Document:

Exhibit 10.2

 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 

This AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of February 9, 2022 by and between Armata
Pharmaceuticals Inc., a Washington corporation (the “Company”), Innoviva, Inc., a Delaware corporation (“Innoviva”),
and Innoviva Strategic Opportunities LLC, a Delaware limited liability company and a wholly-owned subsidiary of Innoviva (“Innoviva
Sub” and, together with Innoviva, the “Purchasers”), in connection with (i) that certain Securities
Purchase Agreement, dated as of January 27, 2020, by and between the Company and Innoviva (“2020 Purchase Agreement”),
(ii) that certain Securities Purchase Agreement, dated as of January 26, 2021, by and between the Company and Innoviva Sub
(the “2021 Q1 Purchase Agreement”), (iii) that certain Securities Purchase Agreement, dated as of October 28,
2021, by and between the Company and Innoviva Sub (the “2021 Q4 Purchase Agreement”), and (iv) that certain Securities
Purchase Agreement, dated as of February 9, 2022, by and between the Company and Innoviva Sub (the “2022 Purchase Agreement”).
This Agreement shall amend and restate in its entirety that certain Investor Rights Agreement dated as of February 12, 2020, as
amended and restated by that certain Amended and Restated Investor Rights Agreement dated as of January 26, 2021 (the “Original
Agreement”), provided that nothing herein shall relieve any person of any liability with respect to any breach of the Original
Agreement occurring prior to the date of this Agreement. Capitalized terms used herein have the respective meanings ascribed thereto
in the Purchase Agreements unless otherwise defined herein.

 

The parties hereby agree as follows:

 

		1.	Certain
                                            Definitions.

 

As used in this Agreement, the following terms shall have
the following meanings:

 

“Applicable Percentage”
means, with respect to any person on any date of determination, the quotient, expressed as a percentage, determined by dividing (i) the
number of Company Common Stock owned (directly or indirectly) by such person determined on a Fully Diluted Basis by (ii) the total
number of Company Common Stock that are issued and outstanding determined on a Fully Diluted Basis.

 

“Board” means the board of directors
of the Company.

 

“Company Common Stock” means
the shares of common stock, par value $0.01 per share, of the Company.

 

“Exchange Shares” means Company
Common Stock issued or issuable upon the exchange of the Warrants pursuant to the terms thereof.

 

“Exempted Securities” means

 

(i)            Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued upon exercise of the Warrants;

 

     

     

    

 

(ii)            Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued by reason of a dividend, stock split, split-up or other distribution of Company Common Stock;

 

(iii)            Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued to employees or directors of, or consultants or advisors to the Company or any of its Subsidiaries pursuant
to a plan, agreement or arrangement;

 

(iv)            Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant
to a debt financing, equipment leasing or real property leasing transaction ; or

 

(v)            Company
Common Stock (or options or other rights to acquire Company Common Stock or securities convertible or exchangeable into or exercisable
for Company Common Stock) issued in connection with sponsored research, collaboration, technology license, development, manufacturing,
supply, distribution, marketing or other similar commercial agreements or strategic partnerships.

 

“Fully Diluted Basis”
means the number of shares of Company Common Stock outstanding or held (as the case may be), assuming the conversion, exchange or exercise
of all securities or other instruments or rights that are convertible into or exercisable or exchangeable for Company Common Stock that
are outstanding. For purposes of this definition, all Warrants shall be deemed converted on the date of determination in exchange for
cash.

 

“Governmental Entity”
means any federal, state, local, foreign, international or multinational entity or authority exercising executive, legislative, judicial,
regulatory, administrative or taxing functions of or pertaining to government.

 

“New Securities”
means, collectively, equity securities of the Company (including Company Common Stock), whether or not currently authorized, as well
as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible
or exchangeable into or exercisable for such equity securities. For the avoidance of doubt, New Securities shall not include any Exempted
Securities.

 

“Purchase Agreements”
means, collectively, the 2020 Purchase Agreement, the 2021 Q1 Purchase Agreement, the 2021 Q4 Purchase Agreement, and the 2022 Purchase
Agreement.

 

“Purchased Shares”
means the Company Common Stock acquired by the Purchasers pursuant to the Purchase Agreements.

 

		2.	Reserved.

 

		3.	Participation
                                            Rights.

 

(a)            Subject
to the terms and conditions of this Section 3 and applicable securities or blue sky laws, if the Company proposes to offer
or sell any New Securities, the Company shall first offer such New Securities to the Purchasers in accordance with the terms hereof.

 

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(b)            The
Company shall give notice (the “Offer Notice”) to the Purchasers, stating (i) its bona fide intention to offer
or sell such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon
which it proposes to offer such New Securities.

 

(c)            By
written notification to the Company within thirty (30) days after the Offer Notice is delivered to the Purchaser, the Purchasers may
elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities
which equals the Purchaser’s Applicable Percentage. The failure of the Purchasers to deliver such written notice within such time
period shall be deemed an election by the Purchasers not to exercise its purchase rights with respect to such Offer Notice. To the extent
that the Company offers two (2) or more New Securities or other securities in units, the Purchasers must purchase such units
as a whole and will not be given the opportunity to purchase only one of the securities making up such unit.

 

(d)            The
Company shall sell all applicable New Securities to the Purchasers or either of them if either Purchaser has elected to purchase such
New Securities on a date to be mutually determined by the Company and the Purchasers (or either Purchaser), which date shall be not later
than end of the ten (10) day period commencing at the expiration of the initial thirty (30) day election period; provided, however,
that such ten (10) day period shall be extended automatically if any approvals or consents of any Governmental Entities are required
to consummate the transaction and such approvals or consents are not received within such ten (10) day period for up to an additional
one hundred twenty (120) days as long as such approvals or consents remain outstanding and the parties are continuing to exercise commercially
reasonable efforts to obtain them.

 

(e)            Upon
the expiration of the offering period described in Section 3(d), the Company will be free to sell, during the one hundred
twenty (120) day period commencing at the expiration of, as applicable, the initial thirty (30) day election period following delivery
of an Offer Notice (as may be extended in accordance with Section 3(d)), any New Securities that the Purchasers have not
elected to purchase, at a sale price not less than, and on other terms no less favorable to the Company than, those offered to the Purchasers
as set forth in the Offer Notice, provided, that such one hundred twenty (120) day period shall be extended automatically if any approvals
or consents of any Governmental Entities are required to consummate the transaction and such approvals or consents are not received within
such one hundred twenty (120) day period for up to an additional one hundred twenty (120) days as long as such approvals or consents
remain outstanding and the parties are continuing to exercise commercially reasonable efforts to obtain them. Any New Securities offered
or sold by the Company after such one hundred twenty (120) day period (as such period may be extended in accordance with the immediately
preceding sentence) must be reoffered to the Purchasers pursuant to this Section 3.

