Document:

EX-4.6

 Exhibit 4.6 

FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT 

THIS FIRST AMENDMENT (the “First Amendment”) TO REGISTRATION RIGHTS AGREEMENT is made and entered into as of this 20th
day of July, 2020, by and among U.S. Well Services, Inc., a Delaware corporation (the “Company”), and the holders of all of the outstanding Registrable Securities (as defined in the Registration Rights Agreement) of the
Company (the “Holders”) listed on the signature pages hereto. 
 RECITALS: 

WHEREAS, pursuant to Section 3.12 of the Registration Rights Agreement dated as of April 1, 2020 (the
“Registration Rights Agreement”), by and among the Company and the Holders, the Registration Rights Agreement may be amended or modified by the Company and the Holders; and 

WHEREAS, the Holders and the Company desire to enter into the First Amendment to amend the definition of “Shelf Registration Filing
Deadline” set forth in the Registration Rights Agreement. 
 NOW, THEREFORE, the parties hereto agree to amend the Registration Rights
Agreement as follows: 
  

	 	I.	 Amendment to the Registration Rights Agreement: 

1. The definition of “Shelf Registration Filing Deadline” set forth in Section 1.1 of the
Registration Rights Agreement is hereby amended and restated in its entirety and replaced with the following: 
 “Shelf
Registration Filing Deadline” means, prior to a Going Dark Period, August 17, 2020, and, following a Going Dark Period, four months after the first day on which USWS becomes subject to Section 13 or 15(d) of the Exchange Act
after a Going Dark Period. 
  

	 	II.	 General Provisions 

1. In case of conflict between this First Amendment and the Registration Rights Agreement, this First Amendment shall control. 

2. The Registration Rights Agreement, except as expressly amended hereby, shall remain in full force and effect. 

3. The provisions of Section 3.8 of the Registration Rights Agreement captioned “Governing Law; Submission to
Jurisdiction” and Section 3.9 of the Registration Rights Agreement captioned “Waiver of Jury Trial,” are incorporated herein by reference as though such provisions were fully set forth verbatim herein and
shall apply to this First Amendment mutatis mutandis. 

 4. Any provision of this First Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any
other jurisdiction. 
 5. This First Amendment may be executed in any number of counterparts (including by pdf or other electronic
transmission) and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the
same Agreement. 
 6. All references to instruments, documents, contracts and agreements are references to such instruments, documents,
contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever any determination,
consent or approval is to be made or given by a Holder under this Agreement, such action shall be in such Holder’s sole discretion unless otherwise specified. 

[Signatures appear on the following pages] 

  
 2 

 IN WITNESS WHEREOF, the parties have executed this First Amendment to Registration Rights
Agreement as of the date first written above. 
  

			
	COMPANY:
	
	U.S. WELL SERVICES, INC.

 
			
		
	By:	 	 /s/ Kyle O’Neill

			
	Name:	 	Kyle O’Neill
	Title:	 	Chief Financial Officer
	
	HOLDERS:
	
	CRESTVIEW III USWS, L.P.
	
	 By: Crestview III USWS GenPar, LLC,
its general
partner

 
			
		
	By:	 	 /s/ Ross A. Oliver

			
	Name:	 	Ross A. Oliver
	Title:	 	General Counsel
	
	CRESTVIEW III USWS TE, LLC

 
			
		
	By:	 	 /s/ Ross A. Oliver

			
	Name:	 	Ross A. Oliver
	Title:	 	General Counsel
	
	LNV CORPORATION

 
			
		
	By:	 	 /s/ Jacob Chemer

 
			
	Name:	 	Jacob Chemer
	Title:	 	Executive Vice President

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO REGISTRATION RIGHTS AGREEMENT] 

 
			
	LPP MORTGAGE, INC.

 
			
		
	By:	 	 /s/ Jacob Chemer

 
			
	Name:	 	Jacob Chemer
	Title:	 	Executive Vice President
	
	REGIMENT CAPITAL SPECIAL SITUATIONS FUND V, L.P,

 
			
		
	By:	 	 /s/ Richard Miller

			
	Name:	 	Richard Miller
	Title:	 	Authorized Signatory
	
	DAVID J. MATLIN

 
			
		
	By:	 	 /s/ David J. Matlin

			
	Name:	 	David J. Matlin
	
	PETER SCHOELS

 
			
		
	By:	 	 /s/ Peter Schoels

 

			
	Name:	 	Peter Schoels
	
	GREENBLATT PARTNERS LP

 
			
		
	By:	 	 /s/ Jeffrey Gleenblatt

			
	Name:	 	Jeffrey Gleenblatt
	Title:	 	Authorized Sigantory
	
	JASON CAPONE

 
			
