Document:

Exhibit 10.3

 

EXECUTION VERSION

 

INVESTOR RIGHTS AGREEMENT

 

by and between

 

ONCOBIOLOGICS,
Inc.

 

and

 

GMS TENSHI HOLDINGS PTE. LIMITED

 

 

Dated September 11, 2017

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I Transfer restrictions	1
	 	 	 
	Section 1.1	General	1
	Section 1.2	Legend	2
	 	 	 
	Article II REGISTRATION RIGHTS	2
	 	 	 
	Section 2.1	Demand Registration	2
	Section 2.2	Piggyback Registration	5
	Section 2.3	Expenses	7
	Section 2.4	Suspensions	7
	Section 2.5	Lock-Up Obligations	8
	Section 2.6	Registration Procedures	9
	Section 2.7	Effectiveness Period	13
	Section 2.8	Indemnification	13
	Section 2.9	Free Writing Prospectuses	18
	Section 2.10	Information from and Obligations of the Shareholder	18
	Section 2.11	Rule 144 Reporting	19
	Section 2.12	Termination of Registration Rights	19
	Section 2.13	Subsequent Registration Rights	19
	Section 2.14	Transfer of Registration Rights	20
	 	 	 
	Article III Right of first offer	20
	 	 	 
	Section 3.1	General	20
	Section 3.2	Timing and Procedure	20
	Section 3.3	Exercise of Rights	20
	Section 3.4	Closing of a Sale Transaction	21
	Section 3.5	Exclusions	21
	 	 	 
	Article IV Preemptive Rights	22
	 	 	 
	Section 4.1	General	22
	Section 4.2	Timing and Procedure	22
	Section 4.3	Exercise of Rights	22
	Section 4.4	Closing of Preemptive Issuance	23
	Section 4.5	Exclusions	23
	 	 	 
	Article V BOARD OF DIRECTORS	24
	 	 	 
	Section 5.1	Initial Shareholder Designees	24
	Section 5.2	Right of Shareholder to Nominate Directors	24
	Section 5.3	Election of Shareholder Directors to the Board	25
	Section 5.4	Proxy or Information Statement	25
	Section 5.5	Qualification and Replacements of Shareholder Directors	25
	Section 5.6	Board Committee Representation	26

 

    	 	i	 

     

    

 

	Section 5.7	Rights of the Shareholder Directors	26
	Section 5.8	No Duty for Corporate Opportunities	26
	 	 	 
	Article VI CERTAIN OTHER AGREEMENTS	27
	 	 	 
	Section 6.1	Information Rights	27
	Section 6.2	Matters Requiring Approval of the Shareholder	29
	Section 6.3	Compliance with Put Right	32
	Section 6.4	Special Meetings of Stockholders	32
	Section 6.5	Additional Covenants	32
	 	 	 
	Article VII TERMINATION	34
	 	 	 
	Section 7.1	Termination	34
	Section 7.2	Effect of Termination; Survival	34
	 	 	 
	Article VIII GENERAL PROVISIONS	34
	 	 	 
	Section 8.1	Confidential Information	34
	Section 8.2	Fees and Expenses	35
	Section 8.3	Notices	35
	Section 8.4	Definitions	36
	Section 8.5	Interpretation; Headings	43
	Section 8.6	Severability	44
	Section 8.7	Entire Agreement; Amendments	44
	Section 8.8	Assignment; No Third Party Beneficiaries	44
	Section 8.9	Further Assurances	44
	Section 8.10	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	44
	Section 8.11	Counterparts	45
	Section 8.12	Specific Performance	45
	Section 8.13	Waiver	45

 

SCHEDULES

 

Schedule I ‒ Shareholder Representatives

 

EXHIBITS

 

Exhibit A ‒ Certificate of Designation

 

    	 	ii	 

     

    

 

INVESTOR RIGHTS AGREEMENT

 

This INVESTOR RIGHTS
AGREEMENT, dated as of September 11, 2017 (this “Agreement”), is by and between Oncobiologics, Inc., a Delaware
corporation (the “Company”), and GMS Tenshi Holdings Pte. Limited, a Singapore private limited company (the
“Shareholder”). The Shareholder and the Company are referred to hereinafter each as a “Party”
and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, pursuant to
a Purchase Agreement, dated as of September 7, 2017 (the “Purchase Agreement”), by and among the Company and
the Shareholder, the Company issued to the Shareholder shares of Series A Convertible Preferred Stock (the “Preferred
Shares”) and at the Closing (as defined in the Purchase Agreement), among other things, will issue at the Closing additional
Preferred Shares and warrants (the “Warrants”) to purchase shares of its common stock, par value $0.01 per share
(the “Common Stock”); and

 

WHEREAS, the Parties
are entering into this Agreement to set forth certain terms and conditions with respect to the Preferred Shares and the shares
of Common Stock issuable upon conversion of the Preferred Shares and exercise of the Warrants (such shares of Common Stock, the
“Common Shares”).

 

NOW, THEREFORE, in
consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement
and intending to be legally bound hereby, the Parties agree as follows:

 

Article I

Transfer restrictions

 

Section 1.1           General.

 

(a)          The
Shareholder may freely Transfer any Preferred Shares or Common Shares to any Person, subject to compliance with applicable Law.

 

(b)          If
the Shareholder Transfers any Preferred Shares or Common Shares to any controlled Affiliate of the Shareholder (any such Transfer,
an “Affiliate Transfer”), the Shareholder shall promptly notify the Company of such Transfer.

 

(c)          Following
any Affiliate Transfer pursuant to the terms of this Agreement, the Shareholder shall continue to exercise the rights granted to
the Shareholder hereunder on behalf of the transferee of such Affiliate Transfer (such transferee, an “Affiliate Shareholder”).

 

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Section 1.2           Legend.

 

(a)          All
certificates or other instruments representing the Preferred Shares or the Common Shares will bear the following legend:

 

THE SECURITIES REPRESENTED BY
THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE INVESTOR RIGHTS AGREEMENT, DATED SEPTEMBER 11, 2017,
BY AND BETWEEN ONCOBIOLOGICS, INC., AND GMS TENSHI HOLDINGS PTE. LIMITED, AS IT MAY BE AMENDED FROM TIME TO TIME, COPIES OF WHICH
ARE ON FILE WITH AND AVAILABLE FROM THE SECRETARY OF ONCOBIOLOGICS, INC., WITHOUT COST.

 

(b)          At
the Shareholder’s request, upon advice of the Shareholder’s counsel to the effect that the legend in Section 1.2(a)
is no longer required under the Securities Act and applicable state laws, the Company will promptly take such commercially reasonable
actions as are required to cause such legend to be removed from any certificate or other instrument representing the Preferred
Shares or the Common Shares, as applicable.

 

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Article II

REGISTRATION RIGHTS

 

Section 2.1           Demand
Registration.

 

(a)          At
any time following the earlier to occur of (x) the Closing (as defined in the Purchase Agreement) and (y) the termination of the
Purchase Agreement, the Shareholder may, by providing written notice (a “Demand Registration Request”) to the
Company, request to sell all or a portion of the Registrable Securities Beneficially Owned by the Shareholder pursuant to a Registration
Statement in the manner specified in such notice (a ”Demand Registration”). Each Demand Registration Request
shall specify the number of Registrable Securities intended to be offered and sold pursuant to the Demand Registration and the
intended method of disposition thereof, including whether the registration requested is for an underwritten offering. A Demand
Registration shall be effected by way of a Registration Statement on Form S-3 or any similar short-form registration to the extent
the Company is permitted to use such form at such time (or to the extent the Company is not permitted to use such form, on Form
S-1 or a similar long-form registration). A Demand Registration may be, at the option of the Shareholder, (i) a request to
file a Registration Statement (including a Shelf Registration Statement) which will be used to offer the Registrable Securities,
or (ii) a request to provide a prospectus supplement for an already effective Registration Statement. If the Company is then
ASR Eligible, the Company shall use its commercially reasonable efforts to cause the Registration Statement to be an ASRS containing
a Prospectus naming the Shareholder as the selling shareholder and registering the offering and sale of the Registrable Securities
by the Shareholder on a delayed or continuous basis pursuant to Rule 415. The Company shall use its commercially reasonable efforts
to cause any Registration Statement (or prospectus supplement, as applicable) relating to a Demand Registration (A) to be
filed with the SEC as promptly as reasonably practicable following the receipt of the Demand Registration Request, and in no event
more than ten (10) days after receipt of a Demand Registration Request and all necessary information regarding the Shareholder
that is required to be included in such Registration Statement (or prospectus supplement, as applicable) provided pursuant to Section
2.10, (B) to be declared effective by the SEC or otherwise become effective under the Securities Act as promptly as reasonably
practicable after the filing thereof and (C) to remain continuously effective during the Effectiveness Period.

 

(b)          The
Shareholder shall have the right to request up to a total of two (2) Demand Registrations in any twelve (12)-month period
pursuant to this Section 2.1; provided, that such obligation shall be deemed satisfied (and such request shall
count as one Demand Registration Request for the Shareholder) only when a Registration Statement covering all the Registrable Securities
specified in the Demand Registration Request shall have become effective and (i) if the method of disposition thereof is a firm
commitment Public Offering, all of such Registrable Securities requested to be sold, after giving effect to any Underwriter Cutback
(described in Section 2.1(e)), shall have been sold pursuant thereto, and (ii) in any other case, such Registration
Statement shall have remained effective for the Effectiveness Period. The Shareholder may revoke a request for a Demand Registration
by notifying the Company prior to the effective date of the applicable Registration Statement or the filing of any prospectus supplement
with respect to any particular underwritten offering; provided that such request shall count as one of the Shareholder’s
requests for a Demand Registration unless the Shareholder (A) provides such notice of revocation (x) within five (5) Business Days
after requesting such Demand Registration, or (y) pursuant to Section 2.4(c) as a result of a Notice of Suspension,
or (B) reimburses the Company for all reasonable and documented out-of-pocket expenses (including Registration Expenses) actually
incurred by the Company relating to such Demand Registration.

 

(c)          On
the business day following the Closing Date (as defined in the Purchase Agreement), the Company shall prepare and file with the
SEC a Shelf Registration Statement on Form S-3 (such Shelf Registration Statement shall be an ASRS to the extent that the Company
is then ASR Eligible) with respect to the registration under the Securities Act of the resale of up to 37,795,948 Common Shares
(the “Transaction Shelf Registration Statement”) (such Transaction Shelf Registration Statement shall include
a prospectus sufficient to permit the resale of all such Common Shares by the Shareholder); provided that, in the event
the SEC does not permit such number of Common Shares to be registered under the Transaction Shelf Registration Statement, the number
of Common Shares that shall be registered under the Transaction Shelf Registration Statement shall be the maximum number of Common
Shares permitted by the SEC. The Company shall use its commercially reasonable efforts to cause such Transaction Shelf Registration
Statement to become effective as promptly as practicable upon filing and to keep the Transaction Shelf Registration Statement continuously
effective subject to the Securities Act and the provisions of Section 2.4. For a period of two (2) years following
the date hereof, any Common Shares which have been registered on the Transaction Shelf Registration Statement may be included in
any underwritten offering conducted by the Company upon the proper exercise of a demand or piggyback right hereunder pursuant to
and in accordance with Section 2.1 or Section 2.2, as applicable, subject to compliance with the notice
and cutback procedures contained herein. In the event that the Purchase Agreement is terminated in accordance with its terms prior
to the Closing (as defined in the Purchase Agreement), the number of Common Shares to be registered on the Transaction Shelf Registration
Statement shall be 4,932,825 and such Transaction Shelf Registration Statement shall be filed no later than three (3) Business
Days after such termination.

 

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(d)          If
a Demand Registration is a Public Offering, the Shareholder shall have the right to select the investment banking firm(s) to act
as the managing underwriter(s) and counsel for the Shareholder in connection with such offering (including in any underwritten
offering under a Shelf Registration Statement or any Underwritten Block Trade).

 

(e)          In
no event shall any Person, including the Company or any other holder of Capital Stock (other than the Shareholder), be entitled
to include any securities of the Company in any Registration Statement or offering requested pursuant to this Section 2.1
without the prior written consent of the Shareholder. In the event the managing underwriter shall be of the opinion that the number
of Common Shares requested to be included in a Public Offering pursuant to a Demand Registration Request would adversely affect
the marketing of such offering (including the price at which the securities of the Company may be sold), then the number of securities
of the Company to be included in such underwritten offering will be reduced (an “Underwriter Cutback”), with
the securities of the Company to be included in such offering based on the following priority: (i) first, the number of Common
Shares requested to be included on behalf of the Shareholder up to the number that, in the opinion of the managing underwriter,
would not adversely affect the marketing of the offering (including the price at which the Common Shares may be sold); and (ii) second,
in addition to the Common Shares included pursuant to the preceding clause (i), the number of the securities of the Company requested
to be included, with the prior written permission of the Shareholder, on behalf of each participating Person up to the number that,
in the opinion of the managing underwriter, would not adversely affect the marketing of the offering (including the price at which
the securities of the Company (including the Common Shares) may be sold). The Company may not file a Registration Statement or
commence an offering of securities on behalf of any of the other holders of Capital Stock until the expiration of the Effectiveness
Period of a Demand Registration.

 

(f)          Notwithstanding
any other provision of this Article II, but subject to Section 2.4, if the Shareholder wishes to engage
in an underwritten block trade or similar transaction or other transaction with a one-day or less marketing period, including overnight
bought deals (collectively, an “Underwritten Block Trade”), pursuant to a Shelf Registration Statement (either
through filing an ASRS or through a take-down from an already effective Shelf Registration Statement), then notwithstanding any
other time periods in this Article II, the Shareholder shall notify the Company of the Underwritten Block Trade three (3)
Business Days prior to the date such Underwritten Block Trade is to commence. As expeditiously as possible, the Company shall use
its commercially reasonable efforts to facilitate such Underwritten Block Trade (which may close as early as three (3) Business
Days after the date it commences). The Shareholder shall use commercially reasonable efforts to work with the Company and the underwriters
(including by disclosing the maximum number of Common Shares proposed to be the subject of such Underwritten Block Trade) in order
to facilitate preparation of the Registration Statement (including filing of an ASRS), Prospectus and other offering documentation
related to the Underwritten Block Trade.

 

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Section 2.2           Piggyback
Registration.

 

(a)          If
the Company at any time following the date hereof proposes to file a registration statement or conduct a securities offering other
than pursuant to this Agreement, including an Underwritten Block Trade, off an already filed Shelf Registration Statement using
a prospectus supplement (such registration statement or prospectus supplement, a “Primary Registration Statement”)
for the primary sale of any securities of the Company (except with respect to registration statements on Form S-4, Form S-8
or another form not available for registering the Registrable Securities for sale to the public), it will give prompt written notice
thereof to the Shareholder of its intention to do so (such notice to be given not less than fifteen (15) Business Days prior to
the anticipated filing date of the Primary Registration Statement). The Shareholder, to the extent it still holds any Registrable
Securities, shall within five (5) Business Days of receipt of such notice indicate to the Company if it wishes to participate in
the offering contemplated by the Primary Registration Statement and, if so, the number of Registrable Securities it wishes to offer
and sell. The Company will use its commercially reasonable efforts to cause the Registrable Securities as to which inclusion shall
have been so requested to be included in the Primary Registration Statement. The Shareholder shall be entitled to sell the Registrable
Securities included in a Primary Registration Statement in accordance with the method of distribution requested by it; provided
that, if the Primary Registration Statement relates to an underwritten offering, then (i) the Company shall be entitled to
select the underwriters in its sole discretion and (ii) the Shareholder must sell all Registrable Securities included on the
Primary Registration Statement in such underwritten offering pursuant to an underwriting agreement containing terms and conditions
that are customary for secondary offerings. In the event that an Underwriter Cutback is required in the view of the managing underwriter,
then the securities of the Company to be included in such underwritten offering will be based on the following priority: (A) first,
the number of securities that the Company seeks to include in the offering, up to the number that, in the opinion of the managing
underwriter, would not adversely affect the marketing of the offering (including the price at which such securities of the Company
may be sold); (B) second, in addition to the securities of the Company included pursuant to the preceding clause (A),
the number of Registrable Securities requested to be included by or on behalf of the Shareholder, up to the number that, in the
opinion of the managing underwriter, would not adversely affect the marketing of the offering (including the price at which the
securities (including the Registrable Securities) may be sold), and (C) third, in addition to securities of the Company included
pursuant to the preceding clause (A) and the Registrable Securities of the Shareholder included pursuant to the preceding clause
(B), the number of securities of the Company requested to be included by any other Person(s) in the offering with the permission
of the Company, up to the number that, in the opinion of the managing underwriter, would not adversely affect the marketing of
the offering (including the price at which the securities of the Company may be sold). The Company may withdraw a Primary Registration
Statement prior to its being declared effective without incurring any liability to the Shareholder and shall not be required to
keep a Primary Registration Statement effective for longer than the period contemplated by the intended manner of distribution
for the securities of the Company to be sold by the Company as described in the Prospectus included in the Primary Registration
Statement. The Shareholder may, at least two (2) Business Days prior to the effective date of a Primary Registration Statement
or the filing of any prospectus supplement with respect to any particular underwritten offering, as applicable, withdraw any Registrable
Securities that it had sought to have included therein, without any liability to the Company or requirement to reimburse for any
out-of-pocket expenses of the Company. No registration of Registrable Securities pursuant to this Section 2.2 shall
relieve the Company of its obligations to effect registrations pursuant to Section 2.1.