 

(f)            The
election by the Purchasers not to exercise its subscription rights under this Section 3 in any one instance shall not affect
its right (other than in respect of a reduction in its Applicable Percentage) as to any subsequent proposed issuance of New Securities
under this Section 3. The provisions of this Section 3 shall apply equally to any issuance or sale by the Company
or any of its Subsidiaries of equity securities that would be deemed New Securities if issued by the Company which, for the avoidance
of doubt, shall not include any issuance of New Securities by a wholly-owned Subsidiary to the Company or to another wholly-owned Subsidiary
of the Company. Subject to the terms of this Section 3, any sale of New Securities by the Company or any other entity covered
by the preceding sentence without first giving the Purchasers the rights described in this Section 3 shall be null and void
and of no force and effect.

 

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(g)            Notwithstanding
the terms set forth in this Section 3, if the Board determines in good faith that the Company must issue New Securities on
an expedited basis without prior compliance with the terms of this Section 3 in order to avoid material harm to the Company
(an “Expedited Issuance”), then, subject to compliance with the terms of the immediately following sentence, the Company
may effect and consummate such Expedited Issuance without complying with the terms set forth in this Section 3 and shall
not be deemed to be in breach of this Section 3 as a result thereof. As promptly as practicable following the consummation
of such Expedited Issuance, the Company and the Purchasers shall comply with the terms of this Section 3 in respect of
the New Securities issued in such Expedited Issuance such that the Purchasers have the opportunity to participate in such Expedited Issuance
of New Securities and be put in the same place (including in respect of the percentage ownership of the equity securities of the Company)
they would have been had such Expedited Issuance been effected in accordance with the terms of this Section 3.

 

(h)            (i) The
provisions of this Section 3 (i) shall not apply to the issuance of Exempted Securities and (ii) shall terminate
and be of no further force or effect as of such time that the Purchaser, together with its Affiliates, have an Applicable Percentage
of less than 10%.

 

		4.	Board
                                            Matters.

 

(a)            For
so long as the Purchasers, together with their respective Affiliates and permitted assignees (collectively, the “Investors”)
have an Applicable Percentage of at least 8%, the Company shall cause the Board to consist of not more than eight (8) members without
the prior written consent of the Investors (which shall not be unreasonably withheld).

 

(b)            For
so long as the Investors have an Applicable Percentage of at least 12.5%, the Investors shall have the right to designate two (2) directors
to the Board, and for so long as the Investors, collectively, and together with their Affiliates, continue to have an Applicable Percentage
of at least 8% but less than 12.5%, the Investors shall have the right to designate one (1) director to the Board, in each case,
in accordance with the terms of this Section 4.
Any directors designated by the Investors in accordance with this Section 4 shall be referred to as “Investor
Designees”. As of the date of this Agreement, Dr. Odysseas Kostas MD and Jules Haimovitz are the Investor Designees. The
right to designate one (1) or more Investor Designees shall terminate and be of no further force or effect as of such time that
the Investors have an Applicable Percentage of less than an applicable threshold percentage referenced in the first sentence of this
Section 4(b). At any point in which the Investors are entitled to designate an Investor Designee, the Investors may provide
written notice (a “Designation Notice”) to the Company naming the applicable Investor Designee(s) and demanding
that the applicable Investor Designee(s) be appointed to the Board. Promptly, and in any event within five (5) Business Days,
following receipt of the Designation Notice, the Company shall (i) cause a number of existing members of the Board equal to the
number of Investor Designees so designated to resign from the Board and (ii) cause the Investor Designees to be appointed to the
Board. Following the delivery of a Designation Notice and prior to the appointment of the Investor Designees to the Board, the Company
shall not (and shall cause its Subsidiaries not to) take or approve any action outside of the ordinary course of business including (without
limitation) in respect of:

 

		(i)	strategic
                                            transactions, joint ventures and collaborations;

 

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		(ii)	sale
                                            or acquisition of assets or shares of the Company or any of its Subsidiaries, whether by
                                            merger, consolidation or otherwise;

 

		(iii)	issuance
                                            of equity or debt securities;

 

		(iv)	incurrence
                                            or prepayment of indebtedness;

 

		(v)	declaration
                                            or payment of any dividend or distribution;

 

		(vi)	amendment
                                            of any provision of this Agreement or any other governing documents of the Company or any
                                            of its Subsidiaries in a manner that would be inconsistent with the provisions of this Agreement;

 

		(vii)	any
                                            change to the Company’s or any Subsidiary’s legal form, domicile or tax structure,
                                            or make any material change to the Company’s accounting or tax policies or practices;
                                            or

 

		(viii)	amend
                                            or alter the compensation of any of the Company’s or Subsidiary’s executives.

 

(c)            With
respect to any vote of the Board, each director shall have one (1) vote and approval of all matters shall require the affirmative
vote of a majority of directors.

 

(d)            Subject
to the terms of this Section 4, from and after the date hereof, the Company shall take all action within its power to cause
the covenants set forth in Section 4(a) and Section 4(b) to be fulfilled in all respects including:
(i) causing the Investor Designees to be named in any proxy statement of the Company with respect to the election of members of
the Board, (ii) soliciting the votes of shareholders in respect of the Investor Designees in the same manner and with the same level
of effort as with the solicitation in respect of other members of the Board, (iii) seeking to amend any organizational documents
of the Company necessary to give effect to the Investors’ rights hereunder as may reasonably be requested by the Investors and
(iv) take all actions permitted by applicable law to cause the Investor Designees to be members of the Board (including the appointment
of the Investor Designees to the Board).

 

(e)            Subject
to clause (f) immediately below, in the event that an Investor Designee ceases to serve on the Board for any reason (including the
death, disability or resignation of such person), the Investors shall be entitled to appoint a new Investor Designee in the place of
such person, and the terms of this Section 4 shall apply equally to such replacement.

 

(f)            In
the event that the Applicable Percentage of the Investors falls below a threshold set forth in Section 4(b) such that
the Investors shall lose the right to designate one or more Investor Designees, if one or more Investor Designee has been designated,
the Investors shall identify, if applicable, which of the Investor Designees shall no longer be an Investor Designee (such person, a
 “Departing Designee”), and which Investor Designee(s) (if any) will remain as such; for the avoidance of doubt,
the terms of this Section 4 shall continue to apply to any Investor Designee who is not a Departing Designee. In the event
of a Departing Designee, the Investors shall cause the removal or resignation of such Departing Designee prior to the next annual meeting
of the Company shareholders, and the provisions of Section 4(b) and (c) shall not apply to such Departing Designee,
and in connection therewith, the Company shall not be required to name such Departing Designee on its proxy statement or solicit votes
in favor of such Departing Designee.

 

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(g)            For
so long as the Investor holds the Applicable percentages set forth above, in the event that any member of the Board serves on the board
of directors or similar governing body of any Subsidiary of the Company (a “Subsidiary Board”) or in the event that
any shareholder of the Company has appointed or designated a person to serve on a Subsidiary Board, the Investors shall be entitled to
designate a number of Investor Designees to the Subsidiary Board equal to the greater of (x) one Investor Designee or (y) such
other number of Investor Designees such that the proportionate representation of Investor Designees on such Subsidiary Board approximates,
as closely as possible, the proportionate representation of Investor Designees on the Board. Subject to applicable law and listing
requirements, the Investor Designees shall be entitled to be a member of any committee of the Board (including an executive or similar
committee).

