2021 Purchase Agreement”). This
Agreement shall amend and restate in its entirety that certain Investor Rights Agreement dates as of February 12, 2020 (the
 “Original Agreement”), provided that nothing herein shall relieve any person of any liability with respect to
any breach of the Original Agreement occurring prior to the date of this Agreement. Capitalized terms used herein have the respective
meanings ascribed thereto in the Purchase Agreements unless otherwise defined herein).

 

The parties hereby agree as follows:

 

		1.	Certain Definitions.

 

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

 

“Applicable
Percentage” means, with respect to any person on any date of determination, the quotient, expressed as a percentage,
determined by dividing (i) the number of Company Common Stock owned (directly or indirectly) by such person determined on
a Fully Diluted Basis by (ii) the total number of Company Common Stock that are issued and outstanding determined on a Fully
Diluted Basis.

 

“Board” means the board of directors
of the Company.

 

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

 

“Exchange Shares” means
Company Common Stock issued or issuable upon the exchange of the Warrants pursuant to the terms thereof.

 

“Exempted Securities” means

 

(i)            Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued upon exercise of the Warrants;

 

(ii)           Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued by reason of a dividend, stock split, split-up or other distribution of Company Common Stock;

 

     

     

    

 

(iii)          Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued to employees or directors of, or consultants or advisors to the Company or any of its Subsidiaries
pursuant to a plan, agreement or arrangement;

 

(iv)          Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued to banks, equipment lessors or other financial institutions, or to real property lessors,
pursuant to a debt financing, equipment leasing or real property leasing transaction ; or

 

(v)           Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued in connection with sponsored research, collaboration, technology license, development, manufacturing,
supply, distribution, marketing or other similar commercial agreements or strategic partnerships.

 

“Fully Diluted
Basis” means the number of shares of Company Common Stock outstanding or held (as the case may be), assuming the conversion,
exchange or exercise of all securities or other instruments or rights that are convertible into or exercisable or exchangeable
for Company Common Stock that are outstanding. For purposes of this definition, all Warrants shall be deemed converted on the date
of determination in exchange for cash.

 

“Governmental
Entity” means any federal, state, local, foreign, international or multinational entity or authority exercising executive,
legislative, judicial, regulatory, administrative or taxing functions of or pertaining to government.

 

“New Securities”
means, collectively, equity securities of the Company (including Company Common Stock), whether or not currently authorized, as
well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may
become, convertible or exchangeable into or exercisable for such equity securities. For the avoidance of doubt, New Securities
shall not include any Exempted Securities.

 

“Purchase
Agreements” means, collectively, the 2020 Purchase Agreement and the 2021 Purchase Agreement.

 

“Purchased
Shares” means the Company Common Stock acquired by the Purchasers pursuant to the Purchase Agreements.

 

		2.	Reserved.

 

		3.	Participation Rights.

 

(a)           Subject
to the terms and conditions of this Section 3 and applicable securities or blue sky laws, if the Company proposes to
offer or sell any New Securities, the Company shall first offer such New Securities to the Purchasers in accordance with the terms
hereof.

 

(b)          The Company shall give notice
(the “Offer Notice”) to the Purchasers, stating (i) its bona fide intention to offer or sell such New
Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which
it proposes to offer such New Securities.

 

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(c)           By
written notification to the Company within thirty (30) days after the Offer Notice is delivered to the Purchaser, the Purchasers
may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of
such New Securities which equals the Purchaser’s Applicable Percentage. The failure of the Purchasers to deliver such written
notice within such time period shall be deemed an election by the Purchasers not to exercise its purchase rights with respect to
such Offer Notice. To the extent that the Company offers two (2) or more New Securities or other securities in units,
the Purchasers must purchase such units as a whole and will not be given the opportunity to purchase only one of the securities
making up such unit.

