Document:

EX-10.7

 Exhibit 10.7 

 
 

 
 January 26, 2011 
 Dr. Chris M. Ireland, Dean 
 University of Utah College of Pharmacy 

30 South 2000 East, Room 201 
 Salt Lake City,
Utah 84112-5820 
 Dear Dr. Ireland: 
 In follow-up to your letter dated January 12, 2011, I am pleased to inform you that the Lipocine Board of Directors has extended the expiration date of the Lipocine Stock Purchase Warrant which was
issued to the University of Utah on December 29, 2003, with an expiration date of December 31, 2010. The Warrant is for 70,000 shares of Lipocine Series B Common Stock and has been extended for a period of five years. 

A copy of the Warrant Agreement is attached. Section 2, “Term,” is hereby amended to the following: “The
purchase right represented by this Warrant is exercisable only during the period commencing upon the date hereof and ending on December 31, 2015.” Section 15, “Expiration” is hereby amended to the following: “The right
to exercise this Warrant shall expire at 5:00 P.M. Mountain Time, on December 31st, 2015.” 
 We are pleased to extend this warrant for the future benefit of the College of
Pharmacy and the Department of Pharmaceutics and Pharmaceutical Chemistry. We look forward to the University receiving the financial benefit of the Warrant as Lipocine becomes profitable. 
 Sincerely, 
 /s/ Mahesh V. Patel 
 Mahesh V. Patel 
 President & CEO 

cc: Ryan Boyack, Director of Development 

 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
THEY HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THEY MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER,
ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT. 
 LIPOCINE INC.

 SERIES B COMMON STOCK PURCHASE WARRANT 
 THIS CERTIFIES THAT, for value received, the University of Utah for College of Pharmacy Dean’s Office, and Department of Pharmaceutics and Pharmaceutical Chemistry (the “University”) is
entitled to purchase Seventy Thousand (70,000) shares of Series B Common Stock (“Warrant Shares”) of Lipocine Inc., a Delaware corporation (the “Company”), at the Warrant Price (as defined in subsection 1(i) below), subject
to adjustments and all other terms and conditions set forth in this Warrant. 
 1. Definitions. As used herein, the
following terms, unless the context otherwise requires, shall have the following meanings: 
 (a) “Act” shall mean the
Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

(b) “Commission” shall mean the Securities and Exchange Commission, or any other federal agency at the time administering the
Act. 
 (c) “Company” shall mean Lipocine Inc., a Delaware Corporation, and any corporation which shall succeed to or
assume the obligations of Lipocine Inc., under this Warrant. 
 (d) “Date of Grant” shall mean December 29th,
2003. 
 (e) “Exercise Date” shall mean the effective date of the delivery of the Notice of Exercise pursuant to
Sections 3 and 10 below. 

 (f) “Holder” shall mean the University or any other person or entity who shall at
the time be the registered holder of this Warrant. 
 (g) “Series B Common Stock” shall mean shares of the
Company’s presently or subsequently authorized Series B Common Stock, and any stock into which such Series B Common Stock may hereafter be exchanged. 
 (h) “Shares” shall mean shares of the Company’s Series B Common Stock, as described in the Company’s charter documents. 

(i) “Warrant Price” shall mean $3.57 per share, as equitably adjusted up or down pursuant to Section 5 below. 

2. Term. The purchase right represented by this Warrant is exercisable only during the period commencing upon
the date hereof and ending on December 31st, 2010.

 3. Exercise of Warrant. 
 (a) Exercise. This Warrant may be exercised, in whole or in part, by the Holder hereof by surrender of this Warrant, with the form of subscription at the end hereof duly executed by the Holder, to
the Company at its principal office, accompanied by payment in cash or by certified or official bank check payable to the order of the Company. 
 (b) Right to Convert Warrant. Notwithstanding the payment provisions of subsection 3(a) hereof: 
 (i) The Holder shall have the right (the “Conversion Right”) to require the Company to convert this Warrant, in whole or in part, at any time into shares of Series B Common Stock as provided for
in this subsection (b). At the sole option of the Holder, upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the holder of any Warrant Price) that number of shares of Series B Common Stock equal to the
quotient obtained by dividing (x) the value of the Warrant at the time the Conversion Right is exercised (determined by subtracting the product of the Warrant Price and the number of Warrant Shares then issuable upon exercise of this Warrant in
effect immediately prior to the exercise of the Conversion Right from the product of the Fair Market Value (as defined below) and the number of Warrant Shares immediately prior to the exercise of the Conversion Right) by (y) the Fair Market
Value of one share of Series B Common Stock immediately prior to the exercise of the Conversion Right. 
 (ii) The Conversion
Right may be exercised by the Holder, at any time, or from time to time, on any business day by delivering a written notice (the “Conversion Notice”) to the Company exercising the Conversion Right and specifying (i) the total number
of Warrant Shares the Holder will purchase pursuant to such conversion and (ii) a place and date not less than one nor more than 20 business days from the date of the Conversion Notice for the closing of such purchase. 

 (iii) Fair Market Value of a share of Series B Common Stock as of a particular date (the
“Determination Date”) shall mean: 
 (1) If the Company’s Series B Common Stock is traded on an exchange or is
quoted on the Nasdaq National Market, then the closing or last sale price, respectively, reported for the last business day immediately preceding the Determination Date. 
 (2) If the Company’s Series B Common Stock is not traded on an exchange or on the Nasdaq National Market, then as determined in good faith by the Company’s Board of Directors upon review of
relevant factors. 
 (c) Delivery of Certificate. In the event of any exercise of the purchase right represented by this
Warrant, certificates for the Warrant Shares so purchased shall be delivered to the Holder within thirty (30) days of delivery of the notice of exercise (the “Notice of Exercise”) in the form of Exhibit A attached hereto and,
unless this Warrant has been fully exercised or has expired, a new warrant representing the portion of the Warrant Shares with respect to which this Warrant shall not then have been exercised shall also be issued to the Holder within such thirty
(30) day period. 
 (d) No Fractional Shares. No fractional shares shall be issued in connection with any exercise
hereunder, but in lieu of such fractional shares the Company shall make a cash payment therefor upon the basis of the Fair Market Value of a share of Series B Common Stock as of the Exercise Date. 