 

(h)            Any
person designated by the Investor as an Investor Designee must possess the requisite financial and business experience to serve as a
director of the Company (it being understood that the directors and each of the executives and investment professionals employed by the
Investor or its Affiliates shall be deemed to possess such experience). If the Board and all applicable committees of the Board reasonably
determine that an Investor Designee satisfies the criteria in the foregoing sentence, the Board shall nominate and appoint such Investor
Designee to the Board.

 

(i)            For
purposes of this Section 4, whenever the action of the Investors is required, such action shall be effected by vote of Investors
holding a majority of the Common Stock held by all Investors.

 

		5.	Information
                                            and Confidentiality.

 

(a)            The
Company shall provide to Purchasers all information and documentation reasonably requested by Purchasers, within the periods reasonably
requested by Purchasers, as is necessary for the Purchasers to complete and file all public filings required to be made by Purchasers
under applicable Law and the rules and regulations of the Securities Exchange Commission.

 

(b)            The
Purchasers agrees that they will keep confidential and will not disclose or divulge any confidential information obtained from the Company
pursuant to the terms of this Agreement, unless such confidential information (a) is known or becomes known to the public in general
(other than as a result of a breach of this Section 5 by either Purchaser), (b) is or has been independently developed
or conceived by either Purchaser without use of the Company’s confidential information, or (c) is or has been made known or
disclosed to either Purchaser by a third party without a breach of any obligation of confidentiality such third party may have to the
Company; provided, however, that the Purchasers may disclose confidential information (i) to their attorneys, accountants, consultants
and other professionals to the extent necessary to obtain their services in connection with matters related to the Company; (ii) to
any prospective purchaser of any Registrable Securities from either Purchaser, if such prospective purchaser agrees to be bound by the
provisions of this Section 5; (iii) to any of their respective Affiliates or their or such Affiliates’ general
or limited partners, members, stockholders, employees, officers or directors, in the ordinary course of business, provided that the applicable
Purchasers informs such person that such information is confidential and directs such person to maintain the confidentiality of such
information; or (iv) as may otherwise be required by law, regulation, rule, court order, arbitration order or subpoena, provided
that the applicable Purchaser promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any
such required disclosure. The Purchasers acknowledge and agree that the securities laws of the United States and other jurisdictions
contain prohibitions on the trading in the securities of the Company while in possession of material nonpublic information regarding
the Company, and agree to comply with such restrictions.

 

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		6.	Miscellaneous.

 

(a)            Amendments
and Waivers. This Agreement may be amended only by a writing signed by the Company and the Purchasers. The failure or delay in enforcing
compliance at any time with respect to any of the provisions, terms or conditions of this Agreement shall not be considered a waiver
of such provision, term or condition itself or of any of the other provisions, terms or conditions hereof.

 

(b)            Notices.
All notices and other communications provided for or permitted hereunder shall be made as set forth in the Purchase Agreements.

 

(c)            Assignments
and Transfers by the Purchasers. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and permitted assigns. The Purchasers may transfer or assign, in whole or from time to time in part, to one
or more persons their rights hereunder in connection with the transfer of Company Common Stock or Warrants by the Purchasers to such
person, provided that the Purchasers comply with all laws applicable thereto and the provisions of the applicable Purchase Agreement
and the Warrant and provide written notice of assignment to the Company prior to such assignment or transfer being effected, and such
transferee agrees in writing and as a condition to the receipt of the Company Common Stock or Warrants to be bound by all of the provisions
contained herein.

 

(d)            Assignments
and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or otherwise) without
the prior written consent of the Purchasers; provided, however, that in the event that the Company is a party to a merger, consolidation,
share exchange or similar business combination transaction in which the Company Common Stock are converted into the equity securities
of another person, from and after the effective time of such transaction, such person shall, by virtue of such transaction, be deemed
to have assumed the obligations of the Company hereunder, and the term “Company” shall be deemed to refer to such person
and the term “Company Common Stock” shall be deemed to include the securities received by the Purchasers in connection with
such transaction unless such securities are otherwise freely tradable by the Purchasers after giving effect to such transaction.

 

(e)            Benefits
of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by
reason of this Agreement, except as expressly provided in this Agreement.

 

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(f)            Counterparts.
This Agreement may be executed in several counterparts, and by each party on separate counterparts, each of which and any photocopies
or other electronic transmission (including by PDF) thereof shall be deemed an original, but all of which together shall constitute one
and the same agreement.

 

(g)            Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

(h)            Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as
if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by
applicable law, the parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable in any
respect.

 

(i)            Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

 

(j)            Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement
supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

(k)            Specific
Performance. Without limiting remedies that may be available at law or in equity, the parties acknowledge that any failure by any
party to comply with their respective obligations under this Agreement would result in material irreparable injury to the other party
for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in
the event of any such failure, the non-breaching party may specifically enforce the breaching party’s obligations under this Agreement
without the need to show actual damages and without the need to post a bond or other security.

 

(l)            Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of Delaware without regard to the choice of law principles thereof. Each Party agrees that all legal
proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether
brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the State of Delaware. Each party hereby irrevocably submits to the
exclusive jurisdiction of such courts 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
other proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or other proceeding by mailing a copy thereof via registered
or certified United States mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. THE
PARTIES HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY.

 

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties have executed
this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	ARMATA PHARMACEUTICALS INC.
	 	 
	 	 
	 	By:	/s/ Brian Varnum
	 	Name: Brian Varnum
	 	Title: Chief Executive Officer
	 	 
	 	PURCHASERS:
	 	 
	 	INNOVIVA, INC.
	 	 
	 	 
	 	By:	 
	 	Name: Pavel Raifeld
	 	Title: Chief Executive Officer
	 	 
	 	INNOVIVA STRATEGIC OPPORTUNITIES LLC
	 	 
	 	By: Innoviva, Inc. (its managing member)
	 	 
	 	 
	 	By:	 
	 	Name: Pavel Raifeld
	 	Title: Chief Executive Officer

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	ARMATA PHARMACEUTICALS INC.
	 	 
	 	 
	 	By:	      
	 	Name: 
	 	Title: 
	 	 
	 	PURCHASERS:
	 	 
	 	INNOVIVA, INC.
	 	 
	 	 
	 	By:	/s/ Pavel Raifeld
	 	Name: Pavel Raifeld
	 	Title: Chief Executive Officer
	 	 
	 	INNOVIVA STRATEGIC OPPORTUNITIES LLC
	 	 
	 	By: Innoviva, Inc. (its managing member)
	 	 
	 	 
	 	By:	/s/ Pavel Raifeld
	 	Name: Pavel Raifeld
	 	Title: Chief Executive Officer

 

[Signature Page to Investor Rights Agreement]Exhibit 10.3

 

ARMATA PHARMACEUTICALS, INC.

