Document:

Exhibit 4.3

 

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT (this "Agreement"),
dated as of December 16, 2020, by and among Seneca Biopharma, Inc., a Delaware corporation, with headquarters located at 20271
Goldenrod Lane, 2nd Floor, Germantown, Maryland 20876 to be renamed "Palisade Bio, 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 the Securities Purchase Agreement (the "Securities Purchase Agreement") by and among Leading
BioSciences, Inc., a Delaware corporation ("Leading BioSciences 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) Leading BioSciences Private Company has agreed to issue to each Buyer shares of Series 1 Preferred Stock, $0.001 par value
per share, of Leading BioSciences Private Company and (y) the Company has agreed to issue warrants (the "Equity Warrants")
which will be exercisable to purchase shares of the Company's common stock, par value $0.01
per share (the "Common Stock") (as exercised, collectively, the "Equity Warrant Shares")
in accordance with the terms of the Equity Warrants.

 

B.       In
connection with the Securities Purchase Agreement (the "Bridge Securities Purchase Agreement") by and among Leading
BioSciences Private Company and the Buyers of even date herewith, Leading BioSciences Private Company issued to each Buyer warrants
(the "Bridge Warrants" and together with the Equity Warrants, the "Warrants") which are exercisable
to purchase shares of common stock, $0.001 par value per share, of Leading BioSciences Private
Company, which upon consummation of the transactions contemplated by the Merger Agreement (as defined below) will be exchanged
for identical (with share numbers and exercise prices adjusted to reflect the Exchange Ratio (as defined in the Merger Agreement))
Company warrants that will be exercisable to purchase shares of Common Stock (as exercised, collectively, the "Bridge
Warrant Shares" and together with the Equity Warrant Shares, the "Warrant Shares") in accordance with
the terms of the Bridge 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, Townsgate Merger Sub 1, Inc., and Leading BioSciences Private Company, dated of even date
herewith (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.

 

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)              
"Additional Effective Date" means the date an Additional Registration Statement is declared effective by
the SEC.

 

(b)              
"Additional Effectiveness Deadline" means the date which is the earlier of (i) in the event that the Additional
Registration Statement (x) is not subject to a full review by the SEC, the date which is thirty (30) days after the earlier of
the applicable Additional Filing Date and the Additional Filing Deadline or (y) is subject to a full review by the SEC, the date
which is sixty (60) days after the earlier of the applicable Additional Filing Date and the Additional Filing Deadline and (ii)
the fifth (5th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that
such Additional Registration Statement will not be reviewed or will not be subject to further review; provided, however,
that if the Additional Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the
Additional Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

 

(c)              
"Additional Filing Date" means the date on which an Additional Registration Statement is filed with the
SEC.

 

(d)              
"Additional Filing Deadline" means if Cutback Shares are required to be included in any Additional Registration
Statement, the later of (i) the date sixty (60) days after the date substantially all of the Registrable Securities registered
under the immediately preceding Registration Statement are sold and (ii) the date six (6) months from the Initial Effective Date
or the most recent Additional Effective Date, as applicable.

 

(e)              
"Additional Registrable Securities" means, (i) any Cutback Shares not previously included on a Registration
Statement, and (ii) any capital stock of the Company issued or issuable with respect to the Equity Warrants, the Bridge Warrants,
the Equity Warrant Shares, the Bridge Warrant Shares or the Cutback Shares, as applicable, as a result of any stock split, stock
dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitations on exercise of the Warrants.

 

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

 

(g)              
"Additional Required Registration Amount" means any Cutback Shares not previously included on a Registration
Statement, all subject to adjustment as provided in Section 2(f), without regard to any limitations on the exercise of the Warrants.

 

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(h)              
"Applicable Percentage" means (x) with respect to the events described in clauses (i), (ii) and (iii) of
Section 2(g), two percent (2.0%) and (y) with respect to the events described in clauses (iv), (v) and (vi) of Section 2(g), one
and one-half percent (1.5%).

 

(i)                
"Business Day" means any day other than Saturday, Sunday or any other day on which commercial banks in
the City of New York, New York are authorized or required by law to remain closed; provided, however, for clarification,
commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place",
"non-essential employee"  or any other similar orders or restrictions or the closure of any physical branch
locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in The City of New York, New York generally are open for use by customers on such day.

 

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

 

(k)              
"Cutback Shares" means any of the Initial Required Registration Amount and/or the Additional Required Registration
Amount of Registrable Securities not included in all Registration Statements previously declared effective hereunder as a result
of a limitation on the maximum number of shares of Common Stock of the Company permitted to be registered by the staff of the SEC
pursuant to Rule 415. For the purpose of determining the Cutback Shares, in order to determine any applicable Required Registration
Amount, unless an Investor gives written notice to the Company to the contrary with respect to the allocation of its Cutback Shares,
first the Bridge Warrant Shares shall be excluded on a pro rata basis among the Investors until all of the Bridge Warrant Shares
have been excluded and second the Equity Warrant Shares shall be excluded on a pro rata basis among the Investors until all of
the Equity Warrant Shares have been excluded.

 

(l)                
"Designee" means Altium Capital Management, LP.

 

(m)            
"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.

 

(n)              
"Effective Date" means the Initial Effective Date and/or each Additional Effective Date, as applicable.

 

(o)              
"Effectiveness Deadline" means the Initial Effectiveness Deadline and/or each Additional Effectiveness
Deadline, as applicable.

 

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

 

(q)              
"Filing Date" means the Initial Filing Date and/or the Additional Filing Date(s), as applicable.

