Document:

Exhibit 4.2

    

     

      

    
      Execution Version

       

      

      REGISTRATION RIGHTS AGREEMENT

       

       REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
          dated as of June 17, 2020, by and among Rexahn Pharmaceuticals, Inc., a Delaware corporation, with headquarters located at 15245 Shady Grove Road, Suite 455, Rockville, MD 20850 to be renamed “Ocuphire Pharma, 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 Ocuphire Pharma, Inc., a Delaware
        corporation (“Ocuphire Private Company”), the Company and the Buyers of even date herewith, upon the terms and subject to the conditions of the Securities Purchase Agreement, (i) Ocuphire Private Company has
        agreed to issue to each Buyer shares of common stock, $0.0001 par value per share, of Ocuphire Private Company and (ii) the Company has agreed to issue Series A Warrants and Series B Warrants (each as defined below and collectively, the “Warrants”) which each will be exercisable to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) (as exercised, collectively,
        the “Warrant Shares”) in accordance with the terms of the 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 and Reorganization among the
        Company, Razor Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company and Ocuphire Private Company, dated as of June 17, 2020 (the “Merger Agreement”) are consummated, the Company
        has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and
        applicable state securities laws.

       

       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) Trading 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) Trading 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, the most recent
        Subsequent 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 Series A Warrants, the Series B Warrants, the Series A Warrant Shares, the Series B 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(g), without regard to any limitations on the exercise of the Warrants.

       

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

       

      (i)            “Closing Date” shall have the meaning set forth in the Securities Purchase Agreement.

        

      

      (j)           “Cutback Shares” means any of the Initial Required Registration Amount, the Subsequent Required
        Registration Amount and/or the Additional Required Registration Amount of Registrable Securities which the SEC will not allow to be included in a Registration Statement 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 Series A Warrant Shares shall be excluded on a pro rata basis among the Investors until all of the Series A Warrant Shares have been excluded and second the
        Series B Warrant Shares shall be excluded on a pro rata basis among the Investors until all of the Series B Warrant Shares have been excluded.

       

      
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      (k)           “Designee” means Altium Capital Management, LP.

       

      (l)            “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.

       

      (m)         “Effective Date” means the Initial Effective Date, each Subsequent Effective Date and/or each Additional Effective Date, as applicable.

       

      (n)        “Effectiveness Deadline” means the Initial Effectiveness Deadline, each Subsequent Effectiveness Deadline and/or each Additional Effectiveness
        Deadline, as applicable.

       

      (o)        “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.

       

      (p)           “End Reset Date” shall have the meaning ascribed to such term in the Series B Warrants.

        

      

      (q)           “Filing Deadline” means the Initial Filing Deadline, each Subsequent Filing Deadline and/or each Additional Filing Deadline, as applicable.

       

      (r)            “Initial Effective Date” means the date that the Initial Registration Statement has been declared effective by the SEC.

       

      (s)           “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) Trading Days after the Closing Date or (ii) in the event that the Initial Registration Statement is subject to a full review by the SEC, seventy five
        (75) Trading Days after the Closing 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.

       

      (t)            “Initial Filing Deadline” means the date which is fifteen (15) Trading Days after the Closing Date.

       

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

       

      
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      (v)          “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.

       

      (w)         “Initial Required Registration Amount” means the number of shares of Common Stock issued and issuable pursuant to the Series A Warrants and the
        Series B Warrants equal to the greater of (A) the sum of (x) 135% of the number of Series A Warrant Shares issued and issuable pursuant to the Series A Warrants determined in accordance with Section 2(d) of the Series A Warrants assuming a Reset
        Price (as defined in the Series A Warrants) equal to the Reset Floor Price without giving effect to any limitation on exercise set forth therein and (y) 100% of the number of Series B Warrant Shares issued and issuable pursuant to the Series B
        Warrants assuming that the Maximum Eligibility Number (as defined in the Series B Warrant) is determined based on a Reset Price (as defined in the Series B Warrants) equal to the Reset Floor Price without giving effect to any limitation on exercise
        set forth therein and (B) the sum of (x) 135% of the number of shares of Common Stock issuable upon exercise of the Series A Warrants without giving effect to any limitation on exercise set forth in the Series A Warrants and (y) 100% of the number
        of shares of Common Stock issuable upon exercise of the Series B Warrants without giving effect to any limitation on exercise set forth in the Series B Warrants, calculated as of the Trading Day immediately preceding the applicable date of
        determination and all subject to adjustment as provided in Section 2(g).

       

      (x)          “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.

       

      (y)           “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.

       

      (z)           “Principal Market” means The Nasdaq Capital Market.

       

      (aa)       “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.

       

      (bb)       “Registrable Securities” means the Initial Registrable Securities, the Subsequent Registrable Securities and/or the Additional Registrable
        Securities, as applicable.

       

      (cc)       “Registration Statement” means the Initial Registration Statement, the Subsequent Registration Statement(s) and/or the Additional Registration
        Statement(s), as applicable.

       

      
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      (dd)         “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.

       

      (ee)         “Required Registration Amount” means either the Initial Required Registration Amount, the Subsequent
        Required Registration Amount and/or the Additional Required Registration Amount, as applicable.

       

      (ff)          “Reservation Date” shall have the meaning ascribed to such term in the Warrants.

       

      (gg)        “Reset Floor Price” shall have the meaning ascribed to such term in the Warrants.

       

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

       

      (kk)         “Series A Warrant Shares” shall have the meaning set forth in the Securities Purchase Agreement.

       

      (ll)           “Series B Warrants” shall have the meaning set forth in the Securities Purchase Agreement.

       

      (mm)       “Series B Warrant Shares” shall have the meaning set forth in the Securities Purchase Agreement.

       

      (nn)         “Subsequent Effective Date” means the date that a Subsequent Registration Statement has been declared
        effective by the SEC.

       

      (oo)         “Subsequent Effectiveness Deadline” means the date which is the earlier of (x) the sixtieth (60th) day after the earlier of the applicable Subsequent Filing Date and the applicable Subsequent Filing Deadline 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 Subsequent Registration Statement will not be reviewed or will not be subject to further review; provided, however,
        that if a Subsequent Effectiveness Deadline falls on a Saturday, Sunday or other day that the SEC is closed for business, the Subsequent Effectiveness Deadline shall be
        extended to the next Business Day on which the SEC is open for business.

       

      (pp)         “Subsequent Filing Date” means the date on which the applicable Subsequent Registration Statement is
        filed with the SEC.

       

      
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      (qq)         “Subsequent Filing Deadline” means the date which is fifteen (15) calendar days after each End Reset Date.

       

      (rr)         “Subsequent Registrable Securities” means (i) the Series A Warrant Shares issued or issuable upon exercise of the Series A Warrants to the
        extent such Series A Warrant Shares were not included in all Registration Statements previously declared effective hereunder, (ii) the Series B Warrant Shares issued or issuable upon exercise of the Series B Warrants to the extent such Series B
        Warrant Shares were not included in all Registration Statements previously declared effective hereunder and (iii) any capital stock of the Company issued or issuable with respect to the Series A Warrant Shares, Series B Warrant Shares, Series A
        Warrants or Series B Warrants to the extent such capital stock was not included in all Registration Statements previously declared effective hereunder, 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 Warrants.

       

      (ss)          “Subsequent Registration Statement” means a registration statement or registration statements of the Company filed under the 1933 Act covering
        the resale of Subsequent Registrable Securities.

       

      (tt)          “Subsequent Required Registration Amount” means the number of shares of Common Stock issued and issuable pursuant to the Series A Warrants and
        the Series B Warrants equal the greater of (A) the sum of (x) 135% of the number of Series A Warrant Shares issued and issuable pursuant to the Series A Warrants determined in accordance with Section 2(d) of the Series A Warrants assuming a Reset
        Price (as defined in the Series A Warrants) equal to Reset Floor Price without giving effect to any limitation on exercise set forth therein to the extent such Series A Warrant Shares were not included in all Registration Statements previously
        declared effective hereunder and (y) 100% of the number of Series B Warrant Shares issued and issuable pursuant to the Series B Warrants assuming that the Maximum Eligibility Number (as defined in the Series B Warrant) is determined based on a
        Reset Price (as defined in the Series B Warrants) equal to the Reset Floor Price without giving effect to any limitation on exercise set forth therein to the extent such Series B Warrant Shares were not included in all Registration Statements
        previously declared effective hereunder and (B) the sum of (x) 135% of the number of shares of Common Stock issuable upon exercise of the Series A Warrants without giving effect to any limitation on exercise set forth in the Series A Warrants to
        the extent such Series A Warrant Shares were not included in all Registration Statements previously declared effective hereunder and (y) 100% of the number of shares of Common Stock issuable upon exercise of the Series B Warrants without giving
        effect to any limitation on exercise set forth in the Series B Warrants to the extent such Series B Warrant Shares were not included in all Registration Statements previously declared effective hereunder, calculated as of the Trading Day
        immediately preceding the applicable date of determination and all subject to adjustment as provided in Section 2(g).

       

      (uu)        “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.

       

      

      
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       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(f).  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(g).  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 B.  The Company shall use its commercially
        reasonable 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.

       

      (b)         Subsequent Mandatory Registrations.  The Company shall prepare, and, as soon as practicable but in no event later than the Subsequent Filing Deadline, file with the SEC a
        Subsequent Registration Statement on Form S-3 covering the resale of all of the Subsequent Registrable Securities not previously registered on a Subsequent Registration Statement hereunder.  In the event that Form S-3 is unavailable for such a
        registration, the Company shall use such other form as is available for such a registration on another appropriate form reasonably acceptable to the Required Holders, subject to the provisions of Section 2(f).  Each Subsequent Registration
        Statement prepared pursuant hereto shall register for resale at least that number of shares of Common Stock equal to the Subsequent Required Registration Amount determined as of the date such Subsequent Registration Statement is initially filed
        with the SEC, subject to adjustment as provided in Section 2(g).  Each Subsequent Registration Statement shall contain (except if otherwise directed by the Required Holders) the “Plan of Distribution” and “Selling Stockholders”
        sections in substantially the form attached hereto as Exhibit B.  The Company shall use its commercially reasonable efforts to have each Subsequent Registration Statement declared effective by the SEC as soon as practicable, but in no event
        later than the Subsequent Effectiveness Deadline.  By 9:30 a.m. New York time on the Business Day following the Subsequent 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 Subsequent Registration Statement.