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement
(this “Agreement”) is made and entered into as of February 9, 2022, by and between Armata Pharmaceuticals, Inc.,
a Washington corporation (the “Company”), and Innoviva Strategic Opportunities LLC, a Delaware limited liability
company (the “Holder”). The Company and the Holder are referred to each as a “Party” and collectively
herein as the “Parties.”

 

In consideration of the mutual
covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
by each Party, the Parties agree as follows:

 

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

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such
Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made; provided,
that for purposes of this Agreement, the Holder shall not be deemed an Affiliate of the Company or any of its Subsidiaries. For purposes
of this definition, the term “control” (including the correlative meanings of the terms “controlled by” and “under
common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

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

 

“Approved Transferee”
means any Affiliate of the Holder who acquires Registrable Securities from the Holder.

 

“Business Day”
means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to remain closed for the
entirety of such day in New York, New York.

 

“Close of Business”
means 5:00 p.m. Eastern Time.

 

“Commission”
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.

 

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

 

“Company Common Stock”
means the shares of common stock, par value $0.01 per share, of the Company.

 

“Company Indemnified
Persons” has the meaning set forth in Section 5(a).

 

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

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Form S-1 Shelf”
has the meaning set forth in Section 2(a).

 

“Form S-3 Shelf”
has the meaning set forth in Section 2(a).

 

     

     

    

 

“Holder”
has the meaning set forth in the preamble.

 

“Holder Indemnified
Persons” has the meaning set forth in Section 5(b).

 

“Indemnified Persons”
has the meaning set forth in Section 5(b).

 

“Losses”
has the meaning set forth in Section 5(a).

 

“Parties”
has the meaning set forth in the preamble.

 

“Person”
means any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated
organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

 

“Proceeding”
means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a deposition)
pending or known to the Company to be threatened.

 

“Prospectus”
means the prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from
a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A), all amendments and supplements to
the Prospectus, including post-effective amendments, all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.

 

“Registrable Securities”
means (a) any Company Common Stock or warrants issued to the Holder pursuant to the Securities Purchase Agreement, (b) any Company
Common Stock issuable to the Holder upon exercise of warrants issued to the Holder pursuant to the Securities Purchase Agreement, (c) any
securities issued or issuable with respect to, on account of or in exchange for Company Common Stock described in clauses (a) and
(b), whether by stock split, stock dividend, recapitalization, merger, consolidation or other reorganization, charter amendment or otherwise
and (d) any options, warrants or other rights to acquire, and any securities received as a dividend or distribution in respect of,
any of the securities described in clauses (a), (b) and (c) above, in each case that are held by the Holder and its Affiliates
or any transferee or assignee of the Holder or its Affiliates, all of which securities are subject to the rights provided herein until
such rights terminate pursuant to the provisions of this Agreement. As to any particular Registrable Securities, such securities shall
not be Registrable Securities when (i) a Registration Statement registering such Registrable Securities under the Securities Act
has been declared effective and such Registrable Securities have been sold, transferred or otherwise disposed of by the Holder thereof
pursuant to such effective Registration Statement, (ii) such Registrable Securities are sold, transferred or otherwise disposed of
pursuant to Rule 144, (iii) such securities cease to be outstanding, or (iv) such securities have become eligible for sale
by the Holder pursuant to Rule 144 without any restriction on the volume or manner of such sale and all restrictive legends and stop
transfer instructions have been removed with respect to all book entries representing the applicable Registrable Securities.

 

“Registration Expenses”
means all expenses incurred by the Company in complying with this Agreement, including, without limitation, all registration, qualification
and filing fees, printing expenses, escrow fees, fees and expenses of counsel for the Company and one counsel for the Holder, blue sky
fees and expenses and the expense of any special audits incident to or required by any such registration .

 

“Registration Statement”
means a registration statement of the Company filed with or to be filed with the Commission under the Securities Act that covers the resale
of any of the Registrable Securities pursuant to the provisions of this Agreement, and including any Prospectus, amendments and supplements
to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement.

 

     -2-

     

    

 

“Related Person”
has the meaning set forth in Section 7(m).

 

“Representatives”
of the Holder means its partners, shareholders, members, directors, officers, employees, agents, counsel, accountants, consultants, investment
advisers or other professionals or representatives, or its affiliates or wholly owned subsidiaries.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted
by the Commission having substantially the same effect as such Rule.

 

“Rule 405”
means Rule 405 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted
by the Commission having substantially the same effect as such Rule.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted
by the Commission having substantially the same effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted
by the Commission having substantially the same effect as such Rule.

 

“Rule 430A”
means Rule 430A promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation hereafter adopted
by the Commission having substantially the same effect as such Rule.

 

“Seasoned Issuer”
means an issuer eligible to use Form S-3 under the Securities Act and who is not an “ineligible issuer” as defined in
Rule 405.

 

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

 

“Securities Purchase
Agreement” means that certain Securities Purchase Agreement, dated February 9, 2022, by and between Armata Pharmaceuticals, Inc.
and Innoviva Strategic Opportunities LLC.

 

“Shelf Period”
has the meaning set forth in Section 2(a).

 

“Shelf Registration”
means the registration of an offering of Registrable Securities on a Form S-1 Shelf or a Form S-3 Shelf, as applicable, on a
delayed or continuous basis under Rule 415, pursuant to Section 2(a).

 

“Shelf Registration
Statement” has the meaning set forth in Section 2(a).

 

“Suspension Period”
has the meaning set forth in Section 2(b).

 

“Trading Market”
means the principal national securities exchange in the United States on which Registrable Securities are (or are to be) listed.

 

     -3-

     

    

 

Unless the context requires
otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms; (b) references
to Sections, paragraphs and clauses refer to Sections, paragraphs and clauses of this Agreement; (c) the terms “include,”
 “includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation”;
(d) the terms “hereof,” “herein” or “hereunder” refer to this Agreement as a whole and not to
any particular provision of this Agreement; (e) unless the context otherwise requires, the term “or” is not exclusive
and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and
plural forms and derivative forms of defined terms will have correlative meanings; (g) references to any law or statute shall be
deemed to refer to such law or statute as amended or supplemented from time to time and shall include all rules and regulations and
forms promulgated thereunder, and references to any law, rule, form or statute shall be construed as including any legal and statutory
provisions, rules or forms consolidating, amending, succeeding or replacing the applicable law, rule, form or statute; (h) references
to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar
days unless otherwise indicated. Each of the Parties hereto acknowledges that each Party was actively involved in the negotiation and
drafting of this Agreement and that no law or rule of construction shall be raised or used in which the provisions of this Agreement
shall be construed in favor or against any Party hereto because one is deemed to be the author thereof.

