Document:

Exhibit 10.69

   

  

  SECURITY AGREEMENT

   

  THIS SECURITY AGREEMENT
    dated as of November 14, 2022 (this “Agreement”), is made by SANUWAVE Health, Inc., a corporation organized
    under the laws of Nevada (the “Borrower”), having an address of 11495 Valley View Road, Eden Prairie, MN 55344,
    in favor of the lenders set forth on the signature pages hereto (together with their successors and permitted assigns, the “Lenders”).

   

  WITNESSETH:

   

  WHEREAS, the Borrower
    is indebted to Lenders pursuant to Future Advance Convertible Promissory Notes, dated as of November 14, 2022, in the aggregate
    principal amount of $3,981,950 (together with any and all extensions, renewals, or modifications thereof, the “Notes”),
    executed by the Borrower in favor of the Lenders;

   

  WHEREAS, the Notes
    evidence a loan (the “Loan”) being made by the Lenders to the Borrower pursuant to a securities purchase agreement
    (together with any and all amendments or modifications thereof, the “Purchase Agreement”) between the Borrower
    and the Lenders dated as of November 14, 2022; and

   

  WHEREAS, the Borrower
    desires to secure its obligations under the Notes by granting the Lenders a security interest pursuant to this Agreement.

   

  NOW, THEREFORE, in
    consideration of the promises contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency
    of which are hereby acknowledged, the parties to this Agreement agree as follows:

   

  1.            Definitions. In addition to the terms
    defined elsewhere in this Agreement, capitalized terms that
    are not otherwise defined herein have the meanings given to such terms in the Notes.

   

  2.            Grant
      of Security Interest. As security for the full and punctual payment of the Principal amount (including amounts representing
    accrued Interest on the Notes) when due and payable (whether upon stated maturity or otherwise), the Borrower does hereby pledge,
    assign, transfer and deliver to the Lenders a continuing and unconditional security interest in and to any and all property of
    the Borrower, of any kind or description, tangible or intangible, wheresoever located and whether now existing or hereafter arising
    or acquired, including but not limited to, all of the following (all of which property, along with the products and proceeds therefrom,
    are individually and collectively referred to as the “Collateral”):

   

  (a)         All
    goods (and embedded computer programs and supporting information included within the definition of “goods” under the
    Uniform Commercial Code as adopted and in effect in the State of New York, as amended from time to time (the “Code”))
    and equipment now owned or hereafter acquired, including, without limitation, all laboratory equipment, computer equipment, office
    equipment, machinery, fixtures, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing, and
    all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever
    located;

   

  (b)    
       All inventory now owned or hereafter acquired, including, without limitation, all merchandise, raw materials,
    parts, supplies, packing and shipping materials, work in process and finished products including such inventory as is
    temporarily out of the Borrower’s custody or possession or in transit and including any returns upon any accounts or
    other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any
    documents of title representing any of the above, and the Borrower’s books relating to any of the foregoing;

  
    

    
      

    

  

  (c)         All
    contract rights and general intangibles, including intellectual property, now owned or hereafter acquired, including, without limitation,
    goodwill, license agreements, franchise agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements,
    claims, software, computer programs, computer disks, computer tapes, literature, reports, catalogs, design rights, income tax refunds,
    payment intangibles, commercial tort claims, payments of insurance and rights to payment of any kind;

   

  (d)         All
    now existing and hereafter arising accounts, contract rights, royalties, license rights, license fees and all other forms of obligations
    owing to the Borrower arising out of the sale or lease of goods, the licensing of technology or the rendering of services by the
    Borrower (subject, in each case, to the contractual rights of third parties to require funds received by the Borrower to be expended
    in a particular manner), whether or not earned by performance, and any and all credit insurance, guaranties, and other security
    therefor, as well as all merchandise returned to or reclaimed by the Borrower and the Borrower’s books relating to any of
    the foregoing;

   

  (e)         All
    documents, cash, deposit accounts, letters of credit (whether or not the letter of credit is evidenced by a writing), certificates
    of deposit, instruments, promissory notes, chattel paper (whether tangible or electronic) and investment property, including, without
    limitation, all securities, whether certificated or uncertificated, security entitlements, securities accounts, commodity contracts
    and commodity accounts, and all financial assets held in any securities account or otherwise, wherever located, now owned or hereafter
    acquired and the Borrower’s books relating to the foregoing; and

   

  (f)          Any
    and all claims, rights and interests in any of the above and all substitutions for, additions and accessions to and proceeds thereof,
    including, without limitation, insurance, condemnation, requisition or similar payments and proceeds of the sale or licensing of
    intellectual property;

   

  provided, that notwithstanding anything
    herein to the contrary, the Collateral shall not include (i) any title to or interest in that certain Master Equipment Lease (as
    amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Master Lease”),
    or any equipment lease schedule executed by the Borrower from time to time pursuant to the Master Lease (each, a “Schedule”),
    and the personal property described in each Schedule, together with all replacements, parts, repairs, additions, attachments and
    accessories incorporated therein, and (ii) now existing and hereafter arising accounts owing to the Borrower.

   

  3.             Indebtedness
      Secured. This Agreement and the security interests granted herein secure the following obligations (collectively, the “Obligations”):
    (a) the obligations of the Borrower to the Lenders under the Notes; (b) the obligations of the Borrower to the Lenders under the
    Purchase Agreement; (c) any and all advances or expenditures made by the Lenders pursuant to the terms of this Agreement; (d) attorneys’
    fees, court costs, and other amounts which may be due under the Notes, Purchase Agreement or this Agreement; and (e) any and all
    other indebtedness of the Borrower to the Lenders, now existing or hereafter arising, of whatever class or nature, individually
    or collectively, whether direct or indirect, joint or several, absolute or contingent, due or to become due, and whether or not
    now contemplated by the parties, including future advances; and any and all extensions, renewals, and modifications of any of the
    foregoing.

