Document:

Exhibit 10.2

 

Execution Version

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT

IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF

PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION
HAS BEEN REDACTED.

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of December 23, 2019, by and among Liquidia Technologies,
Inc., a Delaware corporation (the “Company”), and the purchasers identified on Schedule A hereto
(each, a “Purchaser” and collectively, the “Purchasers”) and such other Persons,
if any, from time to time, that become a party hereto as holders of Registrable Securities (as defined below).

 

RECITALS

 

WHEREAS, pursuant
to the Purchase Agreement (as defined below), concurrently with the execution of this Agreement, on the Closing Date (as defined
in the Purchase Agreement), the Company will issue to each Purchaser shares of Common Stock (as defined below) as is set forth
in the Purchase Agreement (each, a “Share” and collectively, the “Shares”);
and

 

WHEREAS, in
connection with the execution and delivery of the Purchase Agreement and the consummation of the transactions contemplated thereby,
the Company has agreed to grant the Holders (as defined below) certain registration rights as set forth below.

 

NOW, THEREFORE,
in consideration of the mutual promises and covenants herein contained, and other consideration, the receipt and adequacy of which
is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

Definitions

 

1.1         
Definitions. Unless otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed
to them in the Common Stock Purchase Agreement. As used in this Agreement, the following terms shall have the meanings set forth
below:

 

(a)          
“Additional Shares” means any restricted shares and any shares of Common Stock issued to the Purchasers
pursuant to a stock split, stock dividend or other distribution with respect to, or in exchange or in replacement of, the Shares,
or in connection with a combination of shares, distribution, recapitalization, merger, consolidation, other reorganization or other
similar event, whether or not such acquisition has actually been effected.

 

(b)          
“Affiliate” means with respect to any specified Person, any other Person who or which, directly
or indirectly, controls, is controlled by, or is under common control with such specified Person, including, without limitation,
any general partner, limited partner, member, officer, director or manager of such Person and any venture capital or private equity
fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management
company with, such Person. For purposes of this definition, the terms “controls,” “controlled
by,” or “under common control with” means the possession, direct or indirect, of power
to direct or cause the direction of management or policies (whether through ownership of voting securities, by contract or otherwise).

 

     

     

    

 

(c)           
“Agreement” has the meaning set forth in the Preamble.

 

(d)          
“Business Day” means any day, excluding Saturday, Sunday and any day which is a legal holiday
in the City of New York or is a day on which banking institutions located in the City of New York are authorized or required by
law or other governmental action to close.

 

(e)           
“Common Stock” means shares of the common stock of the Company, par value $0.001 per share.

 

(f)            
“Company” has the meaning set forth in the Preamble.

 

(g)           
“Company Indemnified Party” has the meaning set forth in Section 2.5(b).

 

(h)           
“Controlling Person” has the meaning set forth in Section 2.5(a).

 

(i)            
“Disclosure Package” has the meaning set forth in Section 2.5(a).

 

(j)            
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, as the same may be amended from time to time.

 

(k)           
“Governmental Authority” means any domestic or foreign multinational, federal, state, provincial,
municipal or local government (or any political subdivision thereof) or any domestic or foreign governmental, regulatory or administrative
authority or any department, commission, board, agency, court, tribunal, judicial body or instrumentality thereof, or any other
body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory or taxing authority
or power of any nature (including any arbitral body).

 

(l)            
“Holder” (collectively, “Holders”) means any Purchaser and any transferee
permitted under Section 3.1, in each case, to the extent holding or beneficially owning Registrable Securities.

 

(m)          
“Holder Indemnified Parties” has the meaning set forth in Section 2.5(a).

 

(n)           
“Indemnified Party” has the meaning set forth in Section 2.5(c).

 

(o)          
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization and a government or any department or agency thereof.

 

(p)          
“Prospectus” means the prospectus or prospectuses (whether preliminary or final) included in any
Registration Statement and relating to Registrable Securities, as amended or supplemented and including all material incorporated
by reference in such prospectus or prospectuses.

 

(q)          
“Purchase Agreement” means that certain Common Stock Purchase Agreement (as may be amended, amended
and restated, or supplemented from time to time), dated as of the date hereof, by and among the Company and the Purchasers.

 

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

 

(s)           
“Registrable Securities” means (i) the Shares and (ii) any Additional Shares; provided, however,
that Shares or Additional Shares shall cease to be treated as Registrable Securities on the earliest to occur of, (A) the date
such security has been disposed of pursuant to an effective registration statement, (B) the date on which such security is sold
pursuant to Rule 144, (C) the date on which such security ceases to be outstanding, or (D) the date on which the Holder thereof,
together with its Affiliates, is able to dispose of all of its Registrable Securities without restriction or limitation pursuant
to Rule 144 and without the requirement for the Company to be in compliance with Rule 144 (or any successor rule).

 

(t)           
“Registration Expenses” means any and all expenses incident to the Company’s performance
of or compliance with this Agreement, including: (i) all SEC, FINRA and other registration and filing fees, (ii) all fees and expenses
associated with filings to be made with, or the listing of any Registrable Securities on, any securities exchange or over-the-counter
trading market on which the Registrable Securities are to be listed or quoted, (iii) all fees and expenses with respect to filings
required to be made with an exchange or any securities industry self-regulatory body, (iv) all fees and expenses of compliance
with securities or “blue sky” laws (including fees and disbursements of counsel for the Company in connection therewith
and reasonable fees and disbursements of counsel for the underwriters or holders of securities in connection with blue sky qualifications
of the securities and determination of their eligibility for investment under the laws of such jurisdictions), (v) printing, messenger,
telephone and delivery expenses of the Company (including the cost of distributing Prospectuses in preliminary and final form as
well as any supplements thereto), (vi) all fees and disbursements of counsel for the Company and customary fees and expenses for
independent certified public accountants retained by the Company (including the expenses of any special audits or comfort letters,
or costs associated with the delivery by independent certified public accountants of a comfort letter or comfort letters), (vii)
securities acts liability insurance, if the Company so desires, (viii) all internal expenses of the Company (including, all salaries
and expenses of its officers and employees performing legal or accounting duties), (ix) the expense of any annual audit; (x) the
fees and expenses of any Person, including special experts, retained by the Company; and (xi) all legal fees and expenses of one
(1) legal counsel to the Holders, such fees and expenses not to exceed $25,000 per registration; provided, however
that “Registration Expenses” shall not include fees and expenses in connection with an underwriting discounts,
selling commissions and stock transfer taxes attributable to the sale of the Registrable Securities or (except as otherwise set
forth in this Agreement) any legal fees and expenses of counsel to the Holders above $25,000 per registration and all such excluded
expenses in this proviso relating to the offer and sale of Registrable Securities registered under the Securities Act pursuant
to this Agreement shall be borne and paid by the holders of such Registrable Securities, in proportion to the number of Registrable
Securities included in such registration for each such holder.

 

(u)          
“Registration Statement” means any registration statement of the Company under the Securities
Act which covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, all
amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all documents
incorporated by reference in such Registration Statement.

 

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(v)           
“Rule 144” means Rule 144 under the Securities Act.

 

(w)          
“SEC” means the U.S. Securities and Exchange Commission.

 

(x)           
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder, as the same may be amended from time to time.

 

(y)           
“Shares” has the meaning set forth in the Recitals.

 

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

 

(aa)         
“Shelf Registration Statement” has the meaning set forth in Section 2.1(a).

 

(bb)        
“Shelf Takedown” has the meaning set forth in Section 2.1(e).

 

(cc)         
“Updated Disclosure Package” has the meaning set forth in Section 2.5(a).