 

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(b)          If
the Company at any time following the date hereof proposes to file a registration statement or conduct an offering of any of its
securities off an already filed Shelf Registration Statement using a prospectus supplement (such registration statement or prospectus
supplement, a “Secondary Registration Statement”) for the secondary sale of such securities under the Securities
Act on behalf of one or more holders of the securities of the Company other than the Shareholder (the “Requesting Third
Party Shareholders”), the Company will give prompt written notice to the Shareholder of its intention to do so (such
notice to be given not less than fifteen (15) Business Days prior to the anticipated filing date of the Secondary Registration
Statement). The Shareholder, to the extent it still holds Registrable Securities, shall within five (5) Business Days of receipt
of such notice indicate to the Company if it wants to participate in the offering contemplated by the Secondary Registration Statement
and, if so, the number of Registrable Securities it wishes to offer and sell. The Company will use its commercially reasonable
efforts to cause the Registrable Securities as to which inclusion shall have been so requested to be included in the Secondary
Registration Statement. The Shareholder shall be entitled to sell the Registrable Securities included in a Secondary Registration
Statement in accordance with the method of distribution requested by it; provided that, if the Secondary Registration Statement
relates to a Public Offering, then (i) the Requesting Third Party Shareholders (or the Company) shall be entitled to select
the underwriters and (ii) the Shareholder must sell all Registrable Securities included on the Secondary Registration Statement
in such Public Offering pursuant to an underwriting agreement on the same terms and conditions as those applicable to the Requesting
Third Party Shareholders. In the event that an Underwriter Cutback is required in the view of the managing underwriter, then the
securities to be included in such Public Offering will be based on the following priority: (A) first, the number of the securities
of the Company that the Requesting Third Party Shareholders seek to include, up to the number that, in the opinion of the managing
underwriter, would not adversely affect the marketing of the offering (including the price at which such securities may be sold);
(B) second, in addition to the securities included pursuant to the preceding clause (A), the number of Registrable Securities
requested to be included by or on behalf of the Shareholder, up to the number that, in the opinion of the managing underwriter,
would not adversely affect the marketing of the offering (including the price at which the securities (including the Registrable
Securities) may be sold); (C) third, in addition to the securities included pursuant to the preceding clauses (A) and (B), the
number of securities sought to be included by the Company, up to the number that, in the opinion of the managing underwriter, would
not adversely affect the marketing of the offering (including the price at which the securities may be sold); and (D) fourth, in
addition to the securities included pursuant to the preceding clauses (A), (B) and (C), the number of securities sought to be included
by any other Persons permitted to participate in such underwritten offering, up to the number that, in the opinion of the managing
underwriter, would not adversely affect the marketing of the offering (including the price at which the securities may be sold).
Requesting Third Party Shareholders or the Company may withdraw a Secondary Registration Statement prior to its being declared
effective without incurring any liability to the Shareholder, and the Company shall not be required to keep a Secondary Registration
Statement effective for longer than the period contemplated by the intended manner of distribution for the sale of the securities
by the Requesting Third Party Shareholders as described in the Prospectus included in the Secondary Registration Statement. The
Shareholder may, at least two (2) Business Days prior to the effective date of a Secondary Registration Statement or the filing
of any prospectus supplement with respect to any particular underwritten offering, as applicable, withdraw any Registrable Securities
that it had sought to have included therein, without any liability to the Company or any other Person or requirement to reimburse
for any out-of-pocket expenses of the Company. Notwithstanding the foregoing, this Section 2.2(b) shall not be applicable
to the conversion of existing resale shelf registration statements on Form S-1 to Form S-3 or to the registration of additional
securities for resale to the extent the Company is required to effect such registration under agreements that exist as of the date
hereof.

 

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Section 2.3           Expenses.
Except as specifically provided herein, all Registration Expenses incurred in connection with the registration or offering and
sale of the Registrable Securities shall be borne by the Company and all Selling Expenses shall be borne by the Shareholder; provided
that, notwithstanding anything herein to the contrary, in no event shall the Shareholder bear or be responsible for any fees or
expenses of the Company’s legal counsel in connection with the registration or offering and sale of Registrable Securities.

 

Section 2.4           Suspensions.

 

(a)          Notwithstanding
anything to the contrary contained in this Agreement, the Company shall be entitled, by providing written notice (a “Notice
of Suspension”) to the Shareholder, to delay the filing or effectiveness of a Registration Statement or require the Shareholder
to suspend the use of the Prospectus for sales of Registrable Securities under an effective Registration Statement for a reasonable
period of time not to exceed sixty (60) consecutive days or ninety (90) days in the aggregate in any twelve (12)-month
period (a ”Suspension Period”) if the Company Board (or the executive committee thereof) determines in
good faith that such filing, effectiveness or use would (i) require the public disclosure of material non-public information
concerning any material transaction or negotiations involving the Company that would interfere with such material transaction or
negotiations or (ii) otherwise materially interfere with material financing plans, acquisition activities or business activities
of the Company; provided, that if at the time of receipt of such notice by the Shareholder, the Shareholder shall have sold
all or a portion of the Registrable Securities (or have signed a firm commitment underwriting agreement with respect to the sale
of such Registrable Securities) pursuant to an effective Registration Statement and the reason for the Suspension Period is not
of a nature that would require a post-effective amendment to the Registration Statement, then the Company shall use its commercially
reasonable efforts to take such action as to eliminate any restriction imposed by federal securities Laws by the time such Registrable
Securities are scheduled to be delivered. Immediately upon receipt of a Notice of Suspension, the Shareholder shall discontinue
the disposition of Registrable Securities under an effective Registration Statement and Prospectus relating thereto until the Suspension
Period is terminated.

 

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(b)          The
Company agrees that it will terminate any Suspension Period as promptly as reasonably practicable and will promptly notify in writing
the Shareholder, to the extent it still holds Registrable Securities, of such termination. After the expiration of any Suspension
Period in the case of an effective Registration Statement, and without the need for any further request from the Shareholder, the
Company shall, as promptly as reasonably practicable, prepare a post-effective amendment or supplement to such Registration Statement,
the relevant Prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter
delivered to purchasers of the Registrable Securities included therein, the Registration Statement or the Prospectus, as applicable,
will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

 

(c)          If
a Suspension Period occurs during the Effectiveness Period for a Registration Statement, such Effectiveness Period shall be extended
for a number of days equal to the total number of days during which the distribution of Registrable Securities is suspended under
this Section 2.4. If the Company notifies the Shareholder of a Suspension Period with respect to a Registration Statement
requested pursuant to Section 2.1 (including a Demand Registration Request) that has not yet been filed or declared
effective, (i) the Shareholder may by notice to the Company withdraw such request without such request counting as a Demand
Registration Request and (ii) the Shareholder will not be obligated to reimburse the Company for any of its out-of-pocket
expenses, including Registration Expenses.

 

Section 2.5           Lock-Up
Obligations. To the extent reasonably requested by a managing underwriter, if any, of any underwritten Public Offering
(including any Underwritten Block Trade) of the securities of the Company pursuant to Section 2.1 or Section 2.2,
the Company hereby agrees, (i) not to (A) offer for sale, sell, pledge, or otherwise dispose of (or enter into any transaction
that is designed to, or could be expected to, result in the disposition by any Person at any time in the future of) any shares
of common stock of the Company or any other form of Capital Stock (collectively, the “Restricted Stock”) (other
than (x) the grant of equity awards with respect to, or the issuance of shares of Capital Stock under, any of the Company’s
bona fide equity incentive plans in existence at the start of the lock-up period specified in this Section 2.5, and
(y) the issuance of PIK Shares in accordance with the Certificate of Designation), (B) enter into any swap or other derivatives
transaction that transfers to another Person, in whole or in part, any of the economic benefits or risks of ownership of Restricted
Stock, whether any such transaction described in clause (A) above or this clause (B) is to be settled by delivery of
Restricted Stock or other securities, in cash or otherwise, or (C) publicly disclose the intention to do any of the foregoing,
in each case, for a period specified by such managing underwriter or co-managing underwriter but no more than the ten (10)
days prior to and the ninety (90) days (or one hundred and eighty (180) days if reasonably requested by the managing underwriters)
following the pricing date of the Public Offering of such securities.

 

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Section 2.6           Registration
Procedures. Whenever the Shareholder requests that any Registrable Securities be registered
pursuant to Section 2.1 or Section 2.2, subject to the provisions of those Sections, the Company will use
its commercially reasonable efforts to effect the registration and the offer and sale of such Registrable Securities in accordance
with the intended method of disposition thereof as soon as reasonably practicable, and shall, in connection with any such request:

 

(a)          prepare
and promptly file with the SEC a Registration Statement (or a prospectus supplement, as applicable) with respect to such securities
and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable thereafter
and remain effective for the period of the distribution contemplated thereby (but in no event longer than the Effectiveness Period)
and at least three (3) Business Days (or, with regard to any Underwritten Block Trade, as soon as reasonably practicable) before
filing a Registration Statement or Prospectus or any amendments or supplements thereto (but, for the avoidance of doubt, not any
documents incorporated by reference therein), or any related free writing prospectus, furnish to the Shareholder and the underwriter(s),
if any, copies of all such documents proposed to be filed, and provide the Shareholder with the opportunity to object to any information
pertaining to it and the plan of distribution that is contained therein;

 

(b)          (i) prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith
and such free writing prospectuses and Exchange Act reports as may be necessary to keep such Registration Statement effective for
the period specified in paragraph (a) above and comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities covered by such Registration Statement and any prospectus so supplemented to be filed pursuant to
Rule 424 under the Securities Act in accordance with the Shareholder’s intended method of disposition set forth in such
Registration Statement for such period, and (ii) provide reasonable notice to the Shareholder and the managing underwriter(s),
if any, to the extent that the Company determines that a post-effective amendment to a registration statement would be appropriate;

 

(c)          furnish
to the Shareholder and the underwriter(s), if any, without charge, such number of copies of the Registration Statement, each amendment
and supplement thereto, the Prospectus included therein (including each preliminary prospectus) and any other prospectuses filed
under Rule 424 and each free writing prospectus as such Persons reasonably may request in order to facilitate the public sale or
other disposition of the Registrable Securities covered by such Registration Statement;

 

(d)          use
its commercially reasonable efforts to register or qualify the Registrable Securities covered by such Registration Statement under
the securities or “blue sky” Laws of such jurisdictions as the Shareholder or, in the case of a Public Offering, the
managing underwriter reasonably shall request and do any and all other acts and things which may be reasonably necessary or advisable
to enable the Shareholder to consummate the disposition in such jurisdictions of the Registrable Securities Beneficially Owned
by it; provided, however, that the Company shall not for any such purpose be required to qualify generally to transact
business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service of process
in any such jurisdiction;

 

    	 	9	 

     

    

 

(e)          promptly
notify the Shareholder and each managing underwriter, if any: (i) when the Registration Statement, any pre-effective amendment,
the Prospectus or any prospectus supplement related thereto, any post-effective amendment to the Registration Statement or any
free writing prospectus has been filed with the SEC and, with respect to the Registration Statement or any post-effective amendment,
when the same has become effective; (ii) of any request by the SEC or state securities authority for amendments or supplements
to the Registration Statement or the Prospectus related thereto or for additional information, including copies of any and all
transmittal letters and other correspondence with the SEC and all correspondence (including comment letters and a copy of the Company’s
draft responses thereto), from the SEC to the Company relating to such Registration Statement or any Prospectus or any amendment
or supplement thereto (but not, for the avoidance of doubt, any documents incorporated by reference therein); (iii) of the
issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose; or (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification
of any Registrable Securities for sale under the securities or state “blue sky” Laws of any jurisdiction or the initiation
of any proceeding for such purpose.

 

(f)          if
at any time (i) any event or development shall occur or condition shall exist as a result of which the Disclosure Package,
as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances existing when the Disclosure Package is delivered to
a purchaser, not misleading, or (ii) it is necessary to amend or supplement the Disclosure Package to comply with Law, the
Company will promptly notify the Shareholder and each managing underwriter, if any, and promptly prepare and file with the SEC
(to the extent required) and furnish to the Shareholder and each underwriter, if any, such amendments or supplements to the Disclosure
Package as may be necessary so that the statements in the Disclosure Package, as so amended or supplemented, will not, in the light
of the circumstances existing when the Disclosure Package is delivered to a purchaser, be misleading, or so that the Disclosure
Package will comply with Law;

 

(g)          use
its commercially reasonable efforts to make generally available to the Shareholder, as soon as reasonably practicable, an earnings
statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar
quarter after the effective date of a Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a)
of the Securities Act and Rule 158;

 

(h)          use
its commercially reasonable efforts to list the Registrable Securities covered by such Registration Statement on the Nasdaq Global
Market (“Nasdaq”) or any other national securities exchange on which the Common Shares are listed;

 

(i)          use
its commercially reasonable efforts to cause its officers, employees and independent public accountants (in the case of the independent
public accountants, subject to any applicable accounting guidance regarding their participation in the offering or the due diligence
process) to participate in, make themselves reasonably available, supply such information as may reasonably be requested and to
otherwise facilitate and cooperate with the preparation of the Registration Statement and Prospectus and any amendments or supplements
thereto (including participating in meetings, marketing activities, investor calls, drafting sessions, due diligence sessions and
rating agency presentations) taking into account the Company’s reasonable business needs (it being acknowledged that the
activities specified in this Section 2.6(i) may be required approximately once in every ninety (90) calendar day period
depending on market conditions and other factors and subject to the proper exercise of a demand hereunder)

 

    	 	10	 

     

    

 

(j)          provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement
(or the pricing date of the relevant offering);

 

(k)          immediately
notify the Shareholder, at any time when a Prospectus is required to be delivered under the Securities Act, of the occurrence or
happening of any event as a result of which the Prospectus contained in a Registration Statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing, and at the request of the Shareholder, as promptly as reasonably
practicable prepare and furnish to the Shareholder a reasonable number of copies of a supplement to or an amendment of such Prospectus
as may be necessary so that, as thereafter delivered, such Prospectus shall not include 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 not misleading in the
light of the circumstances then existing;

 

(l)          if
the offering is underwritten, then at the request of the Shareholder, (i) enter into such customary agreements (including underwriting
agreements in customary form) and take all such other actions as the Shareholder reasonably requests in order to expedite or facilitate
the disposition of such Registrable Securities (including making executive officers of the Company available, on reasonable advance
notice, to participate in, and cause them to cooperate with the underwriters in connection with, “road-shows” and underwriter
due diligence calls), and (ii) use commercially reasonable efforts to furnish on the date that Registrable Securities are delivered
to the underwriters for sale: (A) an opinion of counsel to the Company, dated such date, addressed to the underwriters and to the
Shareholder, covering such matters as are typically included in an opinion to underwriters for a comparable secondary transaction,
including stating that such Registration Statement has become effective under the Securities Act and that (x) to the knowledge
of such counsel, no stop order suspending the effectiveness thereof has been issued and no proceedings for that purpose have been
instituted or are pending or contemplated under the Securities Act, and (y) the Registration Statement, the related Prospectus
and each amendment or supplement thereof comply as to form in all material respects with the requirements of the Securities Act
(except that such counsel need not express any opinion as to financial statements or financial data contained therein), (B) a letter
dated such date from the independent public accountants retained by the Company (and brought down to the closing under the underwriting
agreement), addressed to the underwriters and to the Shareholder, stating that they are independent public accountants within the
meaning of the Securities Act and the applicable rules and regulations adopted by the SEC thereunder, and otherwise in customary
form and covering such financial and accounting matters as are customarily covered by letters of the independent certified public
accountants delivered in connection with a comparable secondary transaction, including that, in the opinion of such accountants,
the financial statements of the Company included in the Registration Statement or the Prospectus, or any amendment or supplement
thereof, comply as to form, in all material respects, with the applicable accounting requirements of the Securities Act, and such
letter shall additionally cover such other financial matters (including information as to the period ending no more than three
(3) Business Days prior to the date of such letter) with respect to such registration or offering as such underwriters or the Shareholder
may reasonably request and (C) a comfort letter similar to the letter described in clause (B) from the auditors of any other financial
statements, if any, included or required to be included in the Registration Statement or Prospectus or any amendment or supplement
thereto (including financial statements of entities acquired by the Company);

 

    	 	11	 

     

    

 

(m)          use
its commercially reasonable efforts to cooperate with the Shareholder and each underwriter in the disposition of the Registrable
Securities covered by such Registration Statement;

 

(n)          in
connection with the preparation and filing of each Registration Statement registering Registrable Securities under the Securities
Act, and before filing any such Registration Statement or any other document in connection therewith, give reasonable consideration
to the inclusion in such documents of any comments reasonably and timely made by the Shareholder or its legal counsel; participate
in, and make documents available for, the reasonable and customary due diligence review of underwriters during normal business
hours, on reasonable advance notice and without undue burden or hardship on the Company; provided that (i) any party
receiving confidential materials shall execute a confidentiality agreement on customary terms if reasonably requested by the Company
and (ii) the Company may in its sole discretion restrict access to competitively sensitive or legally privileged documents
or information;

 

(o)          cooperate
with the Shareholder and each underwriter participating in the disposition of the Registrable Securities and their respective counsel
in connection with any filings required to be made with FINRA;

 

(p)          use
its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration
Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such
an order or suspension is issued, to use its commercially reasonable efforts to obtain the withdrawal of such order or suspension
at the earliest possible moment and to notify the Shareholder of the issuance of such order and the resolution thereof or its receipt
of actual notice of the initiation or threat of any proceeding for such purpose;

 

(q)          otherwise
use its commercially reasonable efforts to comply with the Securities Act, the Exchange Act and any other applicable rules and
regulations of the SEC and reasonably cooperate with the Shareholder in the disposition of its Registrable Securities in accordance
with the method of distribution described in the Prospectus included in any Registration Statement, such cooperation to include
the endorsement and transfer of any certificates representing Registrable Securities (or a book-entry transfer to similar effect)
transferred in accordance with this Agreement and delivery of any necessary instructions or opinions to the Company’s transfer
agent in order to cause the transfer agent to allow Common Shares to be sold from time to time as permitted by Law;

 

    	 	12	 

     

    

 

(r)          take
all reasonable action to ensure that any Free Writing Prospectus utilized in connection with any registration covered by Section 2.1
or Section 2.2 complies in all material respects with the Securities Act, is filed in accordance with the Securities
Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby, will not
conflict with a related Prospectus, prospectus supplement and related documents and, when taken together with the related Prospectus,
prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(s)          use
its commercially reasonable efforts to cooperate with the managing underwriters, if any, the Shareholder and their respective counsel
in connection with the preparation and filing of any applications, notices, registrations and responses to requests for additional
information with FINRA, Nasdaq or any other national securities exchange on which the Common Shares are listed; and

 

(t)          pay
the applicable filing fees covering the Registrable Securities in compliance with the SEC rules and to file such amendments or
subsequent registration statements as may be required to maintain an effective registration statement for the relevant Effectiveness
Period.