   

  4.            Authorization
      To File Financing Statements. The Borrower hereby irrevocably authorizes the Lenders at any time and from time to time to file
    in any filing office in any Uniform Commercial Code jurisdiction any initial financing statements and amendments to this Agreement
    that: (a) indicate the Collateral, and (b) provide any other information required by part 5 of Article 9 of the Code or the Uniform
    Commercial Code of such other jurisdiction for the sufficiency or filing office acceptance of any financing statement or amendment,
    including whether the Borrower is an organization, the type of organization and any organizational identification number issued
    to the Borrower.

  
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  5.            Relation
      to Other Security Documents. The provisions of this Agreement supplement and are cumulative with, and not in lieu of, the provisions
    of any and all other security agreements, mortgages, assignments, and other security documents executed by the Borrower or any
    third party in favor of the Lenders as security for the Obligations; provided that the Borrower will (i) provide a list of all
    other secured lenders (“Other Lenders”) and (ii) obtain an intercreditor agreement from each Other Lender (with
    the exception of (x) NH Expansion Credit Fund Holdings LP and (y) with respect to assets owned by NFS Leasing, Inc., a Massachusetts
    corporation, and leased to the Borrower) that the Lenders’ security interest is pari passu to their security interest
    with respect to seniority. For the avoidance of doubt, the Borrower and the Lenders acknowledge that the rights and obligations
    of the parties hereto are subject to the Subordination Agreement, dated as of November 14, 2022, between the Lenders and NH Expansion
    Credit Fund Holdings LP.

   

  6.            Representations
      and Warranties Concerning Borrower’s Legal Status. The Borrower hereby represents and warrants to the Lenders as follows:
    (a) the Borrower’s exact legal name is that indicated in this Agreement and on the signature page hereof, (b) the Borrower
    is an organization of the type, and is organized in the jurisdiction, set forth above in this Agreement, and (c) the Borrower’s
    place of business and mailing address is the address set forth above.

   

  7.            Covenants
      Concerning Borrower’s Legal Status. The Borrower covenants with the Lenders as follows: (a) without providing written
    notice within ten (10) calendar days thereof to the Lenders, the Borrower will not change its name, its place of business or, if
    more than one, chief executive office, or its mailing address or organizational identification number if it has one, (b) if the
    Borrower does not have an organizational identification number and later obtains one, the Borrower will forthwith notify the Lenders
    of such organizational identification number, and (c) the Borrower will not change its type of organization, jurisdiction of organization,
    or other legal structure.

   

  8.            Covenants
      Concerning Collateral, etc. The Borrower further covenants with the Lenders as follows: (a) [reserved], (b) except for Permitted
    Liens, the Borrower shall be the owner of the Collateral free from any right or claim of any other person or any lien, security
    interest or other encumbrance, and the Borrower shall defend the same against all claims and demands of all persons at any time
    claiming the same or any interests in this Agreement adverse to the Lenders, (c) the Borrower shall not pledge, mortgage or create,
    or suffer to exist any right of any person in or claim by any person to the Collateral, or any security interest, lien or other
    encumbrance in the Collateral in favor of any person, other than the Lenders, (d) the Borrower will permit the Lenders, or their
    designee, to inspect the Collateral at any reasonable time, (e) the Borrower will pay promptly or cause to be paid when due all
    taxes, assessments, governmental charges and levies upon the Collateral or incurred in connection with the use or operation of
    such Collateral or incurred in connection with this Agreement (not including those taxes, assessments, charges or levies which
    are being diligently contested in good faith and by appropriate proceedings, and such contest operates to suspend collection of
    such contested taxes, assessments, charges and levies) and (f) no transfer or license to any intellectual property will be made
    without the Lenders’ prior written consent.

   

  9.             Insurance.
    The Borrower will maintain or cause to be maintained insurance with respect to the Collateral pursuant to the terms of the Notes.

  
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  10.          Collateral
      Protection Expenses; Preservation of Collateral.

   

  (a)          Expenses
      Incurred by a Lender. In any Lender’s discretion, if the Borrower fails to do so, a Lender may discharge taxes and other
    encumbrances at any time levied or placed on any of the Collateral, make repairs under this Agreement and pay any necessary filing
    fees or insurance premiums. The Borrower agrees to reimburse such Lender on demand for all expenditures so made. No Lender shall
    have any obligation to the Borrower to make any such expenditures, nor shall the making of such expenditures be construed as a
    waiver or cure any Event of Default.

   

  (b)         Lenders’
      Obligations and Duties. Anything in this Agreement to the contrary notwithstanding, the Borrower shall remain obligated and
    liable under each contract or agreement comprised in the Collateral to be observed or performed by the Borrower thereunder. The
    Lenders shall not have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement
    or the receipt by a Lender of any payment relating to any of the Collateral, nor shall the Lenders be obligated in any manner to
    perform any of the obligations of the Borrower under any such contract or agreement, to make inquiry as to the nature or sufficiency
    of any payment received by a Lender in respect of the Collateral or as to the sufficiency of any performance by any party under
    any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment
    of any amounts which may have been assigned to a Lender or to which a Lender may be entitled at any time or times.

   

  11.          Rights
      and Remedies. If an Event of Default shall have occurred and be continuing, the Lenders, without any other notice to or demand
    upon the Borrower, shall have in any jurisdiction in which enforcement hereof is sought, in addition to all other rights and remedies,
    the rights and remedies of a secured party under the Code and any additional rights and remedies as may be provided to a secured
    party in any jurisdiction in which Collateral is located, including, without limitation, the right to take possession of the Collateral,
    and for that purpose the Lenders may, so far as the Borrower can give authority therefor, enter upon any premises on which the
    Collateral may be situated and remove the same therefrom. The Lenders may in their discretion require the Borrower to assemble
    all or any part of the Collateral at such location or locations within the jurisdiction(s) of the Borrower’s principal office(s)
    or at such other locations as the Lenders may reasonably designate. Unless the Collateral is perishable or threatens to decline
    speedily in value or is of a type customarily sold on a recognized market, the Lenders shall give to the Borrower at least five
    (5) Business Days’ (as defined in the Purchase Agreement) prior written notice of the time and place of any public sale of
    Collateral or of the time after which any private sale or any other intended disposition is to be made. The Borrower hereby acknowledges
    that five (5) Business Days’ prior written notice of such sale or sales shall be reasonable notice. In addition, the Borrower
    waives any and all rights that it may have to a judicial hearing in advance of the enforcement of any of the Lenders’ rights
    and remedies hereunder, including, without limitation, its right following an Event of Default to take immediate possession of
    the Collateral and to exercise its rights and remedies with respect to this Agreement.