(e) Company’s Representations. 
 (i) All Warrant Shares which may be issued upon the exercise of the purchase right represented by this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and
free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. During the period within which the purchase right represented by this Warrant may be exercised, the
Company shall at all times have authorized, and reserved for the purpose of issuance upon exercise of the purchase right represented by this Warrant, a sufficient number of Warrant Shares to provide for the exercise of the purchase right represented
by this Warrant; 
 (ii) This Warrant has been duly authorized and executed by the Company and is a valid and binding
obligation of the Company enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditors’ rights; 

(iii) The execution and delivery of this Warrant are not, and the issuance of the Warrant Shares upon exercise of this Warrant in
accordance with the terms hereof will not be inconsistent with the Company’s Certificate of Incorporation or Bylaws, as amended, do not and will not contravene any law, governmental rule or regulation, judgment or order applicable to the
Company, and do not and will not conflict with or contravene any provision of, or constitute a material default under, any material indenture, mortgage, contract or other 

 
instrument of which the Company is a party or by which it is bound or require the consent or approval of, the giving of notice to, the registration or filing with or the taking of any action in
respect of or by, any federal, state or local government authority or agency (other than such consents, approvals, notices, actions, filings, etc., as have already been obtained or made, as the case may be). 

4. Sale or Exchange of Company or Assets. If, prior to the issuance of Shares under this Warrant the Company sells or exchanges
all or substantially all of its assets, or the Shares of the Company are sold exchanged, then Holder at its option may receive, in lieu of the stock otherwise issuable hereunder, such money or property it would have been entitled to receive if this
Warrant had been exercised prior to such sale or exchange. 
 5. Adjustment of Warrant Price and Number of Warrant
Shares. The number of securities issuable upon the exercise of this Warrant and the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 

(a) Adjustment for Dividends in Stock. In case at any time or from time to time the holders of the Series B Common Stock of the
Company (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to
receive, without payment therefor, other or additional stock of the Company by way of dividend then, and in each case, the Holder of this Warrant shall, upon the exercise hereof, be entitled to receive, in addition to the number of Warrant Shares
receivable thereupon, and without payment of any additional consideration therefor, the amount of such other or additional stock of the Company which such Holder would hold on the date of such exercise had it been the holder of record of Warrant
Shares on the date hereof and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such shares and/or all other additional stock receivable by it as aforesaid during such period, giving effect
to all adjustments called for during such period by subparagraphs (b) and (c) of this Paragraph 5. 
 (b)
Adjustment for Reclassification or Reorganization. In case of any reclassification or change of the outstanding securities of the Company or of any reorganization of the Company, then and in each such case the Holder of this Warrant, upon the
exercise hereof at any time after the consummation of such reclassification, change, or reorganization, shall be entitled to receive, in lieu of or in addition to the stock or other securities and property receivable upon the exercise hereof prior
to such consummation, the stock or other securities to which such Holder would have been entitled upon such consummation if such Holder had exercised this Warrant immediately prior thereto, all subject to further adjustment as provided in
subparagraphs (a) and (c); in each such case, the terms of this Paragraph 5 shall be applicable to the shares of stock or other securities and property receivable upon the exercise of this Warrant after such consummation. 

(c) Stock Splits and Reverse Stock Splits. If the Company shall subdivide its outstanding shares of Series B Common Stock into a
greater number of shares, the Warrant Price in effect immediately prior to such subdivision shall thereby be proportionately reduced and the number of Warrant Shares receivable upon exercise of this Warrant shall thereby be

 
proportionately increased; and, conversely, if the outstanding number of shares of Series B Common Stock shall be combined into a smaller number of shares, the Warrant Price in effect immediately
prior to such combination shall thereby be proportionately increased and the number of Warrant Shares receivable upon exercise of the Warrant shall be proportionately decreased. 

6. Notices of Record Date, Etc. In the event of (a) any taking by the Company of a record of the holders of any class of
securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution (the “Distribution”) or (b) any capital reorganization or reclassification of the stated capital of the
Company or any consolidation or merger of the Company with any other corporation or corporations (other than a wholly-owned subsidiary), or the sale or distribution of all or substantially all of the Company’s property and assets (the
“Reorganization Event”), the Company will mail or cause to be mailed to the Holder a notice specifying (i) the date of any such Distribution stating the amount and character of such Distribution, (ii) the date on which any such
Reorganization Event is expected to become effective, and (iii) the time, if any, that is to be fixed as to when the holders of record of the Company’s securities shall be entitled to exchange their shares of the Company’s securities
for securities or other property deliverable upon such Reorganization Event. Such notice shall be mailed at least thirty (30) days prior to the date therein specified. 
 7. Compliance with Act; Transferability and Negotiability of Warrant; Disposition of Shares. 
 (a) Compliance with Act. The Holder, by acceptance hereof, agrees that this Warrant and the Warrant Shares to be issued upon the exercise hereof are being acquired solely for its own account and
not as a nominee for any other party and not with a view toward the resale or distribution thereof and that it will not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon the exercise hereof except under
circumstances which will not result in a violation of the Act. Upon the exercise of this Warrant, the Holder shall confirm in writing, in a form satisfactory to the Company, that the Warrant Shares so issued are being acquired solely for its own
account and not as a nominee for any other party and not with a view toward resale or distribution thereof in violation of the Act. This Warrant and the Warrant Shares to be issued upon the exercise hereof (unless registered under the Act and
unless, in the case of the Warrant Shares, such Shares may thereupon be sold pursuant to Commission Rule 144(k)) shall be imprinted with a legend in substantially the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE
SECURITIES REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT. 