 

(dd)        
“Underwritten Shelf Takedown” has the meaning set forth in Section 2.1(e).

 

(ee)         
“Underwritten Shelf Takedown Notice” has the meaning set forth in Section 2.1(e).

 

ARTICLE II

Registration Rights

 

2.1         
Provisions Relating to Registration.

 

(a)           
Filing. Within sixty (60) days following the date hereof, the Company shall file with the SEC a Registration Statement
on Form S-3 or the then appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act or any successor rule thereto (a “Shelf Registration Statement”) pursuant to which
all of the Registrable Securities shall be included (on the initial filing or by supplement or amendment thereto) to enable an
offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto
(a “Shelf Registration”).

 

(b)           
Effectiveness. The Company shall use its best efforts to (i) cause the Shelf Registration Statement filed pursuant
to Section 2.1(a) to be declared effective by the SEC or otherwise become effective under the Securities Act as soon as
practicable after the filing thereof, but in no event later than that date that is five (5) Business Days after the date the Company
receives written notification from the SEC that the Shelf Registration will not be reviewed and (ii) maintain the effectiveness
of such Shelf Registration Statement, including by filing any necessary post-effective amendments and Prospectus supplements and
by filing one or more replacement or renewal Shelf Registration Statements upon the expiration of such Shelf Registration Statement,
continuously until such time as there are no Registrable Securities remaining.

 

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(c)          
Additional Registrable Securities; Additional Selling Stockholders. At any time and from time to time that a Shelf
Registration Statement is effective, if a Holder of Registrable Securities requests (i) the registration under the Securities Act
of additional Registrable Securities pursuant to such Shelf Registration Statement or (ii) that such Holder be added as a selling
stockholder in such Shelf Registration Statement, the Company shall as promptly as practicable amend or supplement the Shelf Registration
Statement to cover such additional Registrable Securities and/or Holder.

 

(d)           
Right to Effect Shelf Takedowns. Each Holder shall be entitled, at any time and from time to time when a Shelf Registration
Statement is effective, to sell any or all of the Registrable Securities covered by such Shelf Registration Statement (a “Shelf
Takedown”). A Holder shall give the Company prompt written notice of the consummation of a Shelf Takedown.

 

(e)           
Underwritten Shelf Takedowns. Any Holder or Holders intending to effect a Shelf Takedown shall be entitled to request,
by written notice to the Company (an “Underwritten Shelf Takedown Notice”), that the Shelf Takedown be
an underwritten offering (an “Underwritten Shelf Takedown”). The Underwritten Shelf Takedown Notice shall
specify the number of Registrable Securities intended to be offered and sold by such Holder(s) pursuant to the Underwritten Shelf
Takedown. The Company shall not be required to effect more than two (2) Underwritten Shelf Takedowns during the term of this Agreement
and shall not be required to facilitate an Underwritten Shelf Takedown unless (i) in the case of the first Underwritten Shelf Takedown,
such offering is for the lesser of (a) expected aggregate gross proceeds of $5 million or (b) all of such Holder’s remaining
Registrable Securities and (ii) in the case of the second Underwritten Shelf Takedown, the Holder(s) requesting such Underwritten
Shelf Takedown request the inclusion in such Underwritten Shelf Takedown of all of its or their remaining Registrable Securities.

 

(f)           
Selection of Underwriters. The Holder(s) requesting an Underwritten Shelf Takedown shall have the right to select
the investment banking firm(s) and manager(s) to administer such Underwritten Shelf Takedown, subject to the approval of the Company
(which approval shall not be unreasonably withheld, conditioned or delayed).

 

2.2         
Provisions Relating to Registration.

 

(a)          
If and whenever the Company is required to effect the registration of any Registrable Securities pursuant to this Agreement,
the Company shall use reasonable best efforts to effect and facilitate the registration, offering and sale of such Registrable
Securities in accordance with the intended method of disposition thereof as soon as reasonably practicable (but no later than sixty
(60) days from the date hereof (the “Filing Deadline”)), and, pursuant thereto, the Company shall, as
applicable:

 

(i)            
prepare and file with the SEC a Registration Statement with respect to such Registrable Securities, make all required filings
required in connection therewith and use reasonable best efforts to cause such Registration Statement to become effective as soon
as reasonably practicable if the SEC notifies the Company that it will not review such Registration Statement (the “Effectiveness
Deadline”); provided, that the Effectiveness Deadline shall be extended to one hundred twenty (120) days after
the Filing Deadline if such Registration Statement is reviewed by, and receives comments from, the Commission;

 

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(ii)          
furnish to each Holder participating in the registration, without charge, such number of copies of the Prospectus included
in such Registration Statement (including each preliminary Prospectus) and any supplement thereto (in each case including all exhibits
thereto and all documents incorporated by reference therein) and such other documents as such Holder may reasonably request, including
in order to facilitate the disposition of the Registrable Securities owned by such Holder;

 

(iii)         
use reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws
of such U.S. jurisdiction(s) as any Holder participating in the registration or any managing underwriter reasonably requests and
do any and all other acts and things that may be necessary or reasonably advisable to enable such Holder and each underwriter,
if any, to consummate the disposition of such Holder’s Registrable Securities in such jurisdiction(s); provided, that
the Company shall not be required to qualify generally to do business, subject itself to taxation or consent to general service
of process in any jurisdiction where it would not otherwise be required to do so but for its obligations pursuant to this Section
2.2(a)(iii);

 

(iv)         
use reasonable best efforts to cause all Registrable Securities covered by any Registration Statement to be registered with
or approved by such other Governmental Authorities or self-regulatory bodies as may be necessary or reasonably advisable in light
of the business and operations of the Company to enable each Holder participating in the registration to consummate the disposition
of such Registrable Securities in accordance with the intended method or methods of disposition thereof;

 

(v)          
notwithstanding any other provisions of this Agreement to the contrary, cause (A) any Registration Statement (as of the
effective date of the Registration Statement), any amendment thereof (as of the effective date thereof) or supplement thereto (as
of its date), (1) to comply in all material respects with the applicable requirements of the Securities Act and the rules and regulations
of the SEC and (2) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein not misleading and (B) any related Prospectus, preliminary Prospectus
and any amendment thereof or supplement thereto (as of its date), (1) to comply in all material respects with the applicable requirements
of the Securities Act and the rules and regulations of the SEC, and (2) not to contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however, that the Company shall have no such
obligations or liabilities with respect to any written information pertaining to a Holder and furnished to the Company by or on
behalf of such Holder specifically for inclusion therein; provided further, that each Holder of Registrable Securities,
upon receipt of any notice from the Company of any event of the kind described in this Section 2.2(a)(v), shall forthwith
discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until
such holder is advised in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented
or amended Prospectus as contemplated by this Section 2.2(a)(v) (provided that the Company may not so suspend dispositions
for more than thirty (30) days at a time or more than twice in any 12-month period) and if so directed by the Company, such Holder
shall deliver to the Company all copies, other than permanent file copies then in such holder’s possession, of the Prospectus
covering such Registrable Securities at the time of receipt of such notice;

 

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(vi)         
notify the Holders and the managing underwriters of any underwritten offering: (A) when the Registration Statement, any
pre-effective amendment thereto, the Prospectus or any Prospectus supplement or any post-effective amendment thereto has been filed
with the SEC and when the Registration Statement or any post-effective amendment thereto has become effective, (B) of any oral
or written comments by the SEC or of any request by the SEC for amendments or supplements to the Registration Statement or the
Prospectus included therein or for any additional information regarding such Holder, (C) of the issuance by the SEC of any stop
order suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceedings for that
purpose and of any other action, event or failure to act that would cause the Registration Statement not to remain effective and
(D) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction or the initiation of
any proceeding for such purpose;