   

  12.          Standards
      for Exercising Rights and Remedies. To the extent that applicable law imposes duties on the Lenders to exercise remedies in
    a commercially reasonable manner, the Borrower acknowledges and agrees that it is not commercially unreasonable for the Lenders:
    (a) to fail to incur expenses reasonably deemed significant by the Lenders to prepare Collateral for disposition or otherwise to
    fail to complete raw material or work in process into finished goods or other finished products for disposition, (b) to fail to
    obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail
    to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of,
    (c) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral
    is of a specialized nature, (d) to contact other persons, whether or not in the same business as the Borrower, for expressions
    of interest in acquiring all or any portion of the Collateral, (e) to hire one or more professional auctioneers to assist in the
    disposition of Collateral, whether or not the Collateral is of a specialized nature, (f) to dispose of Collateral by using Internet
    sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of
    doing so, or that match buyers and sellers of assets, (g) to dispose of assets in wholesale rather than retail markets, (h) to
    disclaim disposition warranties, or (i) to the extent deemed appropriate by the Lenders, to obtain the services of brokers, consultants,
    and other professionals to assist the Lenders in the collection or disposition of any of the Collateral. The Borrower acknowledges
    that the purpose of this Section is to provide non-exhaustive indications of what actions or omissions by the Lenders would fulfill
    the Lenders’ duties under the Code or the Uniform Commercial Code of any other relevant jurisdiction in the Lenders’
    exercise of remedies against the Collateral and that other actions or omissions by the Lenders shall not be deemed to fail to fulfill
    such duties solely on account of not being indicated in this Section. Without limitation upon the foregoing, nothing contained
    in this Section shall be construed to grant any rights to the Borrower or to impose any duties on the Lenders that would not have
    been granted or imposed by this Agreement or by applicable law in the absence of this Section.

  
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  13.          No
      Waiver by Lenders, etc. The Lenders shall not be deemed to have waived any of their rights and remedies in respect of the Obligations
    or the Collateral unless such waiver shall be in writing and signed by each Lender. No delay or omission on the part of the Lenders
    in exercising any right or remedy shall operate as a waiver of such right or remedy or any other right or remedy. A waiver on any
    one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion. All rights and remedies
    of the Lenders with respect to the Obligations or the Collateral, whether evidenced hereby or by any other instrument or papers,
    shall be cumulative and may be exercised singularly, alternatively, successively or concurrently at such time or at such times
    as the Lenders deems expedient.

   

  14.          Suretyship
      Waivers by Borrower. The Borrower waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made,
    credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices of
    any description. With respect to both the Obligations and the Collateral, the Borrower assents to any extension or postponement
    of the time of payment or any other indulgence, to any substitution, exchange or release of or failure to perfect any security
    interest in any Collateral, to the addition or release of any party or person primarily or secondarily liable, to the acceptance
    of partial payment thereon and the settlement, compromising or adjusting of any thereof, all in such manner and at such time or
    times as the Lenders may deem advisable. The Lenders shall have no duty for the collection or protection of the Collateral or any
    income from the Collateral, the preservation of rights against prior parties, or the preservation of any rights pertaining to this
    Agreement. The Borrower further waives any and all other suretyship defenses.

   

  15.          Marshalling.
    The Lenders shall not be required to marshal any present or future collateral security (including but not limited to the Collateral)
    for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other assurances
    of payment in any particular order, and all of their rights and remedies hereunder and in respect of such collateral security and
    other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising.
    To the extent that it lawfully may, the Borrower hereby agrees that it will not invoke any law relating to the marshalling of collateral
    which might cause delay in or impede the enforcement of the Lenders’ rights and remedies under this Agreement or under any
    other instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which
    any of the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Borrower
    hereby irrevocably waives the benefits of all such laws.

   

  16.          Proceeds
      of Dispositions; Expenses. The Borrower shall pay to any Lender on demand any and all expenses, including reasonable attorneys’
    fees and disbursements, incurred or paid by such Lender in protecting, preserving, or enforcing the Lenders’ rights and remedies
    under or in respect of any of the Obligations or any of the Collateral. After deducting all of said expenses, the residue of any
    proceeds of collection or sale or other disposition of Collateral shall, to the extent actually received in cash, be applied to
    the payment of the Obligations in such order or preference as the Lenders may determine, proper allowance and provision being made
    for any Obligations not then due. In the absence of final payment and satisfaction in full of all of the Obligations, the Borrower
    shall remain liable for any deficiency.

  
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  17.          Overdue
      Amounts. Until paid, all amounts due and payable by the Borrower hereunder shall be a debt secured by the Collateral and shall
    bear, whether before or after judgment, interest at the Default Interest Rate.

   

  18.          Governing
      Law; Consent to Jurisdiction. THIS AGREEMENT IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED BY, AND
    CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The Borrower agrees that any action or claim arising out of any
    dispute in connection with this Agreement, any rights or obligations hereunder or the performance or enforcement of such rights
    or obligations may be brought in the courts of the State of New York or any Federal court sitting in the State of New York and
    consents to the non-exclusive jurisdiction of such court and to service of process in any such suit being made upon the Borrower
    by mail at the address set forth above. The Borrower hereby waives any objection that it may now or hereafter have to the venue
    of any such suit or any such court or that such suit is brought in an inconvenient court.