 In addition, this Warrant and the Warrant Shares to be issued upon the exercise hereof
shall bear any legends required by the securities laws of any applicable states. 
 (b) Transferability and Negotiability of
Warrant. This Warrant may not be transferred or assigned in whole or in part without compliance with all applicable federal and state securities laws by the transferor and the transferee (including the delivery of investment representation
letters and legal opinions reasonably satisfactory to the Company, if requested by the Company and the transfer is to a person other than a general partner of the initial Holder). Subject to the provisions of this Warrant with respect to compliance
with the Act, title to this Warrant may be transferred by endorsement and delivery. The Company shall act promptly to record transfers of this Warrant on its books, but the Company may treat the registered holder of this Warrant as the absolute
owner of this Warrant for all purposes, notwithstanding any notice to the contrary. 
 (c) Disposition of Warrant Shares.
With respect to any offer, sale, transfer or other disposition of any Warrant Shares acquired pursuant to the exercise of this Warrant prior to registration of such Warrant Shares, the Holder and each subsequent holder of this Warrant agrees to give
written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of legal counsel for such holder, reasonably satisfactory to the Company and its legal counsel, if requested by the Company, to the
effect that such offer, sale or other disposition may be effected without registration or qualification (under the Act or any other federal or state securities laws) of such Warrant Shares and indicating whether or not under the Act, certificates
for such Warrant Shares to be sold or otherwise disposed of require any restrictive legend as to the applicable restrictions on transferability in order to ensure compliance with the Act. Promptly upon receiving such written notice and reasonably
satisfactory opinion, if so requested, the Company, as promptly as practicable, shall notify such holder that such holder may sell or otherwise dispose of such Warrant Shares, all in accordance with the terms of the notice delivered to the Company.
If a determination has been made pursuant to this subsection (c) that the opinion of legal counsel for the holder is not reasonably satisfactory to the Company and its legal counsel, the Company shall so notify the holder promptly after such
determination has been made. Notwithstanding the foregoing, such Warrant Shares may be offered, sold or otherwise disposed of in accordance with Rule 144, provided that the Company shall have been furnished with such information as the Company may
reasonably request to provide a reasonable assurance that the provisions of Rule 144 have been satisfied. Each certificate representing the Warrant Shares thus transferred (except a transfer pursuant to Rule 144(k) or an effective registration
statement) shall bear a restrictive legend as to the applicable restrictions on transferability in order to ensure compliance with the Act, unless in the aforesaid opinion of legal counsel for the holder, such legend is not required in order to
ensure compliance with the Act. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. 

 8. Rights of Shareholders. No Holder shall be entitled to vote or receive dividends
or be deemed the holder of Warrant Shares or any other securities of the Company which may at any time be issuable on the exercise of this Warrant for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such,
any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, consolidation, merger, transfer of assets or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until this Warrant shall have been
exercised and the Warrant Shares issuable upon exercise hereof shall have become deliverable, as provided herein. 
 9.
Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor.

 10. Exchange of Warrant. Subject to the other provisions of this Warrant, on surrender of this Warrant for exchange,
properly endorsed and subject to the provisions of this Warrant with respect to compliance with the Act, the Company at its expense shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or as
the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of Shares issuable upon exercise thereof. 
 11. Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered and effective when given personally or three days after being mailed by
first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing by the Company or such Holder from time to time. 

12. Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 13. Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware. 
 14. Titles
and Subtitles; Forms of Pronouns. The titles of the Sections and Subsections of this Warrant are for convenience only and are not to be considered in construing this Warrant. All pronouns used in this Warrant shall be deemed to include
masculine, feminine and neuter forms. 
 15. Expiration. The right to exercise this Warrant shall
expire at 5:00 P.M. California time, on December 31st
2010. 
 [Rest of page intentionally left blank] 

 Dated: December 23rd, 2003             

 

			
	Lipocine Inc.
		
	By:	 	/s/ Mahesh V. Patel
		 	 350 W 800 N, Suite 314
 Salt
Lake City, UT 84103

 Title: President & CEOEX-10.8

 Exhibit 10.8 
 LIPOCINE INC. 
 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
is made as of May 25, 2004, by and among LIPOCINE INC., a Delaware corporation (the “Company”) and SCHWARZ PHARMA LIMITED,
an Irish limited company (“SP”). 
 RECITALS: 

A. WHEREAS, pursuant to a Series A Common Stock Purchase Agreement dated as of the date hereof by
and among the Company and SP (the “Purchase Agreement”), SP has acquired certain shares of Series A Common Stock of the Company; and 
 B. WHEREAS, it is a condition to the closing of the Purchase Agreement that the parties execute and deliver this Agreement; and 

C. WHEREAS, the parties desire to set forth herein their agreement on the terms and subject to the
conditions set forth herein related to the granting of certain registration rights to the Holders (as defined below) relating to the Common Stock held by such Holders. 
 NOW, THEREFORE, the parties hereby agree as follows: 
 AGREEMENT: 
 The parties hereto agree as follows:

 1. Certain Definitions. As used in this Agreement, the following terms shall have the following respective meanings:

 “Commission” shall mean the U.S. Securities and Exchange Commission. 

“Common Stock” shall mean the Company’s Series A Common Stock. 

“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Commission promulgated thereunder, all as the same shall be in effect from time to time. 

