Document:

c55921_ex10-2.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.2

REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 8, 2008, by and among Synovics Pharmaceuticals, Inc., a Nevada
corporation (the “Company”), Axiom Capital Management, Inc. (the “Placement Agent”), and the purchasers of the
Securities listed on Schedule A attached hereto (each an “Investor” or collectively, the “Investors”). 

     WHEREAS, the Company and each of the Investors (i) have entered into a Subscription Agreement dated the date hereof, or (ii) in the case of Bridge Note Investors have previously entered into a
Subscription Agreement (each a “Subscription Agreement” and collectively, the “Subscription Agreements”); and

     WHEREAS, to induce each Investor to execute and deliver a Subscription Agreement or to convert their Bridge Note as provided therein, the Company has agreed to provide certain registration rights
under the Securities Act, and the rules and regulations thereunder, or any similar successor statute, as well as any applicable state securities laws. 

     NOW, THEREFORE, in consideration of the premises, representations, warranties, and the mutual covenants and agreements contained herein, and in the Subscription Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Placement Agent and the Investors, intending to be legally bound, hereby agree as follows: 

     1. DEFINITIONS. Capitalized
terms defined in the Subscription Agreement shall have
the same meanings herein as are ascribed to them therein. In addition, as used
in this Agreement, the following terms shall have the following meanings ascribed
to them below:

           “Affiliate” means any Person that has a relationship with a designated Person whereby either of such Persons directly or
indirectly controls or is controlled by or is under common control with the other. For this purpose “control” means the power, direct or indirect, of one Person to direct or cause direction of the management and policies of another,
whether by contract, through voting securities or otherwise. 

           “Bridge
Note Investors” means Investors that purchased
convertible bridge notes (“Bridge Notes”) and warrants of the
Company in closings held on April 3, 2008 and April __, 2008. 

           “Closing” refers to that event which occurs when the Securities shall have been subscribed for, the funds representing the sale of
a minimum of $12.5 million in aggregate purchase price for the Securities (including the aggregate principal amount and accrued interest of converted Bridge Notes) shall have cleared, and the Company shall have accepted the subscriptions.

          “Closing Date” means the date of the Closing.

           “Common Stock” shall be the Company’s authorized common stock, as constituted on the date of this Agreement, any stock into
which such common stock may thereafter be changed and any stock of the Company of any other class, which is not preferred as

to dividends or assets over any other class of stock of the Company issued to the Investors of shares of such common stock upon any re-classification thereof. 

           “Company Registration Expenses” shall mean bills or invoices (other than Selling Expenses) incident to the Company’s
performance of, or compliance with, this Agreement including, without limitation, all registration, filing and FINRA fees, fees and expenses of compliance with securities or blue sky laws, word processing, duplicating and printing expenses,
messenger and delivery expenses, fees and disbursements of counsel for the Company and one counsel for the Investors in connection with each registration and the Company’s independent public accountants including the expenses of any audit
and/or “cold comfort” letter, all fees and expenses in connection with the Company’s obligations under Section 3.1, if applicable, and other Persons retained by the Company. 

          “Controlling
Person” shall have the meaning set forth under
Section 15 of the Securities Act.

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

          “Excluded Form” means a Form S-4 or Form S-8, pursuant to the Securities Act or any similar or successor form then in effect.

          “FINRA” means the Financial Industry Regulatory Authority, Inc.

           “Investors” means the Investors and any transferees or assignees who agree to become bound by the provisions of this Agreement in
accordance with Section 9 hereof. Investors also refers to the Placement Agent and its assignees when referring to the offer and sale of Registrable Securities and other rights arising under Sections 2 and 3. 

           “Offering” means the solicitation by the Placement Agent of Subscribers for the purchase of the Securities. 

           “Original Purchase Price” means the purchase price for the Series C Preferred Stock initially paid by the Subscribers. 

           “Person” means a corporation, an association, a partnership, a limited liability company, a joint venture, a trust, an
organization, a business, an entity, an individual, a government or political subdivision thereof or a governmental body. 

          “Placement Agent” shall mean Axiom Capital Management, Inc.

           “Placement Agent Agreement” shall mean the placement agent agreement, dated as of April 1, 2008, between the Placement Agent and
the Company. 

           “Placement Agent Warrants” shall mean the warrants to purchase shares of Common Stock issued to the Placement Agent pursuant to
the Placement Agent Agreement. 

           “Private Placement” shall mean the placement of the Securities by the Company through the Placement Agent pursuant to the
Placement Agent Agreement. 

2

           “Register, Registered and Registration” means a registration effected by preparing and filing a Registration Statement on a form
approved by the SEC other than an Excluded Form in compliance with the Securities Act and the declaration of effectiveness ordering the effectiveness of such Registration Statement under the Securities Act. 

           “Registrable Securities” means securities issued upon (i) exercise of the Warrants, (ii) exercise of the Placement Agent Warrants,
(iii) any securities issued by way of liquidated damages under Section 2.1.2, (iv) up to 1,000,000 shares of Common Stock owned by Maneesh Pharmaceuticals Ltd. (“Maneesh”), prior
to the date hereof, (v) 1,000,000 shares of Common Stock beneficially owned by, or issuable upon the exercise, conversion, or exchange of securities beneficially owned by Harcharan Singh as of the date hereof, and (vi) 1,000,000 shares of Common
Stock beneficially owned by, or issuable upon the exercise, conversion, or exchange of securities beneficially owned by Ronald H. Lane, Ph.D, as of the date hereof.  As to any Registrable Securities, once issued, such securities shall cease to be
Registrable Securities when (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement,
(B) they shall have been sold to the public pursuant to Rule 144 (or any successor provision) under the Securities Act, (C) they shall have been otherwise transferred and the new certificates issued by the Company to the transferee do not bear a
legend restricting further transfer and subsequent disposition of such shares shall not require registration or qualification under the Securities Act or any similar state law then in force, (D) they shall have ceased to be outstanding, or (D) they
shall be available for sale without restriction pursuant to Rule 144 (or any successor provision) under the Securities Act.

           “Registration Statement” means one or more registration statements of the Company on Form S-3 (or any other form the Company is
eligible to use) under the Securities Act registering all of the Registrable Securities, including any amendments or supplements thereto. 

           “SEC” means the Securities and Exchange Commission or any other governmental body at the time administering the Securities Act.

           “Securities” means
(i) [_________]1 shares
of Series C Preferred Stock, and (ii) warrants to purchase [__________]2 shares of Common Stock. 

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

           “Selling Expenses” shall mean all underwriting discounts, brokerage fees and selling commissions applicable to the Registrable
Securities registered. 

           “Series C Preferred Stock” means shares of Series C Convertible Redeemable Preferred Stock, par value $0.001 per share issued
by the Company. 

           “Subscriber” means an “accredited investor” as defined under Rule 501 of the Securities Act, subscribing to purchase the
Securities. 

______________________

1 To be completed with actual share numbers at Closing.

2 To be completed with actual share numbers at Closing.

3

           “Warrants” means
the warrants to purchase up to __________ shares of Common Stock, granted
by the Company at the Closing to Investors in connection with the closing of
the Private Placement. 