   

  19.          Waiver
      of Jury Trial. THE BORROWER WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE
    IN CONNECTION WITH THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OR ENFORCEMENT OF ANY SUCH RIGHTS OR
    OBLIGATIONS. Except as prohibited by law, the Borrower waives any right which it may have to claim or recover in any litigation
    referred to in the preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or in
    addition to, actual damages. The Borrower (i) certifies that no Lender nor any representative, agent or attorney of any Lender
    has represented, expressly or otherwise, that no Lender would, in the event of litigation, seek to enforce the foregoing waivers
    or other waivers contained in this Agreement and (ii) acknowledges that, in making the Loan evidenced by the Notes, the Lenders
    are relying upon, among other things, the waivers and certifications contained in this Section.

   

  20.          Miscellaneous.
    The headings of each section of this Agreement are for convenience only and shall not define or limit the provisions thereof. This
    Agreement and all rights and obligations hereunder shall be binding upon the Borrower and its successors and permitted assigns,
    and shall inure to the benefit of the Lender and its successors and permitted assigns. If any term of this Agreement shall be held
    to be invalid, illegal or unenforceable, the validity of all other terms hereof shall in no way be affected thereby, and this Agreement
    shall be construed and be enforceable as if such invalid, illegal or unenforceable term had not been included in this Agreement.
    The Borrower acknowledges receipt of a copy of this Agreement.

   

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  IN WITNESS WHEREOF,
    intending to be legally bound, the Borrower has caused this Agreement to be duly executed as of the date first above written.

    

  	 	BORROWER: 	 
	 	 	 
	 	SANUWAVE HEALTH, INC.	 
	 	 	 	 
	 	By:	 /s/ Kevin A. Richardson II	 
	 	Name:	 Kevin A. Richardson II	 
	 	Title: 	Chief Executive Officer 	 

    

  [Signature Page to Security Agreement]

    

  
    

    
      

    

  

  IN WITNESS WHEREOF,
    intending to be legally bound, each Lender has caused this Agreement to be duly executed as of the date first above written.

    

  	 	LENDER:	 
	 	 	 
	 	[●]	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 

    

  [Signature Page to Security Agreement]Exhibit 10.70

   

  REGISTRATION RIGHTS AGREEMENT

   

  THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as
      of November 14, 2022 (the “Closing Date”), by and among SANUWAVE Health, Inc., a Nevada corporation (the “Company”), and each lender identified on the signature pages hereto (including their successors and assigns, the “Lenders,”
      and each, a “Lender”).

   

  RECITALS

   

  WHEREAS, the Company and the Lenders are parties to a certain Securities
      Purchase Agreement (the “Purchase Agreement”), dated as of the date hereof, as such may be amended and supplemented from time to time, pursuant to which the Company has issued to each Lender a certain Future Advance Convertible Promissory
      Note, dated as of the date hereof, as such may be amended and supplemented from time to time (the “Note”);

   

  WHEREAS, the Company and the Lenders are parties to Common Stock
      Purchase Warrants (the “Warrants”) of even date herewith for the purchase of an aggregate of 199,097,500 shares of Common Stock;

   

  WHEREAS, the Lenders’ obligations under the Purchase Agreement and the
      Notes are conditioned upon certain registration rights under the Securities Act of 1933, as amended (the “Securities Act”); and

   

  WHEREAS, the Lenders and the Company desire to provide for the rights of
      registration under the Securities Act as are provided herein upon the execution and delivery of this Agreement by the Lenders and the Company.

   

  NOW, THEREFORE, in consideration of the promises, covenants and
      conditions set forth herein, the parties hereto hereby agree as follows:

   

  1. Registration Rights.

   

  1.1 Definitions. Capitalized terms not otherwise defined herein shall have the
      meaning ascribed to them in the Purchase Agreement. As used in this Agreement, the following terms shall have the meanings set forth below:

   

  (a)       “Business Day” means any day except Saturday, Sunday and
      any day which shall be a legal holiday or a day on which banking institutions in the State of New York generally are authorized or required by law or other government actions to close.

   

  (b)       “Commission” means the United States Securities and
      Exchange Commission.

   

  (c)       “Common Stock” means the Company’s common stock, par
      value $0.001.

   

  (d)       “Effectiveness Date” means the 180th day following the
      Closing Date.

   

  
    

    
      
 

  

   

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

   

  (f)        “Filing Date” means sixty (60) days after the Closing
      Date.

   

  (g)        “Holder” or “Holders” means the holder or
      holders, as the case may be, from time to time of Registrable Securities.

   

  (h)        “Person” means an individual or corporation,
      partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

   

  (i)        The terms “register,” “registered” and “registration”
      refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document.

   

  (j)       “Registrable Securities” means all of the shares of
      Common Stock issuable upon conversion of the Notes and exercise of the Warrants issued pursuant to the Purchase Agreement as of the effective date of the registration statement described in Section 1.2(a) below; provided, however,
      that Registrable Securities shall not include any securities of the Company that have previously been registered and remain subject to a currently effective registration statement or which have been sold to the public either pursuant to a
      registration statement or Rule 144, or which have been sold in a private transaction in which the transferor’s rights under this Section 1 are not assigned.

   

  (k)       “Registration Statement” means any registration statement
      of the Company filed under the Securities Act that covers the resale of any of the Registrable Securities, including amendments and supplements to any such registration statement, including pre- and post-effective amendments, all exhibits thereto,
      and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

   

  (l)       “Rule 144” means Rule 144 as promulgated by the
      Commission under the Securities Act, as such rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission.

   

  (m)     “Rule 415” means Rule 415 as promulgated by the Commission
      under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission.