“Holders” or “Holders of Registrable Securities” shall mean SP and any Person who shall
have acquired Registrable Securities from SP as permitted herein, either individually or jointly, as the case may be, in a transaction pursuant to which registration rights are transferred pursuant to Section 10 hereof. 

“Person” shall mean an individual, a partnership, a corporation, a limited liability company, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization or a governmental or quasi-governmental entity, or any department, agency or political subdivision thereof or any other entity of any kind. 

  
 1. 

 “Registrable Securities” means (i) any shares of Common Stock
subscribed for pursuant to the Purchase Agreement; or (ii) any shares of Common Stock issued or issuable in respect of the securities referred to in clause (i) above, whether to satisfy interest or dividend payments or upon any stock
split, dividend, recapitalization or otherwise, until, in the case of any such security, it is (A) sold pursuant to an effective registration statement under the Securities Act; (B) eligible to be sold into the public market without regard
to volume limitations under Rule 144(k) promulgated under the Securities Act (or any successor rule); (C) sold pursuant to Rule 144 under the Securities Act (or any successor rule); or (D) sold by a Person in a transaction in which
registration rights are not transferred pursuant to Section 10 hereof. 
 The terms “register,”
“registered” and “registration” refer to a registration effected by preparing, filing and having declared effective a registration statement in compliance with the Securities Act. 

“Registration Expenses” shall mean (i) all expenses, other than Selling Expenses (defined below), incurred
by the Company in complying with Sections 2 or 3 hereof, including without limitation, all registration, qualification and filing fees, exchange or quotation medium listing fees, printing and delivery expenses, escrow and custodian fees, fees and
disbursements of counsel for the Company, blue sky fees and expenses and the expenses of accountants for the Company including the expenses of any special audits incident to or required by any such registration and (ii) the reasonable fees and
disbursements of one counsel chosen by the holders of a majority of the Registrable Securities included in such registration for the purpose of rendering a legal opinion on behalf of such holders in connection with any Demand Registration or
Piggyback Registration, provided however, that if the aggregate expense of such counsel exceeds U.S. $25,000 such excess expense shall be borne by such holders. 
 “Securities Act” shall mean the US. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect
from time to time. 
 “Selling Expenses” shall mean all underwriting discounts, selling commissions and
stock transfer taxes and the costs, fees and expenses of any accountants, attorneys (other than the cost, fees and expenses of attorneys which are Registration Expenses) or other experts retained by the Holders. 

2. Demand Registrations. 
 (a) Requests for Registration. At any time after the six-month anniversary of the earlier of (i) the date of effectiveness of a registration statement filed under the Securities Act in respect
of an initial public offering of shares of Common Stock of the Company and (ii) the date the Company or a successor corporation is first obligated to file reports with the Commission pursuant to Section 12 or Section 15(d) of the
Exchange Act, any Holder or Holders who collectively hold Registrable Securities representing at least 50% of the Registrable Securities then outstanding shall have the right (subject to the limitations set forth below), exercisable by written
notice to the Company (each a “Registration Request”), to have the Company prepare and file with the Commission a registration statement under the Securities Act covering the Registrable Securities that are the subject of such
request (each, a “Demand 

  
 2. 

 
Registration”). A request for a Demand Registration shall specify the approximate number of the Registrable Securities to be registered, which, in the case of a registration on Form
S-1 or any successor form, must have a minimum expected aggregate offering price to the public of at least U.S. $2,500,000, or, in the case of a registration on Form S-3 or any successor form, must have a minimum expected aggregate offering price to
the public of at least U.S. $1,000,000. Within 10 days after receipt of any such request, the Company will give written notice of such requested registration to all other Holders of Registrable Securities. The Company shall include such other
Holders’ Registrable Securities in such offering if they have responded affirmatively within 30 days after the receipt of the Company’s notice. The Holders shall be permitted an aggregate of one Demand Registration hereunder.
Notwithstanding the foregoing, so long as the Company is entitled to use Form S-3 under the Securities Act, the Holders shall be permitted unlimited requests for Demand Registrations on Form S-3 under this Section 2, or any similar short-form
registration (a “Short-Form Registration”), if available; provided however, that the Holders, collectively, will be entitled to request only one Short-Form Registration in any 12-month period. 

A request for registration under this Section 2(a) will not count as a Demand Registration until the registration statement has
become effective and remained effective until the earlier of 30 days and the sale of all securities registered thereunder (unless such registration statement has not become effective due solely to the actions or failure to act with respect to
such registration of the Holders requesting such registration, including a request by such Holders that such registration be withdrawn). 
 (b) Priority on Demand Registrations. If a Demand Registration is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of
Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering, exceeds the number of Registrable Securities and other securities, if any, which can be sold in such offering without adversely affecting
the marketability of the offering, the Company will include in such registration: 
 (i) first, the securities of the
Company requested to be included in such registration by Elan International Services, Ltd. (“EIS”), Elan Pharma International Limited (“EPIL”) or the successors or assigns of EIS or EPIL (together with EIS and EPIL,
the “Elan Holders”) pursuant to the terms of Section 3 of that certain Registration Rights Agreement by and between the Company, EIS and EPIL, dated April 20, 2001, as amended (the “Elan Registration Rights
Agreement”); 
 (ii) second, the Registrable Securities requested to be included in such registration by the
Holders (or, if necessary, such Registrable Securities pro rata among the Holders thereof based upon the number of Registrable Securities owned by each such Holder or such other arrangement agreed to among the Holders); and 

(iii) thereafter, other securities requested to be included in such registration, as determined by the Company. 

  
 3. 