 

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(r)               
"Filing Deadline" means the Initial Filing Deadline and/or each Additional Filing Deadline, as applicable.

 

(s)               
"Final Reset Date" shall have the meaning ascribed to such term in the Equity Warrants.

 

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

 

(u)              
"Initial Effectiveness Deadline" means the date which is the earlier of (x) (i) in the event that the Initial
Registration Statement is not subject to a full review by the SEC, forty five (45) days after the Final Reset Date or (ii) in the
event that the Initial Registration Statement is subject to a full review by the SEC, seventy five (75) days after the Final Reset
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 Initial Registration Statement will not be reviewed or will not be subject to further review; provided,
however, that if the Initial Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for
business, the Initial Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business.

 

(v)              
"Initial Filing Deadline" means the date which is fifteen (15) calendar days after the Final Reset Date.

 

(w)            
"Initial Registrable Securities" means (i) the Equity Warrant Shares issued or issuable upon exercise of
the Equity Warrants, (ii) the Bridge Warrant Shares issued or issuable upon exercise of the Bridge Warrants and (iii) any capital
stock of the Company issued or issuable with respect to the Equity Warrant Shares, the Equity Warrants, the Bridge Warrant Shares
or the Bridge 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 Equity Warrants and/or the Bridge Warrants.

 

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

 

(y)              
"Initial Required Registration Amount" means the maximum number of shares of Common Stock issuable upon
exercise of the Equity Warrants and the Bridge Warrants without giving effect to any limitation on exercise set forth in the Equity
Warrants and/or the Bridge Warrants, calculated as of the Trading Day immediately preceding the applicable date of determination
and all subject to adjustment as provided in Section 2(f).

 

(z)              
"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.

 

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(aa)           
"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.

 

(bb)          
"Principal Market" means The Nasdaq Capital Market.

 

(cc)           
"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.

 

(dd)          
"Registrable Securities" means the Initial Registrable Securities and/or the Additional Registrable Securities,
as applicable.

 

(ee)           
"Registration Statement" means the Initial Registration Statement and/or the Additional Registration Statement(s),
as applicable.

 

(ff)             
"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 Warrants or Registrable Securities.

 

(gg)          
"Required Registration Amount" means either the Initial Required Registration Amount and/or the Additional
Required Registration Amount, as applicable.

 

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

 

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

 

(jj)             
"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)              
Initial Mandatory Registration. The Company shall prepare, and, as soon as practicable but in no event later than
the Initial Filing Deadline, file with the SEC the Initial Registration Statement on Form S-3 covering the resale of all of the
Initial Registrable Securities. 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(e). The Initial Registration Statement prepared pursuant hereto shall register for resale at least
the number of shares of Common Stock equal to the Initial Required Registration Amount determined as of the date the Initial Registration
Statement is initially filed with the SEC, subject to adjustment as provided in Section 2(f). The Initial 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 A. The Company shall use its reasonable
best efforts to have the Initial Registration Statement declared effective by the SEC as soon as practicable, but in no event later
than the Initial Effectiveness Deadline. By 9:30 a.m. New York time on the Business Day following the Initial 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 Initial Registration Statement.

 

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(b)              
Additional Mandatory Registrations. The Company shall prepare, and, as soon as practicable but in no event later
than the Additional Filing Deadline, file with the SEC an Additional Registration Statement on Form S-3 covering the resale of
all of the Additional Registrable Securities not previously registered on an Additional Registration Statement hereunder. To the
extent the staff of the SEC does not permit the Additional Required Registration Amount to be registered on an Additional Registration
Statement, the Company shall file Additional Registration Statements successively trying to register on each such Additional Registration
Statement the maximum number of remaining Additional Registrable Securities until the Additional Required Registration Amount has
been registered with the SEC. 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(e). Each Additional Registration Statement prepared pursuant hereto shall register for resale at
least that number of shares of Common Stock equal to the Additional Required Registration Amount determined as of the date such
Additional Registration Statement is initially filed with the SEC, subject to adjustment as provided in Section 2(f). Each Additional
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 A. The Company
shall use its reasonable best efforts to have each Additional Registration Statement declared effective by the SEC as soon as practicable,
but in no event later than the Additional Effectiveness Deadline. By 9:30 a.m. New York time on the Business Day following the
Additional 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 Additional Registration Statement.

 

(c)              
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.

 

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(d)              
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.

 

(e)              
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.

 

(f)               
Sufficient Number of Shares Registered. In the event the number of shares available under a Registration Statement
filed pursuant to Section 2(a) or Section 2(b) is insufficient to cover the Required Registration Amount of Registrable Securities
required to be covered by such Registration Statement or an Investor's allocated portion of the Registrable Securities pursuant
to Section 2(c), the Company shall amend the applicable Registration Statement, or file a new Registration Statement (on the short
form available therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of the Trading Day
immediately preceding the date of the filing of such amendment or new Registration Statement, in each case, as soon as practicable,
but in any event not later than fifteen (15) days after the necessity therefor arises. The Company shall use its reasonable best
efforts to cause such amendment and/or new Registration Statement to become effective as soon as practicable following the filing
thereof. For purposes of the foregoing provision, the number of shares available under a Registration Statement shall be deemed
"insufficient to cover all of the Registrable Securities" if at any time the number of shares of Common Stock available
for resale under the Registration Statement is less than the Required Registration Amount as of such time. The calculation set
forth in the foregoing sentence shall be made without regard to any limitations on the exercise of the Warrants, such calculation
shall assume that the Equity Warrants and the Bridge Warrants are then exercisable in full into a number of shares of Common Stock
equal to the maximum number of shares of Common Stock as shall from time to time be necessary to effect the exercise of all the
Equity Warrants and the Bridge Warrants then outstanding without giving effect to any limitation on exercise included in the Equity
Warrants and/or the Bridge Warrants.