       

      
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      (c)         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(f).  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(g). 
        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 B. 

        The Company shall use its commercially reasonable 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.

       

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

       

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

       

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

       

      
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      (g)          Sufficient Number of Shares Registered.  In the event the number of shares available under a Registration Statement filed pursuant to Section 2(a), Section 2(b) or Section
        2(c) 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(d), 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 commercially
        reasonable 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, and (i) until the Reservation Date, such calculation shall assume that the Series A Warrants and the Series
        B Warrants are then exercisable in full into a number of shares of Common Stock equal to the sum of (x) 135% of the number of Series A Warrant Shares issued and issuable pursuant to the Series A Warrants determined in accordance with Section 2(d)
        of the Series A Warrants assuming a Reset Price (as defined in the Series A Warrants) equal to the Reset Floor Price without giving effect to any limitation on exercise set forth therein and (y) 100% of the number of Series B Warrant Shares issued
        and issuable pursuant to the Series B Warrants assuming that the Maximum Eligibility Number (as defined in the Series B Warrant) is determined based on a Reset Price (as defined in the Series B Warrants) equal to the Reset Floor Price without
        giving effect to any limitation on exercise set forth therein, and (ii) thereafter, the sum of (x) 135% of the maximum number of shares of Common Stock as shall from time to time be necessary to effect the exercise of all of the Series A Warrants
        then outstanding without giving effect to any limitation on exercise set forth therein and (y) 100% of the maximum number of shares of Common Stock as shall from time to time be necessary to effect the exercise of all of the Series B Warrants then
        outstanding without giving effect to any limitation on exercise set forth therein.

       

      
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      (h)          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 1.0% 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(h) 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 5.0% 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. 
        Notwithstanding anything to the contrary set forth herein, the Company shall not be obligated to make any Registration Delay Payments with respect to any Effectiveness Failure resulting from the failure to register any Cutback Shares.

       

       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(c), 2(f) or 2(g), the Company will use its commercially reasonable efforts
        to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

       

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

       

      (b)          The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to an effective 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 commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale by Investors of the
        Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of all applicable jurisdictions in the United States, (ii) following the applicable Effective Date, 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.

       

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

       

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

       

      (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.

       

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

       

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

       

      (l)         The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate the timely preparation and delivery of
        certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Investors
        may reasonably request and registered in such names as the Investors may request.

       

      (m)          If requested by an Investor, the Company shall as soon as practicable (i) incorporate in a prospectus supplement or post-effective amendment such information as an Investor reasonably requests to be
        included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any
        other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such
        prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement if reasonably requested by an Investor holding any Registrable Securities.

       

      

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

       

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

       

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

       

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

       

      (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.

       

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

       

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

       

      (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.

       

      
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      (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.

       

      

      
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      (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.

       

      
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      (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.

       

      
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      (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

       

      (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.

       

      
        20

        
          

      

       9.           Assignment of Registration Rights.

       

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

       

      10.         Amendment of Registration Rights.

       

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

       

      11.         Miscellaneous.

       

      (a)          Notwithstanding anything herein to the contrary, this Agreement shall not be effective unless and until the transactions contemplated by the Merger Agreement are consummated. This
        Agreement shall terminate automatically upon termination of the Securities Purchase Agreement if such termination occurs prior to the consummation of the transactions contemplated by the Merger Agreement.

       

      (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:

       

      

      
        21

        
          

      

      
        If to the Company:

         

        Rexahn Pharmaceuticals, Inc.

        15245 Shady Grove Road, Suite 455

        Rockville, MD 20850

        	 	Telephone:	
                (240) 268-5300

              

        	

              	Attention:	
                Douglas J. Swirsky

              

        	

              	E-mail:	
                swirskyd@rexahn.com

              

         

        With a copy (for informational purposes only) to:

         

        Honigman LLP

        650 Trade Centre Way, Suite 200

        Kalamazoo, MI  49002-0402

        	

              	Telephone:	
                (269) 337-7702

              

        	

              	Facsimile:	
                (269) 337-7703

              

        	

              	Attention:	
                Phillip D. Torrence, Esq.

              

        	

              	E-mail:	
                ptorrence@honigman.com

              

        

        

        and, if on or prior to the Closing Date:

        

        

        Hogan Lovells US LLP

        100 International Drive, Suite 2000

        Baltimore, MD 21202

        	

              	Telephone:	
                (410) 659-2700

              

        	

              	Facsimile:	
                (410) 659-2701

              

        	

              	Attention:	
                Asher M. Rubin; William I. Intner

              

        
          	 	
                  E-mail:

                	
                  asher.rubin@hoganlovells.com; 

                

          
            william.intner@hoganlovells.com

          

           

          

        

        If to the Transfer Agent:

         

        Olde Monmouth Stock Transfer Co., Inc.

        200 Memorial Parkway

        Atlantic Highlands, NJ 07716]

        	

              	Telephone:	
                (732) 872-2727, Ext. 101

              

        	

              	Attention:	
                Matthew J. Troster, President

              

        	

              	E-mail:	
                matt@oldemonmouth.com

              

      

       

      

      
        22

        
          

      

      
        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.

       

      
        23

        
          

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        24

        
          

      

      (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]

       

      

      
        25

        
          

      

      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:

            
	 	 
	 	
              REXAHN PHARMACEUTICALS, INC.

            
	 	

            
	 	
              By:

            	
              /s/ Douglas J. Swirsky

            	 
	 	

            	
              Name:

            	
              Douglas J. Swirsky

            	 
	 	 	
              Title:

            	
              President and Chief Executive Officer

            

      

      

      
        
          

      

      
        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: Chief Operating Officer

              

        

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 
	 	
                EMPERY ASSET MASTER, LTD.

              
	 	 
	 	
                By: Empery Asset Master, LP, its authorized agent

              
	 	 
	 	
                By:

              	
                /s/ Brett Director

              	 
	 	 	
                Name: Brett Director

              
	 	 	
                Title: General Counsel

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                EMPERY TAX EFFICIENT, LP

              
	 	 
	 	
                By: Empery Asset Management, LP, its authorized agent

              
	 	 
	 	
                By:

              	
                /s/ Brett Director

              	 
	 	 	
                Name: Brett Director

              
	 	 	
                Title: General Counsel

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                EMPERY DEBT OPPORTUNITY FUND, LP

              
	 	 
	 	
                By: Empery Asset Management, LP, its authorized agent

              
	 	 
	 	
                By:

              	
                /s/ Brett Director

              	 
	 	 	
                Name: Brett Director

              
	 	 	
                Title: General Counsel

              

         

        

        
          
            

        

        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.

        

        

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                By:

              	
                /s/ Jatinder-Bir S. Sandhu

              	 
	 	 	
                Name: Jatinder-Bir S. Sandhu

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                By:

              	
                /s/ Devang Shah

              	 
	 	 	
                Name: Devang Shah

              	 

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                MICHIGAN ANGEL FUND III, LLC

              
	 	 	 	 
	 	
                By:

              	
                /s/ Joseph Simms

              	 
	 	 	
                Name: Joseph Simms

              
	 	 	
                Title: Managing Member

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                harry kraemer, jr. and julie m. jansen kraemer

              
	 	 
	 	
                By:

              	
                /s/ Harry M. Kraemer, Jr.

              	 
	 	 	
                Name: Harry M. Kraemer, Jr.

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                THOMAS TALLERICO TRUST DATED JULY 13, 2018

              
	 	 
	 	
                By:

              	
                /s/ Thomas Tallerico

              	 
	 	 	
                Name: Thomas Tallerico

              
	 	 	
                Title: Trustee

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                THE BELLE MICHIGAN IMPACT FUND, LP

              
	 	 
	 	
                By:

              	
                /s/ Carolyn Cassin

              	 
	 	 	
                Name: Carolyn Cassin

              
	 	 	
                Title: General Partner

              

         

        

        
          
            

        

        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.

        

        

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                BELLE MICHIGAN IMPACT FUND SIDE CAR, LP

              
	 	 
	 	
                By:

              	
                /s/ Carolyn Cassin

              	 
	 	 	
                Name: Carolyn Cassin

              
	 	 	
                Title: General Partner

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                INVEST DETROIT FOUNDATION d/b/a FIRST CAPITAL FUND

              
	 	 	 	 
	 	
                By:

              	
                /s/ Martin Dober

              	 
	 	 	
                Name: Martin Dober

              
	 	 	
                Title: SVP and Managing Director

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                By:

              	
                /s/ Mina Sooch

              	 
	 	 	
                Name: Mina Sooch

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                By:

              	
                /s/ Richard J. Rodgers

              	 
	 	 	
                Name: Richard J. Rodgers

              	 

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                By:

              	
                /s/ Alan R. Meyer

              	 
	 	 	
                Name: Alan R. Meyer

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                By:

              	
                /s/ James S. Manuso

              	 
	 	 	
                Name: James S. Manuso

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                By:

              	
                /s/ Cam Gallagher

              	 
	 	 	
                Name: Cam Gallagher

              

         

        

        
          
            

        

        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.

         

        	 	
                OTHER BUYERS:

              
	 	 	 	 
	 	
                By:

              	
                /s/ Sean Ainsworth

              	 
	 	 	
                Name: Sean Ainsworth

              

        

        

      

      
        
          

      

      SCHEDULE OF BUYERS

      

      

      	
              
                Buyer

              

            	

            	
              
                Address, Facsimile Number

                and E-mail

              

            

      

      

      
        
          

      

      
      EXHIBIT A

       

      FORM OF NOTICE OF EFFECTIVENESS

      OF REGISTRATION STATEMENT

       

      	
              Olde Monmouth Stock Transfer Co., Inc.

            
	
              200 Memorial Parkway

            
	
              Atlantic Highlands, NJ 07716]

            
	
              Telephone:

            	
              (732) 872-2727, Ext. 101

            
	
              Attention:

            	
              Matthew J. Troster, President

            
	
              E-mail:

            	
              matt@oldemonmouth.com

            

       

      	

            	Re:	
              Rexahn Pharmaceuticals, Inc.

