Document:

Exhibit 10.3

 

Exhibit 10.3 – Series B Preferred Stock and Warrant Purchase
Agreement - Exhibit C – Form of Amended and Restated Certificate of Incorporation of LipimetiX Development, Inc.

AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

OF

LIPIMETIX DEVELOPMENT, INC.

 

(Pursuant to Sections 242 and 245 of the

General Corporation Law of the State of Delaware)

LipimetiX Development, Inc., a corporation
organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the “General
Corporation Law”),

DOES HEREBY CERTIFY:

1.                 
That the name of this corporation is LipimetiX Development, Inc., and that this corporation was originally incorporated
pursuant to the General Corporation Law on June 23, 2015 under the name LipimetiX Development, Inc.

2.                 
That the Board of Directors duly adopted resolutions proposing to amend and restate the Certificate of Incorporation
of this corporation, declaring said amendment and restatement to be advisable and in the best interests of this corporation and
its stockholders, and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor,
which resolution setting forth the proposed amendment and restatement is as follows:

RESOLVED, that the Certificate of Incorporation
of this corporation be amended and restated in its entirety to read as follows:

First:
The name of this corporation is LipimetiX Development, Inc. (the “Corporation”).

Second:
The address of the registered office of the Corporation in the State of Delaware is Corporation Trust Center, 1209 Orange
Street, in the City of Wilmington, County of New Castle, Delaware 19801. The name of its registered agent at such address is The
Corporation Trust Company.

Third:
The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which
corporations may be organized under the General Corporation Law.

Fourth:
The total number of shares of all classes of stock which the Corporation shall have authority to issue is (i) 3,000,000
shares of Common Stock, $.00001 par value per share (“Common Stock”), 2,920,000 of which shall be designated
Class A-1 Common Stock (“Class A-1 Common Stock”) and 80,000 of which shall be designated Class A-2 Common Stock
(“Class A-2 Common Stock”); and (ii) 10,000,000 shares of Preferred Stock, $.00001 par value per share (“Preferred
Stock”), 5,000,000 of which shall be designated Series A Preferred Stock (“Series A Preferred Stock”),
350,000 of which shall be designated Series B-1 Preferred Stock (“Series B-1 Preferred Stock”), and 1,200,000
of which shall be designated Series B-2 Preferred Stock (“Series B-2 Preferred Stock”). The Series B-1 Preferred
Stock and the Series B-2 Preferred Stock are referred to herein collectively as the “Series B Preferred Stock.”

    	 		 

     

    

The following is a statement of the designations
and the powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect of each class of
capital stock of the Corporation.

A.               
COMMON STOCK

1.        
General. The Class A-1 Common Stock and Class A-2 Common Stock shall be identical in all respects, except as to dividends
and distributions on liquidation as set forth in Section A.3 below, and shall vote together as one class. The voting, dividend
and liquidation rights of the holders of the Common Stock are subject to and qualified by the rights, powers and preferences of
the holders of the Preferred Stock set forth herein.

2.        
Voting. The holders of the Common Stock are entitled to one vote for each share of Common Stock held at all meetings
of stockholders (and written actions in lieu of meetings). There shall be no cumulative voting. The number of authorized shares
of Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by (in addition to
any vote of the holders of one or more series of Preferred Stock that may be required by the terms of the Certificate of Incorporation)
the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented
by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2)
of the General Corporation Law.

3.        
Dividends; Distributions upon Liquidation.

(a)The holders of Common Stock will be
entitled to receive such dividends as the Board of Directors of the Corporation may declare from time to time from funds legally
available therefor, subject to any preferential dividend rights of the Preferred Stock as described in Section B below. Any dividends
declared or payable with respect to the Common Stock shall be payable pro rata to the holders of the Common Stock based on the
number of shares of Common Stock held by each such holder; provided, however, that all amounts in excess of One Hundred
Thousand Dollars ($100,000) paid to any holder of Class A-2 Common Stock pursuant to Sections 5.8, 5.9 and 5.11 of that certain
Exclusive License Agreement dated August 26, 2011, between The UAB Research Foundation and LipimetiX, LLC, a Delaware limited liability
company, as amended on August 3, 2012 and December 15, 2014, and as amended from time to time (such excess amounts being the “Excess
Payments”) shall be taken into account for, and shall reduce on a dollar-for-dollar basis, the dividends that would otherwise
be payable to the holders of Class A-2 Common Stock hereunder.

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(b)In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, after the payment of all preferential amounts
required to be paid to the holders of shares of Preferred Stock, the remaining assets of the Corporation available for distribution
to its stockholders shall be distributed as set forth in Section B.2.2 below; provided, however, that all Excess
Payments not already offset against dividends otherwise payable to the holders of Class A-2 Common Stock pursuant to Section A.3.(a)
above shall be taken into account for, and shall reduce on a dollar-for-dollar basis, the distributions that would otherwise be
payable to the holders of Class A-2 Common Stock hereunder.

B.                
PREFERRED STOCK

The Preferred Stock shall have the following
rights, preferences, powers, privileges and restrictions, qualifications and limitations. Unless otherwise indicated, references
to “sections” or “subsections” in this Part B of this Article Fourth refer to sections and subsections
of Part B of this Article Fourth.

1.        
Dividends.

1.1          
Series A Preferred Stock. From and after the date of the issuance of any shares of Series A Preferred Stock, the
Corporation shall not declare, pay or set aside any dividends on shares of the Common Stock or the Series B Preferred Stock of
the Corporation (other than dividends on shares of Common Stock payable in shares of Common Stock) unless (in addition to the obtaining
of any consents required elsewhere in the Certificate of Incorporation) the holders of the Series A Preferred Stock then outstanding
shall have previously received, or simultaneously receive, aggregate dividends on each outstanding share of Series A Preferred
Stock in an amount at least equal to the Series A Original Issue Price (the “Dividend Preferential Payment”).
The “Series A Original Issue Price” shall mean $1.00 per share, subject to appropriate adjustment in the event
of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock.
Once the Dividend Preferential Payment has been paid in full, the holders of the Series A Preferred Stock shall not be entitled
to receive any further dividends or liquidating distributions pursuant to Section 2.1 hereof, and the Corporation shall not declare,
pay or set aside any dividends on the shares of Series A Preferred Stock.

1.2          
Series B Preferred Stock. From and after the date of the issuance of any shares of Series B Preferred Stock, dividends
at the rate per annum per share equal to five percent (5%) of the Series B-2 Original Issue Price shall accrue on each share of
Series B Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other
similar recapitalization with respect to the Series B Preferred Stock) (the “Accruing Dividends”). Accruing
Dividends shall accrue from day to day, whether or not declared, and shall be cumulative; provided, however, that
except as set forth in the following sentence of this Section 1 and except as set forth in Section 2.1, such
Accruing Dividends shall be payable only when, as, and if declared by the Board of Directors and the Corporation shall be under
no obligation to pay such Accruing Dividends. The Corporation shall not declare, pay or set aside any dividends on shares of any
other class or series of capital stock of the Corporation (other than the Series A Preferred Stock or dividends on shares of Common
Stock payable in shares of Common Stock) unless (in addition to the obtaining of any consents required elsewhere in the Certificate
of Incorporation) the holders of the Series B Preferred Stock then outstanding shall first receive, or simultaneously receive,
a dividend on each outstanding share of Series B Preferred Stock in an amount at least equal to the greater of: (i) the amount
of the aggregate Accruing Dividends then accrued on such share of Series B Preferred Stock and not previously paid; and (ii) that
dividend per share of Series B Preferred Stock as would equal the product of (1) the dividend payable on each share of Common Stock
and (2) the number of shares of Common Stock issuable upon conversion of a share of Series B Preferred Stock, in each case calculated
on the record date for determination of holders entitled to receive such dividend.

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2.        
Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales.