 

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(g)              
Effect of Failure to File and Obtain and Maintain Effectiveness of Registration Statement. If (x) a Registration
Statement covering all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant
to this Agreement is (A) not filed with the SEC on or before the applicable Filing Deadline (a "Filing Failure")
or (B) not declared effective by the SEC on or before the applicable Effectiveness Deadline, (an "Effectiveness Failure")
or (y) on any day after the applicable Effective Date sales of all of the Registrable Securities required to be included on such
Registration Statement cannot be made (other than during an Allowable Grace Period (as defined in Section 3(r)) pursuant to such
Registration Statement or otherwise (including, without limitation, because of the suspension of trading or any other limitation
imposed by an Eligible Market, a failure to keep such Registration Statement effective, a failure to disclose such information
as is necessary for sales to be made pursuant to such Registration Statement, a failure to register a sufficient number of shares
of Common Stock or a failure to maintain the listing of the Common Stock) (a "Maintenance Failure"), then, as
partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the Registrable
Securities (which remedy shall not be exclusive of any other remedies available at law or in equity, including, without limitation,
specific performance or the additional obligation of the Company to register any Cutback Shares), the Company shall pay to each
holder of Registrable Securities relating to such Registration Statement an amount in cash equal to the Applicable Percentage of
the aggregate Purchase Price (as such term is defined in the Securities Purchase Agreement) of such Investor's Registrable Securities
whether or not included in such Registration Statement on each of the following dates: (i) the day of a Filing Failure; (ii) the
day of an Effectiveness Failure; (iii) the initial day of a Maintenance Failure; (iv) on the thirtieth day after the date of a
Filing Failure and every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until such Filing Failure
is cured; (v) on the thirtieth day after the date of an Effectiveness Failure and every thirtieth day thereafter (pro rated for
periods totaling less than thirty days) until such Effectiveness Failure is cured; and (vi) on the thirtieth day after the initial
date of a Maintenance Failure and every thirtieth day thereafter (pro rated for periods totaling less than thirty days) until such
Maintenance Failure is cured. The payments to which a holder shall be entitled pursuant to this Section 2(g) are referred to herein
as "Registration Delay Payments." In no event shall the aggregate amount of all Registration Delay Payments payable
to an Investor exceed eight percent (8.0%) of the aggregate Purchase Price of such Investor's Registrable Securities. Registration
Delay Payments shall be paid on the earlier of (I) the dates set forth above and (II) the third Business Day after the event or
failure giving rise to the Registration Delay Payments is cured. In the event the Company fails to make Registration Delay Payments
in a timely manner, such Registration Delay Payments shall bear interest at the rate of one and one-half percent (1.5%) per month
(prorated for partial months) until paid in full.

 

3.                 
Related Obligations.

 

At such time as the Company is obligated to file
a Registration Statement with the SEC pursuant to Section 2(a), 2(b), 2(e) or 2(g), the Company will use its reasonable best 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 reasonable best 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 Effectiveness Deadline). The Company shall use reasonable
best 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 "reasonable
best 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.

 

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(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.

 

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(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 reasonable best 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.

 

(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.

 

    	 	10	 

     

    

(g)              
The Company shall use its reasonable best 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.

 

(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.

 

    	 	11	 

     

    

(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 reasonable best 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 reasonable
best 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 reasonable
best 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).

 

(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.

 

    	 	12	 

     

    

(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 reasonable best 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 applicable Effective Date of a Registration Statement.

 

(p)              
The Company shall otherwise use its reasonable best 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 required by the transfer agent in order to
remove the legends on the Registrable Securities.

 

(r)               
Notwithstanding anything to the contrary herein, at any time after the 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.

 

    	 	13	 

     

    

(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 A in the Registration Statement.

 

(t)                
Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, 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 first anticipated 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.

 

    	 	14	 

     

    

(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:

 

(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.

 

    	 	15	 

     

    

(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.

 

 

 

 

 

 

 

 

 

 

 

    	 	16	 

     

    

(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.

 

    	 	17	 

     

    

(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;

 

(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

 

    	 	18	 

     

    

(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, the Bridge Warrant Shares shall not be deemed "Registrable Securities"
hereunder to the extent the Bridge Warrants Shares are registered on a registration statement previously declared effective by
the SEC or the Bridge Warrant Shares are otherwise freely tradable by the holders thereof without any restriction or limitation
(including, for the avoidance of doubt, if the holder thereof exercises the Bridge Warrants by paying the applicable Exercise Price
(as defined in the Bridge Warrants) in cash).

 

    	 	19	 

     

    

(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 from and after the Closing Date:

 

Leading Biosciences, Inc.

5800 Armada Drive, Suite 210

Carlsbad, CA 92008

Attention: JD Finley

Email: jd.finley@leadingbiosciences.com

 

With a copy (for informational purposes only) to:

 

Cooley LLP

4401 Eastgate Mall

San Diego, California 92121-190

Telephone: 858-550-6088

Attention:Karen Deschaine, Esq.

E-mail: kdeschaine@cooley.com

 

and, if to the Company on or prior to the Closing Date:

 

Seneca Biopharma, Inc. 

c/o Silvestre Law Group, P.C. 

2629 Townsgate Rd., Suite 215 

Westlake Village CA 91362 

Attention: David Mazzo 

Email: dmazzo@cladrius.com

 

With a copy (for informational purposes
only) to:

 

Silvestre Law Group, P.C. 