 

2.            Registration.

 

(a)            Shelf
Registration. No later than one hundred twenty (120) days after the First Closing (as such term is defined in the Securities Purchase
Agreement), the Company shall file a Registration Statement for a Shelf Registration covering the resale of the Registrable Securities
with the SEC for an offering to be made on a continuous basis pursuant to Rule 415, or if Rule 415 is not available for offers
and sales of the Registrable Securities, by such other means of distribution of Registrable Securities as the Holder may reasonably specify
(the “Initial Registration Statement”). The Initial Registration Statement shall be on Form S-3 (or any successor
to Form S-3) covering the resale of all of the Registrable Securities held by the Holder (the “Form S-3 Shelf”),
or if the Company is not a Seasoned Issuer at the time of filing, the Company shall file a Registration Statement for a Shelf Registration
on Form S-1 (or any successor to Form S-1) (the “Form S-1 Shelf” and, together with the Form S-3
Shelf, the “Shelf Registration Statement”). Subject to the terms of this Agreement, including any applicable Suspension
Period, the Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under
the Securities Act as promptly as possible after the filing thereof, but in any event (x) no later than the fifteenth (15th) day
following the filing of the Shelf Registration Statement in the event of no “review” by the Commission, (y) no later
than the sixtieth (60th) day following the filing of the Shelf Registration Statement in the event of “limited review” by
the Commission, or (z) in the event of a “review” by the Commission, the one hundred and twentieth (120th) day following
the filing of the Shelf Registration Statement (the number of days in (x), (y) and (z) each being a “Review Period,”
depending on the nature of the Commission’s review, and provided, for any days during the period following the initial filing
of the Shelf Registration Statement and prior to the effectiveness of the Shelf Registration Statement that the Commission is unable to
review or declare effective registration statements filed with the Commission due to a shutdown or partial shutdown of the U.S. Government
(such days, “Tolled Days”), the applicable number of days in such Review Period shall be extended by the number of
Tolled Days), and shall use its commercially reasonable efforts to keep such Shelf Registration Statement continuously effective under
the Securities Act until the date that all Registrable Securities covered by such Registration Statement are no longer Registrable Securities,
including (the period during which the Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement
continuously effective under the Securities Act in accordance with this clause (i), the “Shelf Period”). The Company
shall notify the Holder by e-mail with electronic confirmation of the effectiveness of the Shelf Registration Statement as promptly as
practicable, and in any event within twenty-four (24) hours, after the Company telephonically or otherwise confirms effectiveness with
the Commission. The Company shall file a final Prospectus with the Commission to the extent required by Rule 424. The “Plan
of Distribution” section of such Shelf Registration Statement shall provide for all permitted means of disposition of Registrable
Securities, including firm-commitment underwritten public offerings, agented transactions, sales directly into the market, purchases or
sales by brokers and sales not involving a public offering. Notwithstanding anything to the contrary contained herein, in the event the
Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered
for resale as a secondary offering on a single registration statement, the Company agrees to promptly (A) inform the Holder, (B) use
its reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, and/or (C) withdraw
the Initial Registration Statement and file a new Registration Statement (a “New Registration Statement”), in either
case covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or, if the Company
is ineligible to register for resale the Registrable Securities on Form S-3, such other form available to register for resale the
Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or New Registration
Statement, the Company shall be obligated to use its reasonable efforts to advocate with the Commission for the registration of all of
the Registrable Securities. In the event the Company amends the Initial Registration Statement or files a New Registration Statement,
as the case may be, under clauses (B) or (C) above, the Company will use its reasonable efforts to file with the Commission,
as promptly as allowed by the Commission, one or more Registration Statements on Form S-3 or, if the Company is ineligible to register
for resale the Registrable Securities on Form S-3, such other form available to register for resale those Registrable Securities
that were not registered for resale on the Initial Registration Statement, as amended, or the New Registration Statement (the “Remainder
Registration Statements”).

 

     -4-

     

    

 

(b)            Suspension
Period. Notwithstanding any other provision of this Section 2, the Company shall have the right, but not the obligation,
to defer the filing of (but not the preparation of), or suspend the use by the Holder of, any Registration Statement for a period of up
to sixty (60) days (unless a longer period is consented to by the Holder) (i) upon issuance by the Commission of a stop order suspending
the effectiveness of such Registration Statement with respect to Registrable Securities or the initiation of proceedings with respect
to such Registration Statement under Section 9(d) or 8(e) of the Securities Act; (ii) if the Company believes in good
faith that any such registration or offering would require the Company (after consultation with external legal counsel), under applicable
securities laws and other laws, to make disclosure of material nonpublic information that would not otherwise be required to be disclosed
at that time and the Company believes in good faith that such disclosures at that time would not be in the Company’s best interests;
provided that this exception (ii) shall continue to apply only during the time that such material nonpublic information has
not been disclosed and remains material; (iii) if the Company elects at such time to offer Company Common Stock or other equity securities
of the Company to (x) fund a merger, third-party tender offer or other business combination, acquisition of assets or similar transaction
or (y) meet rating agency and other capital funding requirements; or (iv) if the Company is pursuing a primary underwritten
offering of Company Common Stock pursuant to a registration statement (any such period, a “Suspension Period”); provided,
that in no event shall the Company declare a Suspension Period more than three times in any twelve (12) month period. The Company
shall (i) give prompt written notice to the Holder of its declaration of a Suspension Period and of the expiration or termination
of the relevant Suspension Period and (ii) promptly resume the process of filing or requesting for effectiveness, or update the suspended
Registration Statement, as the case may be, as may be necessary to permit the Holder to offer and sell its Registrable Securities in accordance
with applicable law.

 

(c)            Required
Information. The Company may require the Holder of Registrable Securities as to which any Registration Statement is being filed or
sale is being effected to furnish to the Company such information regarding the intended method of distribution of such securities and
such other information relating to the Holder and its ownership of Registrable Securities as the Company may from time to time reasonably
request in writing (provided that such information shall be used only in connection with such registration). The Holder agrees
to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with
the provisions of this Agreement.

 

     -5-

     

    

 

(d)            Cessation
of Registration Rights. All registration rights granted under this Section 2 shall continue to be applicable with respect
to the Holder until the Holder no longer holds any Registrable Securities.