2.1             
Preferential Payments to Holders of Preferred Stock. In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Corporation or Deemed Liquidation Event, the holders of shares of Preferred Stock then outstanding shall be
entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall
be made to the holders of Common Stock by reason of their ownership thereof, the respective amounts set forth below: (i) the holders
of the Series A Preferred Stock shall be entitled to receive an amount per share equal to the Series A Original Issue Price, less
any dividends paid with respect to such share pursuant to Section B.1. above (the amount payable pursuant to this sentence is hereinafter
referred to as the “Series A Liquidation Amount”); (ii) the holders of the Series B-1 Preferred Stock shall
be entitled to receive an amount per share equal to the Series B-1 Original Issue Price, plus any accrued but unpaid dividends
thereon (the amount payable pursuant to this sentence is hereinafter referred to as the “Series B-1 Liquidation Amount”);
and (iii) the holders of the Series B-2 Preferred Stock shall be entitled to receive an amount per share equal to the Series B-2
Original Issue Price, plus any accrued but unpaid dividends thereon (the amount payable pursuant to this sentence is hereinafter
referred to as the “Series B-2 Liquidation Amount”). The “Series B-1 Original Issue Price”
shall mean $10.70 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or
other similar recapitalization with respect to the Series B Preferred Stock. The “Series B-2 Original Issue Price”
shall mean the original purchase price per share of the Series B-2 Preferred Stock as determined by the Board of Directors of the
Corporation, and identified as the Series B-2 Original Issue Price in the minutes or resolutions of the Board of Directors of the
Corporation approving the issuance of such Shares, subject to appropriate adjustment in the event of any stock dividend, stock
split, combination or other similar recapitalization with respect to the Series B Preferred Stock. If upon any such liquidation,
dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution
to its stockholders shall be insufficient to pay the holders of shares of Preferred Stock the full amount to which they shall be
entitled under this Subsection 2.1, the holders of shares of Preferred Stock shall share ratably in any distribution
of the assets available for distribution to the holders of the Preferred Stock in proportion to the respective amounts which would
otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to
such shares were paid in full. 

2.2             
Payments to Holders of Common Stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up
of the Corporation or Deemed Liquidation Event, after the payment in full of the Series A Liquidation Amount, the Series B-1 Liquidation
Amount and the Series B-2 Liquidation Amount, the remaining assets of the Corporation available for distribution to its stockholders
shall be distributed among the holders of shares of Series B Preferred Stock and Common Stock pro rata based on the number of
shares held by each such holder, treating for this purpose all such securities as if they had been converted to Common Stock pursuant
to the terms of this Amended and Restated Certificate of Incorporation immediately prior to such liquidation, dissolution or winding
up of the Corporation.

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2.3             
Deemed Liquidation Events.

2.3.1       
Definition. Each of the following events shall be considered a “Deemed Liquidation Event” unless
the holders of at least fifty percent (50%) of the outstanding shares of Preferred Stock elect otherwise by written notice sent
to the Corporation at least five (5) days prior to the effective date of any such event:

(a)               
a merger or consolidation in which

(i)     
 
the Corporation is a constituent party or

(ii)      
a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to
such merger or consolidation,

except any such merger or consolidation involving the Corporation
or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation
continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such
merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation;
or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such
merger or consolidation, the parent corporation of such surviving or resulting corporation; or

(b)              
the sale or transfer, in a single transaction or series of related transactions, by the Corporation or any subsidiary of
the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole or the sale or
disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Corporation if substantially all
of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where
such sale or transfer is to a wholly owned subsidiary of the Corporation.

2.3.2       
Effecting a Deemed Liquidation Event.

(a)               
The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in Subsection 2.3.1(a)(i)
unless the agreement or plan of merger or consolidation for such transaction (the “Merger Agreement”) provides
that the consideration payable to the stockholders of the Corporation shall be allocated among the holders of capital stock of
the Corporation in accordance with Subsections 2.1 and 2.2.

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(b)              
In the event of a Deemed Liquidation Event referred to in Subsection 2.3.1(a)(ii) or 2.3.1(b), if the Corporation
does not effect a dissolution of the Corporation under the General Corporation Law within ninety (90) days after such Deemed Liquidation
Event, then (i) the Corporation shall send a written notice to each holder of Series A Preferred Stock and Series B Preferred Stock
no later than the ninetieth (90th) day after the Deemed Liquidation Event advising the holders of the Series A Preferred
Stock and Series B Preferred Stock of their right (and the requirements to be met to secure such right) to demand a redemption
of their shares as set forth in this subsection (b). If the holders of a majority of the then outstanding shares of Series A Preferred
Stock so request in a written instrument delivered to the Corporation not later than one hundred five (105) days after such Deemed
Liquidation Event, the Corporation shall use the consideration received by the Corporation from such Deemed Liquidation Event (net
of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of
Directors of the Corporation) (the “Deemed Liquidation Net Proceeds”), to the extent legally available therefore,
on the one hundred twentieth (120th) day after the consummation of such Deemed Liquidation Event, to redeem all outstanding
shares of Series A Preferred Stock at a price per share equal to the Series A Liquidation Amount. If the holders of a majority
of the then outstanding shares of Series B Preferred Stock so request in a written instrument delivered to the Corporation not
later than one hundred five (105) days after such Deemed Liquidation Event, the Corporation shall use the Deemed Liquidation Net
Proceeds, to the extent legally available therefore, on the one hundred twentieth (120th) day after the consummation
of such Deemed Liquidation Event, to redeem all outstanding shares of Series B Preferred Stock at a price per share equal to the
Series B-1 Liquidation Amount or Series B-2 Liquidation Amount, as applicable.

Notwithstanding the foregoing, in the event
of a redemption pursuant to the preceding sentence, if the Deemed Liquidation Net Proceeds are not sufficient to redeem all outstanding
shares of each series of Preferred Stock requesting such redemption, the Corporation shall ratably redeem each such holder’s
shares of Preferred Stock to the fullest extent of such Deemed Liquidation Net Proceeds, and shall redeem the remaining shares
as soon as it may lawfully do so under Delaware law governing distributions to stockholders. Prior to the distribution or redemption
provided for in this Subsection 2.3.2(b), the Corporation shall not expend or dissipate the consideration received for such
Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event.

For purposes of clarity nothing in this Subsection 2.3.3 shall limit any right of a holder
of Series B Preferred Stock to convert any shares of Series B Preferred Stock pursuant to the provisions of

Subsection 4 hereof.

2.3.3       
Amount Deemed Paid or Distributed. The amount deemed paid or distributed to the holders of capital stock of the Corporation
upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the
value of the property, rights or securities paid or distributed to such holders by the Corporation or the acquiring person, firm
or other entity.

2.3.4       
Allocation of Escrow and Contingent Consideration. In the event of a Deemed Liquidation Event pursuant to Subsection
2.3.1(a)(i), if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction
of contingencies (the “Additional Consideration”), the Merger Agreement shall provide that (a) the portion of
such consideration that is not Additional Consideration (such portion, the “Initial Consideration”) shall be
allocated among the holders of capital stock of the Corporation in accordance with Subsections 2.1 and 2.2 as if
the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional
Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated
among the holders of capital stock of the Corporation in accordance with Subsections 2.1 and 2.2 after taking into
account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this Subsection
2.3.4, consideration placed into escrow or retained as holdback to be available for satisfaction of indemnification or similar
obligations in connection with such Deemed Liquidation Event shall be deemed to be Initial Consideration.

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3.                 
Voting.

3.1             
General. Except as specifically set forth herein (including Subsection 3.2 below) or as otherwise required
by applicable law, the shares of the Series A Preferred Stock shall not entitle the holders of such shares to vote on matters brought
to the stockholder for a vote. On any matter presented to the stockholders of the Corporation (or by written consent of stockholders
in lieu of meeting), each holder of outstanding shares of Series B Preferred Stock shall be entitled to cast the number of votes
equal to the number of whole shares of Common Stock into which the shares of Series B Preferred Stock held by such holder are convertible
as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions
of the Certificate of Incorporation, holders of Series B Preferred Stock shall vote together with the holders of Common Stock as
a single class.