		
	By:	 	 /s/ Jason Capone

 
			
	Name:	 	Jason Capone

  
 [SIGNATURE
PAGE TO FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT] 

 
			
	JAMES MCCARTNEY

 
			
		
	By:	 	 /s/ James McCartney

			
	Name:	 	James McCartney
	
	KEN CAMPBELL

 
			
		
	By:	 	 /s/ Ken Campbell

 
			
	Name:	 	Ken Campbell
	
	GREG ETHRIDGE

 
			
		
	By:	 	 /s/ Greg Ethridge

 

			
	Name:	 	Greg Ethridge
	
	TIM O’CONNOR

 
			
		
	By:	 	 /s/ Tim O’Connor

			
	Name:	 	Tim O’Connor
	
	DAVID TREADWELL

 
			
		
	By:	 	 /s/ David Treadwell

			
	Name:	 	David Treadwell

  
 [SIGNATURE
PAGE TO FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT]Exhibit 4.1

 

AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT

 

AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of July 17, 2020 (the "Amended and Restated
Date") by and among BioPharmX Corporation, a Delaware corporation, with headquarters previously located at 900 E. Hamilton
Ave., Suite 100, Campbell, California 95008 (now 50 Tice Blvd., Suite A26, Woodcliff Lake, NJ 07677), which was renamed "Timber
Pharmaceuticals, Inc." pursuant to the Merger Agreement (as defined below) (the "Company"), and the investors
listed on the Schedule of Buyers attached hereto (each, a "Buyer" and collectively, the "Buyers").

 

WHEREAS:

 

A.       In
connection with: (i) the Securities Purchase Agreement (the "Bridge Securities Purchase Agreement") by and among
Timber Pharmaceuticals LLC, a Delaware limited liability company ("Timber Private Company") and certain Buyers
dated as of January 28, 2020, upon the terms and subject to the conditions of the Bridge Securities Purchase Agreement, Timber
Private Company has agreed, among other things, to cause the Company to issue to each Buyer Warrants (collectively, the "Bridge
Warrants") which each will be exercisable to purchase shares of the Company's common stock, par value $0.001 per share
(the "Common Stock") (as exercised, collectively, the "Bridge Warrant Shares") in accordance
with the terms of the Bridge Warrants and (ii) the Securities Purchase Agreement (the "Securities Purchase Agreement")
by and among Timber Private Company, the Company and the Buyers of even date herewith, upon the terms and subject to the conditions
of the Securities Purchase Agreement, (x) Timber Private Company has agreed to issue to each Buyer Common Units of Timber Private
Company and (y) the Company has agreed to issue Series A Warrants and Series B Warrants (each, as hereinafter defined) (collectively,
the "Primary Warrants" and together with the Bridge Warrants, the "Warrants") which each will
be exercisable to purchase shares Common Stock (as exercised, collectively, the "Primary Warrant Shares" and together
with the Bridge Warrant Shares, the "Warrant Shares") in accordance with the terms of the Primary Warrants.

 

B.       In
accordance with the terms of the Securities Purchase Agreement, provided that the transactions contemplated by that certain Agreement
and Plan of Merger among the Company, BITI Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company,
and Timber Private Company, dated as of January 28, 2020 (the "Merger Agreement") are consummated, the Company
has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder,
or any similar successor statute (collectively, the "1933 Act"), and applicable state securities laws.

 

C.       The
Company and each Buyer are parties to that certain Registration Rights Agreement (the "Initial RRA"), dated as
of March 27, 2020 (the "Initial RRA Date") and have determined to amend and restate the Initial RRA as set forth
herein.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows:

 

    

     

    

 

1.            
Definitions.

 

Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement. As used
in this Agreement, the following terms shall have the following meanings:

 

(a)              
"Business Day" means any day other than Saturday, Sunday or any other day on which commercial banks in
the City of New York are authorized or required by law to remain closed.

 

(b)              
"Closing Date" shall have the meaning set forth in the Securities Purchase Agreement.

 

(c)              
"Demand Effective Date" means the date that the Registration Statement has been declared effective by the
SEC.

 

(d)              
"Demand Effectiveness Deadline" means the date which is the earlier of (x) (i) in the event that the Registration
Statement is not subject to a full review by the SEC, forty five (45) calendar days after the Demand Request Date or (ii) in the
event that the Registration Statement is subject to a full review by the SEC, seventy-five (75) calendar days after the Demand
Request Date and (y) the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier)
by the SEC that such Registration Statement will not be reviewed or will not be subject to further review; provided, however,
that if the Demand Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the Demand
Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

 

(e)              
"Demand Filing Date" means the date on which the Registration Statement is filed with the SEC.