            

       

      Ladies and Gentlemen:

       

      [We are][I am] counsel to Rexahn Pharmaceuticals, Inc., a Delaware corporation to be renamed “Ocuphire Pharma, Inc.” (the “Company”) pursuant to that certain
        Agreement and Plan of Merger and Reorganization among the Company, Razor Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company and Ocuphire Pharma, Inc., a Delaware corporation (“Ocuphire

          Private Company”), dated as of June [•], 2020, and have represented the Company in connection with that certain Securities Purchase Agreement, dated as of [●], 2020 (the “Securities Purchase Agreement”), entered into by and among the Company, Ocuphire Private Company, and the buyers named therein (collectively, the “Holders”) pursuant to which Ocuphire
        Private Company issued to the Holders shares of common stock, [•] par value per share, of Ocuphire Private Company, and the Company issued to the Holders two series of warrants (the “Warrants”) exercisable
        for shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”).  Pursuant to the Securities Purchase Agreement, the Company also has entered into a Registration Rights Agreement
        with the Holders (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the resale of the Registrable Securities (as defined in the Registration Rights
        Agreement), including the shares of Common Stock issuable upon exercise of the Warrants under the Securities Act of 1933, as amended (the “1933 Act”).  In connection with the Company’s obligations under the
        Registration Rights Agreement, on ____________ ___, 20__, the Company filed a Registration Statement on Form S-3 (File No. 333-_____________) (the “Registration Statement”) with the Securities and Exchange
        Commission (the “SEC”) relating to the Registrable Securities which names each of the Holders as a selling stockholder thereunder.

       

      In connection with the foregoing, [we][I] advise you that a member of the SEC’s staff has advised [us][me] by telephone that the SEC has entered an order declaring the Registration Statement
        effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS]
        and [we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the
        Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement.

       

      

      
        A-1

        
          

      

      This letter shall serve as our standing instruction to you that the shares of Common Stock are freely transferable by the Holders pursuant to the Registration Statement.  You need not require
        further letters from us to effect any future legend-free issuance or reissuance of shares of Common Stock to the Holders as contemplated by the Company’s Irrevocable Transfer Agent Instructions dated [●].

       

      	 	
              Very truly yours,

            
	 	 
	 	
              [ISSUER’S COUNSEL]

            
	 	 
	 	
              By:

            	 	 
	
              CC: [LIST NAMES OF HOLDERS]

            	 	 	 

       

      

      
        A-2

        
          

      

      
      EXHIBIT B

      SELLING STOCKHOLDERS

       

      The shares of common stock being offered by the selling stockholders are those issuable to the selling stockholders, upon exercise of the warrants.  For additional information regarding the
        issuances of those shares of common stock and the warrants, see “Private Placement of Common Shares and Warrants” above.  We are registering the Common Stock in order to permit the selling stockholders to offer the shares for resale from time to
        time.  Except for the ownership of the shares of common stock and the warrants, the selling stockholders have not had any material relationship with us within the past three years.

       

      The table below lists the selling stockholders and other information regarding the beneficial ownership of the shares of common stock by each of the selling stockholders.  The second column lists
        the number of shares of common stock beneficially owned by each selling stockholder, based on its ownership of the shares of common stock and the warrants, as of ________, 20__, assuming exercise of the warrants held by the selling stockholders on
        that date, without regard to any limitations on exercises.

       

      The third column lists the shares of common stock being offered by this prospectus by the selling stockholders.

       

      In accordance with the terms of a registration rights agreement with the selling stockholders, this prospectus generally covers the resale of the maximum number of shares of common stock issuable
        upon exercise of the related warrants, determined as if the outstanding warrants were exercised in full as of the trading day immediately preceding the date this registration statement was initially filed with the SEC, each as of the trading day
        immediately preceding the applicable date of determination and all subject to adjustment as provided in the registration rights agreement, without regard to any limitations on the exercise of the Series A Warrants and the Series B Warrants and this
        registration statement registers (A) until the Reservation Date, a number of shares of common stock issued and issuable pursuant to the Series A Warrants and Series B Warrants equal to the sum of (x) 135% of the number of Series A Warrant Shares
        issued and issuable pursuant to the Series A Warrants determined in accordance with Section 2(d) of the Series A Warrants assuming a Reset Price (as defined in the Series A Warrants) equal to the Reset Floor Price (as defined in the warrants)
        without giving effect to any limitation on exercise set forth therein and (y) 100% of the number of Series B Warrant Shares issued and issuable pursuant to the Series B Warrants assuming that the Maximum Eligibility Number (as defined in the Series
        B Warrant) is determined based on a Reset Price (as defined in the Series B Warrants) equal to the Reset Floor Price without giving effect to any limitation on exercise set forth therein and (B) from and after the Reservation date, the sum of (x)
        135% of the maximum number of shares of Common Stock issuable upon exercise of the Series A Warrants as shall from time to time be necessary to effect the exercise of all of the Series A Warrants then outstanding without giving effect to any
        limitation on exercise set forth in the Series A Warrants and (y) 100% of the maximum number of shares of Common Stock issuable upon exercise of the Series B Warrants as shall from time to time be necessary to effect the exercise of all of the
        Series B Warrants then outstanding without giving effect to any limitation on exercise set forth in the Series B Warrants.  The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus.

       

      
        Annex I-1

        
          

      

      
      Under the terms of the Series A Warrants and the Series B Warrants, a selling stockholder may not exercise the Series A Warrants or the Series B Warrants to the extent such exercise would cause
        such selling stockholder, together with its affiliates, to beneficially own a number of shares of common stock which would exceed 4.99% or 9.99%, as applicable, of our then outstanding common stock following such exercise, excluding for purposes of
        such determination common stock issuable upon exercise of the warrants which have not been exercised.  The number of shares in the second column does not reflect this limitation.  The selling stockholders may sell all, some or none of their shares
        in this offering.  See “Plan of Distribution.”

       

      	
               

              Name of Selling Stockholder

            	
              Number of Shares

               of Common Stock

               Owned Prior to

               Offering

            	
              Maximum Number of 

              Shares of Common

               Stock to be Sold 

              Pursuant to this 

              Prospectus

            	
              Number of Shares of 

              Common Stock 

              Owned After 

              Offering

            	
              Percentage of 

              Shares of

               Common Stock

               Owned After 

              Offering if

               Greater than 1%

            

      

      

      
        Annex I-2

        
          

      

      PLAN OF DISTRIBUTION

       

      We are registering the shares of common stock issued and issuable upon exercise of the warrants to permit the resale of these shares of common stock by the holders of the common stock warrants from
        time to time after the date of this prospectus.  We will not receive any of the proceeds from the sale by the selling stockholders of the shares of common stock.  We will bear all fees and expenses incident to our obligation to register the shares
        of common stock.

       

      The selling stockholders may sell all or a portion of the shares of common stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters,
        broker-dealers or agents.  If the shares of common stock are sold through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent’s commissions.  The shares of common stock may
        be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices.  These sales may be effected in transactions, which may involve
        crosses or block transactions,

       

      	

            	•	
              on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

            

       

      	

            	•	
              in the over-the-counter market;

            

       

      	

            	•	
              in transactions otherwise than on these exchanges or systems or in the over-the-counter market;

            

       

      	

            	•	
              through the writing of options, whether such options are listed on an options exchange or otherwise;

            

       

      	

            	•	
              ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

            

       

      	

            	•	
              block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

            

       

      	

            	•	
              purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

            

       

      	

            	•	
              an exchange distribution in accordance with the rules of the applicable exchange;

            

       

      	

            	•	
              privately negotiated transactions;

            

       

      	

            	•	
              short sales;

            

       

      	

            	•	
              sales pursuant to Rule 144;

            

       

      	

            	•	
              broker-dealers may agree with the selling securityholders to sell a specified number of such shares at a stipulated price per share;

            

       

      	

            	•	
              a combination of any such methods of sale; and

            

       

      	

            	•	
              any other method permitted pursuant to applicable law.

            

       

      
        Annex I-3

        
          

      

      If the selling stockholders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive
        commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal (which discounts,
        concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved).  In connection with sales of the shares of common stock or otherwise, the selling
        stockholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume.  The selling stockholders may also sell shares of common
        stock short and deliver shares of common stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales.  The selling stockholders may also loan or pledge shares of common stock to
        broker-dealers that in turn may sell such shares.

       

      The selling stockholders may pledge or grant a security interest in some or all of the warrants or shares of common stock owned by them and, if they default in the performance of their secured
        obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of
        1933, as amended, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus.  The selling stockholders also may transfer and donate the
        shares of common stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

       

      The selling stockholders and any broker-dealer participating in the distribution of the shares of common stock may be deemed to be “underwriters” within the meaning of the Securities Act, and any
        commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act.  At the time a particular offering of the shares of common stock is made, a
        prospectus supplement, if required, will be distributed which will set forth the aggregate amount of shares of common stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts,
        commissions and other terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.

       

      Under the securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers.  In addition, in some states the shares of
        common stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.

       

      There can be no assurance that any selling stockholder will sell any or all of the shares of common stock registered pursuant to the registration statement, of which this prospectus forms a part.

       

      
        Annex I-4

        
          

      

      The selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and
        regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of common stock by the selling stockholders and any other participating person. 
        Regulation M may also restrict the ability of any person engaged in the distribution of the shares of common stock to engage in market-making activities with respect to the shares of common stock.  All of the foregoing may affect the marketability
        of the shares of common stock and the ability of any person or entity to engage in market-making activities with respect to the shares of common stock.

       

      We will pay all expenses of the registration of the shares of common stock pursuant to the registration rights agreement, estimated to be $[     ] in total, including, without limitation,
        Securities and Exchange Commission filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however, that a selling stockholder will pay all underwriting discounts and selling commissions, if any.  We will
        indemnify the selling stockholders against liabilities, including some liabilities under the Securities Act, in accordance with the registration rights agreements, or the selling stockholders will be entitled to contribution.  We may be indemnified
        by the selling stockholders against civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance
        with the related registration rights agreement, or we may be entitled to contribution.

       

      Once sold under the registration statement, of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than our affiliates.