3.2             
Series A Preferred Stock Protective Provisions. At any time when shares of Series A Preferred Stock are outstanding,
the Corporation shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following
without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or affirmative
vote of the holders of at least a majority of the then outstanding shares of Series A Preferred Stock, given in writing or by vote
at a meeting, consenting or voting (as the case may be) separately as a class:

(a)       
liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any Deemed Liquidation Event, or consent
to any of the foregoing;

(b)amend, alter or repeal any provision
of the Certificate of Incorporation or Bylaws of the Corporation;

(c)create, or authorize the creation
of, or issue or obligate itself to issue shares of, any additional class or series of capital stock, or increase the authorized
number of shares of Series A Preferred Stock or increase the authorized number of shares of any additional class or series of capital
stock;

(d)(i) reclassify, alter or amend any
existing security of the Corporation that is pari passu with the Series A Preferred Stock in respect of the distribution
of assets on the liquidation, dissolution or winding up of the Corporation, the payment of dividends or rights of redemption, if
such reclassification, alteration or amendment would render such other security senior to the Series A Preferred Stock in respect
of any such right, preference or privilege, or (ii) reclassify, alter or amend any existing security of the Corporation that is
junior to the Series A Preferred Stock in respect of the distribution of assets on the liquidation, dissolution or winding up of
the Corporation, the payment of dividends or rights of redemption, if such reclassification, alteration or amendment would render
such other security senior to or pari passu with the Series A Preferred Stock in respect of any such right, preference or privilege;
or

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(e)increase or decrease the authorized
number of directors constituting the Board of Directors.

3.3              
Series B Preferred Stock Protective Provisions. At any time when shares of Series B Preferred Stock are outstanding,
the Corporation shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following
without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or affirmative
vote of the holders of at least a majority of the then outstanding shares of Series B Preferred Stock, given in writing or by vote
at a meeting, consenting or voting (as the case may be) separately as a class:

(a)except for any amendments to the
Certificate of Incorporation made in connection with the sale of additional shares of Series B-2 Preferred Stock pursuant to that
certain Series B Preferred Stock and Warrant Purchase Agreement, dated on or about August 22, 2016, by and among the Corporation
and the Purchasers named therein (the “Series B Preferred Stock Purchase Agreement”), amend, alter or repeal
any provision of the Certificate of Incorporation or Bylaws of the Corporation in a manner that materially adversely affects the
powers, preferences or rights of the Series B Preferred Stock;

(b)create, or authorize the creation
of, or issue or obligate itself to issue shares of, any additional class or series of capital stock that ranks senior to the Series
B Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the Corporation,
the payment of dividends and rights of redemption, or increase the authorized number of shares of Series B Preferred Stock or increase
the authorized number of shares of any additional class or series of capital stock that ranks senior to the Series B Preferred
Stock; or

(c)(i) reclassify, alter or amend any
existing security of the Corporation that is pari passu with the Series B Preferred Stock in respect of the distribution
of assets on the liquidation, dissolution or winding up of the Corporation, the payment of dividends or rights of redemption, if
such reclassification, alteration or amendment would render such other security senior to the Series B Preferred Stock in respect
of any such right, preference or privilege, or (ii) reclassify, alter or amend any existing security of the Corporation that is
junior to the Series B Preferred Stock in respect of the distribution of assets on the liquidation, dissolution or winding up of
the Corporation, the payment of dividends or rights of redemption, if such reclassification, alteration or amendment would render
such other security senior to the Series B Preferred Stock in respect of any such right, preference or privilege; or

(d)a material change in the line of business
in which the Corporation is engaged, as determined in good faith by the Corporation.

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4.         
Optional Conversion. The holders of the Series B Preferred Stock shall have conversion rights as set forth below
(the “Conversion Rights”). For purposes of this Section 4, references herein to “Common Stock” shall
refer to “Class A-1 Common Stock”. References to the “Series B Conversion Price” shall refer to the “Series
B-1 Conversion Price” with respect to the shares of Series B-1 Preferred Stock and to the “Series B-2 Conversion Price”
with respect to shares of Series B-2 Preferred Stock.

4.1             
Right to Convert.

4.1.1               
Conversion Ratio. Each share of Series B-2 Preferred Stock shall be convertible, at the option of the holder thereof,
at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number
of fully paid and non-assessable shares of Common Stock as is determined by dividing the Series B Base Price (as defined below)
by the Series B-2 Conversion Price (as defined below) in effect at the time of conversion. Each share of Series B-1 Preferred Stock
shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional
consideration by the holder thereof, into such number of fully paid and non-assessable shares of Common Stock as is determined
by dividing the Series B Base Price by the Series B-1 Conversion Price (as defined below) in effect at the time of conversion.
The “Series B Base Price” shall be equal to the initial Series B-2 Original Issue Price, subject to appropriate
adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series
B Preferred Stock.  The “Series B-1 Conversion Price” shall initially be equal to $10.70. The “Series
B-2 Conversion Price” shall initially be equal to the initial Series B-2 Original Issue Price. Such initial Series B-1
Conversion Price and Series B-2 Conversion Price shall be subject to adjustment as provided below. In connection therewith, references
to the “Series B Conversion Price” shall refer to the “Series B-1 Conversion Price” with respect to the
shares of Series B-1 Preferred Stock, and to the “Series B-2 Conversion Price” with respect to shares of Series B-2
Preferred Stock.

4.1.2               
Termination of Conversion Rights. In the event of a liquidation, dissolution or winding up of the Corporation or
a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date
fixed for the payment of any such amounts distributable on such event to the holders of Series B Preferred Stock.

4.2             
Fractional Shares. No fractional shares of Common Stock shall be issued upon conversion of the Series B Preferred
Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to
such fraction multiplied by the fair market value of a share of Common Stock as determined in good faith by the Board of Directors
of the Corporation. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of
the total number of shares of Series B Preferred Stock the holder is at the time converting into Common Stock and the aggregate
number of shares of Common Stock issuable upon such conversion.

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4.3             
Mechanics of Conversion.

4.3.1               
Notice of Conversion. In order for a holder of Series B Preferred Stock to voluntarily convert shares of Series B
Preferred Stock into shares of Common Stock, such holder shall (a) provide written notice to the Corporation’s transfer agent
at the office of the transfer agent for the Series B Preferred Stock (or at the principal office of the Corporation if the Corporation
serves as its own transfer agent) that such holder elects to convert all or any number of such holder’s shares of Series
B Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder’s shares are
certificated, surrender the certificate or certificates for such shares of Series B Preferred Stock (or, if such registered holder
alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable
to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged
loss, theft or destruction of such certificate), at the office of the transfer agent for the Series B Preferred Stock (or at the
principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder’s
name or the names of the nominees in which such holder wishes the shares of Common Stock to be issued. If required by the Corporation,
any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer,
in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in
writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as
its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and agreement) shall be
the time of conversion (the “Conversion Time”), and the shares of Common Stock issuable upon conversion of the
specified shares shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after
the Conversion Time (i) issue and deliver to such holder of Series B Preferred Stock, or to his, her or its nominees, a certificate
or certificates for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof
and a certificate for the number (if any) of the shares of Series B Preferred Stock represented by the surrendered certificate
that were not converted into Common Stock, (ii) pay in cash such amount as provided in Subsection 4.2 in lieu of any
fraction of a share of Common Stock otherwise issuable upon such conversion and (iii) pay all declared but unpaid dividends on
the shares of Series B Preferred Stock converted.

4.3.2               
Reservation of Shares. The Corporation shall at all times when the Series B Preferred Stock shall be outstanding,
reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the
Series B Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to
effect the conversion of all outstanding Series B Preferred Stock; and if at any time the number of authorized but unissued shares
of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Series B Preferred Stock,
the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock
to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain
the requisite stockholder approval of any necessary amendment to the Certificate of Incorporation. Before taking any action which
would cause an adjustment reducing the Series B Conversion Price below the then par value of the shares of Common Stock issuable
upon conversion of the Series B Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its
counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Common
Stock at such adjusted Series B Conversion Price.

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4.3.3               
Effect of Conversion. All shares of Series B Preferred Stock which shall have been surrendered for conversion as
herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease
and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange
therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided in Subsection 4.2.
Any shares of Series B Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series,
and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to
reduce the authorized number of shares of Series B Preferred Stock accordingly.