 

(d)          The
Company shall sell all applicable New Securities to the Purchasers or either of them if either Purchaser has elected to purchase
such New Securities on a date to be mutually determined by the Company and the Purchasers (or either Purchaser), which date shall
be not later than end of the ten (10) day period commencing at the expiration of the initial thirty (30) day election period;
provided, however, that such ten (10) day period shall be extended automatically if any approvals or consents of any Governmental
Entities are required to consummate the transaction and such approvals or consents are not received within such ten (10) day
period for up to an additional one hundred twenty (120) days as long as such approvals or consents remain outstanding and the parties
are continuing to exercise commercially reasonable efforts to obtain them.

 

(e)          Upon
the expiration of the offering period described in Section 3(d), the Company will be free to sell, during the one
hundred twenty (120) day period commencing at the expiration of, as applicable, the initial thirty (30) day election period
following delivery of an Offer Notice (as may be extended in accordance with Section 3(d)), any New Securities
that the Purchasers have not elected to purchase, at a sale price not less than, and on other terms no less favorable to the
Company than, those offered to the Purchasers as set forth in the Offer Notice, provided, that such one hundred twenty (120)
day period shall be extended automatically if any approvals or consents of any Governmental Entities are required to
consummate the transaction and such approvals or consents are not received within such one hundred twenty (120) day period
for up to an additional one hundred twenty (120) days as long as such approvals or consents remain outstanding and the
parties are continuing to exercise commercially reasonable efforts to obtain them. Any New Securities offered or sold by the
Company after such one hundred twenty (120) day period (as such period may be extended in accordance with the immediately
preceding sentence) must be reoffered to the Purchasers pursuant to this Section 3.

 

(f)           The
election by the Purchasers not to exercise its subscription rights under this Section 3 in any one instance shall not
affect its right (other than in respect of a reduction in its Applicable Percentage) as to any subsequent proposed issuance of
New Securities under this Section 3. The provisions of this Section 3 shall apply equally to any issuance
or sale by the Company or any of its Subsidiaries of equity securities that would be deemed New Securities if issued by the Company
which, for the avoidance of doubt, shall not include any issuance of New Securities by a wholly-owned Subsidiary to the Company
or to another wholly-owned Subsidiary of the Company. Subject to the terms of this Section 3, any sale of New Securities
by the Company or any other entity covered by the preceding sentence without first giving the Purchasers the rights described in
this Section 3 shall be null and void and of no force and effect.

 

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(g)          Notwithstanding
the terms set forth in this Section 3, if the Board determines in good faith that the Company must issue New Securities
on an expedited basis without prior compliance with the terms of this Section 3 in order to avoid material harm to
the Company (an “Expedited Issuance”), then, subject to compliance with the terms of the immediately following
sentence, the Company may effect and consummate such Expedited Issuance without complying with the terms set forth in this Section 3
and shall not be deemed to be in breach of this Section 3 as a result thereof. As promptly as practicable following
the consummation of such Expedited Issuance, the Company and the Purchasers shall comply with the terms of this Section 3
in respect of the New Securities issued in such Expedited Issuance such that the Purchasers have the opportunity to participate
in such Expedited Issuance of New Securities and be put in the same place (including in respect of the percentage ownership of
the equity securities of the Company) they would have been had such Expedited Issuance been effected in accordance with the terms
of this Section 3.

 

(h)          (i) The
provisions of this Section 3 (i) shall not apply to the issuance of Exempted Securities and (ii) shall terminate
and be of no further force or effect as of such time that the Purchaser, together with its Affiliates, have an Applicable Percentage
of less than 10%.

 

		4.	Board Matters.

 

(a)          For
so long as the Purchasers, together with their respective Affiliates and permitted assignees (collectively, the “Investors”)
have an Applicable Percentage of at least 8%, the Company shall cause the Board to consist of not more than eight (8) members
without the prior written consent of the Investors (which shall not be unreasonably withheld).