 

3.            Registration
Procedures. The procedures to be followed by the Company and the Holder to register the sale of Registrable Securities
pursuant to a Registration Statement in accordance with this Agreement, and the respective rights and obligations of the Company and the
Holder with respect to the preparation, filing and effectiveness of such Registration Statement, are as follows:

 

(a)            The
Company will (i) prepare and file a Registration Statement with the Commission (within the time period specified in Section 2(a))
which Registration Statement (A) shall be on a form required by this Agreement (or if not so required, selected by the Company)
for which the Company qualifies, (B) shall be available for the sale of the Registrable Securities in accordance with the intended
method or methods of distribution, and (C) shall comply as to form in all material respects with the requirements of the applicable
form and include and/or incorporate by reference all financial statements required by the Commission to be filed therewith, (ii) use
its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the period provided
under Section 2(a), (iii) use its commercially reasonable efforts to prevent the occurrence of any event that would cause
a Registration Statement to contain a material misstatement or omission or to be not effective and usable for resale of the Registrable
Securities registered pursuant thereto (during the period that such Registration Statement is required to be effective as provided under
Section 2(a)), and (iv) cause each Registration Statement and the related Prospectus and any amendment or supplement
thereto, as of the effective date of such Registration Statement, amendment or supplement, (x) to comply in all material respects
with any requirements of the Securities Act and the rules and regulations of the Commission and (y) not to 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
not misleading (provided, however, the Company shall have no liability for any information furnished in writing by or on
behalf of the Holder to the Company specifically for inclusion in (including by incorporation by reference) any such Registration Statement
that has not been corrected in a subsequent writing to the Company prior to the filing or other disclosure of such information). The Company
will, (1) at least three (3) Business Days prior to the anticipated filing of a Registration Statement or any related Prospectus
or any amendment or supplement thereto (including any documents incorporated by reference therein), furnish to the Holder and its counsel
copies of all such documents proposed to be filed and make such representatives of the Company as shall be reasonably requested by the
Holder available for discussion of such documents, (2) use its commercially reasonable efforts to address in each such document prior
to being so filed with the Commission such comments as the Holder or its counsel reasonably shall propose within two (2) Business
Days of receipt of such copies by the Holder and (3) not file any Registration Statement or any related Prospectus or any amendment
or supplement thereto containing information regarding the Holder to which the Holder objects, unless such information is required to
comply with any applicable law or regulation.

 

(b)            The
Company will as promptly as reasonably practicable (i) prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as (A) may be reasonably
requested by the Holder of Registrable Securities covered by such Registration Statement necessary to permit the Holder to sell in accordance
with its intended method of distribution or (B) may be necessary under applicable law to keep such Registration Statement continuously
effective with respect to the disposition of all Registrable Securities covered thereby for the period provided under Section 2(a) in
accordance with the intended method of distribution and, subject to the limitations contained in this Agreement, prepare and file with
the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable
Securities held by the Holder, (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement,
and as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond to any comments received from the Commission
with respect to each Registration Statement or Prospectus or any amendment thereto, and (iv) as promptly as reasonably practicable,
provide the Holder true and complete copies of all correspondence from and to the Commission relating to such Registration Statement or
Prospectus other than any comments that the Company determines in good faith would result in the disclosure to the Holder of material
non-public information concerning the Company that is not already in the possession of the Holder.

 

     -6-

     

    

 

(c)            The
Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act (including Regulation M under
the Exchange Act) with respect to each Registration Statement and the disposition of all Registrable Securities covered by each Registration
Statement.

 

(d)            The
Company will notify the Holder as promptly as reasonably practicable: (i)(A) when a Registration Statement, any pre-effective amendment,
any Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed; (B) when
the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission
comments on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses
thereto to the Holder and its counsel, other than information which the Company determines in good faith would constitute material non-public
information that is not already in the possession of the Holder); and (C) with respect to each Registration Statement or any post-effective
amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state
governmental or regulatory authority for amendments or supplements to a Registration Statement or Prospectus or for additional information
(whether before or after the effective date of the Registration Statement) or any other correspondence with the Commission or any such
authority relating to, or which may affect, the Registration Statement; (iii) of the issuance by the Commission or any other governmental
or regulatory authority of any stop order, injunction or other order or requirement suspending the effectiveness of a Registration Statement
covering any or all of the Registrable Securities or preventing or suspending the use of any Prospectus or the initiation or threatening
of any Proceedings for such purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any Proceeding for such purpose; or (v) of the occurrence of any event that makes any statement made in such Registration
Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or if, as a result of such event or the passage of time, such Registration Statement, Prospectus or other documents requires revisions
so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein (in the case
of the Prospectus, in light of the circumstances under which they were made) not misleading, or if, for any other reason, it shall be
necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities
Act, which shall correct such misstatement or omission or effect such compliance.

 

(e)            The
Company will use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any stop
order or other order suspending the effectiveness of a Registration Statement, or preventing or suspending the use of any Prospectus,
or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any
jurisdiction, as soon as reasonable practicable, or if any such order or suspension is made effective during any Suspension Period, as
soon as reasonable practicable after the Suspension Period is over.

 

     -7-

     

    

 

(f)            During
the Shelf Period, the Company will furnish to the Holder and its counsel upon their request, without charge, at least one conformed copy
of each Registration Statement and each amendment thereto and all exhibits to the extent requested by the Holder or its counsel (including
those incorporated by reference) promptly after the filing of such documents with the Commission.

 

(g)            The
Company will promptly deliver to the Holder and its counsel as many copies of each Prospectus or Prospectuses (including each form of
prospectus) and each amendment or supplement thereto as the Holder or its counsel may reasonably request in order to facilitate the disposition
of the Registrable Securities by the Holder. The Company hereby consents to the use of such Prospectus and each amendment or supplement
thereto by the Holder in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment
or supplement thereto, so long as the same are used in compliance with the Securities Act and all other applicable laws and regulations.

 

(h)            To
the extent that the Company has certificated shares of Company Common Stock, the Company will cooperate with the Holder to facilitate
the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a
Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered
or unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities
to be in such denominations and registered in such names as the Holder may request in writing. In connection therewith, if required by
the Company’s transfer agent, the Company will promptly, after the effective date of the Registration Statement, cause an opinion
of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with such transfer agent, together
with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent
to issue such Registrable Securities without any such legend upon sale by the Holder of such Registrable Securities pursuant to
the Registration Statement.

 

(i)            Upon
the occurrence of any event contemplated by Section 3(d)(v), as promptly as reasonably practicable, the Company will prepare
a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement
or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any
other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of a Prospectus, in light of the circumstances under which they were made) not misleading, such that the Holder can resume disposition
of such Registrable Securities covered by such Registration Statement or Prospectus.

 

(j)            The
Company will use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, the Trading
Market and FINRA.

 

(k)            The
Holder agrees by its acquisition of Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event
of the kind described in clauses (ii) through (v) of Section 3(d) or the occurrence of a Suspension Period,
the Holder will forthwith discontinue disposition of such Registrable Securities under the applicable Registration Statement until
the Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement or until it is advised in writing
by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or
supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. 
In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required to be maintained
effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including
the date when the Holder either receives the copies of the supplemented Prospectus or amended Registration Statement or is advised in
writing by the Company that the use of the Prospectus may be resumed.

 

     -8-

     

    

 

(l)            If
such Registrable Securities are to be sold by any method or in any transaction other than on a national securities exchange or in the
over-the-counter market, in privately negotiated transactions, or in a combination of such methods, the Holder shall notify the Company
at least five Business Days prior to the date on which the Holder first offers to sell any such Registrable Securities.