 

Section 2.7           Effectiveness
Period. For purposes of this Article II, the period of distribution of Registrable
Securities in a firm commitment Public Offering shall be deemed to extend until each underwriter participating in the offering
has completed the distribution of all securities of the Company purchased by it, and the period of distribution of Registrable
Securities pursuant to a Registration Statement for any other manner of distribution shall be deemed to extend until the later
of (i) the sale of all Registrable Securities covered thereby and (ii) ninety (90) days after the effective date thereof (such
period, including any extension pursuant to Section 2.4, the “Effectiveness Period”).

 

    	 	13	 

     

    

 

Section 2.8           Indemnification.

 

(a)          Indemnification
Rights.

 

(i)          In
the event of any registration or other offer and sale of any securities of the Company under the Securities Act pursuant to this
Article II, the Company shall indemnify and hold harmless the Shareholder and each Person, if any, that controls the
Shareholder within the meaning of Section 15 of the Securities Act (each a “controlling person”), their
respective officers, directors, employees, stockholders, general and limited partners, members, Representatives and Affiliates,
and each controlling person of each Affiliate of any of the foregoing Persons (each, a “Shareholder Registration Rights
Indemnitee”), to the fullest extent lawful, from and against any and all Damages caused by, relating to, arising out
of, or in connection with (A) any untrue statement of material fact (or alleged untrue statement of a material fact) contained
in any Disclosure Package, any Registration Statement, any Prospectus (including any preliminary Prospectus), any Free Writing
Prospectus, or in any amendment or supplement thereto, or (B) any omission or alleged omission to state therein any material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; provided that the Company shall not be liable to a Shareholder Registration Rights Indemnitee
to the extent that any such Damages are directly caused by any untrue statement or omission (or alleged untrue statement or omission)
made in such Disclosure Package, Registration Statement, Prospectus (including any preliminary Prospectus), Free Writing Prospectus,
or any amendment or supplement thereto, in reliance upon and in conformity with written information about the Shareholder furnished
to the Company by or on behalf of the Shareholder expressly for use therein. This indemnity agreement shall be in addition to any
liability which the Company may otherwise have. Such indemnity and reimbursement of expenses shall remain in full force and effect
regardless of any investigation made by or on behalf of any Shareholder Registration Rights Indemnitee and shall survive the transfer
of securities by the Shareholder.

 

(ii)         The
Shareholder shall indemnify and hold harmless the Company and each of its officers who execute any of the Company’s filings
with the SEC pursuant to the Exchange Act or the Securities Act, its directors, officers and employees (each, a “Company
Registration Rights Indemnitee”), to the fullest extent lawful, from and against any and all Damages directly caused
by, relating to, arising out of, or in connection with (A) any untrue statement of material fact (or alleged untrue statement
of a material fact) contained in any Disclosure Package, any Registration Statement, any Prospectus (including any preliminary
Prospectus), any Free Writing Prospectus or in any amendment or supplement thereto or (B) any omission (or alleged omission)
to state therein any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, in each case, to the extent that such untrue statement or omission was made in reliance
upon and in conformity with written information furnished to the Company by or on behalf of the Shareholder expressly for use therein;
provided, however, that in no event shall the obligations of the Shareholder hereunder exceed the net proceeds received
by it from the sale of its Registrable Securities related to the matter in which Damages are sought. The Company and the Shareholder
hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by the Shareholder to the contrary, for all
purposes of this Agreement, the only information furnished or to be furnished to the Company for use in any registration statement,
preliminary, final or summary prospectus or amendment or supplement thereto, or any free writing prospectus, are statements specifically
relating to (w) the beneficial ownership of the Common Shares by the Shareholder and its Affiliates as disclosed in the section
of such document entitled “Selling Shareholders” or “Principal and Selling Shareholders” or other variations
thereof, (x) the name and address of the Shareholder, (y) any information provided by or on behalf of the Shareholder for any plan
of distribution prepared in accordance with Item 508 of Regulation S-K and (z) any free writing prospectus prepared by the Shareholder
for purposes of a specific offering. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless
of any investigation made by or on behalf of a Company Registration Rights Indemnitee and shall survive the Transfer of such securities
by the Shareholder. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation
made by or on behalf of a Company Registration Rights Indemnitee and shall survive the Transfer of such securities by the Shareholder.

 

    	 	14	 

     

    

 

(iii)        If
the indemnification provided for in Section 2.8(a)(i) or Section 2.8(a)(ii) is unavailable to a Shareholder
Registration Rights Indemnitee or a Company Registration Rights Indemnitee, as applicable, with respect to any Damages referred
to therein or is unenforceable or insufficient to hold a Shareholder Registration Rights Indemnitee or Company Registration Rights
Indemnitee, as applicable, harmless as contemplated therein, then the Company or the Shareholder, as applicable, in lieu of indemnifying
such Shareholder Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, shall contribute to the
amount paid or payable by such Shareholder Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable,
as a result of such Damages in such proportion as is appropriate to reflect the relative fault of such Shareholder Registration
Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, on the one hand, and the Company or the Shareholder,
as applicable, on the other hand, in connection with the statements or omissions which resulted in such Damages as well as any
other relevant equitable considerations. The relative fault of the Company or the Shareholder, as applicable, on the one hand,
and of a Shareholder Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, on the other hand,
shall be determined by reference to, among other factors, whether the untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact relates to information supplied by or on behalf of the Company or the Shareholder,
as applicable, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission; the Company and the Shareholder agree that it would not be just and equitable if contribution pursuant to
this Section 2.8(a)(iii) 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 this Section 2.8(a)(iii). No Shareholder Registration Rights
Indemnitee or Company Registration Rights Indemnitee guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from the Company or the Shareholder, as applicable, if the Company or
the Shareholder, as applicable, was not guilty of such fraudulent misrepresentation. Notwithstanding anything herein to the contrary,
in no event shall the liability of the Shareholder pursuant to this Section 2.8(a)(iii) be greater in amount than the
amount of net proceeds received by it from the sale of such Registrable Securities related to the matter in which indemnification
or contribution for Damages are sought.

 

(b)          Notice
of Reg Rights Claim.

 

(i)          As
used in this Agreement, the term “Reg Rights Claim” means a claim for indemnification or contribution by or
on behalf of any Company Registration Rights Indemnitee or Shareholder Registration Rights Indemnitee, as the case may be, for
Damages under Section 2.8(a) (such Person making a Reg Rights Claim, a “Reg Rights Indemnified Person”).
The Company (for its own Damages or for the Damages incurred by any other Company Registration Rights Indemnitee) or the Shareholder
(for its own Damages or for the Damages incurred by any other Shareholder Registration Rights Indemnitee), as applicable, shall
give notice of a Reg Rights Claim under this Agreement pursuant to a written notice of such Reg Rights Claim executed by the Company
or the Shareholder, as applicable (a “Notice of Reg Rights Claim”), and delivered to the Company or the Shareholder,
as applicable (such receiving party, the “Reg Rights Indemnifying Person”), promptly after such Reg Rights Indemnified
Person becomes aware of the existence of any potential claim by such Reg Rights Indemnified Person for indemnification arising
out of or resulting from any item indemnified pursuant to the terms of Section 2.8(a)(i) or Section 2.8(a)(ii);
provided that the failure to timely give such notice shall not limit or reduce the Reg Rights Indemnified Person’s
right to indemnification hereunder unless (and then only to the extent that) the Reg Rights Indemnifying Person’s defense
of such Reg Rights Claim is materially and adversely prejudiced thereby.

 

    	 	15	 

     

    

 

(ii)         Each
Notice of Reg Rights Claim shall: (A) state the aggregate amount (where practicable) that the Reg Rights Indemnified Person
has incurred or paid in Damages arising from such Reg Rights Claim (which amount may include the amount of Damages claimed by a
third party in an action (a “Third-Party Reg Rights Claim”) brought against such Reg Rights Indemnified Person
based on alleged facts, which if true, would give rise to liability for Damages to such Reg Rights Indemnified Person); and (B) contain
a brief description, in reasonable detail (to the extent reasonably available to the Reg Rights Indemnified Person) of the facts,
circumstances or events giving rise to the alleged Damages based on the Reg Rights Indemnified Person’s good faith belief
and knowledge thereof, including the identity and address of any third party claimant (to the extent reasonably available to the
Reg Rights Indemnified Person).

 

(c)          Defense
of Third-Party Reg Rights Claims.

 

(i)          Subject
to the provisions hereof, the applicable Reg Rights Indemnifying Person shall have the right (at its own expense) to elect to defend
and assume control of the defense of any Third-Party Reg Rights Claim on behalf of a Reg Rights Indemnified Person, utilizing legal
counsel reasonably acceptable to such Reg Rights Indemnified Person. In the event such election is made, the Reg Rights Indemnified
Person (unless itself controlling the Third-Party Reg Rights Claim in accordance with this Section 2.8(c)) may participate,
through counsel of its own choice and, except as provided herein, at its own expense, in the defense of any Third-Party Reg Rights
Claim. The reasonable and documented costs and expenses incurred by the Reg Rights Indemnifying Person in connection with such
defense (including reasonable attorneys’ fees, other professionals’ and experts’ fees and court or arbitration
costs) shall be paid by the Reg Rights Indemnifying Person.

 

(ii)         A
Reg Rights Indemnifying Person shall not be entitled to assume control of such defense, and the applicable Reg Rights Indemnified
Person may assume the control and defense thereof, at the sole expense of the applicable Reg Rights Indemnifying Person, if (A)
the Reg Rights Claim relates to, or arises in connection with, any criminal or governmental proceeding, action, indictment, allegation
or investigation, (B) the Reg Rights Claim seeks an injunction against the Reg Rights Indemnified Person, to the extent that such
defense relates to the claim for such injunction, (C) a conflict of interest between the Reg Rights Indemnifying Person and the
Reg Rights Indemnified Person exists with respect to the Reg Rights Claim or the Reg Rights Indemnifying Person and the Reg Rights
Indemnified Person have one or more conflicting defenses, in the reasonable view of their respective counsel, or (D) the Reg Rights
Indemnifying Person has elected to have the Reg Rights Indemnified Person defend, or assume the control and defense of, a Third-Party
Reg Rights Claim in accordance with this Section 2.8(c); provided that in no event shall the Reg Rights Indemnifying
Person be liable for the fees and expenses of more than one separate counsel for all Reg Rights Indemnified Persons, which counsel
shall be selected by the Shareholder (in the case of the Shareholder Registration Rights Indemnitees) or by the Company (in the
case of the Company Registration Rights Indemnitees).

 

    	 	16	 

     

    

 

(iii)        Any
party controlling the defense of any Third-Party Reg Rights Claim pursuant hereto shall: (A) conduct the defense of such Third-Party
Reg Rights Claim with reasonable diligence and keep the other parties reasonably informed of material developments in the Third-Party
Reg Rights Claim at all stages thereof, (B) as promptly as reasonably practicable, submit to the other parties copies of all pleadings,
responsive pleadings, motions and other similar legal documents and papers received or filed in connection therewith, (C) permit
the other parties and their counsel to confer on the conduct of the defense thereof, and (D) permit the other parties and their
counsel an opportunity to review all legal papers to be submitted prior to their submission. The parties not controlling the defense
will render to the party controlling the defense such assistance as may be reasonably required in order to insure the proper and
adequate defense thereof and shall furnish such records, information and testimony and attend such conferences, discovery proceedings,
hearings, trials and appeals as may be reasonably requested by the party controlling the defense in connection therewith. The Reg
Rights Indemnifying Person shall reimburse the parties not controlling the defense for any reasonable and documented costs and
expenses incurred in connection with providing such assistance. Notwithstanding anything to the contrary in this Agreement, no
Party shall be required to disclose any information to the other Party or its Representatives, if doing so would be reasonably
expected to violate any Law to which such Party is subject or could jeopardize (in the reasonable discretion of the disclosing
Party) any attorney-client privilege available with respect to such information.

 

(iv)        If
the Reg Rights Indemnifying Person controls the defense of and defends any Third-Party Reg Rights Claim under this Section 2.8(c),
the Reg Rights Indemnifying Person shall have the right to effect a settlement of such Third-Party Reg Rights Claim on the Reg
Rights Indemnified Person’s behalf and without the consent of the Reg Rights Indemnified Person; provided that (A) such
settlement shall not involve any injunctive relief binding upon the Reg Rights Indemnified Person or any of its Affiliates, and
(B) such settlement expressly and unconditionally releases the Reg Rights Indemnified Person and the other applicable Reg
Rights Indemnified Persons (that is, each of the Company Registration Rights Indemnitees, if the Reg Rights Indemnified Person
is a Company Registration Rights Indemnitee, and each of the Shareholder Registration Rights Indemnitees, if the Reg Rights Indemnified
Person is a Shareholder Registration Rights Indemnitee) from any and all liabilities with respect to such Third-Party Reg Rights
Claim, with prejudice. If the Reg Rights Indemnified Person controls the defense of and defends any Third-Party Reg Rights Claim
under this Section 2.8(c), the Reg Rights Indemnified Person shall have the right to effect a settlement of such Third-Party
Reg Rights Claim only with the consent of the Reg Rights Indemnifying Person (which consent shall not be unreasonably withheld,
conditioned or delayed). No settlement by the Reg Rights Indemnified Person of such Third-Party Reg Rights Claim effected in accordance
with this Section 2.8(c) shall limit or reduce the right of any Reg Rights Indemnified Person to indemnity hereunder
for all Damages they may incur arising out of or resulting from the Third-Party Reg Rights Claim, to the extent such Damages are
indemnifiable hereunder. As used in this Section 2.8(c)(iv), the term “settlement” refers to any consensual
resolution of the claim in question, including by consent decree or by permitting any judgment or other resolution of a claim to
occur without disputing the same, and the term “settle” has a corresponding meaning.

 

    	 	17	 

     

    

 

Section 2.9           Free
Writing Prospectuses. Except for a Prospectus relating to Registrable Securities included in
a Registration Statement, an “issuer free writing prospectus” (as defined in Rule 433 under the Securities Act) prepared
by the Company or other materials prepared by Company, the Shareholder represents and agrees that it (a) will not make any
offer relating to the Registrable Securities that would constitute an issuer free writing prospectus or that would otherwise constitute
a Free Writing Prospectus, and (b) will not distribute any written materials in connection with the offer or sale pursuant
to a Registration Statement of Registrable Securities, in each case, without the prior written consent of the Company and, in connection
with any Public Offering, the underwriters.

 

Section 2.10         Information
from and Obligations of the Shareholder. The Company’s obligation to include the Shareholder’s
Registrable Securities in any Registration Statement or Prospectus is contingent upon the Shareholder:

 

(a)          furnishing
to the Company in writing information with respect to its ownership of Registrable Securities and the intended method of disposition
of its Registrable Securities as the Company may reasonably request or as may be required by Law for use in connection with a Registration
Statement or Prospectus (or any amendment or supplement thereto) and all information required to be disclosed in order to make
the information the Shareholder previously furnished to the Company not contain a material misstatement of fact or necessary to
cause such Registration Statement or Prospectus (or amendment or supplement thereto) not to omit a material fact with respect to
the Shareholder necessary in order to make the statements therein not misleading;

 

(b)          complying
with (i) the Securities Act and the Exchange Act, (ii) all applicable state securities Laws, (iii) the rules of
any securities exchange or trading market on which the Common Shares are listed or traded, and (iv) all other applicable regulations,
in each case, in connection with the registration and the disposition of Registrable Securities;

 

(c)          following
its actual knowledge thereof, notifying the Company of the occurrence of any event that makes any statement made in a Registration
Statement, Prospectus, issuer free writing prospectus or other Free Writing Prospectus regarding the Shareholder untrue in any
material respect or that requires the making of any changes in a Registration Statement, Prospectus, issuer free writing prospectus
or other Free Writing Prospectus so that, in such regard, it will not contain any untrue statement of a material fact or omit any
material fact required to be stated therein or necessary to make the statements not misleading;

 

    	 	18	 

     

    

 

(d)          providing
the Company with such information as may be required to enable the Company to prepare a supplement or post-effective amendment
to any such Registration Statement or a supplement to such Prospectus or Free Writing Prospectus;

 

(e)          using
commercially reasonable efforts to cooperate with the Company in preparing the applicable Registration Statement and any related
Prospectus; and

 

(f)          furnishing
the Company with all information required to be included in such Registration Statement or Prospectus by applicable securities
Laws in connection with the disposition of such Registrable Securities as the Company reasonably requests.

 

Section 2.11         Rule
144 Reporting.