 

(b)          For
so long as the Investors have an Applicable Percentage of at least 12.5%, the Investors shall have the right to designate two
(2) directors to the Board, and for so long as the Investors, collectively, and together with their Affiliates, continue
to have an Applicable Percentage of at least 8% but less than 12.5%, the Investors shall have the right to designate one
(1) director to the Board, in each case, in accordance with the terms of this Section
4. Any directors designated by the Investors in
accordance with this Section 4 shall be referred to as “Investor Designees”. As of the date of this
Agreement, Dr. Odysseas Kostas MD and Sarah Schlesinger MD are the Investor Designees. The right to designate one
(1) or more Investor Designees shall terminate and be of no further force or effect as of such time that the Investors
have an Applicable Percentage of less than an applicable threshold percentage referenced in the first sentence of this
Section 4(b). At any point in which the Investors are entitled to designate an Investor Designee, the Investors may
provide written notice (a “Designation Notice”) to the Company naming the applicable Investor
Designee(s) and demanding that the applicable Investor Designee(s) be appointed to the Board. Promptly, and in any
event within five (5) Business Days, following receipt of the Designation Notice, the Company shall (i) cause a
number of existing members of the Board equal to the number of Investor Designees so designated to resign from the Board and
(ii) cause the Investor Designees to be appointed to the Board. Following the delivery of a Designation Notice and prior
to the appointment of the Investor Designees to the Board, the Company shall not (and shall cause its Subsidiaries not to)
take or approve any action outside of the ordinary course of business including (without limitation) in respect
of:

 

 (i)            strategic transactions, joint ventures and collaborations;

 

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		(ii)	sale or acquisition of assets or shares of the Company
or any of its Subsidiaries, whether by merger, consolidation or otherwise;

 

		(iii)	issuance of equity or debt securities;

 

		(iv)	incurrence or prepayment of indebtedness;

 

		(v)	declaration or payment of any dividend or distribution;

 

		(vi)	amendment of any provision of this Agreement or any other governing documents of the Company or any
of its Subsidiaries in a manner that would be inconsistent with the provisions of this Agreement;

 

		(vii)	any change to the Company’s or any Subsidiary’s legal form,
domicile or tax structure, or make any material change to the Company’s accounting or tax policies or practices; or

 

		(viii)	amend or alter the compensation of any of the Company’s or Subsidiary’s
executives.

 

(c)          With
respect to any vote of the Board, each director shall have one (1) vote and approval of all matters shall require the affirmative
vote of a majority of directors.

 

(d)          Subject
to the terms of this Section 4, from and after the date hereof, the Company shall take all action within its power
to cause the covenants set forth in Section 4(a) and Section 4(b) to be fulfilled in all respects
including: (i) causing the Investor Designees to be named in any proxy statement of the Company with respect to the election
of members of the Board, (ii) soliciting the votes of shareholders in respect of the Investor Designees in the same manner
and with the same level of effort as with the solicitation in respect of other members of the Board, (iii) seeking to amend
any organizational documents of the Company necessary to give effect to the Investors’ rights hereunder as may reasonably
be requested by the Investors and (iv) take all actions permitted by applicable law to cause the Investor Designees to be
members of the Board (including the appointment of the Investor Designees to the Board).

 

(e)          Subject
to clause (f) immediately below, in the event that an Investor Designee ceases to serve on the Board for any reason (including
the death, disability or resignation of such person), the Investors shall be entitled to appoint a new Investor Designee in the
place of such person, and the terms of this Section 4 shall apply equally to such replacement.

 

(f)           In
the event that the Applicable Percentage of the Investors falls below a threshold set forth in Section 4(b) such
that the Investors shall lose the right to designate one or more Investor Designees, if one or more Investor Designee has been
designated, the Investors shall identify, if applicable, which of the Investor Designees shall no longer be an Investor Designee
(such person, a “Departing Designee”), and which Investor Designee(s) (if any) will remain as such; for
the avoidance of doubt, the terms of this Section 4 shall continue to apply to any Investor Designee who is not a Departing
Designee. In the event of a Departing Designee, the Investors shall cause the removal or resignation of such Departing Designee
prior to the next annual meeting of the Company shareholders, and the provisions of Section 4(b) and (c) shall
not apply to such Departing Designee, and in connection therewith, the Company shall not be required to name such Departing Designee
on its proxy statement or solicit votes in favor of such Departing Designee.