 The Holders of any Registrable Securities to be included in such an underwritten offering shall enter into
an underwriting agreement (which shall be in customary form, may include agreements as to indemnification and contribution and shall provide that the representations and warranties by the Company to and for the benefit of such underwriters, shall
also be made to and for the benefit of such Holders) and in form and substance satisfactory to the managing underwriters and Holders. If any Holder does not agree to the terms of any such underwriting agreement, which agreement shall be in
reasonable and customary form, such Holder shall be excluded from the underwriting upon written notice thereof from the Company or the underwriter. 
 (c) Restrictions on Demand Registration. The Company may postpone or suspend, for up to 90 days in any 12-month period, the filing or the effectiveness of a registration statement for a Demand
Registration if the Company’s board of directors determines in good faith and notifies the Holders in writing that such Demand Registration (i) would reasonably be expected to have a material adverse effect on (x) any proposal or plan
by the Company to engage in any financing, acquisition or disposition of assets (other than in the ordinary course of business) or (y) any merger, consolidation, tender offer or similar transaction, (ii) would require disclosure of any
information that the board of directors of the Company determines in good faith the disclosure of which would be detrimental to the Company; provided, however, that in such event, the Holders initially requesting such Demand Registration (the
“Initiating Holders”) shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration will not count as a permitted Demand Registration hereunder and the Company will pay any Registration
Expenses in connection with such registration. 
 (d) Selection of Underwriter. The underwriter will be selected by the
Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. 
 (e) Limitations on
Registration. Notwithstanding any provision herein to the contrary, the Company shall not be obligated to effect, or take any action to effect, any registration pursuant to this Section 2: 

(i) in any jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, qualification or compliance, unless the Company is already subject to service of process in such jurisdiction and except as may be required by the Securities Act; 

(ii) during the period commencing on the filing of a registration statement (provided that the Company complied with the
provisions in Section 3(a) hereof with respect to such registration) and ending on a date 180 days after the effective date of a Company initiated registration; provided that the Company is actively employing reasonable efforts to cause such
registration statement to become effective; and 
 (iii) if within 30 days of receipt of a written request from the
Initiating Holders to effect a Demand Registration pursuant to this Section 2, the Company gives notice to the Holders of the Company’s intention to file a registration statement within 90 days pursuant to obligations of the Company under
the Elan Registration Rights Agreement (provided that the provisions of Section 3(a) shall apply to such registration). 

  
 4. 

 3. Piggyback Registrations. 

(a) Right to Piggyback. If at any time the Company shall propose to register shares of Common Stock under the Securities Act
(other than the Company’s initial public offering or in a registration statement relating to solely to sales of securities to participants in a Company dividend reinvestment plan, or Form S-4 or S-8 or any successor form or in connection with
an acquisition or exchange offer or an offering of securities solely to the existing shareholders or employees of the Company), the Company (i) will give prompt written notice to all Holders of Registrable Securities of its intention to effect
such a registration and (ii) subject to Section 3(b) and the other terms of this Agreement, will include in such registration all Registrable Securities which are permitted under applicable securities laws to be included in the form of
registration statement selected by the Company and with respect to which the Company has received written requests for inclusion therein within 30 days after the receipt of the Company’s notice (each, a “Piggyback
Registration”). The Holders will be permitted to withdraw all or any part of the Registrable Securities from a Piggyback Registration at any time prior to the effective date of such Piggyback Registration. 

(b) Priority on Piggyback Registrations. If a Piggyback Registration is to be an underwritten offering, and the underwriter
advises the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the
Company will include in such registration: 
 (i) first, the securities the Company proposes to sell for its own account;

 (ii) second, the securities requested to be registered by the Elan Holders pursuant to the terms of the Elan
Registration Rights Agreement; 
 (iii) third, the Registrable Securities requested to be included in such registration
by the Holders and any securities requested to be included in such registration by any other Person pursuant to a demand registration request, other than Persons having a lower priority of registration than the Holders, pro rata among the Holders of
such Registrable Securities and such other Persons, on the basis of the number of securities requested to be included in such registration by each of such Holders and such other Persons; and 

(iv) thereafter, other securities requested to be included in such registration, as determined by the Company. 

The Holders of any Registrable Securities to be included in an underwritten offering shall enter into an underwriting agreement (which shall be in
customary form, may include agreements as to indemnification and contribution, and shall provide that the representations and warranties by the Company to and for the benefit of such underwriters, shall also be made to and for the benefit of such
Holders). If any Holder does not agree to the terms of any such underwriting agreement, which agreement shall be in reasonable and customary form, such Holder shall be excluded from the underwriting upon written notice thereof from the Company or
the underwriter. 

  
 5. 

 (c) Right to Terminate Registration. If at any time after giving written notice of
its intention to register any of its securities as set forth in Section 3(a) and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register
such securities, the Company may, at its election, give written notice of such determination to each Holder of Registrable Securities and thereupon be relieved of its obligation to register any Registrable Securities in connection with such
registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided herein). 

(d) Selection of Underwriters/Placement Agents. The Company will have the right in its sole discretion, to select the underwriter
for a Piggyback Registration. 
 4. Expenses of Registration. Except as otherwise provided herein or as may otherwise be
prohibited by applicable law, all Registration Expenses incurred in connection with all registrations pursuant to Sections 2 and 3 hereof shall be borne by the Company provided, however, that, except as otherwise provided herein, the Company shall
not be required to pay for any expenses of any withdrawn Demand Registration proceeding begun pursuant to Section 2 unless the withdrawal is based upon material adverse information concerning the market for the Company’s securities or the
Company of which the Holders were not aware or which did not exist at the time of such request. If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of the securities (including Registrable
Securities) requesting such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to the above, then the Holders shall
not forfeit their rights pursuant to Section 2 to a Demand Registration. All Selling Expenses relating to securities registered on behalf of the Holders of Registrable Securities shall be borne by such Holders. 