2629 Townsgate Road #215 

Westlake Village, CA 91361 

Attention: Raul Silvestre 

Email: rsilvestre@silvestrelaw.com

 

    	 	20	 

     

    

If to the Transfer Agent:

 

American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 

Brooklyn, NY 11219 

Attention: Tiffany Hill 

Telephone:(415) 366-8087 

Email:thill@astfinancial.com

 

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.

 

    	 	21	 

     

    

(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.

 

    	 	22	 

     

    

(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.

 

(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]

 

    	 	23	 

     

    

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

 

	 	
        COMPANY:

         

	 	
        SENECA BIOPHARMA, Inc.

         

        By:   /s/ Kenneth Carter                        

        Name:
Kenneth Carter, PhD

        Title: Executive Chairman

         

	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

    	 	24	 

     

    

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

 

	 	
        BUYERS:

         

	 	
        Altium
Growth Fund, LP

        By: Altium Capital Management, LP

         

        By:   /s/ Mark
        Gottlieb                      

        Name: Mark Gottlieb

        Title: Signatory

         

	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

  

    	 	25	 

     

    

	 

SCHEDULE OF BUYERS

 

	
        Buyer

         
	Buyer Address, Facsimile 

Number and E-mail	Buyer's Representative's Address, 

                                                                Facsimile Number and E-Mail

	 	 	 
	Altium Growth Fund, LP	
        c/o Altium Capital Management, LP

        551 5th Avenue, 19th Floor (Suite
1920)

        New York, NY 10176

        Attention: Joshua Thomas

        Telephone: 212-259-8404

        E-mail: jthomas@altiumcap.com

         
	
        Schulte Roth & Zabel LLP

        919 Third Avenue

        New York, NY 10022

        Attn: Eleazer Klein, Esq.

        Facsimile: (212) 593-5955

        Telephone: (212) 756-2000 

        Email: eleazer.klein@srz.com 

	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annex I-1Exhibit 10.1

 

 

SUPPORT AGREEMENT

 

This Support
Agreement (this “Agreement”), is made as of December [●], 2020, by and between Seneca
Biopharma, Inc., a Delaware corporation (the “PubCo”) and the Person set forth on Schedule A
hereto (the “Stockholder”).

 

WHEREAS, as
of the date hereof, the Stockholder is the holder of the number of shares, par value $0.001 per share (“Company Shares”),
of Leading BioSciences, Inc., a Delaware corporation (“Company”), set forth opposite the Stockholder’s
name on Schedule A (all Company Shares and other securities of Company owned by the Stockholder, or hereafter issued
to or otherwise acquired, whether beneficially or of record, or owned by the Stockholder prior to the termination of this Agreement,
as well as shares set forth on Schedule A, being referred to herein as the “Subject Shares”);

 

WHEREAS, the
Company, PubCo and Townsgate Acquisition Sub 1, Inc., a Delaware corporation (“Merger Sub”), propose
to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”),
which provides, among other things, for the merger of Merger Sub with and into the Company, with the Company continuing as the
surviving company (the “Merger”), upon the terms and subject to the conditions set forth in the Merger
Agreement (capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in
the Merger Agreement); and

 

WHEREAS, as
a condition to its willingness to enter into the Merger Agreement, the PubCo has required that the Stockholder, and as an inducement
and in consideration therefor, the Stockholder (in the Stockholder’s capacity as a holder of the Subject Shares) has agreed
to, enter into this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending
to be legally bound, do hereby agree as follows:

 

Article
I

VOTING AGREEMENT; GRANT OF PROXY

 

The Stockholder hereby
covenants and agrees that:

 

1.1.            
Voting of Subject Shares. From and after the date hereof, at every meeting of the holders of Company Shares
(the “Company Stockholders”), however called, and at every adjournment or postponement thereof (or pursuant
to a written consent if the Company Stockholders act by written consent in lieu of a meeting), the Stockholder shall, or shall
cause the holder of record on any applicable record date to, be present (in person or by proxy) and to vote the Subject Shares
(a) in favor of adopting the Merger Agreement and approving the Merger, the other Contemplated Transactions, the matters to be
set out in the Company Stockholder Written Consent, and the other actions contemplated by the Merger Agreement, (b) against approval
of any proposal made in opposition to, or in competition with, the Merger Agreement or the consummation of the Merger, and (c)
against any Acquisition Proposal. Except as permitted under clauses (A) through (H) of Section 1.3 below, Stockholder shall
retain at all times the right to vote the Subject Shares in Stockholder’s sole discretion and without any other limitation
on those matters other than those set forth in this Section 1.1 that are at any time or from time to time presented
for consideration to the Company Stockholders.

     

     

    

1.2.            
Voting in case of Adverse Recommendation Change. Notwithstanding the foregoing and subject to Section 4.2,
if the Board of Directors of the Company has effected (and not withdrawn) a Company Board Adverse Recommendation Change with respect
to an Acquisition Proposal in accordance with the Merger Agreement, then the obligation of the Stockholder to vote the Subject
Shares as to which the Stockholder controls the right to vote in the manner set forth above in this Section 1.2 shall be
modified such that the Stockholder, together with the other stockholders of Company entering into substantially similar voting
agreements with PubCo on or about the date hereof (the “Other Voting Agreements”), shall only be required
to collectively vote an aggregate number of Subject Shares (for this purpose meaning Subject Shares as defined herein together
with Subject Shares as defined in the Other Voting Agreements (collectively, the “Covered Shares”)) equal
to thirty-five percent (35%) of the total voting power of the outstanding capital stock of the Company as of the record date for
the meeting at which such vote is taken with respect to the matters to be set out in the Company Stockholder Written Consent in
the manner set forth above in this Section 1.2, and the number of Subject Shares subject to this Agreement and all Other
Voting Agreements in excess of that percentage shall be voted on a pro rata basis on the matters to be set out in the Company Stockholder
Written Consent in a manner equivalent to the proportion of votes “For” and “Against” or abstain on the
applicable the matters to be set out in the Company Stockholder Written Consent by the shares of the Company Common Stock other
than the Covered Shares that are voted on the matters to be set out in the Company Stockholder Written Consent.