   

  1.2          Company Registration.

   

  (a) On or prior to the Filing Date, the Company shall prepare and file
      with the Commission a Registration Statement covering the Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-1 or, if the Company is so eligible, on Form S-3
      (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-1 or Form S-3, as the case may be, in which case such registration shall be on another appropriate form in accordance herewith) and shall contain
      (unless otherwise directed by Holders holding an aggregate of at least a majority of the Registrable Securities on a fully diluted basis) substantially the “Plan of Distribution” attached hereto as Annex A. The Company shall cause the
      Registration Statement to become effective and remain effective as provided herein. The Company shall use its reasonable best efforts to cause the Registration Statement to be declared effective under the Securities Act as soon as possible and, in
      any event, by the Effectiveness Date. The Company shall use its best efforts to keep the Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement have been sold or
      may be sold without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, as determined by the counsel to the Company (the “Effectiveness Period”).

   

  
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  (b) The Company shall prepare and file with the Commission such
      amendments, including post-effective amendments, to the Registration Statement as may be necessary to keep the Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file
      with the Commission such additional Registration Statements as necessary in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related prospectus to be amended or supplemented by any required
      prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; (iii) respond as promptly as possible, but in no event later than twenty (20)
      Business Days, to any comments received from the Commission with respect to the Registration Statement or any amendment thereto and as promptly as possible provide the Holders true and complete copies of all correspondence from and to the Commission
      relating to the Registration Statement; (iv) file the final prospectus pursuant to Rule 424 of the Securities Act no later than two (2) Business Days following the date the Registration Statement is declared effective by the Commission; and (v)
      comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by the Registration Statement during the Effectiveness Period in accordance with the
      intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such prospectus as so supplemented.

   

  (c) If during the Effectiveness Period, the number of Registrable
      Securities at any time exceeds 100% of the number of shares of Common Stock then registered in the Registration Statement, the Company shall file as soon as reasonably practicable an additional Registration Statement covering the resale of not less
      than the number of such Registrable Securities.

   

  (d) The Company shall bear and pay all costs and expenses incurred in
      connection with any registration, filing or qualification of Registrable Securities with respect to the registrations pursuant to this Agreement for each Holder, including (without limitation) all registration, filing and qualification fees,
      printer’s fees, accounting fees and fees and disbursements of counsel for the Company, but excluding any brokerage or underwriting fees, discounts and commissions relating to Registrable Securities and fees and disbursements of counsel for the
      Holders. The Company shall also pay for the services of one (1) counsel or advisor, for all Lenders, to review the Registration Statement. The Company covenants it will provide the proposed Registration Statement to Holders and their counsel at least
      two (2) Business Days before filing for their review and comment. The Company agrees that any such Registration Statement shall be subject to the review and reasonable comment of such counsel who shall, if requested, have a reasonable opportunity to
      participate in the preparation of such documents in order to facilitate the disposition of the Registrable Securities owned by such Holders.

   

  
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  (e) If at any time during the Effectiveness Period there is not an
      effective Registration Statement covering all of the Registrable Securities, then the Company shall notify each Holder in writing at least fifteen (15) days prior to the filing of any registration statement under the Securities Act, in connection
      with a public offering of shares of Common Stock (including, but not limited to, registration statements relating to secondary offerings of securities of the Company but excluding any registration statements (i) on Form S-4 or S-8 (or any successor
      or substantially similar form), or of any employee stock option, stock purchase or compensation plan or of securities issued or issuable pursuant to any such plan, or a dividend reinvestment plan, (ii) otherwise relating to any employee, benefit plan
      or corporate reorganization or other transactions covered by Rule 145 promulgated under the Securities Act, or (iii) on any registration form which does not permit secondary sales or does not include substantially the same information as would be
      required to be included in a Registration Statement. In the event a Holder desires to include in any such registration statement all or any part of the Registrable Securities held by such Holder, the Holder shall within ten (10) days after the
      above-described notice from the Company, so notify the Company in writing, including the number of such Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable
      Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be
      filed by the Company with respect to the offering of securities, all upon the terms and conditions set forth herein.

   

  1.3 Obligations of the Company. Whenever required under this
      Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

   

  (a) Prepare and file with the Commission a Registration Statement with
      respect to such Registrable Securities and use its best efforts to cause such Registration Statement to become effective and to keep such Registration Statement effective during the Effectiveness Period;

   

  (b) Prepare and file with the Commission such amendments and supplements
      to such Registration Statement and the prospectus used in connection with such Registration Statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by
      such Registration Statement;

   

  (c) Furnish to the Holders, at no cost or expense to the Holders, such
      numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable
      Securities owned by them (provided that the Company would not be required to print such prospectuses if readily available to Holders on the EDGAR filing database maintained at www.sec.gov);

   

  
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  (d) Use its reasonable best efforts to register and qualify the
      Registrable Securities covered by such Registration Statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by a Holder; provided that the Company shall not be required in connection therewith or
      as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

   

  (e) In the event of any underwritten public offering, enter into and
      perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering (each Holder participating in such underwriting shall also enter into and perform its obligations under such an
      agreement);

   

  (f) Promptly notify each Holder holding Registrable Securities covered by
      a Registration Statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act, within one (1) Business Day, (i) of the effectiveness of such Registration Statement, or (ii) of the happening of any event
      as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
      therein not misleading in the light of the circumstances then existing;

   

  (g) Cause all such Registrable Securities registered pursuant hereto to be
      listed on each securities exchange or nationally recognized quotation system on which similar securities issued by the Company are then listed;

   

  (h) Provide a transfer agent and registrar for all Registrable Securities
      registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

   

  (i) Comply in all material respects with all applicable rules and
      regulations of the Commission and make generally available to its security holders all documents filed or required to be filed with the Commission, including, but not limited, to, earning statements satisfying the provisions of Section 11(a) of the
      Securities Act and Rule 158 not later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) commencing on the first day of the first fiscal quarter of the Company after the
      effective date of the Registration Statement, which statement shall conform to the requirements of Rule 158;

   

  (j) If requested by the Holders of a majority in interest of the
      Registrable Securities, (i) promptly incorporate in a prospectus supplement or post-effective amendment to the Registration Statement such information as the Company reasonably agrees should be included therein and (ii) make all required filings of
      such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment;

   

  (k) Cooperate with the Holders to facilitate the timely preparation and
      delivery of certificates (if such securities are certificated) representing Registrable Securities to be sold pursuant to a Registration Statement, which certificates, to the extent permitted by the Purchase Agreement and applicable federal and state
      securities laws, shall be free of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as specified by each Holder in connection with any sale of Registrable Securities; and

   

  
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  (l) If the Registration Statement refers to any Holder by name or
      otherwise as the holder of any securities of the Company, then such Holder shall have the right to require (if such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force) the
      deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required.