     2.     REGISTRATION.  

          2.1.     MANDATORY REGISTRATION.

               2.1.1 The Company shall use its best efforts to file with the SEC within forty-five (45) calendar days from the date of the final Closing Date (the “Required Filing Date”), a Registration Statement on Form S-3 (or, if Form S-3 is not
available to the Company, on such other form is then available to effect a registration of all of the Registrable Securities; provided, that the Company shall convert such other form to Form S-3, or file a replacement registration statement on Form
S-3 promptly after the first date on which it meets such requirement), covering the resale of 100% of the Registrable Securities, which Registration Statement, to the extent allowable under the Securities Act and the rules promulgated thereunder,
shall state that such Registration Statement also covers such indeterminate number of additional shares of Common Stock as may become issuable upon exercise of the Warrants or exercise of the Placement Agent Warrants pursuant to provisions to
prevent dilution resulting from stock splits, stock dividends or similar transactions (the “Mandatory Registration Statement”).  The Mandatory Registration Statement shall contain,
unless otherwise required by applicable law or the SEC, the “Selling Shareholders” and “Plan of Distribution”
section of the Prospectus in a form reasonably satisfactory to the Investors based upon information provided by the selling shareholders. The Registrable Securities included in the Mandatory Registration Statement shall be registered on behalf of
the Investors set forth on Schedule A hereof.  The Mandatory Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof)
shall be provided to the Investors and their counsel at least two (2) business days prior to its filing or other submission; such notice to specify the securities to be registered, the proposed numbers and amounts thereof and the date thereafter by
which the Company must receive the Investors’ written indication if any Investor does not wish to include their Registrable Securities in such Registration Statement and advising the Investors of their rights under this Section 2. The Company
shall file the Mandatory Registration Statement and cause all of the Registrable Securities (unless an Investor has indicated otherwise with respect to all or any portion of such Investor’s Registrable Securities pursuant to the preceding
sentence) to be registered under the Securities Act, in connection with the sale or other disposition by the Investors of the Registrable Securities so registered. The Company shall use its best efforts (i) to cause the Mandatory Registration
Statement, as amended, to become effective within one hundred and fifty (150) days from the Required Filing Date (the “Effectiveness Deadline”); and (ii) to maintain the
effectiveness of the Mandatory Registration Statement for a period of two (2) years from the date such registration statement is initially declared effective.

                 2.1.2 If the Mandatory Registration Statement has not been filed by the Required Filing Date and/or declared or ordered effective by the Effectiveness Deadline, the Company shall pay each Investor
liquidated damages in an amount equal to 1% of the Original Purchase Price paid by such Investor for the Securities per month (pro-rata, in each case, for partial months), which payments shall be payable at the end of each calendar month until the
earlier of (i) the date upon which the Mandatory Registration Statement is declared effective, or

4

(ii) the date on which all payments under this Section 2.1.2 reach an amount equal to 10% of the gross proceeds of the Offering. This payment may be made, at the election of the Company, in cash or in additional shares of Series C
Preferred Stock valued at the Original Purchase Price (assuming that no value is ascribed to the Warrants), provided that there are a sufficient number of authorized, but unissued shares of Common Stock into which the Series C Preferred Stock may
convert. 

          
2.2.     DEMAND REGISTRATION  

               
2.2.1 If the Mandatory Registration Statement shall not have been declared or ordered effective and the Company shall receive a written request no earlier than one hundred fifty (150) days following the Closing but no later than twenty four (24) months after the Closing from Investors holding
more than $500,000 in value (based on the Original Purchase Price) of the Registrable Securities then outstanding (the “Initiating Investor”) that the Company file a
registration statement under the Securities Act covering the registration of the resale of the Registrable Securities, then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Investors, and
subject to the limitations set forth herein, effect, as expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities that the Investors request to be registered. 

               2.2.2 The Company shall not be required to effect a registration pursuant to this Section 2.2 if (i) the Mandatory Registration Statement has been declared or ordered effective under the Securities
Act, whether or not one or more holders of Registrable Securities elected not to register all of their respective shares in the Mandatory Registration Statement, (ii) the Company has previously effected two registrations pursuant to this Section 2.2
and such previous registrations have been declared or ordered effective, or (iii) the Registrable Securities not covered by registrations pursuant to this Section 2.2 may be sold pursuant to Rule 144(b)(i) promulgated under the Securities Act or any
successor provision. Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered pursuant to this Section 2.2 as soon as practicable after receipt
of the request or requests of the Investors. 

          2.3.     PIGGYBACK
RIGHTS.

               2.3.1
If the Mandatory Registration Statement shall not have been declared or ordered
effective and the Company shall determine to prepare and file with the SEC a
registration statement relating to  an offering for its own account or the account
of others (which others may include any of the Investors with respect to Company
securities held by them other than Registrable Securities) under the Securities
Act of any of its equity securities  (other than on an Excluded Form), then the
Company shall send to each Investor holding Registrable Securities that have
not been covered by a registration statement that has been declared or ordered
effective (each, an “Eligible Investor”),
written notice of such determination and if, within fifteen (15) business days
after receipt of such notice any such Eligible Investor shall so request in writing,
the Company  shall include in such registration statement the Registrable Securities
requested by the Eligible Investors to be so included. Such written notice shall
state the intended method of disposition of the Registrable Securities by such
Eligible  Investor. If an Eligible Investor decides not to include all of its
Registrable Securities in any registration statement thereafter

5

filed by the Company, such Eligible Investor shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company
with respect to offerings of its securities, all upon the terms and conditions set forth herein, to the extent all Registrable Securities held by such Investor have not been covered by a registration statement that has been declared or ordered
effective by the time of such subsequent registration.

                 2.3.2 If the registration statement under which the Company gives notice under this Section 2.3 is for an underwritten offering, the Company shall so advise the Eligible Investors of Registrable
Securities. In such event, the right of any such Eligible Investor to be included in a registration pursuant to this Section 2.3 shall be conditioned upon such Eligible Investor’s participation in such underwriting and the inclusion of such
Eligible Investor’s Registrable Securities in the underwriting to the extent provided herein. All Eligible Investors proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the underwriter determines in good faith that marketing factors require a limitation of the
number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to the Company; second, to any selling shareholders that shall have exercised a demand registration right; third, on a
pro-rata basis, to the Eligible Investors and any other shareholders of the Company exercising incidental registration rights based on the total number of Registrable Securities sought to be registered in such registration by the Eligible Investors
and such other shareholder of the Company. 

                 2.3.3 If any Eligible Investor disapproves of the terms of any such underwriting, such Eligible Investor may elect to withdraw therefrom by written notice to the Company and the underwriter,
delivered at least ten (10) business days prior to the effective date of the registration statement.  Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Eligible
Investor which is a partnership, limited liability company, or corporation, the partners, retired partners, members, retired members and shareholders of such Eligible Investor, or the estates and family members of any such partners and retired
partners and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Eligible Investor,” and any pro-rata reduction with respect to such
“Eligible Investor” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Eligible Investor,” as defined in this sentence. 

                 2.3.4 The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Eligible
Investor has elected to include securities in such registration. 

          2.4.     FORM S-3 REGISTRATION. In the event any Registrable Securities shall not have been registered pursuant to Section 2.1, and if the Company is eligible to use Form S-3 under the Securities Act (or
any similar successor form) and shall receive from any Investors or permitted transferees (the “S-3 Initiating Holders”) a written request or requests that the Company effect a
registration on such Form S-3, including, without limitation, pursuant to Rule 415 of the Securities Act and any related qualification or compliance with respect to all

6

or part of the Registrable Securities owned by the S-3 Initiating Holders or their permitted transferees (provided, that the S-3 Initiating Holders registering Registrable Securities in such registration (together with all other
holders of Registrable Securities to be included in such registration) propose to sell their Registrable Securities at an aggregate price (calculated based upon the Market Price of the Registrable Securities on the date of filing of the Form S-3
with respect to such Registrable Securities) to the public of no less than the lesser of $1,000,000 or the remaining Registrable Securities), the Company shall (i) promptly give written notice of the proposed registration, and any related
qualification or compliance, to all other holders of Registrable Securities; and (ii) as soon as practicable, use reasonable best efforts to file and effect such registration and all such qualifications and compliances as may be so requested and as
would permit or facilitate the sale and distribution of all or such portion of the Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other holder in the group of holders
joining in such request as is specified in a written request given within fifteen (15) days after the holder’s receipt of such written notice from the Company. 