 

(f)               
"Demand Filing Deadline" means the date which is fifteen (15) Trading Days after the Demand Request Date;
provided, that with respect to a registration statement on Form S-1 filed pursuant to Section 2(f), such date shall be twenty
(20) Trading Days after the Demand Request Date.

 

(g)              
"Designee" means [ ].

 

(h)              
"effective" and "effectiveness" refer to a Registration Statement that has been declared
effective by the SEC and is available for the resale of the Registrable Securities required to be covered thereby.

 

(i)                
"Eligible Market" means the Principal Market, The Nasdaq Capital Market, The Nasdaq Global Select Market,
The Nasdaq Global Market or The New York Stock Exchange, Inc.

 

(j)                
"Investor" means a Buyer or any transferee or assignee thereof to whom a Buyer assigns its rights under
this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee
or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by
the provisions of this Agreement in accordance with Section 9.

 

    2

     

    

 

(k)              
"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.

 

(l)                
"Principal Market" means the NYSE American.

 

(m)            
"register," "registered," and "registration" refer to a registration
effected by preparing and filing one or more Registration Statements (as defined below) in compliance with the 1933 Act and pursuant
to Rule 415, and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC.

 

(n)              
 "Registrable Securities" means in each case as of the applicable time of determination, (i) the Bridge
Warrant Shares then issued or issuable upon exercise of the Bridge Warrants, (ii) the Series A Warrant Shares then issued or issuable
upon exercise of the Series A Warrants, (iii) the Series B Warrant Shares then issued or issuable upon exercise of the Series B
Warrants and (iii) any capital stock of the Company then issued or issuable with respect to the Bridge Warrant Shares, the Bridge
Warrants, the Series A Warrant Shares, the Series A Warrants, the Series B Warrant Shares or the Series B Warrants, in each case
as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any
limitations on the exercise of the Bridge Warrants, the Series A Warrants and/or the Series B Warrants.

 

(o)              
"Registration Statement" means a registration statement or registration statements of the Company filed
under the 1933 Act covering the resale of Registrable Securities.

 

(p)              
"Required Holders" means the holders of at least a majority of the Registrable Securities and shall include
the Designee so long as the Designee or any of its affiliates holds any Registrable Securities.

 

(q)              
"Required Registration Amount" means the maximum number of shares of Common Stock issued and then issuable
upon exercise of the Bridge Warrants, the Series A Warrants and the Series B Warrants as of the date of the filing of the Registration
Statement without giving effect to any limitation on exercise set forth therein.

 

(r)               
"Rule 415" means Rule 415 promulgated under the 1933 Act or any successor rule providing for offering securities
on a continuous or delayed basis.

 

(s)               
"SEC" means the United States Securities and Exchange Commission.

 

(t)                
"Series A Warrants" shall have the meaning set forth in the Securities Purchase Agreement.

 

    3

     

    

 

(u)              
"Series A Warrant Shares" shall have the meaning set forth in the Securities Purchase Agreement.

 

(v)              
"Series B Warrants" shall have the meaning set forth in the Securities Purchase Agreement.

 

(w)            
"Series B Warrant Shares" shall have the meaning set forth in the Securities Purchase Agreement.

 

(x)              
"Trading Day" means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock on such day, then on the principal securities exchange or securities
market on which the Common Stock is then traded.

 

2.            
Registration.

 

(a)              
Demand Registration. If on any date during the Registration Period (as defined below) (such date referred to herein
as the "Demand Request Date"), the Company receives a written request (which may be by email) from one or more
Investors comprising the Required Holders that the Company file a Registration Statement to register the resale of the Registrable
Securities, the Company shall (i) within two (2) Business Days after the Demand Request Date, give written notice thereof (the
"Demand Notice") to all Investors other than the Required Holders who submitted the Demand Notice; and (ii) prepare
and, as soon as practicable, but in no event later than the Demand Filing Deadline, file with the SEC the Registration Statement
on Form S-3 covering the resale of at least the number of shares of Common Stock equal to the Required Registration Amount determined
as of the date the Registration Statement is initially filed with the SEC. Upon receipt of a Demand Notice, any Investor that has
not already notified the Company that it wishes to have its Registrable Securities included in the Registration Statement may notify
the Company in writing within five (5) Business Days of receipt of such Demand Notice, and the Company shall treat each such Investor
as if such Investor were part of the Required Holders requesting the filing of the Registration Statement. In the event that Form
S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration on another
appropriate form reasonably acceptable to the Required Holders, subject to the provisions of Section 2(f). The Registration Statement
shall contain (except if otherwise directed by the Required Holders) the "Plan of Distribution" and "Selling
Stockholders" sections in substantially the form attached hereto as Exhibit B. The Company shall use its commercially
reasonable efforts to have the Registration Statement declared effective by the SEC as soon as practicable, but in no event later
than the Demand Effectiveness Deadline. By 9:30 a.m. New York time on the Business Day following the Demand Effective Date, the
Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with
sales pursuant to such Registration Statement.