4.3.4               
No Further Adjustment. Upon any such conversion, no adjustment to the Series B Conversion Price shall be made for
any declared but unpaid dividends on the Series B Preferred Stock surrendered for conversion or on the Common Stock delivered upon
conversion.

4.3.5               
Taxes. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any
issuance or delivery of shares of Common Stock upon conversion of shares of Series B Preferred Stock pursuant to this Section 4.
The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of shares of Common Stock in a name other than that in which the shares of Series B Preferred Stock so converted
were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance
has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax
has been paid.

4.4             
Adjustments to Series B Conversion Price for Diluting Issues.

4.4.1               
Special Definitions. For purposes of this Article Fourth, the following definitions shall apply:

(a)               
“Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common
Stock or Convertible Securities.

(b)              
“Series B Original Issue Date” shall mean the date on which the first share of Series B Preferred Stock
was issued.

(c)               
“Convertible Securities” shall mean any evidences of indebtedness, shares or other securities directly
or indirectly convertible into or exchangeable for Common Stock, but excluding Options.

(d)              
“Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to Subsection 4.4.3
below, deemed to be issued) by the Corporation after the Series B Original Issue Date, other than (1) the following shares of Common
Stock and (2) shares of Common Stock deemed issued pursuant to the following Options and Convertible Securities (clauses (1) and
(2), collectively, “Exempted Securities”):

    	 	11	 

     

    

(i)              
shares of Common Stock, Options or Convertible Securities issued as a dividend or distribution on Series A Preferred Stock;

(ii)             
shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other
distribution on shares of Common Stock that is covered by Subsection 4.5, 4.6, 4.7 or 4.8;

(iii)            
shares of Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or
any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors of the Corporation;

(iv)            
shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock
actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the
terms of such Option or Convertible Security;

(v)             
shares of Common Stock, Options or Convertible Securities 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 approved by the
Board of Directors of the Corporation;

(vi)           
shares of Common Stock, Options or Convertible Securities issued to suppliers or third party service providers in connection
with the provision of goods or services pursuant to transactions approved by the Board of Directors of the Corporation, including
without limitation any investment banking or other financial services;

(vii)          
shares of Common Stock, Options or Convertible Securities issued pursuant to the acquisition of another corporation by the
Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided
that such issuances are approved by the Board of Directors of the Corporation;

(viii)        
shares of Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology
license, development, OEM, marketing or other similar agreements or strategic partnerships approved by the Board of Directors
of the Corporation; or

(ix)           
shares of Series B Preferred Stock or warrants to purchase shares of Series B Preferred Stock.

4.4.2               
No Adjustment of Series B Conversion Price. No adjustment in the Series B Conversion Price shall be made as the result
of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the holders
of at least fifty percent (50%) of the then outstanding shares of Series B Preferred Stock agreeing that no such adjustment shall
be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock.

    	 	12	 

     

    

4.4.3               
Deemed Issue of Additional Shares of Common Stock.

(a)               
If the Corporation at any time or from time to time after the Series B Original Issue Date shall issue any Options or Convertible
Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for
the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the
maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions
to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment
of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the
conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the
time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

(b)              
If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Series B Conversion
Price pursuant to the terms of Subsection 4.4.4, are revised as a result of an amendment to such terms or any other adjustment
pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to
anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease
in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any such Option or Convertible
Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or
exchange, then, effective upon such increase or decrease becoming effective, the Series B Conversion Price computed upon the original
issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted
to such Series B Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance
of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have
the effect of increasing the Series B Conversion Price to an amount which exceeds the lower of (i) the Series B Conversion Price
in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security,
or (ii) the Series B Conversion Price that would have resulted from any issuances of Additional Shares of Common Stock (other than
deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between
the original adjustment date and such readjustment date.

(c)               
If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted
Securities), the issuance of which did not result in an adjustment to the Series B Conversion Price pursuant to the terms of Subsection
4.4.4 (either because the consideration per share (determined pursuant to Subsection 4.4.5) of the Additional Shares
of Common Stock subject thereto was equal to or greater than the Series B Conversion Price then in effect, or because such Option
or Convertible Security was issued before the Series B Original Issue Date), are revised after the Series B Original Issue Date
as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security
(but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible
Security) to provide for either (1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion
or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon
such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional
Shares of Common Stock subject thereto (determined in the manner provided in Subsection 4.4.3(a) shall be deemed to have
been issued effective upon such increase or decrease becoming effective.

    	 	13	 

     

    

(d)              
Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion
thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Series B Conversion
Price pursuant to the terms of Subsection 4.4.4, the Series B Conversion Price shall be readjusted to such Series B
Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

(e)               
If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible
Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the
time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment
to the Series B Conversion Price provided for in this Subsection 4.4.3 shall be effected at the time of such issuance
or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments
(and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this Subsection 4.4.3). If the
number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security,
or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at
the time such Option or Convertible Security is issued or amended, any adjustment to the Series B Conversion Price that would result
under the terms of this Subsection 4.4.3 at the time of such issuance or amendment shall instead be effected at the
time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming
for purposes of calculating such adjustment to the Series A Conversion Price that such issuance or amendment took place at the
time such calculation can first be made.

4.4.4               
Adjustment of Series B Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the Corporation
shall at any time after the Series B Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of
Common Stock deemed to be issued pursuant to Subsection 4.4.3), without consideration or for a consideration per share
less than the Series B Conversion Price in effect immediately prior to such issue, then the Series B Conversion Price shall be
reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance
with the following formula:

CP2 = CP1* (A + B) ÷ (A + C).

For purposes of the foregoing formula, the following definitions
shall apply:

(a)               
“CP2” shall mean the Series B Conversion Price in effect immediately after such issue of Additional
Shares of Common Stock

    	 	14	 

     

    

(b)              
“CP1” shall mean the Series B Conversion Price in effect immediately prior to such issue of Additional
Shares of Common Stock;

(c)               
“A” shall mean the number of shares of Common Stock outstanding immediately prior to such issue of Additional
Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding
immediately prior to such issue or upon conversion or exchange of Convertible Securities (including the Series B Preferred Stock)
outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

(d)              
“B” shall mean the number of shares of Common Stock that would have been issued if such Additional Shares of
Common Stock had been issued at a price per share equal to CP1 (determined by dividing the aggregate consideration received
by the Corporation in respect of such issue by CP1); and

(e)               
“C” shall mean the number of such Additional Shares of Common Stock issued in such transaction.

4.4.5               
Determination of Consideration. For purposes of this Subsection 4.4, the consideration received by the Corporation
for the issue of any Additional Shares of Common Stock shall be computed as follows:

(a)               
Cash and Property: Such consideration shall:

(i)               
insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts
paid or payable for accrued interest;

(ii)              
insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue,
as determined in good faith by the Board of Directors of the Corporation; and

(iii)            
in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the
Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses
(i) and (ii) above, as determined in good faith by the Board of Directors of the Corporation.

(b)              
Options and Convertible Securities. The consideration per share received by the Corporation for Additional Shares
of Common Stock deemed to have been issued pursuant to Subsection 4.4.3, relating to Options and Convertible Securities,
shall be determined by dividing:

(i)                
The total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible
Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without
regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Corporation upon the
exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible
Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities,
by

    	 	15	 

     

    

(ii)              
the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision
contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange
of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities.

4.4.6               
Multiple Closing Dates. In the event the Corporation shall issue on more than one date Additional Shares of Common
Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Series
B Conversion Price pursuant to the terms of Subsection 4.4.4, and such issuance dates occur within a period of no more than
ninety (90) days from the first such issuance to the final such issuance, then, upon the final such issuance, the Series B Conversion
Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and
without giving effect to any additional adjustments as a result of any such subsequent issuances within such period).