       

       

      

      Annex I-5Exhibit 10.1

  

   

  

  
    CONTINGENT VALUE RIGHTS AGREEMENT

     

    THIS CONTINGENT VALUE RIGHTS AGREEMENT, dated as of [●], 2020 (this “Agreement”), is entered into by and among Rexahn Pharmaceuticals,
      Inc., a Delaware corporation (“Parent”), Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as representative of the Holders (the “CVR Representative”), and Olde Monmouth Stock Transfer Co., Inc., as Rights Agent.

     

    RECITALS

     

    WHEREAS, Parent, Razor Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and Ocuphire Pharma, Inc., a Delaware corporation (the “Company”), have entered into an Agreement and Plan of Merger and Reorganization, dated as of June 17, 2020 (as it may be amended or supplemented from time to time pursuant to the terms thereof,
      the “Merger Agreement”), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the Merger as a subsidiary of Parent; and

     

    WHEREAS, pursuant to the Merger Agreement, Parent has agreed to provide to the holders of record of Parent’s common stock, par value $0.0001 per share (“Parent Common Stock”), immediately prior to the Effective Time, the right to receive certain contingent cash payments, on the terms and subject to the conditions hereinafter described.

     

    NOW, THEREFORE, in consideration of the foregoing and the consummation of the transactions referred to above, Parent, the CVR Representative and Rights Agent agree, for the proportionate benefit of
      all Holders (as hereinafter defined), as follows:

     

    
      
        1.           DEFINITIONS; CERTAIN RULES OF CONSTRUCTION

      

    

     

    1.1       Definitions. Capitalized terms used but not otherwise defined herein will have the meanings ascribed to them in the Merger Agreement, unless
      expressly set forth otherwise herein. As used in this Agreement, the following terms will have the following meanings:

     

    “Acquiror” has the meaning set forth in Section 7.3(a).

     

    “Acquisition” has the meaning set forth in Section 7.3(a).

     

    “Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls,
      is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of more than fifty percent (50%) of the voting
      securities entitled to vote for directors (or similar officials) of a Person or the possession, by contract or otherwise, of the authority to direct the management and policies of a Person.

     

    “Agreement” has the meaning set forth in the Preamble.

     

    
      
        

    

    
    “Aggregate CVR Payment Amount” means, for each CVR Payment Period, an amount equal to the sum of the BioSense Payment Amount, the HaiChang
      Payment Amount, and the Parent IP Payment Amount.

     

    “Assignee” has the meaning set forth in Section 7.3(a).

     

    “BioSense” means BioSense Global LLC or its successor or any of their respective Affiliates.

     

    “BioSense Agreement” means that certain License and Assignment Agreement, dated as of February 25, 2019, by and between BioSense and
      Parent, as amended by Amendment No. 1, dated August 24, 2019, and as further amended by Amendment No. 2, dated March 10, 2020.

     

    “BioSense Payment Amount” means, for each CVR Payment Period, an amount equal to ninety percent (90%) of all payments received, without
      duplication, by Parent or one or more of Parent’s Affiliates during such CVR Payment Period from or on behalf of BioSense pursuant to Article 6 of the BioSense Agreement, or otherwise on account of the fees, payments or royalties payable by BioSense
      under such Article 6 of the BioSense Agreement minus the amount of any fees, costs or expenses paid by Parent and its Affiliates during such CVR Payment Period related to the performance of Parent’s obligations under the BioSense Agreement or
      incurred by Parent and its Affiliates in connection with enforcing Parent’s rights under the BioSense Agreement, including, without limitation, Parent’s compliance with Section 4.3 below.

     

    “Board of Directors” means the board of directors of Parent.

     

    “Board Resolution” means a copy of a resolution certified by the secretary or an assistant secretary of Parent to have been duly adopted by
      the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Rights Agent.

     

    “Business Day” means any day other than a Saturday, Sunday or other day on which banks in New York, New York are authorized or obligated by
      Law to be closed.

     

    “Company” has the meaning set forth in the Recitals.

     

    “CVR Payment” has the meaning set forth in Section 2.4(c).

     

    “CVR Payment Amount” means, with respect to each CVR Payment Period and each Holder, an amount equal to the Aggregate CVR Payment Amount
      divided by the total number of CVRs and then multiplied by the total number of CVRs held by such Holder as reflected on the CVR Register (rounded down to the nearest whole cent).

     

    “CVR Payment Period” means each calendar quarter during the CVR Term, with the first CVR Payment Period commencing on the date hereof and
      ending on [●], 2020.

     

    “CVR Payment Statement” means, for a given CVR Payment Period, a written statement of Parent, setting forth in reasonable detail, (a) the
      Aggregate CVR Payment Amount for such CVR Payment Period, (b) a description of the total amounts received during such CVR Payment Period from each of the BioSense Agreement, the HaiChang Agreement and a Parent IP Deal, as applicable, (c) a
      delineation and calculation of the Permitted Parent IP Deductions applicable to a Parent IP Deal during such CVR Payment Period, and (d) to the extent that any Aggregate CVR Payment Amount or Permitted Parent IP Deduction is recorded in any currency
      other than United States dollars during such CVR Payment Period, the exchange rates used for conversion of such currency into United States dollars.

     

    
      2

      
        

    

    “CVR Register” has the meaning set forth in Section 2.3(b).

     

    “CVR Representative” means the CVR Representative named in the Preamble or any direct or indirect successor CVR Representative designated
      in accordance with Section 6.3.

     

    “CVR Shortfall” has the meaning set forth in Section 4.5(b).

     

    “CVR Term” means the period beginning on the date hereof and ending fifteen (15) years thereafter.

     

    “CVRs” means the rights of Holders to receive contingent cash payments pursuant to the Merger Agreement and this Agreement.

     

    “DTC” means The Depository Trust Company or any successor thereto.

     

    “Funds” has the meaning set forth in Section 7.9.

     

    “Governmental Entity” means any foreign or domestic arbitrator, court, nation, government, any state or other political subdivision thereof
      and an entity exercising executive, legislative, judicial regulatory or administrative functions of, or pertaining to, government.

     

    “HaiChang” means Zhejiang HaiChang Biotechnology Co., Ltd. or its successor or any of their respective Affiliates.

     

    “HaiChang Agreement” means that certain Exclusive License Agreement, dated as of February 8, 2020, by and between HaiChang and Parent.

     

    “HaiChang Payment Amount” means, for each CVR Payment Period, an amount equal to ninety percent (90%) of all payments received, without
      duplication, by Parent or one or more of Parent’s Affiliates during such CVR Payment Period from or on behalf of HaiChang pursuant to Article 4 of the HaiChang Agreement, or otherwise on account of the fees, payments or royalties payable by HaiChang
      under such Article 4 of the HaiChang Agreement minus the amount of any fees, costs or expenses paid by Parent and its Affiliates during such CVR Payment Period related to the performance of Parent’s obligations under the HaiChang Agreement or
      incurred by Parent and its Affiliates in connection with enforcing Parent’s rights under the HaiChang Agreement, without limitation, Parent’s compliance with Section 4.3 below.

     

    “Holder” means a Person in whose name a CVR is registered in the CVR Register at the applicable time.

     

    
      3

      
        

    

    “Independent Accountant” means an independent certified public accounting firm of nationally recognized standing designated either (a)
      jointly by the CVR Representative and Parent, or (b) if the CVR Representative and Parent fail to make a designation, jointly by an independent public accounting firm selected by Parent and an independent public accounting firm selected by the CVR
      Representative.

     

    “License Agreements” means the BioSense Agreement and the HaiChang Agreement.

     

    “Merger Agreement” has the meaning set forth in the Recitals.

     

    “Merger Sub” has the meaning set forth in the Recitals.

     

    “Officer’s Certificate” means a certificate signed by the chief executive officer, president, chief financial officer, any vice president,
      the controller, the treasurer or the secretary, in each case of Parent, in his or her capacity as such an officer, and delivered to the Rights Agent.

     

    “Parent” has the meaning set forth in the Preamble.

     

    “Parent Common Stock” has the meaning set forth in the Recitals.

     

    “Parent IP” means any and all Parent IP listed on Schedule A hereto.

     

    “Parent IP Deal” means any transaction (a) that is entered into during the period beginning on the date hereof and ending ten (10) years
      thereafter and (b) pursuant to which Parent or its Affiliate grants, sells or otherwise transfers to a Third Party any rights to the Parent IP or any rights to research, develop or commercialize the Parent IP, including a license, option, or sale of
      assets with respect to the Parent IP. For clarity, the sale of all or substantially all of Parent’s or an Affiliate’s stock or assets (to the extent such asset sale includes assets unrelated to the Parent IP), or a merger, acquisition or similar
      transaction shall not be deemed a Parent IP Deal.

     

    “Parent IP Payment Amount” means, for each CVR Payment Period, an amount equal to seventy five percent (75%) of the following amounts: (a)
      all cash consideration paid by a Third Party to Parent or its Affiliates during the applicable CVR Payment Period in connection with any Parent IP Deal, plus (b) with respect to any non-cash consideration received by Parent or its Affiliates from a
      Third Party during the applicable CVR Payment Period in connection with any Parent IP Deal, all amounts received by Parent and its Affiliates for such non-cash consideration at the time such non-cash consideration is monetized by the Parent or its
      Affiliates (which amounts will be subject to payment to the Rights Agent when such non-cash consideration is monetized and such amounts are received by Parent or any of its Affiliates), minus any Permitted Parent IP Deductions during such CVR Payment
      Period. If a Parent IP Deal also involves assets that are not related to Parent IP but are related to other proprietary technology, products or assets of Parent or its Affiliates, then the total consideration will be allocated between all such
      technology, products and assets, and only that consideration allocated to the Parent IP will be included in the Parent IP Payment Amount.

     

    
      4

      
        

    

    “Permitted Parent IP Deductions” means, with respect to each CVR Payment Period, and without duplication, the sum of: (a) all fees,
      milestones, royalties and other payments paid by Parent and its Affiliates during such CVR Payment Period to any Third Party licensor in consideration for a license to such Third Party’s patents that would be infringed, absent such license, by the
      practice of such Parent IP, plus (b) all patent prosecution and maintenance costs, and drug product storage costs, paid by Parent and its Affiliates during such CVR Payment Period with respect to the Parent IP that are not otherwise reimbursed or
      reimbursable, plus (c) all out-of-pocket transaction costs incurred by Parent and its Affiliates to Third Parties during such CVR Payment Period for the negotiation, entry into and closing of a Parent IP Deal, including any broker fees, finder’s
      fees, advisory fees, accountant or attorney’s fees.