 

(b)              
Effect on Primary Warrants. For the avoidance of doubt, if no Demand Request Date occurs prior to December 2, 2020
(six months after the Issuance Date, as defined in the Series B Warrants), then a Satisfaction Event shall have occurred if no
Public Information Failure occurs at any time during the forty-five (45) Trading Day period beginning on, and including, December
11, 2020 (the first End Reset Measuring Date occurring after December 2, 2020).

 

    4

     

    

 

(c)              
[RESERVED]

 

(d)              
 Allocation of Registrable Securities. The initial number of Registrable Securities included in any Registration
Statement and any increase or decrease in the number of Registrable Securities included therein shall be allocated pro rata among
the Investors based on the number of Registrable Securities held by each Investor at the time the Registration Statement covering
such initial number of Registrable Securities or increase or decrease thereof is declared effective by the SEC. In the event that
an Investor sells or otherwise transfers any of such Investor's Registrable Securities, each transferee shall be allocated a pro
rata portion of the then remaining number of Registrable Securities included in such Registration Statement for such transferor.
Any shares of Common Stock included in a Registration Statement and which remain allocated to any Person which ceases to hold any
Registrable Securities covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on
the number of Registrable Securities then held by such Investors which are covered by such Registration Statement. In no event
shall the Company include any securities other than Registrable Securities on any Registration Statement without the prior written
consent of the Required Holders.

 

(e)              
Legal Counsel. Subject to Section 5 hereof, the Required Holders shall have the right to select one legal counsel
to review and oversee any registration pursuant to this Section 2 ("Legal Counsel"), which shall be Schulte Roth
& Zabel LLP or such other counsel as thereafter designated by the Required Holders. The Company and Legal Counsel shall reasonably
cooperate with each other in performing the Company's obligations under this Agreement.

 

(f)               
Ineligibility for Form S-3. In the event that Form S-3 is not available for the registration of the resale of Registrable
Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on Form S-1 or another appropriate
form reasonably acceptable to the Required Holders and (ii) undertake to register the Registrable Securities on Form S-3 as soon
as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect
until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the
SEC.

 

3.            
Related Obligations.

 

At such time as the Company
is obligated to file a Registration Statement with the SEC pursuant to Section 2, the Company will use its commercially reasonable
efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof
and, pursuant thereto, the Company shall have the following obligations:

 

(a)              
The Company shall promptly prepare and file with the SEC a Registration Statement with respect to the Registrable Securities
and use its commercially reasonable efforts to cause such Registration Statement relating to the Registrable Securities to become
effective as soon as practicable after such filing (but in no event later than the Demand Effectiveness Deadline). The Company
shall use commercially reasonable efforts to keep each Registration Statement effective pursuant to Rule 415 at all times until
the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration Statement
without restriction or limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1) (or
any successor thereto) promulgated under the 1933 Act or (ii) the date on which the Investors shall have sold all of the Registrable
Securities covered by such Registration Statement (the "Registration Period"). The Company shall ensure that each
Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements
therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. The term "commercially
reasonable efforts" shall mean, among other things, that the Company shall submit to the SEC, within two (2) Business Days
after the later of the date that (i) the Company learns that no review of a particular Registration Statement will be made by the
staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case may be, and (ii)
the approval of Legal Counsel pursuant to Section 3(c) (which approval is immediately sought), a request for acceleration of effectiveness
of such Registration Statement to a time and date not later than two (2) Business Days after the submission of such request. The
Company shall respond in writing to comments made by the SEC in respect of a Registration Statement as soon as practicable, but
in no event later than fifteen (15) days after the receipt of comments by or notice from the SEC that an amendment is required
in order for a Registration Statement to be declared effective.

 

    5

     

    

 

(b)              
The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to
a Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed
pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective at all times
during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition
of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable
Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof
as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required
to be filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form
10-K, Form 10-Q or Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended (the "1934 Act"),
the Company shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such
amendments or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for
the Company to amend or supplement such Registration Statement.