4.4.7               
Special Adjustment of Series B-1 Conversion Price Upon Certain Issuances of Series B-2 Preferred Stock. Notwithstanding
the provisions of Section 4.4.1 hereof, in the event that the Corporation shall, at any time after the Series B Original Issue
Date, issue any shares of Series B-2 Preferred Stock for a consideration per share less than the Series B-1 Conversion Price in
effect immediately prior to such issue (the “Dilutive Price”), then the Series B-1 Conversion Price shall be
reduced, concurrently with each such issue, to the Dilutive Price.

4.5             
Adjustment for Stock Splits and Combinations. If the Corporation shall at any time or from time to time after the
Series B Original Issue Date effect a subdivision of the outstanding Common Stock, the Series B Conversion Price in effect immediately
before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion
of each share of such series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock
outstanding. If the Corporation shall at any time or from time to time after the Series B Original Issue Date combine the outstanding
shares of Common Stock, the Series B Conversion Price in effect immediately before the combination shall be proportionately increased
so that the number of shares of Common Stock issuable on conversion of each share of such series shall be decreased in proportion
to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this subsection shall become
effective at the close of business on the date the subdivision or combination becomes effective.

4.6             
Adjustment for Certain Dividends and Distributions. In the event the Corporation at any time or from time to time
after the Series B Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock
entitled to receive, a dividend or other distribution payable on the Common Stock in additional shares of Common Stock, then and
in each such event the Series B Conversion Price in effect immediately before such event shall be decreased as of the time of such
issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying
the Series B Conversion Price then in effect by a fraction:

    	 	16	 

     

    

(1)      
the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the
time of such issuance or the close of business on such record date, and

(2)      
the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to
the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment
of such dividend or distribution.

Notwithstanding the foregoing (a) if such record date shall have
been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Series
B Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Series B
Conversion Price shall be adjusted pursuant to this subsection as of the time of actual payment of such dividends or distributions;
and (b) that no such adjustment shall be made if the holders of Series B Preferred Stock simultaneously receive a dividend or other
distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if
all outstanding shares of Series B Preferred Stock had been converted into Common Stock on the date of such event.

4.7             
Adjustments for Other Dividends and Distributions. In the event the Corporation at any time or from time to time
after the Series B Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock
entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares
of Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of Section 1
do not apply to such dividend or distribution, then and in each such event the holders of Series B Preferred Stock shall receive,
simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution of such securities or other
property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares
of Series B Preferred Stock had been converted into Common Stock on the date of such event.

4.8             
Adjustment for Merger or Reorganization, etc. Subject to the provisions of Subsection 2.3, if there shall
occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common
Stock (but not the Series B Preferred Stock) is converted into or exchanged for securities, cash or other property (other than
a transaction covered by Subsections 4.4, 4.6 or 4.7), then, following any such reorganization, recapitalization,
reclassification, consolidation or merger, each share of Series B Preferred Stock shall thereafter be convertible in lieu of the
Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which
a holder of the number of shares of Common Stock of the Corporation issuable upon conversion of one share of Series B Preferred
Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled
to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of
Directors of the Corporation) shall be made in the application of the provisions in this Section 4 with respect to the rights
and interests thereafter of the holders of the Series B Preferred Stock, to the end that the provisions set forth in this Section
4 (including provisions with respect to changes in and other adjustments of the Series B Conversion Price) shall thereafter
be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the
conversion of the Series B Preferred Stock.

    	 	17	 

     

    

4.9             
Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Series B Conversion
Price pursuant to this Section 4, the Corporation at its expense shall, as promptly as reasonably practicable but in any
event not later than ten (10) days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and
furnish to each holder of Series B Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind
and amount of securities, cash or other property into which the Series B Preferred Stock is convertible) and showing in detail
the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after
the written request at any time of any holder of Series B Preferred Stock (but in any event not later than ten (10) days thereafter),
furnish or cause to be furnished to such holder a certificate setting forth (i) the Series B Conversion Price then in effect, and
(ii) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received
upon the conversion of Series B Preferred Stock.

4.10         
Notice of Record Date. In the event:

(a)               
the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the time
issuable upon conversion of the Series B Preferred Stock) for the purpose of entitling or enabling them to receive any dividend
or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other
securities, or to receive any other security; or

(b)              
of any capital reorganization of the Corporation, any reclassification of the Common Stock of the Corporation, or any Deemed
Liquidation Event; or

(c)               
of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation,

then, and in each such case, the Corporation will send or cause
to be sent to the holders of the Series B Preferred Stock a notice specifying, as the case may be, (i) the record date for such
dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date
on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed
to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other capital stock
or securities at the time issuable upon the conversion of the Series B Preferred Stock) shall be entitled to exchange their shares
of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character
of such exchange applicable to the Series B Preferred Stock and the Common Stock. Such notice shall be sent at least fifteen (15)
days prior to the record date or effective date for the event specified in such notice.

    	 	18	 

     

    

5.         
Mandatory Conversion.

5.1             
Trigger Events. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at
least $30.00 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other
similar recapitalization with respect to the Common Stock), in a firm-commitment underwritten public offering pursuant to an effective
registration statement under the Securities Act of 1933, as amended, resulting in at least $25,000,000 of proceeds, net of the
underwriting discount and commissions, to the Corporation or (b) the date and time, or the occurrence of an event, specified by
vote or written consent of the holders of at least fifty percent (50%) of the then outstanding shares of Series B Preferred Stock
(the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is
referred to herein as the “Mandatory Conversion Time”), then (i) all outstanding shares of Series B Preferred
Stock shall automatically be converted into shares of Common Stock, at the then effective conversion rate as calculated pursuant
to Subsection 4.1.1, and (ii) such shares may not be reissued by the Corporation.

5.2             
Procedural Requirements. All holders of record of shares of Series B Preferred Stock shall be sent written notice
of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Series B Preferred Stock
pursuant to this Section 5. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time.
Upon receipt of such notice, each holder of shares of Series B Preferred Stock in certificated form shall surrender his, her or
its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or
destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against
any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to
the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion
shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly
executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Series
B Preferred Stock converted pursuant to Subsection 5.1, including the rights, if any, to receive notices and vote (other
than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or
holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender
of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items
provided for in the next sentence of this Subsection 5.2. As soon as practicable after the Mandatory Conversion Time and,
if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Series A Preferred
Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a certificate or certificates
for the number of full shares of Common Stock issuable on such conversion in accordance with the provisions hereof and (b)pay cash
as provided in Subsection 4.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion
and the payment of any declared but unpaid dividends on the shares of Series B Preferred Stock converted. Such converted Series
B Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter
take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares
of Series B Preferred Stock accordingly.

    	 	19	 

     

    

6.           
Redemption of Series A Preferred Stock.

6.1             
Mandatory Retirement. In the event that the holders of the Series A Preferred then outstanding shall at any time
have received aggregate dividends in an amount per share equal to the Series A Original Issue Price, the Preferred Stock may be
redeemed at the election of the Corporation (a “Mandatory Redemption”) out of funds lawfully available therefor
at a price equal to $.001 per share (the “Mandatory Redemption Price”).

6.2             
Optional Redemption Upon Liquidity Trigger Event. In the event of a Liquidity Trigger Event (as defined below) (other
than a Deemed Liquidation Event, which shall be governed by the provisions of Section 2.3 hereof), the Corporation shall send a
written notice to each holder of Series A Preferred Stock no later than the ninetieth (90th) day after the Liquidity Trigger Event
(the “Notice of Trigger Event”) advising such holders of their right pursuant to the terms of this Section 4
to require the redemption of such shares of Series A Preferred Stock as set forth herein (a “Liquidity Event Redemption”).
If the holders of at least fifty percent (50%) of the then outstanding shares of Series A Preferred Stock so request in a written
instrument delivered to the Corporation not later than one hundred twenty (120) days after receipt of the Notice of Trigger Event,
the Corporation shall use the Net Cash Proceeds (as defined below) received by the Corporation as part of such Liquidity Trigger
Event, to the extent permitted by Delaware law governing distributions to stockholders (the “Available Redemption Proceeds”),
to redeem that number of shares of Series A Preferred Stock equal to the largest whole number (the “Redemption Shares”)
determined by dividing the Available Redemption Proceeds by the Series A Liquidation Amount, and disregarding any fractional shares.
The redemption price for each of the Redemption Shares to be redeemed pursuant hereto shall be the Series A Liquidation Amount
(the “Liquidity Event Redemption Price”, and together with the Mandatory Redemption Price, the “Redemption
Price”). As used herein, the term “Liquidity Trigger Event” shall mean either of the following (except
to the extent that such events constitute a Deemed Liquidation Event): (i) the sale or issuance of any equity or debt securities
of the Corporation, or any other incurrence of indebtedness by the Corporation, that results in Net Cash Proceeds of at least $5,000,000
(other than the sale of Series B Preferred Stock and warrants pursuant to the Series B Preferred Stock Purchase Agreement); or
(ii) the sale, license, or other disposition of any of the assets or property of the Corporation that results in Net Cash Proceeds
of at least $5,000,000. As used herein, the term “Net Cash Proceeds” shall mean the aggregate cash proceeds
received by the Corporation as a result of the Liquidity Trigger Event, less the costs and expenses of the Corporation incurred
in connection with such Liquidity Trigger Event.