 

(a)          With
a view to making available to the Shareholder the benefits of certain rules and regulations of the SEC which may permit the sale
of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts
to make and keep available adequate current public information, as defined in Rule 144(c), including all periodic and annual reports
and other documents (other than Form 8-K reports) required of the Company under Sections 13 or 15(d) of the Exchange Act,
and so long as the Shareholder Beneficially Owns any Registrable Securities or securities convertible into or exercisable for Registrable
Securities, furnish to the Shareholder forthwith upon request: a written statement by the Company as to its compliance with the
reporting requirements of Rule 144, and of the Exchange Act; a copy of the most recent annual or quarterly report of the Company;
and such other reports and documents as the Shareholder may reasonably request in availing itself of any rule or regulation of
the SEC allowing it to sell any Registrable Securities without registration.

 

(b)          For
the avoidance of doubt, the Shareholder may sell any Common Shares in compliance with Rule 144, regardless of whether a Registration
Statement has been filed with the SEC or is effective. The Company agrees to (i) make and keep public information available as
those terms are understood and defined in Rule 144, (ii) use its commercially reasonable efforts to 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 (iii) so long
as the Shareholder owns any Preferred Shares or Common Shares, furnish to the Shareholder upon request, a written statement by
the Company as to its compliance with the reporting requirements of Rule 144, and of the Securities Act and the Exchange Act.

 

Section 2.12         Termination
of Registration Rights. Notwithstanding anything to the contrary contained herein, the registration
rights granted under this Article II terminate and are of no further force and effect (other than Section 2.3
and Section 2.8), on the date on which there cease to be any Registrable Securities.

 

Section 2.13         Subsequent
Registration Rights. The Company shall not (a) grant any registration rights to third parties
which are more favorable than, or inconsistent with, the rights granted hereunder, or (b) enter into any agreement, take any action,
or permit any change to occur, with respect to its securities, that violates or subordinates the rights expressly granted to the
Shareholder in this Article II.

 

    	 	19	 

     

    

 

Section 2.14         Transfer
of Registration Rights. The Shareholder shall have the right to Transfer to any Person (such Person, a “Transferee
Shareholder”), directly or indirectly, by written agreement, any or all of its rights and obligations granted under this
Article II in connection with a Transfer of all or a portion of its Registrable Securities to such Person. Such Transferee
Shareholder shall, following such Transfer, become responsible for all obligations applicable to the Shareholder under this Article II
with respect to the Registrable Securities Transferred to such Transferee Shareholder. If the Shareholder Transfers only a portion
of its Registrable Securities, the Shareholder shall retain all rights under this Agreement with respect to the portion of the
Registrable Securities that it continues to hold following such Transfer.

 

Article III

Right of first offer

 

Section 3.1           General.
From the date hereof until the third (3rd) anniversary of the date hereof, if the Company proposes to offer or sell
any New Securities, the Company shall first offer such New Securities to the Shareholder in accordance with this Article III.

 

Section 3.2           Timing
and Procedure. If the Company proposes to offer or sell any New Securities, the Company shall send a written notice thereof
(an “Offer Notice”) to the Shareholder. The Offer Notice shall include:

 

(a)          the
principal terms of the proposed offer or sale, including (i) the number and kind of New Securities to be offered or sold,
and (ii) the price per security of the New Securities, and (iii) all of the other material terms and conditions of the proposed
offer or sale; and

 

(b)          an
offer by the Company to sell to the Shareholder such portion of the New Securities (which may be all such New Securities) as may
be requested by the Shareholder (the “Offered Securities”), at the same price and otherwise on the same terms
and conditions specified in the Offer Notice; provided that, if the sale of the Offered Securities to the Shareholder would
require approval of the stockholders of the Company pursuant to the rules of the Nasdaq (or the rules of the principal market on
which the Common Stock is then listed), such offer and any sale of the Offered Securities shall be conditioned on such stockholder
approval being obtained (it being agreed that the Company shall not offer to sell or sell New Securities to any Person if such
stockholder approval is not obtained).

 

Section 3.3           Exercise
of Rights. If the Shareholder desires to accept the offer contained in the Offer Notice, it shall send an irrevocable commitment
(each a “Purchase Commitment”) to the Company within ten (10) Business Days after the date of delivery of the
Offer Notice specifying the amount or proportion of the Offered Securities which it desires to purchase (the “Subscribed
New Securities”). If the Shareholder does not send a Purchase Commitment in accordance with the foregoing sentence, or
duly sends a Purchase Commitment but does not elect to purchase all of the Offered Securities in such Purchase Commitment, the
Shareholder shall be deemed to have irrevocably waived its right under this Article III with respect to those Offered
Securities that are not Subscribed New Securities (the “Unsubscribed New Securities”) and the Company shall,
subject to the terms and conditions of Article IV, thereafter be free to offer and sell the Unsubscribed New Securities
to any Person or Persons within one hundred and twenty (120) days following the date of the Offer Notice (the “Sale Deadline”)
on terms no more favorable to such Person or Persons than those set forth in the Offer Notice. If the Company has not completed
the sale of the Unsubscribed New Securities in accordance with the foregoing sentence, the Company shall provide a new Offer Notice
to the Shareholder on the terms and provisions set forth in Section 3.2.

 

    	 	20	 

     

    

 

Section 3.4           Closing
of a Sale Transaction. The closing of a sale transaction with respect to any Subscribed New Securities pursuant to this Article III
shall take place within ninety (90) days following the delivery by the Shareholder of the applicable Purchase Commitment in accordance
with Section 3.3. At the closing of any such sale transaction, the Company shall deliver to the Shareholder the originals
of notes, certificates or other instruments evidencing the Subscribed New Securities, in each case, free and clear of any Encumbrances,
with any transfer tax stamps affixed (if applicable), against delivery by the Shareholder of the applicable consideration.

 

Section 3.5           Exclusions.
The preceding provisions of this Article III shall not apply to:

 

(a)          any
issuance of New Securities to officers, employees, directors, advisors or consultants of the Company or any of its Subsidiaries,
in each case, in connection with their compensation or employment as such;

 

(b)          any
issuance of PIK Shares in accordance with the Certificate of Designation;

 

(c)          any
issuance of New Securities to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to
an equipment leasing or real property leasing transaction;

 

(d)          any
issuance of New Securities to suppliers or third party service providers in connection with the provision of services;

 

(e)          any
issuance of New Securities pursuant to the acquisition of another corporation by the Company by merger, purchase of substantially
all of the assets or other reorganization or to a joint venture agreement;

 

(f)          any
issuance of New Securities in connection with sponsored research, collaboration, technology license, development, marketing or
similar agreements or strategic partnerships;

 

(g)          any
issuance of shares of Common Stock pursuant to the exercise of stock options or warrants to purchase shares of Common Stock, or
the vesting of stock awards of Common Stock, in each case, that are issued and outstanding as of the date hereof; or

 

(h)          any
issuance of shares of Series B Convertible Preferred Stock of the Company pursuant to that certain Purchase and Exchange Agreement,
dated September 7, 2017, by and between the Company and the other parties thereto, or any issuance of shares of Common Stock pursuant
to the conversion of such shares of Series B Convertible Preferred Stock.

 

    	 	21	 

     

    

 

Article IV

Preemptive Rights

 

Section 4.1           General.
From the date hereof until the third (3rd) anniversary of the date hereof, the Company shall not issue any New Securities
to any Person, except (a) after complying with the provisions of Article III, and (b) in compliance with the provisions
of this Article IV.

 

Section 4.2           Timing
and Procedure. No less than twenty (20) Business Days prior to the consummation of the issuance of New Securities, the Company
shall send a written notice thereof (a “Participation Notice”) to the Shareholder. The Participation Notice
shall include:

 

(a)          the
principal terms of the proposed issuance, including (i) the number and kind of New Securities to be included in the issuance,
(ii) the price per security of the New Securities, (iii) the percentage equal to (x) the aggregate number of Common Shares
held by the Shareholder and any Affiliate Shareholders on a fully diluted as-converted basis immediately prior to the issuance
of the New Securities divided by (y) the total number of issued and outstanding shares of Common Stock on a fully diluted as-converted
basis immediately prior to the issuance of the New Securities (the “Participation Percentage”), and (iv) the
name of each Person to whom the New Securities are proposed to be issued (each a “Prospective Subscriber”);
provided that, if the consideration to be paid by the Prospective Subscriber for the New Securities contains non-cash consideration,
then the Participation Notice shall also specify the fair market value (as reasonably determined by the Company Board) of such
non-cash consideration; and

 

(b)          an
offer by the Company to issue to the Shareholder such portion (not in any event to exceed the Participation Percentage) of the
New Securities to be included in the issuance as may be requested by the Shareholder (the “Preemptive Rights Securities”),
at the same price and otherwise on the same terms and conditions as the issuance to each of the Prospective Subscribers; provided
that, if consideration to be paid by the Prospective Subscriber for the New Securities contains non-cash consideration, then such
offer shall give the Shareholder the option to pay, in lieu of delivery of such non-cash consideration, cash in the amount of the
fair market value (as reasonably determined by the Company Board) of such non-cash consideration; and provided, further,
that, if the issuance of the Preemptive Rights Securities to the Shareholder would require approval of the stockholders of the
Company pursuant to the rules of Nasdaq (or the rules of the principal market on which the Common Stock is then listed), such offer
and any issuance of the Preemptive Rights Securities shall be conditioned on such stockholder approval being obtained (it being
agreed that the Company shall not issue New Securities to any Person if such stockholder approval is not obtained).

 

    	 	22	 

     

    

 

Section 4.3           Exercise
of Rights. If the Shareholder desires to accept the offer contained in the Participation Notice, it shall send an irrevocable
commitment to the Company within ten (10) Business Days after the date of delivery of the Participation Notice specifying the amount
or proportion of the Preemptive Rights Securities (not in any event to exceed the Participation Percentage) which it desires to
be issued. If the Shareholder has not so accepted such offer pursuant to the foregoing sentence, it shall be deemed to have irrevocably
waived its right under this Article IV and the Company shall thereafter be free to issue the New Securities to the
Prospective Subscribers no later than the Sale Deadline on terms no more favorable to the Prospective Subscribers than those set
forth in the Participation Notice. If the Company has not completed the sale of the New Securities in accordance with the foregoing
sentence, the last sentence of Section 3.3 shall apply.

 

Section 4.4           Closing
of Preemptive Issuance. The closing of an issuance pursuant to this Article IV shall take place at such time and
place as the Company shall specify by notice to the Shareholder given not less than three (3) Business Days prior to the closing
of the issuance. At the closing of any issuance under this Article IV, the Company shall deliver to the Shareholder
the originals of notes, certificates or other instruments evidencing the New Securities issued to the Shareholder, in each case,
free and clear of any Encumbrances, with any transfer tax stamps affixed (if applicable), against delivery by the Shareholder of
the applicable consideration.

 

Section 4.5           Exclusions.
The preceding provisions of this Article IV shall not apply to:

 

(a)          any
sale or issuance of Subscribed New Securities to the Shareholder in accordance with Article III;

 

(b)          any
issuance of New Securities to officers, employees, directors, advisors or consultants of the Company or any of its Subsidiaries,
in each case, in connection with their compensation or employment as such;

 

(c)          any
issuance of PIK Shares in accordance with the Certificate of Designation;

 

(d)          any
issuance of New Securities to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to
an equipment leasing or real property leasing transaction;

 

(e)          any
issuance of New Securities to suppliers or third party service providers in connection with the provision of services;

 

(f)          any
issuance of New Securities pursuant to the acquisition of another corporation by the Company by merger, purchase of substantially
all of the assets or other reorganization or to a joint venture agreement;

 

(g)          any
issuance of New Securities in connection with sponsored research, collaboration, technology license, development, marketing or
similar agreements or strategic partnerships;

 

(h)          any
issuance of shares of Common Stock pursuant to the exercise of stock options or warrants to purchase shares of Common Stock, or
the vesting of stock awards of Common Stock, in each case, that are issued and outstanding as of the date hereof; or

 

    	 	23	 

     

    

 

(i)          any
issuance of shares of Series B Convertible Preferred Stock of the Company pursuant to that certain Purchase and Exchange Agreement,
dated September 7, 2017, by and between the Company and the other parties thereto, or any issuance of shares of Common Stock pursuant
to the conversion of such shares of Series B Convertible Preferred Stock.

 

Article V

BOARD OF DIRECTORS

 

Section 5.1           Initial
Shareholder Designees. Effective on the date of this Agreement, the Company has elected the
following Persons to serve as new Directors in the class of Directors and the committee of the Company Board, in each case, as
identified below:

 

	Name of Director	 	Class of Directors to Serve in	 	Board Committee(s) to serve in
	 	 	 	 	 
	Faisal G. Sukhtian	 	Class I	 	Audit Committee
	 	 	 	 	 
	Joe Thomas	 	Class II	 	Nominating and Corporate Governance Committee

 

Section 5.2           Right
of Shareholder to Nominate Directors. So long as the Shareholder and any Affiliate Shareholders Beneficially Own, in the aggregate,
at least five percent (5%) of the Company’s outstanding Common Stock on a fully diluted as-converted basis, the Shareholder
shall have the right, subject to compliance with the applicable rules of Nasdaq, to nominate to the Company Board a number of Directors
(each, a “Shareholder Nominee” and, after being elected to the Company Board, a “Shareholder Director”)
equal to the total number of Directors constituting the Company Board multiplied by the percentage of the outstanding shares of
Common Stock that are Beneficially Owned by the Shareholder and any Affiliate Shareholders (on a fully diluted as-converted basis),
rounding up in the case of any resulting fractional number of Directors, less the number of Shareholder Nominees who are members
of the Company Board and not subject to election at such Election Meeting; provided that any such resulting fractional number
of Directors shall be rounded down in the event that rounding up would result in the number of Shareholder Nominees constituting
a majority of the Directors while the Shareholder holds less than fifty percent (50%) of the outstanding shares of Common Stock
(on a fully diluted as-converted basis); provided, further, that, if the total number of Directors constituting the
Company Board is seven (7), while the Shareholder and any Affiliate Shareholders Beneficially Own, in the aggregate, greater than
or equal to fifty percent (50%) of the outstanding shares of Common Stock (on a fully diluted as-converted basis) and less than
or equal to fifty-seven percent (57%) of the outstanding shares of Common Stock (on a fully diluted as-converted basis), the Shareholder
shall have the right to nominate four (4) Directors to the Company Board. If the number of Shareholder Directors is less than or
equal to three (3), each Shareholder Director shall serve in a different class of Directors. If the number of Shareholder
Directors is greater than three (3), to the extent mathematically possible, an equal number of Shareholder Directors shall
serve in each class of Directors. The Shareholder shall have the right to nominate the Shareholder Nominees from its Affiliates.
Any resignation of a Shareholder Director required to give effect to this Section 5.2 as a result of a reduction in
the amount of outstanding shares of Common Stock Beneficially Owned by the Shareholder and any Affiliate Shareholder (on a fully
diluted as-converted basis) will comply with the applicable rules of Nasdaq; provided that, for the avoidance of doubt,
any such resignation need not be effective until the next annual meeting of the stockholders of the Company.

 

    	 	24	 

     

    

 

Section 5.3           Election
of Shareholder Directors to the Board. Following the date hereof, to the extent that a Shareholder
Nominee must stand for election or a Shareholder Director must stand for reelection, as the case may be, to the Company Board in
connection with any annual or special meeting of stockholders of the Company at which Directors are to be elected (each such annual
or special meeting, an “Election Meeting”), subject to the first sentence of Section 5.5(a), the
Company agrees to (a) nominate and recommend that the holders of Capital Stock of the Company who are entitled to vote at
such Election Meeting vote in favor of the election of such Shareholder Nominees or the reelection of such Shareholder Directors,
as the case may be, (b) support the Shareholder Nominees for election or the Shareholder Directors for reelection, as the
case may be, in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees and (c) otherwise
use its reasonable best efforts to cause the election of the Shareholder Nominees or the reelection of the Shareholder Directors,
as the case may be, to the Company Board at each Election Meeting.

 

Section 5.4           Proxy
or Information Statement. Within a reasonable time prior to the filing with the SEC of the
Company’s proxy statement or information statement with respect to any Election Meeting, the Company shall, to the extent
the Shareholder is then entitled to representation on the Company Board in accordance with this Agreement, provide the Shareholder
with the opportunity to review and comment on the information contained in such proxy or information statement applicable to Shareholder
Nominees or Shareholder Directors and shall take into account all reasonable comments from the Shareholder.

 

Section 5.5           Qualification
and Replacements of Shareholder Directors.

 

(a)          Each
Shareholder Director shall at all times until cessation of service on the Company Board meet any (i) applicable requirements
or qualifications under applicable Law or applicable stock exchange rules and (ii) the Company’s standard qualifications
for Directors. Notwithstanding anything set forth to the contrary in the Charter or the Bylaws, (A) if a Shareholder Director is
unable or unwilling to serve as a Director for any reason, (B) if a Shareholder Director is removed (upon death, resignation
or otherwise), or (C) in the event that a Shareholder Director or a Shareholder Nominee, as the case may be, fails to be reelected
or elected, as the case may be, at an Election Meeting solely as a result of failing to receive the required vote of the holders
of voting Capital Stock as required by the Charter and the Bylaws, in each case of clauses (A), (B) and (C), the Shareholder shall
have the exclusive right to submit the name of a replacement candidate for such Shareholder Director or Shareholder Nominee, as
the case may be (a “Replacement”), to the Governance Committee of the Company for its approval. If so approved,
such Replacement shall serve as the Shareholder Nominee for election in the same class of Directors on the Company Board as the
Shareholder Director or Shareholder Nominee for which such Person serves as a Replacement. For each proposed Replacement that is
not approved by the Company, the Shareholder shall have the right to submit another proposed Replacement to the Governance Committee
for its approval on the same basis as set forth in the immediately preceding sentence and, for the avoidance of doubt, the Company
shall not fill the vacancy on the Company Board during any period in which the appointment of a Shareholder Director is pending
without the prior written consent of the Shareholder. The Shareholder shall have the right to continue submitting the name of a
proposed Replacement to the Governance Committee for its approval until the Governance Committee approves that a Replacement may
serve as a nominee for election or appointment as a Director or to serve as a Director, whereupon such Person shall be appointed
as the Replacement. To the extent a Replacement is nominated pursuant to this Section 5.5(a), the Company’s obligations
under Section 5.3 shall be fulfilled with respect to such Replacement.