 

1.3.            
No Inconsistent Arrangements. Except as provided hereunder or under the Merger Agreement, prior to Company
obtaining the Required Company Stockholder Vote, the Stockholder shall not, directly or indirectly, (a) create any Encumbrance
other than restrictions imposed by Law or pursuant to this Agreement on any Subject Shares, (b) transfer, sell, assign, gift
or otherwise dispose of (collectively, “Transfer”), or enter into any contract with respect to any Transfer
of, the Subject Shares or any interest therein, (c) grant or permit the grant of any proxy, power of attorney or other authorization
in or with respect to the Subject Shares, (d) deposit or permit the deposit of the Subject Shares into a voting trust or enter
into a voting agreement or arrangement with respect to the Subject Shares, or (e) take any action that, to the knowledge of
the Stockholder, would have the effect of preventing the Stockholder from performing the Stockholder’s obligations hereunder.
Any action taken in violation of the foregoing sentence shall be null and void ab initio. Notwithstanding the foregoing,
(i) the Stockholder may (A) make transfers or dispositions of the Subject Shares to any trust for the direct or indirect
benefit of the Stockholder or the immediate family of the Stockholder, (B) make transfers or dispositions of the Subject Shares
by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the
immediate family of the Stockholder, (C) make transfers of the Subject Shares to stockholders, direct or indirect affiliates
(within the meaning set forth in Rule 405 under the Securities Act), current or former partners (general or limited), members
or managers of the Stockholder, as applicable, or to the estates of any such stockholders, affiliates, partners, members or managers,
or to another corporation, partnership, limited liability company or other business entity that controls, is controlled by or is
under common control with the Stockholder, (D) make transfers that occur by operation of law pursuant to a qualified domestic
relations order or in connection with a divorce settlement, (E) make transfers or dispositions not involving a change in beneficial
ownership, (F) if the Stockholder is a trust, make transfers or dispositions to any beneficiary of the Stockholder or the
estate of any such beneficiary, (G) exercise an option or warrant (including a net or cashless exercise of such option or warrant)
to purchase Company Shares and (H) Transfer Company Shares to Company to cover tax withholding obligations of the Stockholder in
connection with any option exercise or the vesting of any restricted stock or restricted stock unit award, provided
that the underlying Company Shares shall continue to be subject to the restrictions on transfer set forth in this Agreement. With
respect to clauses (A) through (F) above, the transferee agrees in writing to be bound by the terms and conditions of this Agreement
and either the Stockholder or the transferee provides the PubCo with a copy of such agreement promptly upon consummation of any
such Transfer, provided, further that no filing under the Exchange Act or other public announcement
shall be required or shall be made voluntarily in connection with the establishment of such an agreement, provided
that reasonable notice shall be provided to PubCo prior to any such filing and that that the underlying Company Shares shall continue
to be subject to the restrictions on transfer set forth in this Agreement. For purposes of this Agreement, “immediate family”
shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.

     

     

    

1.4.            
Documentation and Information. The Stockholder shall permit and hereby authorizes the Company and PubCo to
publish and disclose in all documents and schedules filed with the SEC, and any press release or other disclosure document that
the Company or PubCo reasonably determines to be necessary in connection with the Merger and any of the Contemplated Transactions,
the Stockholder’s identity and ownership of the Subject Shares and the nature of the Stockholder’s commitments and
obligations under this Agreement. Company is an intended third-party beneficiary of this Section 1.4.

 

1.5.            
Irrevocable Proxy. Except as set forth in the Investor Agreements, the Stockholder hereby revokes (or
agrees to cause to be revoked) any proxies that the Stockholder has heretofore granted with respect to the Subject Shares. The
Stockholder hereby irrevocably appoints the PubCo as attorney-in-fact and proxy for and on behalf of the Stockholder, for and in
the name, place and stead of the Stockholder, to: (a) attend any and all meetings of Company Stockholders, (b) vote,
express consent or dissent or issue instructions to the record holder to vote the Subject Shares in accordance with the provisions
of Section 1.1 at any and all meetings of Company Stockholders or in connection with any action sought to be taken
by written consent of Company Stockholders without a meeting and (c) grant or withhold, or issue instructions to the record
holder to grant or withhold, consistent with the provisions of Section 1.1, all written consents with respect to the
Subject Shares at any and all meetings of Company Stockholders or in connection with any action sought to be taken by written consent
of Company Stockholders without a meeting. The Company agrees not to exercise the proxy granted herein for any purpose other than
the purposes described in this Agreement. The foregoing proxy shall be deemed to be a proxy coupled with an interest, is irrevocable
(and as such shall survive and not be affected by the death, incapacity, mental illness or insanity of the Stockholder, as applicable)
until the termination of this Agreement and shall not be terminated by operation of law or upon the occurrence of any other event
other than the termination of this Agreement pursuant to Section 4.2. The Stockholder authorizes such attorney and
proxy to substitute any other Person to act hereunder, to revoke any substitution and to file this proxy and any substitution or
revocation with the Secretary of Company. The Stockholder hereby affirms that the proxy set forth in this Section 1.5
is given in connection with and granted in consideration of and as an inducement to PubCo, Merger Sub and Company to enter into
the Merger Agreement and that such proxy is given to secure the obligations of the Stockholder under Section 1.1. The
proxy set forth in this Section 1.5 is executed and intended to be irrevocable, subject, however, to its automatic
termination upon the termination of this Agreement pursuant to Section 4.2. With respect to any Subject Shares that
are owned beneficially by the Stockholder but are not held of record by the Stockholder (other than shares beneficially owned by
the Stockholder that are held in the name of a bank, broker or nominee), the Stockholder shall take all action necessary to cause
the record holder of such Subject Shares to grant the irrevocable proxy and take all other actions provided for in this Section 1.5
with respect to such Subject Shares.