6.3             
Redemption Notice. The Corporation shall send written notice of the Mandatory Redemption or the Liquidity Event Redemption,
as applicable (the “Redemption Notice”), to each holder of record of Series A Preferred Stock not less than
40 days prior to the date for such redemption (the “Redemption Date”). Each Redemption Notice shall state:

(a)the number of shares of Series A Preferred
Stock held by the holder that the Corporation shall redeem on the Redemption Date specified in the Redemption Notice;

(b)the Redemption Date and the Redemption
Price; and

    	 	20	 

     

    

(c)that the holder is to surrender to
the Corporation, in the manner and at the place designated, his, her or its certificate or certificates representing the shares
of Series A Preferred Stock to be redeemed.

6.4             
Surrender of Certificates; Payment. On or before the applicable Redemption Date, each holder of shares of Series
A Preferred Stock to be redeemed on such Redemption Date, shall surrender the certificate or certificates representing such shares
(or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and
agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the
Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation, in the manner and at
the place designated in the Redemption Notice, and thereupon the Redemption Price for such shares shall be payable to the order
of the person whose name appears on such certificate or certificates as the owner thereof.

6.5             
Rights Subsequent to Redemption. If the Redemption Notice shall have been duly given, and if on the applicable Redemption
Date the Redemption Price payable upon redemption of the shares of Series A Preferred Stock to be redeemed on such Redemption Date
is paid or tendered for payment or deposited with an independent payment agent so as to be available therefor in a timely manner,
then notwithstanding that the certificates evidencing any of the shares of Series A Preferred Stock so called for redemption shall
not have been surrendered, all rights with respect to such shares shall forthwith after the Redemption Date terminate, except only
the right of the holders to receive the Redemption Price without interest upon surrender of their certificate or certificates therefor.

7.                 
Redeemed or Otherwise Acquired Shares. Any shares of Series A Preferred Stock that are redeemed or otherwise acquired
by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued,
sold or transferred.

8.                 
Waiver. Any of the rights, powers, preferences and other terms of the Series A Preferred Stock set forth herein may
be waived on behalf of all holders of Series A Preferred Stock by the affirmative written consent or vote of the holders of at
least fifty percentage (50%) of the shares of Series A Preferred Stock then outstanding. Any of the rights, powers, preferences
and other terms of the Series B Preferred Stock set forth herein may be waived on behalf of all holders of Series B Preferred Stock
by the affirmative written consent or vote of the holders of at least fifty percentage (50%) of the shares of Series B Preferred
Stock then outstanding.

9.                 
Notices. Any notice required or permitted by the provisions of this Article Fourth to be given to a holder of shares
of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or
given by electronic communication in compliance with the provisions of the General Corporation Law, and shall be deemed sent upon
such mailing or electronic transmission. Any notice to the Company shall be sent to the person and address set forth in Article
Fifth below, with a copy to Leslie M. Taeger, Senior Vice President & Chief Financial Officer, Capstone Therapeutics Corp.,
1275 W. Washington St., Suite 104, Tempe, AZ 85281, or to such other person or persons and addresses as the Company shall designate
in a notice provided to the holders of the Preferred Stock.

    	 	21	 

     

    

Fifth:
The name and mailing address of the incorporator is as follows:

	Name:	Dennis I. Goldberg, Ph.D.
	Mailing Address:	5 Commonwealth Rd., Suite 2A
	 	Natick, Massachusetts 07160

 

 

Sixth:
Subject to any additional vote required by the Certificate of Incorporation or Bylaws, in furtherance and not in limitation
of the powers conferred by statute, the Board of Directors is expressly authorized to make, repeal, alter, amend and rescind any
or all of the Bylaws of the Corporation.

Seventh:
Subject to any additional vote required by the Certificate of Incorporation, the number of directors of the Corporation
shall be determined in the manner set forth in the Bylaws of the Corporation.

Eighth:
Elections of directors need not be by written ballot unless the Bylaws of the Corporation shall so provide.

Ninth:
Meetings of stockholders may be held within or without the State of Delaware, as the Bylaws of the Corporation may provide.
The books of the Corporation may be kept outside the State of Delaware at such place or places as may be designated from time to
time by the Board of Directors or in the Bylaws of the Corporation.

Tenth:
To the fullest extent permitted by law, a director of the Corporation shall not be personally liable to the Corporation
or its stockholders for monetary damages for breach of fiduciary duty as a director. If the General Corporation Law or any other
law of the State of Delaware is amended after approval by the stockholders of this Article Tenth to authorize corporate action
further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall
be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended.

Any repeal or modification of the foregoing
provisions of this Article Tenth by the stockholders of the Corporation shall not adversely affect any right or protection of a
director of the Corporation existing at the time of, or increase the liability of any director of the Corporation with respect
to any acts or omissions of such director occurring prior to, such repeal or modification.

Eleventh:
To the fullest extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and
advancement of expenses to) directors, officers, managers and agents of the Corporation (and any other persons to which General
Corporation Law permits the Corporation to provide indemnification) through Bylaw provisions, agreements with such agents or other
persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise
permitted by Section 145 of the General Corporation Law.

    	 	22	 

     

    

Any amendment, repeal or modification of the
foregoing provisions of this Article Eleventh shall not adversely affect any right or protection of any director, officer or other
agent of the Corporation existing at the time of such amendment, repeal or modification.

Twelfth:
The Corporation renounces, to the fullest extent permitted by law, any interest or expectancy of the Corporation in,
or in being offered an opportunity to participate in, any Excluded Opportunity. An “Excluded Opportunity” is
any matter, transaction or interest that is presented to, or acquired, created or developed by, or which otherwise comes into the
possession of any holder of Series A Preferred Stock or any partner, member, director, stockholder, employee or agent of any such
holder, or any person serving as a director or manager of the Corporation at the request of such Holder, other than someone who
is an employee of the Corporation or any of its subsidiaries (collectively, “Covered Persons”), unless such
matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of,
a Covered Person expressly and solely in such Covered Person’s capacity as a director of the Corporation.

* * *

 

 

 

    	 	23	 

     

    

IN WITNESS WHEREOF, this Amended and Restated
Certificate of Incorporation has been executed by a duly authorized officer of the Corporation on this 24th day of August, 2016.

  

	 	By:	/s/ Dennis I. Goldberg
	 	 	Dennis I. Goldberg, Ph.D.
	 	 	 
	 	Title:	President

 

 

 

[Signature Page to Amended and Restated Certificate of Incorporation]Exhibit 10.4

 

Exhibit 10.4 -Series B Preferred Stock and Warrant Purchase
Agreement - Exhibit F – Form of Registration Rights Agreement

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
is made as of the 25th day of August, 2016, by and among LipimetiX Development, Inc.,
a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of
which is referred to in this Agreement as an “Investor”, and each of the stockholders listed on Schedule
B hereto, each of whom is referred to herein as a “Common Holder” and any Additional
Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Section 3.9 hereof.