 

    	 	25	 

     

    

 

(b)          If
any Shareholder Director is serving on the Company Board on the Expiration Date, the Shareholder shall use its commercially reasonably
efforts to cause such Shareholder Director to promptly tender his or her resignation to the Company Board, which resignation the
Governance Committee shall determine to accept or reject in its sole discretion.

 

Section 5.6           Board
Committee Representation. So long as the Shareholder has the right to nominate Directors to
the Company Board in accordance with the terms of this Agreement, the Shareholder shall have the right to require that at least
one Shareholder Director be appointed to each of the committees of the Company Board, subject to applicable requirements or qualifications
under applicable Law or applicable stock exchange rules (including with respect to director independence).

 

Section 5.7           Rights
of the Shareholder Directors.

 

(a)          The
Company shall notify each Shareholder Director, at the same time and in the same manner as such notification is delivered to the
other members of the Company Board, of all regular meetings and special meetings of the Company Board and of all regular and special
meetings of any committee of the Company Board of which such Shareholder Director is a member. The Company and the Company Board
shall provide each Shareholder Director with copies of all notices, minutes, consents and other material that it provides to all
other members of the Company Board concurrently as such materials are provided to the other members.

 

(b)          Each
Shareholder Director shall be entitled to the same directors’ and officers’ insurance coverage as the other Directors
and the same indemnification from the Company as such other Directors, in each case, effective no later than the date on which
such Shareholder Director joins the Company Board. If the Company enters into indemnification agreements with its Directors generally,
the Company will enter into an indemnification agreement with each Shareholder Director in the same form and substance as the other
Directors.

 

    	 	26	 

     

    

 

Section 5.8           No
Duty for Corporate Opportunities. Notwithstanding anything to the contrary in this Agreement or in any policy or code of the
Company, the Company, on behalf of itself and its Subsidiaries, (a) acknowledges and affirms that the Shareholder and its
Affiliates, employees, directors, partners and members, including any Shareholder Director (the “Shareholder Group”),
(i) have participated (directly or indirectly) and will continue to participate (directly or indirectly) in private equity,
venture capital and other direct investments in corporations, joint ventures, limited liability companies and other entities (“Other
Investments”), including Other Investments engaged in various aspects of businesses similar to those engaged in by the
Company and its Subsidiaries that may, are or will be competitive with the Company’s or any of its Subsidiaries’ businesses
or that could be suitable for the Company’s or any of its Subsidiaries’ interests, (ii) have interests in, participate
with, aid and maintain seats on the board of directors or similar governing bodies of, Other Investments, (iii) may develop
or become aware of business opportunities for Other Investments, and (iv) may or will, as a result of matters referred to
in this Agreement, the nature of the Shareholder Group’s businesses and other factors, have conflicts of interest or potential
conflicts of interest, (b) hereby renounces and disclaims any interest or expectancy in any business opportunity (including
any Other Investments) or any other opportunities, in each case, that may arise in connection with the circumstances described
in the foregoing clauses (i) – (iv) (collectively, the “Renounced Business Opportunities”), (c) acknowledges
and affirms that no member of the Shareholder Group shall have any obligation to communicate or offer any Renounced Business Opportunity
to the Company or any of its subsidiaries, and any member of the Shareholder Group may pursue a Renounced Business Opportunity,
and (d) acknowledges and affirms that any of the activities set forth in this Section 5.8 shall not be considered
a violation of any policies and codes of the Company.  Notwithstanding the foregoing, the Company does not renounce its interest
in any corporate opportunity if such corporate opportunity was offered to a Shareholder Director solely in his or her capacity
as a Director; provided, that such opportunity has not been separately presented to the Shareholder or its Affiliates or
is not otherwise being independently pursued by the Shareholder or its Affiliates (in each case whether before or after such opportunity
is presented to such Director).

 

Article VI

CERTAIN OTHER AGREEMENTS

 

Section 6.1           Information
Rights.

 

(a)          So
long as the Shareholder and any Affiliate Shareholders Beneficially Own, in the aggregate, at least fifteen percent (15%) of the
outstanding shares of Common Stock on a fully diluted as-converted basis, and subject to Section 8.1, (i) the Company
shall provide the Shareholder with (A) quarterly financial statements (as soon as reasonably practicable after they become available
but no later than forty-five (45) days after the end of each of the first three quarters of each fiscal year of the Company); provided
that this requirement shall be deemed to have been satisfied if on or prior to such date, the Company files its quarterly report
on Form 10-Q for the applicable fiscal quarter with the SEC, (B) audited (by a nationally recognized accounting firm) annual financial
statements (as soon as reasonably practicable after they become available but no later than ninety (90) days after the end of each
fiscal year of the Company); provided that this requirement shall be deemed to have been satisfied if on or prior to such
date, the Company files its annual report on Form 10-K for the applicable fiscal year with the SEC, in the case of each of clauses
(A) and (B), prepared in accordance with GAAP, which statements shall include the consolidated balance sheets of the Company and
its Subsidiaries and the related consolidated statements of income, shareholders’ equity and cash flows, and (C) such other
information relating to the financial condition, business, prospects, or corporate affairs of the Company as the Shareholder may
from time to time reasonably request, and (ii) the Company shall permit the Shareholder or any authorized Representatives designated
by the Shareholder reasonable access to visit and inspect any of the properties of the Company or any of its Subsidiaries, including
its and their books of accounting and other records, and to discuss its and their affairs, finances and accounts with its and their
officers, all upon reasonable notice and at such reasonable times and as often as the Shareholder may reasonably request. Any visit
or inspection pursuant to this Section 6.1(a) shall be conducted during normal business hours and in such manner as
not to interfere unreasonably with the conduct of the business of the Company and its Subsidiaries.

 

    	 	27	 

     

    

 

(b)          So
long as the Shareholder and any Affiliate Shareholders Beneficially Own, in the aggregate, at least fifteen percent (15%) of the
outstanding shares of Common Stock on a fully diluted as-converted basis, subject to Section 8.1, the Company shall
provide to the Shareholder (i) copies of all material written information that is provided to the Company Board at substantially
the same time at which such information is first delivered or otherwise made available in writing to the Company Board, (ii) within
two (2) Business Days after the end of each month, a report on the progress and status of the development of the Company’s
products, including regarding the status of any pending Regulatory Approvals, (iii) as soon as practicable, but in any event thirty
(30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”),
approved by the Company Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash
flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company, (iv) as soon as
practicable, but in any event within forty-five (45) days after the end of each of the first three quarters of each fiscal year
of the Company, a statement showing the number of shares of each class and series of Capital Stock and securities convertible into
or exercisable for shares of Capital Stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise
of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto,
and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient
detail as to permit the Shareholder to calculate its percentage equity ownership in the Company, and certified by the chief financial
officer or chief executive officer of the Company as being true, complete, and correct, and (v) within two (2) Business Days after
the end of each fiscal quarter of the Company, a statement by the chief financial officer or chief executive officer of the Company
that, to such person’s knowledge, no event, circumstance, change, condition, occurrence or effect has occurred that, individually
or in the aggregate with any other event, circumstance, change, condition, occurrence or effect, has had, or would reasonably be
expected to have, a material adverse effect on the business, properties, operations, assets, liabilities (including contingent
liabilities), prospects, results of operations or condition (financial or otherwise) of the Company or any of its Subsidiaries.

 

(c)          From
the date hereof until the date that is six (6) months following the date hereof (such period, as may be extended pursuant
to this Section 6.1(c), the “Cash Flow Information Period”), the Company shall provide to the Company
Board and, upon request of the Shareholder, to the Shareholder, a weekly unaudited consolidated balance sheet and statement of
the cash flows of the Company and its Subsidiaries for the thirteen-week period following the then-current week; provided
that the Shareholder may, upon written notice to the Company prior to the expiration of the Cash Flow Information Period (or the
then-current extension period), extend the length of the Cash Flow Information Period up to two (2) times, for a period of three
(3) months each time.

 

(d)          From
and after the one (1) year anniversary of the date hereof, before delivering to the Shareholder any of the information that the
Shareholder is entitled to receive pursuant to this Section 6.1, the Company shall confirm with the Shareholder whether
it wishes to receive any such information and shall only provide to the Shareholder that portion of the information that the Shareholder
informs the Company it wishes to receive.

 

    	 	28	 

     

    

 

(e)          Nothing
herein shall require the Company to provide access to or disclose any information if such access or disclosure would jeopardize
any attorney-client privilege of the Company or any of its Subsidiaries or violate any agreement, Law or Order (provided that the
Company shall use its reasonable best efforts to cause such information to be provided in a manner that would not result in such
jeopardy or violation).

 

(f)          The
Company acknowledges and agrees that employees of the Shareholder or its Affiliates serve as directors of portfolio companies of
the Shareholder or its Affiliates, and such portfolio companies shall not be deemed to have received or used Confidential Information
solely due to the dual role of any such employee.

 

Section 6.2           Matters
Requiring Approval of the Shareholder. Without the prior written approval of the Shareholder,
the Company shall not:

 

(a)          change
the principal business of the Company, enter into any new line of business, or exit the current line of business of the Company;

 

(b)          enter
into any merger, consolidation, conversion, business combination or other similar transaction involving the Company or any of its
Subsidiaries;

 

(c)          adopt
a plan of complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization of the Company
or any of its Subsidiaries;

 

(d)          voluntarily
commence a winding up proceeding for insolvency or bankruptcy of the Company or a general assignment for the benefit of its creditors
or consent to the entry of a decree or order for relief from creditors under any applicable law or any admission by the Company
of (i) its inability to pays its debts, or (ii) any other action constituting a cause for the involuntary declaration of insolvency
or bankruptcy;

 

(e)          issue,
sell, pledge, dispose of or otherwise Transfer, or authorize the issuance, sale, pledge, disposition or Transfer of any shares
of any class of capital stock, or other ownership interests, of the Company or any of its Subsidiaries, or any options, warrants,
convertible securities or other rights of any kind to acquire any shares of such capital stock, or any other ownership interest
of the Company or any of its Subsidiaries, except (i) as expressly permitted under this Agreement, (ii) for the issuance of shares
of Common Stock issuable pursuant to employee stock options, performance based stock units, restricted stock units or restricted
stock awards outstanding on the date hereof pursuant to the terms of the applicable Company Plans as in effect immediately prior
to the date of this Agreement, (iii) for the issuance of PIK Shares (as defined in the Certificate of Designation) in accordance
with the Certificate of Designation, or (iv) the issuance of shares of Series B Convertible Preferred Stock of the Company pursuant
to that certain Purchase and Exchange Agreement, dated September 7, 2017, by and between the Company and the other parties thereto,
or any issuance of shares of Common Stock pursuant to the conversion of such shares of Series B Convertible Preferred Stock;

 

    	 	29	 

     

    

 

(f)          amend
or otherwise change the Charter or Bylaws of the Company or equivalent organizational documents of any of the Subsidiaries of the
Company;

 

(g)          adjust,
reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly, any of the capital stock
of the Company or its Subsidiaries;

 

(h)          sell,
pledge, lease or dispose of, grant an Encumbrance on or permit an Encumbrance to exist on, or authorize the sale, lease, pledge
or disposition of, or granting or placing of an Encumbrance on, any material assets of the Company or any of its Subsidiaries (including
any asset of the Company or any of its Subsidiaries with a book value of greater than $100,000);

 

(i)          acquire
(including by merger, consolidation or acquisition of stock or assets or any other business combination) any (i) corporation, partnership,
other business organization or any division thereof or (ii) material assets;

 

(j)          incur
any Indebtedness or issue any debt securities (except for such issuances as are expressly permitted under this Agreement) or assume,
guarantee or endorse, or otherwise become responsible for, the obligations of any Person, or make any loans or advances or capital
contribution to, or investment in, any Person in excess of $100,000;

 

(k)          make,
or make any commitment with respect to, any capital expenditure (i) that exceeds by more than ten percent (10%) the budgeted amount
therefor set forth in the applicable Budget, or (ii) not set forth in the applicable Budget;

 

(l)          change
its financial accounting policies or procedures in effect as of the date hereof, other than as required by Law or GAAP;

 

(m)          amend
or modify any component of the Budget in such a manner that the amount of the amended or modified component varies from the original
amount of the corresponding component by an amount greater than or equal to ten percent (10%), regardless of whether such amendment
or modification increased or decreased the applicable component.

 

(n)          (i)
abandon, disclaim, dedicate to the public, sell, assign or grant any security interest in, to or under any Company Intellectual
Property, Company IT Asset or Company IP Agreement (each as defined in the Purchase Agreement), (ii) grant to any third party any
license, or enter into any covenant not to sue, with respect to any Company Intellectual Property, (iii) grant to any third party
the right to develop, manufacture or commercialize any Company products, or (iv) enter into any new Contract pursuant to which
the Company or any of its Subsidiaries receives a license, covenant not to sue or other right under any Intellectual Property (as
defined in the Purchase Agreement) (other than Contracts for commercially available off-the-shelf IT Assets (as defined in the
Purchase Agreement) or other such software);

 

(o)          form
any joint ventures or partnership with a third party (other than any joint venture or partnership contemplated by and consistent
with the terms of that certain Joint Participation Agreement, dated May 6, 2013, by and between the Company and Zhejiang Huahai
Pharmaceutical Co. Ltd., as amended) or form a new Subsidiary of the Company;

 

    	 	30	 

     

    

 

(p)          except
as otherwise required under any Company Plan in existence as of the date of this Agreement, (i) materially increase the compensation
payable or to become payable or the benefits provided to Service Providers, (ii) grant any retention, severance or termination
pay to, or enter into any employment, bonus, change of control or severance agreement with, any current or former Service Provider,
(iii) establish, adopt, enter into, terminate or amend any Company Plan, or establish, adopt or enter into any plan, agreement,
program, policy, trust, fund or other arrangement that would be a Company Plan if it were in existence as of the date of this Agreement,
for the benefit of any Service Provider except as required by Law, (iv) loan or advance any money or other property to any current
or former Service Provider, or (v) establish, adopt, enter into or amend any collective bargaining agreement;

 

(q)          declare,
set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of
its capital stock, or capitalize any amount standing to the credit of any reserves of the Company, except for (i) dividends by
any of the Company’s direct or indirect wholly-owned Subsidiaries to the Company or any of its other wholly-owned Subsidiaries,
and (ii) Preferred Dividends (as defined in the Certificate of Designation) pursuant to the Certificate of Designation;

 

(r)          enter
into, amend, waive or terminate (other than terminations in accordance with their terms) transactions, Contracts, arrangements,
commitments or understandings between the Company or any of its Subsidiaries, on the one hand, and any of the Company’s Affiliates,
on the other hand, that would be required to be disclosed by the Company under Item 404 of Regulation S-K under the Securities
Act;

 

(s)          (i)
settle (or propose to settle), abandon or commence any Action, other than settlements involving not more than $100,000 in monetary
damages in the aggregate (net of insurance proceeds) payable by the Company or any of its Subsidiaries and that do not (A) require
any actions or impose any material restrictions on the business or operations of the Company and its Subsidiaries, or (B) include
the admission of wrongdoing by the Company or any of its Subsidiaries, (ii) settle or compromise any material investigation or
inquiry by any Governmental Entity, including by entering into any consent decree or other similar agreement, or (iii) waive, release
or assign any claims or rights of material value;

 

(t)          enter
into, amend, waive, modify, restate or terminate any Material Contract (as defined in the Purchase Agreement) (or any other Contract
that would be deemed a Material Contract if it had been entered into prior to the date of the Purchase Agreement) or enter into
any Contract with a term of greater than two (2) years, except for any amendment of the Warrant Agreement, dated as of May 18,
2016, between the Company and American Stock Transfer & Trust Company, LLC, to effect the modification of the expiration date
of the Series A Warrants (as defined in the Purchase Agreement) as contemplated by the NWPA Amendment and Waiver (as defined in
the Purchase Agreement); or

 

(u)          agree,
resolve, announce an intention, enter into any formal or informal Contract or otherwise make a commitment, to do any of the foregoing;

 

    	 	31	 

     

    

 

provided, however, that (i)
the prior written approval of the Shareholder shall not be required for any of the foregoing actions if such action is (A) approved
by the Company Board, and (B) approved by (x) a majority of the Shareholder Directors if, at such time, there are three (3) or
more Shareholder Directors, or (y) all of the Shareholder Directors if, at such time, there are one (1) or two (2) Shareholder
Directors, and (ii) the Shareholder may, in its sole discretion, increase (but not decrease) the amount of any of the dollar amounts
set forth in the foregoing clauses (h), (j) and (s) upon notice to the Company, which increase shall be binding on the Shareholder
upon delivery of such notice.

 

For purposes of this Section 6.2,
in order to seek the prior written approval of the Shareholder for any of the foregoing actions, the Company shall submit a request
for such approval (any such request, an “Approval Request”) via email to the representatives of the Shareholder
set forth on Schedule I hereto. In the event that (i) any of such representatives of the Shareholder responds to the Approval
Request and grants the requested approval, or (ii) none of the foregoing representatives of the Shareholder responds to the Approval
Request within five (5) Business Days of delivery of such Approval Request (provided that any Approval Request that is provided
after 5:00 p.m. (addressee’s local time) shall be deemed to have been received at 9:00 a.m. (addressee’s local time)
on the next Business Day), then, in each case, no further Shareholder approval shall be required in respect of such requested action.