     

     

    

1.6.           
No Ownership Interest. Nothing contained in this Agreement will be deemed to vest in the PubCo any direct
or indirect ownership or incidents of ownership of or with respect to the Subject Shares. All rights, ownership and economic benefits
of and relating to the Subject Shares will remain and belong to the Stockholder, and the PubCo will have no authority to manage,
direct, superintend, restrict, regulate, govern or administer any of the policies or operations of Company or exercise any power
or authority to direct Stockholder in the voting of any of the Subject Shares, except as otherwise expressly provided herein with
respect to the Subject Shares and except as otherwise expressly provided in the Merger Agreement.

 

1.7.           
Waiver of Appraisal Rights. The Stockholder hereby irrevocably and unconditionally waives, and agrees not
to assert, exercise or perfect (or attempt to exercise, assert or perfect) any rights of appraisal or rights to dissent from the
Merger or quasi-appraisal rights that it may at any time have under applicable Laws, including Section 262 of the DGCL. The Stockholder
agrees not to commence, join in, facilitate, assist or encourage, and agrees to take all actions necessary to opt out of any class
in any class action with respect to, any claim, derivative or otherwise, against PubCo, Merger Sub or Company or any of their respective
successors, directors or officers, (a) challenging the validity, binding nature or enforceability of, or seeking to enjoin the
operation of, this Agreement or the Merger Agreement, or (b) alleging a breach of any fiduciary duty of any Person in connection
with the evaluation, negotiation, entry into or consummation of the Merger Agreement

 

Article
II

REPRESENTATIONS AND WARRANTIES OF THE Stockholder

 

The Stockholder represents
and warrants to the PubCo that:

 

2.1.            
Organization; Authorization; Binding Agreement. The Stockholder, if not a natural person, is duly incorporated
or organized, as applicable, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization.
The Stockholder has full legal capacity and power, right and authority to execute and deliver this Agreement and to perform the
Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly
and validly executed and delivered by the Stockholder, and constitutes a legal, valid and binding obligation of the Stockholder
enforceable against the Stockholder in accordance with its terms, subject to the Enforceability Exceptions.

     

     

    

2.2.            
Ownership of Subject Shares; Total Shares. The Stockholder is the record or beneficial owner of the Subject
Shares and has good and marketable title to the Subject Shares free and clear of any Encumbrances (including any restriction on
the right to vote or otherwise transfer the Subject Shares), except (a) as provided hereunder, (b) pursuant to any applicable
restrictions on transfer under the Securities Act, (c) subject to any risk of forfeiture with respect to any Company Shares
granted to the Stockholder under an employee benefit plan of Company and (d) as provided in the Organizational Documents of
Company. The Subject Shares listed on Schedule A opposite the Stockholder’s name constitute all of the Company
Shares owned by the Stockholder as of the date hereof. Except pursuant to the Organizational Documents of Company, no Person has
any contractual or other right or obligation to purchase or otherwise acquire any of the Subject Shares. For purposes of this Agreement
“Beneficial Ownership” shall be interpreted as defined in Rule 13d-3 under the Exchange Act; provided
that for purposes of determining Beneficial Ownership, a Person shall be deemed to be the Beneficial Owner of any securities that
may be acquired by such Person pursuant to any Contract or upon the exercise of conversion rights, exchange rights, warrants or
options, or otherwise (irrespective of whether the right to acquire such securities is exercisable immediately or only after the
passage of time, including the passage of time in excess of 60 days, the satisfaction of any conditions, the occurrence of
any event or any combination of the foregoing).

 

2.3.            
Voting Power. Except as set forth in the Investor Agreements, Stockholder has full voting power, with respect
to the Subject Shares, and full power of disposition, full power to issue instructions with respect to the matters set forth herein
and full power to agree to all of the matters set forth in this Agreement, in each case, with respect to all of the Subject Shares.
None of the Subject Shares are subject to any proxy, voting trust or other agreement or arrangement with respect to the voting
of the Subject Shares, except as provided hereunder.

 

2.4.            
Reliance. The Stockholder has had the opportunity to review the Merger Agreement, including the provisions
relating to the Exchange Ratio and CVR, and this Agreement with counsel of the Stockholder’s own choosing. The Stockholder
has had an opportunity to review with its own tax advisors the tax consequences of the Merger and the Contemplated Transactions.
The Stockholder understands that it must rely solely on its advisors and not on any statements or representations made by PubCo,
the Company or any of their respective agents or representatives. The Stockholder understands that such Stockholder (and not PubCo,
the Company or the Surviving Corporation) shall be responsible for such Stockholder’s tax liability that may arise as a result
of the Merger or the Contemplated Transactions. The Stockholder understands and acknowledges that the Company, PubCo and Merger
Sub are entering into the Merger Agreement in reliance upon the Stockholder’s execution, delivery and performance of this
Agreement.