     3.     REGISTRATION PROCEDURES.  

          3.1.     If and whenever the Company is required by the provisions hereof to
effect or cause the registration of any Registrable Securities under the Securities Act as provided herein, the Company shall, as expeditiously as possible: 

                 3.1.1 prepare and file with the SEC, on or before the Required Filing Date the Mandatory Registration Statement required by Section 2.1 or a demand Registration Statement pursuant to Section 2.2
with respect to such Registrable Securities and use its best efforts to cause such Registration Statement to become and remain effective (pursuant to Rule 415 of the Securities Act) as soon as practicable after such filing (provided that, before
filing a Registration Statement or prospectus or any amendments or supplements thereto, the Company shall furnish to the Investors copies of all such documents proposed to be filed); 

                 3.1.2 prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such Registration Statement and the prospectus used in connection therewith as may be
necessary to keep such Registration Statement effective, true and correct in all material respects during the Registration Period.  For purposes of this Agreement, “Registration Period” means the period commencing with the effective date
and ending on the earlier of (i) the sale of all Registrable Securities covered thereby, (ii) the date upon which the Investors may sell the Registrable Securities pursuant to Rule 144 promulgated under the Securities Act without regard to volume
restrictions, or (iii) the expiration of the twenty four (24) months after Closing or such shorter period as shall be necessary to complete the distribution of the securities covered thereby, and to comply with the provisions of the Securities Act
with respect to the sale or other disposition of all Registrable Securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the Investors in such Registration Statement; 

                 3.1.3 permit the Investors and their counsel to review and comment upon all Registration Statements at least two (2) business days prior to its filing with the SEC and all amendments and supplements
to all Registration Statements (except for documents incorporated

7

by reference therein) within a reasonable number of days prior to their filing with the SEC; 

                 3.1.4 submit to the SEC, promptly after the Company learns that no review of the Registration Statement will be made by the staff of the SEC (the “Staff”) or that the Staff has no further comments on the Registration Statement, as the case may be, a request for acceleration of effectiveness of the Registration Statement to a time and date not
later than forty eight (48) hours after the submission of such request; 

                 3.1.5 furnish to each Investor whose Registrable Securities are included in the Registration Statement, and to the Placement Agent’s counsel and each underwriter of the securities being sold by
the Investors such number of copies of such Registration Statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such Registration Statement (including
each preliminary prospectus), in conformity with the requirements of the Securities Act, and such other documents, as such counsel and underwriter may reasonably request, in substantially the form in which they are proposed to be filed with the SEC,
in order to facilitate the public sale or other disposition of the Registrable Securities owned by the participating Investors. In the case of all Registration Statements referred to in Section 2, the Company shall furnish to each Investor which
requests (i) a copy of any request to accelerate the effectiveness of any Registration Statement or amendment thereto, (ii) on the date of effectiveness of the Registration Statement or any amendment thereto, a notice stating that the Registration
Statement or amendment has been declared effective, and (iii) such number of copies of a prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as such Investor may reasonably request in
order to facilitate the disposition of the Registrable Securities owned by such Investor. In responding to comments from the staff of the SEC, the Company shall cooperate with any Investor that notifies the Company that it desires to be consulted
with respect to such process. To the extent that issues raised by the staff of the SEC have an impact primarily on any such Investor rather than the Company, the Company shall give reasonable deference to such Investor’s requests with respect
to the process and substance of responses with respect to such issues; 

                 3.1.6 use its commercially reasonable efforts to (i) register and qualify the Registrable Securities covered by the Registration Statement under such other securities or “blue sky” laws of
such jurisdictions in the United States as each Investor who holds Registrable Securities being offered reasonably requests, (ii) prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such
registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be reasonably necessary to maintain such registrations and qualifications in effect at
all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3.1.6; 

                 3.1.7 subject to Section 3.1.6, use its commercially reasonable efforts to cause such Registrable Securities covered by such Registration Statement to be registered with or approved by such other
governmental agencies or authorities as may be reasonably necessary to

8

enable the participating Investors to consummate the disposition of its Registrable Securities; 

                 3.1.8 notify the participating Investors of the Company’s becoming aware that the prospectus included in the related Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly prepare and furnish to the participating Investors
and each underwriter a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

                3.1.9 otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC; 

                3.1.10 if the Common Stock is listed on a national securities exchange, or quoted on the OTC Bulletin Board (“OTC BB”), as the case may be, the Company shall use its commercially reasonable
efforts to cause all such Registrable Securities covered by such Registration Statement to be listed on the national securities exchange, or quoted on the OTC BB, as the case may be (if such Registrable Securities are not already so listed or
quoted), if the listing or quoting of such Registrable Securities is then permitted under the rules of such exchange or market; 

                3.1.11 provide a transfer agent and registrar, which may be a single entity, for the Registrable Securities not later than the effective date of the Registration Statement; 

                3.1.12 in the case of an underwritten offering, enable the Registrable Securities to be in such denominations and registered in such names as the underwriters may request at least one (1) business
day prior to the sale of the Registrable Securities; 

                3.1.13 cooperate with the Investors who hold Registrable Securities being offered to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing
Registrable Securities to be offered pursuant to the Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the
Investors may request; 

                3.1.14 notify the Investors of any stop order threatened, to the knowledge of the Company, or issued by the SEC (and the Company shall notify the Investors of the resolution of any issued stop order)
and take all actions reasonably necessary to prevent the entry of such stop order or to remove it if entered; 

                3.1.15 make available for inspection by the Investors and their representatives and advisors (collectively, the “Inspectors”)
pertinent financial and other records, and pertinent corporate documents and properties of the Company, as shall be reasonably deemed necessary by each Inspector to enable each Inspector to exercise its due diligence responsibility, and cause the
Company’s officers, directors and employees to supply all information which any Inspector may reasonably request for purposes of such due diligence; 

9

                3.1.16 hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) the disclosure of such information is necessary to comply with federal
or state securities laws or other request of the SEC, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a
subpoena or other order from a court or governmental body of competent jurisdiction, (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement, or (v) such Investor consents to the
form and content of any such disclosure. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means,
give prompt notice to such Investor prior to making such disclosure, and allow the Investor, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information; 

                3.1.17 in connection with contemplated resales under the Registration Statement, instruct the Company’s transfer agent to remove the restrictive legend on the stock certificates after
effectiveness of the applicable Registration Statement and provide, with the cooperation of the Investors, any reasonably required legal opinions at the Company’s sole expense; and 

                3.1.18 use its commercially reasonable efforts to (subject to applicable law), as soon as practicable to, (i) incorporate in a prospectus supplement or post-effective amendment the information
provided by an Investor pursuant to Section 3.2 relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase
price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to
be incorporated in such prospectus supplement or post-effective amendment and (iii) supplement or make amendments to any Registration Statement if reasonably requested by an Investor holding any Registrable Securities as it relates to the
information provided by an Investor pursuant to Section 3.2 relating to the sale and distribution of Registrable Securities. 