5. Holdback Agreements. 
 (a) The Company agrees to use its reasonable best efforts to cause its officers and directors and each holder of at least 1% (on a fully-diluted basis) of its outstanding shares of Common Stock, or
any securities convertible into or exchangeable or exercisable for shares of Common Stock, purchased from the Company at any time after the date of this Agreement (other than in a registered public offering) to agree not to effect any public sale or
distribution (including sales pursuant to Rule 144) of any such securities during such periods (except as part of such underwritten registration, if otherwise permitted), unless the underwriters managing the registered public offering otherwise
agree. 
 (b) If requested by the managing underwriter(s) in an underwritten offering of Common Stock or securities
convertible for Common Stock of the Company (including without limitation the Company’s initial public offering of Common Stock), each Holder agrees, unless such holder is a participant in such offering, not to sell, make any short sale of,
loan, hypothecate, pledge, grant any option for the purchase of, including a sale pursuant to Rule 144 (or any similar provision then in effect) under the Securities Act (except as part of such underwritten registration) or otherwise dispose or
transfer for value or otherwise agree to engage in any of the foregoing transactions with respect to any securities of the Company held by such party without the prior written consent of the Company and its managing underwriters, during

  
 6. 

 
the 10-day period prior to, and during the 180-day period after in the case of the Company’s initial public offering, if applicable, or the 90-day period in the case of any other public
offering of Common Stock (or, in each case, such shorter period as may be agreed to in writing by the Company and the Holders of at least 50% of the Registrable Securities) following, the effective date of such Registration Statement; provided,
however, that (i) no Holder shall be required to enter into more than one such agreement in any 12-month period unless the offering pursuant to which such agreement is requested is determined by the Holders to be a good faith offering and
not for the purpose of restricting or prohibiting the exercise of the Holders’ rights hereunder, and (ii) no Holder shall be required to enter into such an agreement unless all Persons entitled to registration rights who are not parties to
this Agreement, all other Persons selling shares in such offering, all Persons holding at least 1% (on a fully diluted basis) of the Company’s outstanding shares of Common Stock (other than that purchased in a registered public offering) and
all executive officers and directors of the Company shall also have agreed not to offer, sell, distribute or transfer under the circumstances and pursuant to the terms set forth in this Section 5(b). Each Holder agrees to execute and deliver
such customary agreements as may be reasonably requested by the Company or the underwrite that are consistent with the Holder’s obligations under this Section 5(b) or that are necessary to give further effect thereto. 

6. Registration Procedures. Whenever the Holders of Registrable Securities have requested that any Registrable Securities be
registered pursuant to this Agreement, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof, and pursuant thereto the
Company will under the time frames provided herein, or if not so provided, as expeditiously as possible: 
 (a) prepare
and file with the Commission a registration statement on any appropriate form for which the Company qualifies with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective
(provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company will (i) furnish to the counsel selected by the Holders copies of all such documents proposed to be filed, which
documents will be subject to the review of such counsel and the review and approval of such counsel only with respect to the portions of the documents which refer to the Holders or the method of distribution of the Registrable Securities, and
(ii) notify each Holder of Registrable Securities covered by such registration of any stop order issued or threatened by the Commission); 
 (b) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be reasonably necessary to keep such
registration statement effective for a period equal to the shorter of (i) six months and (ii) the time by which all securities covered by such registration statement have been sold, and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 

  
 7. 

 (c) furnish to each seller of Registrable Securities such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such seller; 
 (d) use all reasonable efforts to register or qualify
such Registrable Securities under the securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 6(d), (ii) subject itself to taxation in any jurisdiction or (iii) take any action that would subject it to general service of process in any such jurisdiction); 

(e) promptly notify each seller of such Registrable Securities, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements
therein not misleading, and, the Company will prepare and deliver to each Holder a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an
untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; provided, however, that the Company shall be required to notify the Holders, but shall not be required to amend
the registration statement or supplement the Prospectus for a period of up to three months if the board of directors determines in good faith that to do so would reasonably be expected to have a material adverse effect on any proposal or plan by the
Company to engage in any financing, acquisition or disposition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer or similar transaction or would require the disclosure of any information that the
board of directors determines in good faith the disclosure of which would be materially detrimental to the Company, it being understood that the period for which the Company is obligated to keep the Registration Statement effective shall be extended
for a number of days equal to the number of days the Company delays amendments or supplements pursuant to this provision. Upon receipt of any notice pursuant to this Section 6(e), the Holders shall suspend all offers and sales of securities of
the Company and all use of any prospectus until advised by the Company that offers and sales may resume, and shall keep confidential the fact and content of any notice given by the Company pursuant to this Section 6(e); 

(f) cause all such Registrable Securities to be listed on each securities exchange or quoted on Nasdaq or another quotation
medium, if any, on which similar securities issued by the Company are then listed or quoted; 
 (g) provide a transfer
agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

(h) enter into such customary agreements (including underwriting agreements in customary form) and take all such other actions as
the Holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including effecting a stock split or a combination
of shares); 

  
 8. 