     

    “Permitted Transfer” means a transfer of CVRs (a) on death of a Holder by will or intestacy; (b) by instrument to an inter vivos or
      testamentary trust in which the CVRs are to be passed to beneficiaries upon the death of the trustee; (c) pursuant to a court order; (d) made by operation of law (including a consolidation or merger) or without consideration in connection with the
      dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (e) in the case of CVRs held in book-entry or other similar nominee form, from a nominee to a beneficial owner (through an
      intermediary if applicable) or from a nominee to another nominee for the same beneficial owner, to the extent allowable by the Rights Agent; (f) or a transfer from a participant’s account in a tax-qualified employee benefit plan to the participant or
      to such participant’s account in a different tax-qualified employee benefit plan or to a tax-qualified individual retirement account for the benefit of such participant; or (g) to Parent for any or no consideration.

     

    “Person” means any natural person, corporation, limited liability company, trust, unincorporated association, partnership, joint venture or
      other entity.

     

    “Record Time” has the meaning set forth in Section 2.3(e).

     

    “Rights Agent” means the Rights Agent named in the Preamble, until a successor Rights Agent will have become such pursuant to the
      applicable provisions of this Agreement, and thereafter “Rights Agent” will mean such successor Rights Agent.

     

    “Third Party” means any Person other than Parent, Rights Agent or their respective Affiliates.

     

    1.2          Rules of Construction. Except as otherwise explicitly specified to the contrary, (a) references to a Section means a Section of this Agreement
      unless another agreement is specified, (b) the word “including” (in its various forms) means “including without limitation,” (c) references to a particular statute or regulation include all rules and regulations thereunder and any predecessor or
      successor statute, rules or regulation, in each case as amended or otherwise modified from time to time, (d) words in the singular or plural form include the plural and singular form, respectively, (e) references to a particular Person include such
      Person’s successors and assigns to the extent not prohibited by this Agreement and (f) all references to dollars or “$” refer to United States dollars. For clarity, the parties agree that the phrase “materially adverse” when used in this Agreement
      with respect to the Holders includes any amendment or other action, as applicable, that does or would be reasonably expected to reduce, eliminate, or materially delay (y) any payment to the Holders under this Agreement, or (z) any payment to Parent
      or its successor or their Affiliates under the BioSense Agreement or HaiChang Agreement that would otherwise be included in the Aggregate CVR Payment Amount.

     

    
      5

      
        

    

    2.           CONTINGENT VALUE RIGHTS

     

    2.1          CVRs; Appointment of Rights Agent.

     

    (a)        Each Holder is entitled to one CVR for each share of Parent Common Stock held by such Holder as of the Record Time. The CVRs represent the rights
      of Holders to receive contingent cash payments pursuant to the Merger Agreement and this Agreement. The initial Holders will be the holders of Parent Common Stock as of immediately prior to the Effective Time.

     

    (b)        Parent hereby appoints the Rights Agent to act as rights agent for Parent as contemplated hereby in accordance with the express terms and conditions
      set forth in this Agreement (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment.

     

    2.2          Nontransferable. The CVRs shall not be sold, assigned, transferred, pledged, encumbered or in any other manner
      transferred or disposed of, in whole or in part, other than through a Permitted Transfer.

     

    2.3          No Certificate; Registration; Registration of Transfer; Change of Address.

     

    (a)          The CVRs will not be evidenced by a certificate or other instrument.

     

    (b)       The Rights Agent will create and keep a register (the “CVR Register”)

      for the purpose of registering CVRs and transfers of CVRs as permitted herein. The CVR Register will be created, and CVRs will be distributed, pursuant to written instructions to the Rights Agent from Parent. The CVR Register will initially show one
      position for Cede & Co. representing all the shares of Parent Common Stock held by DTC on behalf of the street name holders of the shares of Parent Common Stock held by such holders as of immediately prior to the Effective Time. The Rights Agent
      will have no responsibility whatsoever directly to the street name holders with respect to transfers of CVRs unless and until such CVRs are transferred into the name of such street name holders in accordance with Section 2.2 of this
      Agreement. With respect to any payments to be made under Section 2.4(c) below, the Rights Agent will accomplish the payment to any former street name holders of shares of Parent Common Stock by sending one lump payment to DTC. The Rights
      Agent will have no responsibilities whatsoever with regard to the distribution of payments by DTC to such street name holders.

     

    (c)       Subject to the restrictions on transferability set forth in Section 2.2, every request made to transfer a CVR must be in writing and accompanied
      by a written instrument of transfer in form reasonably satisfactory to the Rights Agent, duly executed by the Holder thereof or the Holder’s attorney duly authorized in writing, personal representative or survivor and setting forth in reasonable
      detail the circumstances relating to the transfer. Upon receipt of such written notice, the Rights Agent will, subject to its reasonable determination that the transfer instrument is in proper form and the transfer otherwise complies with the other
      terms and conditions of this Agreement (including the provisions of Section 2.2), register the transfer of the CVRs in the CVR Register. No service charge shall be made for any registration of transfer of a CVR, but Parent and Rights Agent
      may require payment of a sum sufficient to cover any stamp or other tax or governmental charge that is imposed in connection with any such registration of transfer. The Rights Agent shall have no duty or obligation to take any action under any
      section of this Agreement that requires the payment by a Holder of applicable taxes or charges unless and until the Rights Agent is satisfied that all such taxes or charges have been paid or will be paid. All duly transferred CVRs registered in the
      CVR Register will be the valid obligations of Parent and will entitle the transferee to the same benefits and rights under this Agreement as those held immediately prior to the transfer by the transferor. No transfer of a CVR will be valid until
      registered in the CVR Register.

     

    
      6

      
        

    

    (d)          A Holder may make a written request to the Rights Agent to change such Holder’s address of record in the CVR Register. The written request must be
      duly executed by the Holder. Upon receipt of such written notice, the Rights Agent will promptly record the change of address in the CVR Register.

     

    (e)          Parent will provide written instructions to the Rights Agent for the distribution of CVRs to holders of Parent Common
      Stock as of immediately prior to the Effective Time (the “Record Time”). Subject to the terms and conditions of this Agreement and Parent’s prompt confirmation of the Effective Time, the
      Rights Agent shall effect the distribution of the CVRs, less any applicable tax withholding, to each holder of Parent Common Stock as of the Record Time by the mailing of a statement of holding reflecting such CVRs.

     

    2.4          Payment Procedures.

     

    (a)         Within thirty (30) days after the end of each CVR Payment Period during the CVR Term, Parent shall deliver to the CVR
      Representative and Rights Agent a CVR Payment Statement for such CVR Payment Period. Concurrent with the delivery of each CVR Payment Statement, Parent shall provide the CVR Representative with reasonable documentation to support its calculation of
      the Aggregate CVR Payment Amount (including any allocations applied when calculating the Parent IP Payment Amount component thereof and including its determination of the applicable fair market value(s)) and pay the Rights Agent in U.S. dollars an
      amount equal to the Aggregate CVR Payment Amount (if any) with respect to the applicable CVR Payment Period. For clarity, to the extent that any non-cash consideration in the Parent IP Payment Amount is monetized after the end of the CVR Term, Parent
      will include a description of such non-cash consideration in the CVR Payment Statement for the CVR Payment Period in which it is received, and will make the applicable payment to the Rights Agent upon monetization of such non-cash consideration
      (regardless of whether such monetization occurs after the end of the CVR Term). The CVR Payment Statements shall reflect any Representative Losses payable to the CVR Representative, and the CVR Payment Statement for the first CVR Payment Period shall
      include the payment of $60,000 to the CVR Representative, in any case, deducted from the CVR Payment payable to the Holders on a pro rata basis.

     

    (b)       All payments by Parent to the Rights Agent under this Agreement shall be made in U.S. dollars. The rate of exchange to be used in computing the amount
      of currency equivalent in U.S. dollars shall be made at the average of the closing exchange rates reported in The Wall Street Journal (U.S., Eastern Edition) for the ten (10) Business Days preceding the date of the CVR Payment Statement.

     

    
      7

      
        

    

    (c)         The Rights Agent will promptly, and in any event
      within ten (10) Business Days after receipt of a CVR Payment Statement under Section 2.4(a), send each Holder at its address set forth on the CVR Register a copy of such statement. If the Rights Agent also receives any payment under Section

        2.4(a) (each, a “CVR Payment”), then within ten (10) Business Days after the receipt of each CVR Payment, the Rights Agent will also pay to each Holder, by check mailed to the address
      of each Holder as reflected in the CVR Register as of the close of business on the date of the receipt of the CVR Payment Statement, such Holder’s CVR Payment Amount, and to the extent applicable, pay any Representative Losses to the CVR
      Representative. Upon the first CVR Payment to be made hereunder, the Rights Agent is hereby authorized and directed to pay $60,000 to the CVR Representative.

     

    (d)       Parent and the Rights Agent shall be entitled to deduct and withhold from any CVR Payment Amount otherwise payable or otherwise deliverable pursuant to
      this Agreement, in each case directly or through an authorized payroll agent, such amounts as are reasonably determined to be required to be deducted or withheld therefrom under the Code or any other provision of any applicable federal, state, local
      or non-U.S. Tax Law. To the extent such amounts are so deducted or withheld and paid over or deposited with the relevant Tax authority, such amounts shall be treated for all purposes under this Agreement as having been paid to the Holder(s) to whom
      such amounts would otherwise have been paid or delivered. Prior to making any such Tax withholdings or causing any such Tax withholdings to be made with respect to any Holder, the Rights Agent shall, to the extent practicable, provide notice to the
      Holder of such potential withholding and a reasonable opportunity for the Holder to provide any necessary Tax forms (including an IRS Form W-9 or an applicable IRS Form W-8) in order to avoid or reduce such withholding amounts; provided that the time
      period for payment of a CVR Payment Amount by the Rights Agent set forth in Sections 2.4(c) shall be extended by a period equal to any delay caused by the Holder providing such forms; provided, further, that in no event shall such period be
      extended for more than ten (10) Business Days, unless otherwise requested by the Holder for the purpose of delivering such forms and agreed to by the Rights Agent.