RECITALS

WHEREAS, the Company and the Investors
are parties to the Series B Preferred Stock and Warrant Purchase Agreement, dated as of the date herewith (the “Purchase
Agreement”); and

WHEREAS, in order to induce the Company
to enter into the Purchase Agreement and to induce the Investors to invest funds in the Company pursuant to the Purchase Agreement,
the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to
register shares of Common Stock issuable to the Investors, as set forth in this Agreement.

NOW, THEREFORE, the parties hereby
agree as follows:

1.  Definitions.
For purposes of this Agreement:

1.1      
       “Affiliate” means, with respect to any specified Person, any
other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including
without limitation any general partner, managing member, officer
or director of such Person or any venture capital fund now or hereafter
existing that is controlled by one or more general partners or managing members of, or shares the same management company
with, such Person.

1.2
             “Common
Holder Registrable Securities” means (i) the 1,120,000 shares of Common Stock held
by the Common Holders, and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right,
or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of
such shares.

1.3      
       “Common Stock” means shares of the Company’s Class A-1
Common Stock, par value $0.00001 per share and Class A-2 Common Stock, par value $0.00001 per share.

    	 		 

     

    

1.4        
     “Damages” means any loss, damage, claim or
liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other
federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is
based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement
of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or
any of its agents or Affiliates) 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 state securities law.

1.5      
       “Derivative Securities” means any securities or rights
convertible into, or exercisable or exchangeable for (in each case, directly or
indirectly), Common Stock, including options and warrants.

1.6
             “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

1.7   
          “Excluded Registration”
means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option,
stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form
that does not include substantially the same information as would be required to be included in a registration statement covering
the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock
issuable upon conversion of debt securities that are also being registered.

1.8    
         “Form S-3” means
such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act
subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents
filed by the Company with the SEC.

1.9       
       “GAAP” means generally accepted accounting principles in the United
States.

1.10            
“Holder” means any holder of Registrable Securities who is a party to this Agreement.

1.11            
“Immediate Family Member”
means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including, adoptive relationships, of a natural person referred to herein.

1.12            
“Initiating Holders” means, collectively, Holders who properly initiate a registration request under
this Agreement.

1.13            
“IPO” means the Company’s first underwritten public offering
of its Common Stock under the Securities Act.

    	 	2	 

     

    

1.14            
“Person” means any individual, corporation, partnership, trust,
limited liability company, association or other
entity.

1.15            
“Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock and Series
B Preferred Stock.

1.16            
“Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Series
B Preferred Stock; (ii) any Common Stock, or any Common Stock issued or
issuable (directly or indirectly) upon conversion and/or
exercise of any other securities
of the Company, acquired by the Investors prior to, on, or after the date hereof; (iii) the Common Holder
Registrable Securities; and (iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant,
right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement
of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities
sold by a Person in a transaction in which the applicable rights under this
Agreement are not assigned pursuant to Subsection 3.1, and excluding for purposes
of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.11 of
this Agreement.

1.17            
“Registrable Securities then outstanding” means the number of shares determined by adding the number
of shares of outstanding Common Stock that are Registrable Securities and the
number of shares of Common Stock issuable (directly or indirectly) pursuant
to then exercisable and/or convertible securities that are Registrable Securities.

1.18            
“SEC” means the Securities and Exchange Commission.

1.19            
“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

1.20            
“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

1.21            
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

1.22            
“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable
to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for
the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 
2.6.

1.23            
“Series B Preferred Stock” means shares of the Company’s Series B-1 Preferred Stock, par value
$0.00001 per share and Series B-2 Preferred Stock, par value $0.00001 per share.

    	 	3	 

     

    

2.  Registration
Rights. The Company covenants and agrees as follows:

2.1 Form
S-3 Demand Registration.

(a)               
If at any time when it is eligible to use a Form S-3 registration statement, the Company
receives a request from Holders of at least fifty percent (50%) of the Registrable Securities then outstanding that the Company
file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated
aggregate offering price, net of Selling Expenses, of at least $15 million, then the Company shall (i) within ten (10) days after
the date such request is given, give a notice thereof (a “Demand Notice”)
to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act
covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice
given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject
to the limitations of Subsections 2.1(b) and 2.3. 

(b)              
Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant
to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith
judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such
registration statement to either become effective or remain effective for as long as such registration statement otherwise would
be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization,
or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company
has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements
under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing,
and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more
than one hundred twenty (120) days after the request of the Initiating Holders is given; provided, however, that
the Company may not invoke this right more than twice in any twelve (12) month period.

(c)               
The Company shall not be obligated to effect, or to take any action to effect, any registration
pursuant to Subsection 2.1(a) (i) during the period that is sixty (60) days
before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180)
days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good
faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected
one registration pursuant to Subsection 2.1(a) within the twelve (12) month
period immediately preceding the date of such request. A registration shall not be counted as “effected” for
purposes of this Subsection 2.1(c) until such time as the applicable registration statement has been declared effective
by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses
therefor, and forfeit their right to one demand registration statement pursuant to Subsection
 2.6, in which case such withdrawn registration statement shall be counted as “effected”
for purposes of this Subsection 2.1(c).

    	 	4	 

     

    

2.2 Company
Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of
such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder
notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company,
the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities
that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw
any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not
any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such
withdrawn registration shall be borne by the Company in accordance with Subsection 2.6.

2.3 Underwriting
Requirements.

(a)               
If, pursuant to Subsection  2.1, the Initiating Holders intend
to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company
as a part of their request made pursuant to Subsection  2.1, and the Company
shall include such information in the Demand Notice. The underwriter(s) will be selected
by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right
of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent
provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company
as provided in Subsection  2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s)
selected for such underwriting. Notwithstanding any other provision of this Subsection  2.3,
if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation on the number of shares
to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such
Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of
Registrable Securities owned by each Holder or in such other proportion as shall mutually be
agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by
the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from
the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters
may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.

    	 	5	 

     

    

(b)              
In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection
2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless
the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such
quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company.
If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering
exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine
is compatible with the success of the offering, then the Company shall be required to include in the offering only that number
of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine
will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities
requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering
shall be allocated among the selling Holders in proportion
(as nearly as practicable to) the number of Registrable Securities owned by each
selling Holder or in such other proportions as shall mutually be agreed to by all such
selling Holders. To facilitate the allocation of shares in accordance with the above provisions,
the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.
For purposes of the provision in this Subsection 2.3 (b) concerning apportionment, for any selling Holder
that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders,
and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and
retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,”
and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable
Securities owned by all Persons included in such “selling Holder,” as defined in this sentence.

(c)               
For purposes of Subsection  2.1, a registration shall not be counted
as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3
(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included
in such registration statement are actually included.

2.4 Obligations
of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the
Company shall, as expeditiously as reasonably possible:

(a)               
prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority
of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided,
however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the
Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities
included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended
to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120)
day period shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such
Registrable Securities are sold;

(b)              
prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in
connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition
of all securities covered by such registration statement;

    	 	6	 

     

    

(c)               
furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by
the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of
their Registrable Securities;

(d)              
use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under
such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided
that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such
states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by
the Securities Act;

(e)               
in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement,
in usual and customary form, with the underwriter(s) of such offering;

(f)               
use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement
to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which
similar securities issued by the Company are then listed;

(g)              
provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide
a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

(h)              
promptly make available for inspection by the selling Holders, any [managing] underwriter(s)
participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained
by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and
properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent,
in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct
appropriate due diligence in connection therewith;

(i) notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

(j) after
such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement
such registration statement or prospectus.

In addition, the Company shall ensure that,
at all times after any registration statement covering a public offering of securities of the Company under the Securities Act
shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading
program under Rule 10b5-1 of the Exchange Act.

    	 	7	 

     

    

2.5 Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section
2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably
required to effect the registration of such Holder’s Registrable Securities.

2.6 Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees;
fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel for the selling Holders
(“Selling Holder Counsel”),
shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any
expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn
at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders
shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration),
unless the Holders of a majority of the Registrable Securities agree to forfeit their right to the registration pursuant to Subsection
2.1(a). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne
and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf.