 

Section 6.3           Compliance
with Put Right. The Company shall, and shall cause its Representatives to, take all actions
necessary to comply with any and all obligations of the Company under Section 8(b) of the Certificate of Designation in the event
that the Shareholder delivers a Put Notice (as defined in the Certificate of Designation) in accordance therewith.

 

Section 6.4           Special
Meetings of Stockholders. So long as the Shareholder and any Affiliate Shareholders Beneficially
Own, in the aggregate, at least fifteen percent (15%) of the outstanding shares of Common Stock on an as-converted basis, upon
the written request of the Shareholder, the Company shall, and shall cause its Representatives to, take all actions necessary to
call a special meeting of the stockholders of the Company in accordance with the Charter and Bylaws; provided that such
request of the Shareholder shall specify the purpose, time and place, if any, of such special meeting.

 

    	 	32	 

     

    

 

Section 6.5           Additional
Covenants. (a) Certificates in book-entry form evidencing the Series A Conversion Shares (as
defined in the Certificate of Designation) shall not contain any legend (including the legend set forth in Section 1.2(a)):
(i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any
sale of such Series A Conversion Shares pursuant to Rule 144, (iii) if such Conversion Shares are eligible for sale under Rule
144; provided that the Company shall be in compliance with the current public information required under Rule 144, or (iv)
if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission) (the earliest such date, the “Legend Removal Date”). The Company shall
cause its counsel to issue a legal opinion to the transfer agent of the Company (“Transfer Agent”) or the Shareholder
promptly after the Legend Removal Date if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested
by Shareholder, respectively. If all or any Preferred Shares are converted at a time when there is an effective registration statement
to cover the resale of the Series A Conversion Shares, or if such Series A Conversion Shares may be sold under Rule 144 and the
Company is then in compliance with the current public information required under Rule 144, or if the Series A Conversion Shares
may be sold under Rule 144 without the requirement for the Company to be in compliance with the current public information required
under Rule 144 as to such Series A Conversion Shares and without volume or manner-of-sale restrictions or if such legend is not
otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued
by the staff of the SEC) then such Series A Conversion Shares shall be issued free of all legends. The Company agrees that following
the Legend Removal Date it will, no later than the Standard Settlement Period Delivery Date (as defined below) following the delivery
by the Shareholder to the Company or the Transfer Agent of a certificate in book-entry form representing Series A Conversion Shares
issued with a restrictive legend deliver or cause to be delivered to the Shareholder a certificate in book-entry form representing
such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions
to the transfer agent that enlarge the restrictions on transfer set forth in this Section 6.5. Certificates in book-entry
form for Series A Conversion Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Shareholder
as directed by the Shareholder. As used herein, “Standard Settlement Period” means the standard settlement period,
expressed in a number of trading days, on the Company’s primary trading market with respect to the Common Stock as in effect
on the date of delivery of a certificate in book-entry form representing Series A Conversion Shares, as applicable, issued with
a restrictive legend and “Standard Settlement Period Delivery Date” means the trading day for delivery in compliance
with the Standard Settlement Period.

 

(b)          In
addition to the Shareholder’s other available remedies, if the Company fails to (i) issue and deliver (or cause to be delivered)
to the Shareholder by the Legend Removal Date a certificate or confirmation of book-entry representing the securities so delivered
to the Company by the Shareholder that is free from all restrictive and other legends and (ii) if after the Legend Removal Date
the Shareholder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale
by the Shareholder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock
equal to all or any portion of the number of shares of Common Stock that the Shareholder anticipated receiving from the Company
without any restrictive legend, then the Company shall pay to the Shareholder, in cash, an amount equal to the excess of the Shareholder’s
total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock
so purchased (including brokerage commissions and other out-of-pocket expenses, if any) over the product of (A) such number of
Conversion Shares that the Company was required to deliver to the Shareholder by the Legend Removal Date multiplied by (B) the
lowest closing sale price of the Common Stock on any trading day during the period commencing on the date of the delivery by the
Shareholder to the Company of the applicable Series A Conversion Shares (as the case may be) and ending on the date of such delivery
and payment under this clause (ii). In addition to the Shareholder’s other available remedies, if the Company fails to deliver
to the Shareholder the applicable Series A Conversion Shares by the date provided for in the Certificate of Designation and if
after such date the Shareholder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or
the Shareholder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the
Shareholder of the Series A Conversion Shares which the Shareholder was entitled to receive on such date pursuant to the Certificate
of Designation, then the Company shall (x) pay in cash to the Shareholder (in addition to any other remedies available to or elected
by the Shareholder) the amount, if any, by which (I) the Shareholder’s total purchase price (including any brokerage commissions)
for the Common Stock so purchased exceeds (II) the product of (1) the aggregate number of shares of Common Stock that the Shareholder
was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise
to such purchase obligation was executed (including any brokerage commissions) and (y) at the option of the Shareholder, either
reissue (if surrendered) the Preferred Shares equal to the number of Preferred Shares submitted for conversion (in which case,
such conversion shall be deemed rescinded) or deliver to the Shareholder the number of shares of Common Stock that would have been
issued if the Company had timely complied with its delivery requirements under the Certificate of Designation.

 

    	 	33	 

     

    

 

Article VII

TERMINATION

 

Section 7.1           Termination.
This Agreement, other than Article II, shall terminate upon the earlier of (a) the date that is three (3)
months following the Expiration Date and (b) the mutual written agreement of the Shareholder and the Company. The provisions
of Article II shall terminate upon the earlier of (i) the time when there are no longer any Registrable Securities
and (ii) the mutual written agreement of the Shareholder and the Company.

 

Section 7.2           Effect
of Termination; Survival. In the event of any termination of this Agreement pursuant to the
first sentence of Section 7.1, this Agreement shall be terminated, and there shall be no further liability or obligation
hereunder on the part of any Party, other than this Section 7.2 and Article VIII, which provisions shall
survive such termination; provided, however, that nothing contained in this Agreement (including this Section 7.2)
shall relieve a Party from liability for any breach of any of its representations, warranties, covenants or agreements set forth
in this Agreement to the extent occurring prior to such termination.

 

Article VIII

GENERAL PROVISIONS

 

Section 8.1           Confidential
Information. The Shareholder shall hold in confidence, and shall not disclose to any Person,
unless and to the extent disclosure is required by judicial or administrative process or by other requirement of Law or the applicable
requirements of any regulatory agency or relevant stock exchange, all non-public records, books, Contracts, instruments, computer
data and other data and information (collectively, “Confidential Information”) concerning the Company and its
Subsidiaries furnished to it by Company or its Representatives pursuant to this Agreement (except (a) to the extent such Confidential
Information can be shown to have been (i) previously known by the Shareholder or any Affiliate Shareholder on a non-confidential
basis, (ii) in the public domain through no breach of the Shareholder of any of the confidentiality obligations to the Company,
(iii) later acquired by the Shareholder or any Affiliate Shareholder from other sources not known by the Shareholder or such
Affiliate Shareholder to be subject to a duty of confidentiality with respect to such Confidential Information, and (b) Confidential
Information may be disclosed by the Shareholder to any Affiliate Shareholder or the Shareholder’s or any Affiliate Shareholder’s
respective Representatives in connection with (i) the management of the investment of the Shareholder and the Affiliate Shareholders
in the Company or (ii) any offerings under Article II; provided that the Shareholder informs any such Person
that such information is confidential. If disclosure is required by judicial or administrative process or by any other requirement
of Law, the Shareholder shall provide the Company with prompt written notice to the extent permissible by Law, together with a
copy of any material proposed to be disclosed, so that the Company may (a) seek, at the Company’s expense, an appropriate
protective order or other appropriate relief (and the Shareholder and the Affiliate Shareholders shall reasonably cooperate with
the Company, at the Company’s expense, to obtain such order or relief), or (b) if the Company so elects, waive compliance
with the provisions of this Section 8.1.

 

    	 	34	 

     

    

 

Section 8.2           Fees
and Expenses. Except as otherwise expressly provided herein or in the Purchase Agreement, all
expenses incurred by the Parties in connection with the negotiation, execution and delivery of this Agreement will be borne solely
and entirely by the Party incurring such expenses.

 

Section 8.3           Notices.
All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or
made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized
overnight courier service, or by email transmission (upon confirmation of receipt and with a confirmatory copy sent by an internationally
recognized overnight courier service) to the respective parties hereto at the following addresses (or at such other address for
a party as shall be specified in a notice given in accordance with this Section 8.3):

 

If to the Company,
addressed to it at:

 

Oncobiologics, Inc.

7 Clarke Drive

Cranbury, New Jersey 08512

Email: LawrenceKenyon@OncoBiologics.com

Attention: Lawrence A. Kenyon

 

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

 

Cooley LLP

1114 6th Avenue

New York, New York 10110

Email:ypierre@cooley.com

Attention: Yvan-Claude Pierre

 

If to the Shareholder,
addressed to it at:

 

GMS Tenshi Holdings Pte. Limited

36 Robinson Road

#13-01

City House

Singapore 06887

Email:info@gmsholdings.com

Attention: Executive
Director

 

    	 	35	 

     

    

 

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

 

Shearman
& Sterling LLP

599 Lexington
Avenue

New York,
NY 10022

Email: brien.wassner@shearman.com

Attention:
Brien Wassner

 

Section 8.4           Definitions.
For purposes of this Agreement, the following terms have the meanings indicated:

 

“Action”
means any litigation, suit, claim, action, proceeding, arbitration, mediation, hearing, inquiry or investigation (in each case,
whether civil, criminal or investigative).

 

“Affiliate”
of a specified Person means a Person who, directly or indirectly through one or more intermediaries, controls, is controlled by,
or is under common control with, such specified Person; provided that no portfolio company of the Shareholder shall be deemed to
be an “Affiliate” of the Shareholder.

 

“Affiliate
Shareholder” has meaning set forth in Section 1.1(c).

 

“Affiliate
Transfer” has meaning set forth in Section 1.1(b).

 

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

 

“Approval
Request” has meaning set forth in Section 6.2.

 

“ASR Eligible”
means the Company meets or is deemed to meet the eligibility requirements to file an ASRS as set forth in General Instruction I.D.
to Form S-3.

 

“ASRS”
means an “automatic shelf registration statement” as defined in Rule 405 promulgated under the Securities Act.

 

“Beneficial
Ownership” and related terms such as “Beneficially Owned” or “Beneficial Owner” have the meaning
given such terms in Rule 13d-3 under the Exchange Act and a Person’s Beneficial Ownership of Capital Stock shall be calculated
in accordance with the provisions of such Rule.

 

“Budget”
has the meaning set forth in Section 6.1(b).

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York, or Singapore,
Republic of Singapore are authorized or required by Law to remain closed.

 

    	 	36	 

     

    

 

“Bylaws”
means the Amended and Restated Bylaws of the Company, as may be amended from time to time.

 

“Capital Stock”
means any and all shares of common stock, preferred stock or other forms of equity authorized and issued by the Company (however
designated, whether voting or non-voting) and any instruments convertible into or exercisable or exchangeable for any of the foregoing
(including any options or swaps).

 

“Cash Flow
Information Period” has the meaning set forth in Section 6.1(c).

 

“Certificate
of Designation” means the Certificate of Designation attached hereto as Exhibit A.

 

“Charter”
means the Company’s Amended and Restated Certificate of Incorporation, as may be amended from time to time.

 

“Common Shares”
has the meaning set forth in the recitals to this Agreement.

 

“Common Stock”
has the meaning set forth in the recitals to this Agreement.

 

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Company Board”
means the Board of Directors of the Company.

 

“Company Plan”
has the meaning ascribed to such term in the Purchase Agreement.

 

“Company Registration
Rights Indemnitee” has the meaning set forth in Section 2.8(a)(ii).

 

“Confidential
Information” has the meaning set forth in Section 8.1.

 

“Contract”
means any oral or written binding contract, subcontract, agreement, note, bond, mortgage, indenture, lease, sublease, license,
sublicense, permit, franchise or other instrument, obligation, commitment or arrangement or understanding of any kind or character.

 

“control”
(including the terms “controlled by” and “under common control with”) means the possession,
directly or indirectly, or as trustee or executor, of the power to direct or cause the direction of the management and policies
of a Person, whether through the ownership of voting securities, as trustee or executor, by Contract or credit arrangement or otherwise.

 

“controlling
person” has the meaning set forth in Section 2.8(a)(i).

 

“Damages”
means any and all claims, demands, suits, actions, causes of actions, losses, costs, damages, liabilities, judgments, and reasonable
and documented out-of-pocket expenses incurred or paid, including reasonable attorneys’ fees, costs of investigation or settlement,
other professionals’ and experts’ fees, court or arbitration costs, but specifically excluding consequential damages,
lost profits and indirect damages and punitive damages, exemplary damages and any taxes incurred as a result of any recovery received.

 

    	 	37	 

     

    

 

“Demand Registration”
has the meaning set forth in Section 2.1(a).

 

“Demand Registration
Request” has the meaning set forth in Section 2.1(a).

 

“Director”
means a director of the Company.

 

“Disclosure
Package” means, with respect to any offering of Registrable Securities, (a) the preliminary Prospectus, (b) each Free
Writing Prospectus, and (c) all other information, in each case, that is deemed, under Rule 159 under the Securities Act, to have
been conveyed to purchasers of Registrable Securities at the time of sale of such securities.

 

“Effectiveness
Period” has the meaning set forth in Section 2.7.

 

“Election
Meeting” has the meaning set forth in Section 5.3.

 

“Encumbrances”
means mortgages, pledges, liens, security interests, conditional and installment sale agreements, encumbrances, charges or other
claims of third parties or restrictions of any kind, including any easement, reversion interest, right of way or other encumbrance
to title, limitations on voting rights, or any option, right of first refusal or right of first offer.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as
in effect from time to time.

 

“Expiration
Date” means the date at which the Shareholder and any Affiliate Shareholders cease to Beneficially Own, in the aggregate,
at least two and one-half percent (2.5%) of the outstanding shares of Common Stock on a fully diluted as-converted basis.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc. or any successor regulatory organization.

 

“Free Writing
Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act
relating to the Registrable Securities included in the applicable Registration Statement that has been approved for use by the
Company.

 

“GAAP”
means United States generally accepted accounting principles.

 

“Governance
Committee” means the Nominating and Corporate Governance Committee of the Company.

 

“Governmental
Entity” means any federal, national, foreign, supranational, state, provincial, county, local or other government, governmental,
regulatory or administrative authority, agency, instrumentality or commission or any court, tribunal, or judicial or arbitral body
of competent jurisdiction.

 

    	 	38	 

     

    

 

“Indebtedness”
means, with respect to any Person, without duplication: (a) all indebtedness of such Person, whether or not contingent, for
borrowed money, including all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (b) all
obligations of such Person for the deferred purchase of property or services, (c) all indebtedness created or arising under
any conditional sale or other title retention agreement with respect to property acquired by such Person (even if the rights and
remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property),
(d) all obligations of such Person as lessee under Leases (as defined in the Purchase Agreement) that have been or should
be, in accordance with GAAP, recorded as capital leases, (e) all obligations, contingent or otherwise, of such Person under
acceptance, letter of credit or similar facilities, (f) all liabilities or obligations with respect to interest rate swaps,
caps, collars and similar hedging obligations, (g) all Indebtedness of others referred to in clauses (a) through (f) above
guaranteed (or in effect guaranteed) directly or indirectly in any manner by such Person, and (h) all Indebtedness of others
referred to in clauses (a) through (g) above secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Encumbrance on property (including accounts and Contract rights) owned by
such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness.

 

“issuer free
writing prospectus” has the meaning set forth in Section 2.9.

 

“Law”
any U.S. or non-U.S. federal, state, local, national, supranational, foreign or administrative law (including common law), statute,
ordinance, regulation, requirement, regulatory interpretation, rule, code or Order.

 

“Legend Removal
Date” has the meaning set forth in Section 6.5(a).

 

“Nasdaq”
has the meaning set forth in Section 2.6(h).

 

“New Securities”
means, collectively, (a) any shares of Common Stock, (b) any class or series of shares (including a new class of common shares
of the Company other than shares of Common Stock), any preference shares or any other equity-like or hybrid securities (including
debt securities with equity components), including options, warrants, convertibles, exchangeable or exercisable securities, share
appreciation rights or any other security or arrangement whose economic value is derived from the value of the equity of the Company
and its Subsidiaries, and (c) any debt securities of the Company, including notes, bonds, debentures or other similar instruments,
in each case of clauses (a), (b) and (c), issued by the Company after the date hereof, other than the Preferred Shares, Warrants
and the Common Shares.

 

“Notice of
Reg Rights Claim” has the meaning set forth in Section 2.8(b)(i).

 

“Notice of
Suspension” has the meaning set forth in Section 2.4(a).

 

“Offered Securities”
has the meaning set forth in Section 3.2(b).

 

“Offer Notice”
has the meaning set forth in Section 3.2.

 

“Order”
means any order (temporary or otherwise), judgment, injunction, award, decision, determination, stipulation, ruling, subpoena,
writ, decree or verdict entered by or with any Governmental Entity.

 

“Other Investments”
has meaning set forth in Section 5.8.

 

    	 	39	 

     

    

 

“Participation
Notice” has the meaning set forth in Section 4.2.

 

“Participation
Percentage” has the meaning set forth in Section 4.2(a).

 

“Party”
and “Parties” have the meanings set forth in the preamble to this Agreement.