 (i) make available for inspection by the Holders of Registrable Securities included
in the registration statement, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all pertinent financial and other
records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement and (ii) to participate in presentations to prospective purchasers as reasonably requested by any underwriter or placement agent; 

(j) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective
date of the registration statement, which earnings statement shall satisfy the provisions of Section 1l(a) of the Securities Act and Rule 158 thereunder; 
 (k) in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending or preventing the use of any related prospectus or suspending
the qualification of any shares of Common Stock included in such registration statement for sale in any jurisdiction, use its reasonable best efforts promptly to obtain the withdrawal of such order; 

(l) if the registration statement is an underwritten offering, use all reasonable efforts to obtain a so-called
“comfort” letter from the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters; 

(m) use its reasonable best 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 necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; and 

(n) if any such registration or comparable statement refers to any Holder by name or otherwise as the holder of any securities of
the Company and if in its sole and exclusive judgment, such Holder is or might be deemed to be an underwriter or a controlling person of the Company, such Holder shall have the right to require (i) the insertion therein of language, in form and
substance reasonably satisfactory to such Holder and presented to the Company in writing, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the
Company’s securities covered thereby and that such holding does not imply that such Holder shall assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or
otherwise is not required by the Securities Act or any similar Federal statute then in force, the deletion of the reference to such Holder; provided that with respect to this clause 

  
 9. 

 
(ii) such Holder shall (a) furnish to the Company an opinion of counsel to such effect, which opinion and counsel shall be reasonably satisfactory to the Company and (b) indemnify
the Company against any loss or liability imposed upon and any reasonable expenses incurred by the Company as a result of such deletion. 
 7. Obligations of Holders. Whenever the Holders of Registrable Securities sell any Registrable Securities pursuant to a Demand Registration or a Piggyback Registration, such Holders shall be
obligated to comply with the applicable provisions of the Securities Act, including the prospectus delivery requirements thereunder, and any applicable state securities or blue sky laws. In addition, each Holder of Registrable Securities will be
deemed to have agreed by virtue of its acquisition of such Registrable Securities that, upon receipt of any notice described in Section 6(e), such Holder will forthwith discontinue disposition of such Registrable Securities covered by such
registration statement or prospectus until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 6(e), or until it is advised in writing by the Company that the use of the applicable
prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such prospectus. 

8. Indemnification. 
 (a) In the event any Registrable Securities are included in a registration statement under Sections 2 and 3, the Company agrees to indemnify, to the fullest extent permitted by applicable law, each
Holder of Registrable Securities, its officers and directors and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities, expenses or any amounts paid in settlement of any
third-party litigation, investigation or proceeding commenced or threatened (collectively, “Claims”) to which each such indemnified party may become subject under the Securities Act insofar as such Claim arose out of (i) any
untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or (ii) 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, ((i) and (ii) collectively, a “Violation”), provided however, that the indemnity agreement contained in this Section 8
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company
be liable in any such case for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs solely in reliance upon and in conformity with any information furnished in writing to
the Company by such Holder expressly for use therein, or by such Holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Holder with a
sufficient number of copies of the same. 
 (b) In connection with any registration statements in which a Holder of
Registrable Securities is participating, each such Holder will, to the fullest extent permitted by applicable law, indemnify the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act)
against any and all Claims to which each such indemnified party may become subject under the Securities Act insofar as such Claim 

  
 10.

 
arose out of (i) any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement
thereto, (ii) 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; provided that with respect to a Claim arising pursuant to clause
(i) or (ii) above, the material misstatement or omission is contained in the information such Holder provided to the Company pursuant to Section 11 hereof expressly for inclusion in such registration statement, prospectus or
preliminary prospectus; provided, further, that the obligation to indemnify will be individual to each Holder and will be limited to the amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such
registration statement. In connection with an underwritten offering, each Holder will indemnify the underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Company
hereunder. 
 (c) Any Person entitled to indemnification hereunder will (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification (but the failure to provide such notice shall not release the indemnifying party of its obligation under paragraphs (a) and (b), unless and then only to the extent
that, the indemnifying party has been prejudiced by such failure to provide such notice) and (ii) unless in such indemnified party’s reasonable judgment, based on written advice of counsel, a conflict of interest between such indemnified
and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. An indemnifying party who is not entitled to, or elects
not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party, based on written advice of counsel, a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 

(d) The indemnifying party shall not be liable to indemnify an indemnified party for any settlement, or consent to judgment of any
such action effected without the indemnifying party’s written consent (but such consent will not be unreasonably withheld, delayed or conditioned). Furthermore, the indemnifying party shall not, except with the prior written approval of each
indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified party of a release from all liability in respect of
such claim or litigation without any payment or consideration provided by each such indemnified party. 
 (e) If the
indemnification provided for in this Section 8 is unavailable to an indemnified party under clauses (a) and (b) above in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative
benefits received by the Company, the underwriters, the sellers of Registrable Securities and any other sellers participating in the registration statement from the sale of shares pursuant to the registered offering of securities for which indemnity
is sought but also the relative fault of the Company, the underwriters, the sellers of Registrable Securities and 

  
 11.

 
any other sellers participating in the registration statement in connection with the misstatement or omission which resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative benefits received by the Company, the underwriters, the sellers of Registrable Securities and any other sellers participating in the registration statement shall be deemed to be based on the relative
relationship of the total net proceeds from the offering (before deducting expenses) to the Company, the total underwriting commissions and fees from the offering (before deducting expenses) to the underwriters and the total net proceeds from the
offering (before deducting expenses) to the sellers of Registrable Securities and any other sellers participating in the registration statement. The relative fault of the Company, the underwriters, the sellers of Registrable Securities and any other
sellers participating in the registration statement shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Company or by the sellers of Registrable Securities and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided that in no
event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

(f) The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and will survive the transfer of the Registrable Securities. 

9. Participation in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten
unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements; provided that no Holder of Registrable Securities included in any underwritten
registration shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding such Holder and such Holder’s intended method of distribution) or to undertake any
indemnification obligations to the Company or the underwriters with respect thereto, except as otherwise provided in paragraph 8 hereof. 
 10. Transfer of Registration Rights. The rights granted to any Holder under this Agreement may be assigned to any Person in connection with any transfer or assignment of Registrable Securities by a
Holder; provided, however, that: (a) such transfer is otherwise effected in accordance with applicable securities laws, (b) such transfer is not in violation of the Purchase Agreement, (c) if not already a party hereto, the
assignee or transferee agrees in writing prior to such transfer to be bound by the provisions of this Agreement, and (d) unless otherwise notified by the Holder, SP shall act as agent and representative for such Holder for the giving and
receiving of notices hereunder. 