 

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(g)          For
so long as the Investor holds the Applicable percentages set forth above, in the event that any member of the Board serves on the
board of directors or similar governing body of any Subsidiary of the Company (a “Subsidiary Board”) or in the
event that any shareholder of the Company has appointed or designated a person to serve on a Subsidiary Board, the Investors shall
be entitled to designate a number of Investor Designees to the Subsidiary Board equal to the greater of (x) one Investor Designee
or (y) such other number of Investor Designees such that the proportionate representation of Investor Designees on such Subsidiary
Board approximates, as closely as possible, the proportionate representation of Investor Designees on the Board. Subject
to applicable law and listing requirements, the Investor Designees shall be entitled to be a member of any committee of the Board
(including an executive or similar committee).

 

(h)          Any
person designated by the Investor as an Investor Designee must possess the requisite financial and business experience to serve
as a director of the Company (it being understood that the directors and each of the executives and investment professionals employed
by the Investor or its Affiliates shall be deemed to possess such experience). If the Board and all applicable committees of the
Board reasonably determine that an Investor Designee satisfies the criteria in the foregoing sentence, the Board shall nominate
and appoint such Investor Designee to the Board.

 

(i)           For
purposes of this Section 4, whenever the action of the Investors is required, such action shall be effected by vote
of Investors holding a majority of the Common Stock held by all Investors.

 

		5.	Information and Confidentiality.

 

(a)          The
Company shall provide to Purchasers all information and documentation reasonably requested by Purchasers, within the periods reasonably
requested by Purchasers, as is necessary for the Purchasers to complete and file all public filings required to be made by Purchasers
under applicable Law and the rules and regulations of the Securities Exchange Commission.

 

(b)          The
Purchasers agrees that they will keep confidential and will not disclose or divulge any confidential information obtained from
the Company pursuant to the terms of this Agreement, unless such confidential information (a) is known or becomes known to
the public in general (other than as a result of a breach of this Section 5 by either Purchaser), (b) is or has
been independently developed or conceived by either Purchaser without use of the Company’s confidential information, or (c) is
or has been made known or disclosed to either Purchaser by a third party without a breach of any obligation of confidentiality
such third party may have to the Company; provided, however, that the Purchasers may disclose confidential information (i) to
their attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection
with matters related to the Company; (ii) to any prospective purchaser of any Registrable Securities from either Purchaser,
if such prospective purchaser agrees to be bound by the provisions of this Section 5; (iii) to any of their respective
Affiliates or their or such Affiliates’ general or limited partners, members, stockholders, employees, officers or directors,
in the ordinary course of business, provided that the applicable Purchasers informs such person that such information is confidential
and directs such person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law,
regulation, rule, court order, arbitration order or subpoena, provided that the applicable Purchaser promptly notifies the Company
of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. The Purchasers acknowledge
and agree that the securities laws of the United States and other jurisdictions contain prohibitions on the trading in the securities
of the Company while in possession of material nonpublic information regarding the Company, and agree to comply with such restrictions.

 

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		6.	Miscellaneous.

 

(a)          Amendments
and Waivers. This Agreement may be amended only by a writing signed by the Company and the Purchasers. The failure or delay
in enforcing compliance at any time with respect to any of the provisions, terms or conditions of this Agreement shall not be considered
a waiver of such provision, term or condition itself or of any of the other provisions, terms or conditions hereof.

 

(b)          Notices.
All notices and other communications provided for or permitted hereunder shall be made as set forth in the Purchase Agreements.

 

(c)          Assignments
and Transfers by the Purchasers. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
and their respective successors and permitted assigns. The Purchasers may transfer or assign, in whole or from time to time in
part, to one or more persons their rights hereunder in connection with the transfer of Company Common Stock or Warrants by the
Purchasers to such person, provided that the Purchasers comply with all laws applicable thereto and the provisions of the applicable
Purchase Agreement and the Warrant and provide written notice of assignment to the Company prior to such assignment or transfer
being effected, and such transferee agrees in writing and as a condition to the receipt of the Company Common Stock or Warrants
to be bound by all of the provisions contained herein.