 

(vii)        
in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, any order suspending
or preventing the use of any related Prospectus or any suspension of the qualification or exemption from qualification of any Registrable
Securities for sale in any jurisdiction, use reasonable best efforts to obtain the withdrawal or lifting of any such order or suspension;

 

(viii)       
not file or make any amendment to any Registration Statement with respect to any Registrable Securities, or any amendment
of or supplement to the Prospectus used in connection therewith, that refers to any Holder covered thereby by name or otherwise
identifies such Holder as the holder of any securities of the Company without the consent of such Holder (which consent shall not
be unreasonably withheld, conditioned or delayed), unless and to the extent such disclosure is required by law; provided,
that (A) each Holder shall furnish to the Company in writing such information regarding itself and the distribution proposed by
it as the Company may reasonably request for use in connection with a Registration Statement or Prospectus and (B) each Holder
agrees to notify the Company as promptly as practicable of any inaccuracy or change in information previously furnished to the
Company by such Holder or of the occurrence of any event that would cause the Prospectus included in such Registration Statement
to contain an untrue statement of a material fact regarding such Holder or the distribution of such Registrable Securities or to
omit to state any material fact regarding such Holder or the distribution of such Registrable Securities required to be stated
therein or necessary to make the statements made therein not misleading in light of the circumstances under which they were made
and to furnish to the Company, as promptly as practicable, any additional information required to correct and update the information
previously furnished by such Holder such that such Prospectus shall not contain any untrue statement of a material fact regarding
such Holder or the distribution of such Registrable Securities or omit to state a material fact regarding such Holder or the distribution
of such Registrable Securities necessary to make the statements therein not misleading in light of the circumstances under which
they were made; provided further, that each Holder of Registrable Securities, upon receipt of any notice from the Company
of any event of the kind described in this Section 2.2(a)(viii) shall forthwith discontinue disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities until such Holder is advised in writing by the Company
that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by this
Section 2.2(a)(viii), and if so directed by the Company, such Holder shall deliver to the Company all copies, other than
permanent file copies then in such holder’s possession, of the Prospectus covering such Registrable Securities at the time
of receipt of such notice;

 

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(ix)          
cause such Registrable Securities to be listed on each securities exchange on which the Common Stock is then listed or,
if the Common Stock is not then listed on any securities exchange, use reasonable best efforts to cause such Registrable Securities
to be listed on a national securities exchange selected by the Company;

 

(x)           
provide a transfer agent and registrar (which may be the same Person) for all such Registrable Securities not later than
the effective date of such Registration Statement;

 

(xi)          
make available upon reasonable notice and during normal business hours for inspection by any Holder participating in the
registration, any underwriter participating in any underwritten offering pursuant to such Registration Statement and any attorney,
accountant or other agent retained by any such Holder or underwriter, all pertinent corporate documents, financial and other records
relating to the Company and its business reasonably requested by such Holder or underwriter as shall be reasonably necessary to
enable them to exercise their due diligence responsibility, cause the Company’s officers, directors, employees and independent
accountants to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant or agent in connection
with such registration or offering and make senior management of the Company and the Company’s independent accountants reasonably
available for customary due diligence and drafting sessions; provided, that, unless the disclosure of such information is
necessary to avoid or correct a misstatement or omission in the Registration Statement or the release of such information is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any
information under this Section 2.2(a)(xi) if (i) the Company believes, after consultation with counsel for the Company,
that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) either
(A) the Company has sought, or been granted from the SEC, confidential treatment of such information contained in any filing with
the SEC or documents provided supplementally or otherwise or (B) the Company reasonably determines in good faith that such information
is confidential and so notifies the Holder or underwriter their representatives, as applicable, in writing, unless prior to furnishing
any such information with respect to clause (ii) such Holder of Registrable Securities requesting such information agrees to enter
into a confidentiality agreement in customary form and subject to customary exceptions; provided further, that any Person
gaining access to information or personnel of the Company pursuant to this Section 2.2(a)(xi) shall (A) reasonably cooperate
with the Company to limit any resulting disruption to the Company’s business and (B) protect the confidentiality of any information
regarding the Company which the Company determines in good faith to be confidential and of which determination such Person is notified,
unless such information (1) is or becomes known to the public without a breach of this Agreement, (2) is or becomes available to
such Person on a non-confidential basis from a source other than the Company, (3) is independently developed by such Person without
reference to such information, (4) is requested or required by a deposition, interrogatory, request for information or documents
by a Governmental Authority, subpoena or similar process or (5) is otherwise required to be disclosed by law;

 

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(xii)         
otherwise use reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available
to its stockholders, as soon as reasonably practicable, an earnings statement (in a form that satisfies the provisions of Section
11(a) of the Securities Act and Rule 158 under the Securities Act or any successor rule thereto) covering the period of at least
12 months beginning with the first day of the Company’s first full fiscal quarter after the effective date of the applicable
Registration Statement, which requirement shall be deemed satisfied if the Company timely files complete and accurate information
on Forms 10-K, 10-Q and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act or any successor
rule thereto;

 

(xiii)        
in the case of an underwritten offering of Registrable Securities, incorporate in a supplement to the Prospectus or a post-effective
amendment to the Registration Statement such information as is reasonably requested by the managing underwriter(s) or any Holder
participating in such underwritten offering to be included therein, the purchase price for the securities to be paid by the underwriters
and any other applicable terms of such underwritten offering, and make all required filings of such supplement or post-effective
amendment;

 

(xiv)       
in the case of an underwritten offering of Registrable Securities, enter into such customary agreements (including underwriting
and lock-up agreements in customary form) and take all such other customary actions as any Holder participating in such offering
or the managing underwriter(s) of such offering reasonably requests in order to expedite or facilitate the disposition of such
Registrable Securities;

 

(xv)         
in the case of an underwritten offering of Registrable Securities, make senior management of the Company available, to the
extent reasonably requested by the managing underwriter(s), to assist in the marketing of the Registrable Securities to be sold
in such underwritten offering, including the participation of such members of senior management of the Company in “road show”
presentations and other customary marketing activities, including “one-on-one” meetings with prospective purchasers
of the Registrable Securities to be sold in such underwritten offering, and otherwise reasonably facilitate, cooperate with, and
participate in such underwritten offering and customary selling efforts related thereto, in each case to the same extent as if
the Company were engaged in a primary underwritten registered offering of its Common Stock; provided, that the Company’s
obligation to make senior management available for participation in “road show” presentations shall be limited to no
more than one underwritten offering during any 12-month period;

 

(xvi)        
cooperate with the Holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates
representing the Registrable Securities to be sold pursuant to such Registration Statement free of any restrictive legends and
representing such number of shares of Common Stock and registered in such names as the Holders of the Registrable Securities may
reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to such Registration Statement
if such Holder delivers a legal opinion and representation letter in form reasonably satisfactory to the Company or its counsel
stating that such sale is permitted; provided, that the Company may satisfy its obligations hereunder without issuing physical
stock certificates through the use of The Depository Trust Company’s Direct Registration System;

 

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(xvii)      
not later than the effective date of such Registration Statement, provide a CUSIP number for all Registrable Securities
covered thereby and provide the applicable transfer agent with printed certificates for the Registrable Securities in a form eligible
for deposit with The Depository Trust Company; provided, that the Company may satisfy its obligations hereunder without
issuing physical stock certificates through the use of The Depository Trust Company’s Direct Registration System; and

 

(xviii)     
otherwise use reasonable best efforts to take or cause to be taken all other actions necessary or reasonably advisable to
effect the registration, marketing and sale of such Registrable Securities contemplated by this Agreement.