 

4.            Registration
Expenses. All Registration Expenses incurred in connection with any registration, qualification, exemption or compliance
pursuant to Section 2.1(a) hereof shall be borne by the Company.

 

5.            Indemnification.

 

(a)            The
Company shall indemnify and hold harmless the Holder, its partners, stockholders, equity holders, general partners, managers, members,
and Affiliates and each of their respective officers and directors and any Person who controls the Holder (within the meaning of the Securities
Act or the Exchange Act) and any employee or Representative thereof (collectively, each, an “Company Indemnified Person”
and collectively, “Company Indemnified Persons”), to the fullest extent permitted by law, from and against any and
all losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of preparation and reasonable attorneys’,
accountants’ and experts’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising
from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any
Company Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act, the Exchange
Act or otherwise (collectively, “Losses”), as incurred, arising out of, based upon, resulting from or relating to (i) any
untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were
registered, Prospectus (including in any preliminary prospectus (if used prior to the effective date of such Registration Statement)),
or in any summary or final prospectus or in any amendment or supplement thereto or in any documents incorporated or deemed incorporated
by reference in any of the foregoing or (ii) any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements made therein (in the case of the Prospectus, in light of the circumstances under which they
were made) not misleading, or (iii) any violation or alleged violation by the Company or any of its Subsidiaries of the Securities
Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act
or any federal, state, foreign or common law rule or regulation in connection with such Registration Statement, disclosure document
or related document or report or any offering covered by such Registration Statement, and the Company shall reimburse such Company Indemnified
Person for any reasonable legal or other expenses reasonably incurred by it in connection with investigating or defending any such Loss,
claim, damage, liability, demand, action, suit or proceeding; provided, however, that the Company shall not be liable to any Company
Indemnified Person to the extent that any such Losses arise out of, are based upon or results from an untrue or alleged untrue statement
or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or such amendment or
supplement, or other disclosure document, in reliance upon and in conformity with written information furnished to the Company by or on
behalf of such Company Indemnified Person specifically for use therein.

 

(b)            In
connection with any Registration Statement filed by the Company pursuant to Section 2(a) hereof in which the Holder has
registered for sale its Registrable Securities, the Holder agrees to indemnify and hold harmless, to the fullest extent permitted by law,
the Company, its directors and officers, employees, agents and each Person who controls the Company (within the meaning of the Securities
Act or the Exchange Act) (collectively, “Holder Indemnified Persons”, and together with the Company Indemnified
Persons, each an “Indemnified Person”, and collectively, the “Indemnified Persons”) from and against
any Losses resulting from (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under
which such Registrable Securities were registered or sold under the Securities Act, Prospectus (including in any preliminary prospectus
(if used prior to the effective date of such Registration Statement)), or in any summary or final prospectus or in any amendment or supplement
thereto or in any documents incorporated by reference in any of the foregoing, (ii) any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of
the circumstances under which they were made) not misleading, or (iii) any violation or alleged violation by the Holder of any federal,
state or common law rule or regulation relating to action or inaction in connection with any information provided by the Holder in
such registration, disclosure document or related document or report in the case of clauses (i) and (ii) to the extent, but
only to the extent, that such untrue statement or omission occurs in reliance upon and in conformity with any information furnished in
writing by or on behalf of the Holder specifically for inclusion in such registration, disclosure document or related document or report
and has not been corrected in a subsequent writing prior to the sale of the Registrable Securities thereunder, and the Holder will reimburse
the Company for any legal or other expenses reasonably incurred by it in connection with investigating or defending such Losses. In no
event shall the liability of the Holder hereunder be greater in amount than the dollar amount of the net proceeds received by the Holder
under the sale of Registrable Securities giving rise to such indemnification obligation.

 

     -9-

     

    

 

(c)            Any
Indemnified Person under paragraph (a) or (b) of this Section 5 shall (i) give prompt written notice
to the indemnifying person under paragraph (a) or (b) of this Section 5 of any claim with respect to which it seeks
indemnification (provided that any delay or failure to so notify the indemnifying person shall not relieve the indemnifying party
of its obligations hereunder except to the extent, if at all, that the indemnifying person’s ability to defend such claim (through
the forfeiture of substantive rights or defenses) is actually and materially prejudiced by reason of such delay or failure) and (ii) permit
such indemnifying person to assume the defense of such claim with counsel reasonably satisfactory to the Indemnified Person; provided,
however, that any Indemnified Person shall have the right to select and employ separate counsel and to participate in the defense
of such claim, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (A) the indemnifying
person has agreed in writing to pay such fees or expenses, (B) the Indemnified Person has reasonably concluded (based upon advice
of its counsel) that there may be legal defenses available to it or other Indemnified Persons that are different from or in addition to
those available to the indemnifying person, or (C) in the reasonable judgment of any such Indemnified Person (based upon advice of
its counsel) a conflict of interest may exist between such Indemnified Person and the indemnifying person with respect to such claims
(in which case, if the Indemnified Person notifies the indemnifying person in writing that such Indemnified Person elects to employ separate
counsel at the expense of the indemnifying person, the indemnifying person shall not have the right to assume the defense of such claim
on behalf of such Indemnified Person). If any action is settled or if there be a final judgment for the plaintiff, the indemnifying person
agrees to indemnify each Indemnified Person from and against any Losses by reason of such settlement or judgment. No action may be settled
without the written consent of the Indemnified Person (which consent shall not be unreasonably withheld, delayed or conditioned), provided
that the consent of the Indemnified Person shall not be required if (A) such settlement includes an unconditional release of such
Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on the claims that are the subject
matter of such settlement; (B) such settlement provides for the payment by the indemnifying person of money as the sole relief for
such action and (C) such settlement does not include any statement as to or any admission of fault, culpability or a failure to act
by or on behalf of any Indemnified Person. It is understood that the indemnifying person or persons shall not, except as specifically
set forth in this Section 5(c), in connection with any proceeding or related proceedings in the same jurisdiction, be liable
for the reasonable fees, disbursements or other charges of more than one separate firm (in addition to any local counsel that is required
to effectively defend against any such proceeding) for all Indemnified Persons and that all such fees and expenses shall be paid or reimbursed
promptly.

 

     -10-

     

    

 

(d)            If
the indemnification provided for in this Section 5 is held by a court of a competent jurisdiction to be unavailable to an
Indemnified Person with respect to any loss, damage, claim or liability, the indemnifying party, in lieu of indemnifying such Indemnified
Person thereunder, shall to the extent permitted by law, contribute to the amount paid or payable by such Indemnified Person as a result
of such loss, damage, claim or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party
on the one hand and of the Indemnified Person on the other in connection with the actions that resulted in such loss, claim, damage or
liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying person and of the Indemnified
Person shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the indemnifying person or Indemnified Person
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Parties agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
the immediately preceding sentences. Notwithstanding the provisions of this Section 5(d), the Holder shall not be required
to contribute any amount in excess of the net proceeds (after deducting the underwriters’ discounts and commissions) received by
it in the offering. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

(e)            The
remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to any Indemnified Person at law or in equity. The obligations of the Company and the Holder under this Section 5
shall survive completion of any offering of Registrable Securities pursuant to a Registration Statement and the termination of this Agreement.