   

  1.4 Obligations of the Holders.

   

  (a) The Company may require each selling Holder to furnish to the Company
      a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and the natural persons thereof that have voting and dispositive control over the Registrable Securities. During any periods that the Company is unable
      to meet its obligations hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within five (5) Business Days of the Company’s request, any liquidated damages that are
      accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only until such information is delivered to the Company;

   

  (b) Each Holder covenants and agrees that it will not sell any Registrable
      Securities under the Registration Statement until the Company has electronically filed the prospectus as then amended or supplemented as contemplated in Section 1.3(b); and

   

  (c) Each Holder agrees by its acquisition of Registrable Securities that,
      upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 1.3(f), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s
      receipt of the copies of the supplemented prospectus and/or amended Registration Statement contemplated by Section 1.3(j), or until it is advised in writing by the Company that the use of the applicable prospectus may be resumed, and, in either case,
      has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such prospectus or Registration Statement.

   

  1.5 Permitted Postponements or Suspensions. If (i) there is
      material non-public information regarding the Company which the Company’s Board of Directors (the “Board”) determines not to be in the Company’s best interest to disclose and which the Company is not otherwise required to disclose, (ii) there is a
      significant business opportunity (including, but not limited to, the acquisition or disposition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer or other similar transaction) available to the
      Company which the Board determines not to be in the Company’s best interest to disclose, or (iii) the Company is required to file a post-effective amendment to the Registration Statement to incorporate the Company’s annual reports and audited
      financial statements on Forms 10-K, then the Company may (x) postpone or suspend filing of a Registration Statement for a period not to exceed thirty (30) consecutive days or (y) postpone or suspend effectiveness of a Registration Statement for a
      period not to exceed thirty (30) consecutive days; provided that the Company may not postpone or suspend effectiveness of a Registration Statement under this Section 1.5 for more than sixty (60) days in the aggregate during any three hundred sixty
      (360) day period; provided further, that no such postponement or suspension shall be permitted for consecutive thirty (30) day periods arising out of the same set of facts, circumstances or transactions.

   

  
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  1.6 Furnish Information. It shall be a condition precedent to
      the Company’s obligations to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding such Holder, the Registrable Securities
      held by such Holder, and the intended method of disposition of such securities in the form attached to this Agreement as Annex B, or as otherwise reasonably required by the managing underwriters, if any, to effect the registration of such Holder’s
      Registrable Securities.

   

  1.7 Delay of Registration. No Holder shall have any right to
      obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1.

   

  1.8 Indemnification.

   

  (a) To the extent permitted by law, the Company will indemnify and hold
      harmless each Holder, any underwriter (as defined in the Securities Act) for such Holder and each of their directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
      Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls each Holder and underwriter (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
      officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling Person and their
      respective heirs, personal representatives, successors and assigns, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become subject under the Securities Act, the Exchange Act or other
      federal or state securities law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof), as determined by a final judgment of a court of competent jurisdiction from which no appeal may be taken, arise out of or are
      based upon any of the following statements, omissions or violations (collectively, a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in a Registration Sstatement, including any preliminary
      prospectus or final prospectus contained therein or any amendments or supplements thereto (collectively, the “Filings”), (ii) the omission or alleged omission to state in the Filings a material fact required to be stated therein, or necessary
      to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange
      Act or any state securities law, as determined by a final judgment of a court of competent jurisdiction from which no appeal may be taken; and the Company will pay any legal or other expenses reasonably incurred by any Person to be indemnified
      pursuant to this Section 1.8(a) in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 1.8(a) shall not apply to
      amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Company be
      liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in
      connection with such registration by any such Holder, underwriter or controlling Person.

   

  
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  (b) To the extent permitted by law, each Holder will indemnify and hold
      harmless the Company, each of its directors, each of its officers who has signed the Registration Statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act, any underwriter, any other Holder
      selling securities in such Registration Statement and any controlling Person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become subject under
      the Securities Act, the Exchange Act or other federal or state securities law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only
      to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay any legal or other expenses
      reasonably incurred by any Person to be indemnified pursuant to this Section 1.8(b) in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement
      contained in this Section 1.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld,
      conditioned or delayed); provided, however, in no event shall any indemnity under this subsection 1.8(b) exceed the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification
      obligation.

   

  (c) Promptly after receipt by an indemnified party under this Section 1.8
      of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.8, deliver to the indemnifying party a
      written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense
      thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to
      retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
      interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if
      materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.8, but the omission so to deliver written notice to the indemnifying party will not
      relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.8.