 

(c)              
The Company shall (A) permit Legal Counsel to review and comment upon (i) a Registration Statement at least three (3) Business
Days prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports) within
a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement
thereto in a form to which Legal Counsel reasonably objects. The Company shall not submit a request for acceleration of the effectiveness
of a Registration Statement or any amendment or supplement thereto without the prior approval of Legal Counsel, which consent shall
not be unreasonably withheld. The Company shall furnish to Legal Counsel, without charge, (i) copies of any correspondence from
the SEC or the staff of the SEC to the Company or its representatives relating to any Registration Statement, (ii) unless the following
are filed with the SEC through EDGAR and are available to the public through the EDGAR system, promptly after the same is prepared
and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto, including financial statements and
schedules, all documents incorporated therein by reference, if requested by an Investor, and all exhibits and (iii) unless the
following are filed with the SEC through EDGAR and are available to the public through the EDGAR system, upon the effectiveness
of any Registration Statement, one copy of the prospectus included in such Registration Statement and all amendments and supplements
thereto. The Company shall reasonably cooperate with Legal Counsel in performing the Company's obligations pursuant to this Section
3.

 

    6

     

    

 

(d)              
The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without
charge, upon request, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement
and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, if
requested by an Investor, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement,
ten (10) copies of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other
number of copies as such Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or
final prospectus, as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by such Investor.

 

(e)              
The Company shall use its commercially reasonable efforts to (i) register and qualify, unless an exemption from registration
and qualification applies, the resale by Investors of the Registrable Securities covered by a Registration Statement under such
other securities or "blue sky" laws of all applicable jurisdictions in the United States, (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 (x) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The
Company shall promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of
any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale
under the securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice of the
initiation or threatening of any proceeding for such purpose.

 

    7

     

    

 

(f)               
The Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable
after becoming aware of such event but in any event on the same Trading Day as such event, as a result of which the prospectus
included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information),
and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration Statement to correct such untrue
statement or omission, and, if requested by an Investor, unless filed with the SEC through EDGAR and available to the public through
the EDGAR system, deliver one copy of such supplement or amendment to Legal Counsel and each Investor (or such other number of
copies as Legal Counsel or such Investor may reasonably request). The Company shall also promptly notify Legal Counsel and each
Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration
Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal
Counsel and each Investor by facsimile or email on the same day of such effectiveness and by overnight mail), (ii) of any request
by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information and (iii) of
the Company's reasonable determination that a post-effective amendment to a Registration Statement would be appropriate. By 9:30
a.m. New York City time on the Trading Day following the date any post-effective amendment has become effective, the Company shall
file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant
to such Registration Statement.

 

(g)              
The Company shall use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension
of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale
in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the
earliest possible moment and to notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance
of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such
purpose.

 

(h)              
If any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter
or an Investor believes that it could reasonably be deemed to be an underwriter of Registrable Securities, at the reasonable request
of such Investor, the Company shall furnish to such Investor, on the date of the effectiveness of the Registration Statement and
thereafter from time to time on such dates as an Investor may reasonably request (i) a letter, dated such date, from the Company's
independent certified public accountants in form and substance as is customarily given by independent certified public accountants
to underwriters in an underwritten public offering, addressed to the Investors, and (ii) an opinion, dated as of such date, of
counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given
in an underwritten public offering, addressed to the Investors.

 

    8

     

    

 

(i)                
If any Investor is required under applicable securities laws to be described in the Registration Statement as an underwriter
or an Investor believes that it could reasonably be deemed to be an underwriter of Registrable Securities, the Company shall make
available for inspection by (i) such Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained by
the Investors (collectively, the "Inspectors"), all pertinent financial and other records, and pertinent corporate
documents and properties of the Company (collectively, the "Records"), as shall be reasonably deemed necessary
by each Inspector, and cause the Company's officers, directors and employees to supply all information which any Inspector may
reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure
(except to an Investor) or use of any Record or other information which the Company determines in good faith to be confidential,
and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct
a misstatement or omission in any Registration Statement or is otherwise required under the 1933 Act, (b) the release of such Records
is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or
(c) the information in such Records has been made generally available to the public other than by disclosure in violation of this
Agreement. Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense,
to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential.
Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investors'
ability to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations.

 

(j)                
The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (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 final, non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of
this Agreement or any other agreement. 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 written
notice to such Investor and allow such Investor, at the Investor's expense, to undertake appropriate action to prevent disclosure
of, or to obtain a protective order for, such information.