     

    (e)         Any portion of any CVR Payment that remains undistributed to the Holders six months after the CVR Payment is received by the Rights Agent from the
      Parent, provided that the Rights Agent has fully complied with Section 2.4(c), will be delivered by the Rights Agent to Parent, upon demand, and any Holder will thereafter look only to Parent for payment of its share of such returned CVR
      Payment, without interest.

     

    (f)        Neither Parent nor the Rights Agent will be liable to any person in respect of any CVR Payment Amount delivered to a public official pursuant to any
      applicable abandoned property, escheat or similar Law. If, despite Parent’s and/or the Rights Agent’s reasonable best efforts to deliver a CVR Payment Amount to the applicable Holder, such CVR Payment Amount has not been paid immediately prior to the
      date on which such CVR Payment Amount would otherwise escheat to or become the property of any Governmental Entity, any such CVR Payment Amount will, to the extent permitted by applicable Law, become the property of Parent, free and clear of all
      claims or interest of any person previously entitled thereto. In addition to and not in limitation of any other indemnity obligation herein, Parent agrees to indemnify and hold harmless Rights Agent with respect to any liability, penalty, cost or
      expense Rights Agent may incur or be subject to in connection with transferring such property to Parent.

     

    
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    2.5          No Voting, Dividends or Interest; No Equity or Ownership Interest in Parent.

     

    (a)          The CVRs will not have any voting or dividend rights, and interest will not accrue on any amounts payable on the CVRs to any Holder.

     

    (b)          The CVRs will not represent any equity or ownership interest in Parent or in any constituent company to the Merger.

     

    (c)         Each Holder acknowledges and agrees to the appointment and authority of the CVR Representative to act as the exclusive representative, agent and
      attorney-in-fact of such Holder and all Holders as set forth in this Agreement. Each Holder agrees that such Holder will not challenge or contest any action, inaction, determination or decision of the CVR Representative or the authority or power of
      the CVR Representative and will not threaten, bring, commence, institute, maintain, prosecute or voluntarily aid any action, which challenges the validity of or seeks to enjoin the operation of any provision of this Agreement, including, without
      limitation, the provisions related to the authority of the CVR Representative to act on behalf of such Holder and all Holders as set forth in this Agreement.

     

    2.6        Ability to Abandon CVR. A Holder may at any time, at such Holder’s option, abandon all of such Holder’s remaining rights in a CVR by
      transferring such CVR to Parent without consideration therefor. Nothing in this Agreement is intended to prohibit Parent from offering to acquire CVRs for consideration in its sole discretion.

     

    3.           THE RIGHTS AGENT

     

    3.1        Certain Duties and Responsibilities. The Rights Agent will not have any liability for any actions taken or not taken in connection with this
      Agreement, except to the extent of its willful misconduct, bad faith or gross negligence.

     

    3.2       Certain Rights of Rights Agent. The Rights Agent undertakes to perform such duties and only such duties as are specifically set forth in this
      Agreement, and no implied covenants or obligations will be read into this Agreement against the Rights Agent. In addition:

     

    (a)        the Rights Agent may rely and will be protected by Parent in acting or refraining from acting upon any resolution, certificate, statement, instrument,
      opinion, report, notice, request, direction, consent, order or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

     

    (b)        whenever the Rights Agent will deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder,
      the Rights Agent may, in the absence of bad faith, gross negligence or willful misconduct on its part, request and rely upon an Officer’s Certificate with respect to such matter;

     

    (c)          the Rights Agent may engage and consult with counsel of its selection and the written advice of such counsel or any opinion of counsel will be full
      and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

     

    
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    (d)          the permissive rights of the Rights Agent to do things enumerated in this Agreement will not be construed as a duty;

     

    (e)         the Rights Agent will not be required to give any note or surety in respect of the execution of such powers or otherwise in respect of the premises;

     

    (f)         Parent agrees to indemnify Rights Agent for, and hold Rights Agent harmless against, any loss, liability, claim, demands, suits or expense arising out
      of or in connection with Rights Agent’s duties under this Agreement, including the costs and expenses of defending Rights Agent against any claims, charges, demands, suits or loss, unless such loss has been determined by a court of competent
      jurisdiction to be a result of Rights Agent’s gross negligence, bad faith or willful or intentional misconduct; and

     

    (g)         Parent agrees (i) to pay the fees and expenses of the Rights Agent in connection with this Agreement as agreed upon in writing by Rights Agent and
      Parent on or prior to the date hereof, and (ii) to reimburse the Rights Agent for all taxes and governmental charges, reasonable expenses and other charges of any kind and nature incurred by the Rights Agent in the execution of this Agreement (other
      than taxes imposed on or measured by the Rights Agent’s net income and franchise or similar taxes imposed on it (in lieu of net income taxes)). The Rights Agent will also be entitled to reimbursement from Parent for all reasonable and necessary
      out-of-pocket expenses paid or incurred by it in connection with the administration by the Rights Agent of its duties hereunder.

     

    3.3          Resignation and Removal; Appointment of Successor.

     

    (a)         The Rights Agent may resign at any time by giving written notice thereof to Parent and the CVR Representative specifying a date when such resignation
      will take effect, which notice will be sent at least sixty (60) days prior to the date so specified. Parent has the right to remove the Rights Agent at any time by a Board Resolution specifying a date when such removal will take effect. Notice of
      such removal will be given by Parent to the Rights Agent, which notice will be sent at least sixty (60) days prior to the date so specified.

     

    (b)         If the Rights Agent provides notice of its intent to resign, is removed or becomes incapable of acting, Parent, by a Board Resolution, will as soon as
      is reasonably possible appoint a qualified successor Rights Agent who, unless otherwise consented to in writing by the CVR Representative, shall be a stock transfer agent or national reputation or the corporate trust department of a commercial bank.
      The successor Rights Agent so appointed will, forthwith upon its acceptance of such appointment in accordance with Section 3.4, become the successor Rights Agent.

     

    (c)          Parent will give notice to each Holder of each resignation and each removal of a Rights Agent and each appointment of a successor Rights Agent by
      mailing written notice of such event by first-class mail to the Holders as their names and addresses appear in the CVR Register. Each notice will include the name and address of the successor Rights Agent. If Parent fails to send such notice within
      ten (10) Business Days after acceptance of appointment by a successor Rights Agent, the successor Rights Agent will cause the notice to be mailed at the expense of Parent.

     

    
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    3.4         Acceptance of Appointment by Successor. Every successor Rights Agent appointed hereunder will
      execute, acknowledge and deliver to Parent and to the retiring Rights Agent an instrument accepting such appointment and a counterpart of this Agreement, and thereupon such successor Rights Agent, without any further act, deed or conveyance, will
      become vested with all the rights, powers, trusts and duties of the retiring Rights Agent. On request of Parent or the successor Rights Agent, the retiring Rights Agent will execute and deliver an instrument transferring to the successor Rights Agent
      all the rights (except such rights of the predecessor Rights Agent which survive pursuant to Section 3.3 of this Agreement), powers and trusts of the retiring Rights Agent.

     

    4.           COVENANTS

     

    4.1         List of Holders. Parent will furnish or cause to be furnished to the Rights Agent in such form as Parent receives from Parent’s transfer agent
      (or other agent performing similar services for Parent), the names and addresses of the Holders within ten (10) Business Days of the Effective Time.

     

    4.2         Payment of CVR Payment Amounts. If any CVR Payment is due under Section 2.4(a), Parent will deposit the CVR Payment with the Rights
      Agent for payment to the Holders in accordance with Section 2.4(c).

     

    4.3         License Agreements. Without the prior written consent of Holders of not less than a majority of the
      then-outstanding CVRs, neither Parent nor any of its Affiliates shall (i) amend, restate, supplement, terminate or otherwise modify either of the License Agreements in a manner materially adversely affecting the Holders’ rights under this Agreement,
      (ii) take any action or fail to take any action, including by waiving any right or failing to enforce any right under either of the License Agreements, in a manner materially adversely affecting the Holders’ rights under this Agreement or (iii)
      permit or agree to any of the foregoing. Without limiting the foregoing, Parent and its Affiliates shall pursue their rights under each of the License Agreements in good faith, and not take any action intended to avoid, reduce, or materially delay
      any payment to the Holders hereunder.  Notwithstanding the foregoing, nothing in this Agreement shall require Parent or any of its Affiliates to take any action outside of the terms and conditions set forth in the License Agreements, including,
      without limitation, the prosecution or maintenance of any intellectual property rights that may revert back to Parent or its Affiliates under the terms of the License Agreements.

     

    4.4         Records. Parent shall, and shall cause its Affiliates to, keep true, complete and accurate records in sufficient detail to enable the Holders and their consultants
      or professional advisors to confirm (a) whether any payments related to either License Agreement giving rise to any CVR Payment Amounts have been received by Parent or its successors or Affiliates and (b) the applicable CVR Payment Amount payable to
      each Holder hereunder in accordance with the terms specified in this Agreement.

     

    
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    4.5         Audit Rights.

     

    (a)          Upon the written request of the CVR Representative provided to Parent not less than forty-five (45) days in advance (such request not to be made more
      than four times in any twelve (12) month period), Parent shall permit, and shall cause its Affiliates to permit, the Independent Accountant to have access during normal business hours to such of the records of Parent or its Affiliates as may be
      reasonably necessary to determine the accuracy of the Aggregate CVR Payment Amount reported by Parent. Parent shall, and shall cause its Affiliates to, furnish to the Independent Accountant such access, work papers and other documents and information
      reasonably necessary for the Independent Accountant to calculate and verify the Aggregate CVR Payment Amount; provided that Parent may, and may cause its Affiliates to, redact documents and information not relevant for such calculation pursuant to
      this Section 4.5. The Independent Accountant shall disclose to Parent and the CVR Representative any matters directly related to its findings to the extent reasonably necessary to verify the Aggregate CVR Payment Amount.