 

(b)         
Notwithstanding anything to the contrary contained in this Agreement, the Company shall not be required to include Registrable
Securities in any Registration Statement unless the Holder owning the Registrable Securities to be registered on the Registration
Statement, following reasonable advance written request by the Company, furnishes to the Company, no later than seven (7) Business
Days after the date on which the Company has given notice of the Company’s proposed filing of the Registration Statement,
an executed stockholder questionnaire in the form attached hereto as Exhibit A.

 

2.3        
Participation in Underwritten Offerings. No Person may participate in any underwritten offering pursuant to this
Agreement unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements
in customary form approved by the Persons entitled under this Agreement to approve such arrangements and (b) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting arrangements.

 

2.4         
Registration Expenses

 

(a)           
The Company shall bear all Registration Expenses.

 

(b)          
The obligation of the Company to bear and pay the Registration Expenses shall apply irrespective of whether a registration,
once properly demanded or requested, becomes effective or is withdrawn or suspended, including one (1) request by one or more Holder(s)
to withdraw any Registration Statement; provided, that, after such first request by one or more Holder(s), the Registration
Expenses for any Registration Statement withdrawn at the request of one or more Holder(s) shall be borne by such Holder(s).

 

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2.5         
Indemnification.

 

(a)           
The Company shall, to the fullest extent permitted by law, indemnify and hold harmless each Holder, any Person who is or
might be deemed to be a “controlling person” of the Holder or any of its subsidiaries within the meaning of the Securities
Act or the Exchange Act (each such Person, a “Controlling Person”) and their respective direct and indirect
general and limited partners, advisory board members, directors, officers, trustees, managers, members, employees, agents, Affiliates
and shareholders, and each other Person, if any, who acts on behalf or controls any such Holder or Controlling Person (collectively,
the “Holder Indemnified Parties”) from and against any losses, claims, damages, liabilities or expenses,
joint or several, or any actions in respect thereof to which each Holder Indemnified Party may become subject under the Securities
Act, Exchange Act, any state blue sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such losses,
claims, damages, liabilities, expenses or actions arise out of or are based upon (i) any untrue statement or alleged untrue statement
of a material fact contained in or incorporated by reference in any Registration Statement or in any amendment thereof, in each
case at the time such became effective under the Securities Act, or in the preliminary Prospectus, free writing prospectus (as
defined in Rule 405 under the Securities Act or any successor rule thereto) or other information that is deemed, under Rule 159
promulgated under the Securities Act to have been conveyed to purchasers of securities at the time of sale of such securities (“Disclosure
Package”), in the Prospectus or in any amendment thereof or supplement thereto or (ii) the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Disclosure
Package or any Prospectus, in the light of the circumstances under which they were made) not misleading, and the Company shall
reimburse, as incurred, the Holder Indemnified Parties for any legal or other expenses reasonably incurred by them in connection
with investigating, defending or settling any such loss, claim, damage, liability, expense or action in respect thereof; provided,
however, that the Company shall not be liable in any such case to the extent that such loss, claim, damage, liability, expense
or action arises out of or is based upon any untrue statement or omission made or incorporated by reference in any such Registration
Statement, the Disclosure Package, any Prospectus or in any amendment thereof or supplement thereto in reliance upon and in conformity
with written information pertaining to a Holder and furnished to the Company by or on behalf of such Holder Indemnified Party specifically
for inclusion therein; and provided further, however, that the Company shall not be liable in any such case to the extent
that such loss, claim, damage, liability, expense or action arises out of or is based upon any untrue statement or alleged untrue
statement or omission or alleged omission made in the Disclosure Package, where (A) such statement or omission had been eliminated
or remedied in any subsequently filed amended prospectus or prospectus supplement (the Disclosure Package, together with such updated
documents, the “Updated Disclosure Package”), the filing of which such Holder had been notified in accordance
with the terms of this Agreement, (B) such Updated Disclosure Package was available at the time such Holder sold Registrable Securities
under the Registration Statement, (C) such Updated Disclosure Package was not furnished by such Holder to the Person asserting
the loss, liability, claim, damage, liability, expense or action, or an underwriter involved in the distribution of such Registrable
Securities, at or prior to the time such furnishing is required by the Securities Act, (D) the Updated Disclosure Package would
have cured the defect giving rise to such loss, liability, claim, damage, liability, expense or action, and (E) the Updated Disclosure
Package was provided to the Holder and the Holder failed to use such Updated Disclosure Package and such failure led to the loss,
liability, claim, damage, liability, expense or action. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of any Holder Indemnified Parties and shall survive the transfer of the Registrable Securities
by any Holder.

 

     11

     

    

 

(b)           
In connection with any registration in which a Holder of Registrable Securities is participating, each such Holder shall
furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and shall to the fullest extent permitted by law, indemnify and hold harmless the Company, its directors
and officers, employees, agents and any Person who is or might be deemed to be a Controlling Person (a “Company Indemnified
Party”) from and against any losses, claims, damages, liabilities or expenses or any actions in respect thereof,
to which a Company Indemnified Party may become subject under the Securities Act, the Exchange Act, any state blue sky securities
laws, any equivalent non-U.S. securities laws or otherwise, insofar as such losses, claims, damages, liabilities or actions arise
out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement or in any amendment thereof, in each case at the time such became effective under the Securities Act, or in any Disclosure
Package, Prospectus or in any amendment thereof or supplement thereto, or (ii) the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein (in the case of the Disclosure Package
or any Prospectus, in the light of the circumstances under which they were made) not misleading, but in each of clauses (i) and
(ii), only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon
and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder
specifically for inclusion therein, and, subject to the limitation immediately preceding this clause, shall reimburse, as incurred,
the Company Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating, defending
or settling any such loss, claim, damage, liability, expense or action in respect thereof. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of such Holder, or any such director, officer, employees,
Affiliates and agents and shall survive the transfer of such Registrable Securities by such Holder, and such Holder shall reimburse
the Company, and each such director, officer, employees, Affiliates and agents for any legal or other expenses reasonably incurred
by them in connection with investigating, defending, or settling and such loss, claim, damage, liability, action, or proceeding.
Such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any
such director, officer, employees, Affiliates and agents and shall survive the transfer by a Holder of such Registrable Securities.