 

(k)              
The Company shall use its commercially reasonable efforts either to (i) cause all of the Registrable Securities covered
by a Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by
the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange
or (ii) secure the inclusion for quotation of all of the Registrable Securities on the Principal Market or (iii) if, despite the
Company's commercially reasonable efforts, the Company is unsuccessful in satisfying the preceding clauses (i) and (ii), to secure
the inclusion for quotation on an Eligible Market for such Registrable Securities and, without limiting the generality of the foregoing,
to use its commercially reasonable efforts to arrange for at least two market makers to register with the Financial Industry Regulatory
Authority, Inc. ("FINRA") as such with respect to such Registrable Securities. The Company shall pay all fees
and expenses in connection with satisfying its obligation under this Section 3(k).

 

    9

     

    

 

(l)                
The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable,
facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to a 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.

 

(m)            
If requested by an Investor, the Company shall as soon as practicable (i) incorporate in a prospectus supplement or post-effective
amendment such information as an Investor reasonably requests to be included therein 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.

 

(n)              
The Company shall use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate
the disposition of such Registrable Securities.

 

(o)              
The Company shall make generally available to its security holders as soon as practical, but not later than ninety (90)
days after the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by,
the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the Company's
fiscal quarter next following the Demand Effective Date of a Registration Statement.

 

(p)              
The Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations
of the SEC in connection with any registration hereunder.

 

(q)              
Within two (2) Business Days after a Registration Statement which covers Registrable Securities is declared effective by
the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation
that such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A.

 

    10

     

    

 

(r)               
Notwithstanding anything to the contrary herein, at any time after the Demand Effective Date, the Company may delay the
disclosure of material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith
opinion of the Board of Directors of the Company and its counsel, in the best interest of the Company and, in the opinion of counsel
to the Company, otherwise required (a "Grace Period"); provided, that the Company shall promptly (i) notify the
Investors in writing of the existence of material, non-public information giving rise to a Grace Period (provided that in each
notice the Company will not disclose the content of such material, non-public information to the Investors) and the date on which
the Grace Period will begin, and (ii) notify the Investors in writing of the date on which the Grace Period ends; and, provided
further, that no Grace Period shall exceed five (5) consecutive Trading Days and during any three hundred sixty five (365) day
period such Grace Periods shall not exceed an aggregate of forty (40) days and the first day of any Grace Period must be at least
five (5) Trading Days after the last day of any prior Grace Period (each, an "Allowable Grace Period"). For purposes
of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the
notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to
in clause (ii) and the date referred to in such notice. The provisions of Section 3(g) hereof shall not be applicable during the
period of any Allowable Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the first sentence
of Section 3(f) with respect to the information giving rise thereto unless such material, non-public information is no longer applicable.
Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock
to a transferee of an Investor in accordance with the terms of the Securities Purchase Agreement in connection with any sale of
Registrable Securities with respect to which an Investor has entered into a contract for sale, prior to the Investor's receipt
of the notice of a Grace Period and for which the Investor has not yet settled.

 

(s)               
Neither the Company nor any Subsidiary or affiliate thereof shall identify any Investor as an underwriter in any public
disclosure or filing with the SEC, the Principal Market or any Eligible Market and any Investor being deemed an underwriter by
the SEC shall not relieve the Company of any obligations it has under this Agreement or any other Transaction Document (as defined
in the Securities Purchase Agreement); provided, however, that the foregoing shall not prohibit the Company from including the
disclosure found in the "Plan of Distribution" section attached hereto as Exhibit B in the Registration Statement.

 

(t)                
Neither the Company nor any of its Subsidiaries has entered, as of the Initial RRA Date, nor shall the Company or any of
its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have
the effect of impairing the rights granted to the Buyers in this Agreement or otherwise conflicts with the provisions hereof.

 

4.            
Obligations of the Investors.

 

(a)              
At least five (5) Business Days prior to the Demand Filing Date of a Registration Statement, the Company shall notify each
Investor in writing of the information the Company requires from each such Investor if such Investor elects to have any of such
Investor's Registrable Securities included in such Registration Statement. It shall be a condition precedent to the obligations
of the Company to complete any registration pursuant to this Agreement with respect to the Registrable Securities of a particular
Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by
it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect and
maintain the effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with
such registration as the Company may reasonably request.

 

    11

     

    

 

(b)              
Each Investor, by such Investor's acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably
requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor
has notified the Company in writing of such Investor's election to exclude all of such Investor's Registrable Securities from such
Registration Statement.

 

(c)              
Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 3(g) or the first sentence of Section 3(f), such Investor will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor's receipt of copies of the supplemented
or amended prospectus as contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt of notice that no supplement
or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended
shares of Common Stock to a transferee of an Investor in accordance with the terms of the Securities Purchase Agreement in connection
with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor's
receipt of a notice from the Company of the happening of any event of the kind described in Section 3(g) or the first sentence
of Section 3(f) and for which the Investor has not yet settled.