 

2.5.            
Absence of Litigation. With respect to the Stockholder, as of the date hereof, there is no action, suit, investigation
or proceeding pending against, or, to the knowledge of the Stockholder, threatened in writing against, the Stockholder or any of
the Stockholder’s properties or assets (including the Subject Shares) that could reasonably be expected to prevent, delay
or impair the ability of the Stockholder to perform the Stockholder’s obligations hereunder or to consummate the transactions
contemplated hereby.

     

     

    

2.6.            
Non-Contravention. The execution and delivery of this Agreement by the Stockholder and the performance of
the transactions contemplated by this Agreement by the Stockholder does not and will not violate, conflict with, or result in a
breach of: (a) the Organizational Documents of such Stockholder, (b) any applicable Law or any injunction, judgment, order,
decree, ruling, charge, or other restriction of any Governmental Authority to which the Stockholder is subject, or (c) any
Contract to which the Stockholder is a party or is bound or to which the Subject Shares are subject, such that it could reasonably
be expected to prevent, delay or impair the ability of the Stockholder to perform the Stockholder’s obligations hereunder
or to consummate the transactions contemplated hereby.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The PubCo represents
and warrants to the Stockholder that:

 

3.1.            
Organization; Authorization. The PubCo is a corporation duly incorporated, validly existing and in good standing
under the laws of Delaware. The consummation of the transactions contemplated hereby is within the PubCo’s corporate powers
and has been duly authorized by all necessary corporate actions on the part of the PubCo. The PubCo has full power and authority
to execute, deliver and perform this Agreement.

 

3.2.            
Binding Agreement. This Agreement has been duly authorized, executed and delivered by the PubCo and constitutes
a valid and binding obligation of the PubCo enforceable against the PubCo in accordance with its terms, subject to the Enforceability
Exceptions.

 

Article
IV

MISCELLANEOUS

 

4.1.            
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been
duly delivered and received hereunder (a) one Business Day after being sent for next Business Day delivery, fees prepaid,
via a reputable international overnight courier service, (b) upon delivery in the case of delivery by hand, (c) if sent by
email transmission prior to 6:00 p.m. recipient’s local time, upon transmission (provided, no “bounce back” or
similar message of non-delivery is received with respect thereto) or (d) if sent by email transmission after 6:00 p.m. recipient’s
local time and no “bounce back” or similar message of non-delivery is received with respect thereto, the Business Day
following the date of transmission; provided that in each case the notice or other communication is sent to the physical address
or email address set forth in accordance with the provisions of the Merger Agreement, and if to the Stockholder, to the Stockholder’s
address or electronic mail address set forth on a signature page hereto, or to such other address or electronic mail address as
the Stockholder may hereafter specify by written notice so given.

 

4.2.            
Termination. This Agreement shall terminate automatically, without any notice or other action by any Person,
upon the earlier of (a) the termination of the Merger Agreement in accordance with its terms and (b) the Effective Time.
Upon termination of this Agreement, neither party shall have any further obligations or liabilities under this Agreement; provided,
however, that (i) nothing set forth in this Section 4.2 shall relieve either party from liability for
any breach of this Agreement prior to termination hereof, and (ii) the provisions of this Article IV shall survive
any termination of this Agreement.

     

     

    

4.3.            
Confidentiality. Except to the extent required by applicable law or regulation, the Stockholder shall hold
any non-public information regarding this Agreement, the Merger Agreement and the Merger in strict confidence and shall
not divulge any such information to any third person until PubCo has publicly disclosed its entry into the Merger Agreement and
this Agreement; provided, however, that the Stockholder may disclose such information (a) to
its attorneys, accountants, consultants, trustees, beneficiaries and other representatives (provided such representatives
are subject to confidentiality obligations at least as restrictive as those contained herein), and (b) to any Affiliate, partner,
member, stockholder, parent or subsidiary of Stockholder, provided in each case that the Stockholder informs
the Person receiving the information that such information is confidential and such Person agrees in writing to abide by the terms
of this Section 4.3. Neither the Stockholder nor any of its Affiliates (other than PubCo, whose actions shall
be governed by the Merger Agreement), shall issue or cause the publication of any press release or other public announcement with
respect to this Agreement, the Merger, the Merger Agreement or the other transactions contemplated hereby or thereby without the
prior written consent of the Company and PubCo, except as may be required by applicable Law in which circumstance such announcing
party shall make reasonable efforts to consult with the Company and PubCo to the extent practicable. Company is an intended third-party
beneficiary of this Section 4.3.

 

4.4.            
Amendments and Waivers. Any provision of this Agreement may be amended or waived if such amendment or waiver
is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party
against whom the waiver is to be effective. No failure or delay by either party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right, power or privilege.

 

4.5.            
Binding Effect; Benefit; Assignment. The provisions of this Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and assigns. Except as set forth in Section 1.4
and Section 4.3, no provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities
hereunder upon any person other than the parties hereto and their respective successors and assigns. Neither party may assign,
delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other party hereto,
except that the PubCo may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in
part, to one or more of its Affiliates at any time; provided that such transfer or assignment shall not relieve the
PubCo of any of its obligations hereunder.