 

(c)           
Promptly after receipt by a Holder Indemnified Party or a Company Indemnified Party (each, an “Indemnified Party”)
of notice of the commencement of any action or proceeding (including a governmental investigation), such Indemnified Party will,
if a claim in respect thereof is to be made against the indemnifying party under this Section 2.5, notify the indemnifying
party of the commencement thereof; provided, that the omission to so notify the indemnifying party will not relieve the
indemnifying party from liability under Sections 2.5(a) or 2.5(b) unless and to the extent it did not otherwise learn
of such action and the indemnifying party has been materially prejudiced by such failure. In case any such action is brought against
any Indemnified Party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled
to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof at the indemnifying party’s expense, with counsel reasonably satisfactory to such Indemnified Party (who
shall not, except with the consent of the Indemnified Party, be counsel to the indemnifying party); provided, that any Indemnified
Party shall continue to be entitled to participate in the defense of such claim or action, with counsel of its own choice, but
the indemnifying party shall not be obligated to reimburse such Indemnified Party for any fees, costs and expenses subsequently
incurred by the Indemnified Party in connection with such defense unless (i) the indemnifying party has agreed in writing to pay
such fees, costs and expenses, (ii) the indemnifying party has failed to assume the defense of such claim or action within a reasonable
time after receipt of notice of such claim or action, (iii) having assumed the defense of such claim or action, the indemnifying
party fails to employ counsel reasonably acceptable to the Indemnified Party or to pursue the defense of such claim or action in
a reasonably vigorous manner, (iv) the use of counsel chosen by the indemnifying party to represent the Indemnified Party would
present such counsel with a conflict of interest or (v) the Indemnified Party has reasonably concluded that there may be one or
more legal or equitable defenses available to it and/or other any other Indemnified Party which are different from or additional
to those available to the indemnifying party. In no event shall the indemnifying party be liable for the fees and expenses of more
than one counsel (together with appropriate local counsel) at any time for any Indemnified Party in connection with any one action
or separate but substantially similar or related actions arising in the same jurisdiction out of the same general allegations or
circumstances. An indemnifying party shall not be liable for any settlement of any action or claim referred to in this Section
2.5 effected without its prior written consent.

 

     12

     

    

 

(d)          
If the indemnification provided for in this Section 2.5 is unavailable or insufficient to hold harmless an Indemnified
Party under Sections 2.5(a) or 2.5(b), then each indemnifying party shall contribute to the amount paid or payable
by such Indemnified Party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to
in Sections 2.5(a) or 2.5(b) in such proportion as is appropriate to reflect the relative fault of the indemnifying
party or parties on the one hand and the Indemnified Party on the other in connection with the statements or omissions that resulted
in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations.
The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company on the one hand or a Holder or Holder Indemnified Party, as the case may be, on the other, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an
Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this Section
2.5 shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with
investigating or defending any action or claim that is the subject of this Section 2.5(d). The parties agree that it would
not be just and equitable if contributions were determined by pro rata allocation (even if a Holder was treated as one Person
for such purpose) or any other method of allocation that does not take account of the equitable considerations referred to above.
Notwithstanding anything else in this Agreement, in no event will a Holder be required to pay via indemnification or contribution
an amount in excess of its net proceeds of sales of Shares under the Registration Statement. 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.

 

ARTICLE III

Transfer Restrictions

 

3.1           
Transfer Restrictions. Each Holder acknowledges and agrees that the following legend shall be imprinted on
any certificate or book-entry security entitlement evidencing any of the Registrable Securities:

 

     13

     

    

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES
LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT
ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

This legend shall be
removed by the Company from any certificate or book-entry security entitlement evidencing the Registrable Securities upon delivery
by the holder thereof to the Company of a written request to that effect if at the time of such written request (a) a registration
statement under the Securities Act is at that time in effect with respect to the legended security, or (b) the legended security
can be transferred in a transaction in compliance with Rule 144 under the Securities Act, and, in the case of (b), upon the request
and in the reasonable discretion of the Company’s transfer agent, the holder of such Registrable Securities executes and
delivers a representation letter that includes customary representations regarding the holding requirements and whether such holder
is an “affiliate” for purposes of Rule 144 under the Securities Act. The Company represents and warrants to the Holders
that the Company is not currently a shell company (as defined in Rule 405 promulgated under the Securities Act).

 

3.2         
Rule 144 Compliance. With a view to making available to the Holders of Registrable Securities the benefits of Rule
144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public
without registration, until the date on which the Holder no longer hold any Registrable Securities, the Company shall:

 

(a)           
make and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)           
use 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

 

(c)           
furnish to any Holder of Registrable Securities, 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.

 

ARTICLE IV

Miscellaneous

 

4.1         
Remedies; Specific Performance. In the event of a breach or a threatened breach by any party to this Agreement of
its obligations under this Agreement, any party injured or to be injured by such breach shall be entitled to specific performance
of its rights under this Agreement or to injunctive relief, in addition to being entitled to exercise all rights provided in this
Agreement and granted by law, it being agreed by the parties that the remedy at law, including monetary damages, for breach of
any such provision will be inadequate compensation for any loss and that any defense or objection in any action for specific performance
or injunctive relief for which a remedy at law would be adequate is hereby waived.

 

     14

     

    

 

4.2        
No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege.

 

4.3        
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

4.4        
Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand
or overnight courier service, mailed by certified or registered mail or sent by facsimile or e-mail as follows:

 

If to the Company:

 

Liquidia Technologies, Inc.

P.O. Box 110085

Research Triangle Park, NC 27709

E-mail: [***]

Attn: Neal Fowler, Chief Executive Officer

 

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

 

DLA Piper LLP (US)

51 John F. Kennedy Parkway, Suite 120

Short Hills, NJ 07078

E-mail: [***]

Attn: Andrew P. Gilbert, Esq.

 

If to a Purchaser:
To the address set forth opposite such Purchaser’s name on Schedule A hereto, or to such other address and/or e-mail
address and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party at least five (5) days prior to the effectiveness of such change.

 

Notices or communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received,
notices or communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, such notice or communication shall be deemed to have been sent at the opening of business on
the next business day for the recipient) and notices or communications sent by e-mail shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement) (except that, if not given during the normal business hours of the recipient, such
notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient).

 

     15

     

    

 

4.5          
Headings. Section headings herein are included for convenience of reference only and shall not constitute a part
hereof for any other purpose or be given any substantive effect.

 

4.6          
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of
an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”)
format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

4.7          
Governing Law; Disputes. This Agreement and any related dispute shall be governed by, and construed and interpreted
in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that State. Each
of the parties hereto hereby (a) irrevocably submits to the personal jurisdiction of the Supreme Court of the State of New York
and any state appellate court therefrom within the State of New York (or, if the Supreme Court of the State of New York declines
to accept jurisdiction over a particular matter, any state or federal court within the State of New York) in the event that any
dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (b) agrees that it will not attempt
to deny or defeat such personal jurisdiction or venue by motion or other request for leave from any such court and (c) agrees that
it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court
other than the Supreme Court of the State of New York and any state appellate court therefrom within the State of New York (or,
if the Supreme Court of the State of New York declines to accept jurisdiction over a particular matter, any state or federal court
within the State of New York). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LEGAL
REQUIREMENTS, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

4.8          
Successors and Assigns. This Agreement and the rights and obligations evidenced hereby shall be binding upon and
inure to the benefit of the parties hereto and their respective the successors and permitted assigns. Neither this Agreement nor
any right, benefit, remedy, obligation or liability arising hereunder may be assigned by any party without the prior written consent
of the other parties, and any attempted assignment without such consent shall be null and void and of no effect; provided,
that notwithstanding the foregoing, the Company may assign this Agreement at any time in connection with a sale or acquisition
of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s assets, or similar transaction,
without the consent of the Purchasers; provided further, that the successor or acquiring Person agrees in writing to assume
all of the Company’s rights and obligations under this Agreement; provided further, that a Holder may assign this
Agreement to (i) an Affiliate of such Holder or (ii) a Person that is not an Affiliate of such Holder if the Shares or Additional
Shares are sold or transferred by such Holder not pursuant to Rule 144 or a registered offering.

 

     16

     

    

 

4.9          
Amendments. No provision of this Agreement may be amended, waived or modified other than by an instrument in writing
signed by the Company and each Purchaser affected thereby.

 

4.10        
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

 

4.11        
Termination. This Agreement shall terminate with respect to any Holder upon such time as such Holder ceases to hold
or beneficially own any remaining Registrable Securities or upon the dissolution, liquidation or winding up of the Company; provided,
that Section 2.5 of this Agreement and this Article IV shall survive such termination.