 

(d)              
Each Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable
to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.

 

5.            
Expenses of Registration.

 

All reasonable expenses,
other than underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant
to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting
fees, and fees and disbursements of counsel for the Company shall be paid by the Company. The Company shall also reimburse the
Investors for the fees and disbursements of Legal Counsel in connection with the registration, filing or qualification pursuant
to Sections 2 and 3 of this Agreement, which amount shall be limited to $10,000 for each such registration, filing or qualification
without the prior written consent of the Company

 

6.            
Indemnification.

 

In the event any Registrable
Securities are included in a Registration Statement under this Agreement:

 

    12

     

    

 

(a)              
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor,
the directors, officers, partners, members, employees, agents, representatives of, and each Person, if any, who controls any Investor
within the meaning of the 1933 Act or the 1934 Act (each, an "Indemnified Person"), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys' fees, amounts paid in settlement or expenses,
joint or several (collectively, "Claims"), incurred in investigating, preparing or defending any action, claim,
suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative
or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a
party thereto ("Indemnified Damages"), to which any of them may become subject insofar as such Claims (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 in a Registration Statement or any post-effective amendment thereto or in any filing
made in connection with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction
in which Registrable Securities are offered ("Blue Sky Filing"), or the omission or alleged omission to state
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 prospectus if used prior to the effective date of such
Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof
or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the
statements made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any
violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any
state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant
to a Registration Statement or (iv) any violation of this Agreement (the matters in the foregoing clauses (i) through (iv) being,
collectively, "Violations"). For the avoidance of doubt, the Violations set forth in this Section 6(a) are intended
to apply, and shall apply, to direct claims asserted by any Buyer against the Company as well as any third party claims asserted
by an Indemnified Person (other than a Buyer) against the Company. Subject to Section 6(c), the Company shall reimburse the Indemnified
Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred
by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out
of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company
by such Indemnified Person for such Indemnified Person expressly for use in connection with the preparation of the Registration
Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant
to Section 3(d); and (ii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the
prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer
of the Registrable Securities by the Investors pursuant to Section 9.

 

    13

     

    

 

(b)              
In connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally
and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a),
the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls
the Company within the meaning of the 1933 Act or the 1934 Act (each, an "Indemnified Party"), against any Claim
or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such
Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor
expressly for use in connection with such Registration Statement; and, subject to Section 6(c), such Investor shall reimburse the
Indemnified Party for any legal or other expenses reasonably incurred by an Indemnified Party in connection with investigating
or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement with
respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is
effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld or delayed; provided,
further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages
as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration
Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified
Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9.

 

(c)              
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement
of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying
party a written notice of the commencement thereof, and, the indemnifying party shall have the right to participate in, and, to
the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of
the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified
Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses of not more than one counsel for all such Indemnified Person or Indemnified Party to be
paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnified Person or Indemnified Party,
as applicable, the representation by such counsel of the Indemnified Person or Indemnified Party, as the case may be, and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party
and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred
to in the immediately preceding sentence shall be selected by the Investors holding at least a majority in interest of the Registrable
Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified Person shall
reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the
indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or
Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified
Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying
party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent, provided,
however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall,
without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into
any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party or Indemnified Person of a release from all liability in respect to such Claim or litigation and such
settlement shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect
to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such
indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that
the indemnifying party is prejudiced in its ability to defend such action. The provisions of this Section 6(c) shall not apply
to direct claims between the Company and a Buyer.

 

    14

     

    

 

(d)              
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

(e)              
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

7.            
Contribution.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however,
that: (i) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from any Person involved
in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller
of Registrable Securities shall be limited in amount to the amount of net proceeds received by such seller from the sale of such
Registrable Securities pursuant to such Registration Statement.

 

8.            
Reports Under the 1934 Act.

 

With a view to making
available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the
SEC that may at any time permit the Investors to sell securities of the Company to the public without registration ("Rule
144"), the Company agrees to, so long as an Investor owns Registrable Securities:

 

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

 

    15

     

    

 

(b)              
file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the
1934 Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required
for the applicable provisions of Rule 144; and

 

(c)              
furnish to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement
by the Company, if true, that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii)
a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company
(unless such report or document is already publicly available), and (iii) such other information as may be reasonably requested
to permit the Investors to sell such securities pursuant to Rule 144 without registration.