           3.2.     In connection with the
registration of the Registrable Securities, the Investors shall have the following
obligations: 

                 3.2.1 each participating Investor shall furnish to the Company in writing such information and documents regarding it and the distribution of its securities as may reasonably be required to be
disclosed in the Registration Statement in question by the rules and regulations under the Securities Act or under any other applicable securities or blue sky laws of the jurisdictions referred to in Section 3.1.4 above, or as may otherwise be
reasonably requested; and 

                 3.2.2 if any such registration or comparable statement refers to any participating Investor by name or otherwise as the Investor of any securities of the Company, but such reference to such
participating Investor by name or otherwise is not required by the Securities Act or any similar federal statute then in force or by request of the SEC, then such participating Investor shall have the right to require the deletion of the reference
to such

10

participating Investor.

           3.3.     From
and after the date of this Agreement, the Company shall not, and shall not agree
to, allow the holders of any securities of the Company to include any of their
securities in the Mandatory  Registration Statement under Section 2.1 hereof
or any amendment or supplement thereto under Section 3.1.2 hereof without the
consent of the Investors of a majority in interest (based upon the dollars invested)
of the Registrable Securities.

     4.     REGISTRATION EXPENSES. In
connection with any registration of Registrable Securities pursuant to Section
2, the Company shall, whether or not any such registration shall become effective,
from time  to time promptly pay all Company Registration Expenses. Such expenses
shall not include any Selling Expenses other than the reasonable fees and expenses
of one counsel selected by the Placement Agent.

     5.     INDEMNIFICATION.  

          5.1. The Company shall, and hereby does, indemnify and hold harmless, to the
 fullest extent permitted by law, each Investor and each Placement Agent (and their respective officers, directors, managers, members, partners, stockholders, employees, agents and advisors) and each Person who controls any
Investor or Placement Agent within the meaning of the Securities Act (each, an “Indemnified Party”) from and against all losses, claims, damages, liabilities and expenses, joint or
several, to which any such Indemnified Party may become subject under the Securities Act, the Exchange Act and all rules and regulations under each such act, any other federal or state statute, law or regulation at common law or otherwise, insofar
as such losses, claims, damages, liabilities or expenses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement or any amendment or supplement thereto or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any
untrue statement or alleged untrue statement of a material fact contained in any preliminary, final or summary prospectus, together with the documents incorporated by reference therein (as amended or supplemented if the Company shall have filed with
the SEC, any amendment thereof or supplement thereto), or any omission or alleged omission to state therein 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, or (iii) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating to action of or inaction by the Company in connection with any such
registration including the failure to deliver any document required herein to be delivered, to an Investor and a Placement Agent; and in each such case, the Company shall reimburse the Indemnified Parties for any reasonable legal or other expenses
as such reasonable expenses are incurred by any of them in connection with investigating, defending, settling, compromising, proving or defending any such loss, claim, damage, liability, expense, action or proceeding; provided, however, that the
Company shall not be liable to any such Indemnified Party insofar as such losses, claims, damages, liabilities, expenses, actions or proceedings are caused by any untrue statement or material omission to provide information pursuant to Section 5.2
made in reliance on and in conformity with any written information furnished to the Company by or on behalf of any Indemnified Party to be furnished under the Section 5.2 or as a result of the failure

11

of the Indemnified Party to furnish a prospectus to a purchaser which the Company previously furnished to Indemnified Party in a timely manner. 

           5.2. In connection with any Registration Statement in which any Investor and the Placement Agent is participating, such participating parties shall furnish to the Company in writing such information
as shall be reasonably requested by the Company for use in any such Registration Statement or prospectus and shall indemnify and hold harmless, severally and not jointly, to the extent permitted by law, the Company, its officers, directors,
employees, agents, advisors and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, against any losses, claims, damages, liabilities, expenses, actions or proceedings resulting from any untrue
statement of a material fact or any omission of a material fact with respect to information expressly requested by the Company and required to be stated in the Registration Statement or prospectus or preliminary prospectus or any amendment thereof
or supplement thereto, or necessary to make the statements therein in the light of the circumstance under which they were made (in the case of a prospectus) not misleading, in each case to the extent, but only to the extent, that such untrue
statement or omission with respect to information expressly requested by the Company is made in reliance on and in conformity with any information so furnished in writing or to be furnished under this Section 5.2 by such participating Investor
expressly for use therein.  Notwithstanding the provisions of this Section 5.2, the Investors and the Placement Agent shall not be liable for any indemnification obligation under this Agreement in excess of the aggregate amount of net proceeds
received by such persons from the sale of the Registrable Securities pursuant to the applicable Registration Statement. 

           5.3. Any Person entitled to indemnification under the provisions of this Section 5 shall (i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification
but the omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which it may have pursuant to this Section 5 to the extent it is not materially prejudiced as a result of such failure, and (ii) unless
in the reasonable judgment of counsel for such indemnified party a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, permit such indemnifying party to assume the defense of such claim, with
counsel reasonably satisfactory to the indemnified party; and if such defense is so assumed, such indemnifying party shall not enter into any settlement without the consent of the indemnified party if such settlement attributes liability to the
indemnified party and such indemnifying party shall not be subject to any liability for any settlement made without its consent. In the event an indemnifying party shall not be entitled, or elects not, to assume the defense of a claim, such
indemnifying party shall not be obligated to pay the fees and expenses of more than one law firm for all parties indemnified by such indemnifying party hereunder in respect of such claim, unless in the reasonable judgment of any such counsel a
conflict of interest may exist between such indemnified party and any other of such indemnified parties in respect to such claim. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any
indemnified party and shall survive the transfer of such securities by such indemnified party. 

           5.4. An indemnifying party shall make payments of all amounts required to be made pursuant to the foregoing provisions of this Section 5 to or for the account of the indemnified party from time to
time promptly upon receipt of bills or invoices relating thereto or when otherwise due and payable. 

12

     6.     CONTRIBUTION. To provide for
just and equitable contribution, if (i) an Indemnified Party makes a claim for
indemnification pursuant to Section 5 but it is found in a final judicial determination,
 not subject to further appeal, that such indemnification may not be enforced
in such case, even though this Agreement expressly provides indemnification in
such case, or (ii) any Indemnified Party or indemnifying party seeks contribution
under the  Securities Act, the Exchange Act, or otherwise, then the Company (including
for this purpose any contribution made by or on behalf of any officer, director,
employee or agent for the Company, or any Controlling Person of the Company),
on the one  hand, and the indemnified party, on the other hand, shall contribute
to the losses, liabilities, claims, damages, and expenses whatsoever to which
any of them may be subject, in such proportions as are appropriate to reflect
the relative benefits  received by the Company, on the one hand, and the indemnified
party, on the other hand; provided, however, that if applicable law does not
permit such allocation, then other relevant equitable considerations such as
the relative fault of the Company  and the indemnified party in connection with
the facts which resulted in such losses, liabilities, claims, damages, and expenses
shall also be considered. No Person liable for a fraudulent misrepresentation
shall be entitled to contribution from any  person who is not liable for such
fraudulent misrepresentation. Anything in this Section 6 to the contrary notwithstanding,
no party shall be liable for contribution with respect to the settlement of any
claim or action effected without its written  consent. This Section 6 is intended
to supersede any right to contribution under the Securities Act, the Exchange
Act, or otherwise unless such statute makes such right exclusive. The Company,
the Investors and the Placement Agent agree that it  would not be just and equitable
if contribution pursuant to this Section 6 were determined solely by pro-rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in this Section 6.  Notwithstanding
the provisions of this Section 6, each of the Investors and the Placement Agent
shall not be required to contribute any amount in excess of the amount such Investor
or Placement Agent would have been required to pay to an indemnified  party if
the indemnity under Section 5.2 was available. The Investors’ and the Placement
Agent’s obligations to contribute pursuant to this Section 6 are several
and not joint.