2.7 Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation
of this Section 2.

2.8 Indemnification.
If any Registrable Securities are included in a registration statement under this Section 2:

(a)               
To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members,
officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter
(as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within
the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter,
controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating
or defending any claim or proceeding from which Damages may result, as such expenses are
incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8 (a) shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement
is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable
for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity
with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned
Person expressly for use in connection with such registration.

    	 	8	 

     

    

(b)              
To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company,
and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the
Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in
the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon
actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling
Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any
claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that
the indemnity agreement contained in this Subsection 2.8 (b) shall not apply to amounts paid in settlement of any
such claim or proceeding if such settlement is effected without the consent of the Holder,
which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts
payable by any Holder by way of indemnity or contribution under Subsections 2.8 (b) and 2.8(d) exceed the
proceeds from the offering received by such Holder (net of any Selling Expenses
paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

(c)               
Promptly after receipt by an indemnified party under this Subsection  2.8 of notice of the commencement
of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection  2.8,
give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such
action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice
has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel)
shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation
of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such action.

    	 	9	 

     

    

(d)              
To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either:
(i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection
 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction
and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in
such case, notwithstanding the fact that this Subsection  2.8 provides for indemnification in such case, or (ii)
contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under
this Subsection  2.8, then, and in each such case, such parties will contribute
to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others)
in such proportion as is appropriate to reflect the relative fault of each of the indemnifying
party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim,
damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying
party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue
statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to
correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required
to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder
pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation;
and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8 (d),
when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8 (b), exceed the proceeds
from the offering received by such Holder (net of any Selling Expenses paid
by such Holder), except in the case of willful misconduct or fraud by such Holder.

(e)               
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions
in the underwriting agreement shall control.

(f)               
Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering,
the obligations of the Company and Holders under this Subsection  2.8 shall survive the completion of any offering
of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

2.9 Reports
Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation
of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant
to a registration on Form S-3, the Company shall:

(a)               
make and keep available adequate current public information, as those terms are
understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company
for the IPO;

(b)              
use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of
the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements);
and

    	 	10	 

     

    

(c)               
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to
the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule
144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO),
the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or
that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies);
(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;
and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that
permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting
requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form).

2.10            
“Market Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent
of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration
by the Company of shares of its Common Stock or any other equity securities under the
Securities Act on a registration statement on Form S-1 or Form S-3, and
ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days
in the case of the IPO, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions
on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but
not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments
thereto), or ninety (90) days in the case of any registration other than the IPO, or such other period as may be requested by the
Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports
and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4)
or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell;
sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase;
or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable
or exchangeable (directly or indirectly) for Common Stock (whether such shares or any
such securities are then owned by the Holder or are thereafter acquired) or (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of such
securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock
or other securities, in cash, or otherwise. The foregoing provisions of this Subsection  2.10 shall not apply
to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to the Holders only
if all officers and directors are subject to the same restrictions. The underwriters in connection with such
registration are intended third-party beneficiaries of this Subsection  2.10
and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder
further agrees to execute such agreements as may be reasonably requested by the underwriters in connection
with such registration that are consistent with this Subsection  2.10 or that are necessary to give further
effect thereto.

2.11            
Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities
in any registration pursuant to Subsections  2.1 or 2.2 shall terminate upon the earliest
to occur of:

(a)               
the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation;

    	 	11	 

     

    

(b)              
such time as Rule 144 or another similar exemption under the Securities Act is
available for the sale of all of such Holder’s shares without limitation
during a three-month period without registration; and

(c)               
the third anniversary of the IPO.

3.  Miscellaneous.

3.1 Successors
and Assigns. The rights under this Agreement may be
assigned (but only with all related obligations) by
a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder;
(ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family Members; or (iii) after such transfer, holds at least five percent (5%) shares of Registrable Securities (subject
to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however,
that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of
such transferee and the Registrable Securities with respect to which such rights
are being transferred; and (y) such transferee agrees in a written instrument delivered
to the Company to be bound by and subject to the terms and
conditions of this Agreement, including the provisions of Subsection 2.10. For
the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1)
that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for
the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those
of the transferring Holder; provided further that all transferees who would not qualify individually for assignment
of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action
under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective
successors and permitted assignees 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 assignees any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided herein.

3.2 Governing
Law. This Agreement shall be governed by the internal law of the State of Delaware.

3.3 Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic
mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

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

    	 	12	 

     

    

3.5 Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic
mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the
recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt
requested, postage prepaid; or (iv) one (1) business day after
the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery,
with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth
on Schedule A or Schedule B (as applicable) hereto, or to the principal office
of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address,
facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 3.5.

3.6 Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement 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 holders of a majority of the Registrable Securities then outstanding; provided that any
provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party.
The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not
consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with
this Subsection 3.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto.
No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed
to be or construed as a further or continuing waiver of any such term, condition, or provision.

3.7 Severability.
In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such
invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to
the maximum extent permitted by law.

3.8 Aggregation
of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose
of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among
themselves in any manner they deem appropriate.

3.9 Additional
Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s
Series B Preferred Stock after the date hereof, any purchaser of such shares of Series B Preferred Stock may become a party to
this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be
deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder
to this Agreement by such additional Investor, so long as such additional Investor
has agreed in writing to be bound by all of the obligations as an “Investor” hereunder.

    	 	13	 

     

    

3.10 Entire
Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and
agreement among the parties with respect to the subject matter hereof, and any other
written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.

3.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state
courts of Arizona and to the jurisdiction of the United States District Court for the District of Arizona for the purpose of any
suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other
proceeding arising out of or based upon this Agreement except in the state courts of Arizona or the United States District
Court for the District of Arizona, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not
be enforced in or by such court.

Waiver of Jury Trial:
EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT,
THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON
LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE
SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH
ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL.

The prevailing party shall be entitled to
reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be
entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District
Court for the District of Arizona or any court of the State of Arizona.

3.12  Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this
Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of
such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default,
or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver
of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise
afforded to any party, shall be cumulative and not alternative.

    	 	14	 

     

    

[Remainder of Page Intentionally Left Blank]

 

 

 

 

    	 	15	 

     

    

 

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

		THE COMPANY:
	 	 
	 	LIPIMETIX DEVELOPMENT, INC.

By: /s/ Dennis I. Goldberg

Name: Dennis I. Goldberg, Ph.D.

Title: President

Address for Notices:

5 Commonwealth Rd., Suite 2A

Natick, Massachusetts 01760

Attn: Dennis I. Goldberg, Ph.D.

Email: dgoldberg@lipimetix.com

with a copy to:

Leslie M. Taeger 

Senior Vice President & 

     Chief Financial Officer 

Capstone Therapeutics Corp. 

1275 W. Washington St., Suite 104 

Tempe, AZ 85281

	 	COMMON HOLDERS:
	 	 
	 	
        CAPSTONE THERAPEUTICS CORP.,

        a Delaware corporation

        By: /s/ John M. Holliman, III

        J.M. Holliman, III

        Executive Chairman

         

        LX STOCKHOLDERS:

         

        /s/ Dennis I. Goldberg

        Dennis I. Goldberg, Ph.D.

         

        /s/ Phillip M. Friden

        Phillip M. Friden, Ph.D.

         

        /s/ Eric Morrel

        Eric Morrel, Ph.D.

         

        

 

 

[Signature Page to Registration Rights Agreement]

 

    	 		 

     

    

 

	 	
         

        _____________________________

        G.M. Anantharamaiah

         

        _____________________________

        Palgunachari Mayakonda

         

        _____________________________

        Frederick Meyer

        _____________________________

        Michael Webb

        _____________________________

        Jeffrey Elton

         

        THE UAB RESEARCH FOUNDATION

         

        By: __________________________

        Kathy L. Nugent

        Chief Executive Officer

         

 

 

[Signature Page to Registration Rights Agreement]

    	 		 

     

    

SCHEDULE A

Investors

 

 

 

 

    	 		 

     

    

SCHEDULE B

Common Holders

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