 

6.            Facilitation
of Sales Pursuant to Rule 144. The Company shall use its commercially reasonable efforts to timely file the reports
required to be filed by it under the Exchange Act or the Securities Act and the rules adopted by the Commission thereunder (including
the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), all to
the extent required from time to time to enable the Holder to sell Registrable Securities without registration under the Securities Act
within the limitations of the exemption provided by Rule 144. Upon the written request of the Holder in connection with that Holder’s
sale pursuant to Rule 144, the Company shall deliver to the Holder a written statement as to whether it has complied with such requirements.

 

7.            Miscellaneous.

 

(a)            Remedies.
In the event of a breach by the Company or the Holder of any of its obligations under this Agreement, any Party, in addition to being
entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance
of its rights under this Agreement. The Parties agree that monetary damages would not provide adequate compensation for any losses incurred
by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific
performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate and shall waive any requirement
for the posting of a bond. No failure or delay by any Person in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

 

(b)            Amendment;
Modification; Waivers. This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed
by the Company and the Holder, which writing shall specifically reference this Agreement, specify the provision(s) hereof that it
is intended to amend or waive and further specify that it is intended to amend or waive such provision(s).

 

     -11-

     

    

 

(c)            Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) upon delivery, if served by
personal delivery upon the Person for whom it is intended, (b) on the third Business Day after the date mailed if delivered by registered
or certified mail, return receipt requested, postage prepaid, (c) on the following Business Day if delivered by a nationally-recognized,
overnight courier or (d) when delivered or, if sent after the Close of Business, on the following Business Day if sent by email with
electronic confirmation, in each case, to the address set forth on the signature page of this Agreement or to such other address
as may be designated in writing, in the same manner, by such Person.

 

(d)            Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. In any action or proceeding
between any of the parties arising out of or relating to this Agreement, each of the parties: (a) irrevocably and unconditionally
consents and submits to the exclusive jurisdiction and venue of the Delaware Chancery Court or, to the extent such court does not have
subject matter jurisdiction, the United States District Court sitting in the State of Delaware; (b) agrees that all claims in respect
of such action or proceeding shall be heard and determined exclusively in accordance with clause (a) of this Section 7(d);
(c) waives any objection to laying venue in any such action or proceeding in such courts; (d) waives any objection that such
courts are an inconvenient forum or do not have jurisdiction over any party hereto; and (e) irrevocably and unconditionally waives
the right to trial by jury.

 

(e)            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors,
administrators, successors, legal representatives, and permitted assigns. The holder may assign its rights under this Agreement to the
Approved Transferees or any third party who acquires all or a portion of the Registrable Securities.

 

(f)            Waiver
of Venue. The Parties irrevocably and unconditionally waive, to the fullest extent permitted by applicable law, (i) any objection
that they may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement in
any court referred to in Section 7(d) and (ii) the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

(g)            Waiver
of Trial by Jury. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PERSON HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH
PERSON MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.
EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PERSON HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) SUCH
PERSON UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PERSON MAKES THIS WAIVER VOLUNTARILY, AND (iv) SUCH
PERSON HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND EACH ANCILLARY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

     -12-

     

    

 

(h)            Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision hereof shall not affect
the validity or enforceability of any other provision. Whenever possible, each provision or portion of any provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement, or the
application thereof to any Person or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision shall
be substituted therefor to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable
provision and (ii) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall
not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction; provided, that, if any one or more of the provisions
contained in this Agreement shall be determined to be excessively broad as to activity, subject, duration or geographic scope, it shall
be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable under applicable law.

 

(i)            Business
Days. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be
a day other than a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

(j)            Entire
Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes
all prior contracts or agreements with respect to the subject matter hereof and supersedes any and all prior or contemporaneous discussions,
agreements and understandings, whether oral or written, that may have been made or entered into by or among any of the Parties or any
of their respective Affiliates relating to the transactions contemplated hereby.

 

(k)            Execution
of Agreement. This Agreement may be executed and delivered (by facsimile, by electronic mail in Adobe Portable Document Format (.pdf)
or otherwise) in any number of counterparts, each of which, when executed and delivered, shall be deemed an original, and all of which
together shall constitute the same agreement.

 

(l)            Determination
of Ownership. In determining ownership of Company Common Stock hereunder for any purpose, the Company may rely solely on the records
of the transfer agent for the Company Common Stock from time to time, or, if no such transfer agent exists, the Company’s stock
ledger.

 

(m)            No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, each Party covenants, agrees and acknowledges
that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against
any of the Company’s or the Holder’s former, current or future direct or indirect equity holders, controlling persons, stockholders,
directors, officers, employees, agents, Affiliates, members, financing sources, managers, general or limited partners or assignees (each,
a “Related Person” and collectively, the “Related Persons”), in each case other than the Company,
the Holder or any of their respective permitted assigns under this Agreement, whether by the enforcement of any assessment or by any legal
or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever
shall attach to, be imposed on or otherwise be incurred by any of the Related Persons, as such, for any obligation or liability of the
Company or the Holder under this Agreement or any documents or instruments delivered in connection herewith for any claim based on, in
respect of or by reason of such obligations or liabilities or their creation; provided, however, nothing in this Section 7(m) shall
relieve or otherwise limit the liability of the Company or the Holder, as such, for any breach or violation of its obligations under this
Agreement or such agreements, documents or instruments.

 

(n)            Third-Party
Beneficiaries. Nothing in this Agreement, express or implied, is intended to confer upon any Person other than a Party and its successors
and permitted assigns any rights, benefits or remedies of any nature whatsoever.

 

(o)            Headings;
Section References; Signatories. All heading references contained in this Agreement are for convenience purposes only and shall
not be deemed to limit or affect any of the provisions of this Agreement.

 

[Signature Pages Follow]

 

     -13-

     

    

 

IN WITNESS WHEREOF, the Parties
have executed this Registration Rights Agreement as of the date first written above.

 

	 	ARMATA PHARMACEUTICALS, INC.
	 	 
	 	By:	/s/ Brian Varnum                   
	 	Name:	Brian Varnum
	 	Title:	Chief Executive Officer
	 	 
	 	 	Address:
	 	 	4503 Glencoe Avenue
	 	 	Marina del Rey, California 90292

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	INNOVIVA STRATEGIC OPPORTUNITIES LLC
	 	 
	 	By: Innoviva, Inc. (its managing member)]
	 	 
	 	By:	/s/ Pavel Raifeld
	 	Name:	Pavel Raifeld
	 	Title:	Chief Executive Officer
	 	 
	 	Address:	 1350 Bayshore Highway Suite 400
	 	 	Burlingame, CA 94010

 

[Signature
Page to Registration Rights Agreement]

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