     7.     RULE 144. The Company covenants
that, during the Registration Period, it shall file the reports required to be
filed under the Securities Act and the Exchange Act and the rules and regulations
 adopted by the SEC thereunder (or, in the event that the Company is not required
to file such reports, it shall make publicly available information as set forth
in Rule 144(c)(2) promulgated under the Securities Act), or to the extent required
from  time to time to enable the Investors and the Placement Agent to sell their
Registrable Securities without registration under the Securities Act within the
limitation of the exemption provided by (i) Rule 144 under the Securities Act,
as such Rule  may be amended from time to time, or (ii) any similar rule or regulation
hereafter adopted by the SEC (collectively, “Rule
144”).

     8.     REGISTRATION RIGHTS OF OTHERS.
If the Company shall at any time hereafter provide any Person any rights with
respect to the registration of any securities of the Company under the Securities
Act,  such rights shall not permit any such securities to become registered during
the period between Closing and the date that is [one hundred eighty (180)] days
after the Mandatory Registration Statement becomes effective or, in any other
manner, be  superior to the rights provided herein to the Investors and the Placement
Agent.

13

     9.     REPORTING STATUS AND LISTING.  

          9.1. Until the date on which the Investors shall have sold all of their
 Registrable Securities, the Company shall file all reports required to be filed with the SEC pursuant to the Exchange Act, and the Company shall not terminate its status as an issuer required to file reports under the Exchange Act
even if the Exchange Act or the rules and regulations thereunder would otherwise permit such termination. 

          9.2. The Company shall maintain the eligibility for quotation of the Common Stock on the OTC BB market (other than any criteria of eligibility that is beyond the Company’s control, such as its
stock price). Subject to applicable law, neither the Company nor any of its Subsidiaries shall take any action which would be reasonably expected to result in the delisting or suspension of the Common Stock on the OTC BB market. The Company shall
pay all fees and expenses in connection with satisfying its obligations under this section. 

     10.     TRANSFER OF REGISTRATION
RIGHTS. If and to the extent that any Investor or the Placement Agent sells or
otherwise disposes of Registrable Securities or warrants exercisable for Registrable
 Securities in any transaction that does not require registration under the Securities
Act (other than a transaction exempt under Rule 144), the rights of the Investor
or the Placement Agent hereunder with respect to such Registrable Securities
shall  be assignable to any transferee of such Registrable Securities; provided,
however, that such transferee agrees in writing to be bound by all the terms
and conditions of this Agreement.

     11.     MISCELLANEOUS.  

          11.1. The registration rights provided to the Investors of Registrable Securities
shall be in effect whenever such Person owns of record such Registrable Securities. 

           11.2. A Person is deemed to be an Investor in Registrable Securities whenever such Person owns of record such Registrable Securities.  If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities. 

           11.3. All notices, offers, acceptance and any other acts under this Agreement shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by Federal Express or
similar receipted overnight delivery, or by facsimile or e-mail delivery followed by a copy sent by Federal Express or similar receipted overnight delivery, as follows: 

	 	If to the Company:
  	Synovics Pharmaceuticals, Inc. 

    5360 Northwest 35th Avenue 

    Ft. Lauderdale, FL 33309
  
	   	 	 
	 	With a copy to:
  	Reitler Brown & Rosenblatt LLC 

    800 Third Avenue, 21st Floor 

    New York, NY 10022 

    Facsimile No.: (212) 371-5500 

    Attention: Robert Steven Brown, Esq.
  

14

If to an Investor, at such address as such Investor shall have provided in writing to the Company or such other address as such Investor furnishes by notice given in accordance with this Section 11.3, with a copy to: 

	 	If to the Placement Agent:
	Axiom Capital Management, Inc.
          

          780 Third Avenue, 43rd Floor
          

          New York, NY 10017 

          Attention: Mark Martino, President

	 	 	 
	 	With a Copy to:
	Wollmuth Maher & Deutsch
          LLP 

          500 Fifth Avenue 

          New York, New York 10110 

          Facsimile No.: (212)
          382-0050 

          Attention: Gerald Coviello, Esq.

           11.4. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. 

           11.5. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed in the State of New York. 

           11.6. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in Manhattan, New York. Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in Manhattan, New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the
enforcement hereof).  Each party agrees not to commence a claim or proceeding hereunder in a court other than a state court or federal court sitting in Manhattan, New York, except (i) if required as a mandatory counterclaim or cross-claim in a
proceeding commenced by a Person in a different jurisdiction, or (ii) if such party has first brought such claim or proceeding in such court sitting in Manhattan, New York and both the state courts and the federal courts sitting in Manhattan, New
York have denied jurisdiction over such claim or proceeding.  Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto (including its affiliates, agents, officers, directors and employees) hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

15

           11.7. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof. This Agreement supersedes all prior agreements and understandings among the
parties hereto with respect to the subject matter hereof. 

           11.8. Subject to the requirements of Section 10 hereof, this Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto. 

           11.9. The headings in this Agreement are for convenience of reference only and shall not form part of or effect the interpretation of this Agreement. 

           11.10. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. The execution of
this Agreement may be by actual or facsimile signature. 

           11.11. 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 the 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. 

           11.12. Except as otherwise set forth herein, all consents, approvals and other determinations to be made by the Investors pursuant to this Agreement shall be made by the Investors holding more than
50% of the Registrable Securities then held by all Investors.

           11.13. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder
of this Agreement or the validity or enforceability of this Agreement in any other jurisdiction. 

           11.14. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced
by any other Person. 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK]

16

     IN WITNESS WHEREOF, the Company has caused this Registration Rights Agreement to be executed by its officers thereunto duly authorized. 

Dated: May __, 2008 

	
    SYNOVICS PHARMACEUTICALS, INC.  
	 	   
	 	   
	 	   
	By:	 
	 	Name: Ronald H. Lane, Ph.D.  
	 	Title: President  

PLACEMENT AGENT: 

	AXIOM CAPITAL MANAGEMENT,
    INC.
	 	 
	 	 
	
By:	 
	 	Name: Mark Martino
	 	
Title:President  

INVESTORS: 

[ADDITIONAL SIGNATURE PAGES ATTACHED] 

17 

	 	   	 	
HARCHARAN SINGH:  
	   	 	 	 
	   	 	 	 
	   	 	 	 
	 	
Name:  	 	
Harcharan Singh  
	 	
Address:  	 	
c/o Aundhia & Parikh  
	 	   	 	
265 Rimrock Road, Suite 1  
	 	   	 	
North York, Ontario MA3C6 Canada  
	 	   	 	
Attention: Gitu Parikh  
	 	
Telephone No.:  	 	
416-635-8025  
	 	
Fax No.:  	 	
416-638-6815  

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT 

	   	   	   	
2133820 ONTARIO INC.:  
	   
	   
	   	
By:  	   	   
	   	
Name:  	   	
Prembala Singh  
	   	
Title:  	   	   
	   	
Address:  	   	
c/o Aundhia & Parikh  
	  	 
	 	265 Rimrock Road, Suite 1

    North York, Ontario MA3C6 Canada 

      Attention: Gitu Parikh

    
	   	
Telephone No.:  	   	
416-635-8025  
	   	
Fax No.:  	   	
416-638-6815  

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

SCHEDULE A 

TO 

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 

SYNOVICS PHARMACEUTICALS, INC.
  