 

4.6.            
Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws.
In any action or proceeding between any of the Parties arising out of or relating to this Agreement or any of the Contemplated
Transactions, each of the Parties: (a) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue
of the Court of Chancery of the State of Delaware or, to the extent such court does not have subject matter jurisdiction, the United
States District Court for the District of Delaware or, to the extent that neither of the foregoing courts has jurisdiction, the
Superior Court of the State of Delaware; (b) agrees that all claims in respect of such action or proceeding shall be heard and
determined exclusively in accordance with clause (a) of this Section 4.6; (c) waives any objection to laying venue
in any such action or proceeding in such courts; (d) waives any objection that such courts are an inconvenient forum or do not
have jurisdiction over any party hereto; (e) agrees that service of process upon such Party in any such action or proceeding shall
be effective if notice is given in accordance with Section 4.1 of this Agreement; and (f) irrevocably and unconditionally
waives the right to trial by jury.

     

     

    

4.7.            
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original
and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or otherwise)
by all Parties by electronic transmission in .PDF format shall be sufficient to bind the Parties to the terms and conditions of
this Agreement.

 

4.8.            
Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, among or between any of the Parties with respect to the subject matter hereof and thereof.

 

4.9.            
Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in
any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions of this Agreement or the
validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If a final judgment
of a court of competent jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the Parties
agree that the court making such determination shall have the power to limit such term or provision, to delete specific words or
phrases or to replace such term or provision with a term or provision that is valid and enforceable and that comes closest to expressing
the intention of the invalid or unenforceable term or provision, and this Agreement shall be valid and enforceable as so modified.
In the event such court does not exercise the power granted to it in the prior sentence, the Parties agree to replace such invalid
or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the
economic, business and other purposes of such invalid or unenforceable term or provision.

 

4.10.         
Specific Performance. Any and all remedies herein expressly conferred upon a Party will be deemed cumulative
with and not exclusive of any other remedy conferred hereby, or by law or equity upon such Party, and the exercise by a Party of
any one remedy will not preclude the exercise of any other remedy. The Parties agree that irreparable damage for which monetary
damages, even if available, would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms (including failing to take such actions as are required of it hereunder
to consummate this Agreement) or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction
or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of
the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at Law
or in equity, and each of the Parties waives any bond, surety or other security that might be required of any other Party with
respect thereto. Each of the Parties further agrees that it will not oppose the granting of an injunction, specific performance
or other equitable relief on the basis that any other Party has an adequate remedy at Law or that any award of specific performance
is not an appropriate remedy for any reason at Law or in equity.

     

     

    

4.11.         
Construction.

 

(a)              
For purposes of this Agreement, whenever the context requires: any singular term shall be deemed to include the plural,
and any plural term the singular, the masculine gender shall include the feminine and neuter genders; the feminine gender shall
include the masculine and neuter genders; and the neuter gender shall include masculine and feminine gender.

 

(b)             
The Parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting
Party shall not be applied in the construction or interpretation of this Agreement.

 

(c)              
As used in this Agreement, “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed
by those words or words of like import. The word “or” is not exclusive.

 

(d)             
Except as otherwise indicated, references to any Person include the successors and permitted assigns of that Person.

 

(e)              
Except as otherwise indicated, references to any statute are to that statute and to the rules and regulations promulgated
thereunder, in each case as amended, modified, re-enacted thereof, substituted, from time to time.

 

(f)               
Except as otherwise indicated, all references in this Agreement to “Sections,” “Articles,” and
“Schedules” are intended to refer to Sections or Articles of this Agreement and Schedules to this Agreement, respectively.

 

(g)              
The bold-faced headings contained in this Agreement are for convenience of reference only, shall not be deemed to be
a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

4.12.         
Further Assurances. Each of the Parties hereto will execute and deliver, or cause to be executed and delivered,
all further documents and instruments and use their respective reasonable best efforts to take, or cause to be taken, all actions
and to do, or cause to be done, all things necessary under applicable Law to perform their respective obligations as expressly
set forth under this Agreement.

 

4.13.         
Capacity as Stockholder. The Stockholder signs this Agreement solely in the Stockholder’s capacity as
a holder of Company Shares, and not in the Stockholder’s capacity as a director, officer or employee of Company or in the
Stockholder’s capacity as a trustee or fiduciary of any employee benefit plan or trust. Notwithstanding anything herein to
the contrary, nothing herein shall in any way restrict a director or officer of Company in the exercise of his or her fiduciary
duties as a director or officer of Company or in his or her capacity as a trustee or fiduciary of any employee benefit plan or
trust or prevent or be construed to create any obligation on the part of any director or officer of Company or any trustee or fiduciary
of any employee benefit plan or trust from taking any action in his or her capacity as such director, officer, trustee or fiduciary.

     

     

    

4.14.         
No Agreement Until Executed. Irrespective of negotiations among the parties or the exchanging of drafts of
this Agreement, this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding
between the parties hereto unless and until (a) the Company Board has approved, for purposes of any applicable anti-takeover
laws and regulations, and any applicable provision of Company’s Organizational Documents, the Merger, (b) the Merger
Agreement is executed by all parties thereto, and (c) this Agreement is executed by all parties hereto.

 

(SIGNATURE PAGE FOLLOWS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first written above.

 

	 	Seneca Biopharma, Inc.
	 	 
		By:	 
	 	 	Name:
	 	 	Title:

 

 

 

 

 

 

 

 

 

 

    
	[Signature Page to Support Agreement]

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first written above.

 

	 	STOCKHOLDER
	 	 
	 	 
	 	(Print Name of Stockholder)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name and Title of Signatory, if Signing
	 	on Behalf of an Entity)
	 	 
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Email:	 	 

 

 

 

    
	[Signature Page to Support Agreement]

     

    

Schedule A

 

	Name of Stockholder	
        No. 

        Shares
	
        No. 

        Options
	

        No.

        RSUs

	
        No. 

        Warrants

	[•]	[•]	[•]	[•]	[•]

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