 

4.12        
No Third Party Beneficiaries. This Agreement is intended for the sole benefit of the parties hereto and their respective
permitted successors and assigns and transferees, and is not for the benefit of, nor may any provision hereof be enforced by, any
other person; provided, however, that the parties hereto hereby acknowledge that the Persons set forth in Section 2.5
shall be express third-party beneficiaries of the obligations of the parties hereto set forth in Section 2.5.

 

4.13        
Language; Currency. This Agreement has been prepared in the English language and the English language shall control
its interpretation. In addition, all notices required or permitted to be given hereunder, and all written, electronic, oral or
other communications between the parties regarding this Agreement, shall be in the English language. All references to “$”
contained in this Agreement shall refer to United States Dollars unless otherwise stated.

 

[The remainder of this page intentionally
left blank]

 

     17

     

    

 

 

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

 

	 	THE COMPANY:
	 	 
	 	LIQUIDIA TECHNOLOGIES, INC.
	 	a Delaware Corporation 
	 	 
	 	 
	 	By:	/s/ Neal Fowler
	 	 	Name:	 Neal Fowler 
	 	 	Title:	 Chief Executive Officer

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	ESHELMAN VENTURES, LLC
	 	 
	 	 
	 	By: 	/s/ Fred Eshelman
	 	 	Name: 	Fred Eshelman 
	 	 	Title: 	Principal

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	BKB GROWTH INVESTMENTS,
LLC
	 	 
	 	By: Tiger City Capital,
LLC, its manager
	 	 
	 	 
	 	By:	 /s/ Paul B. Manning
	 	 	Name: 	Paul B. Manning 
	 	 	Title: 	Manager
	 	 	 	 
	 	By:	/s/ Bradford Manning
	 	 	Name:	 Bradford Manning 
	 	 	Title:	 Manager

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	PD JOINT HOLDINGS,
LLC, SERIES 2016-A
	 	 
	 	By: Tiger City Capital,
LLC, its manager
	 	 
	 	 
	 	By:	 /s/ Paul B. Manning
	 	 	Name:	 Paul B. Manning 
	 	 	Title: 	Manager 
	 	 
	 	By:	 /s/ Bradford Manning
	 	 	Name: 	Bradford Manning 
	 	 	Title: 	Manager

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	SAMSARA BIOCAPITAL,
L.P.
	 	 
	 	By:	 /s/ Srinivas Akkaraju, M.D., Ph.D. 
	 	 	Name:	 Srinivas Akkaraju, M.D., Ph.D. 
	 	 	Title: 	Managing General Partner

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	CANAAN
VIII L.P.
	 	 
	 	By:
Canaan Partners VIII LLC, its general partner 
	 	 
	 	By:	 /s/ Stephen Bloch
	 	 	Name:	 Stephen Bloch 
	 	 	Title: 	Manager

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

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

 

	 	PURCHASER:
     
	 	 
	 	AMDG
    1, LLC
	 	 
	 	 
	 	By:	 /s/ Henry R. Kaestner
	 	 	Name:	 Henry R. Kaestner 
	 	 	Title:	 Manager

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

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

 

	 	PURCHASER:   
	 	 
	 	SOVEREIGN’S CAPITAL II, LP   
	 	 
	 	By: Sovereign’s GP II, LLC, its General Partner   
	 	 
	 	By:	 /s/ Lukas M. Roush
	 	 	Name:	 Lukas M. Roush 
	 	 	Title:	 Manager

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	 
	 	By:	/s/ Brent Burgess
	 	 	Name:	 Brent Burgess 
	 	 	Title:	 N/A

 

[Signature Page
to Registration Rights Agreement]

 

     

     

    

 

Schedule A

Purchasers

 

	Purchaser	Contact Information for Notices	Total Registrable 

Securities
	Eshelman Ventures, LLC	[***] 	5,159,744
	BKB Growth Investments, LLC	[***]	479,233
	PD Joint Holdings, LLC, Series 2016-A	[***]	479,233
	Samsara BioCapital, L.P.	[***]	479,233
	Canaan VIII L.P.	[***]	
        319,488

	AMDG 1, LLC	[***]	159,744
	Sovereign’s Capital II, LP	[***]	79,872
	Brent Burgess	[***]	7,987
	 	TOTAL	7,164,534

 

     A-1

     

    

 

Exhibit A

 

Form of Selling Stockholder Questionnaire

LIQUIDIA TECHNOLOGIES, INC.

 

SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE

Notice Address: Liquidia Technologies, Inc.

P.O. Box 110085

Research Triangle Park, NC 27709

 

The undersigned holder
of shares of common stock of Liquidia Technologies, Inc. (the “Company”) understands that the Company
intends to file with the Securities and Exchange Commission a registration statement on Form S-3 (the “Registration
Statement”) for the registration and the resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of the Registrable Securities in accordance with the terms of the Common Stock Purchase Agreement, dated December
23, 2019, by and among the Company and the several signatories thereto (the “Purchase Agreement”). All
capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Purchase Agreement.

 

In order to sell or
otherwise dispose of any Registrable Securities pursuant to the Registration Statement, a holder of Registrable Securities generally
will be required to be named as a selling stockholder in the related prospectus or a supplement thereto (as so supplemented, the
“Prospectus”) and deliver the Prospectus to purchasers of Registrable Securities (including pursuant
to Rule 172 under the Securities Act). Holders must complete and deliver this notice and questionnaire (“Notice and
Questionnaire”) in order to be named as selling stockholders in the Prospectus. Certain legal consequences arise
from being named as a selling stockholder in the Registration Statement and the Prospectus. Holders of Registrable Securities are
advised to consult their own securities law counsel regarding the consequences of being named or not named as a selling stockholder
in the Registration Statement and the Prospectus.

 

NOTICE

 

The undersigned holder
(the “Selling Stockholder”) of Registrable Securities hereby gives notice to the Company of its intention
to sell or otherwise dispose of Registrable Securities owned by it and listed below in Item 3(b) pursuant to the Registration Statement.
The undersigned, by signing and returning this Notice and Questionnaire, understands and agrees that it will be bound by the terms
and conditions of this Notice and Questionnaire.

 

The undersigned hereby
provides the following information to the Company and represents and warrants that such information is materially accurate and
complete:

 

     

     

    

 

QUESTIONNAIRE

 

		1.	Name:

 

		(a)	Full legal name of the Selling Stockholder:
	 	 	 
	 	 	 

 

		(b)	Full legal name of the registered holder (if not the same as Item 1(a) above) through which the Registrable Securities listed
in Item (3) below are held:
	 	 	 
	 	 	 

 

		(c)	Full legal name of any natural control person (which means a natural person who directly or indirectly alone or with others
has power to vote or dispose of the Registrable Securities listed in Item (3) below):
	 	 	 
	 	 	 

  

		2.	Notices to Selling Stockholder:

 

		(a)	Address:
	 	 	 
	 	 	 

 

		(b)	Telephone:
	 	 	 
	 	 	 

 

		(c)	Fax:
	 	 	 
	 	 	 

 

		(d)	Contact person:
	 	 	 
	 	 	 

 

		(e)	E-mail address of contact person:
	 	 	 
	 	 	 

 

		3.	Beneficial Ownership of Registrable Securities:

 

		(a)	Type and number of Registrable Securities beneficially owned:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

		(b)	Number of shares of Common Stock to be registered for resale pursuant to this Notice and Questionnaire:
	 	 	 
	 	 	 
	 	 	 

  

		4.	Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes  ̈ No  ̈

 

		(b)	If you answered “yes” to Item 4(a) above, did you receive your Registrable Securities as compensation for investment
banking services provided to the Company?