AND THE FOLLOWING INVESTORS: 

 

18c55921_ex10-3.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.3

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  THIS WARRANT SHALL NOT CONSTITUTE AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.  THE SECURITIES ARE “RESTRICTED” AND MAY NOT BE RESOLD OR TRANSFERRED
EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. 

COMMON STOCK PURCHASE WARRANT

To Purchase Shares of $_____ Par Value Common Stock (“Common Stock”) of

No. [W-__]    [ ] Shares

SYNOVICS PHARMACEUTICALS, INC.

      THIS CERTIFIES that, for value
received, ________________ (the “Purchaser” or “Holder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time on or after the date hereof and on or prior to 8:00 p.m. New York City Time on the date that is
five (5) years after the date hereof (the “Termination Date”), but not thereafter, to subscribe for and purchase from Synovics Pharmaceuticals, Inc., a Nevada corporation (the
“Company”),
____________

 shares of the Company’s common stock (the “Warrant Shares”) at an
Exercise Price equal to $0.75 per share (as adjusted from time to time pursuant to the terms hereof, the “Exercise Price”).  The Exercise Price and the number of shares for
which the Warrant is exercisable shall be subject to adjustment as provided herein.

	
1.        	
Title of Warrant. Prior to the expiration hereof and subject to compliance with applicable laws, this Warrant and all rights hereunder are transferable pursuant to Section 8 hereof.  The
term “Holder” shall refer to the Purchaser or any subsequent transferee
of this Warrant.
	 
	
2.        	
Authorization of Shares. The Company covenants that all shares of Common Stock which may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price as set
forth herein will be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue or
otherwise specified herein) except to the extent that the number of authorized shares of Common Stock of the Company available at the time of exercise of the Warrants into shares Warrant Shares is insufficient to permit the full exercise
thereof.  
	 

97702v7

	3.  	Exercise of Warrant.
	 	 
	
(a)        	
Subject to Section 2 of this Warrant, the Holder may exercise this Warrant, in whole or in part, at any time and from time to time, by delivering (which may be by facsimile) to the offices of the Company or any transfer agent for
the Common Stock, this Warrant, together with a Notice of Exercise in the form annexed hereto specifying the number of Warrant Shares with respect to which this Warrant is being exercised, together with payment in cash to the Company of the Exercise
Price therefor.  
	 
	 	
In the event that the Warrant is not exercised in full, the number of Warrant Shares shall be reduced by the number of such Warrant Shares for which this Warrant is exercised and/or surrendered, and the Company, if requested by
Holder and at the Company’s expense, shall within three (3) Trading Days (as defined below) issue and deliver to the Holder a new Warrant of like tenor in the name of the Holder or as the Holder (upon payment by Holder of any applicable
transfer taxes) may request, reflecting such adjusted Warrant Shares.  
	 
	 	
Certificates for shares of Common Stock purchased hereunder shall be delivered to the Holder hereof within three (3) Trading Days after the date on which this Warrant shall have been exercised as aforesaid. The Holder may withdraw
its Notice of Exercise at any time if the Company fails to timely deliver the relevant certificates to the Holder as provided in this Agreement. A Notice of Exercise shall be deemed sent on the date of delivery if delivered before 8:00 p.m. New York
Time on such date, or the day following such date if delivered after 8:00 p.m. New York Time; provided that the Company is only obligated to deliver Warrant Shares against delivery of the Exercise Price from the holder hereof and surrender of this
Warrant (or appropriate affidavit and/or indemnity in lieu thereof).  
	 
	 	
In lieu of delivering physical certificates representing the Warrant Shares issuable upon conversion of this Warrant, provided the Company’s transfer agent is participating in the Depository Trust Company’s
(“DTC”) Fast Automated Securities Transfer program, upon request of the Holder, the Company shall use commercially reasonable efforts to cause its transfer agent to electronically
transmit the Warrant Shares issuable upon exercise to the Holder, by crediting the account of the Holder's prime broker with DTC through its Deposit Withdrawal At Custodian (“DWAC”) system. The time periods for delivery described above shall apply to the electronic transmittals through the DWAC system. The Company agrees to use commercially reasonable efforts to coordinate with DTC to accomplish this
objective.  
	 
	
(b)        	
The term “Trading Day” means (x) if the
Common Stock is not listed on a national securities exchange but sale prices of the Common Stock are reported on the
OTC Bulletin Board or another automated quotation system, a day on which trading is reported on the principal automated
quotation system on which sales of the Common Stock are reported, (y) if the Common Stock is listed on a national
securities exchange, a day on which there is trading on such stock exchange, or (z) if the foregoing provisions are
inapplicable, a day on which quotations are reported by National Quotation Bureau Incorporated.  
	 

2

	
4.        	
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. In lieu of issuance of a fractional share upon any
exercise hereunder, the Company will either round up to nearest whole number of shares or pay the cash value of that fractional share, which cash value shall be calculated on the basis of the average closing price of the Common Stock during the five
(5) Trading Days immediately preceding the date of exercise.  
	 
	
5.        	
Charges, Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be made without charge to the Holder hereof for any issue or transfer tax or
other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder of this Warrant or in such name or names as may be
directed by the Holder of this Warrant; provided, however, that in the event certificates for shares of Common Stock are to be
issued in a name other than the name of the Holder of this Warrant, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto, duly executed by the Holder hereof; and provided
further, that the Company shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in the issuance of any Warrant certificates or any certificates for the Warrant Shares
other than the issuance of a Warrant Certificate to the Holder in connection with the Holder’s surrender of a Warrant Certificate upon the exercise of all or less than all of the Warrants evidenced thereby.  
	 
	
6.        	
Closing of Books. Subject to applicable law and the rules of the principal market on which the Common Stock may from time to time trade, the Company will at no time close its shareholder books or
records in any manner which interferes with the timely exercise of this Warrant.  
	 
	
7.        	
No Rights as Shareholder Until Exercise. Subject to Section 12 of this Warrant and the provisions of any other written agreement between the Company and the Purchaser, the Purchaser shall not be
entitled to vote or receive dividends or be deemed the holder of Warrant Shares or any other securities of the Company that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to
confer upon the Purchaser, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance or otherwise) or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise until the Warrant shall have been exercised as provided herein. However, at the time of the exercise of this Warrant pursuant to Section 3 hereof, the Warrant Shares so purchased hereunder shall
be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been exercised.  
	 
	
8.        	
Assignment and Transfer of Warrant. This Warrant may be assigned by the surrender of this Warrant and the Assignment Form annexed hereto, duly executed at the office of the Company (or such other
office or agency of the Company or its transfer agent as the  
	 

3

	 	
Company may designate by notice in writing to the registered Holder hereof at the address of such Holder appearing on the books of the Company); provided, however, that this Warrant may not be resold or otherwise transferred except (a) in a transaction registered under the Act, or (b) in a transaction pursuant to an exemption, if available, from registration
under the Act and whereby, if reasonably requested by the Company, an opinion of counsel reasonably satisfactory to the Company is obtained by the Holder of this Warrant to the effect that the transaction is so exempt.  
	 