 

“Person”
means an individual, company, corporation, partnership, limited partnership, limited liability company, syndicate, person (including
a “person” as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political
subdivision, agency or instrumentality of a government.

 

“PIK Shares”
has the meaning ascribed to such term in the Certificate of Designation.

 

“Preemptive
Rights Securities” has the meaning set forth in Section 4.2(b).

 

“Preferred
Shares” has the meaning set forth in the recitals to this Agreement.

 

“Primary Registration
Statement” has the meaning set forth in Section 2.2.

 

“Prospective
Subscriber” has the meaning set forth in Section 4.2(a).

 

“Prospectus”
means the prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other
amendments thereto, including post-effective amendments, and all material incorporated by reference, or deemed to be incorporated
by reference, into such prospectus.

 

“Public Offering”
means an underwritten public offering of the Common Shares pursuant to an effective registration statement under the Securities
Act, other than (i) pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form under the Securities
Act or (ii) in connection with an offering of subscription rights.

 

“Purchase
Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Purchase
Commitment” has the meaning set forth in Section 3.3.

 

“Reg Rights
Claim” has the meaning set forth in Section 2.8(b)(i).

 

“Reg Rights
Indemnified Person” has the meaning set forth in Section 2.8(b)(i).

 

“Reg Rights
Indemnifying Person” has the meaning set forth in Section 2.8(b)(i).

 

“Registrable
Securities” means the Common Shares held by the Shareholder, any Affiliate Shareholder and any Transferee Shareholder
(including any Common Shares that will be issued upon conversion of the Preferred Shares or the exercise of the Warrants) at any
time following the date of this Agreement; provided, that any such Common Shares will cease to be Registrable Securities
when (a) they are sold pursuant to a Registration Statement, (b) they are sold pursuant to Rule 144 (or any similar provisions
then in force), or (c) they are sold in a single transaction or series of transactions without volume, manner of sale or other
limitations under Rule 144 (or any similar provisions then in force).

 

    	 	40	 

     

    

 

“Registration
Expenses” means (whether or not any Registration Statement is declared effective or any of the transactions described
herein is consummated) all expenses incurred by the Company in filing a Registration Statement, including, all registration and
filing fees, fees and disbursements of counsel for the Company, SEC or FINRA registration and filing fees, all applicable ratings
agency fees, expenses of the Company’s independent accountants in connection with any regular or special reviews or audits
incident to or required by any such registration, fees and expenses of compliance with securities or “blue sky” Laws,
costs of any comfort letters required by any underwriter, listing fees, printing, transfer agent’s and registrar’s
fees, cost of distributing Prospectuses in preliminary and final form as well as any supplements thereto, the Company’s internal
expenses, the expense of any annual audit or quarterly review, the expenses and fees for listing the securities to be registered
on Nasdaq or any other securities exchange, roadshow expenses, all other expenses incident to the registration of the Registrable
Securities and all reasonable fees and disbursements of one counsel to the Shareholder selected by the Shareholder; provided,
that the term “Registration Expenses” does not include, and the Company shall not be responsible for, Selling Expenses.

 

“Registration
Statement” means a registration statement of the Company on an appropriate form under the Securities Act filed with the
SEC covering the resale of Registrable Securities, including the Prospectus, amendments and supplements to such Registration Statement,
including post-effective amendments, all exhibits and all materials incorporated by reference or deemed to be incorporated by reference
in such Registration Statement.

 

“Regulatory
Approvals” means all approvals, licenses, registrations, authorizations or clearances of any federal, state or local
Governmental Entity, necessary for the commercial manufacture, use, storage, import, export, transport, promotion, or sale of any
Company product in the relevant jurisdiction, including, without limitation, approval of the U.S. Food and Drug Administration
and European Medicines Agency, and including pricing or reimbursement approvals, where applicable, by the applicable Governmental
Entity in such jurisdiction.

 

“Renounced
Business Opportunities” has meaning set forth in Section 5.8.

 

“Replacement”
has the meaning set forth in Section 5.5(a). At such time as a Replacement is elected, under the terms of this Agreement,
to serve as a Director, such Replacement shall be deemed a Shareholder Director for purposes of this Agreement.

 

“Representatives”
means a Person’s officers, directors, employees, accountants, consultants, legal counsel, investment bankers, other advisors,
authorized agents and other representatives.

 

“Requesting
Third Party Shareholders” has the meaning set forth Section 2.2(b).

 

“Restricted
Stock” has the meaning set forth Section 2.5.

 

“Rule 144”
means Rule 144 under the Securities Act or any replacement or successor rule promulgated under the Securities Act.

 

“Sale Deadline”
has the meaning set forth in Section 3.3.

 

    	 	41	 

     

    

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Secondary
Registration Statement” has the meaning set forth Section 2.2(b).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect
from time to time.

 

“Selling Expenses”
means, in connection with the registration or offering and sale of the Registrable Securities, (a) all underwriting fees, discount
and selling commissions fees, (b) stock transfer taxes applicable to the sale of the Registrable Securities, and (c) fees and expenses
of any counsel to the Shareholder other than the counsel referred to in the definition of Registration Expenses.

 

“Service Provider”
means each of the officers, employees, directors and independent contractors of the Company and each of its Subsidiaries.

 

“settlement”
and “settle” have the meanings set forth in Section 2.8(c)(iv).

 

“Shareholder”
has the meaning set forth in the preamble to this Agreement.

 

“Shareholder
Director” has meaning set forth in Section 5.2.

 

“Shareholder
Group” has meaning set forth in Section 5.8.

 

“Shareholder
Nominee” has meaning set forth in Section 5.2.

 

“Shareholder
Registration Rights Indemnitee” has the meaning set forth in Section 2.8(a)(i).

 

“Shelf Registration
Statement” means a registration statement filed with the SEC for the sale of Common Shares pursuant to Rule 415 under
the Securities Act.

 

“Standard
Settlement Period” has the meaning set forth in Section 6.5(a).

 

“Standard
Settlement Period Delivery Date” has the meaning set forth in Section 6.5(a).

 

“Subscribed
New Securities” has the meaning set forth in Section 3.3.

 

“Subsidiary”
of any specified Person means an Affiliate controlled by such Person, directly or indirectly, through one or more intermediaries.

 

“Suspension
Period” has the meaning set forth in Section 2.4(a).

 

“Third-Party
Reg Rights Claim” has the meaning set forth in Section 2.8(b)(ii).

 

“Transaction
Shelf Registration Statement” shall have the meaning set forth in Section 2.1(c).

 

    	 	42	 

     

    

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any Contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any securities.

 

“Transfer
Agent” has the meaning set forth in Section 6.5(a).

 

“Transferee
Shareholder” shall have the meaning set forth in Section 2.14.

 

“Underwriter
Cutback” shall have the meaning set forth in Section 2.1(e).

 

“Underwritten
Block Trade” shall have the meaning set forth in Section 2.1(f).

 

“Unsubscribed
New Securities” has the meaning set forth in Section 3.3.

 

“Warrants”
has the meaning set forth in the recitals to this Agreement.

 

Section 8.5           Interpretation;
Headings. When a reference is made in this Agreement to an Exhibit, a Schedule or a Section,
such reference shall be to an Exhibit, a Schedule or a Section of this Agreement unless otherwise indicated. The table of contents,
index of defined terms and headings contained in this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof”,
“hereto”, “hereby”, “herein” and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “or”
is not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject
or other thing extends, and such phrase shall not mean simply “if”. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms. Any agreement, instrument or Law defined or referred to herein
means such agreement, instrument or Law as from time to time amended, modified or supplemented, unless otherwise specifically indicated.
References to a Person are also to its successors and permitted assigns. When calculating the period of time before which, within
which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in
calculating such period shall be excluded, and if the last day of such period is not a Business Day, the period shall end on the
immediately following Business Day. Unless otherwise specifically indicated, all references to “dollars” and “$”
will be deemed references to the lawful money of the United States of America. Each of the parties hereto has participated in the
drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must
be construed as if it is drafted by all the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of authorship of any of the provisions of this Agreement. References to “days” shall mean “calendar
days” unless expressly stated otherwise. No specific provision, representation or warranty shall limit the applicability
of a more general provision, representation or warranty. It is the intent of the parties hereto that each representation, warranty,
covenant, condition and agreement contained in this Agreement shall be given full, separate, and independent effect and that such
provisions are cumulative. Any reference in this Agreement to a date or time shall be deemed to be such date or time in the City
of New York, New York, U.S.A., unless otherwise specified.

 

    	 	43	 

     

    

 

Section 8.6           Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated by the Transaction Documents (as defined in the Purchase Agreement)
are not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that such transactions
be consummated as originally contemplated to the fullest extent possible.

 

Section 8.7           Entire
Agreement; Amendments. This Agreement (including the schedules and exhibits hereto) constitutes
the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings,
both written and oral, among the parties, or any of them, with respect to the subject matter hereof. This Agreement may not be
amended except by an instrument in writing signed on behalf of each of the parties hereto.

 

Section 8.8           Assignment;
No Third Party Beneficiaries. Except as expressly provided herein, neither this Agreement nor
any of the rights, interests or obligations hereunder shall be assigned by any party hereto, in whole or in part (whether pursuant
to a merger, by operation of law or otherwise), without the prior written consent of the other party hereto. Subject to the immediately
preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and
their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer
upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 8.9           Further
Assurances. Each Party shall cooperate, take such actions, enter into such agreements (including
customary indemnification and contribution agreements) and execute such documents as may be reasonably requested by any other Party
in order to carry out the provisions and purposes of this Agreement and the transactions contemplated hereby; provided,
however, that no Party shall be obligated to take any actions or omit to take any actions that would be inconsistent with
applicable Law.

 

    	 	44	 

     

    

 

Section 8.10         Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of
any jurisdiction other than the State of New York. The parties hereto hereby irrevocably and unconditionally consent to submit
to the exclusive jurisdiction of the courts of the State of New York and the United States of America, in each case located in
the County of New York, for any Action 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 (whether brought by any party or any of its Affiliates or against
any party or any of its Affiliates). Consistent with the preceding sentence, each of the parties hereto hereby (a) submits
to the exclusive jurisdiction of such courts for the purpose of any Action arising out of or relating to this Agreement brought
by either party hereto, (b) agrees that service of process will be validly effected by sending notice in accordance with Section 8.3,
(c) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that
it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement
or the transactions contemplated by this Agreement may not be enforced in or by any of the above named courts, and (d) agrees not
to move to transfer any such Action to a court other than any of the above-named courts. EACH OF THE PARTIES HERETO HEREBY WAIVES
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES
HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.10.

 

Section 8.11         Counterparts.
This Agreement may be executed and delivered (including by facsimile transmission or other means of electronic transmission, such
as by electronic mail in “pdf” form) in counterparts, and by the different parties hereto in separate counterparts,
each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement.

 

Section 8.12         Specific
Performance. The parties hereto acknowledge and agree that irreparable damage would occur in
the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. Each party agrees that, in the event of any breach or threatened breach by the other party of any covenant or obligation
contained in this Agreement, the non-breaching party shall be entitled (in addition to any other remedy that may be available to
it whether in law or equity, including monetary damages) to (a) an Order of specific performance to enforce the observance
and performance of such covenant or obligation, and (b) an injunction restraining such breach or threatened breach. Each party
further agrees that neither the other party nor any other Person shall be required to obtain, furnish or post any bond or similar
instrument in connection with or as a condition to obtaining any remedy referred to in this Section 8.12, and each
party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

    	 	45	 

     

    

 

Section 8.13         Waiver.
Any party hereto entitled to the benefits thereof may, to the extent permitted by Law (a) extend the time for the performance of
any of the obligations or other acts of the other party hereto, (b) waive any inaccuracies in the representations and warranties
contained herein, and (c) waive compliance with any of the covenants, agreements or conditions contained herein. Any such extension
or waiver shall be valid only if set forth in an instrument in writing signed by the party or parties to be bound thereby. Notwithstanding
the foregoing, no failure or delay by a party hereto in exercising any right hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or future exercise of any other right hereunder.

 

[Signature Page Follows]

 

    	 	46	 

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed, as of the date first written above, by their respective officers thereunto
duly authorized.

 

	 	ONCOBIOLOGICS, Inc.
	 	 	 
	 	By:	/s/ Pankaj Mohan
	 	 	Name: Pankaj Mohan, Ph.D.
	 	 	Title: Chief Executive Officer
	 	 	 
	 	GMS TENSHI HOLDINGS PTE. LIMITED
	 	 	 
	 	By:	/s/ Faisal G. Sukhtian
	 	 	Name: Faisal G. Sukhtian
	 	 	Title: Director

 

[Signature Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

Schedule IExhibit 10.4

 

FORM OF VOTING AND LOCK-UP AGREEMENT

 

This
Voting and Lock-Up Agreement (this “Agreement”) is entered into as of September 7, 2017, between GMS Tenshi
Holdings Pte. Limited, a Singapore private limited company (“GMS”), and [DIRECTOR/EXECUTIVE OFFICER](the “Stockholder”),
a stockholder of Oncobiologics, Inc., a Delaware corporation (the
“Company”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in
the Purchase Agreement.

 

RECITALS

 

WHEREAS, concurrently
with the execution and delivery of this Agreement, the Company and GMS are entering into a Purchase Agreement (as the same may
be amended, supplemented or otherwise modified, the “Purchase Agreement”), which provides, among other things,
for the purchase by GMS of shares of the Company’s Series A Convertible Preferred Stock, which will be convertible into shares
of Common Stock, and the issuance to GMS of warrants, which will be exercisable for shares of Common Stock (the transactions contemplated
by the Purchase Agreement and the other Transaction Documents, the “Transaction”);

 

WHEREAS, the
Stockholder beneficially owns (as such term is defined in Rule 13d-3 under the Exchange Act) the number of shares of Common Stock
set forth in Exhibit A hereto (such securities, as they may be adjusted by stock dividend, stock split, recapitalization,
combination or exchange of shares, merger, consolidation, reorganization or other change or transaction of or by the Company, together
with securities of the Company that may be acquired after the date hereof by the Stockholder are collectively referred to herein
as the “Securities”); and

 

WHEREAS, as
an inducement and a condition to the willingness of GMS to enter into the Purchase Agreement, and in consideration of the substantial
expenses incurred and to be incurred by them in connection therewith, the Stockholder has agreed to enter into, be legally bound
by and perform this Agreement.

 

    	 	 	 

     

    

 

AGREEMENTS

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the
parties hereto agree as follows:

 

1.            Covenants
of the Stockholder. The Stockholder agrees as follows:

 

(a)       From
the date hereof until the date that is twelve (12) months after the Closing Date (such period, the “Lock-up Period”),
the Stockholder shall not, directly or indirectly, (i) sell, transfer (including by operation of law), pledge, assign or otherwise
encumber or dispose of any of the Securities to, or enter into any agreement, option or other arrangement (including any profit
sharing arrangement) or understanding with respect to any of the Securities with, any Person other than GMS or GMS’s designee,
(ii) deposit any Securities into a voting trust or enter into any voting arrangement, whether by proxy, voting agreement, voting
trust, power-of-attorney, attorney-in-fact, agent or otherwise, with respect to the Securities, except as contemplated by this
Agreement, or (iii) take any other action that would in any way make any representation or warranty of the Stockholder herein untrue
or incorrect in any material respect or otherwise restrict, limit or interfere in any material respect with the performance of
the Stockholder’s obligations hereunder or the transactions contemplated hereby, other than:

 

(A)      exercise
of stock options or warrants to purchase shares of Common Stock or the vesting of stock awards of Common Stock and any related
transfer of shares of Common Stock to the Company in connection therewith (x) deemed to occur upon the “cashless” or
“net” exercise of such options or warrants or (y) for the purpose of paying the exercise price of such options or warrants
or for paying taxes due as a result of the exercise of such options or warrants, the vesting of such options, warrants or stock
awards, or as a result of the vesting of such shares of Common Stock, it being understood that all shares of Common Stock received
upon such exercise, vesting or transfer will remain subject to the restrictions of this Agreement during the Lock-Up Period;

 

(B)       transfers
to the spouse, domestic partner, parent, child or grandchild of the undersigned (each, an “Immediate Family Member”)
or to a trust formed for the direct or indirect benefit of the undersigned or an Immediate Family Member, in each case, for estate
planning purposes;

 

(C)       transfers
by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary, trustee or Immediate
Family Member of the undersigned; and

 

(D)      the establishment
of a trading plan pursuant to Rule 10b-5-1 under the Securities Exchange Act of 1934, as amended, for the transfer of shares of
Common Stock or securities convertible into or exchangeable for Common Stock, provided that such plan does not provide for the
transfer of shares of Common Stock during the Lock-Up Period and no filing or other public announcement shall be made during the
Lock-Up Period;

 

provided that, in the case of any transfer or distribution
pursuant to clauses (B) and (C), it shall be a condition precedent to any such transfer or distribution that (1) the transferee
or recipient agrees to be bound in writing by the same restrictions set forth herein for the duration of the Lock-Up Period, and
(2) any such transfer or distribution shall not involve a disposition for value; and provided, further, that, if
the undersigned Stockholder is a member of the Company Board as of the date hereof, in the event the Stockholder resigns as a member
of the Company Board at or prior to the Closing in connection with the Transaction, then, effective upon such resignation, the
Lock-Up Period shall be from the date hereof until the date that is nine (9) months after the Closing Date.

 

(b)       At
any meeting of stockholders of the Company called to vote upon the Transaction or at any adjournment thereof or in any other circumstances
upon which a vote, consent or other approval (including by written consent) is sought with respect to the Transaction, the Stockholder
shall vote (or cause to be voted) all of its Securities in favor of the Transaction.