 

Yes  ̈ No  ̈

 

Note: If you answered “no”, the SEC’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes  ̈ No  ̈

 

If you answered “yes”, provide a narrative
explanation below:

	 	 	 
	 	 	 
	 	 	 

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course
of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings,
directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes  ̈ No  ̈

 

Note: If you answered “no”, the SEC’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		5.	Beneficial Ownership of Other Securities of the Company Owned by the Selling Stockholder:

 

Except as set forth
below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company, other than the
Registrable Securities listed above in Item 3.

 

     

     

    

 

Type and amount of
other securities beneficially owned:

 

	 	 	 
	 	 	 
	 	 	 

 

		6.	Relationships with the Company:

 

		(a)	Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities
of the undersigned) held any position or office or have you had any other material relationship with the Company (or its predecessors
or affiliates) within the past three years?

 

Yes  ̈ No  ̈

 

		(b)	If your response to Item 6(a) above is “yes”, please state the nature and duration of your relationship with the
Company:

 

	 	 	 
	 	 	 
	 	 	 

 

		7.	Plan of Distribution:

 

The undersigned has
reviewed the form of Plan of Distribution attached as Annex A hereto, and hereby confirms that, except as set forth below,
the information contained therein regarding the undersigned and its plan of distribution is correct and complete.

 

State any exceptions
here:

 

	 	 	 
	 	 	 
	 	 	 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof and prior to the effective date of any applicable Registration Statement. In the absence of any such notification,
the Company shall be entitled to continue to rely on the accuracy of the information in this Notice and Questionnaire.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 7 above and the inclusion
of such information in the Registration Statement and the Prospectus. The undersigned understands that such information will be
relied upon by the Company in connection with the preparation or amendment of any such Registration Statement and Prospectus.

 

By signing below, the
undersigned acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the
Exchange Act and the rules and regulations thereunder, particularly Regulation M in connection with any offering of Registrable
Securities pursuant to the Registration Statement. The undersigned also acknowledges that it understands that the answers to this
Notice and Questionnaire are furnished for use in connection with registration statements filed pursuant to the Purchase Agreement
and any amendments or supplements thereto filed with the SEC pursuant to the Securities Act.

 

     

     

    

 

The undersigned confirms
that, to the best of his/her knowledge and belief, the foregoing answers to this Notice and Questionnaire are correct.

 

IN WITNESS WHEREOF,
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Dated: 	 	 	Beneficial Owner:
	 	 	 	 
		 	 	 
		 	 	Name of Entity
	 	 	 	 
	 	 	 	 
		 	 	By:	 
		 	 	Name:	 
		 	 	Title:Exhibit
4.1

 

WARRANT

TO PURCHASE ORDINARY SHARES REPRESENTED
BY AMERICAN DEPOSITARY SHARES

 

safe-t
group Ltd.

 

	Warrant ADSs:_________________	Issue Date: _____________

 

THIS WARRANT TO PURCHASE
ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”) certifies that, for value received,
____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after the Issue Date (the “Initial Exercise Date”)
until this Warrant is exercised in full (the “Termination Date”), but not thereafter, to subscribe for and purchase
from Safe-T Group Ltd., an Israeli public company incorporated under the laws of Israel (the “Company”), up
to ______ ordinary shares, no par value per share, of the Company (the “Ordinary Shares”) (as subject to adjustment
hereunder, the “Warrant Shares”) represented by __________ American Depositary Shares (“ADSs”),
each ADS representing forty (40) Ordinary Shares (the ADSs issuable hereunder, the “Warrant ADSs”). The purchase
price of one Warrant ADS under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated as of December __, 2019, among the Company and purchasers signatory thereto.

 

Section 2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency that the Company may designate by notice in writing to the registered Holder at the address of the Holder appearing on the
books of the Company), of a duly executed facsimile copy or PDF copy submitted by electronic (or e-mail attachment) of the Notice
of Exercise in the form annexed hereto (“Notice of Exercise”). Within the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant ADSs specified in the
applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank, unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be
required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in
full, in which case the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the
date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of
Warrant ADSs purchasable hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company
shall maintain records showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any
objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant ADSs hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may be less than the
amount stated on the face hereof.

 

    1

     

    

 

In addition, and notwithstanding
the foregoing in this Section 2(a), this Warrant may not be exercised on the Record Date (as such term is defined under the Tel-Aviv
Stock Exchange Ltd. (the “TASE”) rules and regulations) of: (i) a distribution of bonus shares; (ii) a rights
offer; (iii) any distribution of dividends; (iv) a consolidation of the share capital of the Company; (v) a share split; or (vi)
a reduction of the share capital of the Company (each of the aforementioned events shall be called: “Corporate Event”).
In addition, if the Ex-Date (as such term is defined under the TASE rules and regulations) of a Corporate Event occurs before the
Record Date of a Corporate Event, then the Warrant shall not be exercised on the Ex-Date.

 

b) Exercise
Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01 per Warrant Share, was pre-funded
to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal
exercise price of $0.01 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this
Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price
under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to
the Termination Date. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.01, subject
to adjustment hereunder (the “Exercise Price”).

 

c) Cashless
Exercise. This Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise”
in which the Holder shall be entitled to receive a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)]
by (A), where:

 

    2

     

    

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined
in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the
Bid Price of the ADS on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution
of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading
Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 2(a) hereof, or (iii) the VWAP on the date of the applicable Notice of Exercise if the date
of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a)
hereof after the close of “regular trading hours” on such Trading Day;

 

(B) = the
Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) =
the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if
such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant ADSs are issued in such a cashless exercise, the parties acknowledge and agree
that, in accordance with Section 3(a)(9) of the Securities Act, the Warrant ADSs shall
take on the characteristics of the Warrants being exercised, and the holding period of the Warrant ADSs being
issued may be tacked on to the holding period of this Warrant.  The Company agrees not to take any position contrary
to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADS is
then listed or quoted on a Trading Market, the bid price of the ADS for the time in question (or the nearest preceding date) on
the Trading Market on which the ADS is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the ADS for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADS is not then
listed or quoted for trading on OTCQB or OTCQX and if prices for the ADS are then reported in The Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d) in
all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the Purchasers
of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

    3

     

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADS is then listed or
quoted on a Trading Market, the daily volume weighted average price of the ADS for such date (or the nearest preceding date) on
the Trading Market on which the ADS is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the ADS for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADS is not then
listed or quoted for trading on OTCQB or OTCQX and if prices for the ADS are then reported in The Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d) in
all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the Purchasers
of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant ADSs Upon Exercise. Warrant ADSs purchased hereunder shall be transmitted by The Bank of New York Mellon (the “Depositary”)
to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant ADSs to or resale
of the Warrant ADSs by the Holder or (B) or this Warrant is being exercised via cashless exercise, and otherwise by physical delivery
of the Warrant Shares, registered in the Company’s share register in the name of the Holder or its designee, for the number
of Warrant ADSs to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice
of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise,
and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of
Exercise (such date, the “Warrant ADS Delivery Date”); provided that (other than in the case of a cashless exercise)
the Warrant ADS Delivery Date shall not be deemed to have occurred until such time that the Company has received the aggregate
Exercise Price. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the
holder of record of the Warrant ADSs with respect to which this Warrant has been exercised, irrespective of the date of delivery
of the Warrant ADSs, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following
delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to a
Notice of Exercise by the Warrant ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not
as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP of the ADS on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages
begin to accrue) for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds
such exercise. The Company agrees to maintain a registrar (which can be the depositary) that is a participant in the FAST program
so long as this Warrant remains outstanding and exercisable. “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 ADSs
as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of
Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time
after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s)
by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery
Date for purposes hereunder.