   

  (d) If the indemnification provided for in Sections 1.8(a) and 1.8(b) is
      held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
      contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified
      party on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such loss, liability, claim or expense as well as any other relevant equitable considerations. The relative fault of the
      indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact relates to information supplied by the indemnifying party or by the indemnified
      party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In no event shall any Holder be required to contribute an amount in excess of the net proceeds received by such
      Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

   

  
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  (e) If a claim for indemnification under Section 1.8(a) or 1.8(b) is due
      but unavailable to an indemnified party because of a failure or refusal of a governmental authority to enforce such indemnification in accordance with its terms (by reason of public policy or otherwise), then each indemnifying party, in lieu of
      indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party on the
      one hand and the indemnified party on the other from the offering of the Notes and Warrants. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such
      proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault, as applicable, of the indemnifying party and indemnified party in connection with the actions, statements or
      omissions that resulted in such losses as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in
      question, including any untrue statement of a material fact or omission of a material fact, has been taken or made by, or relates to information supplied by, such indemnifying party or indemnified party, and the parties’ relative intent, knowledge,
      access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any losses shall be deemed to include, subject to the limitations set forth in Section 1.8(c), any
      reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was
      available to such party in accordance with its terms. In no event shall any selling Holder be required to contribute an amount under this Section 1.8(e) in excess of the gross proceeds received by such Holder upon sale of such Holder’s Registrable
      Securities pursuant to the Registration Statement giving rise to such contribution obligation.

   

  The parties hereto agree that it would not be just and equitable if
      contribution pursuant to this Section 1.8(e) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. No Person guilty
      of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

   

  
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  (f) The obligations of the Company and the Holders under this Section 1.8
      shall survive the completion of any offering of Registrable Securities in a Registration Statement under this Section 1, and otherwise.

   

  (g) The indemnity and contribution agreements contained in this Section
      are in addition to any liability that the indemnifying parties may have to the indemnified parties pursuant to applicable law.

   

  1.9 Reports Under Exchange Act. With a view to making available
      the benefits of certain rules and regulations of the Commission, including Rule 144, that may at any time permit the Holders to sell Registrable Securities to the public without registration or pursuant to a Registration Statement, the Company agrees
      to:

   

  (a) make and keep public information available, as those terms are
      understood and defined in Rule 144, at all times after the Closing Date;

   

  (b) take such action as is necessary to enable the Holders to utilize a
      Registration Statement for the sale of their Registrable Securities;

   

  (c) file with the Commission in a timely manner all reports and other
      documents required of the Company under the Securities Act and the Exchange Act; and

   

  (d) furnish to any Holder, so long as such Holder owns any Registrable
      Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, or that it qualifies as a registrant whose securities may be resold
      pursuant to Form S-1 or Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be
      reasonably requested in availing any Holder of any rule or regulation of the Commission that permits the selling of any Registrable Securities without registration or pursuant to such form.

   

  1.10 Transfer or Assignment of Registration Rights. The rights
      to cause the Company to register Registrable Securities pursuant to this Section 1 may be transferred or assigned, but only with all related obligations, by any Holder to a transferee or assignee who (a) acquires at least 25,000 shares of Common
      Stock or Registrable Securities exercisable for or convertible into 25,000 shares of Common Stock (subject to appropriate adjustment for reverse stock splits, stock splits, stock dividends and combinations) from such transferring Holder, unless
      waived in writing by the Company, or (b) holds Registrable Securities immediately prior to such transfer or assignment; provided, that in the case of (a), (i) prior to such transfer or assignment, the Company is furnished with written notice
      stating the name and address of such transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned and (ii) such transferee or assignee agrees in writing to be bound by and
      subject to the terms and conditions of this Agreement.

   

  1.11 Filing Obligations. The Company covenants to timely file
      (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange Act. As long as any Holder owns Notes,
      Warrants or Registrable Securities, if the Company is not required to file reports pursuant to Section 13(a) or 15(d) of the Exchange Act, it will prepare and furnish to the Holders and make publicly available in accordance with Rule 144(c)
      promulgated under the Securities Act, annual and quarterly financial statements, together with a discussion and analysis of such financial statements in form and substance substantially similar to those that would otherwise be required to be included
      in reports required by Section 13(a) or 15(d) of the Exchange Act, as well as any other information required thereby, in the time period that such filings would have been required to have been made under the Exchange Act. The Company further
      covenants that it will take such further action as any Holder may reasonably request, all to the extent reasonably required from time to time to enable such Person to sell the Registrable Securities without registration under the Securities Act
      within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions relating to such sale pursuant to Rule 144. Upon the request of any Holder, the Company shall deliver to such
      Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

   

  
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  2. Miscellaneous.

   

  2.1 Governing Law. The parties hereby agree that any dispute
      which may arise between them arising out of or in connection with this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
      thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its
      respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the State of New York and County of New York. Each party hereby irrevocably submits to the
      exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein
      (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such
      court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by
      mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an action or proceeding to enforce any provisions of the
      Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or
      proceeding.

   

  2.2 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY
        JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVE FOREVER TRIAL BY JURY.

   

  
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  2.3 Remedies. Except as otherwise provided in Section 2.6 below,
      in the event of a breach by the Company or by a Holder of any of their obligations under this Agreement, such Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
      including recovery of damages, will be entitled to specific performance of its rights under this Agreement, and each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason
      of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

   

  2.4 No Inconsistent Agreements. The Company has not entered
      into, and shall not enter into on or after the date of this Agreement, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.
      Without limiting the generality of the foregoing, without the written consent of the Holders of a majority of the then outstanding Registrable Securities, the Company shall not grant to any Person the right to request the Company to register any
      securities of the Company under the Securities Act unless the rights so granted are subject in all respects to the prior rights in full of the Holders set forth herein, and are not otherwise in conflict with the provisions of this Agreement.

   

  2.5 No Piggyback on Registrations for Other Securities. Neither
      the Company nor any of its security holders may include securities of the Company in the Registration Statement, and the Company shall not after the date hereof enter into any agreement providing such right to any of its security holders, unless the
      right so granted is subject in all respects to the prior rights in full of the Holders set forth herein, and is not otherwise in conflict with the provisions of this Agreement.