 

    	 	2	 

     

    

 

(c)       The
Stockholder shall take, or cause to be taken, all reasonable actions to do or cause to be done, and to assist and cooperate with
the Company and GMS in doing, all things reasonably necessary to consummate and make effective, in the most expeditious manner
practicable, the Transaction, including (i) causing the Company to call the Stockholder Meeting for the purpose of considering,
acting upon and voting upon the approval of the Transaction, (ii) attending, if applicable, the Stockholder Meeting or any adjournment
thereof (or executing valid and effective proxies to any other attending participant of a Stockholder Meeting in lieu of attending
such Stockholder Meeting or any adjournment thereof), and (iii) causing the Company to postpone or adjourn, at GMS’s
request, the Stockholder Meeting (x) in order to solicit additional proxies for the purpose of obtaining the Stockholder Approval
(unless prior to such adjournment the Company shall have received an aggregate number of proxies voting in favor of the Transaction,
which have not been withdrawn, such that the Stockholder Approval will be obtained at such meeting), (y) if a quorum is not present
or (z) in order to allow reasonable additional time for (A) the filing and mailing of, at the reasonable request of GMS, any supplemental
or amended disclosure and (B) such supplemental or amended disclosure to be disseminated to, and reviewed by, the stockholders
of the Company prior to the Stockholder Meeting.

 

(d)       The
Stockholder shall not, and shall cause its Affiliates, and its and their respective Representatives not to, (i) solicit, initiate,
encourage, facilitate (including by way of furnishing any non-public information or providing assistance or access to properties
or assets) any inquiries or any proposal or offer (including any proposal or offer to the Company’s stockholders) in respect
of any Alternative Transaction, (ii) knowingly participate in or enter into any discussions, conversations, negotiations or other
communications regarding, furnish to any other Person any information with respect to, or cooperate with or encourage any effort
or attempt by any other Person to seek to do, any of the foregoing, (iii) grant any person any waiver or release under any standstill
or similar agreement with respect to any class of securities of the Company or any Subsidiary, or (iv) enter into any agreement,
arrangement, understanding, term sheet or letter of intent with respect to any of the foregoing. The Company shall, and shall cause
its Affiliates and its and their Representatives to, immediately cease and terminate any and all existing discussions, conversations,
negotiations and other communications with any and all Persons conducted heretofore with respect to any of the foregoing. The Stockholder
shall notify GMS promptly if any such approach, proposal or offer, or any inquiry or contact with any Person with respect thereto,
is made and shall, in any such notice to GMS, indicate in reasonable detail the identity of the Person making such approach, proposal,
offer, inquiry or contact and the terms and conditions of such approach, proposal, offer, inquiry or contact.

 

(e)       The
Stockholder shall vote (or cause to be voted) its Securities against (i) any Alternative Transaction and (ii) any action, proposal,
transaction or agreement which would reasonably be expected to impede, interfere with, delay, discourage, adversely affect or inhibit
the timely consummation of the Transaction or the fulfillment of GMS’s or the Company’s conditions under the Purchase
Agreement or change in any manner the voting rights of any security of the Company (including by any amendments to the certificate
of incorporation or bylaws of the Company).

 

(f)       The
Stockholder hereby agrees not to commence, institute, maintain or prosecute any claim, derivative or otherwise, (A) against the
Company, any of its Representatives or any of its successors, including claims relating to the negotiation, execution, or delivery
of the Purchase Agreement or the consummation of the Transaction, including any claim alleging a breach of any fiduciary duty of
the Company Board in connection with the Transaction, or (B) challenging the validity of or seeking to enjoin the operation of
any provision of this Agreement.

 

    	 	3	 

     

    

 

2.             Grant
of Irrevocable Proxy Coupled with an Interest; Appointment of Proxy.

 

(a)       The
Stockholder hereby irrevocably (i) grants to GMS and any designee of GMS, alone or together, the Stockholder’s proxy, and
(ii) appoints GMS and any designee of GMS as the Stockholder’s proxy, attorney-in-fact and agent (with full power of substitution
and resubstitution), alone or together, for and in the name, place and stead of the Stockholder, to vote the Securities owned by
the Stockholder, or grant a consent or approval in respect of the Securities owned by the Stockholder, in accordance with Section
1 (b) above, in each case, at any meeting of such stockholders
of the Company or at any adjournment thereof or in any other circumstances upon which their vote, consent or other approval is
sought in favor of the Transaction. The Stockholder agrees to execute such documents or certificates evidencing such proxy
as GMS may reasonably request. The Stockholder acknowledges that it received
and reviewed a copy of the Purchase Agreement prior to executing this Agreement.

 

(b)       The
Stockholder represents that any proxies heretofore given in respect of the Securities are not irrevocable and hereby revokes any
such proxies.

 

(c)       EACH
Stockholder hereby affirms that the proxy set forth in this Section 2 is coupled
with an interest and is irrevocable until such time as this Agreement terminates in accordance with its terms. The Stockholder
hereby further affirms that the irrevocable proxy is given in connection with the execution of the Purchase Agreement and that
such irrevocable proxy is given to secure the performance of the duties of the Stockholder under this Agreement. The Stockholder
hereby ratifies and confirms all that such irrevocable proxy may lawfully do or cause to be done by virtue hereof. Such irrevocable
proxy shall be valid until the termination of this Agreement in accordance with its terms. The power of attorney granted by the
Stockholder is a durable power of attorney and shall survive the bankruptcy, dissolution, death or incapacity of the Stockholder.

 

3.
           Representations and Warranties of the Stockholder. The Stockholder
hereby represents and warrants to GMS as follows:

 

(a)       The
Stockholder has the requisite legal capacity to enter into this Agreement, to carry out his or her obligations hereunder and to
consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Stockholder
and, assuming the due authorization, execution and delivery by GMS, constitutes a legal, valid and binding obligation of the Stockholder,
enforceable against the Stockholder in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency
(including all Laws relating to fraudulent transfers), reorganization, moratorium or similar Laws affecting creditors’ rights
generally and subject to the effect of general principles of equity (regardless of whether considered in a proceeding at law or
in equity).

 

(b)       The
Securities and the certificates (or any book-entry notations used to represent any uncertificated shares of Common Stock) representing
the Securities are now, and at all times during the term hereof will be, held by the Stockholder, or by a nominee or custodian
for the benefit of the Stockholder, and the Stockholder has title to the Securities, free and clear of all Encumbrances (including
voting trusts and voting commitments), except as provided by this Agreement. As of the date of this Agreement, the Stockholder
owns of record or beneficially no shares of Common Stock or any other capital stock of, or any other equity interests in, the Company,
other than the Securities set forth in Exhibit A hereto. The Stockholder has full power to vote the Securities as provided
herein. Neither the Stockholder nor any of the Securities is subject to any voting trust, proxy or other agreement, arrangement
or restriction with respect to the voting or disposition of the Securities, except as otherwise contemplated by this Agreement
or otherwise already revoked.

 

    	 	4	 

     

    

 

(c)       The
execution and delivery of this Agreement by the Stockholder does not, and the performance of this Agreement by the Stockholder
will not, (i) require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Entity,
or (ii) result in the creation of an Encumbrance on any of the Securities, or conflict
with or violate any Law applicable to the Stockholder or any of the Securities, except,
with respect to clause (ii), for any such conflicts, violations or other occurrences that would not, or would not reasonably
be expected to, prevent or materially impair or delay the ability of the Stockholder to perform its obligations hereunder.

 

(d)       The
Stockholder understands and acknowledges that GMS is entering into the Purchase Agreement in reliance upon the Stockholder’s
execution and delivery of this Agreement.

 

(e)       None
of the information relating to the Stockholder and its Affiliates provided by or on behalf of the Stockholder or its Affiliates
for inclusion in the Proxy Statement will, at (i) the time the Proxy Statement (or any amendment thereof or supplement thereto)
is first mailed to the stockholders of the Company, (ii) the time of the Stockholder Meeting, (iii) Closing, contain any untrue
statement of material fact or fail to state any material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Stockholder authorizes and agrees to permit
GMS to publish and disclose in the Proxy Statement any related filings under the securities laws of the United States the Stockholder’s
identity and ownership of Securities and the nature of its commitments, arrangements and understandings under this Agreement and
any other information required by applicable Law.

 

(f)       There
is no Action pending or, to the knowledge of the Stockholder, threatened in writing against the Stockholder or any of its Affiliates
before any Governmental Entity or any arbitrator involving the Company that, if adversely determined against the Stockholder or
its applicable Affiliate, would, or would reasonably be expected to, prevent or materially impair or delay the ability of the Stockholder
to perform its obligations hereunder.

 

4.             Representations
and Warranties of GMS.     GMS hereby represents and warrants to the Stockholder as follows: (a) it has all necessary power
and authority to execute and deliver this Agreement and to perform its obligations hereunder, (b) the execution, delivery and performance
of this Agreement by GMS have been duly and validly authorized by all necessary corporate action on the part of GMS, and (c) this
Agreement has been duly and validly executed and delivered by GMS and, assuming the due authorization, execution and delivery by
the Stockholder, constitutes a legal, valid and binding obligation of GMS enforceable against GMS in accordance with its terms,
subject to the effect of any applicable bankruptcy, insolvency (including all Laws relating to fraudulent transfers), reorganization,
moratorium or similar Laws affecting creditors’ rights generally and subject to the effect of general principles of equity
(regardless of whether considered in a proceeding at law or in equity).

 

    	 	5	 

     

    

 

5.            Further
Assurances.     The Stockholder shall, from time to time, execute and deliver, or cause to be executed and delivered, in each
case without further consideration, such additional or further transfers, assignments, endorsements, consents and other instruments
as GMS may reasonably request for the purpose of effectively carrying out the Stockholder’s obligations under this Agreement
and to vest the power to vote the Securities as contemplated by Section 2. GMS agrees to take, or cause to be taken, (a)
all actions reasonably necessary to comply promptly with all legal requirements that may be imposed with respect to the transactions
contemplated by this Agreement and (b) all actions reasonably necessary or desirable to consummate the transactions contemplated
by this Agreement.

 

6.            Assignment;
Binding Effect.     Neither this Agreement nor any of the rights, interests or obligations hereunder
shall be assigned by any party hereto, in whole or in part (whether pursuant to a merger, by operation of Law or otherwise), without
the prior written consent of the other party, which consent shall not be unreasonably withheld, except that GMS may assign
all or any of its rights and obligations under this Agreement to any of its Affiliates; provided, that no such assignment
shall relieve the assigning party of its obligations under this Agreement if such assignee does not perform such obligations.
Subject to the immediately preceding sentence, this Agreement shall be
binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted
assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement.

 

7.            Termination.     This Agreement,
and all rights and obligations of the parties hereunder, shall terminate upon the first to occur of (a) the Closing, (b) the termination
of the Purchase Agreement in accordance with its terms, or (c) the mutual written agreement of the parties hereto to terminate
this Agreement. In the event of termination of this Agreement pursuant to this Section 7, this Agreement will become null
and void and of no effect with no liability on the part of any party hereto; provided, however, that (i) Section
6, this Section 7 and Section 9 shall survive any such termination, (ii) in the case of a termination of this
Agreement pursuant to Section 7(a), Section 1(a) shall survive in accordance with its terms, and (iii) no such termination
will relieve any party hereto from any liability for any fraud or intentional breach of this Agreement occurring prior to such
termination.

 

8.             Stockholder Capacity.      Notwithstanding
anything to the contrary in this Agreement, the parties acknowledge that (a) the Stockholder is entering into this Agreement solely
in the Stockholder’s capacity as a record and/or beneficial owner of the Common Stock and not in the Stockholder’s
capacity as a director, officer or employee of the Company (if applicable) or in the Stockholder’s capacity as a trustee
or fiduciary of any Company Plans and (b) nothing in this Agreement is intended to restrict or affect any action or inaction of
the Stockholder or any representative of the Stockholder, as applicable, serving on the Company Board or on the board of directors
of any Subsidiary of the Company or as an officer or fiduciary of the Company or any Subsidiary of the Company, acting in such
person’s capacity as a director, officer, employee or fiduciary of the Company or any Subsidiary of the Company.

 

    	 	6	 

     

    

 

9.             General
Provisions.

 

(a)       Expenses.
Except as otherwise set forth in the Purchase Agreement, all expenses
incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such expense,
whether or not the transactions contemplated hereby are consummated.

 

(b)       Waiver.
Any party hereto entitled to the benefits thereof may, to the extent permitted by Law (i) extend the time for the performance
of any of the obligations or other acts of the other party hereto, (ii) waive any inaccuracies in the representations and warranties
contained herein, and (iii) waive compliance with any of the covenants, agreements or conditions contained herein. Any such extension
or waiver shall be valid only if set forth in an instrument in writing signed by the party or parties to be bound thereby. Notwithstanding
the foregoing, no failure or delay by a party hereto in exercising any right hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or future exercise of any other right hereunder.

 

(c)       Notices.
All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or
made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized
overnight courier service or by email transmission (upon confirmation of receipt and with a confirmatory copy sent by an internationally
recognized overnight courier service) to the respective parties hereto at the following addresses (or at such other address for
a party as shall be specified in a notice given in accordance with this Section 9(c)):

 

If to GMS:

 

GMS Tenshi Holdings Pte. Limited

36 Robinson Road

#13-01

City House

Singapore 06887

Email:info@gmsholdings.com

Attention: Executive Director

 

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

 

Shearman & Sterling LLP

599 Lexington Avenue

New York, NY 10022

Email: brien.wassner@shearman.com

Attention: Brien Wassner

 

If to the Stockholder:

 

As set forth set forth in Exhibit A
hereto.

 

    	 	7	 

     

    

 

(d)       Interpretation
and Rules of Construction. When a reference is made in this
Agreement to an Exhibit or a Section, such reference shall be to an Exhibit or a Section of this Agreement unless otherwise indicated.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof”, “hereto”,
“hereby”, “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “or” is not
exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or
other thing extends, and such phrase shall not mean simply “if”. The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms. Any agreement, instrument or Law defined or referred to herein means
such agreement, instrument or Law as from time to time amended, modified or supplemented, unless otherwise specifically indicated.
References to a Person are also to its successors and permitted assigns. When calculating the period of time before which, within
which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in
calculating such period shall be excluded, and if the last day of such period is not a Business Day, the period shall end on the
immediately following Business Day. Each of the parties hereto has participated in the drafting and negotiation of this Agreement.
If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the
parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of
any of the provisions of this Agreement. References to “days” shall mean “calendar days” unless expressly
stated otherwise. No specific provision, representation or warranty shall limit the applicability of a more general provision,
representation or warranty. It is the intent of the parties hereto that each representation, warranty, covenant, condition and
agreement contained in this Agreement shall be given full, separate, and independent effect and that such provisions are cumulative.
Any reference in this Agreement to a date or time shall be deemed to be such date or time in the City of New York, New York, U.S.A.,
unless otherwise specified.

 

(e)       Entire
Agreement; Amendment. This Agreement, taken together with the
Purchase Agreement, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and thereof
and supersedes all prior agreements and undertakings, both written and oral, among the parties hereto, or any of them, with respect
to the subject matter hereof and thereof. This Agreement may not be amended
except by an instrument in writing signed on behalf of each of the parties hereto.

 

    	 	8	 

     

    

 

(f)       Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdictions) that would cause the application of the laws of any jurisdiction other than the State of New
York. The parties hereto hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the courts of
the State of New York and the United States of America, in each case located in the County of New York, for any Action 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 (whether brought by any party or any of its Affiliates or against any party or any of its Affiliates). Consistent with the
preceding sentence, each of the parties hereto hereby (i) submits to the exclusive jurisdiction of such courts for the purpose
of any Action arising out of or relating to this Agreement brought by either party hereto, (ii) agrees that service of process
will be validly effected by sending notice in accordance with Section 9(c), (iii) irrevocably waive, and agree not
to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an
inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated by this Agreement
may not be enforced in or by any of the above named courts, and (iv) agrees not to move to transfer any such Action to a court
other than any of the above-named courts. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 9(f).

 

(g)       Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law,
or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the Transaction is not affected in any manner materially adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually
acceptable manner in order that the Transaction be consummated as originally contemplated to the fullest extent possible.

 

(h)       Specific
Performance. The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Each party agrees that,
in the event of any breach or threatened breach by the other party of any covenant or obligation contained in this Agreement, the
non-breaching party shall be entitled (in addition to any other remedy that may be available to it whether in law or equity, including
monetary damages) to (i) an Order of specific performance to enforce the observance and performance of such covenant or obligation,
and (ii) an injunction restraining such breach or threatened breach. Each party further agrees that neither the other party
nor any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition
to obtaining any remedy referred to in this Section 9(h),
and each party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar
instrument.

 

    	 	9	 

     

    

 

(i)       Counterparts.
This Agreement may be executed and delivered (including by facsimile transmission or other means of electronic transmission, such
as by electronic mail in “pdf” form) in counterparts, and by the different parties hereto in separate counterparts,
each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement.

 

[Signature page follows]

 

    	 	10	 

     

    

  

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first written above.

 

	 	 	GMS Tenshi holdings pte. LIMITED

 

	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

[Voting and Lock-Up Agreement ([Insert
Insider Name]) Signature Page]

 

    	 	 	 

     

    

 

	 	 	[STOCKHOLDER]

 

	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

[Voting and Lock-Up Agreement ([Insert
Insider Name]) Signature Page]

 

    	 	 	 

     

    

 

Exhibit A

 

Stockholder Security Ownership

 

	 	 	Number Shares of Common
    Stock
	Name
    and Address of Stockholder	 	Beneficially
    Owned by Stockholder
	 	 	 
	_________________	 	______ shares of Common Stock
	_________________	 	 
	_________________	 	 
	_________________

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