 

    4

     

    

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new Warrant shall in all other
respects be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section 2(d)(i)
by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; provided, however,
that the Holder shall be required to return any Warrant ADSs or Ordinary Shares subject to any such rescinded exercise notice concurrently
with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the restoration of Holder’s
right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right).

 

    5

     

    

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs in accordance with the provisions of Section
2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases,
ADSs to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise
(a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s
total purchase price (including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant ADSs that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of ADSs that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases ADSs
having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrants with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver ADSs upon
exercise of the Warrant as required pursuant to the terms hereof.

 

v. No
Fractional ADSs or Scrip. No fractional ADSs or scrip representing fractional ADSs shall be issued upon the exercise of this
Warrant. As to any fraction of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

    6

     

    

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the Company,
and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant
when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company
may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The
Company shall pay all Depositary fees required for same-day processing of any Notice of Exercise and all fees to the Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery
of the Warrant ADSs.

 

vii. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing
sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include
the number of the number of Ordinary Shares underlying such Warrant ADSs issuable upon exercise of this Warrant with respect to
which such determination is being made, but shall exclude the number of Ordinary Shares underlying Warrant ADSs which would be
issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its
Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities
of the Company (including, without limitation, any other Ordinary Share Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. 
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder
that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to
any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares,
a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent periodic or
annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more
recent written notice by the Company or the Depositary setting forth the number of Ordinary Shares outstanding.  Upon the
written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number
of Ordinary Shares then outstanding.  In any case, the number of outstanding Ordinary Shares shall be determined after giving
effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be [4.99/9.99%] of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary
Shares underlying the Warrant ADSs issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary
Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase
in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    7

     

    

 

Section 3. Certain
Adjustments.

 

a) Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise
makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities payable
in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this
Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as applicable,
(iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of shares or
ADSs, as applicable, or (iv) issues by reclassification of Ordinary Shares, ADSs or any shares of capital stock of the Company,
as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of ADSs (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the
number of ADSs outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall
be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made
pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled
to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or re-classification.

 

    8

     

    

 

b) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record
holders of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Ordinary Shares or ADSs are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such ADSs as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall
be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation).

 

c) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares or ADSs
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the participation
in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would
result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any Ordinary Shares or ADSs as a result of such Distribution to
such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever,
as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    9

     

    

 

d) Fundamental
Transactions. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries,
taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of ADSs are permitted
to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or
more of the outstanding ADSs, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the ADSs or any compulsory share exchange pursuant to which the ADSs is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person
or group acquires more than 50% of the outstanding ADSs (not including any ADSs held by the other Person or other Persons making
or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other
business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2(e) on the exercise of this Warrant), the number of ADSs of the successor or acquiring corporation or of the Company, if it is
the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a
result of such Fundamental Transaction by a holder of the number of ADSs for which this Warrant is exercisable immediately prior
to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes
of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one ADS in such Fundamental Transaction, and the Company
shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of ADSs are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions
of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to
the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the ADSs acquirable and receivable upon exercise of this Warrant (without regard to
any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the ADSs pursuant to
such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental
Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been
named as the Company herein.

 

    10

     

    

 

e) Change
in ADS Ratio. If after the Issuance Date the ADS ratio is increased or reduced, then the number of Warrant ADSs to be provided
on exercise of a Warrant will be reduced or increased (respectively) in inverse proportion to the change in the ADS ratio Ordinary
Shares per ADS and the Exercise Price per Warrant will be increased or reduced (respectively) in proportion to the change in Ordinary
Shares per ADS, so that the total number or Warrant Shares underlying the Warrants and the aggregate Exercise Price for all Warrants
remain unchanged.

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For
purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum
of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

g) Notice
to Holder.

 

i. Adjustment.
Whenever the Exercise Price, the number of ADSs the subject of each Warrant, or the number of Warrants is adjusted pursuant to
any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth
the Exercise Price after such adjustment and any resulting adjustment to the number of Warrants or the number of ADSs the subject
of each Warrant and setting forth a brief statement of the facts requiring such adjustment.

 

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ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares,
(C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any
sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    12

     

    

 

h) Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market and requirements of any applicable law, the
Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current
Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the
Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3)
Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The
Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant ADSs without
having a new Warrant issued.

 

    13

     

    

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original
Issue Date and shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

Section
5. Miscellaneous.

 

a) Currency.
Unless otherwise indicated, all dollar amounts referred to in this Warrant are in United States Dollars (“U.S. Dollars”).
All amounts owing under this Warrant shall be paid in U.S. Dollars. All amounts denominated in other currencies shall be converted
in the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Warrant, the U.S. Dollar exchange
rate as published in the Wall Street Journal (NY edition) on the relevant date of calculation.

 

b) No
Rights as Stockholder Until; Exercise No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except
as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise”
pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall
the Company be required to net cash settle an exercise of this Warrant.

 

    14

     

    

 

c) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

d) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

e) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary Shares a sufficient
number of shares to provide for the issuance of the Warrant ADSs and the underlying Ordinary Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of issuing the necessary Warrant ADSs upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant ADSs and the underlying
Ordinary Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the ADS or Ordinary Shares may be listed. The Company covenants that all Warrant ADSs and the
underlying Ordinary Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon
exercise of the purchase rights represented by this Warrant and payment for such Warrant ADSs in accordance herewith, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant ADSs above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant ADSs and the underlying Ordinary Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its
obligations under this Warrant.

 

    15

     

    

 

Before taking
any action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any
public regulatory body or bodies having jurisdiction thereof.

 

f) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

g) Restrictions.
The Holder acknowledges that the Warrant ADSs and the underlying Ordinary Shares acquired upon the exercise of this Warrant, if
not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
or foreign securities laws.

 

h) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

i) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

j) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any ADS or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors
of the Company.

 

k) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

    16

     

    

 

l) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant ADSs.

 

m) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

n) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

o) Expense
Reimbursement. The Holder shall be reimbursed by the Company for any fees charged to the
Holder by the Depositary in connection with the issuance or holding or sale of the ADSs, Warrant ADSs and/or Ordinary Shares.

 

p) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature Page Follows)

 

    17

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	safe-t GROUP Ltd.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    18

     

    

 

NOTICE OF EXERCISE

 

To:
safe-t GROUP ltd.

 

(1) The undersigned hereby
elects to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take
the form of (check applicable box):

 

☐
in lawful money of the United States; or

 

☐
if permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3) Company Wire Instructions:

 

Account name:

Account Number:

SWIFT Code:

Bank name:

Bank address:

BSB:

 

(4) Please issue said
Warrant ADSs in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The Warrant ADSs shall be delivered to
the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: __________________________________________________

Name of Authorized Signatory: ____________________________________________________________________

Title of Authorized Signatory: _____________________________________________________________________

Date: ________________________________________________________________________________________

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT
FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase Warrant ADSs.)

 

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 	 
	 	 	(Please Print)	 
	 	 	 	 
	Address:	 	 	 
	 	 	(Please Print)	 
	 	 	 	 
	Phone Number:	 	 	 
	 	 	 	 
	Email Address: 	 	 	 
	 	 	 	 
	Dated: _______________ __, ______	 	 	 
	 	 	 	 
	Holder’s Signature: _____________________	 	 	 
	 	 	 	 
	Holder’s Address: ______________________

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