	
9.        	
Loss, Theft, Destruction or Mutilation of Warrant; Exchange. The Company represents, warrants and covenants that (a) upon receipt by the Company of evidence and/or indemnity reasonably satisfactory
to it of the loss, theft, destruction or mutilation of any Warrant or stock certificate representing the Warrant Shares, and in case of loss, theft or destruction, of indemnity reasonably satisfactory to it, and (b) 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 this Warrant or stock certificate, without any charge therefor. This
Warrant is exchangeable at any time for an equal aggregate number of Warrants of different denominations, as requested by the holder surrendering the same, or in such denominations as may be requested by the Holder following determination of the
Exercise Price. No service charge will be made for such registration, transfer, exchange or reissuance.  
	 
	
10.        	
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 be a Saturday, Sunday or a legal
holiday, then such action may be taken or such right may be exercised on the next succeeding day not a legal holiday.  
	 
	
11.        	
Effect of Certain Events. If at any time while this Warrant or any portion thereof is outstanding and unexpired there shall be a Liquidation Event (as defined in clause (i) of the definition
thereof in the Certificate of Designations, Preferences and Rights of the Series C Convertible Redeemable Preferred Stock of the Corporation (the “Series C Certificate of Designations”)), the Holder of this Warrant shall have the right thereafter to purchase, by exercise of this Warrant and payment of the aggregate Exercise Price in effect
immediately prior to such action, the kind and amount of shares and other securities and property which it would have owned or have been entitled to receive after the happening of such transaction had this Warrant been exercised immediately prior
thereto, subject to further adjustment as provided in Section 12.  
	 
	
12.        	
Adjustments of Exercise Price and Number of Warrant Shares.  
	 
	 	
The number of and kind of securities purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as set forth in this Section 12.  
	 
	 	
(a) Sale of Shares Below Exercise Price. (i) If at any time after the date hereof, the Company issues or sells, or is deemed by he express provisions of this Section 12(a)
to have issued or sold, Additional Shares of Common Stock (as defined in the Series C  
	 

4

	 	Certificate of Designations), other than as a dividend
        or other distribution on any class of stock as provided in Section 12(e)
        below, and other than a subdivision or combination of shares of Common
        Stock as provided in Section 12(d) below, for an Effective Price (as
        defined in the Series C Certificate of Designations) lower than the Exercise
        Price per share of Common Stock in effect immediately prior to such issuance
        (each such issuance, a “Dilutive Issuance”),
        then in each case the then existing Exercise Price shall be reduced on
    the date of such issuance or sale, in accordance with the following formula: 

	
X =
  	 
  	
((A)(Y)) + ((B)(Z))
  
	 

  	 
  	
Y + Z
  

 

	 	where:
	 	 	 
	 	
X =  	
the new Exercise Price;  
	   
	 	
A =  	
the Exercise Price in effect immediately before the Dilutive Issuance;  
	   
	 	
Y =            	
the number of shares of Common Stock outstanding immediately before the
Dilutive Issuance, including all shares of Common Stock issuable upon
exercise, conversion or exchange of Common Stock Equivalents (as defined in
the Series C Certificate of Designations) outstanding immediately before the
Dilutive Issuance, whether or not then exercisable, convertible or exchangeable,
but excluding any treasury shares;  
	   
	 	
B =  	
Base Share Price (as defined in Section 12(i), (ii), (iii) or (iv) below); and  
	   
	 	
Z =      	
the number of shares of Common Stock issued in the Dilutive Issuance or
issuable upon conversion or exercise of Common Stock Equivalents issued in
the Dilutive Issuance.  

     Such adjustment to the Exercise Price shall be made upon each occurrence of a Dilutive Issuance.

     (ii) In the case of the issuance of Common Stock for cash, the Base Share Price shall be deemed to be the amount of cash paid therefor. 

     (iii) In the case of the issuance of the Common Stock for a consideration in whole or in part other than cash, the Base Share Price shall be deemed to be the sum of such cash and the fair value of
such consideration as determined by the Board of Directors of the Company, irrespective of any accounting treatment, absent manifest error. 

     (iv) In the case of the issuance of Common Stock Equivalents, the following provisions shall apply for all purposes of this Section 12(a): 

     (1) The aggregate maximum number of shares of Common Stock deliverable upon conversion or exercise of, or in exchange for, any such Common Stock Equivalents shall be deemed to have been issued at the
time such Common Stock Equivalents were

5

	 	issued and for a consideration equal to the consideration,
      if any, received by the Corporation for the Common Stock Equivalents (including
      any cash received on account of accrued interest or accrued dividends),
      plus the minimum additional consideration, if any, to be received by the
      Corporation (without taking into account potential anti-dilution adjustments)
      upon the conversion, exchange or exercise of such Common Stock Equivalents; provided that
      if the minimum amount of consideration payable to the Corporation upon
      the exercise or conversion of Common Stock Equivalents is reduced over
      time or on the occurrence or non-occurrence of specified events other than
      by reason of anti-dilution adjustments, the then Base Share Price shall
      be recalculated using the figure to which such minimum amount of consideration
      is reduced when such reduction becomes effective; provided
      further that if the minimum amount of consideration
      payable to the Corporation upon the exercise or conversion of such Common
      Stock Equivalents is subsequently increased, the then Base Share Price
      shall be again recalculated when such increase becomes effective using
      the increased minimum amount of consideration payable to the Corporation
    upon the exercise or conversion of such Common Stock Equivalents. 
	 	 
	 	     (2) Upon the expiration
      or termination of any Common Stock Equivalents, the Exercise Price shall
      be adjusted to reflect the Exercise Price in effect prior to the issuance
    of such Common Stock Equivalents.
	 	 
	 	     (3) No further adjustment of the Exercise Price, as
      adjusted upon the issuance of Common Stock Equivalents, shall be made as
      a result of the actual issuance of shares of Common Stock on the exercise
      of any such rights or options or the conversion of any such Common Stock
    Equivalents. 
	 	 
	
(b)        	
Reorganziations, Mergers or Consolidations. If at any time after the date hereof there shall be a capital reorganization of the Common Stock or the merger or consolidation of the Company with or
into another corporation or another entity or person (other than a recapitalization, subdivision, combination, reclassification, exchange or substitution of shares provided for elsewhere in this Section 12), as a part of such capital reorganization,
merger or consolidation, provision shall be made so that the Holders shall thereafter be entitled to receive upon payment of the Exercise Price then in effect the number of shares of stock or other securities or property of the Company to which a
holder of the number of shares of Common Stock deliverable upon exercise would have been entitled on such capital reorganization, merger or consolidation, subject to adjustment in respect of such stock or securities by the terms thereof. In any such
case, appropriate adjustment shall be made in the application of the provisions of this Section 12 with respect to the rights of the Holder after the capital reorganization, merger or consolidation to the end that the provisions of this Section 12
(including adjustment of the Exercise Price then in effect and the number of shares issuable upon exercise of this Warrant) shall be applicable after that event and be as nearly equivalent as practicable.  
	 
	
(c)        	
Adjustment for Reclassification, Exchange and Substitution. If at any time after the date hereof the Common Stock issuable upon the exercise of this Warrant is changed into the same or a different
number of shares of any class or classes of stock, whether by recapitalization, reclassification or otherwise (other than as a result of a subdivision or  
	 

6

	 	
combination of shares or stock dividend or a reorganization, merger or consolidation provided for elsewhere in this Section 12), in any such event the Holder shall have the right thereafter to receive upon exercise of this
Warrant, during the period specified herein and upon payment of the Exercise Price then in effect, the kind and amount of stock and other securities and property receivable upon such recapitalization, reclassification or other change which could
have been received by the Holder for the shares of stock subject to this Warrant had this Warrant at such time been exercised, all subject to further adjustment as provided herein or with respect to such other securities or property by the terms
thereof.  
	 