     

    (b)        If the Independent Accountant concludes that a CVR Payment that was properly due was not paid to the Rights Agent, or that
      any CVR Payment made was in an amount less than the amount due, Parent shall pay the CVR Payment or underpayment thereof to the Rights Agent for further distribution to the Holders (such amount being the “CVR Shortfall”). The CVR Shortfall shall be paid within ten (10) Business Days after the date the Independent Accountant delivers to Parent and the CVR Representative the Independent Accountant’s written report. The decision of the
      Independent Accountant shall be final, conclusive and binding on Parent and the Holders, shall be non-appealable and shall not be subject to further review. The fees charged by the Independent Accountant shall be paid by Parent.

     

    (c)         Each Person seeking to receive information from Parent in connection with a review pursuant to this Section 4.5 shall enter into, and shall
      cause its accounting firm to enter into, a reasonable and mutually satisfactory confidentiality agreement with Parent or any controlled Affiliate obligating such party to retain all such information disclosed to such party in confidence pursuant to
      such confidentiality agreement.

     

    5.           AMENDMENTS

     

    5.1          Amendments

        without Consent of Holders.

     

    (a)         Without the consent of any Holders or the CVR Representative, Parent, when authorized by a Board Resolution, at any time and from time to time, and
      the Rights Agent may enter into one or more amendments hereto, solely to evidence any successor to or permitted assignee of Parent and the assumption by any such successor or permitted assignee of the covenants of Parent herein as provided in Section

        7.3.

     

    (b)        Without the consent of any Holders, Parent, when authorized by a Board Resolution, and the Rights Agent, in the Rights Agent’s sole and absolute
      discretion, at any time and from time to time, may enter into one or more amendments hereto, solely for any of the following purposes:

     

    (i)         to evidence the succession of another Person as a successor Rights Agent in accordance with Section 3 and the assumption by any successor of
      the covenants and obligations of the Rights Agent herein;

     

    
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    (ii)       to add to the covenants of Parent such further covenants, restrictions, conditions or provisions as Parent and the Rights Agent consider to be for the
      protection of the Holders; provided that, in each case, such provisions do not adversely affect the interests of the Holders;

     

    (iii)       to cure any ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provision herein, or to
      make any other provisions with respect to matters or questions arising under this Agreement; provided that, in each case, such provisions do not adversely affect the interests of the Holders;

     

    (iv)       as may be necessary or appropriate to ensure that the CVRs are not subject to registration under the Securities Act or the Exchange Act; provided
      that, in each case, such provisions do not adversely affect the interests of the Holders; or

     

    (v)       any other amendments hereto for the purpose of adding, eliminating or changing any provisions of this Agreement, unless such addition, elimination or
      change is adverse to the interests of the Holders or the CVR Representative.

     

    (c)         Promptly after the execution by Parent and the Rights Agent of any amendment pursuant to the provisions of this Section 5.1, Parent will mail
      (or cause the Rights Agent to mail) a notice thereof by first class mail to the Holders at their addresses as they appear on the CVR Register, setting forth in general terms the substance of such amendment.

     

    5.2          Amendments with Consent of Holders.

     

    (a)         Subject to Section 5.1 (which amendments pursuant to Section 5.1 may be made without the consent of the Holders), with the consent of
      Holders of not less than a majority of the then-outstanding CVRs, whether evidenced in writing or taken at a meeting of the Holders, CVR Representative, Parent, when authorized by a Board Resolution, and the Rights Agent may enter into one or more
      amendments hereto for the purpose of adding, eliminating or changing any provisions of this Agreement, even if such addition, elimination or change is materially adverse to the interest of the Holders. Parent and the Rights Agent agree to fully
      cooperate with the CVR Representative in soliciting and obtaining the consent of the Holders of not less than a majority of the then-outstanding CVRs as required hereunder.

     

    (b)         Promptly after the execution by Parent, the CVR Representative and the Rights Agent of any amendment pursuant to the provisions of this Section
        5.2, Parent will mail (or cause the Rights Agent to mail) a notice thereof by first class mail to the Holders at their addresses as they appear on the CVR Register, setting forth in general terms the substance of such amendment.

     

    5.3         Execution of Amendments. In executing any amendment permitted by this Section 5, the Rights Agent will be entitled to receive, and
      will be fully protected in relying upon, an opinion of counsel selected by Parent stating that the execution of such amendment is authorized or permitted by this Agreement. The Rights Agent may, but is not obligated to, enter into any such amendment
      that affects the Rights Agent’s own rights, privileges, covenants or duties under this Agreement or otherwise. No supplement or amendment to this Agreement shall be effective unless duly executed by the Rights Agent.

     

    
      13

      
        

    

    5.4         Effect of Amendments. Upon the execution of any amendment under this Section 5, this Agreement will be modified in accordance
      therewith, such amendment will form a part of this Agreement for all purposes and every Holder will be bound thereby.

     

    6.           CVR REPRESENTATIVE

     

    6.1         Appointment of CVR Representative. To the extent valid and binding under applicable Law, the CVR Representative is hereby appointed,
      authorized and empowered to be the exclusive representative, agent and attorney-in-fact of each Holder, with full power of substitution, to make all decisions and determinations and to act (or not act) and execute, deliver and receive all agreements,
      documents, instruments and consents on behalf of and as agent for each Holder at any time in connection with, and that may be necessary or appropriate to accomplish the intent and implement the provisions of this Agreement and to facilitate the
      consummation of the transactions contemplated hereby, including without limitation for purposes of (i) negotiating and settling, on behalf of the Holders, any dispute that arises under this Agreement after the Effective Time, (ii) confirming the
      satisfaction of Parent’s obligations under this Agreement and (iii) negotiating and settling matters with respect to the amounts to be paid to the Holders pursuant to this Agreement.

     

    6.2         Authority. To the extent valid and binding under applicable Law, the appointment of the CVR Representative by the Holders upon the Effective
      Time is coupled with an interest and may not be revoked in whole or in part (including, without limitation, upon the death or incapacity of any stockholder). Subject to the prior qualifications, such appointment shall be binding upon the heirs,
      executors, administrators, estates, personal representatives, officers, directors, security holders, successors and assigns of each Holder. To the extent valid and binding under applicable Law, all decisions of the CVR Representative shall be final
      and binding on all Holders. Parent and the Rights Agent shall be entitled to rely upon, without independent investigation, any act, notice, instruction or communication from the CVR Representative and any document executed by the CVR Representative
      on behalf of any Holder and shall be fully protected in connection with any action or inaction taken or omitted to be taken in reliance thereon, absent willful misconduct by Parent or the Rights Agent (as such willful misconduct is determined by a
      final, non-appealable judgment of a court of competent jurisdiction). The CVR Representative shall not be responsible for any loss suffered by, or liability of any kind to, the Holders arising out of any act done or omitted by the CVR Representative
      in connection with the acceptance or administration of the CVR Representative’s duties hereunder, unless such act or omission directly resulted from the CVR Representative’s gross negligence or willful misconduct. In the event of any losses,
      liabilities, damages, claims, penalties, fines, forfeitures, actions, fees, costs and expenses (including the fees and expenses of counsel and experts and their staffs and all expense of document location, duplication and shipment) incurred by the
      CVR Representative (collectively, “Representative Losses”) arising out of or in connection with the CVR Representative’s execution and performance of this Agreement and any agreements
      ancillary hereto, the CVR Representative will provide Parent and the Rights Agent with a written notice of such Representative Loss, which will be deducted from the next CVR Payment and paid by the Rights Agent to the CVR Representative; provided,
      that in the event that any such Representative Loss is finally adjudicated to have been directly caused by the gross negligence or willful misconduct of the CVR Representative, the CVR Representative will pay the amount of such indemnified
      Representative Loss to the extent attributable to such gross negligence or willful misconduct to the Rights Agent for further distribution to the Holders. In no event will the CVR Representative be required to advance its own funds on behalf of the
      Holders or otherwise. Parent, the Company and the Rights Agent acknowledge and agree that the CVR Representative has entered into this Agreement solely in such capacity, and the CVR Representative shall not be responsible for any loss suffered by, or
      liability of any kind to, Parent, the Company, the Rights Agent or any other person except for losses or liabilities arising out of or in connection with this Agreement and directly caused by the CVR Representative’s actions.  The exculpation of the
      CVR Representative set forth in this Section 6.2 shall survive the termination of this Agreement and the resignation or removal of the CVR Representative.

     

    
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    6.3         Successor CVR Representative. The CVR Representative may be removed for any reason or no reason by written consent
      of Holders of not less than a majority of the then-outstanding CVRs. The CVR Representative may resign upon twenty (20) days’ written notice to Parent and the Rights Agent in the event of circumstances rendering it impracticable for the CVR
      Representative to continue to effectively serve, including amendments increasing the CVR Representative’s responsibilities without its consent or failure to pay amounts due to the CVR Representative, and upon the effectiveness of such resignation,
      shall have no further obligations or liabilities hereunder. In the event that the CVR Representative becomes unable to perform its responsibilities hereunder or resigns or is removed from such position, Holders of not less than a majority of the
      then-outstanding CVRs shall be authorized to and shall select another representative to fill such vacancy and such substituted representative shall be deemed to be the CVR Representative for all purposes of this Agreement. The newly-appointed CVR
      Representative shall notify Parent, the Rights Agent and any other appropriate Person in writing of its appointment, provide evidence that the Holders of not less than a majority of the then-outstanding CVRs approved such appointment and provide
      appropriate contact information for purposes of this Agreement. Parent and the Rights Agent shall be entitled to rely upon, without independent investigation, the identity and validity of such newly-appointed CVR Representative as set forth in such
      written notice. In the event that within thirty (30) days after the CVR Representative becomes unable to perform its responsibilities hereunder or resigns or is removed from such position, no successor CVR Representative has been so selected, Parent
      shall cause the Rights Agent to notify the Person holding the largest quantity of the outstanding CVRs (and who is not Parent or, to the Rights Agent’s actual knowledge, any Affiliate of Parent) that such Person is the successor CVR Representative,
      and such Person shall be the successor CVR Representative hereunder. If such Person notifies the Rights Agent in writing that such Person declines to serve, the Rights Agent shall forthwith notify the Person holding the next-largest quantity of the
      outstanding CVRs (and who is not Parent or, to the Rights Agent’s actual knowledge, any Affiliate of Parent) that such next-largest-quantity Person is the successor CVR Representative, and such next-largest-quantity Person shall be the successor CVR
      Representative hereunder. (And so on, to the extent as may be necessary.) The Holders are intended third party beneficiaries of this Section 6.3. If a successor CVR Representative is not appointed pursuant to the preceding procedure within
      sixty (60) days after the CVR Representative becomes unable to perform its responsibilities hereunder or resigns or is removed from such position, Parent shall appoint a successor CVR Representative.