 

9.            
Assignment of Registration Rights.

 

The rights under this
Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such Investor's Registrable
Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement
is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after
such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and (b)
the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately following such
transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under the 1933 Act
or applicable state securities laws; (iv) at or before the time the Company receives the written notice contemplated by clause
(ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained
herein; and (v) such transfer shall have been made in accordance with the applicable requirements of the Securities Purchase Agreement.

 

10.          
Amendment of Registration Rights.

 

Provisions of this Agreement
may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively
or prospectively), only with the written consent of the Company and the Required Holders. Any amendment or waiver effected in accordance
with this Section 10 shall be binding upon each Investor and the Company. No such amendment shall be effective to the extent that
it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person
to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration (other than the
reimbursement of legal fees) also is offered to all of the parties to this Agreement.

 

11.          
Miscellaneous.

 

(a)              
Notwithstanding anything herein to the contrary, this Agreement shall not be effective unless and until the transactions
contemplated by the Merger Agreement are consummated.

 

    16

     

    

 

(b)              
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own 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 such
record owner of such Registrable Securities.

 

(c)              
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery,
when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by
the sending party), (iii) upon delivery, when sent by electronic mail (provided that the sending party does not receive an automated
rejection notice); or (iv) one Business Day after deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications
shall be:

 

	 	If to the Company:
	 	 
	 	Timber Pharmaceuticals, Inc.
	 	50 Tice Blvd., Suite A26
	 	Woodcliff Lake, NJ 07677
	 	Telephone:	(973) 314-9577
	 	Attention:	Joseph Lucchese
	 	E-mail:	jlucchese@timberpharma.com
	 	 
	 	With a copy (for informational purposes only) to:
	 	 
	 	Lowenstein Sandler LLP
	 	1251 Avenue of the Americas
	 	New York, New York 10020
	 	Telephone:	(973) 597-2476
	 	Facsimile:	(973) 597-2477
	 	Attention:	Steven M. Skolnick, Esq.
	 	E-mail: 	sskolnick@lowenstein.com
	 	 
	 	If to the Transfer Agent:
	 	 
	 	Computershare Trust Company, N.A.
	 	520 Pike Street, Suite 1305
	 	Seattle, WA 98101
	 	Telephone:	(206) 674-3050
	 	Facsimile: 	(206) 674-3059
	 	Attention:	Lisa Porter
	 	E-mail:	lisa.porter@computershare.com

 

    17

     

    

 

	 	If to Legal Counsel:
	 	 
	 	Schulte Roth & Zabel LLP
	 	919 Third Avenue
	 	New York, New York 10022
	 	Telephone:	(212) 756-2000
	 	Facsimile:	(212) 593-5955
	 	Attention:	Eleazer Klein, Esq.
	 	Email:	eleazer.klein@srz.com

 

If to a Buyer, to its address, facsimile
number or email address set forth on the Schedule of Buyers attached hereto, with copies to such Buyer's representatives as set
forth on the Schedule of Buyers, or to such other address, facsimile number and/or email address to the attention of such other
Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness
of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication,
(B) mechanically or electronically generated by the sender's facsimile machine or e-mail transmission containing the time, date,
recipient facsimile number or e-mail address and an image of the first page of such transmission or (C) provided by a courier or
overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(d)              
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.

 

(e)              
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such 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 HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT
OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    18

     

    

 

(f)               
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court
of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to
apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall
not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express,
without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

(g)              
This Agreement, the other Transaction Documents (as defined in the Securities Purchase Agreement) and the instruments referenced
herein and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements
and understandings among the parties hereto with respect to the subject matter hereof and thereof.

 

(h)              
Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties hereto.

 

(i)                
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof.

 

(j)                
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by
facsimile transmission or electronic mail of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

(k)              
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.

 

(l)                
All consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless
otherwise specified in this Agreement, by the Required Holders, determined as if all of the Warrants held by Investors then outstanding
have been exercised for Registrable Securities without regard to any limitations on exercise of the Warrants.

 

    19

     

    

 

(m)            
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent
and no rules of strict construction will be applied against any party.

 

(n)              
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.

 

(o)              
The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no
provision of this Agreement is intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing
contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated herein.

 

* * * * * *

 

[Signature Page Follows]

 

    20

     

    

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Amended and Restated Registration Rights Agreement
to be duly executed as of the date first written above.

 

 

	
        COMPANY:

         

	
        TIMBER
        Pharmaceuticals, inc.

(formerly known as Biopharmx corporation)

         

        By:      /s/
John Koconis                                               

Name: John Koconis

Title:   Chief Executive Officer

         

	 

 

 

    21

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