	
(d)        	
Adjustment for Stock Splits and Combinations. If at any time
after the date hereof the Company shall effect a subdivision of the outstanding Common Stock, the Exercise Price
in effect immediately before that subdivision shall be proportionately decreased. Conversely, if at any time after
the date hereof the Company shall combine the outstanding shares of Common Stock into a smaller number of shares,
the Exercise Price in effect immediately before the combination shall be proportionately increased. Any adjustment
pursuant to this Section 12(d) shall become effective simultaneously with the effectiveness of such subdivision or
combination.  
	 
	
(e)        	
Adjustment for Common Stock Dividends and Distributions. If at any time after the date hereof the Company makes, or fixes a record date for the determination of holders of Common Stock entitled to
receive, a dividend or other distribution payable in additional shares of Common Stock, in each such event the Exercise Price that is then in effect shall be decreased as of the time of such issuance or, in the event such record date is fixed, as of
the close of business on such record date, by multiplying the Exercise Price then in effect by a fraction (i) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date and (ii) the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record
date plus the number of shares of Common Stock issuable in payment of such dividend or distribution; provided, however, that if such record date is fixed and such dividend is not fully paid
or if such distribution is not fully made on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Exercise Price shall be adjusted pursuant to this Section
12(e) to reflect the actual payment of such dividend or distribution.  
	 
	
(f)        	
In the event of any adjustment in the number of Warrant Shares issuable hereunder upon exercise, the Exercise Price shall be inversely proportionately increased or decreased as the case may be, such that aggregate purchase price
for Warrant Shares upon full exercise of this Warrant shall remain the same. Similarly, in the event of any adjustment in the Exercise Price, the number of Warrant Shares issuable hereunder upon exercise shall be inversely proportionately increased
or decreased as the case may be, such that aggregate purchase price for Warrant Shares upon full exercise of this Warrant shall remain the same.  
	 

7

	
13.        	
Voluntary Adjustment by the Company. The Company may at its option, at any time during the term of this Warrant, reduce but not increase the then current Exercise Price to any amount and for any
period of time deemed appropriate by the Board of Directors of the Company.  
	 
	
14.        	
Notice of Adjustment. Whenever the number of Warrant Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, the
Company shall promptly mail to the Holder of this Warrant a notice setting forth the number of Warrant Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise Price of such Warrant Shares after such
adjustment and setting forth the computation of such adjustment and a brief statement of the facts requiring such adjustment.  
	 
	
15.        	
Authorized Shares. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Warrant Shares 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 Shares may be issued as
provided herein without violation of any applicable law, regulation, or rule of any applicable market or exchange.  
	 
	
16.        	
Compliance with Securities Laws. (a) The Holder hereof acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered (or if no exemption from registration
exists), will have restrictions upon resale imposed by state and federal securities laws. Each certificate representing the Warrant Shares issued to the Holder upon exercise (if not registered, for resale or otherwise, or if no exemption from
registration exists) will bear substantially the following legend:  
	 
	 	
THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  
	 

	
(b)        	
Without limiting the Purchaser’s right to transfer, assign or otherwise convey the Warrant or Warrant Shares in compliance with all applicable securities laws, the Holder of this Warrant, by acceptance hereof, acknowledges
that this Warrant and the Warrant Shares to be issued upon exercise hereof are being acquired solely for the Purchaser's own account and not as a nominee for any other party, and that the Purchaser will not offer, sell or otherwise dispose of this
Warrant or any Warrant Shares to be issued upon exercise  
	 

8

 

	 	hereof except under circumstances that will not result
    in a violation of applicable federal and state securities laws.
	 	 
	17.	Miscellaneous.
	 	 
	
(a)        	
Issue Date; Choice of Law; Venue; Jurisdiction. The provisions of this Warrant shall be construed and shall be given effect in all respects as if it had been issued and delivered by the Company on
the date hereof. This Warrant shall be binding upon any successors or assigns of the Company. This Warrant will be construed and enforced in accordance with and governed by the laws of the State of New York, except for matters arising under the Act,
without reference to principles of conflicts of law. Each of the parties consents to the exclusive jurisdiction of the Federal and State Courts sitting in the County of New York in the State of New York in connection with any dispute arising under
this Warrant and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens or venue, to the bringing of any such proceeding
in such jurisdiction. EACH PARTY HERETO WAIVES THE RIGHT TO A  TRIAL
BY JURY.
	 
	
(b)        	
Modification and Waiver. This Warrant and any provisions hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of
the same is sought. Any amendment effected in accordance with this paragraph shall be binding upon the Purchaser, each future holder of this Warrant and the Company. No waivers of, or exceptions to, any term, condition or provision of this Warrant,
in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.  
	 
	
(c)        	
Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing by facsimile, mail or personal delivery and shall be effective upon actual receipt of such
notice. The addresses for such communications shall be to the addresses as shown on the books of the Company or to the Company at the address set forth in the Placement Agent Agreement. A party may from time to time change the address to which
notices to it are to be delivered or mailed hereunder by notice in accordance with the provisions of this Section 17(c).  
	 
	
(d)        	
Severability. Whenever 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 is held
to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this
Warrant in such jurisdiction or affect the validity, legality or enforceability of any provision in any other jurisdiction, but this Warrant shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein.  
	 
	
(e)        	
Specific Enforcement. The Company and the Holder acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Warrant were not performed in accordance
with their specific terms or were otherwise breached.  
	 

9

It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Warrant and to enforce specifically the terms and provisions hereof, this being in
addition to any other remedy to which either of them may be entitled by law or equity. 

[Signature Page Follows]

10

          IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officers thereunto duly authorized. 

Dated: ________, 2008 

	 	
    SYNOVICS PHARMACEUTICALS, INC.  
	 	 	   
	 	 	   
	 	By:	 
	 	 	
          Name:  
	 	 	
          Title:  

ATTEST:

	 
	
Print Name:  

11

PURCHASE FORM

SUBSCRIPTION

The undersigned, ___________________ (the “Holder”), pursuant to the provisions of the Warrant of Synovics Pharmaceuticals, Inc. (the
“Company”)
granted to the Holder (or its assignor) dated _____ (the “Warrant”),
hereby agrees to subscribe for and purchase ____________________ shares of the
Common Stock, par value $___ per share, of the Company covered by the Warrant, and makes payment therefor in full at the price per share provided by the Warrant. 

Dated:_______________                                         Signature:
_________________________

INSTRUCTIONS FOR REGISTRATION OF STOCK:

	 	Name:	 
	 	 	
(please type or print in block letters)  
	 	 	 
	 	Address:	 
	 	 	 
	 	Address:	 

FORM OF ASSIGNMENT OR PARTIAL ASSIGNMENT

FOR VALUE RECEIVED, _________________________ (the “Holder), hereby sells, assigns and transfers unto

	Name:	 
	 	
                                                                      
             (please typewrite or print in block letters)  

	Address:	 

the right to purchase Common Stock, as appropriate, to the
extent of _________
shares as to which such right is exercisable pursuant to this Warrant of Synovics
Pharmaceuticals, Inc. (the “Company”)
dated _____
granted to the Holder (or its assignor), and does hereby irrevocably constitute
and appoint
_____________________
, attorney, to transfer the same on the books of
the Company with full power of substitution in the premises. 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be
guaranteed by a bank or trust company.  Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

Signature:_________________________________

Dated:_______________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}]]