   

  2.6 Failure to File Registration Statement and Other Events. The
      Company and the Holders agree that the Holders will suffer damages if the Registration Statement is not filed on or prior to the Filing Date and not declared effective by the Commission on or prior to the Effectiveness Date and maintained in the
      manner contemplated herein during the Effectiveness Period or if certain other events occur. The Company and the Holders further agree that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, if (A) the
      Registration Statement is not filed on or prior to the Filing Date, or (B) the Registration Statement is not declared effective by the Commission on or prior to the Effectiveness Date, or (C) the Registration Statement is filed with and declared
      effective by the Commission but thereafter ceases to be effective as to all Registrable Securities at any time prior to the expiration of the Effectiveness Period, without being succeeded immediately by a subsequent Registration Statement filed with
      and declared effective by the Commission in accordance with Section 1.2(a) hereof (any such failure or breach being referred to as an “Event,” and for purposes of clauses (A) and (B) the date on which such Event occurs, or for purposes of
      clause (C) after more than fifteen (15) Business Days, being referred to as an “Event Date”), then the Company shall pay as liquidated damages to all Holders, pro rata according to their respective holdings of Registrable Securities, (i) a
      one-time aggregate amount of $250,000 pro rata according to their respective holdings of Registrable Securities, in cash, plus (ii) for each thirty (30) day period after such Event Date during which such Event continues, an aggregate amount of cash
      equal to one percent (1%) of the aggregate principal amount then outstanding under the Notes up to a total of 5%; provided, that no liquidated damages shall be payable with respect to Registrable Securities that may be sold pursuant to Rule 144.
      Liquidated damages payable by the Company pursuant to Section 2.6(i) shall be payable on the first Business Day following the Event Date, and liquidated damages payable by the Company pursuant to Section 2.6(ii) shall be payable on the thirtieth (30th) day (or, if such day is not a Business Day, then on the first Business day following) following the Event Date, and on each 30th day thereafter, until such Event is cured. The foregoing liquidated damages shall be each Holder’s sole and exclusive remedy in respect of any Event. Notwithstanding anything to the contrary in this
      Section 2.6, if (a) any of the Events described in clauses (A), (B), or (C) shall have occurred, (b) on or prior to the applicable Event Date, the Company shall have exercised its rights under Section 1.5 hereof and (c) the postponement or suspension
      permitted pursuant to such Section 1.5 shall remain effective as of such applicable Event Date, then the applicable Event Date shall be deemed instead to occur on the second Business Day following the termination of such postponement or suspension.

   

  
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  2.7 Waivers and Amendments. This Agreement may be terminated and
      any term of this Agreement may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) with the written consent of the Company and Holders holding at least a majority of the Registrable Securities
      then outstanding. No such amendment or waiver shall reduce the aforesaid percentage of the Registrable Securities, the Holders of which are required to consent to any termination, amendment or waiver without the consent of the Holders of all of the
      Registrable Securities. Any termination, amendment or waiver effected in accordance with this Section 2.7 shall be binding upon each Holder of Registrable Securities then outstanding, each future Holder of all such Registrable Securities and the
      Company.

   

  2.8 Successors and Assigns. Except as otherwise expressly
      provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. This agreement may not be assigned by the Company
      without the consent of Holders holding at least a majority of all then-outstanding Registrable Securities.

   

  2.9 Entire Agreement. This Agreement constitutes the full and
      entire understanding and agreement among the parties with regard to the subject matter hereof, and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth
      herein.

   

  2.10 Notices. All notices and other communications required or
      permitted under this Agreement shall be in writing and shall be delivered personally by hand or by overnight courier, mailed by United States first-class mail, postage prepaid, sent by facsimile or sent by electronic mail directed (a) if to a Holder,
      at such Holder’s address, facsimile number or electronic mail address set forth in the Company’s records, or at such other address, facsimile number or electronic mail address as such Holder may designate by ten (10) days’ advance written notice to
      the other parties hereto or (b) if to the Company, to its address, facsimile number or electronic mail address set forth on its signature page to this Agreement and directed to the attention of its Chief Executive Officer, or at such other address,
      facsimile number or electronic mail address as the Company may designate by ten (10) days’ advance written notice to the other parties hereto. All such notices and other communications shall be effective or deemed given upon delivery, on the date
      that is three (3) days following the date of mailing, upon confirmation of facsimile transfer or upon confirmation of electronic mail delivery.

   

  
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  2.11 Interpretation. The words “include,” “includes” and
      “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” The titles and subtitles used in this Agreement are used for convenience only and are not considered in construing or interpreting this
      Agreement.

   

  2.12 Severability. If one or more provisions of this Agreement
      are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement, and the balance of the Agreement shall be interpreted as if such provision were so excluded, and shall be enforceable in accordance with its
      terms.

   

  2.13 Counterparts. This Agreement may be executed in any number
      of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

   

  2.14 Cumulative Remedies. The remedies provided herein are
      cumulative and not exclusive of any remedies provided by law.

   

  2.15 Shares Held by the Company and its Affiliates. Whenever the
      consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or its Affiliates (other than any Holder or transferees or successors or assigns thereof if such
      Holder is deemed to be an Affiliate solely by reason of its holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

   

  2.16 Telecopy Execution and Delivery. A facsimile, telecopy or
      other reproduction of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile or similar electronic transmission device pursuant to which the
      signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute an original of this
      Agreement as well as any facsimile, telecopy or other reproduction hereof.

   

  [SIGNATURE PAGE FOLLOWS]

   

  
    14

    
      
 

  

   

  IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers, as of the date, month
      and year first set forth above.

   

  Company:

   

  SANUWAVE HEALTH, INC.

   

  	By:	/s/ Kevin A. Richardson II	 
	Name:	Kevin A. Richardson II	 
	Title:	CEO	 

   

  Address for notice:

      11495 Valley View Road

      Eden Prairie, MN 55344

      Attn: Kevin A. Richardson II

      Email: kevin.richardson@sanuwave.com

   

  [Signature Page to Registration Rights Agreement]

   

  
    

    
      
 

  

   

  IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers, as of the date, month
      and year first set forth above.

   

  Lender:

   

  	 	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

   

  Address for notice:

  	 	 
	 	 

   

  

  [Signature Page to Registration Rights Agreement]

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