  
 12.

 11. Information by Holder. Each Holder shall furnish to the Company such written
information regarding such Holder and any distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification or compliance referred to in this
Agreement and shall promptly notify the Company of any changes in such information. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by Sections 5(b) and this Section 11. 

12. Exchange Act Compliance. The Company shall comply with all of the reporting requirements of the Exchange Act then applicable
to it, if any, and shall comply with all other public information reporting requirements of the Commission which are conditions to the availability of Rule 144 for the sale of the Registrable Securities. The Company shall cooperate with each Holder
in supplying such information as may be necessary for such Holder to complete and file any information reporting forms presently or hereafter required by the Commission as a condition to the availability of Rule 144. 

13. Termination of Registration Rights. All registration rights and obligations under this Agreement shall terminate and be of no
further force and effect, as to any particular Holder, at such time as all Registrable Securities held by such Holder are eligible to be sold without compliance with the registration requirements of the Securities Act, without any volume or timing
restrictions pursuant to Rule 144(k) promulgated thereunder, or have been sold pursuant to a registration statement thereunder. 

14. Miscellaneous. 
 (a) Remedies. Any Person having rights under any provision of this Agreement will be entitled to enforce such rights specifically to recover damages caused by reason of any breach of any provision
of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole
discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this
Agreement; provided, however, that in no event shall any Holder have the right to enjoin, delay or interfere with any offering of securities by the Company. 
 (b) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Holders of at least
50% of the Registrable Securities; provided, however, that without the prior written consent of all the Holders, no such amendment or waiver shall reduce the foregoing percentage required to amend or waive any provision of this Agreement.

 (c) Successors and Assigns. This Agreement and all of the provisions hereof shall be binding upon and inure to the
benefit of the parties and their respective successors and permitted assigns. Unless an express assignment has been made, the provisions of this Agreement which are for the benefit of Holders of Registrable Securities are also for the benefit of,
and enforceable by, any transferee of Registrable Securities, in accordance with Section 10 hereof. 

  
 13.

 (d) Severability. In case any provision of this Agreement shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not be in any way affected or impaired thereby. 
 (e) Counterparts and Facsimile. This Agreement may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all such
counterparts together shall constitute one agreement. This Agreement may be signed and delivered to the other party by facsimile transmission; such transmission shall be deemed a valid signature. 

(f) Descriptive Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. 
 (g) Governing Law; Disputes. This Agreement
shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to conflicts of laws rules or principles. Any dispute under this Agreement that is not settled by mutual consent shall be finally
adjudicated by any federal or state court sitting in the City, County and State of New York or in the City and State of Salt Lake City, Utah, and each party consents to the non-exclusive jurisdiction of such courts (or any appellate court therefrom)
over any such dispute. 
 (h) Notices. All notices, demands and requests of any kind to be delivered to any party in
connection with this Agreement shall be in writing and shall be deemed to have been duly given if personally or hand delivered or if sent by internationally-recognized overnight courier or by registered or certified mail, return receipt requested
and postage prepaid, or by facsimile transmission, addressed as follows: 
  

	 	(i)	if to the Company, to: 

 Lipocine Inc. 
 800 North, 350 West 

Suite 314 
 Salt Lake City, Utah 84103 
 Attention: Chief Executive Officer

 Facsimile: (801) 994-7388 

with a copy to: 
 Cooley Godward LLP 
 Five Palo Alto Square 

3000 El Camino Real 
 Palo Alto, CA 94306 
 Attention: Barclay James Kamb 

Facsimile: (650) 849-7400 

  
 14.

	 	(ii)	(a) if to SP, to: 

 Schwarz Pharma Limited 
 Shannon Industrial Estate 

Shannon, Co. Clare 
 Ireland 
 Facsimile:+353-617-141-01 

Attention: General Manager 
 with a copy, in the case of (a) or (b) above, to: 

Mayer, Brown, Rowe and Maw LLP 
 1675 Broadway 
 New York, New York 10019 

Attention: Phil Brandes 
 Facsimile: (212) 262-1910 
 or to such other address as the party to whom notice is to be
given may have furnished to the other party hereto in writing in accordance with provisions of this Section 13(i). Any such notice or communication shall be deemed to have been effectively given (i) in the case of personal or hand
delivery, on the date of such delivery, (ii) in the case of an internationally-recognized overnight delivery courier, on the second business day after the date when sent or earlier upon receipt of evidence of acceptance of delivery,
(iii) in the case of mailing, on the fifth business day following that day on which the piece of mail containing such communication is posted and (iv) in the case of facsimile transmission, on the date of telephone confirmation of receipt.

 (i) Entire Amendment. This Agreement constitutes the full and entire understanding and agreement of the parties with
regard to the subject matter hereof and supersedes all prior agreements and understandings among the parties with respect thereto. 
 [SIGNATURE PAGE FOLLOWS] 

  
 15.

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

			
	LIPOCINE INC.
		
	By:	 	/s/ Mahesh V. Patel
	Name:	 	Mahesh V. Patel
	Title:	 	President & CEO

  

			
	SCHWARZ PHARMA LIMITED
		
	By:	 	/s/ Bernie Horten
	Name:	 	Bernie Horten
	Title:	 	General Manager

  

			
	By:	 	/s/ Peter Brunk
	Name:	 	Peter Brunk
	Title:	 	Board Member

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