 

(d)          Assignments
and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise)
without the prior written consent of the Purchasers; provided, however, that in the event that the Company is a party to a merger,
consolidation, share exchange or similar business combination transaction in which the Company Common Stock are converted into
the equity securities of another person, from and after the effective time of such transaction, such person shall, by virtue of
such transaction, be deemed to have assumed the obligations of the Company hereunder, and the term “Company” shall
be deemed to refer to such person and the term “Company Common Stock” shall be deemed to include the securities received
by the Purchasers in connection with such transaction unless such securities are otherwise freely tradable by the Purchasers after
giving effect to such transaction.

 

(e)          Benefits
of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

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(f)           Counterparts.
This Agreement may be executed in several counterparts, and by each party on separate counterparts, each of which and any photocopies
or other electronic transmission (including by PDF) thereof shall be deemed an original, but all of which together shall constitute
one and the same agreement.

 

(g)          Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

(h)          Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable
in any respect.

 

(i)           Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions
as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

 

(j)           Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

(k)          Specific
Performance. Without limiting remedies that may be available at law or in equity, the parties acknowledge that any failure
by any party to comply with their respective obligations under this Agreement would result in material irreparable injury to the
other party for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely
and that, in the event of any such failure, the non-breaching party may specifically enforce the breaching party’s obligations
under this Agreement without the need to show actual damages and without the need to post a bond or other security.

 

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(l)           Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with
the internal laws of the State of Delaware without regard to the choice of law principles thereof. Each Party agrees that all
legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement
(whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents)
shall be commenced exclusively in the state and federal courts sitting in the State of Delaware. Each party hereby
irrevocably submits to the exclusive jurisdiction of such courts for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or other proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
other proceeding by mailing a copy thereof via registered or certified United States mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law. THE PARTIES HEREBY WAIVE ALL RIGHTS TO A
TRIAL BY JURY.

 

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IN WITNESS WHEREOF, the parties have executed
this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	 
	 	ARMATA PHARMACEUTICALS INC.
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	PURCHASERS:
	 	 
	 	 
	 	INNOVIVA, INC.
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	INNOVIVA STRATEGIC OPPORTUNITIES LLC
	 	 
	 	 
	 	By:	                         
	 	Name:
	 	Title:Exhibit 10.3

 

ARMATA PHARMACEUTICALS, INC.

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this
 “Agreement”) is made and entered into as of January 26, 2021, by and between Armata Pharmaceuticals, Inc.,
a Washington corporation (the “Company”), and Innoviva Strategic Opportunities LLC (the “Holder”).
The Company and the Holder are referred to each as a “Party” and collectively herein as the “Parties.”

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Securities Purchase Agreement”
means that certain Securities Purchase Agreement, dated January 26, 2021, by and between Armata Pharmaceuticals, Inc.
and Innoviva, Inc.

 

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

 

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

 

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

 

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

 

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

 

    -3-

     

    

 

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

 

2.            Registration.

 

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

 

    -4-

     

    

 

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

 

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

 

    -5-

     

    

 

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

 

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

 

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

 

    -6-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -8-

     

    

 

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

 

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

 

5.            Indemnification.

 

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

 

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

 

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

 

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

 

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

 

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

 

7.            Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -13-

     

    

 

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

 

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

 

[Signature Pages Follow]

 

    -14-

     

    

 

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

 

	 	ARMATA PHARMACEUTICALS, INC.
	 	 
	 	By:	                               

 

	 	Name:	 Todd R. Patrick
	 	Title:	Chief Executive Officer
	 	 
	 	 	Address:
	 	 	4503 Glencoe Avenue
	 	 	Marina del Rey, California 90292

 

[Signature
Page to Registration Rights Agreement]

 

    

     

    

 

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

 

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

 

[Signature
Page to Registration Rights Agreement]

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