     

    6.4        Termination of Duties and Obligations. The CVR Representative’s duties and obligations under this Agreement shall survive until no CVRs remain
      outstanding or until this Agreement expires or is terminated pursuant to Section 7.7, whichever is earlier.

     

    
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    7.           OTHER PROVISIONS OF GENERAL APPLICATION

     

    7.1         Notices to Rights Agent, Parent and CVR Representative. Any notice or other communication required or permitted
      hereunder shall be in writing and shall be deemed given when delivered in person, by overnight courier or by electronic mail, or two (2) Business Days after being sent by registered or certified mail (postage prepaid, return receipt requested), as
      follows:

     

    
      	

            	
              If to the Rights Agent, to it at:

            
	 	 	 
	

            	
              Olde Monmouth Stock Transfer Co., Inc.

            
	

            	Telephone: 

            	(732) 872-2727, Ext. 101
	

            	Email:

            	matt@oldemonmouth.com
	

            	Attention:

            	Matthew J. Troster, President

    

    

    

    
      	
               

            	
              If to Parent, to it at:

            
	
               

            	

            	

            
	
               

            	
              Rexahn Pharmaceuticals, Inc.

            
	
               

            	Telephone:	[●]
	
               

            	Email:	 [●]
	
               

            	Attention:	[●]
	 	 	 
	 	
              with a copy to:

            
	 	 	 
	 	
              [●]

            	 
	 	Telephone:	
              [●]

            
	 	Email:	
              [●]

            
	 	Attention:	
              [●]

            

    

    

    

    
      	
               

            	
              If to the CVR Representative, to it at:

            
	
               

            	

            	

            
	
               

            	
              Shareholder Representative Services LLC

            
	
               

            	
              950 17th Street, Suite 1400

            
	
               

            	
              Denver, CO 80202

            
	
               

            	Telephone: 

            	(303) 648-4085
	 	Email:	deals@srsacquiom.com
	 	Attention:	Managing Director

    

  

  

    
      	
               

            	
              with a copy to:

            
	
               

            	

            
	
               

            	
              Hogan Lovells US LLP

            
	
               

            	
              100 International Drive, Suite 2000

            
	
               

            	
              Baltimore, MD 21202

            
	
               

            	
              Attention: Asher M. Rubin; William I. Intner

            
	 	
              Email: asher.rubin@hoganlovells.com; william.intner@hoganlovells.com

            

    

     

    
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    The Rights Agent, Parent or CVR Representative may specify a different address, email address by giving notice to each other in accordance with this Section 7.1 and to the Holders in
      accordance with Section 7.2.

     

    7.2        Notice to Holders. Where this Agreement provides for notice to Holders, such notice will be sufficiently given
      (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the Holder’s address as it appears in the CVR Register, not later than the latest date, and not earlier than
      the earliest date, if any, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder will affect the
      sufficiency of such notice with respect to other Holders.

     

    7.3         Parent Successors and Assigns.

     

    (a)         Parent may not assign this Agreement without the prior written consent of the CVR Representative, provided that (i) Parent
      may assign, in its sole discretion and without the consent of any other party, any or all of its rights, interests and obligations hereunder to one or more direct or indirect wholly-owned subsidiaries of Parent for so long as they remain wholly owned
      subsidiaries of Parent (each, an “Assignee”); provided that the Assignee agrees to assume and be bound by all of the terms of this Agreement; provided, however, that in connection with any
      assignment to an Assignee, Parent shall, and shall agree to, remain liable for the performance by such Assignee of all obligations of Parent hereunder, with such Assignee substituted for Parent under this Agreement, and (ii) Parent may assign this
      Agreement in its entirety without the consent of any other party to its successor in interest in connection with the sale of all or substantially all of its assets or of its stock, or in connection with a merger, acquisition or similar transaction
      (such successor in interest, the “Acquiror”, and such transaction, the “Acquisition”). This Agreement will be binding upon, inure
      to the benefit of and be enforceable by Parent’s successors, acquirers and each Assignee. Each reference to “Parent” in this Agreement shall be deemed to include Parent’s successors,
      acquirers and all Assignees. Each of Parent’s successors, acquirers and assigns shall expressly assume by an instrument supplemental hereto, executed and delivered to the Rights Agent, the due and punctual payment of the CVR Payments and the due and
      punctual performance and observance of all of the covenants and obligations of this Agreement to be performed or observed by Parent.

     

    (b)         Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it
      may be consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the stock transfer or other shareholder services business of the
      Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be
      eligible for appointment as a successor Rights Agent under the provisions of the Agreement. The purchase of all or substantially all of the Rights Agent’s assets employed in the performance of transfer agent activities shall be deemed a merger or
      consolidation for purposes of this Section 7.3(b).

     

    
      17

      
        

    

    7.4         Benefits of Agreement. Parent and the Rights Agent hereby agree that the respective covenants and agreements set forth herein are intended to
      be for the benefit of, and shall be enforceable by, the CVR Representative (on behalf of itself and the Holders) and the Holders, acting by the written consent of Holders of not less than a majority of the then-outstanding CVRs, all of whom are
      intended third-party beneficiaries hereof. Nothing in this Agreement, express or implied, will give to any Person (other than the Rights Agent, Parent, Parent’s successors and permitted assignees, and the Holders and their respective successors and
      permitted assignees) any benefit or any legal or equitable right, remedy or claim under this Agreement or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the Rights Agent, Parent,
      Parent’s successors and permitted assignees, and the Holders and their respective successors and permitted assignees. The rights of Holders are limited to those expressly provided in this Agreement and the Merger Agreement.  Notwithstanding anything
      to the contrary contained herein, any Holder may agree to renounce, in whole or in part, such Holder’s rights under this Agreement by written notice to the Rights Agent and Parent, which notice, if given, shall be irrevocable.  In such event, such
      Holder’s CVRs will not be included for determining the number of outstanding CVRs held by other Holders and the Aggregate CVR Payment Amount shall be distributed to the Holders based on the number of the CVRs then outstanding.

     

    7.5        Governing Law. This Agreement, the CVRs and all claims and causes of action based upon, arising out of or in connection herewith shall be
      governed by, and construed in accordance with, the Laws of the State of Delaware, without regard to Laws that may be applicable under conflicts of laws principles (whether of the State of Delaware or any other jurisdiction) that would cause the
      application of the Laws of any jurisdiction other than the State of Delaware.

     

    Each of the parties hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if such court does
      not have jurisdiction, any Delaware state court, or federal court of the United States of America, sitting in Delaware, and any appellate court from any thereof, in any Legal Proceeding arising out of or relating to this Agreement or the transactions
      contemplated hereby or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably and unconditionally (i) agrees not to commence any such Legal Proceeding except in such courts, (ii) agrees that any
      claim in respect of any such Legal Proceeding may be heard and determined in such court, (iii) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such
      Legal Proceeding in any such court, and (iv) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such Legal Proceeding in any such court. Each of the parties agrees that a final judgment in any
      such Legal Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party to this Agreement irrevocably consents to service of process in the manner provided for
      notices in Section 7.1. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law.

     

    7.6         Severability. If any term or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or
      incapable of being enforced by any rule of Law or public policy, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
      contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
      this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable Law and in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent
      possible.

     

    
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    7.7         Counterparts and Signature. This Agreement may be signed in any number of counterparts,
      including by electronic transmission, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

     

    7.8        Termination. This Agreement will expire and be of no force or effect, the parties hereto will have no liability hereunder (other than with
      respect to monies due and owing by Parent to Rights Agent or any other rights of the Rights Agent which expressly survive the termination of this Agreement), and no additional payments will be required to be made, upon the later of (i) the conclusion
      of the CVR Term and (ii) the payment of the full amount of all CVR Payments to the Rights Agent and the payment of the full amount of all CVR Payment Amounts to the Holders by the mailing by the Rights Agent of each applicable CVR Payment Amount to
      each Holder at the address reflected in the CVR Register.

     

    7.9         Funds. All funds received by the Rights Agent under this Agreement that are to be distributed or applied by the
      Rights Agent in the performance of services hereunder (the “Funds”) shall be held by the Rights Agent as agent for the Parent and deposited in one or more bank accounts to be maintained by
      the Rights Agent in its name as agent for the Parent. Until paid pursuant to the terms of this Agreement, the Rights Agent will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or
      with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). The Rights Agent shall have no
      responsibility or liability for any diminution of the Funds that may result from any deposit made by the Rights Agent in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other Third
      Party. The Rights Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. The Rights Agent shall not be obligated to pay such interest, dividends or earnings to the Parent, any Holder or any other
      party.

     

    7.10       Entire Agreement. This Agreement and the Merger Agreement (including the schedules, annexes and exhibits thereto, the documents and instruments
      referred to therein and the documents delivered pursuant thereto) constitute the entire agreement of the parties and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the
      subject matter hereof and, except as otherwise expressly provided herein or therein, are not intended to confer upon any other Person any rights or remedies hereunder or thereunder. If and to the extent that any provision of this Agreement is
      inconsistent or conflicts with the Merger Agreement, this Agreement will govern and control.

     

    
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    7.11      Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
      UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT
      OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
      REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY
      AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.11.

     

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      20

      
        

    

    IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf by its duly authorized officers as of the day and year first above written.

     

    
      	 	
              REXAHN PHARMACEUTICALS, INC.

            
	 	 	 
	 	
              By:

            	

            
	 	
              Name:

            	 
	 	
              Title:

            	

            
	 	 	 
	 	
              OLDE MONMOUTH STOCK TRANSFER CO., INC.

            
	 	 	 
	 	
              By:

            	

            
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      	 	
              SHAREHOLDER REPRESENTATIVE SERVICES LLC, solely in its capacity as the CVR Representative

            
	 	 	 
	 	
              By:

            	

            
	 	
              Name:

            	

            
	 	
              Title:

            	 

    

    

    

    
      [Signature Page to Contingent Value Rights Agreement]

    

    

    

    
      
        

    

    SCHEDULE A

     

    PARENT IP

     

  

  

  

  A-1

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